High-end Shuijingfang is extremely cold: Q2 sales expenses increased by 5percent withholding non-net profit decreased by 20percent.

category:Finance
 High-end Shuijingfang is extremely cold: Q2 sales expenses increased by 5percent withholding non-net profit decreased by 20percent.


During the reporting period, the sales cost of Shuijingfang was 541 million yuan, up 29.00% year on year. According to media statistics, in the first half of 2019, sales expenses of Shuijingfang reached 32%, ranked first, gross sales interest rate reached 82.21%, closely followed by 91.87% of Maotai, Guizhou Province. The sales expenses of Shuijingfang increased 4.5 times in four years, and more than one third of the revenue of this year was used for marketing promotion. From this years Q2 alone, the sales cost of Shuijingfang reached 264 million yuan, up 47.4% year-on-year, with a sales cost rate of 34.67% and an increase of 4.25% year-on-year.

On the day of the semi-annual report, Shuijingfang issued the Announcement of Semi-annual Business Data. The announcement showed that the main business income source of Shuijingfang was high-grade products. In the first half of the year, Shuijingfang realized 1.606 billion yuan, an increase of 25.69% over the previous year, and its gross profit rate was as high as 83.46%.

Sun Yanyuan, a senior wine industry observer and researcher, said that Shuijingfangs high-end brand positioning was too high, and its brand strength was far from that of Maotai and Wuliangye. Shuijingfang completely abandoned the product structure of the middle and low-end market, which is more dangerous, because it is not a mature high-end brand, but also removed the background of Quanxing Old Winery, so that cultural details can not be compared with Maotai, Wuliangye and other brands.

By the end of the first half of 2019, Shuijingfangs revenue in the first half of the year was 1.69 billion yuan, up 26.47% from the same period last year. The report said that sales of core products in the current period had increased, resulting in a corresponding increase in revenue; net profit attributable to shareholders of listed companies was 340 million yuan, up 26.97% from the same period last year; deductions attributable to shareholders of listed companies except for recurrent gains and losses Net profit of 340 million yuan, up 15.03% from the same period last year; net cash flow generated by business activities of 504 million yuan; total assets of 3.859 billion yuan, up 20.67% over the same period last year.

By the end of the first half of 2019, Shuijingfangs monetary funds amounted to 1.505 billion yuan, an increase of 46.68% over the previous year, accounting for 38.99% of total assets, mainly due to the increase in cash received by commodities sold this year; accounts receivable amounted to 25.3415 million yuan, a decrease of 26.10% over the previous year, accounting for 0.66% of total assets; advances amounted to 27.2377 million yuan, an increase of 383.11% over the previous year. The proportion of total assets is 0.71%, which is mainly caused by the increase of prepaid advertising money in this year; the interest payable is 224.64 million yuan, 50.80% higher than that of the previous year, accounting for 0.06% of the total assets; the increase of the average balance of bank deposits leads to the increase of interest; the increase of inventory is 1.423 billion yuan, which is 58% higher than that of the previous year, accounting for 36.88% of the total assets.

During the reporting period, Shuijingfang Payable Notes amounted to 69.212 million yuan, down 27.93% from the previous year, accounting for 1.79% of total assets; accounts payable amounted to 555 million yuan, up 80.99% from the previous year and 14.37% from the previous year, which was due to the management of the payment period for advertising and publicity fees; salaries payable to employees amounted to 101 million yuan, up 21.29% from the previous year. Accounting for 2.62% of the total assets, the cash paid to and for employees was 146 million yuan, a year-on-year decrease of 10.062 million yuan.

By the end of the first half of 2019, Shuijingfangs advance receipts amounted to 59.4873 million yuan, down 62.88% year-on-year, accounting for 1.54% of the total assets. The report said that it was due to the receipt of more advance receipts for the Spring Festival stock at the end of the year and no seasonal effect at the end of the half year. However, according to Sinas financial and economic statistics, in the half-year reports disclosed by 17 Listed liquor enterprises this year, Shuijingfangs pre-receipt was the penultimate, with a decline of 63.13%. On the one hand, the pre-receipt did have a cooling trend, on the other hand, the pre-receipt base was higher due to the large amount of money withdrawn at the end of last year.

By the end of the first half of 2019, the final amount of Shuijingfangs monetary funds totaled 1.505 billion yuan, an increase of 479 million yuan over the beginning of the period. Among them, there was no cash in stock, and the balance of bank deposits at the end of the period was 1.504 billion yuan, an increase of 479 million yuan over the same period of last year; other monetary funds totaled 730.5 million yuan, an increase of 551 million yuan over the same period of last

By the end of the first half of 2019, Shuijingfangs current liabilities amounted to 2.195 billion yuan, an increase of 885 million yuan over the same period. Among them, 69.2 billion yuan in notes payable, a decrease of 26.8173 million yuan over the same period, and 555 million yuan in accounts payable, an increase of 248 million yuan over the same period, an increase of 1.481 billion yuan in advances, a decrease of 175 million yuan over the same period, an increase of 59.487 million yuan over the same period, a decrease of 1 The company has no short-term loans and long-term loans in the current period, and its non-current liabilities totaled 257.95 million yuan, a decrease of 568.23 million yuan compared with the same period last year.

By the end of the first half of 2019, Shuijingfang had a book balance of 1.463 billion yuan, a book value of 1.423 billion yuan at the end of the period, and a reserve of 39.5471 million yuan for inventory depreciation; a book balance of 1.422 billion yuan at the beginning of the period, with a book value of 1.345 billion yuan, and a reserve of 77.3163 million yuan for inventory depreciation, a decrease of 37.7692 million yuan from the beginning of the period, totalling 33.336 million yuan, which was transferred back or turned over. It sold 41.128 million yuan.

By the end of the first half of 2019, the salary payable by Shuijingfang was 101 million yuan, an increase of 17.75 million yuan over the same period of last year, of which 96.87.34 million yuan was the final balance of short-term salary, an increase of 16.8718 million yuan over the same period of last year, and 146 million yuan of cash paid to staff and workers, a decrease of 10.62 million yuan over the same period of last year.

By the end of the first half of 2019, Shuijingfangs assets impairment losses totaled - 33.3336 million yuan, a decrease of 6.5416 million yuan over the same period of last year. Among them, the loss of inventory depreciation was - 33.3336 million yuan, an increase of 26.9772 million yuan over the same period of last year.

At the end of the reporting period, there is no equity pledge among the top ten shareholders of Shuijingfang. During the reporting period, Shuijingfang did not issue additional equity. The total equity has not changed until 30 June 2019, nor did it distribute gold dividends and dividends for half a year to increase equity through provident fund.

On May 11, this year, Shuijingfang announced that Fan Xiangfu would resign as its general manager on July 1, 2019 for personal reasons, but would continue to serve as the chairman. From July 1, 2019, he appointed Wei Yongbiao as the general manager of Shuijingfang. Like several previous professional managers of Shuijingfang, Wei Yongbiao is also a foreign company. Senior executives.

According to the announcement, Daniel Yongbiao is a Bachelor of Science from the University of Hong Kong and a Master of Business Administration from the Chinese University of Hong Kong. He has served as the managing director of Polarga (China) Limited, the managing director of Polarga (Asia) Limited in Greater China and the executive vice president of Polarga (Asia) Limited.

On September 3 this year, Shuijingfang issued a bulletin on the results of the award of the restricted stock incentive plan. The final list shows that the equity incentive awarded 242,200 restricted shares to 13 participants, including the chairman of the company Fan Xiangfu, the general manager Wei Yongbiao, the financial director He Ronghui and 10 key personnel. The top three managers are 38.7 million shares, 38 million shares and 38 million shares respectively, while the remaining 10 backbone managers are 131,000 shares in total.

The equity incentive is not about seniority, in which general manager Wei Yongbiao officially took office on July 1, while some former major shareholders Quanxing of the elderly did not qualify for the incentive. Unlike the list previously disclosed, two backbone members abandoned the equity incentive plan. The reason why the two backbone employees abandoned is not unrelated to Shuijingfangs harsh unlocking conditions, which require no less than 110% of the average level of the top 10 listed liquor companies in A shares.

As of June 30, 2019, compared with December 31, 2018, three of Shuijingfangs major shareholders (the top ten shareholders) chose to increase their holdings (one new shareholder), five shareholders reduced their holdings, one shareholder remained unchanged, and two shareholders withdrew from the top ten shareholders list.

Sichuan Chengdu Shuijingfang Group Co., Ltd., the largest shareholder, holds 194 million shares, accounting for 39.71%.

GRANDMETROPOLITANINTERNATIONAL HOLDINGSLIMITED, the second largest shareholder, increased its holding from 99.1278 million shares to 114 million shares, increased its holding by 153.42 million shares, and changed its share ratio from 20.29% to 23.43%. The former 10th largest shareholder, Bank of China Limited-Yifangda Small and Medium-Size Mixed Securities Investment Fund, rose to the fourth largest shareholder by 0% and its holding by 300.2 million shares. 1.01 million shares increased to 12 million shares, 89.99 million shares increased, the proportion changed from 0.61% to 2.46%; Tianjin Liren Investment Management Partnership (Limited Partnership) - Excellent Changqing Private Securities Investment Fund added 301.43 million shares, the proportion of 0.62%, now rising to the sixth largest shareholder.

The third largest shareholder, Hong Kong Central Settlement Co., Ltd., reduced its shareholding from 42.5713 million shares to 41.6494 million shares and 921.8 million shares, with the shareholding ratio changing from 8.71% to 8.53%. The former fourth largest shareholder, Bank of China Liquor Index Graded Securities Investment Fund of Merchants China Securities Co., Ltd., was reduced to the fifth largest shareholder, with the shareholding reduced from 94.04 million shares. To 424.03 million shares, 516.01 million shares were reduced, and the share proportion changed from 1.92% to 0.87%; Zhu Zhaorong, the former sixth largest shareholder, was reduced to the tenth largest shareholder, from 4.594 million shares to 2.3201 million shares, from 2.1893 million shares, and from 0.92% to 0.47%; the former seventh largest shareholder, Agricultural Bank of China Limited-China Securities Exchange 5 trading type Open-ended index securities investment funds have reduced their holdings from 3.584 million shares to 2.867 million shares, reduced their holdings by 717,700 shares, and changed their holdings from 0.73% to 0.59%. The former eighth largest shareholder, Industrial and Commercial Bank of China Limited-Penghua Strategic Return, flexibly allocated hybrid securities investment funds, reduced their holdings from 33.011 million shares to 28.573 million shares, and reduced their holdings by 44.7 million shares. Of the 390,000 shares, the share-holding ratio changed from 0.68% to 0.58%.

Due to the change of other major shareholdersshareholding, the former fifth largest shareholder of the National Social Security Fund 109 portfolio, holding 5.265 million shares, holding a proportion of 1.08%, is no longer the top ten shareholders; the former ninth largest shareholder Gaohua-HSBC-GOLDMANSACHS&CO.LLC, holding 308.2 million shares, holding a proportion of 0.63%, is no longer the top ten shareholders.

Source: responsible editor of China Economic Network: Yang Bin_NF4368