As the leader of listed baijiu companies,harvested a dazzling annual report.
On the evening of March 30, Kweichow Moutai (600519.SH) disclosed its annual report that in 2020, the company achieved operating income of 94.915 billion yuan, an increase of 11.1% year-on-year; net profit attributable to shareholders of listed companies was 46.697 billion yuan, an increase of 13.33% year-on-year. This also means that Kweichow Moutai’s daily revenue reaches 260 million yuan and daily profit is 128 million yuan.
At the same time, Kweichow Moutai also distributed a cash dividend of RMB 192.93 (tax included) to all shareholders of the company for every 10 shares and distributed a total profit of RMB 24.2 billion, which was 52% of the net profit. This is also the company’s highest dividend. Over the past 20 years since its listing, the cumulative dividend has reached 121.3 billion yuan.
Direct sales channel sales increased by 48.28%
According to the annual report, during the “13th Five-Year Plan” period of Kweichow Moutai, the Moutai technical renovation project was fully completed and put into production, with an additional design capacity of 4032 tons of Moutai base wine; the 30,000 tons of Maotai series wine technical renovation project was progressing in an orderly manner, and new series were added. The designed production capacity of wine-based wine is 4,015 tons; the fixed asset investment is 2.172 billion yuan.
Kweichow Moutai stated that the completion of these hardware investments will lay a solid foundation for it to achieve “high-quality development and strides forward” during the “14th Five-Year Plan” period.
For 2020, Kweichow Moutai disclosed that the gross profit margin of the company’s liquor sales was 91.48%, a year-on-year increase of 0.11 percentage points. Among them, the gross profit margin of Moutai liquor sales was 93.99%, an increase of 0.21 percentage points year-on-year. The company produced 75,200 tons of base liquor, a year-on-year increase of 0.15%, of which 50,200 tons of Moutai base liquor was produced, a year-on-year increase of 0.63%.
This time, Kweichow Moutai also listed the changes in production capacity in its annual report, which showed that the actual production capacity of Moutai liquor workshop has reached 50,235.17 tons, far exceeding the designed capacity of 42,560 tons; the designed capacity of the series liquor workshop is 25,260 tons. The actual production capacity reached 24925.37 tons.
From the perspective of channels, the scale of Moutai’s direct sales channels will be further expanded in 2020.
The annual report shows that in 2020, Moutai achieved sales of 3,932.08 tons in direct sales channels, a year-on-year increase of 48.28%, and achieved revenue of 13.24 billion yuan, a year-on-year increase of 82.65%. The sales of direct sales channels accounted for 13.96%, and the sales revenue of direct sales channels in 2019 was about 725 million yuan, accounting for 8.49% of the main operating income Spark Global Limited.
Compared with wholesale channels, Moutai direct sales channels have higher gross profit margins. The annual report shows that in 2020, the gross profit margin of Moutai’s direct sales channel will be 95.62%, while the gross profit margin of wholesale channels will be 90.8%.
Kweichow Moutai stated in its annual report that in 2020, it will continue to deepen the reform of the marketing system, actively enrich and expand marketing channels, standardize social channel management, form a good pattern of multi-channel coordinated development, and improve comprehensive benefits; multiple measures will be taken to promote price control and stabilize the market. Enhance the market’s ability to resist risks and ensure market stability under the epidemic situation.
Revenue in 2021 is expected to exceed 100 billion for the first time
It is worth mentioning that while Kweichow Moutai’s revenue and net profit both rose, it also took out huge profits for dividends.
The profit distribution plan announced by Kweichow Moutai shows that the company will distribute 192.93 yuan (tax included) in cash dividends to all shareholders for every 10 shares, and a total profit of more than 24.2 billion yuan will be distributed, setting a record for the highest dividend since Moutai went public. According to the data, as of the end of June 2020, Kweichow Moutai had accumulated a cash dividend of 97.1 billion yuan, which is about 49 times the net proceeds of the listing, and the proportion of cash dividends in the past five years has exceeded 50%, effectively allowing shareholders to share in the company’s development Bonus.