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Editor | Yu Erhu

Produced by | "Yu Jian Column" of Chaoqi.com

As the number of lavish wedding banquets in China decreases, liquor sales are becoming increasingly difficult. Since the second half of the year, according to the "2024 China Liquor Market Mid-term Research Report" compiled by the Market Professional Committee of the China Alcoholic Drinks Association, in the first six months of 2024, the liquor industry is still continuing the "cooling-off period" of the previous year, and 80% of companies said that the market has cooled down.

At the same time, the industry also shows a trend of market share concentrating on industry leaders and regional leaders. For example, Gujing Gongjiu, a representative enterprise of Anhui liquor, delivered impressive results of double-digit growth in both revenue and net profit in the first quarter of 2024. As early as 2023, Gujing Gongjiu even joined the club with an annual revenue of 20 billion yuan, which is one step closer to the top camp of liquor brands.

However, Gujing Gongjiu, which is located in a remote corner, also has many hidden worries due to the decline in overall industry demand and the obstruction of market nationalization and high-end development. Therefore, the industry is also full of concerns about its plan to achieve operating income of 24.45 billion yuan and net profit of 7.95 billion yuan in 2024.

Inventory pressure is high, and total profit target becomes conservative

Compared with the beginning of last year, Gujing Gongjiu set the goal of achieving an operating income of 20.1 billion yuan in 2023, a year-on-year increase of 20.26%; and a total profit of 6 billion yuan, a year-on-year increase of 34.21%. Its goal of breaking through the 20 billion yuan mark in revenue scale has been achieved. However, the absolute value of the total profit and the year-on-year growth rate are significantly different from the target.