Major listed companies in the industry: At present, the listed companies in the domestic liquor industry mainly include Wuliangye (000858), LU ZHOU LAO JIAO CO.,LTD (000568), Yanghe (002304), Jin Shiyuan (603369), Fang Shuijing (600779), Gu Jing Distillery (00596) and Yilite (60006). Yingjia Winery (603 198), Golden Seed Winery (600 199), Kweichow Moutai (6005 19), Shanxi Fenjiu (600809), Tianyoude Winery (002646) and Shunxin Agriculture (00006).
The core data of this paper: liquor production, liquor sales revenue, the number of liquor enterprises and the total market value of liquor listed enterprises.
General situation of industry
1, definition
According to the 20 17 national economic industry classification (GB/T) issued by the National Bureau of Statistics.
4754-20 17), liquor manufacturing refers to the production activities of distilled liquor products made from sorghum and other grains as the main raw materials, Daqu, Xiaoqu or bran koji and distiller's yeast as saccharifying and fermenting agents, through cooking, saccharification, fermentation, distillation, aging and blending.
2. Industrial chain analysis: the industrial chain is long.
From the upstream and downstream of the industrial chain of liquor industry, the upstream of liquor industry includes the raw materials needed to produce liquor, mainly including the production of sorghum, rice, wheat and other grains. In addition, glass or ceramic containers for storing alcoholic products and paper products such as cartons and cartons also belong to the upstream of the industrial chain. The middle reaches mainly refer to liquor production enterprises; The downstream of liquor industry is the consumption market of liquor, and liquor in China is mainly sold to mass consumers through various channels in the form of direct sales or distribution. The composition of liquor industry chain is shown in the following figure:
In the upstream field, the main raw materials for liquor production in China are sorghum, rice, corn and other food and agricultural products. As a big agricultural country, the supply of related raw materials is sufficient, and the representative enterprises of related raw material cultivation include Beidahuang, Xinsai and Jinjian Rice Industry. In the field of packaging materials, it is mainly divided into paper product packaging manufacturing and microcrystalline glass bottle manufacturing, among which the representative enterprises in the field of paper product packaging manufacturing include Yutong Technology, Hexing Packaging, Jingxing Paper, Wanshun New Materials and so on. Sheng Rui Glass, Jingbo Group, Yibin Global Group and Hualian Porcelain Industry are the representative enterprises in the field of liquor microcrystalline glass bottle manufacturing.
In the field of liquor production in the middle reaches, with the continuous improvement of liquor consumption level in China, the types of liquor in China are also constantly enriched. At present, most of the production enterprises are Luzhou-flavor liquor, and the representative enterprises are Wuliangye, LU ZHOU LAO JIAO CO.,LTD, Yanghe and Jiannanchun.
In the downstream consumer market, liquor wholesale and retail will eventually sell liquor products to end consumers, the main participants are mass consumers, and they will sell them through direct sales or distributors.
Industry development process: the industry has entered the era of 100 billion profits and taxes.
The development of liquor industry began with the promotion of industrialized production under the reform of state-owned ownership in wineries. 1947 65438+February, the people's government publicly reformed the brewing industry. 1948 65438+ 10, Shijiazhuang Public Brewery, the first public brewery in New China, was born in Yong 'an Street, Shijiazhuang. 1949- 1953 (at the beginning of the founding of new China), a regional state-owned winery was established and entered the initial stage of industrialization; 1954- 1978 (before the reform and opening up), the liquor industry accelerated technological innovation; 1979- 1989 (from the reform and opening up to the end of the 20th century), the liquor industry entered a stage of rapid development; 1990-2002 (end of 20th century-265438+beginning of 20th century): Under the crisis, liquor enterprises went public; 2002-20 1 1, the development of liquor industry entered a golden age; From 20 12 to 20 16, the liquor industry returned to rationality and entered the adjustment period; Since 20 17, the liquor industry has gradually recovered and entered the era of 100 billion profits and taxes.
Industry policy background: Effectively implement the main responsibility of quality and safety to ensure the quality and safety of liquor.
Since 20 10, the general administration of market supervision and other departments have successively issued supervision policies for all aspects of liquor industry from production to sales, so as to realize the positive traceability, reverse traceability and risk control of liquor quality and safety. In case of quality and safety problems, we can recall the products, find out the reasons, investigate the responsibilities, earnestly implement the main responsibility of quality and safety, and ensure the quality and safety of liquor.
On April 9th, 20021year, Song Shuyu, Chairman of China Liquor Association, released the Guiding Opinions on the Development of China Liquor Industry in the 14th Five-Year Plan at the China International Liquor Industry Development Forum. The Guiding Opinions systematically summarized the achievements and the situation faced by China's liquor industry in the 13th Five-Year Plan, outlined the strategic objectives and main tasks for the development of liquor industry in the next five years, and put forward specific safeguard measures and policy suggestions.
In terms of industrial economic goals, it is estimated that in 2025, China's liquor industry will achieve a total output of 66.9 million kiloliters, an increase of 23.9% over the end of the 13 th Five-Year Plan, with an average annual growth rate of 4.4%; Sales revenue reached141800 million yuan, up by 69.8%, with an average annual growth of1.2%; The profit was 334 billion yuan, an increase of 86.4%, with an average annual increase of 13.3%. Among them, the output of liquor industry is 8 million kiloliters, 8.0% higher than that at the end of the 13th Five-Year Plan, with an average annual growth of1.6%; Sales revenue reached 950 billion yuan, an increase of 62.8%, with an average annual growth of10.2%; The profit was 270 billion yuan, up by 70.3%, with an average annual growth of 1 1.2%.
Current situation of industry development
1, the output of liquor industry decreased year by year.
According to the data of National Bureau of Statistics, during the period of 20 16-202 1, the output of 65-degree discount liquor showed a downward trend year by year. In 202 1 year, the output of liquor was 7 156 kiloliters, down by 0.59% year-on-year.
2. The number of liquor enterprises continued to decline.
From 20 17 to 202 1, the number of enterprises above designated size in China liquor industry showed a decreasing trend year by year; There were 965 liquor enterprises above designated size in 202 1 year, which was 38.85% lower than that in 20 16.
3. The sales revenue of liquor industry tends to "pick up".
From 2065438+06 to 2020, the sales revenue of enterprises above designated size in China's liquor industry generally showed a trend of first decline and then increase. 20 19 liquor industry to speed up the supply-side structural reform. With the gradual deepening of de-capacity and restructuring, the industry as a whole presents new characteristics of stable output scale and gradual improvement of output benefits. The sales revenue of liquor enterprises above designated size in China reached 5610.782 billion yuan, up 4.74% year-on-year. In 2020, the cumulative sales revenue of liquor enterprises above designated size in China reached 583.639 billion yuan, an increase of 3.89% compared with 20 19. In 20021year, according to the disclosure of China Liquor Association, the annual sales revenue was 603.3 billion yuan.
Industry competition pattern
1, regional competition: Sichuan liquor production is far ahead.
In 2020, the output of liquor enterprises above designated size in China will be 7,407,300 kiloliters. Among them, Sichuan liquor enterprises produced 3,676 kiloliters of liquor, ranking first, accounting for 49.63%. In 2020, Henan, Hubei, Beijing and Anhui will become the "Top Five Provinces in China Liquor Industry" with annual output scales of 66.38, 35.87, 34. 13 and 28.2 10 kiloliter respectively.
202 1 According to the data released by the local statistics bureau, the liquor output in Sichuan Province in 202/kloc-0 was 38 12 kiloliters, up by 3.7% year-on-year. In 20021year, the output of liquor in Guizhou province was 34.865438+10000L, up by 30.5% year-on-year.
2. Enterprise competition: Kweichow Moutai and Wuliangye dominate.
Judging from the total market value of listed companies, on June 28, 2022, the total market value of Kweichow Moutai and Wuliangye was far ahead, and the total market value of Kweichow Moutai reached 25.57438+0.9 billion yuan; The total market value of Wuliangye reached 774.963 billion yuan; Both firmly occupy the leading position.
From the operating income of listed companies, 202 1, the operating income of Kweichow Moutai exceeded 1000 billion yuan; Followed by Wuliangye, the operating income reached 662 1 100 million yuan; The operating income of Yanghe, LU ZHOU LAO JIAO CO.,LTD, Shanxi Fenjiu, Shunxin Agriculture and Gu Jing Winery all exceeded 654.38 billion yuan.
Judging from the output of listed companies, Shunxin has the highest agricultural output. In addition, the top five listed companies are Yanghe, Wuliangye, Shanxi Fenjiu and Gu Jing Winery.
Industry development prospect and trend forecast
1. Quality consumption in liquor industry will be the mainstream consumption trend.
In the future, the industrial structure of liquor will continue to be optimized, quality consumption will be the mainstream consumption trend, the marketing of "liquor culture" will turn to the marketing of "cultural liquor", the new liquor market will attract the attention of liquor industry, and Yan Xin national standard will make consumers clearly understand how to drink good wine.
2. In 2026, the sales revenue of liquor industry is expected to exceed the trillion yuan mark.
According to the Guiding Opinions on the Development of China Liquor Industry in the 14th Five-Year Plan,
In terms of industrial economic goals, it is estimated that the output of China liquor industry will reach 8 million kiloliters in 2025, an increase of 8.0% over the end of the 13th Five-Year Plan, with an average annual increase of 65,438 0.6%. According to the compound annual growth rate, the output of liquor industry in 2027 is about 8.26 million kiloliters.
According to the Guiding Opinions on the Development of China Liquor Industry in the 14th Five-Year Plan,
In terms of industrial economic goals, it is estimated that the sales revenue will reach 950 billion yuan in 2025, up by 62.8%, with an average annual growth rate of 10.2%. According to the further calculation of the compound annual growth rate, in 2026, the sales revenue of liquor industry is expected to exceed the trillion yuan mark, and in 2027, the sales revenue of liquor industry will reach1153.7 billion yuan.
For more research and analysis on this industry, please refer to the Analysis Report on Market Demand and Investment Strategic Planning of China Liquor Industry by Prospective Industry Research Institute.