Even so, since the second half of 2020, the share price of the whole liquor listed company represented by liquor has soared and hit a new high. In addition, influenced by the spillover effect of liquor stocks, beer and rice wine also generally rose, especially as the only cocktail Bairun shares (002568. SZ), the highest share price in 2026 10/4.50 yuan, and the lowest share price in 2020 is 22.47 yuan.
The reporter of China Business News noted that four enterprises, including Kweichow Moutai, Wuliangye, Jiugui Liquor and Shanxi Fenjiu, respectively received letters of concern and supervision from the regulatory authorities. In this regard, Shen Meng, executive director of chansons Capital, told reporters that the regulatory authorities sent a letter or indirectly suggested the bubble risk of speculating liquor stocks, but "in order to maintain the market heat, it is not convenient to directly address the problem that the price of liquor stocks deviates from the value, so the focus is vague. Information disclosure is the theme. " In this regard, CICC pointed out that some small wine companies have been divorced from fundamentals or their performance growth is overdrawn, and their funds are pushing up, so they need to be alert to the impact of short-term emotional decline. "In the next step, regulators may pay more attention to the trend of liquor stocks." Mr. Liu, a researcher at a securities institution, said that liquor stocks absorbed too much social capital. From the perspective of fairness and stable economy, it will inevitably squeeze funds to other sectors, rather than letting them fry liquor.
According to the financial report data, in the first three quarters of 2020, among the 19 wine companies, the net profit growth of 8 wine companies exceeded the revenue growth, and only 6 wine companies in the first half of the year. In the third quarter, there were 1 1 liquor companies whose net profit increased more than their revenue. Among them, the net profit of Shunxin Agriculture (Niulanshan), Yilite, Golden Seed Wine and Li Qingqing Fenjiu all declined. In addition, the performance of Jinfeng Liquor Industry, Huijishan and Guyuelongshan all declined seriously in the first three quarters, but their share prices still reached a new high recently, with the share prices of 13. 13 yuan, 16.56 yuan and 19.68 yuan respectively. However, at the beginning of 20021,the stock price fell rapidly and entered an adjustment period.
In this regard, Cai believes that the bubble of regional liquor has emerged, especially in some small and medium-sized liquor enterprises with low-end products as the mainstay. The actual business situation of enterprises is very severe, and the market consumption has shrunk seriously. However, enterprises blindly develop to high-end and cross-regions. These enterprises themselves lack brand appeal, and this behavior is undoubtedly extremely risky.