分季度来看，今年Q3华致酒行实现营收18.89亿元，同比下降20.84%，归母净利润约1267万元，同比下降84.17%。从公司业绩可以看得出，“目前白酒市场大行情不好。”一位华致酒行人士今日对财联社记者称。①Vats Liquor Chain Store Management Joint Stock's Q3 net income decreased by 84.17% year-on-year, with a profit of only about 12.67 million yuan; ②In Q3 this year, the company's gross margin fell to 8.5%, the lowest level since listing; ③Half a month ago, Director and General Manager Li Wei of Vats Liquor Chain Store Management Joint Stock resigned, expected to transfer to Jindong Group; Wu Qirong, the son of the company's controlling shareholder, took over as a director.
On October 28th, Caixin reported (Reporter Zhu Wanping) that in the context of poor market conditions, A-share liquor distributor Vats Liquor Chain Store Management Joint Stock (300755.SZ) saw a decrease in both revenue and net income in the first three quarters of this year, with Q3 net income dropping by 84.17% year-on-year, only making a profit of about 12.67 million yuan.
Tonight, Vats Liquor Chain Store Management Joint Stock announced that in the first three quarters of this year, the company achieved revenue of 7.832 billion yuan, a year-on-year decrease of 5.1%; net income attributable to shareholders of listed companies was 0.168 billion yuan, a year-on-year decrease of 27.36%. The company's net cash flow from operating activities in the first three quarters decreased by 200.96% to -0.393 billion yuan compared to the same period last year, mainly due to increased cash payments for commodity purchases.
Looking at the quarterly performance, Vats Liquor Chain Store Management Joint Stock achieved revenue of 1.889 billion yuan in Q3 this year, a decrease of 20.84% year-on-year, with a net profit of about 12.67 million yuan attributable to the parent company, down by 84.17% year-on-year. From the company's performance, it is evident that "the current baijiu market is not doing well." A source from Vats Liquor Chain Store Management Joint Stock told Caixin today.
Vats Liquor Chain Store Management Joint Stock mainly distributes baijiu brands such as Maotai and Wuliangye, with "authenticity of liquor" being its core competitive advantage. Maotai and Wuliangye products once contributed over 70% of the company's income. However, in the past two years, the baijiu industry has entered a period of deep adjustment, coupled with e-commerce platforms offering "billion-yuan subsidies". Recently, some baijiu prices have hit new lows, even lower than during the "618" promotion period, such as the Flying Maotai on the PDD platform priced at around 2060 yuan per bottle. The significant drop in the prices of famous liquors has greatly compressed the profit levels of Vats Liquor Chain Store Management Joint Stock as a distribution channel.
The financial report shows that Vats Liquor Chain Store Management Joint Stock's gross margin dropped to 8.5% in Q3 this year, a decrease of over 11 percentage points compared to Q3 2021, also the lowest gross margin level since its listing.
On October 14th, Director and General Manager Li Wei of Vats Liquor Chain Store Management Joint Stock announced his resignation. Wu Qirong took over the director role previously held by Li Wei, while Yang Wuyong, the deputy general manager, took over as the general manager. After resigning, Li Wei no longer holds any positions in Vats Liquor Chain Store Management Joint Stock or its holding subsidiaries.
The above personnel changes were quite sudden. Previously, Vats Liquor Chain Store Management Joint Stock stated in a relevant board of directors announcement that "due to the urgency of the matter, with the unanimous consent of all directors, this board meeting waives the notification deadline requirement." As for the reason for Li Wei's resignation, Vats Liquor Chain Store Management Joint Stock stated in the relevant announcement that it was "due to work arrangements".
At that time, a Caixin reporter learned from an insider at Vats Liquor chain store management joint stock that Li Wei's resignation was indeed quite sudden, and Li Wei's work arrangements have not been confirmed yet. "There should be relevant arrangements, and it is expected that he will be working at Jin Dong Group (the holding party of Vats Liquor chain store management joint stock), but currently we have not received accurate information." An insider at Vats Liquor chain store management joint stock said that Li Wei is a professional manager, his resignation is unrelated to the company's performance, but a normal adjustment.
Taking over Li Wei's director position, Wu Qirong, the son of Wu Xiangdong, the actual controller and chairman of Vats Liquor chain store management joint stock, is only 28 years old. As a professional manager resigns and the son of the actual controller gradually steps into the limelight, whether Vats Liquor chain store management joint stock can emerge from its performance downturn remains an unknown, but certainly a significant challenge.
