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Articles by 陈世锋
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Shede Spirits Stumbles, Fosun Still Earns 25.6 Billion
Despite industry insiders noting that the 2023 Chinese New Year came earlier, shortening the peak sales season by nearly half a month compared to 2022, and the baijiu market entering its traditional off-season in February, Shede Spirits managed to maintain stable market expansion and achieve growth in both revenue and net profit from a high base in the first quarter of last year. However, data from major listed liquor companies in Q1 2023 shows that larger players did not significantly slow down, with the top five companies' growth rates far exceeding Shede's, whose revenue growth was only half the industry average. Additionally, Shede's inventory has been rising faster than revenue, and contract liabilities dropped sharply in 2022, raising concerns about sales momentum.
陈世锋Price Inversion and Rising Inventory: Wuliangye Trapped in the 'Second-Place Dilemma'
At Wuliangye's 2022 annual shareholders' meeting, Vice General Manager Liu Yang explained the price inversion issue, acknowledging that the price of 'Pu Wu' had indeed inverted this year due to various factors, but expressing confidence in achieving price recovery. In reality, the price inversion of 'Pu Wu' did not start this year; it was already evident at the end of last year when distributors cut prices to reduce inventory and raise funds. A liquor wholesaler revealed that his purchase price from upstream Wuliangye distributors had dropped to 930 yuan per bottle, nearly 40 yuan below the ex-factory price of 969 yuan.
陈世锋