April 26thOneto11cryptoHengshui Lao Bai Gan released the financial report of 2023. According to the announcement, the total revenue of Hengshui Laobaigan 2023 is 52.Oneto11crypto.57 billion yuan, up 12.98 percent over the same period last year; total profit was 666 million yuan; operating income in the first quarter of 2024 was 1.13 billion yuan, up 12.67 percent over the same period last year; and net profit in the first quarter was 136 million yuan, up 33.04 percent over the same period last year. Behind this achievement is the strength of Hengshui Lao Bai Gan's own hard strength and the responsibility of the leading enterprises. As one of the well-known liquor brands, the double growth of revenue and net profit of Hengshui Laobaigan 2023 has sent positive signals to the market, such as robust competitive strength and strong business toughness, which has set a benchmark for listed liquor companies.

Drive high-end products to boost performance

Hengshui Lao Bai Gan's revenue performance has achieved historical success, and the continuous development of high-end products and the steady increase of gross profit margin is one of the main reasons. According to relevant data, Hengshui old white dry since 2018 has a clear strategic goal of high-end, marketing resources focus on sub-high-end products; in 2022 Hengshui old white dry high-end wine marketing accounted for 53%, an increase of 17pct compared with 2018; gross profit margin of Hengshui old white dry in 2022 is 64.9%, higher than 18 years 6.5pct. In addition, in 2022, the sales volume of Hengshui old white dry wine was 29300 / 1000 liter, with an average price of 73000 yuan / 1000 liter, an increase of 2.63% over the same period last year; while in the first three quarters of 2023, Hengshui old white dry high-end wine achieved business income of 1.766 billion yuan, an increase of 11.09% over the same period last year.

It is worth noting that, as a listed enterprise with "old white dry flavor, Luzhou flavor and Maotai flavor", Wuling Liquor, Bancheng Burning Liquor, Wenwang tribute Liquor and Kongfu Family Liquor in Hengshui Laobaigan also achieved rapid growth by virtue of high-end core products. In 2022, the four major brands contributed income of 16%, 18%, 10% and 3% respectively, especially Wuling Liquor and Bancheng Bancheng. The proportion of income in 18-22 years increased 10.9pct/5.6pct respectively. In 2023, the business income of Bancheng cooking pot wine series, Wuling series, Wen Wang Gong series and Confucius family series reached 957 million yuan, 979 million yuan, 547 million yuan and 179 million yuan respectively, up 15.15%, 28.19%, 16.48% and 22.69% from the same period last year.

It can be seen that under the new cycle of "stock competition" in the wine industry, the revenue performance has reached a new high, the proportion of high-end products has gradually increased, and the brand advantage has been formed in the key price belt, all of which reflect the super competitiveness of Hengshui Laobaigan as a famous wine representative and industry leader.

Consolidate the cooperation of marketing channels to achieve win-win situation

Combined with mobile sales and market performance, Hengshui Lao Bai Gan's sales performance in 2023 is also good. Among them, the dealer model, direct sales (including group buying) and online sales in the first three quarters were 3.378 billion yuan, 203 million yuan and 49 million yuan respectively, up 14.8%, 5.47% and 11.36% from the same period last year, providing sufficient guarantee for the success of annual revenue. And it can also be seen that although there are common problems in the industry environment, such as "difficult to get rid of inventory" and "price upside down", it has not had a significant impact on Hengshui, and the momentum of mobile sales is good and steady. And this also has a lot to do with the adjustment of Hengshui's marketing channel model.

Since 2020, Hengshui Laobaigan has optimized and adjusted the channels, strengthened management and assessment, and made dealers' survival of the fittest. After 2022, Hengshui Laobaigan established an integrated relationship of "manufacturer + dealer + core terminal + core consumer", focusing on resources and binding the interests of dealers through the operation mode of high-end partners and channel alliance. In 2023, Hengshui Lao Bai Gan added the "experience store" model, and through the standardization process to assist other provincial platforms to set up stores, to promote the development process of brand nationalization.

Thanks to the adjustment of the channel model, the income of single businessmen in Hengshui has increased from 250000 yuan in 2020 to 390000 yuan in 2022. Hebei base camp has achieved remarkable results, rising from 730000 yuan in 2020 to 1.88 million yuan in 2022. And combined with a variety of data, Hengshui Lao Bai Gan's strategic path of "Hebei is the king in an all-round way, with key development outside the province" will be further expanded, and the pace of nationalization will also be further accelerated!

Pursue excellence and be stable and far-reaching. Taking the opportunity of the 2023 annual report to look forward to the future, I believe that Hengshui Laobaigan will continue to maintain a steady pace, continue to move forward, keep pace with the times, and bloom a brighter light in the new era economic cycle.

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