Although it continued the momentum of recovery in the first half of this year, the semi-annual report of 002304.SZ still showed some worries.
On August 28th, Yanghe shares released its 2023 interim report, with revenue of 21.87 billion yuan during the reporting period, an increase of 15.7% over the same period last year, and a net profit of 7.86 billion yuan, an increase of 14.1% over the same period last year.
From a regional point of view, the growth of Yanghe shares in the provincial market is obviously blocked.
During the reporting period, thanks to the increase in the number of dealers by 215, the market outside the province increased by 21.03% to 11.996 billion yuan compared with the same period last year. However, the provincial market only grew 9.93% to 9.461 billion yuan compared with the same period last year, while in 2021 and 2022, the provincial market revenue growth rate reached 20.87% and 15.28% respectively, showing a downward trend year by year.
Guojin Securities Research News believes that the Nanjing market of Yanghe shares in the province is in a period of adjustment, and the central Jiangsu region has receivedThe competition is disturbed.In the first half of the year, the number of dealers in the province increased by 8.The selection of old dealers is drawing to a close.
Private equity people in Shanghai who have been tracking food and beverages for a long time told ID:TradeWind01 that Yanghe shares focused on promoting Crystal Dream M3 products in the provincial market in the first half of the year, but generally speaking, it failed to compete with 603369.SH in Jiangsu in the first half, while Yanghe mainly pushed the sea and days in the market outside the province, which went relatively smoothly.
As a comparison, according to the Anxin Securities Research report, in the first half of this year,Huai'an、Nanjing、Southern Jiangsu, SueMedium、Yancheng、Revenue growth in Huaihai regionAll reached more than 20%.
People related to Yanghe told ID:TradeWind01 that the products operated by Yanghe in the province in the first half of the year includedDream Blue, Su Wine, Sky Blue, Treasure Square, Sea Blue, Yanghe Daqu, Shuanggou Daqu, Guijiu, Xingdes Red Wine, etc.Covers all the Yanghe RiverProduct. And the above people said that the operation in the province in the second half of the yearThe center of gravity will not be adjusted, but it will go according to plan.".
It is worth mentioning that during the reporting period, the financing of receivables of Yanghe shares increased 233 times to 117 million yuan compared with the same period last year, and this accounting column appeared for the first time in the first quarterly report in 2022. This shows that in recent years, Yanghe shares or the dealer rebate policy has been relaxed, in order to alleviate the financial pressure of the latter, bank acceptance bills are allowed to be used for settlement.
However, the horizontal comparison of the financing amount of Yanghe shares is not much. Shanxi Fenjiu (600809.SH) has 888 million yuan and Luzhou laojiao (000568.SZ) has 2.765 billion yuan in the same period.
It can be predicted that in the face of the fierce fate of the world, Yanghe shares may need more and more effective incentives if they want to keep the stronghold of Jiangsu market.
ID:TradeWind01 asked whether Yanghe would increase its investment in the province in the second half of the year, but the other side only said "The company is mainly based on the principle of pro-business, safe business and helping rich businessmen, and the specific help policy also depends on the policy at the company level.There was no positive response.