Shunxin Agriculture165438+1October 12 announced that in view of the rising cost of raw materials and transportation, the company plans to adjust the price of five aged products in Niulanshan, and increase the 6 yuan per case.

In addition to announcing the price adjustment, Shunxin Agriculture also revised the company's articles of association, including the addition of "the shareholders' meeting to review the employee stock ownership plan", which made investors think deeply.

Affected by many factors, Shunxin Agriculture's performance in the first three quarters of this year fell sharply, and its net profit fell by 90% year-on-year. However, the third quarterly report shows that Shanghai Gaoyi Assets, owned by Feng, a star private equity fund manager, "entered in a big way" in the third quarter, buying 310.5 million shares and becoming the company's third largest shareholder with a shareholding ratio of 4.25%.

Price adjustment per box of 6 yuan

After the price adjustment, Niulanshan aged products have a name that consumers are more familiar with, and that is "Niulanshan Erguotou". As a national ration wine, Niulanshan is aged at a price close to the people. Take the 42-degree 500ML "Bai Niu Er" as an example, the daily price is about 15 yuan/bottle.

Image source: Niulanshan Wine Flagship Store (Tmall)

According to the announcement, there are five kinds of aged products adjusted this time, which are 42 degrees 125ML, 42 degrees 265ML, 42 degrees 500ML, 42 degrees 750ML and 52 degrees 500ML respectively, and the 6 yuan will be increased for each box, and it will be implemented from 1 onwards.

Although Shunxin Agriculture said that the price adjustment is to cope with rising costs, in the eyes of the industry, the price adjustment is more to cope with the downward pressure on performance.

Liquor is the largest main business of Shunxin Agriculture, with 202 1 revenue10 billion yuan, accounting for nearly 70%. However, since 2022, the liquor business, which once contributed profits and cash flow steadily, has experienced certain fluctuations.

The semi-annual report in 2022 showed that the company's liquor revenue in this period was 49 1 billion yuan, down 24.88% year-on-year. Among them, the income of low-grade wine (aged and traditional Erguotou) was 3.8265438 billion yuan, down 23.20% year-on-year.

As the main responsible product, Niulanshan aged wine sold more than 208,600 kiloliters in the first half of 2022. Among them, the sales volume of 42-degree aging reached 197600 kiloliters, nearly 400 million bottles. Therefore, this price adjustment may help to increase revenue and gross profit margin.

In fact, this is the second time that Shunxin Agriculture announced the price adjustment of liquor products during the year. 19 In March, the company announced that the 3 yuan of Fen-flavor liquor was raised to 15 yuan based on the original price and according to different quality grades, with the net content of 500ml as the accounting unit; Luzhou-flavor liquor will be upgraded from 10 yuan to 15 yuan from May 1.

Add the clause of "Reviewing the Employee Stock Ownership Plan"

Shunxin Agriculture announced on the same day that the company held the 30th meeting of the 8th Board of Directors on June 1 65438+1October1,and reviewed and approved the Proposal on Amending Some Articles of Association.

According to the announcement, 25 items were revised this time. Among them, regarding the functions and powers exercised by the shareholders' meeting according to law, Item 15 of Article 42 "Deliberating the equity incentive plan" is amended as "Deliberating the equity incentive plan and the employee stock ownership plan".

For this slight modification, some investors have made a variety of interpretations, and even some investors think that this is a signal that the employee stock ownership plan is about to be implemented.

The reporter inquired about Shunxin Agricultural History Announcement and found that although the implementation of equity incentive plan or employee stock ownership plan has been quite common in the liquor industry, Shunxin Agriculture has never implemented relevant plans.

On June 5438+ 10 this year, Shunxin Agriculture said on the investor interaction platform that the company's management salary is linked to the company's operating efficiency, but the equity incentive has not yet been implemented.

Zheng Rong Consulting believes that the mainstream liquor enterprises in the domestic market are mainly state-owned shares, and equity incentive is an important part of the reform of state-owned enterprises. Under the background of the reform policy of state-owned enterprises, Shanxi Fenjiu, Jin Shiyuan, LU ZHOU LAO JIAO CO.,LTD and Laobai Dry Wine successively launched equity incentive plans, and Wuliangye and Yanghe also implemented employee stock ownership plans. Through reasonable equity distribution and the setting of assessment objectives, the interests of employees are tied to the depth of enterprise development, thus stimulating work enthusiasm and providing important guarantee for enterprise management efficiency and high-quality development.

Feng Liu made a big move to "copy the bottom"

Among the three main businesses of Shunxin Agriculture, liquor, pork and real estate all performed poorly in the first three quarters of this year.

The third quarterly report shows that the company achieved revenue of 910.06 billion yuan in the first three quarters, down 210.57% year-on-year; The net profit was 27,595110,000 yuan, down 92.58% year-on-year.

However, with Shunxin Agriculture speeding up the divestiture of the loss-making real estate sector and the gradual increase in pork prices since the third quarter, Shunxin Agriculture, with its superimposed liquor consumption gradually picking up with the economic recovery, and its stock price falling sharply, seems to have great attraction.

Despite the worst quarterly report in history, Gaoyi Linshan 1 Roy Fund managed by Feng Liu, a star private equity fund manager, bought 3 1.5 million shares in the third quarter, becoming the third largest shareholder.

Judging from the stock price trend, since the end of September, Shunxin Agricultural's share price has risen by more than 30%, which shows Feng Liu's good "bargain-hunting" skill. However, compared with 78 yuan's high share price, Shunxin Agriculture's share price in 27 yuan is still in a "halved" state.

According to the research report recently released by China Post Securities, the agricultural fundamentals and stock price bottoming of Shunxin have been completed under the background of the substantial adjustment of liquor sector in June 5438+ 10. With the company's positive response to the new national standard of liquor and continuous efforts in product positioning and channel construction, the new logic of the company's future liquor business growth has emerged. As the leading liquor maker in China, the company has gone out of the trough and its future performance can be expected.