Fang Shuijing's income growth slowed down, and the executive equity incentive plan was accused of being too difficult.

In the fierce competition in the liquor market, Fang Shuijing, who focuses on the second high-end, feels great pressure. On the evening of July 22nd, Fang Shuijing, one of the "six golden flowers" of Sichuan wine, disclosed the 20 19 semi-annual report. According to the report, Fang Shuijing's revenue in the first half of the year was 654.38+69 million, up 26.47% year-on-year, and the net profit attributable to shareholders of listed companies reached 340 million yuan, up 26.97% year-on-year.

It is worth noting that the revenue growth rate announced this time is the lowest since 20 15. From 20 15 to 20 18, the income of Fang Shuijing in the first half of the year increased 174. 10%, 26.68%, 70.62% and 58.97% respectively.

Previously, Fan Xiangfu, Chairman of Fang Shuijing, also set a growth target of 20 19. In 20 19, we should achieve the business objectives of the main business income growth of about 20% (revenue of 3.38 billion yuan) and the net profit growth of about 30% (net profit of 750 million yuan).

Now, in the past six months, Fang Shuijing has achieved half of its target revenue, but its net profit has only reached 45%. In order to ensure the realization of this goal, the company tied up the core executives in the form of equity incentives in order to achieve this goal. However, the research report of Ping An Securities pointed out that "the pressure is greater".

Revenue growth slowed down, and advertising fees increased by 29%.

The financial report shows that in the first half of 20 19, Fang Shuijing's high, medium and low-grade products contributed 65.438+0606 billion yuan, 40.3457 million yuan and 43.5995 million yuan respectively, accounting for 95.05%, 2.5% and 2.6% of the revenue. However, while increasing the number of high-end products, advertising and marketing expenses in Fang Shuijing are also rising. The semi-annual report also shows that the sales expenses increased by 29% year-on-year to 540 million yuan, accounting for 32.05438+0% of its operating income during the reporting period. In the semi-annual report, Fang Shuijing said that this was due to strengthening brand awareness, promoting new products, increasing effective TV and outdoor advertisements, holiday promotions, core stores and tasting sessions.

Unlocking small equity incentives is too difficult.

On July 5th, Fang Shuijing disclosed the restricted stock incentive plan (draft) for 20 19, showing that the company intends to use 256,200 A-share ordinary shares for equity incentive to directors, senior executives, core technology (business) management backbones and other people 15 at the grant price of 25.56 yuan per share.

However, the unlocking conditions of this restricted stock incentive plan are also strict, and the performance appraisal targets involved are 20 19 to 2020, 20 19 to 202 1, and the average income growth rate is not lower than1/kloc-0 of the average of liquor listed companies in the top A-share ranking. According to the announcement, the top 10 enterprises are Kweichow Moutai, Wuliangye, Yanghe, LU ZHOU LAO JIAO CO.,LTD, Shanxi Fenjiu, Shunxin Agriculture, Gu Jing Winery, Kouzijiao, Jin Shiyuan and Laobaigan.

However, at present, it is not easy for Fang Shuijing to achieve this goal. Choice financial data terminal shows that in 20 18, Kweichow Moutai ranked first with an operating income of 73.639 billion yuan, followed by Wuliangye 40.03 billion yuan and Yanghe 24.65438+060 billion yuan, LU ZHOU LAO JIAO CO.,LTD13.055 billion yuan ranked fourth, while Fang Shuijing's revenue was 28 19.

Ping An Securities Research Report pointed out that "the pressure on the company's revenue target in the new fiscal year may rise. First, the main products, Jingtai and No.8, continued to fall, and the channel spread was narrowing. Moreover, 19' s Silujing platform and Happy Edition No.8 new product have no effect, and the company needs to solve the problem of improving terminal profitability; Second, competitors pay more and more attention to the competition for core terminals. For Fang Shuijing, which has a leading core terminal, the competitive pressure will increase. "

Some insiders told reporters that equity incentive is the focus of liquor reform in China in recent years. Many regional liquor enterprises, such as Laoganbai, Shede and Fenjiu, have made relevant attempts. However, it is still unknown whether Fang Shuijing can continue to maintain the high-speed growth in previous years in the case of intensified differentiation and slow performance of liquor industry.

Cai said, "Fang Shuijing is, after all, one of the few regional wine enterprises in China that has insisted on high-end for many years, and it has a certain brand appeal in the domestic high-end market. However, under the double squeeze of the sinking of first-line famous wines and the upgrading of regional wine enterprises, the external competitive pressure of Fang Shuijing will become greater and greater, and the key work should be placed on the high-end brand value and the stability of the base market. "

(Article source: Changjiang Business Daily)

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