129773822082500000_40A remote Western town, a large number of "nuggets" swarmed into, just because two wordsSmall town is surrounded by mountains. If you are not "national liquor moutai" in China for the past 10 years of riding a dust-proof liquor market and capital market performance, perhaps not many people actually visit this is located in Renhuai, Guizhou province chishui River in remote Western townAs Lou on a slope of the mountain, is located in the Northwest of Guizhou, maotai town was built near the mountain as a whole. For a long time in the past, residents of the town could only rely on a dirt road between the foot and top of the mountain. Guizhou maotai liquor factory, built in the mountain. Locals told reporters that a dozen years ago, maotai liquor factory shipped wine down the Hill, still rely on manpower. Every morning,There are a large number of migrant workers, with a back-basket carrying crates of maotai liquor to the downside. But now the maotai town, has changed.����National Highway leading to the town of maotai, has been rolled vehicles transporting wine was crumbling, and every season, maotai liquor factory is filled with "batch", waiting on customers who buy wine. For moutai Distillery, this means that you cannot stopWealth.����Landing in August 2001 capital market of moutai distillery (Guizhou maotai, 600519.SH), listing less than $ 9 billion in the market value at the beginning of, but has been as high as $ 200 billion. Guizhou moutai behind the rapid expansion in the market value, is its amazing growth. In 2001, it sold only 5,204 tons moutai serial products, sales$ 1.618 billion, net income of $ 328 million; and in 2010, it has 32,612 tons of maotai liquor products, sales revenue 11.633 billion yuan and a net profit of $. In other words, in the past 10 years, in the case of sales only increased by about 500%, sales revenue grew by Guizhou maotai 619%, netChina grew by an astounding 1440%.����The reason is simple, 10 years ago, "the ex-factory price" for only $ 185/bottle of 53 fly maotai has now jumped to $ 619/bottle. This is a "luxury enterprise" growth trajectory. In fact, the news of November 2011, maotai reported to the world luxury Association "luxury qualification", But due to public pressure and give up.����However, in January 2012, maotai has been named in some institutions award of "top ten most extreme luxury brand in the world", and was ranked fourth. It is clear that "profit" for natural capital, it is a great investment. However, listed for 10 years, is worth up to $ 200 billion of Guizhou maotai, haveHard to give them too many opportunities. For the late "nuggets", the better choice is to create another maotai, in the town of maotai. Because, as many local people say, now of Guizhou liquor, if not marked "maotai town" of the mark, had almost no marketing. And the decline of maotai town near yaxizhen, is an example: the local "Duck Creek Cellars ", who has been called" Mao-the second ", but now is known. February 2012, when Sinorama reporter when he arrives at maotai town, Lees smell lingering in the air. And before that, a large number of external capital have a keen sense of smell, and has followed bouquet into the town of maotai. Acquired as early as 1999 the town of maotai liquor-making enterprises in Tianjin tasly setIn 2011, announced an additional 3 billion yuan investment to expand the scale of production.����In May 2011, Hainan Airlines Group price of $ 780 million, bought once hailed as "Renhuai four wines", one of the wine.����And the influx of more, does not air, tasly fame or more secretive. In the town of maotai, correspondent,Small workshops along public roads are full of wine, starter like Pu-pie packed, stacked by the roadside, large and small, roadside wall of mountains, many places were digging collapsed.����People in the town, said, these are those "hurry to boss for wine production plant" in the mountains caused by Earth-fill. Maotai town this is the beginning of 2012, so that an external visitor, in the midst of the excitementVaguely a little apprehensive. "Liquid Platinum" to describe the moutai, might not be too much.����Because, maotai has a match value of gold not only speed and that money does not necessarily buy into. The Dragon before Chinese new year, Vice President of the Association for promotion of rural tourism in Guiyang Xu Ping, in Guiyang and maotai town each week to round trip between two or three times, the purpose is "to buyMaotai ". That period of time, in order to purchase 5 (1 = 12 bottles) for reception of 53 ft maotai, Ping Xu traveled the all familiar with maotai liquor store in Guiyang City, you get only one answer forOnly received 2 bottles of maotai liquor, and it can't meet his needs. In desperation, Xu Ping only to find the city led to a batch, and personally to the town of maotai liquor.����Based on past experience, it was maotai is the most secure way to buy, for a batch of provincial and municipal governments, maotai liquor factory will meet as far as possible. However, ran half a month to maotai townXu Ping, finally only got 1 of wine. Although originally planned to play a lot of folding, but he felt he has been very lucky. "That time, maotai liquor factory backed up with a variety of licensed cars. A batch, enter into the winery in the administration building, wait a few days, get some wine; there is no batch, only in the courtyard, a lot of people waiting for a week, there is noI got a bottle of wine.����"Holding a" batch "of Xu Ping, is to be welcomed, the end of 2011, flying moutai Terminal price has exceeded 2000 RMB/bottle, even in some areas as high as more than 2,300 yuan, even though the Chairman of Guizhou maotai Yuan Renguo made $ 959/bottle" retail Terminal limits ", also failed to stop the rising trend. "Price increases"And the" shortage "in parallel, moutai high performance growth over the past 10 years and worth expanding, provided the best explanation. Domestic capital markets it has become one of the most legendary Daniel unit. Since its listing, moutai share prices have been rising steadily, to date, their shares have the right to actual complex equivalent to more than $ 1000, compared with August 2001On its first day's closing share price of $ 31.55, cumulative gains of up to 3,000%.����Here, long-term investment in Guizhou maotai Arboretum, danbin and other famous value investors, have benefited a lot. This trend has not yet changed. Moutai bulletin shows that the third quarter of 2011, its operating income up to $ 13.642 billion, net income of $ 6.93 billion. 2010 full year, its revenues are only 11.633 billion yuan, net profit only 5.051 billion yuan.����Moutai's recent disclosure of information display, its 2011 net profit also rose more than 65%, at least $ 8.334 billion. Guizhou moutai "appreciation", also led directly to the sales of maotai town local liquor enterprises. Last century90 begins in the town of maotai-flavor liquor Grand wine business General Manager Xie Yong both opined, the correspondent said, he would like to thank the moutai, if not maotai liquor increases, their local liquor enterprises do not have such a large profit margin. "Now, even in the past of maotai-flavor liquor is the most difficult of Jiangsu and Zhejiang market, there have been snapping up the boom. "When in an interview with reporters, thanksThe phone almost did not stop.����He told reporters that the recent Jiangsu has two companies in competition for their agency, two years ago, Chun FUNG as long as hundreds of thousands of dollars in agents ' fees, has risen to $ 3 million this year, and before the two companies are partners, offer and rather, this made him feel very embarrassed. And in June in the wine shop, workers are working overtime for BeijingSome government departments and large production "custom liquor". Xie Yong both opined told reporters last year, many government departments and enterprises could not buy enough maotai, maotai town found on some of the larger breweries specifically customized. Some even take millions of dollars in cash directly on-site, only requires "wine is wine, packaging to grade", "the price is not a problem". Xie Yong both opined pointed to a bottle of Dragon bottles5 kg load of liquor told reporters that this custom liquor bottles Beijing electric power system, which costs over $ 5,000, and similar custom wine accounts for June 2011 30% of the overall sales of the wine industry. For residents of maotai town and the surrounding area, the star company is most appealing to them, and treatment of high and generous benefits. Indeed, many university graduates, GreekLooking into the moutai Distillery, even if it is an ordinary worker. Song Yan in maotai liquor factory has been working for 5 years, at first, the parents have spent tens of thousands of dollars to dredge, before he was taken to the winery, but he does not understand. "At first, thought it was face, his escape was a college student, it costs money to do ', workers ' live '. "At that time, Song Yan was assigned to clean the group, responsible for a day workshopAnd maintained factory sanitation and monitoring, Song Yan and many graduates of the same batch into the plant, and he had the same experience. But today, Song Yan feel that the parents had been decided and there is nothing wrong. When the trial period, Song Yan base pay only $ 2,500 a month, now, into a formal employee cleaning team, he has been promoted to team leader, each monthBasic salary is close to $ 5,000. In addition, the winery also based his work on a monthly bonus. Although did not disclose specific figures, but Song Yan said, plus bonuses, ordinary workers as he worked for a few years, annual salary of nearly $ 150,000. He said with some pride, while others work in Guiyang college classmates, he could not get her salary each yearHalf. In many of their peers were buying when anxious, Song Yan in Renhuai has bought two suites. A home, a set of investment. "A few years ago, Renhuai City Centre, it was more than 2000 Yuan last year, housing prices have risen to more than 4,000 million. As long as the can also increase the price of maotai liquor, Renhuai prices also have increased the space. "Song Yan correspondent said,Before the Spring Festival, and has had several friends ask him to help me think maotai liquor factory, but he can't help you, because "now think maotai liquor factory, not only to spend a hundred thousand of, must also find the excellent relations." Moutai great wealth effect, attracting those who have a keen sense of smell, "gold rush". As in 19th century United States West of the gold rush, many external fundingThis began an influx of maotai town, preparing their "Platinum blind". To maotai town less than two years of Zhejiang garment businessman Zhou Qiang, originally had a small coal mine in liupanshui city, Guizhou province investment. Used to be the little Li Zhou Qiang, thin clothing business, wanted to open a mine would earn, but after you got your title certificate, the local Government to his coal mining "is too small, does not meet the production qualification"Ban on the mining.����Investment of nearly, but not produce coal, Zhou Qiang, once fear of God at that time. In August 2010, the friend told him, "in Guizhou, now mine is better to do the wine". After several visits maotai town, Zhou Qiang, found that the liquor business not only lower risks than mine, but prices have been rising, profit margins are very large. Zhihou, Zhou Qiang, sold cheap coal mine,Ambitious came to the town of maotai, ready to play a game. But because of the relatively flat land around the town of moutai is sold, Zhou Qiang
tera gold, can only buy Ziyun town under cliff side of a piece of land.����In addition to plans to invest and set up factories outside the capital, Zhou Qiang, had to spend more than 1 million Yuan, construction teams formed. However, after the distillery operation, Zhou Qiang, felt his hard work has paid off. AlthoughSo small, but only with a production base and low end liquor, on his winery can also have $ million turnover. "Since the beginning of this year, as optimistic about the potential of liquor, a lot of foreign investors in the town of maotai buy base wine collection. Many base, not a factory had been booked up. "Great potential in the production of low-grade liquor, including raw materials, labor, and packaging, a bottle of totalCosts less than $ 30, and on the "produced by maotai town" after the tag, can sell for nearly $ 100 in the market. After you do the liquor business, Zhou Qiang, often an exclamation point up in the clothing business before "earned is few hard money". "Now, even the town of maotai liquor in bulk, cheap, 1 kg can sell for more than $ 20, and before, more than 10 Yuan was the best.����"Compared to the large enterprise groups to enter the maotai town, Zhou Qiang, millions of dollars of investment, it simply isn't worth mentioning. As early as 1999, renowned pharmaceutical company Tianjin tasly group, acquired the maotai town wine company, and trying to build an independent brand. Although, this Winery has been referred to as "maotai town's second largest wine enterprises", but in August 2011,Tasly group said over the next 5 years, the additional investment of $ 3 billion, to expand the scale of production. Air enters, momentum is more powerful. In May 2011, the Navy through its companies, to 780 million Yuan to buy wine. Chen Feng, Chairman of Hainan Airlines Group said at the time: "Hainan Airlines will take advantage of its advantages, and strive to raise the yield of wine within 5 years to5,000 tons of maotai-flavor liquor became the country's top three.����"Today, in the central area of Renhuai, everywhere" produced by Hainan Airlines, Guizhou liquor "Billboard. The end of 2011, Renhuai, Secretary of the leading party group of the economic and trade and liquor authority Ou Xianqi said, in those days, foreign enterprises interested to invest in Renhuai liquor industry up to 50. Both like CR,Grain of large State-owned enterprises, such as the Hubei yihua, Hainan Airlines and other famous enterprises.����At present, enter Renhuai liquor industry external funding of nearly $ 10 billion, and the "Twelve-Five" period, this figure, or as much as $ 50 billion. This liquor investment, Zhang joined the advancing army of maotai town. His identity, is an investment company Beijing highTube.����2012 years ago for two months, he has few maotai town, and his peers, is Beijing's large investment companies and fund companies. Initially, Zhang Qi's plans are, alone in the town of maotai plant investment, building a brand. But after to the town of maotai, he found, local land price has gone from $ 30,000 up to 110,000 yuan per MU, and around maotai townHas no land for large-scale plant. Even more important is the, enacted in 2002, checking repeating building the field of the industrial and commercial investment catalog (first batch) provides that registered after September 1, 1999 of liquor-making enterprises, production license application is inadmissible. Therefore, Zhang Qi, liquor license, as he could not get "accessCard ". Lack of license, is an epitome of domestic liquor investment boom in recent years.����Because, in many enterprise bosses think maotai town local wine, a few years ago, what license is not scarce goods. Chun Feng Xie Yong both opined told a press conference, General Manager of the wine industry a few years ago, many qualified businesses have more than one license
tera gold, then has two of his own. "Long before aTime, no one is willing to do liquor maotai town. In 2007, which was only $ 20,000, you can buy a liquor license. "At the time, because a friend of mine needed, Xie Yong both opined very readily gave him extra permits. Now, referring to the matter, he had some regrets. If this license in the now, its value has risen to theMore than $ 6 million. Fragmentation of independent investment and set up factories, Zhang decided to change plans, hoped that by "invest in local winery" means ' development of liquor-making industry. However, he was unexpected, for the introduction of foreign capital, many of the local liquor manufacturing enterprises and enthusiasm not as he expected. "Large, local wineries, many of which are domestic companies valued by the mostFew of the intention of the project investment amounts above $ 1 billion. And a number of small wineries, due to lucrative in recent years, but you don't want outsiders to meddle in, have also said they do not need to invest. "In the town of maotai dive and after a few weeks, finally agreed to a small Winery and Zhang's company. In order to prevent complications, on that day, Zhang and the other side has signedBillions of investment intentions of the amount of the contract. Crowding of maotai town ' development of maotai town "the gold rush", investment more than liquor, is "moutai" Word, even the latter is more important.����"Moutai town", is the best carrier. Guizhou moutai 2001 when such statements in the prospectus: after different experiments, only in the company of Tall FescueIn a unique ecological environment of the town (including microbiology, geology, water, climate, temperature, humidity, and other factors) in order to produce maotai.����This particular barrier, is the capital of "maotai town" flock to one of the important reasons. However, this barrier, also restricts the expansion of moutai itself. Merger and acquisition of it cannot be extended, but only locally in maotai town slowly expandedProduction capacity. In 2001, the output has been up to 8,610 tonnes of Guizhou maotai (when selling 5,204 tons), while in 2010, its output has been growing only to 32,612 tons.����Here, its rapid growth in operating income, depend to a large extent, to improve the ex-factory price of maotai liquor. For moutai and all gold to enter the town of maotai, land is the mostRigid limits.����Calculation of Center of Zunyi, people's Bank of China Branch, in terms of land resources, added 10,000 tons of maotai liquor production scale, required 4,000 acres, others added 10,000 tons of maotai liquor production required an 2000 to 3,000 acres. Because the town of maotai town area is less than 5 sq km, entire towns and mountain building, flat landThis is not much, and the area has occupied the town of maotai liquor factory three-fifths. In 2009, in order to expand the production capacity of moutai distillery and guarantee the production of moutai, Renhuai planning in the 5-10 time of the year, full relocation of residents and other wineries around the moutai distillery. Along the upper reaches of the chishui River, in maotai liquor factory within a range of 100 km, River will not allow constructionOther factories. This was originally not rich by local land resources, more scarce.����Maotai has occupied the town of maotai, Guizhou province after the vast majority of land resources, then the gold diggers, how to survive space? In addition to land, gold diggers need another important resource of Guizhou maotai competition, is the main brewing raw materialsLocally produced sorghum.����Moutai wine town investment of fashion businessman Zhou Qiang, already feeling at this point. Although the profits come, Zhou Qiang, but now faces a shortage of sorghum, capacity-constrained problems. Due to the sharp increase in 2011, the entire town of maotai-flavor liquor production, coupled with the 2010 drought affected Renhuai, Guizhou province local sorghum yield, Renhuai sorghum pricesIn 2008 from $ 2.6/kg, rose to $ 3.3 in year 2011/kg. Also, most sorghum growers also signed an agreement with maotai liquor factory, 3.8 of maotai liquor factory will be higher than the market price to buy Yuan/kg.����Agreement also provides that farmers must sell a sufficient number of sorghum to the moutai Distillery, spare parts can be sold to other wineries. ForResolved on raw materials, Zhou Qiang wanted Renhuai grain, seeking help, but grain Bureau told Zhou Qiang, "now, sorghum species are more, not all enterprises, but Mao-the demand is first of all must be guaranteed. No maotai, have you?����"In fact, over the years, sorghum has been town of maotai wine stand facing the most serious challenges. In 2008, Occurred in the town of moutai wine collective enterprises "out" events. At that time, due to the local sorghum production as a whole, farmers expect to sell at a high price, even for maotai liquor factory supplies are at stake.����Finally, Renhuai decided centrally by the grain Bureau is responsible for collecting food, give priority to ensuring production of moutai, other enterprises may not secretly collecting food, and seized on the road checks in the territory. In order to get foodFood, Chun Feng Xie Yong both opined, General Manager of the wine industry, with buyers all over near the city at that time.����Along the way in order to avoid the inspection group check, you must "to the cart cover, used cars to food", by Xie Yong both opined that, "war of wits". Beginning of February 2012, over shortly after the lunar new year, Xie Yong both opined has been busy in the workshop of their WineryLine production. He said the 2011 good market situation, but constrained by the shortage of sorghum, monarch's revenue growth did not meet expected goals. "Last year, supplies of sorghum was too nervous to desperation, we can only reduce the production capacity. If you let go of the doing, has billions in sales. "His plan this year was that 2000 tons annual output from the rapidly expanding to 4,000Tons. Prior to this, in order to avoid "out" incident from happening again, Xie Yong both opined has expanded the scope of your grain to more distant counties, even sent for the local sorghum Renhuai get trying to plant in Chongqing, Sichuan, near areas. However, due to the difference of natural geographic environment, foreign brewed of sorghum liquor, Renhuai locally brewed of sorghum on the taste of wine, also has a certain gap. However, Xie Yong both opined with respect, "to receive sorghum, has been regarded as lucky". Dangerous game in Xie Yong both opined, on liquor-making industry as so hot today, and also to catch up with the tide of 90 's of the last century. At that time, most of the distilleries in the country is still in the development stage, carrying the "country wine" prestige of maotai, time is also a bottle of hard to find, maotai town as a whole, have set off aThe demented liquor investment boom. However, because of the "representative of maotai-flavor liquor of moutai" brewing process more complicated, most basic manufacturing process also required 7 Koji, cellar under 8, minimum four or five years time the whole process, enterprises can't accept such a complex BREW of process. Therefore, Xie Yong both opined, maotai town "wine craze"Has a strong speculative. "At the time, many people just want to take Mao's influence would clean up. They set up a reserve whisky galore!, came after alcohol, went to water in diluted concentrations. Finally, take spice taste harmonic and put on ', produced by maotai town ' directly to the package on sale.����"Xie Yong both opined recalled. Fake alcohol raged, eventually leading to "maotai townWhite wine produced became synonymous with wine ".����At that time, Xie Yong both opined when participating in a sugar and wine fair in Shandong province, find dealer sales of maotai-flavor liquor maotai town, 10 8 is wine, at that time, even the locals are afraid to drink liquor maotai town production. Since then, despite the protracted fraud led by Guizhou maotai, to a certain extent curb the spread of fake alcoholThe momentum, but still difficult to eradicate. Now, when all capital gathered in maotai town again, they will once again bring "overdraft moutai" risk? After all, their typical mode of operation, and there is no essential difference between 20 years ago: invest in maotai town Winery, the banner of "maotai town produced" signs in the product name, also borrowed the "Mao", "Taiwan".Long-term focus on market development of Chinese liquor is Jun China strategic partner China pointed out that, as a "land of wine" maotai town, is facing a severe test, because for a long time, is maotai town of maotai liquor factory in the world, lack of local winery brand and standardized management model. Craze in town of maotai liquor industry development, may have some adverse effects on the Guizhou maotai."Due to the limited resources around maotai town, suddenly increased, large wine enterprises, is bound to exacerbate the shortage of local resources degree. Moutai wine enterprises can not it all out in the town of maotai this big tree, everyone with ', Mao-' mark of market access, will eventually let the brand image of Mao-to be slashed. "" On a certain level, moutai high price policy is also a helpless thing.In that year, Mao-the impact of local wine, wine-like too much, cause in 2000 years or so until it is started to adjust their competition policies. Gradually give up low-end liquor market, only the high end. And by consciously control capacity, resulting in a market situation. This is why Mao-gross profit margin is high, but the overall revenue is still no match for important causes of wuliangye."In China's view, many enter the capital of liquor-making industry in the near future, the purpose is more" waiting for the next wave of liquor up boom ". "In fact, the liquor industry has very limited space is available for large capital investments. Top 20 distilleries, has a gross margin of more than 60% each year, there is little demand for capital. In such cases, asNavy of large enterprises, investments are just some of the regional third-line brand. Purpose they may well not brand bigger, just want to get a new round of liquor get some interest in the integration process. "However, China pointed out that they are seeing profit margins, are from" prices are high "bring, however," this price cannot be maintained and run, Especially in the ', three for public consumption ' restrictions after strengthening, liquor to return to a sensible price in the end ", and" once the liquor prices, enterprises of small and medium-sized wine profit margins will be hugely diminished. "����And followed the signs have shown that concerns about high end liquor prices, is not without basis. In January 2012, in Shanghai, the 13thPeople's congresses at the fifth meeting, a number of Deputies proposed public consumption are not allowed to drink maotai. "Moutai" listed in "top ten luxury", was for a "forbidden drink maotai" an important part of the ground. One representative said that "Although Mao never admitted that he is a luxury item, but at the price of madness on the rise, it has the luxury of ' gene ' and drink maotai are increasingly beingRegarded as '; identity ' and '; Grade ' a symbol of people already be considered a luxury
tera power leveling, of course "," for this abnormal phenomenon, it is necessary to sound is drunk brokenly. "����The result, and the next day, Niang big drop in stock prices fell. March 2012 national during the NPC, "sangong consumption" topic once again become a focus, and the high cost of maotai liquor, representatives are also once again become the spearheadRefers to the focus.����On March 4, the CPPCC National Committee member Lin jialai, submitted to the Convention on the prohibition of the use of public funds of the consumer proposal of maotai liquor, and proposed a ban "public consumption moutai" 4 tips. According to a widely referenced data, whole sales structure of maotai, 70% per cent of the yield for the special, Group buys and some enterprises and institutions, dealers supply, Through channels such as stores only 20% per cent got end-markets.����If this information is true, then, if the consumption of maotai liquor was banned from public funds, sales of maotai, Guizhou is bound to be a huge hit. Worthy of note is that in early March, maotai liquor retail prices slashed in multiple areas throughout the country, the highest fall up to 400 RMB/bottle. Number of Securities Research InstituteThe first half of 2012, high-end liquor prices "will adjust and find a price point in the fall". "This year, I and the large wine enterprises of the domestic top ten bosses contacted. I found that most liquor market expectations about the future are very cautious. "China pointed out that the many large wine enterprises are worried about, crazy after the expand capacity in all enterprises, rosePrice surge finally calmed down, whether or not we can maintain a balance of supply and demand will become a big problem. Zhou Hua pointed out that at present, China's liquor market is still in the "very precarious phase", the top five of the brand as a whole the share market or 20%, and in the United States, the figure is as high as 50% per cent. "The future, capital adequacy of industry leaders, will conduct a new roundConsolidation. For these new entrants, this is a risky game. "(Requested by the respondents, the text part of the interview as a pseudonym)
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