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Changyu 2023 net profit growth of 24%，facing the impact of the return of Australian wine

On the evening of April 11, 2024, Changyu Winemaking Co., LTD. (hereinafter referred to as Changyu) released the 2023 annual performance report.

According to the annual report, Changyu A achieved operating income of 4,384,764,335 yuan in 2023, an increase of 11.89%; Net profit attributable to shareholders of the listed company was RMB532,438,907, an increase of 24.20% over the same period last year.

In 2023, the overall demand of China's wine market is still low, coupled with strong liquor and beer squeeze, the market competition is very fierce. China's wine industry has entered a stage of deep adjustment.

According to the China Wine Industry Association industry statistics, in 2023, the national wine industry to complete the total production of wine 3 billion liters, an increase of 3.4%; Cumulative sales revenue of 9.09 billion yuan, an increase of 4.8%; The total profit reached 220 million yuan, an increase of 2.8%.

From the performance of several wine listed companies, it shows the downward trend of the industry. Among them, Weilong Shares (603779.SH) is expected to return to the mother's net profit of about -136 million yuan to about -197 million yuan in 2023; ST Tongpu (600365.SH) is expected to achieve a net profit of -60.08 million yuan to -90.12 million yuan in 2023; Citic Niya (600084.SH) is expected to achieve a net profit of 3.5 million yuan to 5.2 million yuan in 2023, turning a profit year-on-year, but the net profit of -13.5 million yuan to -11.8 million yuan after deducting non-profits.

A person in charge of Changyu believes that China's wine consumption continues to decline, a large number of wine production and operation enterprises are on the brink of loss for a long time, and even some wine enterprises are eliminated by the market, and there are no obvious signs of industry reversal. However, in the long run, with the increase of people's income level, more pursuit of relaxed, romantic and healthy lifestyle, the existing consumption concept may change, domestic wine will be more drunk by the public, wine will enter more and more family consumption, the current average consumption level of domestic wine is too low situation will gradually improve.

Recently, the Chinese Customs released the wine import data from January to December 2023. Overall, wine imports in 2023 will be about 243 million liters, with an import value of about $1.082 billion (about 7.786 billion yuan). The volume of imports decreased by 25.67% and the value of imports decreased by 19.41%.

However, the Chinese wine industry will again face a serious challenge from Australian wine in 2024.

On the afternoon of March 28, 2024, the Ministry of Commerce announced the termination of anti-dumping duties on imports of relevant wines originating in Australia from March 29, 2024.

Australia used to be China's largest source of imported wine. In 2019, Chinese wine imports from Australia accounted for 35% of all wine imports by value. China's "double reverse" of Australian wine was officially launched in 2021, and the tariff quickly soared to a maximum of 210%, the share of Australian wine in China rapidly shrank, and only 5% of Australian wine exporters were still carrying out trade with China. Now, this force will make a comeback, as the industry's leading enterprise Changyu is bound to bear the brunt.