Kweichow Moutai Shareholders’ Meeting: Complete capital construction investment of 6.969 billion in 2022

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“Who else do you sell wine to if you don’t sell it to shareholders?” This is the famous saying of Li Baofang, the former chairman of Kweichow Moutai (600519.SH). That year, he stood at the company’s 2019 annual shareholders meeting and promised to keep the process of selling wine at a fair price to shareholders. , and told the staff to “arrange as soon as possible”.

Three years have passed, and the “hurry up arrangement” is gone forever. On June 16, 2022, at the first general meeting of shareholders after the new head Ding Xiongjun came to power, Kweichow Moutai made it clear that the process of buying wine at a fair price for shareholders will be cancelled.

In the past few years, Maotai’s several adjustments to this “gift package” have caused many shareholders to criticize, and Ding Xiongjun “killed” this shareholder’s welfare after taking office. Is it out of fairness? Or is it a hidden gem of productivity? It’s worth talking about.

In those years, the cheap Maotai at the shareholders meeting

On May 28, 2019, the annual general meeting of Kweichow Moutai (600519.SH) attracted more than 2,200 shareholders to participate in the meeting. However, this unprecedented scale of the event had many episodes, and several shareholders and staff quarreled, because Moutai suspected The meeting of shareholders to buy wine at a fair price was canceled.

At that time, some investors reported that Kweichow Moutai uncharacteristically did not issue coupons for buying wine at a fair price, and the specialty store of the Maotai Hotel also posted a notice to suspend the sale of wine.

On the same day, Kweichow Moutai responded quickly to the shareholders’ calls. Chairman Li Baofang visited the sign-in counter at the venue after the meeting, and told everyone that the benefits had not been cancelled. This year, each shareholder who participated in the meeting could still buy a box of Feitian Moutai and two bottles of Chinese zodiac wine.

“I learned that there are shareholders who have come from Mohe farthest. The owner is happy when they come back. They will receive the goods within 3 days of registration.” He said: “Today and tomorrow, passengers taking off from Maotai Airport can buy it. 2 bottles of Maotai Airport commemorative wine, which have been arranged to be placed in the waiting area last night.”

But after Li Baofang stepped down, Feitian Moutai also withdrew from the fair purchase of wine at the shareholders’ meeting.

In 2020, Gao Weidong took over the chairmanship of Moutai. This year’s shareholders meeting changed the previous on-site wine purchase to online reservation sales of gift box wine, and expanded the purchase of wine from on-site participants to registered shareholders on the shareholder registration date. The price of the product is 5666 yuan / set, each person is limited to one set, a total of 5,000 sets are supplied.

This gift box contains 53 degrees Feitian Moutai, Chinese Zodiac Moutai in the Year of the Rat, Moutai Prince Liquor (Maotai Classic), Han Jiang Liquor, Moutai Yingbin Liquor (Chinese Red), Kweichow Daqu Liquor (1970s), Ren Liquor, Lai Liquor Mao Wine (Inheritance · Blue) (2.0) 8 bottles of wine.

At the general meeting of shareholders in 2021, Kweichow Moutai will continue to engage in the “big gift package” model. Each shareholder is limited to one set, a total of 10,000 sets, and the price is 6,666 yuan per set.

This set of wine contains 8 kinds of products produced by Moutai, which are 500ml 53% Feitian Moutai, 500ml 53% Maotai Ox Year Zodiac Wine, 500ml 53% Moutai Prince Wine (Xin Chou ox zodiac wine), 500ml 51% Hanjiang Liquor, 500ml 53% Moutai Welcome Wine, 500ml 53% Guizhou Daqu Liquor (1970s), 500ml 53% Renjiu and 500ml 53% Lai Mao Wine (Inheritance · Blue) (2.0).

Because there is still no Feitian Moutai in this dazzling “gift package”, the private equity boss Lin Yuan sharply complained at the shareholders’ meeting that year: As a Moutai shareholder, he could not buy Moutai, but “begged Moutai like a beggar. Distributors buy wine, and I hope the company can consider the needs of shareholders to buy wine and give preferential policies.”

However, his appeal did not actually get a response from Maotai. In 2022, when Ding Xiongjun was at the helm, even the “big gift package” disappeared completely.

Decide on a “dead hand” for productivity or fairness?

It is worth noting that Kweichow Moutai canceled the purchase of wine at the shareholders’ meeting, which is not unrelated to Moutai’s own production capacity ceiling and supply and demand problems.

High-end liquor is still in a state of insufficient production capacity, especially Kweichow Moutai . Industry insiders estimate that its salable finished wine in 2022 will only be about 26,000 tons, a gap of more than 5,000 tons compared with last year’s actual sales; under the influence of difficulties in expanding production, Feitian Moutai The long-term base wine production capacity is basically around 50,000 tons, and the future capacity limit is only 56,000 tons.

The 2021 annual report shows that the actual production capacity of Moutai has exceeded the designed production capacity for several consecutive years.


Source of production capacity of Moutai in Kweichow: Company Annual Report

Last year, the designed annual production capacity of Moutai liquor production workshop was 42,742 tons, and the actual annual production capacity was 56,472 tons. The actual annual production capacity increased by 12% compared with 50,235 tons in the previous year. In addition, the annual production capacity of the series wine production workshop is 31,660 tons, and the actual annual production capacity is 28,248 tons, which is close to saturation.

The company also disclosed that in 2021, the new design capacity of Moutai-based wine will be 1.825 tons, and the technical transformation project of 30,000 tons of Maotai series wine will be advanced in an orderly manner; the design capacity of the new series of wine-based wine will be 6,400 tons. The new production capacity of wine is only a drop in the bucket.

Some local politicians in Guizhou said that the cancellation decision may have come from a higher level. Zhang Haoran, secretary-general of the Shimaijia Wine Research Institute, told the Titanium Media APP: “The cancellation of the liquor purchase link at the Moutai shareholders’ meeting may be the cancellation of the shareholders’ ‘wine buying privilege’, and everyone is equal in buying Moutai.” But the practice that has lasted for so many years was once rejected, if only for “fairness” reasons, it is a bit unconvincing. (This article was first published on Titanium Media APP, author | Huang Tian, ​​editor | Cui Wenguan)

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