Pien Tze Huang Experience Hall offline store.Photo by Lin Wansi, China-Singapore Jingwei
Exploring the offline store in Pien Tze Huang: “Limited purchase” of 2 tablets per person, sold out within 10 minutes after opening the door
On the morning of the 21st, the Sino-Singapore Jingwei client came to the Pien Tze Huang Experience Hall Beijing Galaxy SOHO store. There was still a quarter of an hour before the opening time of 9 o’clock, and several people had queued at the door.
At this time, the Pien Tze Huang clerk asked customers who lined up outside the store to scan the code to fill in information such as ID card, residential address, and mobile phone number, and said that only one person can enter the store at a time to make a purchase. Seeing that the line at the door was getting longer and longer, the clerk began to “persuade me to retire”: “Today, two pills are issued, and they only sell to the 10th place.”
The Sino-Singapore Jingwei client observed that Pien Tze Huang was sold out 10 minutes after the door was opened, and the customers in the back had to return empty-handed.
It is understood that the current offline store price of Pien Tze Huang is 590 yuan per tablet. Although the above-mentioned stores do not need to make an appointment to purchase, customers who purchase 2 capsules on the same day will have the opportunity to buy again after 5 days, and those who purchase 1 capsule can only buy again after 3 days.
A customer asked where to buy 10 gift boxes as a gift. The clerk responded, “Now there are no products everywhere, it depends on your ability to buy it.” Some customers told the Sino-Singapore Jingwei client that their friends can only get one tablet within two weeks if they rely on internal channels.
In addition to offline “purchase restrictions”, on e-commerce platforms, Pien Tze Huang for 590 yuan is also hard to find. Many merchants sell Pien Tze Huang at a price ranging from 900 yuan to 1,600 yuan, the highest being the store price. More than 2 times more expensive. In addition, on social media such as Weibo, some netizens reported that the local Pien Tze Huang was fired at a price ranging from 900 yuan to 3,000 yuan.
Pien Tze Huang’s flagship store on Tmall “Pien Tze Huang Pharmacy Flagship Store” previously sold Pien Tze Huang, but the product’s webpage currently shows that it is “off shelves”. The 3-boxes, 5-boxes, 10-boxes, and 20-boxes in some online stores have been shown to be out of stock. You can only purchase the standard pack, that is, 1 pack. An online shop customer service told the Sino-Singapore Jingwei client that recently Pien Tze Huang manufacturers have restricted shipments, and they are also out of stock.

Screenshot source: e-commerce platform Who is hyping Pien Tze Huang? On the 21st, the Sino-Singapore Jingwei client contacted the sales department of the Pien Tze Huang headquarters, and the relevant person in charge responded that there was no purchase restriction policy. When receiving a telephone consultation from the Sino-Singapore Jingwei client, the clerk at the Pien Tze Huang Experience Hall Beijing Galaxy SOHO store also denied the existence of a purchase restriction policy. He claimed that the store will have goods every day, but because there are many buyers and few goods arrive, so early No more. The client of Sino-Singapore Jingwei called the Pien Tze Huang Experience Hall at Cha Ting Store in Fuzhou City, Fujian Province on the same problem. Regarding the phenomenon of “difficult to find a drug” in the current market, the clerk replied, “In fact, it is not that we restrict purchases, but that there are A lot of speculation has led to high premiums. In addition, the supply of goods is relatively tight, so there is a situation where medicines cannot be bought at high prices. In order to ensure that real consumers have medicines available, we have made this move and set up prescriptions in stores. The rule of buying one tablet with an ID card has become what everyone calls the “purchase restriction”.” “A pill shouldn’t be enough for consumers, right?” The clerk said to this question, “You can buy it after you eat it. For real consumers, we can guarantee that there are medicines. I am afraid that there will be a lot of speculation. People buy the medicines so that the people who use them have no medicines available.” As for whether there will be a price increase in the near future, the clerk replied that “the price will not increase”. The outer packaging of Pien Tze Huang shows that the ingredients of Pien Tze Huang are bezoar, musk, panax notoginseng and snake gall. According to the dosage of 0.6g per adult, it can be taken 5 times, 2 to 3 times a day. Based on this calculation, the cost of each consumption is about 100 yuan. Although Pien Tze Huang has always been called Maotai in medicine, the unit price of Pien Tze Huang is even lower than that of Maotai: the original price of 1499 yuan of 53 degrees Feitian Maotai 500ML, an average of about 3 yuan per milliliter, and Pien Tze Huang a 3g, you can sell it for 590 Yuan, about 197 yuan per gram on average. It is understood that Pien Tze Huang functions mainly to clear away heat and toxins, cool blood to remove blood stasis, reduce swelling and relieve pain, and is used for acute and chronic viral hepatitis caused by heat toxin and blood stasis, carbuncle boils, unknown swelling toxin, bruises and various inflammations. An industry insider told the Sino-Singapore Jingwei client that at present, the supply of raw materials such as bezoar and musk used in Pien Tze Huang is relatively sufficient. Other pharmaceutical companies may not be able to maintain sufficient supply, but Pien Tze Huang’s raw materials are not a big problem. According to the research report of Southwest Securities on February 7, 2021, Pien Tze Huang is currently promoting artificial musk breeding to make up for the shortage of scarce raw materials. The Shaanxi breeding base raises more than 10,000 musk musk. It is estimated that the annual output exceeds 100 kg. Both musk and bezoar can meet the three-year supply. Capacity expansion. The above-mentioned market participants also believe that there is hype, “Exclusive products are particularly prone to monopolize. Pien Tze Huang is not capable of being produced by any company, and the stock is limited, which can easily lead to malicious hype.” Liu Chunsheng, an associate professor at the Central University of Finance and Economics, told the Sino-Singapore Jingwei client that the price of Pien Tze Huang is rising steadily because on the one hand, the cost of certain raw materials is indeed more expensive, such as musk, which alone accounts for 55% of the total cost. . On the other hand, Pien Tze Huang has a state-level top-secret formula, which is very important in the Chinese medicine industry. Liu Chunsheng mentioned that with the consumption upgrade of the healthcare industry, Pien Tze Huang, 590 yuan a pill, actually acts as a “luxury” in medicine, in line with the current concept of consumption upgrades and emphasis on health. “At the same time, it is undeniable that, of course, there is also a factor of speculation. When Pien Tze Huang is in short supply and has the same financial attributes of investment as Moutai, the more speculation will be, the higher the speculation, the more difficult to find investment.’ The herding effect’.” Behind “One drug is hard to find”: Pien Tze Huang’s share price quadruples in 18 months Pien Tze Huang’s “it is hard to find a medicine” has also opened up the imagination of the capital market. At the beginning of 2020, the stock price of Pien Tze Huang was still in the early 100 yuan. On June 11 this year, its stock price broke through the historical high to reach 419.96 yuan per share. In just 18 months, the stock price has quadrupled and the market value has increased from more than 60 billion yuan. Yuan has soared all the way, and together with Yunnan Baiyao, they have become the only two Chinese medicine listed companies with a level of 100 billion. As of the close on June 21, Pien Tze Huang’s stock price was reported at 404.23 yuan per share, with a market value of 243.9 billion yuan, far surpassing Yunnan Baiyao’s 136 billion yuan in market value, and was firmly in the position of “the first brother of traditional Chinese medicine.” In addition, Pien Tze Huang’s 2020 financial report data shows that Pien Tze Huang achieved revenue of 6.511 billion yuan, an increase of 13.78% year-on-year; net profit of 1.672 billion yuan, an increase of 21.62% year-on-year. Among them, from the first quarter to the fourth quarter of 2020, Pien Tze Huang’s gross profit margin was 47.98%, 44.44%, 49.20%, and 37.45%, respectively. Pien Tze Huang said that the main reason is that the sales proportion of the pharmaceutical manufacturing industry has decreased, which makes the gross profit margin of sales. Compared with the previous three quarters, there has been a decrease. It is worth mentioning that although Pien Tze Huang’s performance has risen in 2020, the growth rate has slowed down significantly. From the financial report data in recent years, Pien Tze Huang’s revenue growth rate in 2017 was the fastest, reaching 60.85%, but then the revenue growth rate began to decline year by year, and it fell to the lowest point in the past five years by 2020, only 13.78% . According to Wind data, Pien Tze Huang was restructured and founded by the former Zhangzhou Pharmaceutical Factory in December 1999. It is a time-honored Chinese enterprise. Its main business includes the manufacture of Chinese patent medicines and the circulation of medicines. It was listed on the Shanghai Main Board in 2003. Among them, the core product is the Pien Tze Huang series, including Pien Tze Huang, Pien Tze Huang capsules, compound Pien Tze Huang lozenges and other Pien Tze Huang series products. (Zhongxin Jingwei APP) (The opinions in the article are for reference only and do not constitute investment advice. Investment is risky and you need to be cautious when entering the market.) All rights reserved by Sino-Singapore Jingwei. Without written authorization, no unit or individual may reprint, extract or use it in other ways. For more exciting content, please follow the official WeChat account of jwview

On June 6th, some media reported that when a supermarket in Chengdu opened, the eligibility to purchase Moutai could be drawn after purchasing a certain amount. One person bought a lottery ticket and bought nearly 7 tons of rice, and got the qualification to buy 9 bottles of Moutai. However, he went to the supermarket to fetch the rice, but the supermarket denied it, saying that the man had taken the rice away!

“Their monitoring has also been adjusted. It hasn’t given me the result yet, so I have been procrastinating.”

Not eligible to buy Moutai

010-June 3, 2010 is the opening day of a chain supermarket in Chengdu Wanda Plaza. In order to promote customer consumption, opening activities are in full swing. Mr. Tao said that he bought 268 bags of pearl rice in the supermarket at a price of 100 yuan, and the total consumption was 26,800 yuan. Each bag weighs 50 kg, with a total weight of 6.7 tons. It is too heavy to be taken away on the spot. After checking out, he left the supermarket and was about to find a truck to take Mira.

“I didn’t take it when I checked out, but the store said I took rice.” Mr. Tao said.

Mr. Tao said that when he was looking for a truck to pick up rice in the supermarket the next day, the other party said he had taken the rice away. There are 10,000 question marks on Mr. Tao’s head and more than two hundred bags of rice. Not sure if he took himself away?

Subsequently, Mr. Tao asked the supermarket to check the monitoring, but after obtaining the monitoring, there was no result, “has been dragging on”.

Not to mention chain supermarkets, which are private convenience stores, where there are quite a few surveillance cameras. It is nothing more than the problem of Mr. Tao not being able to pick up the goods. Why is it so difficult to solve?

Mr. Tao said that the reason why he bought so many bags of rice was to participate in the supermarket lottery: if he bought more than 388 yuan, he can take Maotai to buy it once. The winner can buy the cheap Tianfei Moutai for 1499 yuan per bottle.

According to the receipt in Mr. Tao’s hand, every four bags of rice is a receipt, and the checkout amount is 400 yuan, with the words “lottery” printed on it.

Men’s supermarket bought nearly 7 tons of rice

–

Obstacles in picking up

Because there were too many meters, Mr. Tao couldn’t take it away by himself, so he went to the draw directly after the checkout at the cash register. After all, Mr. Tao is here for this. But after the lottery was over, when Mr. Tao wanted to take the rice, the supermarket said Mr. Tao had finished picking up the rice. Mr. Tao recalled the situation at that time. He used a tray to pull Mi to the checkout counter, but did not pull it out directly. The high-definition camera clearly shows that more than 200 bags of rice cannot be taken away casually.

Regarding the question raised by Mr. Tao, the supermarket staff said that during the opening activities, the supermarket was short of staff, so it took a little time to deal with this matter.

Supermarket staff: “Because we didn’t expect to say how you bought the rice, and didn’t release it, we also found it strange.”

The supermarket said that if Mr. Tao really bought the rice and did not take it away, after investigation, he would take away all 268 bags of rice.

Supermarket statement

After being reported by the media, it attracted the attention of many netizens. On the one hand, they were curious about the reason why Mr. Tao bought a lot of rice, and on the other hand, it was the explanation of the crowd. After understanding the cause and effect, netizens have left their own opinions. Some netizens believe that for the supermarket chain, this product is not worth deceiving, and there is a misunderstanding between the two sides; but some netizens believe that the responsible party is in the supermarket, so the cashier must be impressed with such a large order, “the supermarket is a bit ridiculous.”

What do you think of it?

“Investor Net” Jordan

On June 6th, on the black cat complaint, a large number of complaints against Yonghui Supermarket (601933.SH) online shopping platform Yonghui Life APP suddenly emerged, referring to the launch of Yonghui Life APP on June 5 The live broadcast activity of 10,000 people who purchase wine for 999 yuan and get 1499 yuan to purchase Feitian Moutai is suspected of “false propaganda” and “deceptive consumers”, and induce consumption through “false” Moutai purchase qualifications. According to the rough statistics of “Investor Net”, more than 240 people have complained about the live broadcast event. If the minimum consumption is 999 yuan, the amount involved in this part of the consumption is more than 240,000 yuan. This is the second time that Yonghui Supermarket has been criticized by consumers for Moutai related issues this year. In addition, Yonghui Supermarket has also frequently reported food quality problems recently, which has once again triggered a crisis of consumer trust.

The investors in Yonghui Supermarket were also stinged. As of the close on June 11, 2021, Yonghui Supermarket closed at 5.32 yuan per share, and its market value has fallen by more than 20 billion yuan from its highest point since the beginning of this year. In fact, including chairman Zhang Xuansong, Yonghui Supermarket has actively implemented practical actions such as increase in holdings and repurchase to maintain the stock price this year, but it does not seem to bring confidence to the market. “In the embarrassing situation, many investors rushed into the market to increase their shareholding and repurchase, but they were deeply involved. Under this circumstance, investors on the interactive platform began to question Zhang Xuansong’s “left and right hand” behavior. Although Zhang Xuansong increased his holdings of 150 million shares through concerted actions recently, after several operations, he finally held The number of shares of some has decreased by 340 million shares from before the announcement of the increase in holdings.

Consumers accused of “flicking” with Moutai

The above live event was hosted by Yongyuehui Winery, which specializes in high-end liquors under Yonghui Supermarket, and was carried out on the Yonghui Life APP, starting at 18:00 on June 5th. The rule of the event is to purchase 999 yuan of drinks during the live broadcast, and the top 10,000 will be eligible to purchase a 500ml bottle of Feitian Moutai 53 degrees for 1499 yuan. ,

Screenshot of Yonghui Life APP live broadcast

However, according to Black Cat’s complaint, many consumers believe that they have met the conditions, but Yonghui Life APP refused to redeem Moutai coupons.

The user with the ID name “xlli2012” stated in the black cat complaint that he paid at 18:04 and completed an order of 1096 yuan, and the anchor also claimed that there were 2000 people remaining at around 18:06, and Emphasize that consumers who pay before 18:05 are eligible for Moutai coupons. However, until the end of the live broadcast, xlli2012 did not receive Moutai coupons. It asked the customer service. The other party said that due to the hot buying, there was a serious system delay in the payment of the order at the beginning of the event, resulting in delays in the actual ranking broadcast. The display shall prevail, and the coupon will not be renewed if it is not obtained, and the originally purchased drinks are not allowed to be returned. Regarding the situation encountered by itself, xlli201 stated in the complaint that the Yonghui Life APP “deceived customers and made false sales.”

User complaints about live events on Yonghui Life APP. Picture source: Black Cat Complaints

The experience of other complainants is similar to that of xlli2012. They all stated that the payment was completed before the anchor claimed that there were 2,000 places left, but without exception, they did not receive Moutai coupons. The consumer with the ID name “秦Qin岭Lin” said that he successfully paid at 18:04:50 but was not eligible to buy Moutai, while those who paid at 18:08 and paid at 18:11 both purchased For Moutai qualifications, “Qin Qin Ling Lin” was very puzzled about this and asked Yonghui Life APP to “disclose the top 10,000 information and fulfill its promise!”

User complaints about live events on Yonghui Life APP. Picture source: Black Cat Complaints

The rules of the above live broadcast show that the first 10,000 users are satisfied with the “payment completion time”. Why is Qin Ling Lin who paid at 18:04 is not in the top 10,000, but at 18:08 and Are consumers who paid at 18:11 in the top 10,000? In this regard, “Investor Net” tried to contact Yonghui Supermarket to find out the situation, but the other party did not reply.

In response to the above situation, Ding Mengdan, a lawyer at Beijing Yingke (Hangzhou) Law Firm and a special researcher of the E-commerce Research Center of Net Economics, told Investor.com, “Yonghui Life APP provides purchase qualifications to consumers who meet the shopping conditions of 999 yuan. , In order to achieve a competitive advantage by selling goods and gaining traffic, it is a rewarded sales behavior. And Yonghui Life APP should clearly announce the participation conditions, participation methods, qualification redemption time, redemption methods and other information before the reward sales. Before the live broadcast event In the process, Yonghui shall also publicize these contents in a timely manner to ensure the timeliness, effectiveness and accuracy of the live broadcast.”

In addition, if the live broadcast personnel are inconsistent with the real order data and subscription qualification exchange in the background during the oral broadcast process, they should promptly adopt other methods to publicize the list of users who have redeemed qualifications. However, if Yonghui false propaganda, fictitious qualifications and exchange quantity, time, etc., it may be suspected of false propaganda, and its behavior is regulated by the “Anti-Unfair Competition Law” and “Interim Regulations on Regulating Promotional Behavior”. Ding Mengdan added to “Investor Net.”

According to Black Cat’s complaint, the appeals of the 240 consumers mentioned above have been responded to by Yonghui Supermarket. The content of the response has not been made public, and the progress of the complaint of a small number of people has been completed. Although Yonghui Supermarket quickly responded to the demands of these consumers on the Black Cat complaint, it triggered a crisis of trust among some consumers. This is not the first time that Moutai was overturned in Yonghui Supermarket. In March of this year, Beijing Commercial Daily reported that many consumers placed an order on the Yonghui Life APP to buy 53-degree Flying Moutai, but they were told that they could not pick up the goods at the time of delivery. No refunds, questioned Yonghui Supermarket’s “use of Maotai powder”.

Frequent quality problems have seen a significant decline in market value

At the same time, Yonghui Supermarket has been repeatedly named by the supervision and management for food quality problems this year.

On June 1, the Shaanxi Provincial Market Supervision Administration issued a notice on the unqualified 9 batches of food on its official WeChat account. The notice stated that 441 batches of samples of 11 categories of food were inspected for food safety supervision. 9 batches of samples of 5 categories were unqualified, and illegal use of prohibited substances, excessive veterinary drug residue limits, and illegal use of prohibited veterinary drugs were detected, and the quality was not up to standard. The problem of excessive use of food additives. The food sold by the two branches of Shaanxi Yonghui Supermarket Co., Ltd. (hereinafter referred to as “Shaanxi Yonghui”) has been on the “black list.” Among them, one batch of sulfonamides (total) and trimethoprim sold by Guangshun free-range black-bone chicken sold by Shaanxi Yonghui Xi’an West Chang’an Street Branch did not meet the national food safety standards; Shaanxi Yonghui Hanzhong Xixin Street Branch The sold ice wing root (food category: chicken), a batch of volatile basic nitrogen does not meet the requirements of national food safety standards.

Since the beginning of this year, Shaanxi Yonghui has been named by the regulatory authorities many times. Searching on the WeChat official account of the Shaanxi Provincial Market Supervision Administration with “Yonghui” as the key word, you can find that in addition to the June announcement, it was reported on February and April this year. The food non-conformity notices in January and May are on the list. According to the company’s inquiry, Shaanxi Yonghui is a wholly-owned subsidiary of Yonghui Supermarket.

Image source: WeChat public account of Shaanxi Provincial Market Supervision Administration

In addition, according to People’s Daily Online, in the first quarter of this year, Yonghui Supermarket had 15 batches of unqualified foods in Fuzhou, Putian, Longyan and other locations in Fujian. The number of unqualified product inspections reached 8 times, and the unqualified items of the random inspections involved ofloxacin, enrofloxacin, cadmium, etc.

Yonghui Supermarket, which is plagued by negative news, also suffered a sharp setback this year. In the first quarter of this year, Yonghui Supermarket’s revenue was 26.3 billion yuan, down 9% year-on-year; net profit was 23.32 million yuan, down 98% year-on-year. The stock price has also begun to drop, and the market value has been shrinking. In order to maintain the stock price and increase investor confidence, Yonghui Supermarket announced on November 4, 2020 that it will repurchase at a price of no more than 2.7 billion yuan in a bidding transaction. The company shares 150 million-300 million shares. Affected by the positive repurchase, Yonghui Supermarket’s share price rose 4.13% the next day to close at 8.12 yuan per share. The announcement of the company’s chairman Zhang Xuansong’s shareholding increase was issued on February 2, 2021. He plans to increase his holdings of the company’s shares by 75 million to 150 million shares within the next six months, at a price not exceeding 9 yuan. On the day of the announcement, the company’s stock price rose 5.97% to close at 7.28 yuan per share. However, it can be seen from the longer-term stock price trend that the company’s repurchase plan did not bring about a continuous rise in the stock price, but showed a general downward trend.

Yonghui Supermarket’s repurchase plan was announced on May 22, 2021. The company spent a total of 2.69 billion yuan to repurchase 390 million shares. Zhang Xuansong’s shareholding increase plan was announced on June 3 and completed. People acting in concert increased their holdings of 150 million shares of the company through bidding transactions. At this time, Zhang Xuansong and people acting in concert held a total of 1.557 billion shares of Yonghui Supermarket, accounting for the total. 16.3% of share capital. As of June 3, the company’s repurchase and shareholding plan came to an end. At this time, the stock price had fallen from a high of 8.12 yuan before the repurchase to 5.58 yuan. As of the close on June 11, the company’s stock price closed at 5.32 yuan per share.

The stock price continues to decline, and many investors questioned the company’s chairman Zhang Xuansong’s behavior of “hands on each other” and “selling high and buying low” on the interactive platform. The question stems from the company’s announcement on the completion of an internal equity transfer plan announced on June 3rd. Due to family asset planning needs, Zhang Xuansong has internally transferred the 350 million shares he owns to persons acting in concert through a block transaction. , Namely Xishirun Herun private equity fund product. According to the company’s inquiry, the investor of Xishirun’s private equity fund products is Shanghai Xishirun Investment Management Co., Ltd., and the majority shareholder Han Chun, who holds 80% of the company’s shares, is also associated with a company called “Beijing Sequoia Yade Equity Investment Center (Limited) Partnership)” company (hereinafter referred to as “Beijing Sequoia Yade”), and Zhang Xuansong holds 1% of the shares of Beijing Sequoia Yade.

After the above-mentioned equity changes, the total shareholding ratio and number of Zhang Xuansong and the concerted person Xishirun Herun private equity fund products have not changed, while Zhang Xuansong’s own shareholding has dropped from 1.407 billion shares to 1.061 billion shares. It also dropped from 14.79% to 11.16%. In addition to the 150 million shares previously increased, Xishirun Herun Private Equity Fund products currently hold a total of 490 million shares of Yonghui Supermarket, accounting for 5.2%.

It is worth noting that according to the announcement made by Yonghui Supermarket on June 8, Zhang Xuansong intends to continue to increase his holdings of the company’s shares by 150 million yuan to 300 million yuan in the next six months. On June 9, Yonghui Supermarket closed up 0.33. %, it closed down 0.74% on June 10. Regarding whether the shareholding increase plan in the next 6 months will continue to be implemented by Xi Shirun Herun private equity fund products, which are acting in concert? “Investor Net” sent a letter to Yonghui Supermarket for verification, but no response was received. (Produced by Thinking Finance)■

At the shareholders’ meeting in Moutai, Guizhou on June 9, the “2020 Profit Distribution Plan” was voted and approved by shareholders, that is, a dividend of RMB 192.93 (tax included) for every 10 shares. A total of 24.235 billion yuan of profit will be distributed, and the dividend profit will hit a record high. According to the statistics of Kweichow Moutai, Kweichow Moutai has distributed a total of 121.4 billion yuan in dividends over the past 20 years, which is 61 times the amount of funds raised.

The share price is 19.293 yuan, the distributed profit is 24.235 billion yuan, and the cumulative dividend is 121.4 billion yuan. Looking at this set of data alone, it is undoubtedly very eye-catching, and it is also a brilliant report card given to investors by Guizhou Moutai. If there are more such companies, the situation in China’s capital market will definitely be much better.

So, how to look at the dividend plan of Kweichow Moutai? How much do these dividends have to do with ordinary investors? Is this level of dividends high or low among A-share listed companies? Obviously, you can’t just talk about things, you have to take a look at it and see what the core of the dividend is.

To say that Kweichow Moutai’s dividends are not good, this is not objective and it is not seeking truth from facts. Because the accumulated dividends of 121.4 billion yuan, which is impossible for ordinary listed companies. What’s more, Kweichow Moutai is not a listed company with a particularly large share price. The 1.256 billion shares of listed companies are in the upper middle class, but the market value exceeds 2 trillion. How can such a company not be considered a high-quality listed company? The cumulative dividend has reached 121.4 billion yuan, and of course it is also a high-quality company in terms of dividends.

However, it must be said that all of this can only stay in the first 15 years, and the dividends in the first 15 years may be more or less related to ordinary investors. Although the stock price is as high as one hundred yuan, two to three hundred yuan, in any case, ordinary investors with good money can still buy hundreds of shares, or even thousands of shares or thousands of shares. In the next five years, even though the total amount of dividends is increasing, the actual earnings per share are getting less and less. Take this year’s dividend as an example, 19.293 yuan per share, and the price per share is as high as 2,000 yuan. In other words, it takes 2,000 yuan to get 19.293 yuan, and the distribution rate of one hundred yuan is less than 0.9%. Compared with some other high-quality companies, the dividend per share may be less than 10 yuan, but the stock price is mostly less than 100 yuan. In other words, the distribution rate of one hundred yuan is around 10%, and the lesser ones can reach around 5%.

More importantly, the stock price is as high as 2,000 yuan, and there may only be institutions that can set foot in Kweichow Moutai. Ordinary investors who want to buy Kweichow Moutai stocks can only look forward to the stock and sigh. Because 100 shares cost more than 200,000, how many investors can buy Kweichow Moutai with such courage? Even if it is hot money, facing the Kweichow Moutai stock, it will feel a little trembling. This also means that Kweichow Moutai’s dividends are basically a game for institutional investors and large households. Ordinary investors can only watch and become a crowd.

Therefore, while being excited about the high dividends of Kweichow Moutai, we must also see that Kweichow Moutai has become aristocratic just like their liquor, and has nothing to do with ordinary investors. It is unpredictable how long this stock price will maintain. But one thing is certain, as long as there is no problem with the company, the stock price will not come down. As long as the stock price does not come down, Kweichow Moutai can only be a game for institutional investors, and ordinary investors will not even have the feeling of onlookers in the end. Naturally, there is no need to rejoice about Kweichow Moutai’s dividends, it has nothing to do with you or me. No, it doesn’t matter at all.

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(Xinhua News Agency) 3.[Another one hundred billion top flow, the index fell 200 points, why did he make 367%?] As of the end of the first quarter of this year, The total scale of the 6 funds managed by Invesco Great Wall Fund Manager Liu Yanchun reached 101.58 billion yuan. Become another fund manager with a public offering fund management scale of more than 100 billion after Zhang Kun. The long-term performance of the funds managed by Liu Yanchun is at the top level. Among them, Invesco Great Wall Dingyi, which began to manage in July 2015, has a return of 367.66%. Ranked runner-up among 467 similar funds, During the period, the Shanghai Composite Index dropped by more than 200 points from more than 3,700 points to less than 3,500 points at present. Liu Yanchun’s latest holdings are running at high positions. As an absolute supporter of liquor, he still Adversity and massive increase in liquor holdings, and at the same time increase the position of leading pharmaceutical companies . Hong Kong stocks add positions to Meituan, Tencent, etc. (China Fund News) 4.[Guangzhou regulatory authorities interviewed Meituan and Ele.me two platforms, 7 takeaway shops were reorganized] In response to the hidden food safety hazards in the back kitchens of individual restaurants, the Guangzhou Municipal Market Supervision Bureau carried out food safety supervision and inspections on the kitchens of related take-out stores, and interviewed the relevant persons in charge of the two major take-out platforms, Meituan and Ele.me. Order the platform to take offline processing of catering businesses with hidden food safety hazards, At the same time, a special rectification of food safety in online catering services will be deployed from now on. (Securities Times) 5.[Beijing Cultural Market Comprehensive Law Enforcement Corps: Key supervision of video websites with national influence such as Douyin and Kuaishou] Cultural Market Comprehensive Law Enforcement Corps continued Strengthen website classification supervision , To implement dynamic monitoring of the entire network in key areas such as online literature, video, music, animation, and games, Key supervision of video websites with national influence such as Youku, iQiyi, Douyin, and Kuaishou . (Beijing Business Daily) 6.[The off-season is not short, the terminal price of Feitian Moutai’s new bulk wine increased by 25% year-on-year to above 2500 yuan] Learned from the market, Feitian Moutai in 2021 The price of a single bottle terminal has risen to 2520 yuan/bottle , Feitian Moutai will also rise to 2,530 yuan in 2020. Compared with the price of new wine at around 2,000 yuan in the same period last year, Feitian Moutai will increase by about 25% year-on-year in 2021. At present, the liquor industry is in the off-season cycle. In previous years, the price of new Feitian Moutai liquor will basically drop slightly in the off-season , And basically maintained at around 2,000 yuan. (Sohu Finance) Interpretation: The increase is the price of Moutai terminals, which has nothing to do with the performance of listed companies. However, it has opened up room for listed companies to increase ex-factory prices in the later period, and there is no suspense in the long-term sustained and stable growth of future performance. 7.[Eastern Airlines’ response to “indecent chat records of employees”: purely deliberately fabricated and maliciously slandered] An online post stated that a manager of the cabin department of Eastern Airlines was arranged by the leader to have a relationship with a boss and send indecent messages, which aroused the attention of netizens. The relevant staff of China Eastern said, “This matter is a rumor first, and the employee has already called the police.” (Interface) 8.[The three major US stock indexes closed down across the board] The Nasdaq fell 0.94%, the S&P 500 fell 0.92%, and the Dow fell 0.94%. Technology stocks generally fell, Apple fell more than 1%, Tesla fell more than 3% , Micron Technology fell more than 5%. Chinese concept stocks Weilai Automobile rose 1.75%, Xiaopeng Motors fell 0.74%, and Ideal Automobile rose 1.31%. GSX fell 9.17% after GSX announced that it was renamed “Gaotu Group”. Reported that Biden proposes to impose a capital gains tax of up to 43.4% on the wealthy , Currently 20%. (Associated Finance Press) -Macroeconomics- 1.[Rankings of residents’ income in 31 provinces in the first quarter, Shanghai ranked first] Recently, the National Bureau of Statistics has updated and released data on the per capita disposable income of residents in 31 provinces in the first quarter. Shanghai (21548 yuan), Beijing (19585 yuan), and Zhejiang (18263 yuan) are among the top three. (China News Service) 2.[Zhejiang: Express delivery services shall not be provided at a price lower than the cost] E-commerce platform operators must not use technology or other means to block the normal services of express operators; Platform express operators shall not prohibit or impose unreasonable conditions to restrict other express operators from entering. (Zhejiang News) -Real estate situation- 1.[Beijing Housing and Urban-Rural Development Committee: Severe punishment in accordance with the law for issues such as institutional speculation of school district housing and illegal entry of business loans into the property market that have been strongly reported by the public recently] Severely crack down on violations of laws and regulations in the housing sales and leasing market in accordance with the law. (Beijing Housing Construction Committee) – Domestic market – 1.[The fund did not substantially drop its positions in the first quarter, but increased its holdings in Moutai] As of April 22, among the public offering fund products disclosed in the first quarter report, the share of all fund products comparable to those in the fourth quarter of last year The average stock position dropped slightly from 73.15% to 72.50%, A drop of less than 1 percentage point.The stocks with the most holdings in the first quarter include Hikvision, Kweichow Moutai, China Merchants Bank, Zhifei Bio, Industrial Bank Wait. Sectors and industries such as finance and public utilities have become an important direction for the increase of public fund holdings in the first quarter. In the first quarter, public funds increased their holdings of 9.12 million shares of Kweichow Moutai.Fund for the first quarter The objects of substantial reduction are concentrated in industries and sectors such as consumption, medicine, and information technology. Already out of the downtrend in the secondary market The stocks that were mainly held by previous institutions such as Luxshare Precision, SF Holdings, Hengrui Pharmaceuticals, and Longji Stocks appeared in the list of funds that were significantly reduced in the first quarter. (China Securities Journal) Interpretation: The quarterly report of the fund showed that there was no significant lightening in public offerings, especially liquor, indicating that the fund’s operational determination is relatively strong, the panic decline has basically ended, and the market sentiment has returned to rationality and stability. 2.[The quarterly report gradually disclosed, from the top ten shareholders to see fund managers’ trends] The high-quality companies in the pharmaceutical and biological industries of Liu Gesong and Gelan Jiacang, which have performed relatively well in recent years, respectively Sannuo Biological, Tongce Medical and Jianfan Biological Increased holdings.Zhu Shaoxing and Li Yuanbo increased their positions significantly FIYTA .Yuan Fang Increases Angel Yeast , E Fund Fund Zhang Kun and Xiao Nan respectively Increased its holdings in security electronics Hikvision and glass industry leader Fuyao Glass . (Everbright Securities) 3.[“Chip Brother” Nuoan Cai Songsong adjusts the position! Anticipating the continued shortage of semiconductors, pretending that “the darkness before dawn is on the verge of breaking out”] In the latest quarterly report, Cai Songsong’s top ten positions remained unchanged, but the ranking of heavy stocks changed slightly.The second largest stock at the end of last year Northern Huachuang promoted to number one , Increase the position of 860,000 shares; Sanan Optoelectronics increased its holdings from 11.8 million shares to 15.55 million shares at the end of last year ； Lighten up positions on Weir, SMIC, Sanan Optoelectronics, and Zhuo Shengwei. The holdings of the seventh to tenth largest stocks remain unchanged. Cai Songsong said that semiconductors continue to be out of stock. This round of supply side shortages is unprecedented in history, and the time span of the business cycle is also expected to exceed expectations. (See and hear on Wall Street) 4.[Northbound Funds]Net sales of 1.597 billion yuan , Net sold for 3 consecutive days. Ping An of China net sold 929 million yuan , The net sales reached a new high since November last year, Luxshare Precision net sold 549 million yuan, Hengrui Medicine, Kweichow Moutai net sold more than 300 million yuan. In terms of net purchases, Goertek, Ping An Bank, and Midea Group received net purchases of 490 million yuan, 400 million yuan, and 350 million yuan respectively. (Wind) -Observation of Obstetrics- 1.[Guiding Opinions of the National Energy Administration for Energy Work in 2021: The proportion of coal consumption drops below 56%] The newly added electric energy substitutes about 200 billion kilowatt-hours of electricity, Electricity accounts for about 28% of the final energy consumption ratio. Energy consumption per unit of GDP is reduced by about 3%. The utilization rate of renewable energy such as wind power and photovoltaic power generation has remained at a high level, and the average utilization hours of cross-regional transmission channels have increased to about 4,100 hours. (National Energy Board) 2.[China Automobile Association responds to Tesla’s rights defense incident: It is recommended to strengthen the data supervision of smart cars] Should be built to adapt to the development of the industry, Ensure data security and meet effective government supervision Data management system.In the future, it is recommended that the government revise and supplement regulations and standards for different data types involved in intelligent networked vehicles, and at the same time, it is recommended to pass Adopt a multi-centralized data governance model to further improve the data supervision system of intelligent networked vehicles . (Securities Times) 3.[China Steel Association: It is difficult for steel prices to continue to rise sharply in the later period] Due to the large increase in the early period and the faster rate of increase, the transmission to downstream industries has increased difficulties, and it is difficult for the steel price to continue to rise sharply in the later period, and small fluctuations should be the main reason. (Xinhua News Agency) 4.[China Merchants Securities: Chongchai National Sixth Standard will be implemented soon, giving rise to investment opportunities in the sector] Ministry of Industry and Information Technology notice, Since July 1, 2021, the production and sales of heavy-duty diesel vehicle products that do not meet the requirements of the National Sixth Standard will be stopped. It also announced a list of 9630 products that did not meet the requirements of the National VI emission standards. National VI heavy-duty diesel vehicle exhaust catalytic system needs to be used Honeycomb ceramic carrier, the total demand has doubled compared with the national five . Some systems also need to use zeolite molecular sieves and urea for vehicles. Among them, zeolite molecular sieve is a new demand, and the usage and permeability of urea for vehicles will be greatly increased. It is recommended to focus on: National Ceramic Materials, Wanrun Co., Ltd., Longpan Technology . (China Merchants Securities) 5.[Collective price increase of domestic chips] Recently, domestic micro-control chip manufacturers Smart Microelectronics and Rockchip have announced that they will increase the price of chip products to varying degrees. Manufacturers such as Renaje Semiconductor, Minsil Microelectronics, and Huiman Microelectronics have also followed up. According to industry insiders, as the current shortage of micro-control chip market continues, Local micro-control chip industry chain is expected to accelerate market expansion , To increase product shipments to meet market demand. (CCTV) -Company News- 1.[Ping An of China: Impairment of China Fortune-related investment assets in the first quarter refers to a valuation adjustment of 18.2 billion yuan] After tax attributable to shareholders of the parent company The net profit impact amount is 10 billion yuan . In the first quarter of 2021, Ping An’s net profit attributable to shareholders of the parent company was 27.223 billion yuan, a year-on-year increase of 4.5%; annualized operating ROE reached 20%. (Wind) Interpretation: As a financial group, Ping An’s investment business is its main business, so asset impairment is a recurring profit and loss. Even if the company’s data in the first quarter of this year added 10 billion in impairment by China Fortune, it was 37.2 billion, which was still lower than the 40 billion in the fourth quarter of last year and the 45.5 billion in the first quarter of 2019. 2.[CITIC Construction Investment: Net profit of 1.722 billion yuan in the first quarter, down 12% year-on-year] (Wind) Interpretation: The performance of securities firms should be relatively easy to predict, and the market and the issuance of new shares are relatively transparent. Whether the stock price can rise depends on the expectations of future market trends. 3.[Yiwei Lithium Energy: Net profit in the first quarter was 647 million yuan, a year-on-year increase of 156%] Power battery sales increased by 302.21% year-on-year, and consumer battery sales increased by 31.40% year-on-year. (Wind) (Source: Wind, city boundary) Interpretation: The company’s performance in the first quarter was lower than in the fourth quarter of last year, mainly due to the influence of the stocks of subsidiaries in the fourth quarter of last year. The company has benefited from the high growth of the new energy automobile industry, and the power battery field can maintain a relatively high growth rate. However, facing the uncertainty of the impact of e-cigarette supervision, the current company’s dynamic valuation is near 50 times higher. The five funds managed by GF Fund Liu Gesong have all continued to reduce their holdings of Yiwei Lithium Energy to avoid risks. 4.[Focus Media: Net profit of 1.368 billion yuan in the first quarter, a year-on-year increase of 3511%] The net profit for the whole year of 2020 will be 4 billion yuan, an increase of 113.51% year-on-year; it is planned to send 1.15 yuan for ten. The net profit in the first half of the year is expected to be 2.83 billion-29.8 billion yuan, a year-on-year increase of 243.7%-261.91%. With the overall recovery of the domestic macro economy, numerous brand detonation cases have greatly increased customers’ recognition of the company. Improved the overall publication rate of the company’s media resources At the same time, the company further increased the density and breadth of the company’s media resources, and continued to expand the company’s leading edge in media in the life circle. (Wind) Interpretation: The company’s performance has begun to recover. The second quarter’s performance has increased compared with the first quarter, but the forecasted profit for the first half of this year will decline compared with the second half of last year. 5.[Vail shares: net profit of 1.041 billion yuan in the first quarter, a year-on-year increase of 134%] (Wind) 6.[Longji shares: the agreement to transfer the equity of Sente shares is completed, and it is the second largest shareholder] (Wind) 7.[The first batch of Great Wall Motor equity incentives is lifted: 276 employees have a floating profit of more than 7 times, and the vice president has a floating profit of nearly 60 million yuan] The first phase of unlocking involves 23,998,700 shares, accounting for 0.26% of the company’s total share capital. (21st Century Business Herald) 8.[Zhuo Shengwei: Net profit in the first quarter was 492 million yuan, a year-on-year increase of 224%] The main reason is that the development of 5G communication technology has driven the rapid growth of RF front-end market demand. (Wind) 9.[Aier Ophthalmology: Achieved a net profit of 484 million yuan in the first quarter, a year-on-year increase of 510%] The net profit for the whole year of 2020 will be 1.724 billion yuan, an increase of 25.01% year-on-year. (Wind) 10.[Vanke A: Net profit of 1.3 billion in the first quarter, a year-on-year increase of 3.44%] During the period, revenue was 62.3 billion, an increase of 30% year-on-year; the contracted sales amount was 179.5 billion, an increase of 30%. At the end of the period, Vanke held 199.6 billion yuan in monetary funds, much higher than the sum of short-term loans and interest-bearing liabilities due within one year of 72.4 billion yuan; the debt-to-asset ratio excluding advance receipts was 69.5%. Vanke fully meets the “three red lines” regulatory requirements and meets the “green file” standards. (Wind) Interpretation: At the end of last year, Vanke’s asset-liability ratio excluding advance receipts was 70.4%, slightly higher than the 70% required by the three red lines. 11.[S.F. Holdings quarterly report, a net loss of 989 million yuan in the first quarter] For personal reasons, Wu Weiting, the person in charge of finance, has applied for resignation from the positions of member of the audit committee of the company’s board of directors, person in charge of finance, and deputy general manager from April 24, 2021. (Wind) 12.[Country Garden is splitting the group marketing section] Analysis means that the possibility of a separate listing will not be ruled out in the future. (Associated Finance Press) – foreign market – 1.[U.S. Republican Senator submits a $568 billion infrastructure bill] In order to replace the previous bill of 2.3 trillion US dollars. The new proposal narrows the scope of investment in infrastructure , And concentrated funds on the construction of roads, bridges, public transportation systems, railways, sewage treatment, airports and broadband infrastructure.Republicans also Proposal to charge users of electric vehicles , And used the previous $1.9 trillion stimulus bill Unused funds to provide a source of funding for the infrastructure bill . (Associated Finance Press) 2.[The European Central Bank maintains the three key interest rates unchanged, in line with expectations] Maintain the 1.85 trillion euro emergency debt purchase plan (PEPP) scale, and the emergency debt purchase plan (PEPP) will last at least until the end of March 2022. The European Central Bank confirmed that it will significantly speed up the purchase of the Emergency Anti-epidemic Bond Purchase Program (PEPP) in this quarter. (Sina)

On April 23, the list of valid candidates for the 2021 academician co-election of the Chinese Academy of Engineering was announced. Wang Li, the chief engineer of Maotai, was not on the list.

Public information shows that after the presidium of the Chinese Academy of Engineering, 577 effective candidates for academician co-election in 2021 have been determined.

Sohu Finance and Economics found that there were 48 people in the Department of Environment and Textile Engineering, and 8 candidates related to food. Including Shan Yang of Hunan Academy of Agricultural Sciences, Gao Haiyan of Zhejiang Academy of Agricultural Sciences, Jiang Zhengqiang of China Agricultural University, Li Jianrong of Bohai University, Sheng Jun of Yunnan Agricultural University, Wang Shouwei of China Meat Research Center, Xie Mingyong of Nanchang University, Zhang of Guangdong Academy of Agricultural Sciences Name position.

In February of this year, the Guizhou Association for Science and Technology recommended the list of co-opted academicians of the Chinese Academy of Engineering and announced that Wang Li, chief engineer and chief quality officer of Moutai Group, was shortlisted for academician candidates.

China Broadcasting Corporation commented that it is difficult to recommend the selection of academicians by researchers dedicated to the research of “winemaking” technology, and it is difficult to represent the strategic direction of “rejuvenating the country through science and technology,” and it will also cause people to question the direction of social scientific research and academician recommendation and selection criteria. All kinds of questions need to be faced directly, and all parties concerned should be cautious!

Some netizens also questioned the standards of academician candidates, ridiculing the names of “mao-flavor talents” and “baijiu academicians”, and asked whether Laoganma and Shisanxiang had a chance to be shortlisted.

The Guizhou Association for Science and Technology subsequently responded to the question and stated that the Association strictly followed the relevant regulations to carry out the recommendation work, and there was no interference from other factors. At the same time, it is emphasized that candidates who are publicized do not necessarily mean that they will be co-opted as academicians.

Under the ridicule of netizens “Maoxiang Technology”, how to improve the innovation ability of the liquor industry has become one of the focuses of discussion.

Kweichow Moutai’s 2020 financial report showed that the company achieved operating income of 94.915 billion yuan, an increase of 11.10% year-on-year, and the net profit attributable to shareholders of listed companies was 46.697 billion yuan, an increase of 13.33% year-on-year.

Among them, research and development expenses were 50.398 million yuan, a year-on-year increase of 3.51%, which was less than one-thousandth of revenue.

Up to now, Kweichow Moutai has authorized a total of 160 patents, of which 62 are design patents, and 33 and 32 are invention and utility model patents respectively.

Moutai’s design patents account for about 40% of the total number of patents, mainly for wine bottles, wine boxes, etc. Up to now, there are 150 design patents, of which 80 are suspended and no longer used. It can be seen that the design patents are very good. Timeliness.

According to rough statistics, among the 33 invention patents, Wang Li has participated in more than 20 projects, including research on brewing microorganisms, methods for identifying the quality of pit mud, and methods for determining 100 pesticide residues in liquor.

In addition, Kweichow Moutai has 32 utility model patents, including a koji powder charging system, carbon fiber spade sticks and wine-making tools, and a liquor plant structure, most of which are related to liquor production.

On April 23, the list of valid candidates for the 2021 academician co-election of the Chinese Academy of Engineering was announced. Wang Li, the chief engineer of Maotai, was not on the list.

Public information shows that after the presidium of the Chinese Academy of Engineering, 577 effective candidates for academician co-election in 2021 have been determined.

Sohu Finance and Economics found that there were 48 people in the Department of Environment and Textile Engineering, and 8 candidates related to food. Including Shan Yang of Hunan Academy of Agricultural Sciences, Gao Haiyan of Zhejiang Academy of Agricultural Sciences, Jiang Zhengqiang of China Agricultural University, Li Jianrong of Bohai University, Sheng Jun of Yunnan Agricultural University, Wang Shouwei of China Meat Research Center, Xie Mingyong of Nanchang University, Zhang of Guangdong Academy of Agricultural Sciences Name position.

In February of this year, the Guizhou Association for Science and Technology recommended the list of co-opted academicians of the Chinese Academy of Engineering and announced that Wang Li, chief engineer and chief quality officer of Moutai Group, was shortlisted for academician candidates.

China Broadcasting Corporation commented that it is difficult to recommend the selection of academicians by researchers dedicated to the research of “winemaking” technology, and it is difficult to represent the strategic direction of “rejuvenating the country through science and technology,” and it will also cause people to question the direction of social scientific research and academician recommendation and selection criteria. All kinds of questions need to be faced directly, and all parties concerned should be cautious!

Some netizens also questioned the standards of academician candidates, ridiculing the names of “mao-flavor talents” and “baijiu academicians”, and asked whether Laoganma and Shisanxiang also had a chance to be shortlisted.

The Guizhou Association for Science and Technology subsequently responded to the question and stated that the Association strictly followed the relevant regulations to carry out the recommendation work, and there was no interference from other factors. At the same time, it is emphasized that candidates who are publicized do not necessarily mean that they will be co-opted as academicians.

Under the ridicule of netizens “Maoxiang Technology”, how to improve the innovation ability of the liquor industry has become one of the focuses of discussion.

Kweichow Moutai’s 2020 financial report showed that the company achieved operating income of 94.915 billion yuan, an increase of 11.10% year-on-year, and the net profit attributable to shareholders of listed companies was 46.697 billion yuan, an increase of 13.33% year-on-year.

Among them, research and development expenses were 50.398 million yuan, a year-on-year increase of 3.51%, which was less than one-thousandth of revenue.

Up to now, Kweichow Moutai has authorized a total of 160 patents, of which 62 are design patents, and 33 and 32 are invention and utility model patents respectively.

Moutai’s design patents account for about 40% of the total number of patents, mainly for wine bottles, wine boxes, etc. Up to now, there are 150 design patents, of which 80 are suspended and no longer used. It can be seen that the design patents are very good. Timeliness.

According to rough statistics, among 33 invention patents, Wang Li has participated in more than 20 projects, including research on brewing microorganisms, methods for identifying the quality of pit mud, and methods for determining 100 pesticide residues in liquor.

In addition, Kweichow Moutai has 32 utility model patents, including a koji powder charging system, carbon fiber spade sticks and wine-making tools, and a liquor plant structure, most of which are related to liquor production.

“What I regret most now is that I haven’t been vaccinated in Hong Kong for a year.” When I heard a reporter from “Daily Business News” interviewing HPV vaccine-related topics, Liu Shuang (a pseudonym) on the other side of the phone spoke clearly. some.

Liu Shuang is born in the 90s. When he was studying in Hong Kong in 2016, the 9-valent HPV vaccine (cervical cancer vaccine) was within reach. The HPV vaccine was advertised on the streets, bus stops, and subway cars. Twins and Joey Yung were all vaccine spokespersons. . The school also organized voluntary registration for HPV vaccination, but Liu Shuang didn’t take it seriously. He returned after graduation and found that a vaccine was hard to find. In the past two years, there has been a spread of “the garage has been purchased, the flowers have been returned, and the price of 9 has been paid”. HPV vaccination has also become one of the conditions.

Recently, Ordos announced the launch of free HPV vaccination for women aged 13-18 in the city. Officials of the Guangdong Provincial Health Commission also publicly stated that they are studying HPV vaccines to be included in the free plan. It is foreseeable that the demand will increase further.

The “Daily Business News” reporter noted that China’s new cases of cervical cancer account for one-third of the world, but the vaccination rate for key populations is less than 1%. How long will the HPV vaccine be crazy under the demand for universal vaccination? If it is included in the government’s immunization plan, what changes will the HPV vaccine market usher in?

9-valent HPV vaccination is as difficult as Moutai, which is 1499 yuan

“In addition to raising cats, HPV vaccination is also one of the labels of contemporary young women.” Liu Shuang said. At that time, it was easy to get HPV vaccination in Hong Kong. Public hospitals or private clinics could be vaccinated, shortly after enrollment. , The school also organized a voluntary HPV vaccination, about 1,000 Hong Kong dollars per injection, a total of three injections, in the school hospital can be vaccinated. All the non-girl classmates around were vaccinated.

At that time, the concept and awareness of HPV vaccination had not yet been popularized in the Mainland, but there were more cases of outbound vaccination of HPV vaccination in some social platforms or developed areas. After consulting with a medical worker, Liu Shuang chose not to vaccinate the HPV vaccine in Hong Kong for the time being after being advised that “it is not necessary and there may be side effects”. But what she didn’t expect was that after the HPV vaccine became popular in the mainland, there would be a situation of “wanting to fight and not being able to fight”.

In 2017, Liu Shuang returned to work in Chengdu. She clearly feels that the HPV vaccine, which has been circulating in Hong Kong for a long time, is not very popular in the Mainland. Until around 2019, whether to receive the HPV vaccine, where to get the vaccine, and how much to pay has become a popular topic among girls. With the deepening of the awareness of cervical cancer and the popularity of HPV vaccines to reduce the risk of cervical cancer, the popularity of HPV vaccines has risen again and again.

According to the data issued by the China Inspection Institute, between 2019 and 2020, HPV vaccines will usher in a big year of growth in the Chinese market. From the time the HPV vaccine was approved to enter the domestic market to the end of 2020, the total number of domestic HPV vaccines issued was approximately 34.89 million.

24-year-old Wang Mian (pseudonym) feels that it is as difficult to grab the HPV vaccine as it is to grab Moutai at 1,499 yuan. “As soon as the community health centers and public hospitals announce the arrival of the goods, I immediately call, and every time I call, I tell me that the appointment is over. I thought of robbing it for a year and not grabbing it.”

The upper age limit of the HPV9-valent vaccine that Wang Mian wants to inject is 26 years old, and she must complete three shots of vaccination before the age of 26. The competition in the city was fierce, and Wang Mian turned his attention back to the county where his hometown was. Her mother worked in a local women’s and children’s hospital, but the frequency of delivery only once every six months and the number of dozens of vaccines each time made it difficult for her to get the vaccine.

Finally, after a “squatting” wait, in the hospital where his mother’s friend worked, Wang Mian reserved a place for vaccination. Finally, at the price of 1388 yuan per injection, three injections of HPV vaccine were completed half a month before the arrival of 26 years old.

It is difficult to find a single shot of HPV vaccine so that vaccinators have to “the eight immortals cross the sea and show their magical powers.” Some of Liu Shuang’s friends passed the entry and exit records within six months and were vaccinated at the little-known International Travel Health Care Center. Among her friends who are engaged in the insurance industry in Hong Kong, some have included HPV vaccines in their business scope, sending messages in the circle of friends that “you can make appointments for HPV vaccines in Hong Kong clinics” from time to time.

If outbound vaccination is considered a shortcut, then the new crown pneumonia epidemic since 2020 has pressed the pause button for outbound vaccination. In other words, the huge demand for HPV vaccination is blocked in China and “cannot get out”.

The huge market demand has ignited the passion of the supply side, and even e-commerce platforms such as Alibaba Health, JD.com, and Pinduoduo have to intervene to play an intermediary role in linking vaccinators and medical institutions.

In the summer of 2020, Pinduoduo added the HPV vaccine to its “Ten Billion Subsidy” program. In the past, most of the sales in this program were high-profile products such as iPhone and SK-II Fairy Water. The addition of the HPV vaccine undoubtedly symbolizes its ranks among the “top-tier” consumer products. Alibaba and JD.com, which have already entered the market before, have also stepped up the promotion of HPV vaccines, adding fire to the HPV vaccine market.

The HPV fire continues to burn. The reporter saw on the aforementioned multiple e-commerce platforms that HPV vaccine appointment services are still on sale in many places across the country. Take the HPV 9-valent vaccine and the place of inoculation in Chengdu as an example. The lowest price of each e-commerce platform is about 6000 yuan / 3 doses, and the high is more than 8000 yuan / 3 doses. After the appointment is successful, you still need to wait for 2 months to half a year. time.

In terms of vaccine selection, the 9-valent HPV vaccine has a more comprehensive coverage and a higher price. It has become the first choice for many young women, but the disadvantage is that the supply is in short supply. The reporter learned that many people have switched to a bivalent vaccine with sufficient supply and significantly lower prices while waiting for the 9-valent vaccine to be fruitless.

HPV vaccine has become a “top-stream” consumer product

Image source: screenshot of an e-commerce platform

Penetration rate of 9-valent HPV vaccine is less than 1%

The WHO has made it clear that if cervical cancer is eliminated by 2030, at least 70% of adult women aged 35 to 45 will be screened for cervical cancer, and at least 90% of 15-year-old girls will be vaccinated against HPV ; However, the coverage rate of the former in China is less than 30%, and the vaccination rate of the latter may be less than 4%.

In the past three years, under the influence of multiple forces such as policy guidance, market education, and platform promotion, HPV vaccines have shown a enthusiasm that is different from medical products, but like consumer products.

According to data from the China Inspection Institute, the number of HPV vaccines issued in my country in 2017 was 1.46 million; in 2018, it was 7.13 million; in 2019, it reached 10.8754 million. In the whole year of 2020, a total of 15.43 million HPV vaccines were issued, of which about 7.22 million and 500,000 were issued in batches of 4 and 9 prices respectively, representing year-on-year increases of 36% and 52% respectively. According to Yuanchuan Business Review, in October 2020, in a round of applications for HPV 9-valent vaccines in Shenzhen, more than 200,000 people competed for more than 8,000 vaccines, and the winning rate was only 4%.

Young people mainly born in the 90s are rushing for “injection”, which has a lot to do with the effectiveness of 9-price HPV, age limit for vaccination and market supply.

As a common malignant tumor in women second only to breast cancer, the attention of cervical cancer remains high all year round. Statistics show that there are approximately 106,000 new cases and approximately 48,000 deaths in my country each year. About half of women of childbearing age in my country have been infected with at least one type of HPV virus. Fortunately, cervical cancer is a preventable cancer. HPV, or human papilloma virus, is the main cause of cervical cancer. The World Health Organization divides the prevention and control measures of women’s cervical cancer into three levels. Primary prevention is HPV vaccination for children aged 9-14, secondary prevention is regular screening after the age of 30, and tertiary prevention is for cancer lesions. Effective treatment.

During the blank period between the birth and introduction of HPV vaccines, a large amount of domestic market demand to be detonated has been accumulated. In 2016, my country officially approved the sale of the bivalent HPV vaccine produced by GlaxoSmithKline.

The “Daily Business News” reporter learned that currently available vaccines include GlaxoSmithKline and Wantai Biological’s bivalent HPV vaccine, Merck’s quadrivalent HPV vaccine and 9-valent HPV vaccine. Among them, Zhifei is the exclusive agent of Merck & Co., Ltd. for the sales of two vaccines in the Chinese market. In April 2020, Cinkening, the first domestically produced bivalent HPV vaccine developed and produced by Wantai Biotech, was officially launched.

Since the “price” of the HPV vaccine refers to the number of virus types that it can target, the 9-valent vaccine is the largest number of HPV viruses that can be targeted among the vaccines on the market. Therefore, although the price of the 9-valent vaccine is the highest, because of the most comprehensive protection, the vaccination fever is the highest, showing a situation of “a single shot is hard to find.”

In 2020, Zhifei Bio’s revenue from agency products reached 13.955 billion yuan, accounting for 91.86% of the revenue structure, an increase of 51.88% year-on-year. Zhifei Bio is the exclusive agent of Merck’s 4- and 9-valent HPV vaccines.

However, the lack of supply has restricted the further growth of sales of these two HPV vaccines. On the one hand, production capacity cannot keep up with the explosive growth of demand, and the production capacity is severely insufficient to supply Merck in more than 70 countries around the world. Public information shows that due to capacity constraints, Merck has repeatedly stopped supplying HPV vaccines in some areas. In the early days when the 9-valent vaccine was launched on the mainland, vaccinators often saw HPV vaccines deployed in Hong Kong and other regions and packaged in traditional Chinese characters. On the other hand, the vaccine market cycle is relatively long, and it takes at least one year from production to the final domestic market.

Therefore, the penetration rate of the 9-valent vaccine is still far from meeting the huge market demand. According to the latest data from the National Bureau of Statistics, there are about 120 million people (16-26 years old) of the appropriate age group for the 9-valent HPV vaccine.and Based on the 3.324 million batches of 9-valent HPV vaccine issued by Zhifei in 2019, the number of people who can receive the vaccine is less than 1% of the total. If the penetration rate of 10% of the core population is calculated at 1,298 yuan per injection and 3 injections per person, the domestic market for 9-valent HPV vaccines will exceed 46.7 billion yuan.

Vaccine concept map image source: phototu.com

How big is the imagination of the bivalent HPV vaccine?

It is difficult to obtain a 9-valent vaccine, which brings opportunities for bivalent vaccines, especially domestic bivalent vaccines.It can be seen from the data that the issuance of GlaxoSmithKline 2 seedlings plummeted by 66% year-on-year in 2020, a negative growth for two consecutive years. This was mainly due to the production contraction caused by the company’s strategic adjustment of its own business. Wantai Bio-Xinkening Bivalent HPV VaccineSince 2020Quickly increase the volume after listing. In the internal competition of the two-price seedling market, Wantai Biological has achieved obvious advantages over the long term.

The rapid increase in the volume of 2 valent vaccines became the profit support of Wantai Biotech last year. The 2020 annual report of Wantai Biotech shows that Xinkening is priced at 329 yuan each, which is much lower than similar imported vaccines. After the listing, nearly 2 million vaccines have been vaccinated. At present, the sales of Xinkening products are mainly in cities below the third tier, accounting for 75% of the shipment volume in 2020, and the coverage of first-tier and second-tier cities is 7% and 18% respectively.

Xiamen Wantai Canghai Biotechnology Co., Ltd., which mainly deals in Wantai Bio’s HPV vaccine business, is currently the most profitable subsidiary of Wantai Bio. In 2020, Xiamen Wantai’s operating income is 980 million yuan, and its net profit is 340 million yuan.

However, the “Daily Economic News” reporter also noticed that Xinkening mainly enjoys the market dividends brought about by the limited production capacity of high-priced vaccines. Although the mismatch of supply and demand has won some time and space for the bivalent vaccine, the HPV vaccine market has The logic of technological substitution has been deeply rooted in the hearts of the people. From a global perspective, the replacement of low-priced vaccines with 9-valent vaccines is a major trend.

However, He Rui (pseudonym), the head of a fund focusing on investment in the pharmaceutical industry, also mentioned that According to global data, about 70% of cervical cancer, nearly 90% of anal cancer, and a large proportion of oropharyngeal cancer, vulvar cancer, vagina cancer and penile cancer are caused by HPV 16 and 18 genotypes. Currently on the market vaccines Both contain these two genotypes , 20% of cervical cancers are caused by HPV 31, 33, 45, 52, 58 genotypes, and only the 9-valent vaccine contains these genotypes. “If the cost is not considered, the 9-valent vaccine is recommended, with more subtypes, which can prevent more cervical cancer. However, the 9-valent vaccine is limited by capacity and age. These factors should also be considered.”

Wantai Biotech stated in its annual report that the company’s 9-valent cervical cancer vaccine is undergoing phase III clinical trials, and it is one of the first domestic 9-valent cervical cancer vaccine companies to enter phase III clinical trials. The annual report shows that the company’s research and development costs for the 9-valent HPV vaccine reached 78.67 million yuan in 2020, a year-on-year increase of 263.92%. According to industry experience, if Wantai Bio’s 9-valent vaccine can be successfully approved for marketing, it will not be until 2024 at the earliest.

According to data from the drug clinical trial registration and information disclosure platform, as of March this year, more than 40 HPV vaccines under development have entered the clinical stage, and 16 have advanced to clinical phase 3.

From an investment point of view, the market favors Wantai Biotech and Zhifei Biotech. Securities companies have issued research reports on many occasions and are optimistic about the market prospects and growth space of HPV. In April 2020, Wantai Biologics will be listed on the main board of the Shanghai Stock Exchange. After rising 44% on the first day of listing, 26 consecutive daily limits were recorded.

In the early days of listing, Wantai Biotech’s share price rose from 8.75 yuan to around 150 yuan in one breath

Zhongtai Securities released a research report that the cumulative penetration rate of HPV vaccines in the country is only 2%. It is expected that the Chinese market is promising, with a market space of more than 43.9 billion yuan, high infection rate (75%), high carcinogenic related rate, and high public attention. (Full market education), these “three highs” determine the high rigid demand for HPV vaccines, and HPV vaccines were approved in China much later than overseas, with a difference of nearly 10 years. China has a vast stock market.

“According to the calculation of the highest vaccination price of each age group (9-14 years old 2 price domestic Wantai 2 injections, 16-26 years old imported 9 price Merck 3 injections, 26-45 years old imported 4 price Merck and 3 injections), we expect domestic The HPV vaccine market space can reach 43.9 billion yuan or more.” Zhongtai Securities pointed out in the research report.

If included in the immunization program, is HPV vaccine still a good business?

Under the WHO’s plan to “conquer cervical cancer”, in recent years, the voice of including the HPV vaccine in the national immunization program has been heard from time to time.

The “Daily Economic News” reporter learned that according to whether it is included in the national immunization program, China’s vaccines are divided into the first type of vaccines provided to citizens free of charge and the second type of vaccines that are voluntarily vaccinated by citizens at their own expense. Currently, HPV vaccines belong to the second category, which are procured by disease control agencies and are usually priced according to market rules. After being included in the national immunization plan, the HPV vaccine will become a first-class vaccine, and the government will cover its funds, bid for procurement, and uniformly distribute it to all vaccination sites.

In February this year, the National Health Commission mentioned in the “Response to Recommendation No. 8996 of the Third Session of the Thirteenth National People’s Congress”, Conduct overall research on the inclusion of HPV vaccination into the national immunization plan. The Health Commission stated that the next step will be to strengthen monitoring of the suspected abnormal response to HPV vaccine vaccination, and at the same time promote pilot projects, encourage regions with conditions to explore more flexible vaccine financing methods and vaccination policies, and gradually promote HPV vaccine free of charge for people of the right age. Vaccination provides experience for the country to formulate relevant policies.

On the 8th of this month, the Guangdong Provincial Health Commission issued a notice stating that it is actively studying the free vaccination of HPV vaccines for women of appropriate age.

Once included in the immunization plan, what changes will the HPV vaccine market usher in? According to market analysis, from the perspective of vaccine prices and age-appropriate populations, the bivalent HPV vaccine is most likely to be included in the immunization program.

The first is the price advantage. Yin Zundong, deputy director of the Immunization Planning Center of the Chinese Center for Disease Control and Prevention, introduced at a recent meeting that, although cost-effectiveness is not the only factor to consider when considering the priority of the second type of vaccine into the immunization plan, it is indeed very important.

Calculated on the basis of the total domestic vaccination costs, the total cost of vaccinating people aged 9 to 14 years of Wantai Bio-Xinkening 2V vaccine is 658 yuan, and the total cost of vaccinating people aged 15 to 45 years is 987 yuan. The total cost of GSK 2 valence vaccination is 1,740 yuan, and the total cost of Merck’s 4 valence and 9 valence vaccination are 2394 yuan and 3894 yuan, respectively. The price advantage of Cinkening is very obvious.

Comparison of 4 HPV vaccines on the market

Image source: Zhongtai Securities

The “Daily Economic News” reporter learned that the Xiamen Municipal Health Commission had previously notified that from 2020 to 2022, domestic school-age girls in the city will be provided with domestically produced bivalent HPV vaccines and voluntary free vaccination will be implemented.

On the other hand, from the perspective of people who are suitable for vaccination, the applicable age of the 9-valent vaccine in my country is 16 to 26 years old, while the 2-valent vaccine is suitable for the 9 to 45 years old age group. From the perspective of expanding the coverage of young people, the bivalent vaccine is also more in line with the purpose of including the HPV vaccine in the immunization program.

For Wantai Biotech, if HPV vaccine is included in the immunization plan, heavy purchases can provide a guarantee for performance growth. But at the same time, how the government’s centralized procurement of HPV vaccines will be priced is still unknown. According to the record of investor research activities announced by Wantai, the relatively low-priced Xinkening gross profit margin is still as high as about 90%.

“Inclusion in the national immunization plan definitely means that Wantai Bio’s HPV vaccine has lost the advantage of free pricing. Judging from the 2020 annual report disclosed by Wantai Bio, the actual purchase of Xinkening last year was 2.07 million, and the winning price range was 329 yuan-344 yuan per bottle. However, because Wantai uses E. coli production technology and the cost is relatively low, Xinkening’s profit level based on the current pricing is also considerable than that of Zhifei Bio without pricing power”, He Rui Said.

He Rui pointed out that in the field of HPV vaccines, under the age of 15 is still a dormant market. Based on the current domestic HPV vaccine application population and census data, it can be estimated that the current domestic HPV vaccine demand population is about 330 million people. Excluding about 10 million people who have been vaccinated, the country’s memory demand gap will still reach 320 million. people. Combining with the price level of domestically produced bivalent HPV vaccines, even if the stock vaccination rate is 50% and the per capita vaccination cost is roughly estimated at 500 yuan, once it is included in the immunization plan, the stock space of my country’s HPV vaccine market is still huge.

He RuiIt is also emphasized that it needs to be clarified that being included in the immunization plan is not equal to purchasing in quantity, and purchasing in quantity is mainly based on the pressure of medical insurance funds, so it is necessary to control the price of the varieties included in medical insurance. However, the funding of the immunization program mainly comes from national and local financial funds, and my country attaches great importance to vaccine safety, and it is unlikely that a substantial price reduction will occur. At present, only Fujian Province has included Wantai’s bivalent HPV vaccine Xinkening into the provincial medical insurance, but the winning bid is still between 329 yuan and 344 yuan per tube, and there is no obvious price reduction.

If the HPV vaccine is included in the immunization program, will Zhifei Bio, which acts as the agent of the 9-valent vaccine, be affected? In 2020, Zhifei’s net profit increased by 39.51% year-on-year to 3.301 billion yuan, and more than 90% of the company’s revenue comes from Merck’s vaccine agency revenue.

Many people in the pharmaceutical industry said that the inclusion of HPV vaccines in the immunization plan in the short term is still in the design and imagination stage. Vaccine expert Tao Lina pointed out to reporters that whether the second-class vaccine will be included in the national immunization program is not a temporary matter. Consideration should be given to multiple factors such as whether the health damage caused by the disease and the burden of medical expenses are serious, the safety and effectiveness of the vaccine itself, and whether the market can provide sufficient production capacity guarantee.

“In the next 10 or even 20 years, the HPV vaccine is unlikely to be included in medical insurance or the national immunization plan.” Taolina said that in terms of importance, the HPV vaccine is not yet ranked. At least two more urgent vaccines (Haemophilus influenzae type b vaccine and 13-valent pneumonia vaccine) are still waiting in line.

It can be foreseen that in the near future, with the gradual approval of a large number of HPV vaccines under development, the current competition pattern of only four products will be broken, and a new round of competition will inevitably come. He Rui believes that whether Wantai Biotech’s 9-valent vaccine can challenge the dominance of Merck’s 9-valent vaccine industry depends on production capacity. In the future, Wantai Biotech’s capital expenditure for HPV vaccines will be very important.

Reporter’s notes丨The incidence of cervical cancer is getting younger, and vaccination needs to be increased

In China, about 106,000 women are diagnosed with cervical cancer each year, and 48,000 women die from the disease. A survey published by the Chinese Journal of Cancer in 2017 showed that after 2001, the incidence and mortality of cervical cancer among Chinese urban and rural residents increased significantly, and the incidence tended to be younger. Therefore, the prevention and treatment of cervical cancer for women of middle and low age in China must be paid enough attention.

Increasing vaccination is one of the effective ways to prevent and treat cervical cancer.However, the penetration rate of HPV vaccine in my country has been low for a long time, so it is includedNational Immunization Program, Allowing more women of the right age to vaccinate for free will help solve the inequality caused by high-priced vaccines.

Reporter: Chen Xing Jinzhe

Editor: Tang Hui

Video Editor: Zhu Xingyun

Vision: Zou Li

typesetting:Tang Hui Ma Yuan

Daily economic news

On April 23, the list of valid candidates for the 2021 academician co-election of the Chinese Academy of Engineering was announced. Wang Li, the chief engineer of Maotai, was not on the list.

Public information shows that after the presidium of the Chinese Academy of Engineering, 577 effective candidates for academician co-election in 2021 have been determined.

Sohu Finance and Economics found that there were 48 people in the Department of Environment and Textile Engineering, and 8 food-related candidates. Including Shan Yang of Hunan Academy of Agricultural Sciences, Gao Haiyan of Zhejiang Academy of Agricultural Sciences, Jiang Zhengqiang of China Agricultural University, Li Jianrong of Bohai University, Sheng Jun of Yunnan Agricultural University, Wang Shouwei of China Meat Research Center, Xie Mingyong of Nanchang University, Zhang of Guangdong Academy of Agricultural Sciences Name position.

In February of this year, the Guizhou Association for Science and Technology recommended the list of co-opted academicians of the Chinese Academy of Engineering and announced that Wang Li, chief engineer and chief quality officer of Moutai Group, was shortlisted for academician candidates.

China Broadcasting Corporation commented that it is difficult to recommend the selection of academicians by researchers dedicated to the research of “brewing” technology, and it is difficult to represent the strategic direction of “rejuvenating the country through science and technology,” and it will also cause people to question the direction of social scientific research and academician recommendation and selection criteria. All kinds of questions need to be faced directly, and all parties concerned should be cautious!

Some netizens also questioned the standards of academician candidates, ridiculing the names of “mao-flavor talents” and “baijiu academicians”, and asked whether Laoganma and Shisanxiang also had a chance to be shortlisted.

The Guizhou Association for Science and Technology subsequently responded to the question and stated that the Association strictly followed the relevant regulations to carry out the recommendation work, and there was no interference from other factors. At the same time, it is emphasized that candidates who are publicized do not necessarily mean that they will be co-opted as academicians.

Under the ridicule of netizens “Maoxiang Technology”, how to improve the innovation ability of the liquor industry has become one of the focuses of discussion.

Kweichow Moutai’s 2020 financial report showed that the company achieved operating income of 94.915 billion yuan, an increase of 11.10% year-on-year, and the net profit attributable to shareholders of listed companies was 46.697 billion yuan, an increase of 13.33% year-on-year.

Among them, research and development expenses were 50.398 million yuan, a year-on-year increase of 3.51%, which was less than one-thousandth of revenue.

Up to now, Kweichow Moutai has authorized a total of 160 patents, of which 62 are design patents, and 33 and 32 are invention and utility model patents respectively.

Moutai’s design patents account for about 40% of the total number of patents, mainly for wine bottles, wine boxes, etc. Up to now, there are 150 design patents, 80 of which have been suspended and no longer used. It can be seen that the design patents are very good. Timeliness.

According to rough statistics, among the 33 invention patents, Wang Li has participated in more than 20 projects, including research on brewing microorganisms, methods for identifying the quality of pit mud, and methods for determining 100 pesticide residues in liquor.

In addition, Kweichow Moutai has 32 utility model patents, including a koji powder charging system, carbon fiber spade sticks and wine-making tools, and a liquor plant structure, most of which are related to liquor production.

After the wind and rain, the real grass is still the most fragrant. According to the latest data, in January, the world’s largest Chinese equity fund, which reduced its holdings in Moutai, played high selling and buying low, and bought it again!

The world’s largest Chinese equity fund increased its holdings of Moutai in March!

According to the latest data from Morningstar’s official website, the world’s largest Chinese equity fund “UBS (Luxembourg) China Select Equity Fund (USD)” increased its holdings in Kweichow Moutai in March, with its share increasing by nearly 15%. As of March 31, Guizhou Moutai is the fund’s third largest stock. In addition, it has also increased its holdings in Tencent, and its heavy holdings include Ping An of China, Alibaba, and NetEase.

As of the end of March, the market value of Moutai in Kweichow held by this fund is US$877.9 billion, which is equivalent to more than RMB 5.7 billion.

You know, this fund reduced its holdings in Moutai in late January this year. At that time, it was reported that as of the end of January, Guizhou Moutai was the fund’s fifth largest holding stock. Compared with the end of 2020, the fund held Guizhou. Moutai decreased by 3.66%.

In addition to this fund, funds under the US Capital Group have reduced their holdings of Moutai at the end of 2020.

After foreign capital reduced its holdings of Moutai, various core assets have begun to fall back this year. Take Moutai as an example, it has withdrawn 23% from the high point this year.

However, it is worth noting that the capital group that holds the largest number of shares in Moutai in the world, its “New World Fund” is still reducing its holdings in Moutai in March, and Morningstar’s data shows that its share has dropped by 7%.

It seems that foreign investment also has different views on Moutai.

Shareholders: Foreign investors are doing T?

Is white wine still fragrant?

On April 8th, China Merchants Food invited several guests to discuss the valuation of liquor, which investors are more concerned about, in the form of interviews. Share how to price liquor assets and how to invest in liquor under different investment frameworks.

It mentioned that Huang Ruiqi, Senior Fund Manager of Allianz Global, mentioned The stock price of the liquor sector rose too fast last year, which exceeded the support provided by profit growth. The latter part mainly relied on the increase in valuation, and a more dangerous situation appeared. The stock price correction is only a matter of time. After the Spring Festival holiday, investment sentiment changed, triggering a sharp drop in stock prices. We tracked the channel and found that the fundamentals have not changed much, so we judged that the fluctuations since the beginning of the year have little to do with the basic factors, mainly due to the outflow of profitable funds brought about by the change in investment sentiment.

The valuation increase of A-share liquor stocks in the past few years is also partly due to foreign participation. Overseas institutional investors generally focus on the balance of returns and risks, so they are willing to give higher valuations to stocks with stable growth (such as food and beverages). The same situation has occurred in A shares in recent years.

As for the flow of funds, I believe that the inflow of funds into A-shares will be a long-term structural growth, because the proportion of China’s A-shares in global asset allocation is still seriously low. If you look at the current A shares, they actually only account for less than 5% of the MSCI index. Eventually, if the A shares are fully included, the proportion will be more than four or five times the current amount. Therefore, overseas investors are very clear about this. Whenever A shares fall severely, they will seize the opportunity. The stable growth sector of liquor must be given priority.

Hou Hao, manager of China Merchants China Securities Liquor Fund, said, The problem with high valuations is that any disturbance will bring changes in marginal funds, which will lead to follow-up of trend funds. This is the situation in which disturbances occur after the holiday, and the volatility caused by the follow-up of marginal funds and trend funds increases. From the perspective of the next 3-5 year cycle, this year is the starting point for many companies in the liquor industry in the 14th Five-Year Plan period. I learned at the rum party that the future development pattern and trend of the entire industry will be better. The future space looks at prices first, and prices change with changes in the level of economic development and per capita income. In terms of volume, some high-end and sub-high-end brands, especially sauce wine and companies with base wine reserves, will see obvious marginal changes in the next five years. Another major change factor, which has been discussed a lot, is the change in the price band of overtaking in the corner that may be brought about by the change in opinion leaders’ views. This point is actually hard to ignore.

U.S. stocks hit a new high

Dow rose to 34,000 points for the first time

A-share stockholders cried with envy, and US stocks hit a new high tonight.

On the 15th, US time, driven by positive economic data and earnings reports, the three major U.S. stock indexes opened higher. For the first time in history, the Dow broke through the 34,000-point mark.

The US Department of Commerce reported that US retail sales in March increased by 9.8% month-on-month, a new high since May last year, far exceeding expectations of 5.9%. According to data from the US Department of Labor, the number of people applying for unemployment benefits for the first time last week fell from 744,000 in the previous week to 576,000, a record low since the week of March 14 last year. It was better than market expectations and both helped US stocks rise.

The three major European stock markets opened higher and the European Stoxx 600 index hit a record high

On the other hand, European stock markets opened higher due to a series of March inflation data released by major European economies. As of 10:11 pm on the 15th, Beijing time, the London FTSE 100 index rose 0.68%, the Frankfurt DAX index rose 0.26%, and the Paris CAC40 index rose 0.35%.

The Pan-European Stoxx 600 Index hit a high of 438.29 points, which is more than 55% higher than the low on March 18 last year. Analysts said that because European stocks are still at a low level compared with US stocks, there is still room for further gains in European stocks. JPMorgan Chase analysis indicated that the pan-European Stoxx 600 index is expected to rise 3% this year. Bank of America analysts expect the index to rise by 7% by the end of this summer.

Just now, the National Big Fund reduced its holdings of SMIC by 100 million shares!Biden imposes new sanctions on Russia

Source: China Fund News

After the wind and rain, the real grass is still the most fragrant. According to the latest data, in January, the world’s largest Chinese equity fund, which reduced its holdings in Moutai, played high selling and buying low, and bought it again! The world’s largest Chinese equity fund increased its holdings of Moutai in March! According to the latest data from Morningstar’s official website, the world’s largest Chinese equity fund “UBS (Luxembourg) China Select Equity Fund (USD)” increased its holdings in Kweichow Moutai in March, with its share increasing by nearly 15%. As of March 31, Guizhou Moutai is the fund’s third largest stock. In addition, it has also increased its holdings in Tencent, and its heavy holdings include Ping An of China, Alibaba, and NetEase. As of the end of March, the market value of Moutai in Kweichow held by this fund is US$877.9 billion, which is equivalent to more than RMB 5.7 billion. You know, this fund reduced its holdings in Moutai in late January this year. At that time, it was reported that as of the end of January, Guizhou Moutai was the fund’s fifth largest holding stock. Compared with the end of 2020, the fund held Guizhou. Moutai decreased by 3.66%. In addition to this fund, funds under the US Capital Group have reduced their holdings of Moutai at the end of 2020. After foreign capital reduced its holdings of Moutai, various core assets have begun to fall back this year. Take Moutai as an example, it has retraced 23% from the high point this year.

However, it is worth noting that the capital group that holds the largest number of shares in Moutai in the world, its “New World Fund” is still reducing its holdings in Moutai in March, and Morningstar’s data shows that its share has dropped by 7%.

It seems that foreign investment also has different views on Moutai.

Shareholders: Foreign investors are doing T?

Is white wine still fragrant?

On April 8th, China Merchants Food invited several guests to discuss the valuation of liquor, which investors are more concerned about, in the form of interviews. Share how to price liquor assets and how to invest in liquor under different investment frameworks.

Among them, Huang Ruiqi, senior fund manager of Allianz Global, mentioned that the stock price of the liquor sector rose too fast last year, which exceeded the support provided by profit growth. The latter part mainly relied on the increase in valuation, and a relatively dangerous situation appeared. The callback is only a matter of time. After the Spring Festival holiday, investment sentiment changed, triggering a sharp drop in stock prices. We tracked the channel and found that the fundamentals did not change much, so we judged that the volatility since the beginning of the year has little to do with basic factors, mainly due to the outflow of profitable funds brought about by the change in investment sentiment.

The valuation increase of A-share liquor stocks in the past few years is also partly due to foreign participation. Overseas institutional investors generally focus on the balance of returns and risks, so they are willing to give higher valuations to stocks with stable growth (such as food and beverages). The same situation has occurred in A shares in recent years.

As for the flow of funds, I believe that the inflow of funds into A-shares will be a long-term structural growth, because the proportion of China’s A-shares in global asset allocation is still seriously low. If you look at the current A shares, they actually only account for less than 5% of the MSCI index. Eventually, if the A shares are fully included, the proportion will be more than four or five times the current amount. Therefore, overseas investors are very clear about this. Whenever A shares fall severely, they will seize the opportunity. The steady growth of liquor must be given priority.

Hou Hao, manager of China Merchants China Securities Liquor Fund, said that the problem with high valuations is that any disturbance will bring changes in marginal funds, which will lead to follow-up of trend funds. This is the situation in which disturbances occur after the holiday, and the volatility caused by the follow-up of marginal funds and trend funds increases. From the perspective of the next 3-5 year cycle, this year is the starting point for many companies in the liquor industry in the 14th Five-Year Plan period. I learned at the rum party that the future development pattern and trend of the entire industry will be better. The future space looks at prices first, and prices change with changes in the level of economic development and per capita income. In terms of volume, some high-end and sub-high-end brands, especially sauce wine and companies with base wine reserves, will see obvious marginal changes in the next five years. Another major change factor, which has been discussed a lot, is the change in the price band of overtaking in the corner that may be brought about by the change in the opinions of opinion leaders. This point is actually hard to ignore.

U.S. stocks hit another record high, the Dow rose to 34,000 points for the first time

A-share stockholders cried with envy, and US stocks hit a new high tonight.

On the 15th U.S. time, driven by positive economic data and earnings reports, the three major U.S. stock indexes closed up. The Dow rose 0.9%, the S&P 500 rose 1.11%, and the Nasdaq rose 1.31%. The Dow and S&P 500 both achieved record gains. A new high was closed. The precious metals sector was among the top gainers. Harmony Gold rose more than 7%, and Pan American Silver rose nearly 5%. Chip stocks NVIDIA and AMD rose more than 5%. Most of the Chinese concept stocks closed down, with new energy vehicles leading the decline, ideal cars falling by more than 6%, Xiaopeng Motors by more than 4%, and Weilai by more than 3%.

The US Department of Commerce reported that US retail sales in March increased by 9.8% month-on-month, a new high since May last year, far exceeding expectations of 5.9%. According to data from the US Department of Labor, the number of people applying for unemployment benefits for the first time last week fell from 744,000 in the previous week to 576,000, a record low since the week of March 14 last year. It was better than market expectations and both helped US stocks rise.

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Author: Cheng Connaught Editor: small sister city

“Chinese Partners” said, “Don’t partner with a good friend to start a company.” It seems that entrepreneurial partners can only work together but not share sufferings.

16 years ago, they started a company in partnership; 16 years later, he was kicked out by himself. Even business partners who have been in partnership for many years are never reluctant to fight inwardly.

In more than 500 days, the founder Gong Dou was staged twice within the company, and the chairman and the president dismissed each other. The stock price has fallen all the way, and the cumulative decline has even exceeded 90%.

This company is known as Xunyou Technology, which provides acceleration services for Tencent’s “League of Legends”.

In 2015, Xunyou Technology successfully went public under the aura of “the first share of online game accelerator”. At the beginning of its listing, the stock price once crushed Moutai and became the veritable “strongest demon stock” that year.

On April 9th, at the extraordinary shareholders meeting of Xunyou Technology, the board of directors simultaneously carried out a proposal for the removal of directors from chairman Zhang Jianwei and president Yuan Xu. In the end, Chairman Zhang Jianwei was dismissed with a very high number of votes, and President Yuan Xu smoothly stayed on. At this point, Zhang Jianwei was completely out of this infighting!

▲Voting at the general meeting of shareholders

As the founder of the company, why is Zhang Jianwei so unpopular?

Zhang Jianwei founded Xunyou Technology’s predecessor-Lanyue Technology in 2005 as the founder.

Under his management, the company’s stock price soared by 567% in the early days of listing. As high as 297.3 yuan/share, it beat Maotai at that time.

But now, with the gradual passing of the end game era, the popularization of 4G and 5G technologies, the improvement of network facilities, and the improvement of game manufacturers’ own operation and maintenance capabilities, players’ demand for accelerators is gradually decreasing. The competition of major manufacturers such as NetEase UU accelerator and Tencent online game accelerator has made market competition increasingly fierce. Xunyou Technology has experienced skyrocketing and plummeting. For now, its stock price is 168 times different from Kweichow Moutai.

The stock price plummeted and the continuous losses were the responsibility of the management. Chairman Zhang Jianwei became the target of public criticism. Therefore, in more than 500 days, Zhang Jianwei was asked to be removed from the chairmanship twice.

Summarizing the reasons for the two recalls, it was because other directors and shareholders of the company believed that Zhang Jianwei lacked a sensitive understanding of industry changes and an understanding of the company’s development strategy and other directions in the process of transforming from traditional interconnection to mobile and intelligent interconnection. explore.

The official sentence of Zhang Jianwei’s evaluation is very harsh. He is like a programmer over 35 years old. He has gone through a golden age, but he has been left behind by the era of rapid renewal. If you move forward, you will be disgusted; if you stop, you will be abandoned.

But about Zhang Jianwei’s “out”, some people think: in the final analysis, this is a struggle of people’s hearts. Everything on the board of directors is for the good “coat” of the company, and it is flooded with power and interests! And Zhang Jianwei is just the loser.

Is the former founder and chairman of the glorious period abandoned by the times or lost to the hearts of the people?

Disclaimer

This article relates to the content of listed companies. It is the author’s personal analysis and judgment based on the information publicly disclosed by listed companies in accordance with their legal obligations (including but not limited to temporary announcements, periodic reports, and official interactive platforms, etc.); the information or opinions in the article are not It constitutes any investment or other business advice, and Market Value Watch does not assume any responsibility for any actions resulting from the adoption of this article.

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