Xinhua Finance, Beijing, September 6 - Xinhua Finance and Bread Finance researchers have combed through public information showing that 20 A-share liquor companies achieved a total revenue of 242.073 billion yuan and a net profit attributable to the parent company of 95.682 billion yuan in the first half of 2024, representing year-on-year increases of 13.11% and 14.31%, respectively.

Kweichow Moutai, Wuliangye, and Yanghe shares ranked top three in terms of revenue scale in the first half of the year, while Huangtai Liquor, Rock Shares, and Gold Seed Liquor had relatively smaller revenue scales. In terms of growth rate, Jinshiyuan, Gujing Gongjiu, and Yingjia Gongjiu saw faster revenue growth in the first half of the year.

Kweichow Moutai, Wuliangye, and Shanxi Fenjiu ranked top three in terms of net profit attributable to the parent company in the first half of the year. Looking at the performance on a quarterly basis, Shunxin Agriculture, Laobaigan Liquor, and Yili Special were among the top in terms of year-on-year growth in net profit attributable to the parent company in the second quarter.

In terms of cash flow, the 20 liquor companies generated a total of 72.871 billion yuan in net operating cash flow in the first half of the year. Companies such as Shunxin Agriculture, Shuijingfang, and Jiugui Liquor had negative net operating cash flow in the first half of the year.

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At the end of the first half of the year, the total amount of contract liabilities for the 20 liquor companies was 38.552 billion yuan, a year-on-year increase of 6.48%. Wuliangye, Huangtai Liquor, and Kweichow Moutai had the fastest year-on-year growth in contract liabilities, while Shunxin Agriculture, Shede Liquor, Kouzi Jiao, and three other liquor companies saw a year-on-year decrease in contract liabilities of more than 50%.

Revenue in the first half of the year increased by 13.11%, with Jinshiyuan, Gujing Gongjiu, and Yingjia Gongjiu leading the growth.

Financial report data shows that the 20 A-share liquor companies achieved a total revenue of 242.073 billion yuan in the first half of 2024, an increase of 13.11% year-on-year.

Kweichow Moutai, Wuliangye, and Yanghe shares ranked top three in terms of revenue scale in the first half of the year. Huangtai Liquor and Rock Shares had relatively smaller revenue scales in the first half of the year.

Jinshiyuan, Gujing Gongjiu, and Yingjia Gongjiu had faster revenue growth in the first half of the year, all with year-on-year increases of over 20%. Rock Shares, Jiugui Liquor, and six other companies saw a year-on-year decline in revenue in the first half of the year.

Looking at the performance on a quarterly basis, Jinshiyuan, Yingjia Gongjiu, and Kweichow Moutai ranked top three in terms of revenue growth in the second quarter, showing relatively good performance.In the first half of the year, a total profit of 95.682 billion yuan was achieved

In the first half of 2024, 20 A-share liquor companies achieved a total net profit attributable to the parent company of 95.682 billion yuan, a year-on-year increase of 14.31%.

Kweichow Moutai and Wuliangye ranked first and second in net profit attributable to the parent company in the first half of the year, with a significant lead over other companies. Among them, Kweichow Moutai's net profit attributable to the parent company in the first half of the year was 41.696 billion yuan, a year-on-year increase of 15.88%.

Rock Shares, Huangtai Liquor, Golden Seed Liquor, and Tianyoude Liquor had smaller net profits attributable to the parent company in the first half of the year, with Rock Shares and Huangtai Liquor recording floating losses in the first half of the year.

In terms of profit growth, Shunxin Agriculture, Golden Seed Liquor, and Laobaigan Liquor achieved relatively fast year-on-year growth in net profit attributable to the parent company in the first half of the year. Among them, Shunxin Agriculture achieved a net profit attributable to the parent company of 423 million yuan in the first half of the year, a year-on-year increase of 621.87%.

Looking at the performance of a single quarter, Shunxin Agriculture, Laobaigan Liquor, and Yili Special achieved a relatively high year-on-year growth rate in net profit attributable to the parent company in the second quarter.

Shunxin Agriculture, Shuijingfang, and Jiugui Liquor experienced net cash outflow from operating activities in the first half of the year

In terms of cash flow, the 20 A-share liquor companies generated a total net cash flow from operating activities of 72.871 billion yuan in the first half of 2024.

Gujing Gongjiu, Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai ranked at the forefront in terms of net profit cash content in the first half of the year. Shunxin Agriculture, Shuijingfang, and Jiugui Liquor had a negative net cash flow from operating activities in the first half of the year.

Data shows that Shunxin Agriculture has formed two major industries mainly based on liquor and pork. The main products of the liquor industry are represented by "Niulanshan" and "Ningcheng". The company's pig breeding, pig farming, slaughtering, and meat processing business products mainly include "Xiaodian" brand breeding pigs and commercial pigs, "Pengcheng" brand fresh and cooked meat products. The net cash flow from operating activities generated by the company in the first half of the year was approximately -1.018 billion yuan.The net cash flow from operating activities of Shuijingfang in the first half of the year was approximately -2.94 billion yuan, compared to 0.13 billion yuan in the same period of the previous year. The company stated that the main reason for the change in the net cash flow from operating activities was the significant increase in business income and profit amounts in the fourth quarter of 2023 compared to the fourth quarter of 2022, which led to a corresponding increase in the amount of taxes paid in the first quarter of the following year for the previous quarter.

Total contract liabilities increased by 6.48%, with Wuliangye, Huangtai Distillery, and Kweichow Moutai seeing the highest growth rates.

Before delivering products to customers, liquor companies recognize the contract consideration received from customers as contract liabilities when they sign contracts and receive orders. To some extent, contract liabilities reflect the potential future income of a company.

Financial report data shows that, as of the end of the first half of 2024, the total contract liabilities of 20 liquor companies amounted to 38.552 billion yuan, a year-on-year increase of 6.48%.

Specifically, Wuliangye, Huangtai Distillery, and Kweichow Moutai saw the highest year-on-year growth rates in contract liabilities in the first half of this year, all exceeding 30%. Among them, Wuliangye's contract liabilities at the end of the first half of 2024 were 8.158 billion yuan, compared to 3.649 billion yuan in the same period of the previous year, representing a growth of over 120%.

Shunxin Agriculture, Shede Liquor, Kouzi Jiao, and three other liquor companies experienced a year-on-year decrease of more than 50% in contract liabilities in the first half of this year. Shunxin Agriculture's contract liabilities at the end of the first half of 2024 were 579 million yuan, compared to 1.942 billion yuan in the same period of the previous year.

In terms of inventory, as of the end of the first half of 2024, the total inventory amount of the 20 liquor companies was 150.681 billion yuan, a year-on-year increase of 10.74%.

Specifically, Yili Special and Gujing Gongjiu reported a significant increase in inventory at the end of the reporting period, both with year-on-year growth exceeding 20%. Shunxin Agriculture's inventory decreased in the first half of the year, and the company stated that the change in inventory was mainly due to the sales of liquor, leading to a reduction in inventory.