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  4月21日,古越龙山发布通知称,为维护青花醉系列的价格体系,四款产品禁止经销商线上销售。作为中高端产品,青花醉系列承载着古越龙山提升毛利率的重任。一份维护中高端产品价格体系的通知,也揭开了古越龙山高端化受阻、产品毛利率低的问题。事实上,作为“黄酒一哥”,古越龙山2024年业绩增收不增利再次未达目标,这已是古越龙山连续第四年未达业绩目标。反观稳坐黄酒“第二把交椅”的会稽山,2024年营收、净利润实现双位数增长,业绩紧追古越龙山。

  业内人士表示,古越龙山当前的困境反映了黄酒行业的共性问题,即消费场景单一、年轻化转型滞后。其毛利率差距与会稽山的拉大,核心在于产品结构失衡,基础款占比过高导致溢价能力薄弱。虽然发力高端化是必然选择,但黄酒的高端认知培育需要长期投入,短期内可能进一步压缩利润空间。

  业绩被追

  作为“黄酒一哥”,古越龙山2024年业绩增收不增利,净利润近乎腰斩。年报显示,古越龙山2024年实现营收19.36亿元,同比增长8.55%;实现净利润2.06亿元,同比增长-48.17%。古越龙山交出的2024年业绩答卷,与此前定下的2024年酒类销售增长12%以上、利润增长12%以上的业绩目标相比,可谓是相差甚远。

  事实上,古越龙山此次并非首次未达到业绩目标。北京商报记者梳理了解到,古越龙山2021年业绩目标是酒类销售增长20%、利润增长20%。2022—2023年目标有所下调,酒类销售增长12%以上、利润增长12%以上。从业绩来看,古越龙山如今已是连续第四年未完成业绩目标。

  在业绩增长不及预期的同时,“黄酒一哥”的地位也逐渐被会稽山追赶。北京商报记者梳理了解到,2021—2024年,古越龙山实现营收分别为15.77亿元、16.20亿元、17.84亿元、19.36亿元;会稽山实现营收分别为12.50亿元、12.27亿元、14.11亿元、16.31亿元。从营收来看,尽管会稽山始终低于古越龙山,但两家企业营收之间的差距呈现出缩小的趋势;在净利润方面,古越龙山和会稽山长期处于“你追我赶”的态势。

  事实上,从经营计划来看,会稽山似乎比“黄酒一哥”更有信心。对于2025年的业绩目标,会稽山表示要力争2025年酒类销售同比增长15%—20%。反观古越龙山,再次下调业绩目标,酒类销售增长6%以上、利润增长3%以上。

  酒类营销专家蔡学飞表示,古越龙山的增速低于会稽山,可能直接原因还是会稽山最近几年加快了产品结构升级,较高的售价带动了企业增长。此外,会稽山近年来积极借助国潮趋势,加快推进品牌年轻化传播以及转型。同时,积极布局电商等新渠道也起到了推动价值。

  毛利率低

  黄酒市场不仅面临着消费市场受限的问题,产品毛利率低也是行业规模和盈利水平增长缓慢的诸多因素之一。作为“黄酒一哥”,古越龙山也面临着产品走不出江浙沪以及产品毛利率相对较低的困境。

  整体来看,2024年,古越龙山酒类产品毛利率为37.46%,同比增长-0.69%;会稽山酒类产品毛利率为52.75%,同比增长6.80%。从毛利率来看,古越龙山酒类产品毛利率不仅相对较低,同时还出现了小幅下滑。2022—2023年,古越龙山酒类产品毛利率分别为35.81%、38.16%;会稽山酒类产品毛利率分别为42.26%、45.95%。

  中国食品产业分析师朱丹蓬分析称,黄酒受困于区域,并没有做强做大做精做透,这就使得黄酒品类成为了细分赛道。当黄酒成为细分赛道时,没有品牌效应、规模效应以及全国化布局,导致整个产品毛利率相对偏低。

  意识到毛利率不高的古越龙山,将目光瞄准高端化。古越龙山对此表示,公司要优化产品结构,推动国酿事业部高效运转,打造以“国酿”“青花醉”系列为代表的核心高端产品,巩固和壮大不同层次的产品系列,带动产品结构优化和毛利率提升,引领绍兴黄酒走向高端市场。然而布局高端化的古越龙山,高端产品的毛利率依然不超50%。

  从产品档次来看,古越龙山2024年中高档酒、普通酒毛利率分别为44.32%、18.58%,同比增长分别为-0.37%、-2.75%;会稽山2024年中高档酒、普通黄酒及其他酒毛利率分别为61.57%、34.62%,同比增长分别为6.80%、1.39%。2022—2023年,古越龙山中高档酒毛利率分别为43.37%、44.69%,普通酒毛利率分别为17.49%、21.34%;会稽山中高档酒毛利率分别为49.80%、54.77%,普通酒毛利率分别为30.97%、33.23%。

  酒业专家欧阳千里表示,会稽山和古越龙山都为黄酒上市公司,前者是民企,后者是国企,前者风格小步快跑,后者风格大开大合。从市场上来看,会稽山要比古越龙山灵活得多,坚定地走高端化、年轻化的路线。反观古越龙山,做事情需要考虑诸多方面,往往陷于“既要”“又要”“还要”的困局。

  打响“保卫战”

  黄酒一直带给消费者“低价”“亲民”的感受,并不会与“高档”挂钩。北京商报记者在走访北京部分终端市场发现,目前古越龙山、会稽山旗下多款黄酒产品售价区间约10—50元/瓶。当终端价格长期盘踞中低端时,黄酒企业的利润空间被压缩。

  面对这一局面,古越龙山、会稽山4月初相继对旗下多款产品采取提价措施。针对提价原因,古越龙山与会稽山都将此举视为呼唤黄酒产品的价值回归。会稽山方面表示,此次上调部分重点产品销售价格将对黄酒产品价值回归产生积极影响,但本次提价对公司销售量的影响具有不确定性,对公司未来业绩产生的影响尚存在不确定性。

  事实上,作为“黄酒一哥”,古越龙山除了提价外,近年来不断在高端市场试水。北京商报记者在天猫平台古越龙山酒类旗舰店注意到,古越龙山高端产品绍兴黄酒四十年陈国酿1959白玉版500ml花雕酒礼盒装,折后价1959.25元/瓶,截至发稿,销量仅为3笔。古越龙山此前推出的高端产品,消费者似乎并不买账。

  天猫平台,古越龙山销量排名前三的产品,销量分别为6000+、5000+、2000+,产品售价分别为99.9元/500ml×6瓶、23.9元/500ml×2瓶、198元/1.5L×6坛;会稽山官方旗舰店内,销量排名前三的产品,销量分别为3万+、2万+、1万+,产品售价分别为23.75元/500ml×1瓶、198.55元/1.5L×6坛、245.1元/500ml×12瓶。从排名来看,销量前三的产品基本都是价格相对较低的普通黄酒。

  朱丹蓬表示,古越龙山一直在做全国化布局,这对于企业的整体利润蚕食比较大。反观竞争对手,在全国化布局方面不激进。从市场整体发展来看,在白酒如此庞大的体量之下,黄酒已经失去了全国化布局的可能性。同时,因为受众群体相对较小、体量也并不大,使得高端产品市场接受度相对较低,产品的抗风险能力相对较弱。从目前发展来看,古越龙山想要保住“黄酒一哥”的称号会有一定难度。

  来源:北京商报翟枫瑞

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