Net profit of Shuijingfang in the first quarter of 2021 increased by 119.66% year on year



Beijing business daily (reporter Zhao Fengrui) on April 28, Sichuan Shuijingfang Co., Ltd. (hereinafter referred to as “Shuijingfang”) released the annual report of 2020 and the first quarter report of 2021. In the first quarter of 2021, the company realized an operating revenue of 1.24 billion yuan, a year-on-year increase of 70.17%, and realized a net profit of 419 million yuan, a year-on-year increase of 119.66%.

According to the main business data released by Shuijingfang in the first quarter of 2021, the revenue of high-end products of Shuijingfang in 2021 was 1.213 billion yuan, with a year-on-year growth of 68.92%, and the gross profit rate was 85.55%, with a year-on-year growth of 1.57%. The revenue of mid-range products was 26.2993 million yuan, with a year-on-year growth of 151.14%, and the gross profit rate was 61.81%, with a year-on-year growth of 7.37%. From the product point of view, the main revenue of Shuijingfang is still high-end products.

However, different from the substantial growth in the first quarter of 2021, the performance of Shuijingfang will decline in 2020. Specifically, in 2020, Shuijingfang achieved an operating revenue of 3.006 billion yuan, a year-on-year decrease of 15.06%, and a net profit of 731 million yuan, a year-on-year decrease of 11.49%. The net cash flow from operating activities was 845 million yuan, a year-on-year decrease of 2.58%.

For the decline in 2020, Shuijingfang said in its announcement that the first half of 2020 was affected by the epidemic, leading to the failure of normal social networking, gathering and banquet, which led to a reduction in consumption demand for Baijiu and a greater impact on Baijiu industry. In addition, the company mainly digests inventory, which greatly affects the company’s market sales in the first half of the year.

Insiders said Chinese Baijiu enterprises had a certain impact on the Baijiu industry, which was highly dependent on the gathering of social consumption. With the effective control of the epidemic situation, the performance of enterprises in the second half of the year has improved to a certain extent. However, due to the cancellation of consumption scenes such as Spring Festival, the performance of enterprises in the second half of the year has improved, but it has not filled the losses in the first half of the year, which makes the performance decline.

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