The packaging details of Kouzijiao attract the attention of stock investors： it is said that the whole box is purchased without packaging bags, and there are frequent problems of empty bottles leaking

　　China Net Finance February 8 (Reporter Qin Xiao) Recently, Kouzijiao (SH: 603589), a well-known listed wine company, attracted the attention of investors in the secondary market because of the suspected problems of buying whole cases of wine without packaging bags, leaking wine and empty bottles.

　　Source: investor platform

　　A few days ago, a financial reporter from China Net saw on the investor interaction platform that some investors asked the Secretary-General: A closer look at the Tmall store found that there were some bad reviews. Most of the bad reviews reflected that there was no packaging bag in a case of wine, and it was fruitless to ask the customer service. Some customers even commented that they would never buy the cellar again. In addition, we communicated with offline distributors and learned that the relevant facts (there is no portable packaging bag for the whole case of wine) also exist. Some customers expressed their incomprehension that the whole case of "Ten Years of Kouzijiao" and "Twenty Years of Kouzijiao" was not equipped with a handbag, and some customers gave feedback that there were empty bottles or (only) half a catty left. "Please attach great importance to these details. Please do a good job of quality inspection and filling improvement in Kouzi cellar. Don’t lose loyal customers because of small losses and details. "

　　Regarding the above questions and suggestions, the director of Kouzijiao responded, "Hello, thank you for your concern and suggestions, and wish you a smooth investment."

　　According to the annual report, the company currently operates official flagship stores in JD.COM, Tmall, Suning.cn and other platforms. China Net Finance reporter looked at the above-mentioned e-commerce platforms, and found no evaluation of "no free packaging bags" for the time being, but there were some bad reviews around the problems of "empty bottles" and "wine leakage" mentioned by investors.

　　The handbag problem is mapped to the gift market.

　　In response to the "lack of packaging bags" that consumers have responded to, the official platform customer service told reporters that "there may be missing gift bags, and you can contact customer service to reissue them if you have not received them". In addition, the customer service also said, "If you buy two or more bottles of gift bags by default, if you need a gift bag to buy one bottle, just note on the order."

　　According to industry analysts, combined with this year’s wave of returning home, consumers’ attention to packaging bags and product details represents that the gift consumer market has begun to warm up. "Visiting relatives and friends and giving gifts, liquor packaging is also the embodiment of’ mind’ and’ face’ to a certain extent."

　　Recently, JD.COM Supermarket released the "Report on Alcohol Consumption in the Spring Festival of 2023", which shows that the sales of liquor gift boxes on JD.COM hourly shopping platform have increased by more than 10 times year-on-year.

　　According to soochow securities Research Report, the long-term consumption upgrading trend of liquor industry remains unchanged, and the consumption scenario and willingness are expected to gradually recover in 2023, with a clear main line of recovery, and the overall trend of weak sales and slow recovery is gradually accelerating.

　　Essence Securities Research Report pointed out that the sales of liquor terminals in the Spring Festival of the Year of the Rabbit were strong, and the banquet and gift market benefited from the obvious recovery of returning home, and the regional liquor performance was outstanding, especially in the price band below 300 yuan. The performance of relying on income is stable. Under the background of returning home, the gift market has also recovered significantly, and the performance of high-end wine is stable.

　　According to the 2021 annual report of Kouzijiao, the company’s high-grade liquor accounts for 96.17% of the revenue, among which the representative brands are the ten-year cellar, twenty-year cellar, five-year cellar and six-year cellar mentioned by investors.

　　Storing and leaking wine and empty bottles

　　China Net Finance reporter found that there are indeed consumers who said in the after-sales evaluation that the products of Kouzijiao are leaking wine and running away after receiving the goods, mainly in the links of 20-year and 10-year products.

　　Source: screenshot of e-commerce platform evaluation

　　In the product link of "Kouzijiao 20-year-old 50-degree 500ml" of an official e-commerce platform in Kouzijiao, some consumers commented that "there are two bottles of wine with intact outer packaging, which have the problem of running wine" and "running very badly". In the product link of "Kouzijiao 10-year-old 50-degree 500ml", some consumers commented that "the wine leakage is very serious, and the wine bottles are everywhere", and some consumers said that "the wine leakage was received the first time".

　　In addition, under the links of other hot-selling products, there are also consumer reactions that there is a problem of running alcohol. Some consumers even said in the six-year product link of Kouzijiao that "one bottle of wine was leaked" and "one bottle was empty".

　　In this regard, the official platform customer service replied that the store supports replacement and return. The reason is explained as "small probability infiltration during transportation". It is worth noting that a consumer refuted the customer service’s "improper transportation" in the evaluation: "A box of four bottles of wine, three bottles of wine leaked out when unpacked. Your bottle has not been sealed, and it depends on logistics. " In response to this evaluation, the merchant said, "I am sorry for the inconvenience, and the feedback will be actively optimized."

　　Some insiders pointed out to reporters that there are many possibilities for liquor to leak. The first is that the wine bottle is improperly positioned in transportation; The second is the occurrence of cracks and breakage; The third is that the bottle cap is not tightly sealed.

　　Previously, it was questioned by investors because of "old-fashioned packaging"

　　According to public information, the above-mentioned e-commerce platform is one of the main sources of direct sales of Kouzijiao. According to the company’s annual report, its direct sales revenue is mainly the official flagship store of Kouzijiao in JD.COM Mall, the flagship store of Kouzijiao liquor in Tmall, the official mall of Kouzijiao in WeChat and the exclusive customized sales revenue of original wine. In 2021, the company’s direct sales revenue was 71,646,100 yuan, a year-on-year increase of 19.91%.

　　Kouzijiao had been questioned and suggested by investors because of the "old-fashioned packaging design".

　　On November 21st, 2022, at the performance briefing in the third quarter of 2022, some investors paid more attention to the packaging design of Kouzijiao. Some investors said that they learned through personal purchase experience and other channels that "Hexiang 518", which was positioned as a second-highest big single product, had "uneven cutting of the red plastic part of the bottle neck" and "uneven spraying of red paint". I hope the company can pay attention to the packaging quality and details.

　　At the same time, some investors have raised the question that "the design and packaging of the company’s products are too old-fashioned, and the design and packaging have remained unchanged for many years. Many shareholders have reflected this problem, so why can’t it be improved?"

　　In this regard, Kouzijiao responded that the company has always paid attention to improving product quality, and packaging is an important part of the overall product, and the company continues to optimize and adjust according to market feedback. At the same time, the company emphasizes both packaging aesthetics and anti-counterfeiting, and will further strengthen packaging aesthetic design while ensuring anti-counterfeiting technology.

　　According to the 2021 annual report, one of the key tasks of Kouzijiao during the reporting period was to promote the construction of the first-phase automatic packaging workshop of Kouzi Industrial Park, and "strive to put it into use within the year". Before the completion of the first phase of construction, the packaging of the cellar may rely on upstream procurement. In 2021, the purchase amount of Kouzijiao on packaging was 921 million yuan, accounting for 52% of the current purchase.

　　Kouzijiao said in the "risk warning" of the financial report that with the growth of the company’s sales volume, upstream packaging manufacturers may not be able to meet the company’s personalized product needs if their production capacity is insufficient. If the company can’t absorb the pressure of the rising cost of packaging raw materials by raising the sales price of products, or can’t find an alternative packaging supplier in time, it will directly affect the cost of products in the current period, thus adversely affecting the company’s profitability in the current period.

　　According to the company’s financial report, in the first three quarters of 2022, Kouzijiao achieved an operating income of 3.762 billion yuan, a year-on-year increase of 3.67%; The net profit of returning to the mother was 1.202 billion yuan, a year-on-year increase of 4.47%.

　　Judging from the secondary market, as of the close of February 8, Kouzijiao reported 56.93 yuan/share, a decrease of 1.51%. In 2022, the stock fell by 16.87%.