TIANYOUDE(002646)2022-11-19 01:14Group 1: Company Overview and Market Position - Tianyoude Qingke Liquor is one of the two listed companies producing Qingke liquor, with a primary market in Qinghai Province, accounting for 75% of sales [3] - The main brand, Tianyoude, holds a market share of 65% within the company [3] - In 2021, the company reported a revenue of CNY 1.054 billion and a net profit of CNY 63.2248 million, marking a significant improvement from the previous year [3] Group 2: Product Strategy and Market Development - The company aims to enhance its marketing transformation and product structure, focusing on high-end products priced above CNY 1,000 and next-high-end products priced around CNY 500 [4][6] - In Q1 2022, products priced above CNY 100 accounted for 45% of sales, indicating a shift towards higher-value offerings [3] - The company plans to leverage real vintage certification to enhance the value of its core product series, Guozhide [3][7] Group 3: Financial Management and Cost Control - The company has adopted the "Amoeba Management Model" to improve efficiency, focusing on cost control and shifting fixed costs to variable costs [5] - In 2021, the sales expense ratio significantly decreased due to these management strategies [5] Group 4: Market Expansion and Competitive Landscape - The company is strategically expanding into the Gansu market, which has a population of over 20 million, compared to Qinghai's 6 million [9] - The competitive landscape includes both regional liquor companies and well-known national brands, particularly in the CNY 200 price range [6][11] - The company aims to strengthen its market position in Gansu while maintaining a focus on its core market in Qinghai [9][11] Group 5: Future Outlook and Strategic Goals - The company is focused on long-term growth, aiming to establish a strong presence in the Qinghai-Tibet Plateau and expand nationally [12] - Future strategies include enhancing brand value through cultural integration and product innovation, particularly in the high-end segment [14] - The company recognizes the need to adapt to market changes and consumer preferences, especially in light of the ongoing pandemic [7][10]