- In an earnings statement released to the Shenzhen Stock Exchange, Wuliangye Yibin Co. (000858.SZ) has posted a 23.77% increase in net profit to RMB 3.59 billion for the first quarter of 2017 .
- The company recorded a 15.11% increase in revenue to RMB 10.16 billion.
- EPS for the first quarter was RMB 0.947.
Why It Matters:
- Earlier, Wuliangye Yibin reported that its net profit for 2016 increased 9.85% from the previous year to RMB 6.78 billion, and revenue increased 13.32% to RMB 24.54 billion.
- In March, Wuliangye Group, the parent company of leading Chinese liquor producer Wuliangye Yibin, named Shuguang Li as its new Chairman of the Group. Prior to this, Li was a regulatory officer working as the Deputy Director of Sichuan Province’s Commission of Economy and Informatization. Publicly available information reveals that Li has not had a great deal of experience in the liquor industry.
- Wuliangye Yibin’s main competitor in the Chinese high-end liquor market, Kweichow Moutai (600519.SS), has posted a 25.24% increase in net profit for the first quarter of 2017 to RMB 6.12 billion, and a 33.24% increase in revenue to RMB 13.31 billion.