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How much does it cost to invest in a small alcohol plant?

1. The tax calculation method for liquor is a combination of ad valorem and volume. Maintain the current ad valorem consumption tax of 25% on the ex-factory price of grain liquor and 15% on the ex-factory price of potato liquor. On the premise that the method remains unchanged

, a consumption tax of 0.5 yuan per kilogram of liquor will be levied; the current outsourcing and blending production

wine companies can deduct the amount of their purchased liquor. Deduction policy for consumption tax paid on imported wine.

2. Appropriately adjust the unit tax on beer, and divide it into two fixed tax rates based on the ex-factory price of the product: If the ex-factory price per ton of beer is more than 3,000 yuan (including 3,000 yuan, excluding value-added tax), the unit tax is: 250 yuan/ton

; if the ex-factory price of beer per ton is less than 3,000 yuan, the unit tax is 220 yuan/ton.

The adjustment of the alcohol consumption tax is a direct reflection of the state’s use of administrative means to guide economic production.

It has an important impact on the development of the liquor and beer industries and enterprises in the industries involved. , playing the role of restriction or adjustment

. Understanding the meaning and role of consumption tax, as well as the impact of consumption tax adjustments on the alcohol industry and related listed companies, will help to grasp the development trend of the alcohol industry in my country, and gain a deeper understanding of listed alcohol companies.

The investment value.

Part 1 A brief explanation of consumption tax

Consumption tax is a newly established tax in the circulation tax system under the tax reform in 1994. It is based on the universal collection of value-added tax

, select a few consumer goods and then levy a consumption tax. Consumption tax is an in-price tax and is paid during the production, commissioned processing and import stages of the product. Consumption tax is no longer paid in subsequent wholesale, retail and other stages. The tax is ultimately paid by The consumer bears the responsibility. According to the design of the tax system, the products that are subject to consumption tax were originally subject to product tax or value-added tax. After they are now subject to value-added tax, the original tax burden of these products has dropped significantly. In order not to

The decrease in tax burden has resulted in a decrease in fiscal revenue, and it is necessary to make up for the decrease in tax burden by levying another consumption tax

The introduction of consumption tax is a conversion of revenue from the old and new tax systems. Although consumer goods subject to consumption tax are also subject to value-added tax, the tax burden level before the reform is basically maintained. Therefore, levying consumption tax on a small number of consumer goods should not be a problem.

It is a factor of rising prices.

There are two methods of collecting consumption tax: ad valorem rate and specific amount. Except for rice wine, beer, gasoline, and diesel oil, which are levied on an ad hoc basis, all other taxable consumer goods are levied on an ad valorem basis. Specific to the alcohol industry

the calculated tax rates are as follows: rice wine 240 yuan/ton, beer 220 yuan/ton, grain liquor 25 yuan per ton, potato liquor

liquor 25 yuan per ton ex-factory price 15% off the price, and 10% off the ex-factory price for other wines. Among them, the reason why rice wine and beer are taxed based on sales volume rather than price is that considering their large social consumption, the tax calculation method based on sales volume is simple and easy to implement.

And the amount of tax collected is only related to the quantity and has nothing to do with the price.

The latest adjustment details divide beer into two levels on the basis of volume taxation, and add ad valorem taxation restrictions: ex-factory price per ton ≥ 3,000 If the ex-factory price per ton is less than 3,000 yuan, the tax rate will remain unchanged at 220 yuan/ton. In other words, it is a negative factor for beer companies with mid-to-high-end prices, such as Tsingtao Beer.

The original consumption tax law reduced the use of purchased taxed wine and wine produced from alcohol (including purchased taxed liquor with pulp)

Using different varieties of purchased taxed wine Liquor blended with liquor, using koji and essence to flavor and season the purchased taxed liquor

and bottling and selling the purchased bulk liquor, etc.) are allowed to be deducted from the purchased taxable consumption when calculating tax.

Consumption tax paid on free items.

The latest adjusted rules have canceled this provision. In other words, companies that mainly produce liquor

liquor in bulk cannot deduct the consumption tax for purchasing liquor and reproducing it, so their products will compete on price

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The force will be greatly weakened. Those small and medium-sized liquor production enterprises that lack the necessary production scale themselves lack good

production equipment and high-quality raw materials and process technology foundations. Their operations rely on quickly blending purchased liquor before getting it to the market

The method of selling on the spot does not have its own product brand and relies on low prices to compete for market share. Therefore, once the price advantage that these enterprises rely on for survival is fatally hit, the sales market share is expected to drop significantly, and the operations of the enterprise will inevitably stand on a dangerous wall. under. This is actually the purpose of the country's new consumption tax: to clean up and eliminate disadvantaged small liquor companies, increase industry concentration, and promote the production scale of large enterprises.

The main purpose of levying consumption tax is to adjust the product structure, guide the direction of social consumption, and ensure the country's fiscal revenue.

This adjustment to the consumption tax focuses on the following three aspects: levying a single tax on liquor, canceling the preferential policy of deducting outsourced liquor, and imposing an ad valorem levy on mid- to high-end beer. The essence of function

Part 2: The impact of new tax policies on the liquor industry

1. The intention and effect of the state’s regulation of liquor consumption tax

1. Industry status quo and policy purposes

The law of market supply and demand shows that when prices are elastic, supply and demand will converge, that is, a "Market Clear" state will be reached

. However, the current situation of the domestic liquor market is: on the one hand, the competition is fierce

and the demand is declining and becoming saturated; on the other hand, there are a large number of small-scale, low-capacity, and decentralized medium-sized enterprises in the industry

Small businesses are constantly producing output. In 2000, the national liquor production was 4.7611 million tons. Although it has been reduced by almost half from the peak of 8.013 million tons in 1996, according to Shen Yifang, president of the Liquor Professional Association, the national liquor production

The volume must be reduced to about 3.5 million tons to basically maintain a balance between production and sales. According to statistics, there were 1,286 state-owned and non-state-owned enterprises with sales revenue of more than 5 million yuan in 2000. Among these more than 1,000 relatively large-scale liquor enterprises, profits and taxes The top 20 companies control most of the industry's output, sales revenue and profits; at the same time, there were more than 37,000 factories actually producing liquor across the country. In other words, the vast majority of local small wine factories are producing ineffective output.

With the end of the shortage economy, enterprise competition has changed from seizing new market space to competing for existing market shares

Large enterprises have the ability to scale production and sales and diversify operations. Characteristics, more competitive advantages than small and medium-sized enterprises

At this time, there should be a trend of rapid polarization of enterprises and the concentration of production capacity to a few advantageous enterprises. But

The actual situation of my country’s liquor industry is: the market elimination mechanism has failed, and many uncompetitive companies have not exited

; under local protectionism, a large number of small and medium-sized wineries have lost money regardless of cost. , maintain operation regardless of losses, and sell products at prices below cost for a long time; other companies are forced to reduce prices accordingly, leading to chaos in the production order of the industry and a decline in overall economic benefits. .

According to the perspective of industrial economics, as far as the liquor industry is concerned, although the technology and products themselves are not new

technologically new products and the existing production capacity is generally surplus, but As long as advantageous enterprises are more efficient, they should not

restrict competitive enterprises from expanding their scale, but should effectively establish a survival of the fittest mechanism to accelerate the elimination of uncompetitive enterprises. This is correct. It is one of the purposes of the state to adjust the consumption tax in the liquor industry.

The main purpose of introducing new tax rates is to recover lost tax revenue.

As the market has been slow to complete the survival of the fittest

the liquor industry, the national authorities have lost patience and policy regulation has been forced to the forefront.

The Ministry of Finance revealed that the national statutory consumption tax rate for liquor companies is 25 or 15, but in actual implementation

in various places, it is only maintained at around 7; Modified to 15; more importantly, it is difficult to grasp the situation of small wineries. The low cost makes small wineries a life-saving straw for local finances.

The liquor consumption tax method before the adjustment was ad valorem and was only levied in the production process, which led liquor companies to use transfer pricing to avoid paying taxes. Liquor companies often lower the price of liquor at the factory by setting up their own sales companies, affiliated companies, and enlarging packaging, so as to achieve the purpose of reducing consumption tax. . The new compound tax calculation method will reduce the occurrence of this phenomenon to a certain extent.

How do companies achieve tax avoidance through transfer pricing? For example, a liquor production company has established its own sales companies in various provinces and cities, and they all implement independent accounting. Assume that the company provides products to its own sales company at a price of 20 yuan per bottle, while other wineries on the market provide similar products to unrelated dealers. The average price is about 24 yuan per bottle. Since alcohol consumption tax is levied in the production process,

calculated at a tax rate of 25, the consumption tax paid by this liquor company is 5 yuan per bottle, and that paid by other wineries is 6 yuan.

The company paid less consumption tax by selling to the sales company at a low price. As for the sales company’s low purchase cost, the extra profits gained from market sales can be achieved through other methods. Returned to liquor production companies.

2. The impact of the new policy on the liquor market

Based on a rough estimate of the output of the liquor industry in 2000, after the implementation of the new policy, liquor companies will only pay an increase in consumption tax of about 50 in the production process based on volume

billion yuan, coupled with the impact of the cancellation of tax deductions, the Ministry of Finance estimates that it will recover 8 billion yuan in tax revenue.

Taking the operating data of state-owned enterprises and non-state-owned enterprises with sales revenue of more than 5 million yuan in the past three years as a sample

What will the implementation of the consumption tax bring to the market? Make an analysis of the impact. These companies were selected as

samples because they have concentrated most of the industry's resources and advantages and represent the industry's production capacity and future

development trends.

Annual number of enterprises (houses) Sales volume (10,000 tons) Selling price per ton of wine (yuan) Profit (100 million yuan) Sales profit margin ()

1998 1428 557.62 8539.69 33.08 6.94

1999 1334 489.30 10330.00 41.18 8.15

2000 1286 466.30 11006.86 43.27 8.43

Data source: "Chinese Wine" magazine, Issue 3, 2001

Calculated based on a consumption tax rate of 0.5 yuan per kilogram of liquor, or 1,000 yuan per ton, and based on normal and strict tax holiday assumptions

In the past three years, there have been increases of 5.576 billion yuan, 4.893 billion yuan, and 4.663 billion yuan in consumption tax. As a result, the overall profits achieved by these larger liquor companies will become negative, which means that the past net profits are not enough. After paying the newly levied consumption tax, the corresponding sales profit margin also becomes negative.

Analyzing from the perspective of income/cost, the proportion of cost increase affected by the consumption tax of 0.5 yuan per catty in the three years was 11.71, 9.68 and 9.85 respectively. Among the 1,286 large-scale liquor companies in 2000, losses reached

23.95. It is conceivable how many of the more than 30,000 liquor factories in the country have small profits and losses; similarly, root

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According to the above analysis, the adjustment of consumption tax has had a huge impact on large liquor manufacturers; it has also been a heavy blow to the entire liquor industry

A large part of liquor companies will move from meager profits to Losses, losses are heading towards huge losses

The profitability of the overall liquor industry has dropped significantly.

The new policy will have a fatal blow to small and medium-sized enterprises that produce low-end wine and will be gradually eliminated. For famous brand companies that mainly produce medium and high-end liquor, it is a double-edged sword: in the short term, corporate performance has declined; in the long term, low-end liquor After the enterprises were eliminated, as the total demand for liquor was relatively stable, the product market share of mid- to high-end enterprises expanded rapidly, promoting the concentration of liquor production in them.

2. The impact of consumption tax adjustment on liquor companies and related countermeasures

1. The impact of volume-specific taxation

After the consumption tax of 0.5 yuan per kilogram of liquor is added, the liquor companies that mainly produce low-end liquor will bear the brunt

Because the tax is based on volume. The consumption tax will increase the cost of low-end liquor significantly.

For example, Tuopai Qujiu, which mainly sells mid- to low-end liquors, was second only to Wuliangye in terms of liquor sales in 2000. However, its

product structure is dominated by low value-added products. , half of the sales in the Tuopai series are products under 10 yuan,

So the sales volume of 143,000 tons only earned a net profit of 106.4 million yuan, and the average profit per kilogram of wine was only 0.37 yuan,

Less than 0.5 yuan. If Tuopai does not change its business policy, it will have to pay an additional consumption tax of 1.43 yuan after the implementation of the new policy, and it will be repaid by 40 million yuan; if the 2001 sales target of 180,000 tons disclosed in the annual report is successfully achieved, it means that the company will

The company will have to pay an additional 180 million yuan in taxes and fees on the original basis. Based on the relatively low average sales gross profit of Jinjiu,

the consumption tax collected on a certain amount is enough to offset its contribution to profits, and low value-added products have profits and do not

increase with sales volume. Due to the characteristics of exponential expansion, Tuopai Company is very likely to fall into the ranks of losses.

Shanxi Fenjiu, which had a net profit of 12.73 million yuan last year, will pay an additional 11.5 million yuan in consumption tax if the output remains unchanged

There is almost no profit at all under the new policy , What's more, the net profit of Shanxi Fenjiu is not entirely an operating result, but largely due to the added value brought about by changes in accounting treatment methods. Since the consumption tax rate of Bamboo Leaf Green Wine has been raised from 10 to 25, and it has changed from enjoying the status of national wine to the status of a general health wine, it has basically made no money

; the increase in consumption tax will accelerate As a result of "profit-to-tax", operations are ineffective. Fenjiu, the leading product, has been operated in a low-price, large-volume manner in recent years. Products with a single bottle costing less than 20 yuan after consumption tax based on volume will appear

Deep losses and unable to operate.

Sichuan Liquor is a banner of my country’s liquor industry. Using it as an analysis object can play the role of “peeping through the pipe”

The impact on listed liquor companies in Sichuan Province is as follows Table, the sampling period is 2000.

The company's increase in 2000, 2000, 2000, 2000, 2000, 2000

Consumption tax net profit, earnings per share, actual additional consumption per share

Name (10,000 yuan) Will decrease Will decrease income (yuan) after tax

(ten thousand yuan) (ten thousand yuan) earnings per share (yuan)

Wuliangye 15000 12750 0.25 1.60 1 .35

Luzhou Laojiao 3000 2550 0.05 0.34 0.29

Quanxing Shares 5000 4250 0.10 0.439 0.339

Tuopai Qujiu 14300 12200 0.36 0.316 -0.044

Note: ① The source of actual data in 2000 is the 2000 annual report of each company

② The increased consumption tax is based on 2000 Sales volume is the base number, calculated based on the ratio of 1,000 yuan per ton

③ After excluding the impact of 15% income tax, "net profit reduction" = increased consumption tax × 85,

Low price The fatal blow to wine can be clearly seen from the above analysis. For example, Tuopai, the net profit dropped by 122.

has exceeded the net profit of 106.4 million yuan achieved last year. At present, there are more than 30,000 large and small wineries in China.

Most of them mainly produce low-end wines. The profit of many low-end liquors is only about 0.5 yuan per bottle, and there are many factories

< The operating strength of p> is not at the same level as that of Tuopai, so it is even less able to withstand the impact of the tax adjustment.

Shandong Liquor Department is the second largest group after Sichuan Liquor. King Qin Chibiao in 1996 ushered in an era of Lu Liquor's prosperity

. Although the popularity of Lujiu has declined in recent years, it has occupied a considerable market share in small and medium-sized cities and rural areas due to its past brand and current price advantages, and has basically achieved a balance between production and sales. What impact will the new policy have on Lujiu, which mainly produces mid- to low-end wines? The following are two more representative examples of Shandong wineries

.

As the first large-scale liquor company in the country to launch low-alcohol liquor, Kongfujia Group adheres to the principle of small profits but quick turnover, and

mainly produces low-priced mass liquor. In 2000, the company achieved sales of 14,800 tons, including 11,000 tons of low-end wine priced around 10 yuan, with a profit of 0.06 yuan per catty; 3,610 tons of mid-range wine priced at around 20 yuan, with a profit of 0.06 yuan per catty. The profit was 0.23 yuan; the total sales volume of medium and low-end wines accounted for 98.99% of the total sales, and the average net profit per catty was only 0.11 yuan.

In addition to the consumption tax of 0.5 yuan per kilogram of liquor, there are also consumption tax surcharges such as urban construction tax and education fee.

Education fee surcharge of 0.05 yuan is calculated based on last year’s output. The loss will increase by 16.28 million yuan, while the company's profit last year was only 4 million yuan, and a rough calculation will result in a loss of 12.28 million yuan.

The impact on Xinjiu Group is even more obvious. In recent years, Xinjiu has mainly been oriented to the rural market and has been very popular with farmers in terms of price, packaging and promotion. Last year, the sales volume was more than 20,000 tons, mainly low-end wines under 10 yuan, which basically made no profit. Last year, we paid 12 million yuan in taxes. After the implementation of the new tax policy, we will lose more than 2,000 yuan for the whole year.

2. The impact of canceling the current policy of "consumption tax paid on purchased wine can be deducted"

The usual production and sales model of liquor companies is: using their own base wine and part of the purchased base wine to produce finished wine, and then

Wholesale finished wine to affiliated sales companies, which then sell it to dealers in various places. In this process,

the consumption tax payable is the sales revenue in the production link (that is, the sales revenue wholesaled to subordinate sales companies) multiplied by

25 (for grain) or 15 (Potatoes) and then deduct the consumption tax paid on the purchased base wine. After the implementation of the new policy, the consumption tax paid on outsourced wines can no longer be deducted.

Take Wuliangye as an example. In 2000, the base liquor and original liquor purchased from the related unit Wuliangye Distillery were worth 5.22 billion yuan

. After this part of the consumption tax cannot be deducted, it was listed on the market. The company will pay an additional consumption tax of 130.5 million yuan (5.22×25

). After deducting the impact of 15% income tax, the company's net profit will drop by another 111 million yuan, and earnings per share will decrease by 0.22 yuan; plus the impact of volume-based taxation, the company's total earnings per share will drop by 0.47 yuan. , the decline rate is as high as 31. Among the listed companies, apart from Wuliangye, the most affected was Gujinggong, which purchased 15,000 tons of edible alcohol last year.

Outsourcing base liquor or simply OEM production is an open secret in the liquor industry. The myth of Shandong Qinchi

was shattered due to a series of reports in Beijing's "Economic Reference News" in 1997 about "Qinchi liquor is blended with Sichuan wine"

Sichuan Qionglai is the "behind-the-scenes hero" of wineries across the country. Qinchi's annual production capacity of raw wine

is only about 3,000 tons. They purchase a large amount of bulk liquor from Sichuan, add the factory's raw liquor and alcohol, and blend

into low-alcohol liquor. , and then sold to the national market under the brands of "Qinchi Ancient Wine" and "Qinchi Tequ". Qinchi represents

the status of most Shandong liquors, and furthermore, represents the status of wineries across the country. According to incomplete statistics, Qiong Liquor has currently produced OEM bulk wine for many companies in Xinjiang, Heilongjiang, Gansu, Inner Mongolia, etc., and has already bottled it directly on site. There are more than 20 brands. If the current momentum continues, about 30% of China's liquor may come from Qionglai in five years' time. If wineries in various places pay taxes strictly in accordance with the new policy, the measure that "the consumption tax paid on purchased wine cannot be deducted" will have a considerable impact on them.

3. How do liquor companies respond?

In the face of imminent new policies that may even threaten their survival, liquor companies can do nothing more than the following three things:

(1) Adjust the product structure and increase the development and sales of mid-to-high-end products

According to the above analysis, low-end wine will be most affected by the consumption tax adjustment. To digest the negative impact of the new policy

The gross profit margin of product sales must be increased, so either the product selling price must be increased or the product must be upgraded.

Price increases must take into account consumers' affordability. There is actually very little room for price increases for low-end wines currently priced below 10 yuan.

Therefore, the breakthrough point for liquor companies to compete in the future should be to strive to expand production scale to reduce costs, increase the proportion of production and sales of mid- to high-end liquors, and use brand effects to develop and occupy the market.

This method is more suitable for large and famous brand enterprises. It mainly alleviates the impact of policy changes by increasing the proportion of mid-to-high-end wines and reducing marketing expenses

. Wuliangye has comprehensively increased the proportion of mid-to-high-end liquor under the current production volume; after the Spring Festival

, the price of 200 yuan Wuliangye brand liquor has been increased twice in a row, by 20 yuan, with the purpose of establishing brand creation

Core competitiveness that creates wealth. Quanxing launched Shuijingfang, which is known as the most expensive liquor, and Luzhou Laojiao launched Guojiao liquor, both of which entered the mid-to-high-end market.

(2) Transformation and reorganization of production areas

This method is more suitable for small and medium-sized enterprises. Compared with large famous brand enterprises, due to less investment in intangible assets such as production lines and brand channels, and low exit barriers, small and medium-sized enterprises are investing in fields such as biopharmaceuticals and fruit wine. Expansion is relatively easy. The secretary to the board of directors of Ningcheng Laojiao said that the company has actually never increased production since its listing, and admitted that biotechnology will be the support for the company's future profits. In the announcement at the beginning of this year, Ningcheng Laojiao invested the funds raised in two major projects: livestock embryo bioengineering and specialty beef processing. The company broke into the biotechnology industry from the liquor industry. The engineering industry has basically been established. Gujinggong controls Beijing Jinshengyi Technology Company and invested in

Shanghai Cathay Biotechnology Company. Capital operation and biotechnology will be important sources for Gujinggong. Yilite's announcement

changed the investment direction of more than 200 million, adding health drinks, cement sales, etc. According to statistics from announcements in the past six months, listed liquor companies have invested approximately 5 billion yuan in other fields. Tuopai Qujiu cooperates with Fudan University in Shanghai

to produce biological drugs and health care products.

Investing in biotechnology is the most important direction for listed liquor companies. This is certainly because it is a good concept in the stock market, but the technological upgrade it brings is of greater significance. Something other than simple industrial diversification.

The traditional fermentation industry, new fermentation industry, and modern bio-industry of winemaking are originally three levels with the same foundation.

If the transformation is true, wine companies will take the following steps: The direction is to use its own advantages to transition to the field of modern biological industry

. The brewing industry is a fermentation industry, which has similarities with bioengineering and has the relative advantage of technical talents. The by-products of brewing are excellent breeding stock feeds. The extension of the industrial chain makes it inevitable and possible for liquor companies to develop into the biogene industry.

(3) Reasonable tax avoidance methods

Liquor companies can avoid taxation at two links and eliminate

"external taxation" by acquiring upstream base liquor or original liquor manufacturers. "The consumption tax paid on wine purchases cannot be deducted", which applies Coase's theory that "transaction costs determine the size of the enterprise". For example, Wuliangye replaced five base liquor workshops of the group company with its plastic bottle cap factory.

Gujing Gong also plans to acquire an edible alcohol plant with an annual output of 30,000 tons to reduce the circulation of raw materials.

In terms of eliminating the impact of "quantity-based taxation", as discussed above, the practice of listed companies setting up sales companies

still falls within the scope of legal tax avoidance.

3. Issues of “Fairness and Efficiency” of the New Policy

The state’s intention to implement the new policy is very obvious, which is to eliminate a large number of small and medium-sized enterprises that do not produce actual results

Liquor companies should increase industry concentration and standardize industry production order. But the worry lies in the fact that the actual tax burden among liquor companies is unfair and cannot be measured by the same ruler. This is also a "Chinese characteristic." For tens of thousands of small liquor companies

due to various reasons such as local protectionism, there are varying degrees of failure to truthfully declare taxes

As a result, companies cannot start on the same starting line. Competition puts state-owned large and medium-sized liquor enterprises in unequal competition

conditions.

Many small wineries are already very irregular in their operations. Some have two accounts; some sell fake and shoddy products on the market and pass them off as good ones; some are private workshops that do not produce the best quality products at all. They have not gone through formal industrial and commercial registration; some have no necessary production processes and rely on buying and selling alcohol to blend liquor. It is difficult for private small and medium-sized liquor companies to control all aspects of their operations and financial accounting. If the new policy is unable to restrict these liquor companies

it will be detrimental to the development of the entire industry and will be completely different from the original starting point.

The companies mentioned above should be targeted by the new policy, but if the economic order of the liquor market is not

in-depth and effective rectification and regulation, it will actually be those companies that will suffer. The management of all items is relatively standardized, but the products and corporate strength are in the middle of the industry rankings. Examples of listed companies include Shanxi Fenjiu, Tuopai Qujiu, etc. This is actually the most difficult and important point in the consumption tax adjustment work, and it is the key to the rectification of the liquor industry.

IV. Some noteworthy listed companies

In the long run, the overall output of the liquor industry will further shrink due to the new tax policy, but the proportion of mid- to high-end liquor

The amount will increase. From the perspective of competition, most liquor companies are state-owned enterprises and face many difficulties in institutional reform and business reorganization. Therefore, listed liquor companies are in a relatively advantageous position. Listed companies take advantage of the convenience in the securities market and have sufficient cash flow, which gives them better comparative advantages in implementing acquisitions, reorganizations, strategic shifts and other actions.

The specific impact on each listed company is different. From the perspective of the volume-based consumption tax, Wuliangye

and Tuopai Qujiu have the largest sales, so the absolute amount affected The largest; judging from the proportion of the increased consumption tax to the company's net profit, Tuopai Qujiu and Shanxi Fenjiu were the most affected, with their proportions as high as 135 and 90 respectively;

From The consumption tax paid on purchased wine cannot be deducted. Wuliangye and Gujinggong are the most affected.

To put it simply, Wuliangye, Quanxing and Xiangjiugui are mid-to-high-end liquor companies with reasonable and complete product structures.

For example, Xiang Jiugui’s products are mainly medium and high-end, and tax policy adjustments have little impact on production costs. At the same time,

its production capacity can fully meet sales, and there is no outsourcing. Base wine situation. Low-end wine and outsourced base wine production companies

are further suppressed, which is essentially good for this type of companies, and their development space will be further opened

Enterprises in transformation can pay attention to Ningcheng Laojiao and Yilite. Their common characteristics are remote locations and the concept of ethnic minorities, and they have been truly implemented in bioengineering and other fields. .

Companies that are forced to go into trouble due to consumption tax adjustments should focus on Tuopai Qujiu and Shanxi Fenjiu.

After the detailed analysis mentioned above, these two companies are in the most difficult situation among the listed liquor companies. "Throw them to death and survive" can be used to describe them very appropriately. Tuopai Qujiu has announced its cooperation with Fudan University in Shanghai very early, and Sichuan liquor still occupies a certain market share no matter how difficult it is. Now the focus is on Shanxi Fenjiu. Fenjiu is a light-flavor liquor. It is different from Sichuan strong-flavor liquor. It has strong consumer taste characteristics and is produced in Shanxi. It didn't sell very well. The adjustment of the consumption tax will be a fatal blow to the company.

If we no longer think of ways to restructure or introduce high-quality assets, the myth that "no listed liquor company loses money" will be wiped out

Break without any suspense. If a gentleman does not set up a dangerous wall, the energy released by an enterprise's last stand will be extremely huge.

The company is already negotiating the introduction of bioengineering and the reduction of state-owned shares, and it is necessary to pay close attention to the progress of its asset replacement and restructuring.

Part 3: The Impact of New Tax Policies on the Beer Industry

This time only appropriate adjustments have been made to the beer tax, and the amounts are divided into two levels according to the ex-factory price of the product

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The fixed tax rate has changed from a unified "220 yuan/ton" to an ex-factory price of 3,000 yuan/ton: those below 3,000 yuan/ton

are still the old tax amount, so The consumption tax is 220 yuan/ton; if the ex-factory price is 3,000 yuan/ton (including 3,000 yuan/ton, excluding value-added tax) and above, the consumption tax per ton is increased to 250 yuan/ton.

In other words, if mid-to-high-priced beer is charged an extra 30 yuan per ton, will the price of beer rise as a result? This kind of worry

is unnecessary, because the actual increase in taxes is not much, only 1 to 2 cents per catty, which brewers

can completely digest. Yanjing Beer and Tsingtao Beer are the two leading beer listed companies. Among them, Yanjing Beer takes the mid-range and low-price route while Tsingtao Beer takes the high-end route. Yanjing Company has formed a pagoda-type product structure. The mid-to-high-end beer, which accounts for 15% of the market share, can completely control the total cost and rely more on the market for pricing.

my country currently levies consumption tax on the beer industry using a quantitative and fixed method: the tax amount is directly proportional to the sales volume

; the consumption tax amount of the unit taxable object is inversely proportional to the sales volume, and the sales amount is inversely proportional to the sales volume. If the consumption tax amount remains unchanged, the tax burden will be relatively reduced. An important condition for my country to determine the use of specific fixed tax rates is that the price difference of a certain product is not large. However, in fact, there is a large price difference between high-quality high-end wine and ordinary low-end beer. This tax adjustment

In fact, it should be a continuation of the tax reform in 1994, which opened up the tax boundaries between low-end and mid-to-high-end beer

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