梅林掌舵的白云边：业绩连年失约、渠道利润微薄、何时兑现百亿豪言？| 酒业内参

Core Viewpoint - Hubei Baiyunbian Distillery is struggling to achieve its ambitious sales targets, with a 2024 revenue of 7.83 billion, falling short of the 8.2 billion goal, indicating a stagnation in growth and market penetration [1][3][16] Group 1: Sales Performance - Baiyunbian's 2024 sales revenue reached 7.83 billion, a 1% increase year-on-year, but only 95% of the planned target [1] - The company has not met its previous ambitious goal of reaching 10 billion in sales by 2017, with the highest revenue recorded at 4.414 billion in 2017 [1][14] - In the Guangdong market, Baiyunbian achieved sales of 120 million in 2024, completing 87.5% of its annual plan, with a year-on-year growth of 7.24% [4] Group 2: Market Challenges - Baiyunbian's growth is perceived to have entered a saturation phase, particularly in its home province, where competition from well-known brands is intensifying [1][5] - The brand struggles to cultivate new customer segments outside its traditional base, with a significant portion of sales reliant on Hubei migrants in Guangdong [5][9] - The company faces challenges in brand recognition and acceptance of its products in new markets, leading to low channel profitability [7][9] Group 3: Competitive Landscape - Baiyunbian is losing market share to competitors like Wuliangye and Yanghe, which maintain sales around 2 billion in Hubei, while Baiyunbian's high-end market presence is weak [9][10] - The company’s pricing strategy does not align well with consumer preferences, as many consumers opt for national brands over local offerings in the premium segment [10][12] - Baiyunbian's attempts to push high-end products have not resonated with the market, as evidenced by low sales of its higher-priced offerings [10][12] Group 4: Management and Strategic Issues - The management team is criticized for being outdated, with a lack of innovative marketing strategies and an inability to respond effectively to competitive pressures [12][14] - Baiyunbian's ambitious sales goals have been repeatedly postponed, with the next target set for 2025 requiring a significant increase in growth rate to achieve [16]