In-Depth Analysis of Kouzijiao Dealer Inventory

Based on the information I searched, specific data on the average inventory depth of Kouzijiao dealers is relatively limited. I have found the following relevant information:

Related Data Findings

1. Channel Inventory Situation

According to Ping An Securities’ 2020 research report,

Kouzijiao’s channel inventory was approximately 1-2 months during the 2020 Mid-Autumn Festival period

[1]. This means that the average dealer inventory depth was approximately 30-60 days at that time.

2. Company Inventory Turnover Days

From the research reports of Debang Securities and Huafu Securities, I found data on Kouzijiao’s overall inventory turnover days[2][3]:

2022
: Approximately 1,051-1,129 days (about 2.9-3.1 years)
2023
: Approximately 1,089-1,129 days (about 3 years)
2024
: Approximately 1,096-1,286 days (about 3-3.5 years)

It should be noted that these data reflect the

overall inventory turnover of the company

, rather than the inventory depth at the dealer level.

3. Industry Background

According to the 2022 Annual Report on the Status Quo and Development of Liquor Merchants,

33.6% of liquor merchants have inventory of 3-5 months, and nearly 40% of liquor merchants even have inventory of more than 5 months

[4]. This indicates that the overall dealer inventory pressure in the baijiu industry is relatively high.

Data Limitations Statement

At present,

no clear specific data comparing the average inventory depth of Kouzijiao dealers with that of 2021 has been found in public information

. “Average dealer inventory depth” usually needs to be obtained through:

First-hand data obtained from on-site research by brokerage researchers
Channel research information in the company’s annual reports or announcements
Channel tracking reports from industry research institutions

Recommendations

To obtain accurate data on “how many days the average inventory depth of Kouzijiao dealers has increased compared to 2021”, it is recommended to:

Review in-depth research reports on Kouzijiao from major brokerage firms (such as Debang Securities, Huafu Securities, Ping An Securities)
Pay attention to baijiu industry channel research databases
Consult professional baijiu industry research institutions

References:

[1] Ping An Securities - Review of Baijiu Performance During the 2020 Pandemic (https://pdf.dfcfw.com/pdf/H3_AP202203311556337276_1.pdf)
[2] Debang Securities - Initial Coverage of Kouzijiao (603589.SH): Steady Progress in Channel Reform (https://pdf.dfcfw.com/pdf/H3_AP202308181595060368_1.pdf)
[3] Huafu Securities - In-Depth Report on Kouzijiao (603589.SH) (https://pdf.dfcfw.com/pdf/H3_AP202406181636644884_1.pdf)
[4] Shenwan Hongyuan Research - Digital Marketing White Paper: Baijiu Industry (https://pdf.dfcfw.com/pdf/H3_AP202211181580355342_1.pdf)

In-Depth Analysis of Kouzijiao Dealer Inventory

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