The performance is under pressure, and the Securities and Futures Commission investigates that the road to the “resurrection” of Huangtai Liquor has become an unpredictable road.
The sustainability of Baijiu listed companies continued to improve. As of the close of May 18, 18 of the 19 listed companies have achieved continuous growth. Among them, the growth of Yanghe shares increased by more than 5%, and the growth of willing wine industry exceeded 4%.Liquor giants such as Wuliangye have also achieved a continuous increase of more than 4%, while Maotai achieved a record high of more than 1340 yuan, while gaining a new high in the market, and harvested 2.53% growth rate.In this piece of “bright red”, only Huangtai Liquor is an exception. Until now, Huangtai Liquor is still in suspension, but a piece of corporate stock recovery issued by Huangtai Liquor on the evening of May 14thThe listing application has been replaced by the Shenzhen Stock Exchange (hereinafter referred to as the “Shenzhen Stock Exchange”), which seems to mean that the “life journey” of Huangtai Liquor on the stock market is ushering in a turning point.The twists and turns of the “resurrection” road based on the announcement issued by Huangtai Wine Industry, the Shenzhen Stock Exchange officially announced the application for the resumption of listing of the shares of Huangtai Wine Industry on May 14th, and said that it would do within 30 trading days of the private prosecution applicationWhether to agree to the decision of Huangtai Liquor to resume listing.Although in general, these companies are still able to resume listing smoothly, and there are still uncertainties, but from the feedback of the shareholders learned by Sauna and Yewang, there are still many views that regard this event as good news for Huangtai Wine Industry.Excessive investors said that Huangtai Liquor still has a certain upside potential, and its brand appeal in the northwest market still exists to a certain extent.This positive attitude is to a certain extent inseparable from the performance announcement just released by Huangtai Wine Industry.According to the company’s performance in 2019, after experiencing continuous success, in 2019 Huangtai Liquor realized a turnaround, and the net profit attributable to shareholders of the listed company reached 6821.370,000 yuan, an increase of 171 per year.44%; operating income increased significantly 288.67%, reaching 9904.630,000 yuan.However, the reporter checked the information and found that the amount of Huangtai Liquor’s successive reductions in officials has even exceeded its operating income that year.Among them, the company achieved operating income of 4,760 in 2017.50,000 yuan, the net profit attributable to shareholders of the listed company.8.8 billion yuan; by 2018, the operating income will be reduced to 2548.30,000 yuan, the net profit attributable to shareholders of the listed company can be restored to 9548.150,000 yuan.The insolvent Huangtai Liquor Co., Ltd., while its operating capital is extremely reduced, has to face the violent impact of the tax payment owed by the public security investigation and judicial proceedings by shareholders and suppliers.However, judging from the performance in the first quarter, Huangtai Liquor still faces challenges if it wants to take advantage of the 2019 turnaround.In the first quarter of 2020, under the influence of the new coronary pneumonia epidemic, the performance of the liquor industry generally declined, and Huangtai liquor industry was no exception.In the first quarter, Huangtai’s operating income even realized annual growth.1%, but the net profit attributable to shareholders of the listed company is still reset to 0.85%, maybe 641.60,000 yuan.The net cash flow from operating activities was previously highlighted 4309.69%, a decrease of 1670.60,000 yuan.The complicated judicial disputes in the first quarter have caused the industry to question whether Huangtai Winery can successfully resume listing. At the same time, there are quite a lot of industry views pointing to the reason why Huangtai Winery can get a respite in 2019, but because it has released anyA large number of highly sought-after products, or because of its new controlling shareholder Gansu Shengda Group and shareholders with state-owned background, Huangtai Commerce and Trade, “transfusion” of Huangtai Wine Industry.Sauna and Yewang learned from the Tianyancha platform that Beijing Huangtai Commerce and Trade’s controlling shareholder is Gansu Huangtai Brewing (Group) Co., Ltd., and the company’s controlling party is the Ganzhou Liangzhou District State Assets Administration.In April 2019, Beijing Huangtai Trading will merge 13 shares of listed companies.9% of the voting rights of shares are irrevocably entrusted to Gansu Shengda Group to exercise.In this regard, Gansu Shengda Group became the controlling shareholder of Huangtai Wine Industry.Subsequently, Shengda Group continued to inject assets including industrial land into the newly established Shengda Huangtai Company at the end of 2019.Immediately afterwards, 100% equity of Shengda Huangtai Company was donated free of charge to Gansu Huangtai Wine Industry Brewing Co., Ltd.Judging from the evaluation results of the transaction by Beijing Zhongqihua Assets Appraisal Co., Ltd., the net assets donated this time reached 1.3.9 billion yuan.A top representative said that for a company whose operating income in 2019 is less than US $ 100 million, 1.The injection of net assets of US $ 3.9 billion certainly relieved the insolvency situation of Huangtai Liquor to a certain extent.As a result, due to past management problems and complicated judicial disputes brought about by business breakthroughs, it was restored due to the free capital injection of Shengda Group.Sauna and Yewang found from the Tianyancha platform that from the beginning of January 2020 to the end of April 2020, there were 34 legal proceedings against Huangtai Wine Industry.In particular, the six litigation events announced from the beginning of March to the end of April, except for one of the plaintiffs withdrawing the lawsuit, the remaining several cases ended with the defeat of Huangtai Wine Industry.Among these losing cases, the reasons shown are all securities false statement disputes.Judging from a case decided by the Intermediate People’s Court of Lanzhou City, Gansu Province, Zhang Hui, who was originally called Zhang Hui, told the defendant Huangtai Wine Industry that it suffered losses due to information leakage and violation of laws and regulations.At the same time, the illegal acts of Huangtai Wine Company failing to disclose information according to the regulations shall be compensated to the plaintiff according to law.Although Huangtai Liquor argues that the investment losses incurred by the plaintiff’s purchase of stocks were caused by systemic risks in the securities market, there is no causal relationship between the plaintiff’s losses and Huangtai Liquor’s actions.But in the end, the court still supported the claim of the plaintiff and ordered Huangtai Jiuye to compensate the plaintiff for the loss.The remaining cases are equally similar.Officials of Huangtai Wine Industry have repeatedly noted that the false increase in profits constitutes a false statement, and at the same time compensate investors for losses.In fact, this time, while waiting for the listing application to be resumed, Huangtai Liquor is still waiting for the administrative decision decision of the China Securities Regulatory Commission.It is understood that as early as April 2019, Huangtai Wine Industry has received an investigation notice from the China Securities Regulatory Commission, alleging that Huangtai Wine Industry is suspected of information leakage and violation of laws and regulations, and decided to file an investigation.By March 2020, Huangtai Wine Industry had received the advance notice of administrative litigation issued by the Gansu Supervision Bureau of the China Securities Regulatory Commission.However, Huangtai Liquor said that the company has already submitted the defense materials, and the final result will be subject to the decision on the administrative certification issued by the China Securities Regulatory Commission.Difficult operating pressures While the industry is waiting for the China Securities Regulatory Commission to reorganize how to publish the findings of Huangtai’s wine industry, the continued sluggish operating performance of Huangtai’s wine industry has also clouded the company’s “resurgence road.”Although the performance of Huangtai Liquor has achieved a substantial increase in 2019, especially when the operating income of the liquor segment has increased significantly, the sales expenses have also increased substantially.In addition to the leaders questioning whether it was related to the vigorous blood transfusion of the controlling shareholder, Sauna and Yewang also noted that the sales volume of food and beverage products of Huangtai Wine Industry only increased over the same period of the previous year.In the case of 1%, the inventory has greatly increased by 294.2%.It is not just because of the substantial increase in inventories that has made Huangtai Liquor’s sustainable sales ability doubtful.In fact, whether online or offline, the market performance of Huangtai Liquor is not optimistic.In the Tmall Huangtai liquor flagship store, the product with the highest total sales has only 74 orders, and the latest evaluation is only 12; the total sales of most other products have only hovered between two numbers and evenThree products sold zero in the flagship store of Huangtai Liquor.When the reporter visited the Beijing market, no matter whether it was in a large supermarket or a small cigarette hotel, or even a new place, the wholesale market of small and medium-sized liquor brands in various regions was gathered. No Huangtai liquor products were found everywhere.Figure.The liquor merchants under the cable told reporters that Huangtai liquor products are mainly sold in neighboring provinces and cities mainly in Gansu, and other markets such as Beijing are not the main sales places.However, when an Air Force reporter visited the Xining market in Qinghai, the frequency of Huangtai liquor in the local area was not high.The reporter also saw in the news released by public channels that an article pointed out that the probability of local Huangtai liquor products appearing in Gansu is not as good as in the past. At present, in Gansu province, Jintai liquor and other provincial brands are compared with Huangtai liquor.Products are not strong.From the public data, the gap between Huangtai Liquor and Jinhui Liquor, another listed liquor company in Gansu Province, is widening.In 2019, the operating income of Jinhui Liquor reached 16.3.4 billion US dollars, attributable to the net profit of listed company shareholders.7.1 billion yuan, greatly surpassing the achievements of Huangtai Liquor after turning a loss.While facing competitors in the province, Huangtai Liquor must also face direct competition from regional brands such as Xifeng Liquor from the northwest region, and even large-scale enterprises such as Elite, Qingqing Barley Liquor are trying to encroach on Gansu.market.Some people in the industry believe that the market capacity of Gansu Province is limited. In the high-end and sub-high-end sectors, there are already brands such as Xifeng, Jinhui Liquor, etc., and even Maotai, giants such as Wuliangye have tried to take a slice.As consumption upgrades and the industry tends to be high-end, whether Huangtai Liquor will continue to improve after the achievements in 2019 will be frustrated by the industry in 2020, will determine whether the company will be marginalized next.Sauna, Ye Wang Xu Jingjing Trainee reporter Xue Chen editor Xu Jingjing proofreading Li Ming