On the track of sauce-flavored liquor, the "Mao Yiqisui" pattern is particularly distinct. Many wine companies have planned to enter the second stock of sauce-flavored liquor. There have been countless failures over the years. Guotai Liquor Industry is the most persistent one.
As early as ten years ago, Guotai Liquor Industry's annual sales exceeded 1 billion for the first time, and announced its listing plan to the outside world, followed by equity incentives and IPO share reforms.
In October 2019, Guotai Wine Industry claimed that it had entered the counseling period and was expected to apply for an IPO in April 2020. But a year later, the official website of the China Securities Regulatory Commission showed that Guotai Wine Industry terminated its review of IPO application on June 2, 2021.
In response to this, Guotai Liquor Industry stated that this is not to terminate the IPO process, but to plan to adjust the IPO materials and report them again.
But now 2021 is coming to an end, the company has successively revealed negative news about "sexual assault of executives" and "abnormal business operations". At the same time, in early December, without any official release, a large number of statements about "Sales of Guotai Liquor Industry exceeded 10 billion yuan" spread wildly, and Guotai Liquor Industry has too many questions to be answered urgently.
self-exposed base wine production capacity is insufficient
sauce-flavored liquor has a very high threshold. First, base wine can be produced and stored for more than many years before it can be shipped out. To form a stable quality system, it takes more than ten years to form a cycle. Second, it takes time to increase the production of sauce-flavored liquor. After the wine is brewed, it will take years to store it. If it is too fast or too urgent, quality problems will arise.
htmlOn the morning of October 13, Guotai Wine Industry held the 2022 Production Quality Oath Conference and the 2021 Intelligent Brewing High-Quality Development Forum. Zhang Chunxin admitted at the meeting: "Our biggest problem and problem now is the first supply shortage. We are trying every means to expand production and increase capacity, but supply shortage will still be normalized."In the prospectus submitted by December 2020, the company also He once said: "Due to the particularity of high-quality sauce-flavored liquor production cycle and large investment in the expansion of base wine production capacity, sauce-flavored liquor companies will find it difficult to increase base wine production and reserves by expanding their production scale in the short term."
At the beginning of this year, Guotai Liquor acquired HNA Huai Liquor Co., Ltd., and then on November 3, Guotai Liquor and Maotai Town Maoyuan Liquor Co., Ltd. (hereinafter referred to as Maoyuan Liquor) signed a cooperation agreement. The two parties plan to establish a joint venture, claiming that Maoyuan Wine Industry's planned production capacity will reach 15,000 tons in the future.
cooperated with wine companies and many doubts
However, the quality of these two wine companies that were "liked" by Guotai Liquor Industry is hard to describe.
It is understood that in 2011, HNA spent 780 million to acquire 60% of Huaijiu's equity, but after 8 years of cultivation, Huaijiu's performance is unremarkable, and HNA Winery has gradually stopped production since 2018.
After the merger and acquisition of Guotai Liquor, Huaijiu started production on November 6, 2019. In 2019, HNA Huaijiu's revenue was 17.8275 million yuan, but its net profit was only -51.9563 million yuan.
As for Maoyuan Liquor Industry, there are more doubts about the company. Public information of
shows that Maoyuan Liquor Industry and the actual controller of the company Yu Fangkai was listed as the person subject to execution by the Renhuai Municipal People's Court on October 13 this year, with the execution target of 10.6624 million yuan. Guotai Liquor Industry facilitated the company to reach cooperation one month later.
In addition, according to public reports, Hui Liquor Group officially acquired Maotai Town Maoyuan Wine Industry Co., Ltd., Renhuai City, Guizhou Province in 2019.
report also said that Lin Jinfeng, chairman of Blast Fu Jiahui Liquor Group, Liang Dehui, executive director of Blast Fu Jiahui Liquor Group, Wu Jun, general manager of Blast Fu Jiahui Liquor Group, Yu Fangkai, chairman of Maoyuan Liquor Industry, and Yu Bo, general manager of both companies all attended the signing ceremony.
So, why did Maoyuan Liquor Industry, which was acquired by Huijiu Group in 2019 bypass the signing of a cooperation agreement between Huijiu Group and Guotai Liquor Industry this year? The mystery is still unsolved.
In addition, according to Tianyan Check, there was a loan contract dispute between Huijiu Group and Maoyuan Liquor Industry this year. The latter, as the defendant, was tried in the Bozhou Intermediate People's Court on May 14, but the relevant details were not listed on the Internet.
Strangely, if Huijiu Group completed a wholly-owned acquisition of Maoyuan Liquor Industry in 2019, why did this lawsuit that should have been a family but turned into a confrontation? Why is Huijiu Group not seen in the cooperation between Guotai Liquor Industry and Maoyuan Liquor Industry? Does Guotai Liquor consider the risks involved in Maoyuan Liquor and its actual controller Yu Fangkai?
billion revenue is difficult to distinguish the authenticity of html On November 2, Guotai Liquor Industry issued a notice stating that all the sales quotas for Guotai national standard wine in 2021 have been implemented. Guotai Sales Co., Ltd. has issued a suspension notice to all distributors, branches, regions/offices: After the company's research and decision, the shipment of Guotai National Standard Wine will be stopped from now on.
As soon as this news came out, it began to circulate online, and said at the same time: "This indicates that the sales target of 10 billion yuan in Taiwan has been completed."
The author can't figure out where this judgment comes from, because the official Guotai Liquor Industry has not released any text or picture proof that can prove that the company's sales exceed 10 billion yuan, and there is not even a decent promotional poster.
Although it mentioned in the article published on the WeChat official account of Guotai Liquor Industry on October 13 that "Since this year, Guotai Liquor Industry has made rapid progress... It is about to achieve sales of 10 billion yuan", the official account has published four product promotion articles since December, but it has not mentioned that sales of 10 billion yuan.
In fact, the performance data disclosed by Guotai Liquor Industry the most recent official disclosure is still in the prospectus. From 2018 to 2020, Guotai Liquor Industry achieved total revenue of 1.177 billion yuan, 1.888 billion yuan and 4.005 billion yuan respectively, with revenue soaring by 113.07% year-on-year; net profit attributable to shareholders was 247 million yuan, 411 million yuan and 818 million yuan respectively, and net profit in 2020 nearly doubled year-on-year.
. If revenue exceeds 10 billion in 2021, it is not easy.
For wine companies, this period of time at the end of the year is very important, because the shipments of the liquor industry generally account for about 30% of the whole year during the Spring Festival, which is of great significance to wine companies.
The author dares to guess whether there is such a possibility that the company released a kite that sold over 10 billion through the media in early December, expanding its popularity while conducting brand marketing, so as to have a "rush march" to increase revenue in the last December of 2021?
When will the "47 Question" of the China Securities Regulatory Commission be answered? The related issues of the surge in
's revenue were also reflected in the feedback from the China Securities Regulatory Commission on the application documents for Guotai Liquor in November 2020.
Among the CSRC's more than 150 million words of the question, there are 47 major issues in total, each of which also covers several branch issues. In terms of "revenue growth", nearly 10 details were inquired about.
prospectus shows that from 2017 to 2019, Guotai Liquor achieved revenue of 573 million yuan, 1.176 billion yuan and 1.888 billion yuan respectively, of which the shareholding distributors contributed revenue of 282 million yuan, 629 million yuan and 691 million yuan respectively, accounting for 57.40%, 55.70% and 38.04% of the total revenue; and achieved net profit of 71 million yuan, 247 million yuan and 374 million yuan respectively.
In response to this, the CSRC requires Guotai Wine Industry to supplement the disclosure of production capacity, production, sales, capacity utilization rate, production and sales rate during the reporting period based on the subdivided products of high-end products and mid-to-high-end products, indicating that each subdivided product adopts a ratio of production based on sales and production of safe inventory.
and quantitatively explain the reasons and rationality of fluctuations in the production, capacity utilization, production and sales rate of the same category of products during the reporting period in combination with product orders, stocking conditions, use and idle conditions of machinery and equipment, production cycle, outsourced processing and revenue recognition principles.
has a long requirement, very detailed questions, and involves a lot of data, covering the real process of the enterprise from production to sales, reflecting that the core requirement of supervision is "seeking truth", because the total score of the transcript can be written randomly, but by cumulatively adding the scores of each question, you can see the true or false. In the feedback documents of the China Securities Regulatory Commission to Guotai Liquor Industry, there are 47 major questions and nearly 130 minor questions. However, Guotai Wine Industry has not revised or responded to this yet.
No wonder Guotai Liquor Industry has been unable to respond for a long time. This "baseline test" is too easy to squeeze out moisture.
The author believes that increasing production capacity is not a one-day effort, especially for sauce-flavored wine companies, if they do not have excellent base wine storage, it is difficult to ensure quality by relying solely on acquisition. Foreign acquisitions are also a technical job, and it is easy to step on the wrong side if you are careless. Guotai Liquor Industry once said that it would do everything possible to expand production and increase its capacity, but if you take a big step, it is easy to get rid of it. The company's road to listing is trembling, so it is better to be careful. [Please send a private message or send a reply within 24 hours for submissions and regional cooperation. 】
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Release date: 2021-12-21 11:21:16 Category: Media
