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Article | The forefront of entrepreneurship
"Maotai in the south, Huangtai in the north", located in Huangtai Liquor Industry One year earlier than the listing of Moutai.
However, 20 years later, Huangtai has not been able to continue to become a liquor company comparable to Moutai, but instead has become a "A-share immortal bird" who "wears hats" and "removes hats" five times.
Since 2020, the company's performance has been "repeatedly jumping" between profits and losses. In 2023, Huangtai Wine Industry's operating revenue will be 154 million yuan, up 12.96% year on year, with a net loss of 15.094 million yuan.
By the first quarter of 2024, Tianshui, Gansu, will become popular with Malatang. Huangtai Liquor Co., Ltd., which is also located in Gansu Province, has also made corresponding marketing, resulting in an increase of 21.45% in the company's sales expenses, but this has not improved the performance of Huangtai Liquor Co., Ltd.
In addition, Huangtai Wine has developed wine business for nearly 30 years, and its revenue scale is still in the millions. Is the return of Australian wine a crisis or a turning point for Huangtai Wine?
1. "A-share Immortal Bird"
Wuwei, Gansu Province, called Liangzhou in ancient times, is located at the eastern end of the Hexi Corridor. Since ancient times, it has been the transportation hub between the Central Plains and the Western Regions, and also an important node on the Silk Road.
Here, "Liangzhou Huangtai Wine" was once brilliant.
In 1985, Gansu Huangtai Wine Co., Ltd. won many awards after its establishment, including more than 100 international and domestic liquor awards, including the second Panama Special Gold Award.
In 1993, Liangzhou Huangtai Liquor was listed into the national famous liquor ranks and the national famous liquor allocation plan by the Ministry of Internal Trade.
In 1994, Liangzhou Huangtai Liquor and Maotai, the national liquor, joined the second Panama International Gold Medal, which won the reputation of "Maotai in the south and Huangtai in the north".
In September 1998, Gansu Huangtai Industrial Group Co., Ltd., as the main sponsor, jointly established a joint stock limited company with Beijing Lizelong Science and Trade Company, Shanghai People's Printing Plant 8, Zhejiang Cangnan Dike Technology Development Company and Henan Anyang Changhong Color Printing Enterprise Group.
In August 2000, Huangtai Liquor was listed on the Shenzhen Stock Exchange, with a total market value of 312 million yuan and a net capital raising of 300 million yuan. The actual controller was Wuwei State owned Assets Administration, and Zhang Jingfa was the legal representative of Huangtai Liquor.
As a result, Huangtai Wine became the first listed company in Gansu, one year earlier than the listing of Moutai.
However, 20 years later, Huangtai has not been able to continue to become a liquor company comparable to Moutai, but instead has become a "A-share immortal bird" who "wears hats" and "removes hats" five times.
In the second year after listing (that is, 2001), both revenue and profit of Huangtai Liquor fell sharply, with a net profit of only 300 million yuan. In 2002, Huangtai Wine continued the trend of declining revenue and net profit, with a net profit loss of 12 million yuan.
In 2003, the loss further expanded to 117 million yuan. Because of losses for two consecutive years, Huangtai wore the hat of * ST for the first time in 2004.
By streamlining the organization and reducing the number of staff, Huangtai reduced its management expenses. In 2004, with a profit of nearly 10 million yuan, it successfully removed its hat for the first time in 2005.
Since then, under the leadership of Zhang Jingfa, Huangtai Wine has changed from a state-owned enterprise to a private enterprise through the establishment of a joint venture, capital increase with the price of physical assets, restructuring and introduction of new companies, transfer of major shareholders' equity, auction of corporate shares, etc.
In 2007, Dingtai Hengtong became the controlling shareholder, and Zhang Lixin, the third son of Zhang Jingfa, became the actual controller.
However, Zhang Jingfa died in 2008 without leaving a will, which triggered a dispute over the inheritance of his three sons. According to the Economic Observer, citing the memories of the former employees, when the wine could not leave the factory, the eldest son wanted to deliver the goods, and the third son sent someone to guard the door; The third son wanted to deliver goods, and the eldest son sent people to guard the door. There were also many violent incidents, and the employees' wages were delayed and they were not willing to work.
In this case, the performance of Huangtai Liquor Industry has declined seriously, and Huangtai Liquor Industry was put on the "* ST" hat for the second time in 2009.
Faced with the risk of delisting, Huangtai took debt restructuring measures and reached a debt write off agreement with China Orient Asset Management Co., Ltd., which eventually turned the company's losses into profits and achieved a second de capping.
In 2010, Shanghai Houfeng Investment Co., Ltd. acquired the shares held by Zhang Lixin at a price of 220 million yuan, thus becoming the largest shareholder of Huangtai Wine.
During this period, Huangtai Liquor Industry has missed both the production capacity boom period (2007-2011) of China's liquor industry and the golden period of price rise and marketing of some famous liquors.
In 2015, Huangtai Distillery put on the hat of * ST for the third time because of the negative annual net profit audited for two consecutive years.
At the same time, Liu Jing, Lu Hongyi and Zhao Jingsheng, the former shareholders of Shanghai Houfeng, transferred all the shares of Huangtai Liquor held by the company to Xinjiang Runxintong Equity Investment Co., Ltd. for 100 million yuan, making it the actual controller of Huangtai Liquor indirectly.
In fact, after many changes of ownership, Huangtai Liquor failed to develop well, and even transformed itself several times. It successively entered the tomato business, planned to reorganize with the game company Feiliu Jiutian, and tried to obtain the controlling right of Shenzhen Middle School Education. However, it did not improve, and returned to the main liquor business.
This also led to a loss of 127 million yuan and 188 million yuan respectively in 2016 and 2017, and the company wore the * ST hat for the fourth time in 2018.
In 2019, Huangtai Liquor Industry changed its ownership again. This time, Shengda Group received the order.
At that time, Zhao Haifeng, Chairman of Shengda Group and Chairman of Huangtai Wine Industry, said publicly that Shengda Group's entry into Huangtai aimed to save Huangtai, a local brand wine industry, and revitalize the brand of famous enterprises in Gansu.
"We will strive to form a certain market scale within 3-5 years, make Huangtai brand liquor a strong brand in the regional market, and strive to make 'Maotai in the south, Huangtai in the north' become a real name within 10 years." Zhao Haifeng said.
However, in 2021, due to the impact of the epidemic and the increase of sales expenses for the development of new markets, Huangtai Liquor was warned of delisting risks on April 29, 2022, with a revenue of less than 100 million and a loss of 13.5548 million yuan after deducting non net profits.
Miraculously, in 2022, the performance of Huangtai Liquor Industry will increase sharply, realizing revenue of 136 million yuan respectively, with a year-on-year growth of 49.77%; The net profit was 7.3561 million yuan, a year-on-year increase of 154.27%, and it was successfully removed for the fifth time in August 2023.
2. Loss after 5 times of decapitation
In fact, before the fifth decapitation of Huangtai Liquor, a number of data had attracted regulatory attention.
On May 8, 2023, Shenzhen Stock Exchange issued a letter of inquiry on the annual report of 2022 to * ST Huangtai, requesting the company to explain the reason and rationality of the great difference between the seasonal distribution of revenue in 2022 and that in 2021 and 2020, and further explain whether the relevant revenue recognition is reasonable and compliant, and whether there are 14 issues such as inter temporal revenue recognition.
Huangtai Wine said that in 2022, the company's sales model will gradually change to a distribution model, so the operating revenue of each quarter in 2022 will be relatively balanced.
Under the distribution mode, we can use the dealers' network channels, relationships, funds and other advantageous resources to expand market share. Therefore, in 2022, the company will focus on the distribution channels and rely on dealers to develop channels. The market share was further improved, which promoted the substantial growth of the sales revenue of the company's distribution model during the reporting period.
However, 40 days after the "decapitation", Huangtai Distillery received the supervision letter issued by Shenzhen Stock Exchange.
Shenzhen Stock Exchange mentioned that in 2022, the base liquor purchased by Huangtai Liquor Industry through the supplier Luzhou Bazhou Liquor Sales Co., Ltd. will be supplied by the company actually controlled by Chen Bing, the deputy general manager and chief engineer of the company, involving an amount of 13.0164 million yuan, accounting for 9.75% of the company's latest audited net assets.
In the same year, the company sold alcohol products to Shaanxi Qingshan Lvshui Liquor Industry Co., Ltd. (referred to as "Qingshan Lvshui"), involving an amount of 3.5069 million yuan, accounting for 2.63% of the company's latest audited net assets. Qingshan Lvshui is actually controlled by the company's controlling shareholder, Gansu Shengda Group Co., Ltd., and is an associated party of the company.
SZSE said that Huangtai Distillery failed to perform the review procedures and information disclosure obligations for the above related transactions in a timely manner, and did not conduct supplementary review of the above matters until September 14, 2023, and disclosed them to the public on September 16, 2023.
Therefore, Zhao Haifeng, the then Chairman, Dai Jichen, the Director and General Manager, Wei Wandong, the then Chief Financial Officer, Chen Bing, the Deputy General Manager, and Duan Wenxin, the then Secretary of the Board of Directors, were mainly responsible for the above violations.
Huangtai Distillery, which has operated and managed "a mess" for many years, recently disclosed its performance in 2023, which is totally different from the situation in 2022. Huangtai Distillery failed to continue to make profits and turned profits into losses.
Since 2020, the company's performance has "repeatedly jumped" between profits and losses.
Figure/Wind Data shows that in 2023, Huangtai Distillery's operating revenue will be 154 million yuan, up 12.96% year on year, with a net loss of 15.094 million yuan.
Figure/2023 Annual Report of Huangtai Distillery On a quarterly basis, Huangtai Liquor achieved profits in the first three quarters of 2023, with net profits of 2.4626 million yuan, 575800 yuan and 467400 yuan respectively. In the fourth quarter, the company suddenly lost 18.5153 million yuan, wiping out the net profits of the first three quarters.
Figure/2023 Annual Report of Huangtai Distillery Specifically, the revenue of Huangtai Liquor Industry is mainly contributed by middle and low-end products, accounting for 42.82%. The revenue growth of middle and high-end products is the most obvious, with a year-on-year increase of 55.29%, but this is not competitive in the high-end liquor industry.
In addition, it is worth noting that throughout 2023, the gross profit rate of Huangtai Liquor has declined in both channels and products.
Among them, the gross profit rate of direct sales (including group purchase) channels declined by 0.49 percentage points, the distribution channels declined by 2.4 percentage points, and other channels declined by 11.54 percentage points;
Low end products declined by 5.28 percentage points, middle and low end products by 2.15 percentage points, middle and high-end products by 2.54 percentage points, high-end products by 1.09 percentage points, and other products by 11.54 percentage points, which is also rare among listed liquor companies.
In the first quarter of 2024, Tianshui Malatang will become popular, and Huangtai Wine, which is also located in Gansu Province, has also made corresponding marketing.
For example, in its official account of Douyin, it not only tasted Tianshui Malatang live in Haiying Malatang Store, but also attracted consumers to give away Huangtai Liquor products by playing games in the store.
In addition to delivering wine, Huangtai Wine also launched its unique "Huangtai Giant Dragon" to perform in Tianshui City, and Huangtai Small Dragon Team, Gong and Drum Team, and Bottle Model Team also performed with Huangtai Giant Dragon.
In the first quarter of 2024, the sales expenses of Huangtai Liquor, which was marketed in a big way with the heat of Tianshui Malatang, increased by 21.45%. The company said that it was due to the increase of business promotion expenses and marketing promotion expenses.
However, this did not improve the performance of Huangtai Wine. According to the first quarter report of 2024, the company realized an operating income of 36.3491 million yuan during the reporting period, a year-on-year decrease of 5.73%; The net profit was 870700 yuan, a year-on-year decrease of 64.64%.
3. Wine revenue is only more than 6 million yuan
In fact, in addition to liquor business, Huangtai Wine is also developing wine business.
In 1995, Huangtai Wine started its wine business, and now has a 5000 mu wine grape base.
According to Huangtai Liquor Industry, the Liangzhou Dry Red Wine and Huangtai Dry Red Wine produced by the company have won dozens of honors, such as the gold medal of the Paris Famous Wine Expo in France, and the excellent product of liquor product quality evaluation in Gansu Province.
In addition, the company positioned the "Liangzhou" brand wine as a national "strong brand of Chinese red wine", striving to build the best vineyard in western China and brew wine with western charm.
However, even after nearly three decades of development, the wine revenue of Huangtai Wine is still at the level of one million, far from the listed companies in the industry.
The company's 2023 annual report shows that the revenue of wine business is 6.5204 million yuan, an increase of 81.91% year on year, accounting for only 4.23% of the revenue.
From the perspective of the domestic wine industry, the five A-share listed wine enterprises will achieve a total revenue of 6.039 billion yuan in 2023, up 9.92% year on year; The total net profit was 267 million yuan, up 144.06% year on year.
Among them, the profitable Changyu A and CITIC Nya The revenue reached 4.385 billion yuan and 212 million yuan respectively *ST Mogao 、 ST Tongpu and Weilong Shares The operating revenue has also exceeded RMB198 million, RMB859 million and RMB385 million, respectively.
From the perspective of production and sales, the output of finished wine of Huangtai Wine Industry in 2023 will be 122.58 tons, an increase of 129.77% over the previous year, the inventory will be 77.74 tons, an increase of 241.26% over the previous year, and the sales volume will be 67.62 tons, an increase of 55.66% over the previous year.
Huangtai Wine explained that it is mainly to develop the wine market, research and develop new products, and reserve the supply of products. However, according to the sales speed and inventory of the company in 2023, it will take more than a year for Huangtai Wine to clear all the finished wine products.
In addition, it is worth noting that the promotion means of Huangtai Wine also made the business cost soar.
Among the components of operating costs, the operating costs of the wine business in 2023 increased by 505.48% year on year, from 403200 yuan to 2441000 yuan. The company explained that this was mainly due to the increase in operating costs due to the large amount of free gifts of wine with goods during the sales process in 2023.
In fact, in 2023, the domestic wine market will continue to be depressed due to the impact of economic situation, consumption degradation, and other alcoholic drinks.
According to the data of the National Bureau of Statistics, China's wine production declined from 214000 kiloliters in 2022 to 143000 kiloliters, a year-on-year decline of 33.18%. At the same time, from January to December 2023, the import volume of bottled wine will be about 155 million liters, a year-on-year decrease of 29.54%, and the import volume will be about 7.268 billion yuan, a year-on-year decrease of 17.81%, with both volume and volume falling.
Under such circumstances, Huangtai Wine Industry and even the domestic wine industry jointly ushered in new variables.
From March 29, 2024, the country will stop imposing anti-dumping duties on imported wines originating in Australia, and Australian wines will return to the Chinese market.
The return of Australian wine will undoubtedly force the wine industry to change. For Huangtai Wine, which is still small at present, this is a crisis or a turning point. 'Interface News · Pioneering Frontline' will continue to pay attention.
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