indonesiaasiagame| Less than a year after taking over the offer, he hurriedly withdrew. Shandong State-owned Assets are not optimistic about Jinhui Liquor anymore?

RecentlyIndonesiaasiagameAn announcement on the reduction of holdings attracted the attention of the liquor market. On the evening of May 6, the veteran Gansu wine company Jin Huijiu announced that its shareholder Dongtie Sheng San planned to reduce its total stake in the company by no more than 1521 through centralized bidding and bulk trading.Indonesiaasiagame.780,000 shares, not exceeding 3% of the total share capital.

Jin Huijiu said that this reduction plan is the company's shareholder Tiesheng 3 according to its own capital needs of the reduction, will not have a significant impact on the corporate governance structure and sustainable operation. Tiesheng No. 3 is not the company's controlling shareholder, actual controller and its concerted actors, and the implementation of this reduction plan will not lead to a change in the control of the company.

It is understood that Tiesheng No. 3 is an investment fund under Shandong State-owned assets Supervision and Administration Commission. In July 2023, it signed an equity transfer agreement with Fuji Yuyuan shares and accepted the 5% stake in Jinhui Liquor held by Yuyuan shares. The transferee price is 23.61 yuan per share.

Tiesheng 3 said at that time that the company's concession of Jinhui Liquor shares was mainly based on the optimistic about Jinhui Liquor's management ability, development planning and performance growth prospects.

In less than a year, Sweets became Mrs. Niu. Why is Shandong State-owned assets in such a hurry to get rid of Golden Emblem Liquor? is it not optimistic about its prospects?

The stock price is on a roller coaster with frequent changes in equity.

When it comes to Jinhui Liquor, we have to mention Yat Investment and Li Ming. In fact, since Art invested in Jinhui Liquor in 2006, Li Ming has been the core figure of Jinhui Liquor. When Jinhui Liquor was listed ten years later, Li Ming held a 55.28% stake in Jinhui Liquor through Yat Investment.

In May 2020, Li Ming transferred nearly 30 per cent of Jinhui Liquor to the Yuyuan stake in the compound system at a price of 1.837 billion yuan, and Guo Guangchang became the new controller of Jinhui Liquor.

However, the performance of Jinhui wine under the control of the compound galaxy has not improved, but accelerated its decline. The net profits of enterprises in 2021 and 2022 were 325 million yuan and 280 million yuan respectively, down 1.81% and 15.41% from 331 million yuan in 2020.

At this time, Guo Guangchang's mind seems to be all on another holding wine company willing to wine there, Jinhui wine was once again put on the shelf. In the second half of 2022, compound Galaxy relinquished control of Jinhui Liquor and returned part of its shares to Gansu Yat Group, and Li Ming regained control of Jinhui Liquor.

It was at this time that Tiesheng No. 3 joined the board and was transferred to hold 5% of Jinhui Liquor in Yuyuan in July 2023, which further consolidated Li Ming's control.

It is worth mentioning that when the Jinhui Liquor shares were transferred, Tiesheng 3 said that in the next 12 months, according to market conditions, its Jinhui Liquor shares may be sold through bulk trading, centralized bidding, agreement transfer or other legal means, but promised not to reduce its shares at a 10% discount below the agreed transfer price, that is, no less than 21.249 yuan per share.

However, after Tiesheng entered the bureau on the 3rd, the share price of Jinhui Liquor experienced a roller coaster.

Since July 2023, the share price of Jinhui Liquor has increased rapidly from about 24 yuan per share to the highest price of 30.80 yuan per share in September, and then quickly dropped to the lowest price of 17.20 yuan per share in February 2024.

However, since April 16, the share price of Jinhui Liquor has risen against the trend, rising to the closing price of 22.52 yuan per share on May 6, just reaching the minimum transfer standard promised by Tiesheng No. 3. At this time, Tiesheng 3 hastily announced the plan to reduce its holdings, and some investors even questioned that this series of coincidences were creating a retreat opportunity for Tiesheng 3.

The performance was lower than expected, and the nationalization layout was blocked.

In fact, after Jinhui wine returned to the control of Yat Group, the performance picked up somewhat. In 2023, the company achieved operating income of 2.548 billion yuan, an increase of 26.64% over the same period last year, net profit of 329 million yuan, an increase of 17.35% over the same period last year, and non-net profit of 328 million yuan, an increase of 21.03% over the same period last year.

According to the latest quarterly report for 2024, the revenue of Jinhui Liquor in the first quarter was 1.076 billion yuan, up 20.41% from the same period last year, while the net profit of Guimu was 221 million yuan, up 21.58% from the same period last year.

But even so, Jinhui Liquor has failed to deliver on its previous performance commitments. In 2019, the company signed a reward and punishment plan with the core management team. According to this plan, the company's revenue in 2022 and 2023 needs to reach 2.5 billion yuan and 3 billion yuan, and the net profit needs to reach 470 million yuan and 600 million yuan. If it cannot be achieved, the management will be punished. At the end of 2022, Jin Huijiu revised the plan, delayed the performance target by one year and cancelled the penalty scheme for management. However, judging from the performance in 2023, the company's net profit still failed to reach the target of 470 million yuan.

In addition, in recent years, the Matthew effect in the liquor industry is obvious, and liquor enterprises generally have problems such as high inventory and poor sales. Under such a background, small and medium-sized regional liquor enterprises are more and more willing to go out to survive.

Jinhui Liquor is also one of them. Jinhui Liquor implements the strategy of "layout of the whole country, deep ploughing in the northwest, and key breakthroughs". In order to accelerate out of Gansu Province, it is emphasized to consolidate the market construction of the northwest base areas and gradually cultivate the second growth curve of East and North China. to help the company's medium-and long-term strategic landing.

This is reflected in the sharp rise in marketing expenses. Financial data show that from 2020 to 2023, the sales cost of Jinhui Liquor soared from 222 million yuan to 535 million yuan, and the proportion of sales expenses in revenue increased from 12.82% to 21%.

In addition, in 2019, there were 163 non-provincial dealers of Jinhui Liquor, accounting for 38.44% of the total. By the first quarter of 2024, the number of dealers outside the province of Jinhui wine had reached 609, accounting for 68. 5% of the total. 27%. In terms of the number of dealers, Jinhui Liquor has made great efforts to the national layout, and the proportion and number of dealers outside the province have been greatly increased.

However, the operation is as fierce as a tiger, but the effect is almost close to the original pestle, the proportion of revenue outside the province of Jinhui wine has not increased significantly. In the first quarter of this year, for example, the revenue of Jinhui Liquor outside the province increased by 13.23% compared with the same period last year, which was significantly lower than the 22.55% in the province, and the sales revenue outside the province only accounted for 20.23% of the total revenue, which had little effect compared with 16.7% in 2020.

Not only can not go out, Jinhui Liquor is also facing the challenge of foreign brand invasion. With the continuous saturation of the liquor market, opening up new markets has become an inevitable choice for many liquor enterprises. Many liquor enterprises, such as Xi Liquor and Sands Liquor Industry, have set their sights on the northwest. It is undoubtedly a big challenge for Jinhui Liquor to maintain the northwest market that depends on it.

At a time of internal and external troubles, facing the exit of Shandong state-owned assets, the pressure of Jinhui wine industry to break the situation is getting greater and greater.