Zheng Haoxin, a reporter from the Economic Observer Network, heard that Huajiu is liquor or a health product?For Qinghai Spring, Tinghua Trade, a wholly-owned subsidiary of Tinghua Wine Industry, is a supplier, a customer, or its own person?Has the newly entered private equity fund this year been in contact with all relevant parties of the company?In the face of various questions from reporters, Qinghai Spring (600381.SH) chose to remain silent.
Contrary to the silence, Qinghai Spring is very popular in the stock market.In the first half of this year, Qinghai Spring became the company with the highest share price increase among liquor stocks, with a year-to-date stock price increase of 70.8%; however, the liquor index fell by 14%.In contrast to the stock price, Qinghai Spring's performance continued to lose money.
Recently, Tinghuajiu has been on the hot search again.The reason is that while searching for Maotai and Luzhou Laojiao on Baidu, advertisements for listening to Huajiu appeared.The two companies sued Tinghuajiu for trademark infringement and unfair competition.
Regarding being sued and whether to purchase keywords, Qinghai Spring said that the promotional information provided by Tinghua Wine Industry did not contain any content that violated relevant national laws and regulations, and was in line with Baidu's relevant policies and regulations.It is understood that Tinghua Wine Industry has signed an agreement with Chengdu Baidu Technology Co., Ltd. and conducted a two-week promotion service test on the Baidu platform in early September 2021.
At present, Tinghua Wine Industry is understanding the details and preparing to respond to the lawsuit.The case has now entered judicial proceedings and is awaiting the final result.
The first stock of gains that diverged from performance
Based on the closing price on May 31, Qinghai Spring's share price has risen by 70.8% since the beginning of the year, ranking first among liquor stocks.Qinghai Spring has three consecutive transactions from January 5 to January 7, March 11 to March 15, March 16 to March 18, and March 30 to April 1. The daily closing price increased by 20% during the day, and there was no good news in Qinghai Spring during these periods.
On the Dragon Tiger list on March 15, Huaxin Securities Shenzhen Branch was the top five buyers.According to the Dragon Tiger List on March 18, Huaxin Securities Shenzhen Branch, Everbright Securities Ningbo Jiefang South Road Sales Department, Shengang Securities Zhejiang Branch, Yongxing Securities Qingdao Tongan Road Sales Department, and Everbright Securities Mianyang Yuejin Road Sales Department were the buyers. Five seats, buying 317 million yuan throughout the day.Among them, Huaxin Securities Shenzhen Branch also occupied a seat.
From the first quarter of 2022, four new shareholders will be added to the top ten shareholders, namely Yang Dinghua, Wang Yuhui, Fuyan No. 1 Private Securities Investment Fund, and Morgan Stanley International Limited.
In the first half of this year, the liquor index rose by -14%.Except for Qinghai Spring, only two liquor companies, Golden Seed and Yilite, have achieved a rise in their share prices.The 2021 annual report disclosed by Qinghai Spring showed that its net profit was -249 million yuan.In the first quarter of 2022, Qinghai Spring reported a net loss of 23.5685 million yuan, a year-on-year decrease of 166.79%.
Qinghai Spring wants to build the fast-moving consumer goods sector into a pillar industry.Qinghai Spring wrote in its 2021 annual report that the fast-moving consumer goods business segment is mainly based on the sales of Tinghua series of high-end business wines.At present, the revenue of the FMCG business sector accounts for less than 20% of Qinghai Spring's total revenue.
In 2021, Tinghua Wine published the research results of Tinghua Wine on the physical function of healthy adult men and women in the domestic industry journal "China Food", and mentioned that "it can improve the level of adult male and female sex hormones".
Tinghua Wine Industry and the Liquor College of Sichuan University of Light Chemical Industry wrote in an exploratory study on the impact of adult males on physical function, drinking Tinghua wine can increase the level of immune factors, regulate and improve immune function, regulate and improve male hormone levels, and enhance male erection. Function-related index (NO) levels and improve male function score, increase the proportion of deep sleep, improve sleep quality, relieve anxiety, stabilize mood, and effectively improve fatigue.
Ning Lingzhi, a lawyer from Beijing Dajia Law Firm, told reporters that Article 23(4) of China's "Advertising Law (2021 Amendment)" expressly stipulates that alcohol advertisements must not contain explicit or implied drinking to relieve tension and anxiety. , Increase physical strength and other functions.As for the propaganda of the so-called "sexual function" emphasized by Tinghuajiu, and related to disease prevention and treatment functions such as improving the level of immune factors, improving sleep, relieving anxiety, and stabilizing emotions, it is prohibited by law.
"From the perspective of public information, Tinghua wine is wine, not a health product, let alone a medicine. It is only an ordinary food in terms of classification, and the batch number obtained is also a food batch number, not a health product or drug batch number. If Tinghua wine wants to carry out the above For publicity, you should obtain the batch number of medicines or health products, otherwise it will violate the provisions of the Advertising Law." Ning Lingzhi said.The reporter also did not inquire about the batch number of the health product of Tinghua wine through the special food information inquiry platform of the State Administration for Market Regulation.
In addition, Tinghua Wine Industry's research and development process of the wine on the official website describes a story: Zhang Xuefeng, the chief designer of Tinghua Wine, rested on a chair in the laboratory at 4 am.In a trance dream, an old man with a golden rope around his waist and a fluttering white beard came to him, waved his whisk and wrote the word "live" in the palm of his hand.When he wakes up, he realizes that the water around his tongue is not just saliva—saliva, which can not only relish the taste, but also increase the body fluid.Inspired by this, the R&D team of Tinghua Wine took four years and 3091 trial-manufacture adjustments to brew Tinghua Wine.Zhang Xuefeng is also the chairman and general manager of Qinghai Spring.
At present, the price of a bottle of 750ml 53-degree sauce-flavored fine wine Tinghua wine is 58,600 yuan. Even the standard sauce-flavored and strong-flavored standard models are priced at 5,860 yuan, far exceeding the market price of Feitian Moutai.What is the basis for the high price of Tinghua wine?Can the health benefits and the rhetoric of immortals be the basis for supporting high pricing?Faced with these questions, as of press time, Qinghai Spring has not responded.
According to Xiao Zhuqing, a liquor expert, Luzhou-flavor liquor is three catties of grain to produce one catty of wine; Maotai-flavor liquor is made from 2.5 catties of sorghum wine and 2.5 catties of wheat to make music. A total of five catties of grain produces one catty of sauce-flavored liquor. Costs, transportation costs, storage costs, water and electricity, etc., there is a huge gap between the cost of Tinghua wine and the selling price.
In addition, an important factor driving the sales of high-end liquor is social attributes.In Xiao Zhuqing's opinion, Tinghua wine does not have cultural genes, and the story in the dream cannot build the foundation of the brand.
Suppliers, Customers or Myself
Qinghai Spring's original main business was the sale of Cordyceps sinensis, and the company's main business was conducted through its holding subsidiary Qinghai Spring Medicinal Resources Technology Co., Ltd. (hereinafter referred to as "Spring Medicinal").
The main products of Spring Medicinal are the production and sales of pure Cordyceps sinensis powder tablets and Cordyceps sinensis grass series products.On March 31, 2016, Spring Medicinal received the "Notice on Matters Concerning the Suspension of the Pilot Program of Cordyceps Pure Powder Tablets" from the Food and Drug Administration of Qinghai Province.
Qinghai Spring was once in trouble, and the company's stock was issued with "other risk warnings", and Qinghai Spring was forced to embark on the road of transformation.
Qinghai Spring stated in its 2017 annual report that in order to minimize the risks faced by the company and ensure the sustainable development of the company, it accelerated the research and development of new products, and used the marketing planning, promotion experience and media resources accumulated over the years to expand and explore The potential of the company's marketing planning and advertising business to increase operating income and profit sources.
In 2018, Qinghai Spring officially entered the wine industry by acquiring 100% equity of Tibet Tinghua Wine Co., Ltd. held by a related party, Tibet Zhengku Investment Co., Ltd.
The first product of Tinghua Liquor is Lianglu Liquor, which claims to be specially developed for spicy food.At the 2018 Chengdu Spring National Food and Drinks Fair held in March 2018, Lianglu Wine also carried out investment promotion in key markets across the country.Lianglu Wine said at the time that it has identified a number of partners in key sales areas, and will sign contracts after completing the inspection and review of the partners in the near future. This year's sales work is being implemented as planned.
However, Qinghai Spring stated in its 2020 annual report that at the beginning of 2020, due to the outbreak of the epidemic, important channels such as catering and KA stores that are highly dependent on fast-moving consumer goods, as well as the logistics industry, have been seriously affected, and the domestic consumer market has shrunk. business has a greater impact.
Qinghai Spring adjusted the original business plan, reduced the investment in the offline regional market, strengthened the refinement of the local market, and at the same time accelerated the preparation for the launch of the "Tinghua" series of high-end commercial wine products, which will be launched in some markets in December 2020. Product tasting and testing.
It is worth noting that the supplier of the sky-high price Tinghua wine is the same as the supplier of Lianglu wine that sold for a few dollars before.
Xiao Zhuqing introduced that the process of Luzhou-flavor liquor is characterized by "segmented wine extraction and grading storage". Each winery has high, medium and low grades of products. The best wine body is used in high-end products, and other grades of wine body are used in medium low-end product.It is understandable that the wine body of the product produced by the factory before is a few yuan, but now the wine body of the product of 5860 yuan is produced, although it is a low-end wine in the Tinghua wine product system, it is a high-end wine in the market.What do other low-grade wines do?This is not in line with the process characteristics and capacity structure of the winery.
Tianyancha shows that this supplier was established in December 2012. It was originally called Yibin Rungongfang Wine Industry Co., Ltd., and later changed its name to Yibin Lianglu Wine Industry Co., Ltd., and now it is renamed Yibin Tinghua Wine Industry Development Co., Ltd. The company, which is now Tinghua Wine Industry.
Qinghai Spring's liquor is mainly purchased from Yibin Tinghua Wine Trading Co., Ltd. (hereinafter referred to as "Tinghua Trading"), a wholly-owned subsidiary of Tinghua Wine Industry.Qinghai Spring's 2020 annual report inquiry letter replied that Tinghua Trade is not only a supplier of Qinghai Spring, but also an important customer.
In 2018, Qinghai Spring purchased 37.1631 million yuan of drinks from Tinghua Trade, and Tinghua Trade purchased 48.2329 million yuan of advertising services from Qinghai Spring.In 2020, Qinghai Spring's prepayment balance to Tinghua Trade was as high as 190 million yuan.According to industrial and commercial information, Tinghua Trade was established on December 27, 2017 with a registered capital of 1 million yuan.In the second year of establishment, the company has become an important customer and supplier of Qinghai Spring.
The national enterprise credit information publicity system shows that in the three years of 2018, 2019 and 2020, the company emails submitted by Tinghua Wine Industry are all "zhonglijuan@verygrass.com"."verygrass.com" is the official website domain name of Qinghai Spring."zhonglijuan" is suspected to be written in full pinyin of Zhong Lijuan.At the end of 2021, the change records of Tinghua Wine Industry showed that Zhong Lijuan was registered as a senior executive of the company.
The subsidiary is a supplier of Qinghai Spring, and Tinghua Wine Industry has received nearly 200 million yuan in advance. Why can the manager Zhong Lijuan register the company domain name mailbox of Qinghai Spring?Is Zhong Lijuan an employee of Qinghai Spring?For these questions, as of press time, Qinghai Spring has not responded.In the face of many unsolved issues, the reporter will continue to pay attention.
(Editor in charge: Guan Jing)
