"Recently, the elevator advertising spaces in some communities in Changsha seem to be 'contracted' by Tinghuajiu." Mr. Wu, a Changsha citizen, told Pepper Finance reporter that he recently saw Tinghuajiu's advertisements at the elevator entrance of the community.
Ms. Li from Changsha told Pepper Finance reporter that she also saw advertisements for Tinghuajiu in many elevators in the community. "After '3·15', wasn't Tinghuajiu taken off the shelves? Why is it now on the market again?"
Has Tinghuajiu, which was exposed on "3·15", really made a comeback?
Tinghuajiu is making a comeback
In fact, after the "3·15" report, Tinghuajiu's parent company st spring immediately suspended the sales and promotion of Tinghuajiu. However, Tinghuajiu only avoided the limelight for a month.
According to a source from St Spring who told reporters from Chili Pepper Finance, the company actually resumed related business operations on a small scale at the end of April, but did not restart publicity on a large scale.
"Recently, the company has launched elevator advertisements across the country, which is also implemented according to the plan formulated by the company."
Previously, Tinghua Wine was well known to consumers for its "sky-high price" and "health" labels. According to St Spring, the "Tinghua" series of high-end liquor is divided into Maotai-flavor plus and strong-flavor plus, including 53-degree Maotai-flavor plus boutique and standard bottles, both 750 ml/bottle; 52-degree strong-flavor plus boutique 750 ml /bottle and standard size 500ml/bottle.
Pepper Finance reporter found that compared with the advertisements before the "3·15" report, in the advertisements for Tinghua Wine recently posted in the elevator, the expressions about "sky-high-priced liquor" were no longer mentioned. However, the promotional content still retains information such as "delicious drinks that have never been experienced before", "three Nobel Prize winners as chief scientists", and "dual activation brewing".
In addition, the price of the canned flower alcohol bottle has not changed compared with the standard bottle before. However, the packaging of the 58,600 yuan tincture of flower alcohol has a new label "export only" added.
Tinghuajiu has resumed advertising. Does it mean that Tinghuajiu has fully launched its sales network?
html On August 2, a reporter from Chili Pepper Finance searched for the keyword "Tinghuajiu" through Taobao, , JD.com, and other online shopping platforms, but none of the platforms could display related products or pages.Reporters noticed that at last month’s performance briefing, st Spring stated that the company had submitted an application to resume sales to the relevant platforms and strived to resume online sales as soon as possible.
html On the morning of August 2, a reporter from Pepper Finance called the customer service number of Tinghuajiu in the advertisement. After the call was connected, the customer service staff of Tinghuajiu told the reporter that currently Tinghuajiu cannot be purchased at the online flagship store, and consumers can only go to Tinghuajiu offline experience store, or contact the dedicated sales manager by phone to purchase."There are no experience stores in Changsha yet. Currently, only some areas such as Beijing, Shanghai, Tianjin, and Hohhot have offline experience stores. If you want to buy, a sales manager will call you later to communicate."
But as of now As of press time, the reporter had not received any return calls regarding Tinghuajiu.
It is worth mentioning that on May 7 and June 25, 2024, the market supervision and management departments of Wuhou District in Chengdu City and Chaoyang District in Beijing City, based on their inspection results, believed that the relevant subsidiaries of st Spring were involved in the product sales process. There are "use of scientifically inconclusive views and unverified user reviews of 'Tinghua' wine to make misleading commercial propaganda and misleading consumers" and "carrying out misleading commercial propaganda", which violates our country's The provisions of Article 20, Paragraph 1 of the Anti-Unfair Competition Law, and in accordance with Article 20, Paragraph 1 of my country’s Anti-Unfair Competition Law, st Spring’s Chengdu subsidiary and Beijing subsidiary were ordered to cease violating the law. and fined 1.8 million yuan and 800,000 yuan respectively.
st Spring Liquor’s gross profit margin exceeds 70%
After Tinghuajiu was exposed on “3·15”, the listed company behind it, St Spring, was inevitably affected.
html On the evening of August 1, St Spring, the parent company of Tinghuajiu, disclosed its 2024 semi-annual report.Data show that the company achieved operating income of 138 million yuan in the first half of 2024, a year-on-year increase of 28.82%; the net profit attributable to shareholders of the listed company was a loss of 59.87 million yuan, compared with a net loss of 50.59 million yuan in the same period last year.Pepper Finance reporter noticed that in ST Spring’s semi-annual report, the main reason for its losses was attributed to the sluggish sales of its alcohol fast-moving consumer goods business.
st said in spring that due to the impact of the "3.15" report on the fast-moving alcohol business segment at the end of the first quarter, and the off-season for liquor sales in the second quarter, the sales and revenue of related products failed to meet the expected targets, resulting in the company's overall decline. Operating losses.
However, reporters from Chili Pepper Finance found that ST Spring’s sales expenses in the first half of the year were 83.5146 million yuan, a year-on-year decrease of only 6.42%, and the amount was basically the same as the same period last year. According to Changjiang Cloud News, the investment manager of Youtinghuajiu revealed that Tinghuajiu is currently launching a one-week national elevator advertising campaign, which has covered high-end buildings in 32 major core cities across the country and will use more than 150,000 elevators. Posters come with high density exposure.
Why did ST Spring not weaken and not give up the promotion and sales of Tinghuajiu even after its reputation was severely damaged after the "3·15" exposure?
Industry insiders believe that Tinghuajiu had a certain market popularity and had a relatively high gross profit margin. If it can maintain good operations, it may be able to support the performance of listed companies and make a significant contribution.
Reporters checked st Spring's annual reports and found that the beverage business has indeed provided a lot of development momentum for st Spring.
From 2021 to 2023, its beverage business contributed profits of 17.3271 million, 58.7470 million, and 62.3685 million respectively, with profit ratios as high as 68.73%, 79.54%, and 47.64% respectively;
In addition, the gross profit margin of this business during the period also reached 68.23%. , 62.73% and 75.19%.
st Spring also expressed its importance to the alcohol business in its semi-annual report, saying that "in the future, it will strengthen cooperation with dealers, expand alcohol sales channels, and enhance the company's sustainable operating capabilities."
But at the same time, st Spring also reminded Regarding the business risks of Tinghuajiu’s future development.
He said: "The competition in the alcohol market is fierce, industry differentiation and adjustment trends are obvious, there is a strong demand for consumption upgrades, and consumers have increasingly higher requirements for quality. At present, the company's main products in the alcohol sector have new brands and highly innovative products. , achieving consumer awareness requires a process, and it takes a certain amount of time and effort to eliminate the impact of relevant media reports, which may lead to the risk that the company’s business plan will be affected and the business goals cannot be fully realized, thereby affecting the company’s ability to continue operating.”
The stock price fell by nearly half after "March 15"
It is worth noting that since the end of June, ST Spring's stock price has increased by more than 80%, which has attracted market attention.
st Spring has also repeatedly reminded investment risks. St Spring said that after verification, the company has not found any media reports or market rumors that have a significant impact on the company's stock trading price, nor does it involve hot market concepts. Investors are requested to invest rationally and pay attention to the transaction risks in the secondary stock market.
In addition, st Spring also issued a special article stating: "Recently, some media quoted the statement of the person in charge of the relevant department of the company that the relevant products have no quality and food safety problems. The relevant statement is not the "Administrative Penalty Decision" of the relevant market supervision and management department. The content of the "Administrative Penalty Decision" has nothing to do with product quality and food safety issues. Except for the above matters, the company has not found any other media reports or market rumors that have a significant impact on the company's stock trading price, nor does it involve the market. Hot concept. "
Although the stock price of ST Spring has rebounded recently, the stock price still deviates significantly downward compared to before the "3·15" exposure.
According to Flush data, since March 15, ST Spring’s share price has fallen by 47.9%, and its share price has almost halved. During the period when the stock price dropped, its stock price was as low as 1.84 yuan per share, which was only a few steps away from the threshold of "face withdrawal".
In addition, at the end of 2023, the average shareholding amount of st Spring shareholders reached 87,800 yuan, but as of June 30, the per capita shareholding amount of st Spring shareholders was only 26,300 yuan. In just half a year, it shrank by about 70% %.
To make matters worse, for st Spring, the future is not only uncertain for its product Tinghuajiu, but the "hat" caused by its poor performance may also lay the foundation for the company's delisting.
Pepper Finance reporters combed through ST Spring's annual report and found that from 2020 to 2023, ST Spring's revenue in the same period was 124 million, 128 million, 160 million and 214 million yuan respectively; the net profits attributable to the parent were -320 million and -249 million respectively. , -288 million yuan and -268 million yuan.
In the first half of this year, ST Spring still faced a loss of nearly 60 million yuan. If losses continue in the second half of the year, ST Spring will achieve five consecutive years of losses.
It is worth mentioning that after the introduction of the new "Nine National Regulations", the performance evaluation of listed companies has become more stringent.
According to the relevant regulations of the Shanghai Stock Exchange, if the audited total profit, net profit or net profit after deducting non-recurring gains and losses in the most recent fiscal year, whichever is lower, is negative and the operating income is less than 300 million yuan, the exchange will implement Delisting risk warning.
Faced with this hard target, ST Spring will inevitably generate greater pressure.
At the 2023 performance briefing held on June 19, ST Spring also said that the company will work hard to improve performance, eliminate ST risks, and strive to achieve the goal of 100% year-on-year growth in main business income.
reporters roughly calculated that if ST Spring is to achieve its goal of not being subject to delisting risk warnings, it needs to complete a revenue task of 162 million yuan in the second half of the year, which translates to 2,765 bottles of high-quality canned flower wine worth 58,600 yuan; if
wants To achieve the company's 2024 performance goals, it needs to achieve revenue of 290 million yuan in the second half of this year, which translates into the need to sell 4,949 bottles of premium bottled flower wine.
st A person from the Spring Securities Department told Pepper Finance: "Although the company has suffered losses in recent years, the company is still confident in achieving its business goals."
As for the company's judgment on the sales of Tinghuajiu in the second half of the year, the person told Pepper Finance The reporter said: "This is determined by the market, and we cannot make an estimate."
Xiaoxiang Morning News·Pepper Finance reporter Hao Yongqi
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