Red star Erguotou wants listing performance growth to be slow and there is still a big gap between Niulanshan

Original title: Red Star Erguotou wants backdoor listing performance growth is not yet small and Niulanshan

Red Star ErguotouloanThe news of the listing of Shell has been activatedmarketAttention. recently,Dahao technology(603025) Release “BeijingDahao technologyLimited actionsthe companyLearn about core resource planningReorganizationSuspensionad“, the announcement stated that after the transaction is completed, it will directly and indirectly own 100% of Beijing Red Star Co., Ltd. (hereinafter referred to as Red Star). However, the announcement also states that the transaction is in phase planning and there are still uncertainties.

As early as 2011, Hongxing shares proposed a listing target within the next three years, but they were not made public for various reasons.In contrast, its competitor Niulanshan Baijiu gradually expanded after the listing and its revenue has continued to increase.

　　Hongxing Erguotou MayBackdoor listing

The announcement stated that a few days agoDahao technologyversusBeijing Yiqing Holding Co., Ltd.(Hereinafter referred to as Yiqing Holdings) and the Beijing Jingtai Investment Management Center (hereinafter referred to as Jingtai Investment) signed the “Beijing Dahao Technology Co., Ltd. and Beijing Yiqing Holdings Co., Ltd. Restructuring Agreement” and “Beijing Dahao Technology The reorganization intent agreement between the Company Limited and the Beijing Jingtai Investment Management Center. “

The main content of the agreement is that Dahao Technology buys 100% of the wealth management company held by Yiqing Holdings by issuing shares and buys 45% of the Red Star shares held by Jingtai Investment by issuing shares. Upon completion of this transaction, Dahao Technology will directly and indirectly own 100% of the shares of Red Star.

At the same time, Dahao Technology intends to provide no more than 35 specialsFixed investmentInvestors raise support funds through the non-public issue of shares, the number of shares issued must not exceed 30% of the total share capital of Dahao Technology prior to issuance, and the total amount of support funds raised must not exceed the transaction to purchase assets by issuing sharesprice100%.

The announcement also stated that the transaction is currently in the planning stage, the parties to the transaction have not yet signed a formal transaction agreement, and the specific transaction plan is still being negotiated and there is still some uncertainty. Trading of its shares has been suspended since November 24 and the company has promised to suspend trading for no more than 10 trading days. If he does not disclose the reorganization plan within the aforementioned period, the planning of this asset reorganization will end. This means that there are still variables in this transaction.

Red Star shares include “Red Star”BrandLiquor series, “Arctic Ocean” brand beverage seriesProduct, “Yili” series of food and other products.

　　Can the gap be narrowed with Niulanshan Erguotou?

Hongxing share was founded in May 1949 and is a famousNumber old name ChinaenterpriseAnd a national unit for the protection of intangible cultural heritage; he was once the sole producer and owner of Erguotou in Beijing.

Then, to support local wineries, Red Star Erguotou taught Erguotou beer technology in Niulanshan, Huadu and Kyoto, so more than ten different Erguotou brands were born.At the same time, Red Star Erguotou voluntarily gave up the name complete with “Erguotou” in 1981.brand nameFor registration, only the registered trademark of “Red Star” is used.

Among the Erguotou liqueurs, Niulanshan ranks first.Shunxin Agriculture(000860) Successfully listed for rapid expansion, and in 2007 the twoPerformanceStill not divided. The financial report shows that from 2017 to 2019,Shunxin AgricultureLiquor business income was 6.451 billion, 9.278 billion and 10.289 billion, with growth rates of 23.96%, 43.82% and 10.91% respectively. However, the operating costs of its liquor business are also climbing to 2.912 billion, 4.674 billion and 5.342 billion respectively, with growth rates of 49.56%, 60.51% and 14.29% respectively.

Although Red Star Erguotou has not disclosed its operating results, according to insiders’ estimates, it is already a second-line field in the Erguotou category and its revenue could be less than 2 billion yuan. Niulanshan’s revenue in 2019 surpassed 10 billion, which is far above the scale of Red Star Erguotou.

Already in February 2011, “Capital Liquor Industry Co., Ltd.” was founded. of Beijing, which includes its own brands such as Red Star, Dragon Emblem, Guzhong, Liuquxiang, Zhonghua and Luminous Cup. mid-term listing of the “Twelfth Five Year Plan”, but unfortunately the listing target was not achieved.

Some insiders believe that if Red Star Erguotou manages to go public successfully this time around, it is expected to gradually narrow the gap with Niulanshan Erguotou. However, some people believe that its market size has been repeatedly reduced by Niulanshan Erguotou and it is not easy to narrow the gap.

In 2019, Red Star entered the high-end liquor market and launched the Red Star Gaozhao Grand Master 1949 series.Prices850 yuan On September 16, 2020, Red Star once again launched the high-end scented liqueur “Red Star 1949 Master Inheritance”, priced at 699 yuan, but these products have not received much recognition from the market.

It is worth mentioning that on September 22, the Central Commission for Discipline Inspection State Supervision Commission website said it was wary of rising high-end liquor prices to trigger a resurgence of unhealthy trends. Hongxing Erguotou, who entered the high-end liquor market, was named accordingly.

Indeed, Dahao Technology’s performance in recent years is not optimistic. It recorded revenue of 560 million in the first three quarters of 2020.Year after yearDecrease of 24.43%; registeredNet profit117 million, a decline of 43.75% year-on-year, and both revenue and net income fell. In 2017-2019, its revenues were 1.06 billion, 1.07 billion and 973 million respectively;Net profitThey were 396 million, 369 million and 254 million.

Public information shows that Dahao Technology is a high-tech enterprise specializing in the research and development, production and sales of various computer control systems of sewing and knitting equipment. Its main business is the electrical control of sewing machines and equipment, which account for 95.01% of its revenue.

If this time the transaction is completed successfully, with the help of “Liquor +Food and beverages“The combination, perhaps Dahao Technology’s performance can also be improved, of course, the premise is the smooth completion of the transaction.

(Article source:China Economic Net）

(Responsible publisher: DF537)