Really drunk!I’m all learning from Guo Guangchang, Zhongxing Mushroom, which sells enoki mushrooms, has taken a fancy to the liquor in Maotai Town.

Really drunk!I’m all learning from Guo Guangchang, Zhongxing Mushroom, which sells enoki mushrooms, has taken a fancy to the liquor in Maotai Town.

Wang Yan
2021-06-21 17:17:53
Source: Times Finance

“The sales of edible mushrooms such as Flammulina velutipes have obvious periodicity. The sales in the second and third quarters of each year are not good, and the company is losing money. However, liquor products are more anti-cyclical. There is no obvious off-peak season and can be effective. Supplement the company’s operations.” A related person from Zhongxing Fungi told Times Finance.

After rubbing shoulders with Yuancheng Gold (600766.SH), the Shengjiao Liquor Industry, a wine company in Moutai Town, was spotted by another listed company. This time the buyer was a company that sells enoki mushrooms.
Image source: Visual China
On the evening of June 20, Zhongxing Fungus (002772.SZ), whose main business is the cultivation of Flammulina velutipes and Agaricus bisporus, issued an announcement stating that it intends to acquire Guizhou Maotai Town Shengjiao Wine Co., Ltd. (hereinafter referred to as “Shengjiao Wine”) in cash. Industry”) 100% equity.
Why did a company selling enoki mushrooms and other agricultural products suddenly intervene in the liquor industry?
In an interview with Times Finance and Economics on June 21, a relevant person of Zhongxing Fungus Industry stated that the purpose of acquiring Shengjiao Wine Industry is mainlyIn order to expand the second revenue growth point, butAt present, the parties to the merger and acquisition have only reached a preliminary intention, and the specific purchase price has not yet been determined.
“The sales of edible mushrooms such as Flammulina velutipes have obvious periodicity. The sales situation in the second and third quarters of each year is not good. The company often loses money, and the consumption of liquor products is more anti-cyclical, and there is no obvious off-peak season. , Can effectively supplement the company’s revenue.” The person said.
Shengjiao Winery Curve goes public?
inCrowdXingBefore the announcement of the acquisition by Fungus Industry, Shengjiao Wine Industry was almost in the pocket of “the smallest A-share listed company” Yuancheng Gold to achieve a curve listing.
On September 22, 2020, Yuancheng Gold, which has only 20 employees, announced that it intends to acquire 100% equity of Shengjiao Wine Industry.But after 2 months, Yuancheng Gold announced the acquisitiontermination, The reason is that the two parties in the transaction cannot reach an agreement on the valuation.

In addition to backdoor A-share listed companies, Shengjiao Wine Industry has also revealed its plans to list in Hong Kong. In September 2018, at the Sino-Chongqing Liquor Exchange Center Promotion Conference and Shengjiao Shares 2020 listing briefing held by Xinfeitian Winery Group, the parent company of Shengjiao Wine Industry, in Nanjing, Xinfeitian Wine Industry Group stated that in order to speed up Shengjiao Wine For the development of the industry, the company plans to be listed on the Hong Kong Main Board in 2020. However, the company’s latest statement on this is that it originally planned to go public in Hong Kong, but taking into account the impact of various factors such as the epidemic, it suspended its plan to go public in Hong Kong. Today, Shengjiao Wine Industry has become one of the wine companies that the Renhuai Municipal Government of Guizhou promotes to go public. In June of this year, Shengjiao Winery, together with Guotai Winery, Xiaohuduxian Winery, Zhenjiu Winery, Yanbo Winery Co., Ltd. and many other well-known wine companies in Guizhou, appeared in the Guizhou Province listing announced by the Guizhou Local Financial Supervision and Administration Bureau. Listed in the list of backup enterprise resource libraries. In October 2020, Wang Nengke, deputy secretary and mayor of Renhuai City, also held a listing work scheduling meeting in Shengjiao Wine Industry to listen to and study and solve the difficult problems in the listing process of Shengjiao Wine Industry. He said that all relevant departments in the city It is necessary to vigorously support the listing of Shengjiao Wine Industry, under the principle of not touching the bottom line and not touching the red line, special and urgent matters must be handled quickly. Relevant departments must go deep into the enterprise site to find out the situation of the enterprise, and solve the problems of taxation, asset reorganization, and precise land use and location in accordance with the law. After rubbing shoulders with Yuancheng Gold, Zhongxing Mushroom has become another hope for Shengjiao Wines to be listed on the curve. Fineness to be tested The move to seek listing is quite positive, but the fineness of the Shengjiao wine industry has yet to be tested. Public information shows that Shengjiao Wine Industry was established on June 30, 2011, with a registered capital of 144 million yuan (RMB, belowSame), Liu Jian and Liu Liangyue hold 99.5% and 0.5% of the shares respectively. Shengjiao Winery is located in the core production area of ​​7.5 square kilometers of soy wine in Maotai Town. Currently, it has achieved a production capacity of 60,000 tons of wine and 3,500 tons of annual wine. CrowdXingIn the above announcement, Fungus Industry stated that the sauce-flavored liquor products such as “Holy Cellar”, “Imperial Saint Cellar” and “Hundred Years Saint Cellar” of Shengjiao Liquor Industry have been rated as “the first most internationally popular Chinese wine appraisal activity in 2012.” “Gold Award”, “Chinese Consumer Satisfaction Famous Special Excellent Liquor”, “Leading Brand of Chinese Liquor Industry”, “Top Ten Famous Products of Chinese Liquor Industry”, “China Famous Brand” and other titles. However, according to the brewing process of Maotai-flavored liquor, the general production cycle of Maotai-flavored new liquor takes 1 year, and the new liquor produced will not enter the market until it is stored for about 5 years. For example, it usually takes a bottle of Moutai from production to delivery. It took 5 years. Shengjiao Wine Industry was only established in 2011. How did it win the above awards in one year? In addition, the publicXingThe statement in the announcement by Fungus Industry that “Shengjiao Wine Industry has achieved a national distribution of sales channels” is also worthy of scrutiny. Times Finance noted that the number of fans in the flagship store of Tmall Shengjiao is only 892. The store sells more than 10 types of Shengjiao wines, priced from 43 yuan/bottle to 4999 yuan/bottle, of which the highest sales volume is “53 degrees”. “Daqu sauce-flavored liquor tasting small bottle” is priced at 43 yuan per bottle, and the monthly sales volume is only 82, while the monthly sales of most other products are 0.On JD.com, another e-commerce platform, Times Finance did not inquire about the relevant products of Shengjiao Winery. At the same time, some liquor dealers in Guangzhou, Zhengzhou and other places think that the Shengjiao wine industry is somewhat unknown. They told Times Finance that they rarely see Shengjiao Winery’s products locally. When Yuancheng Gold acquired Shengjiao Winery, it also received an inquiry letter from the Shanghai Stock Exchange due to the strange growth of the latter’s performance. According to the data previously disclosed by Yuancheng Gold, Shengjiao Winery lost 2.794 million yuan in 2018 and turned a profit of 8.1103 million yuan in 2019. 2020In the first 8 months,Shengjiao Winery made a profit of 10.148 million yuan again. However, Yuancheng Gold did not explain why the performance of Shengjiao Wine Industry has seen explosive growth in the past two years. In the impression of local people in Moutai Town, Shengjiao Wine Industry is more like a liquor sales company than a liquor company that integrates production and sales. “They usually buy wine from other wineries to make OEM products for sale. It is rare to hear that they produce and sell themselves.” On June 20, a Moutai town wine shop operator told Times Finance and Economics. As for the specific asset strength and operating conditions of Shengjiao Winery, the above-mentioned people from Zhongxing Fungus Industry said that they are not clear about Times Finance. “We have just sent an audit and accounting team to the past. After the statistics and inventory are completed, we will have a clear understanding of the Shengjiao Wine Industry, and then decide whether to acquire it in the end.” The person also told Times Finance that the company has understood that the acquisition of Shengjiao Winery and Yuancheng Gold was finally discontinued due to the failure to negotiate the valuation, but it is not clear about the proposed acquisition between Shengjiao Winery and Yuancheng Gold. price. He also emphasized that now the two parties have only reached a preliminary intention, and the acquisition has not officially started. Why do mushroom sellers sell liquor? Unlike Yuancheng Gold, which has an annual revenue of only more than 10 million yuan, Zhongxing Fungus has a solid industry and market. Public information shows that Zhongxing Fungus Industry is located in Tianshui City, Gansu Province. It is a factory modern agricultural enterprise specializing in the research and development, production and sales of edible fungi. As of December 31, 2019, the daily production capacity of Zhongxing Mushroom edible fungi was 905 tons, of which the daily production capacity of Flammulina velutipes was 745 tons and the daily production capacity of Agaricus bisporus was 160 tons. According to the financial report, in 2020, Zhongxing Fungus Industry achieved revenue of 1.483 billion yuan, a year-on-year increase of 28.32%, and a net profit of 189 million yuan, a year-on-year increase of 176.24%. A local government official in Tianshui City told Times Finance that Zhongxing Fungus Industry is currently one of only three listed companies in Tianshui City. The local government has a lot of support. In addition to tax exemption, certain financial subsidies will be given every year. Why did a little-known liquor company with doubts about the product market become the “sweet pastry” in the eyes of a mushroom manufacturer after missing the Yuancheng rice wine? Many investors believe that after the acquisition of Shengjiao Liquor, Zhongxing Mushroom can be stained with today’s hot liquor concept and raise its stock price and market value. “As long as the liquor can take off, the daily limit will definitely not be less,” said some investors. The above-mentioned people from Zhongxing Fungus Industry told Times Finance: “The sales of edible mushrooms such as Flammulina velutipes are obviously cyclical. The sales in the second and third quarters of each year are not good, and the company often loses money. And the anti-cyclical nature of liquor products Stronger, there is no obvious off-peak season, which can effectively supplement the company’s operations.” Times Finance checked the financial reports of Zhongxing Fungus Industry over the years and found that Zhongxing Fungus Industry made a loss in the second quarter of 2020, the second quarter and the third quarter of 2019. In addition, the high gross profit margin of liquor products also makes mushrooms and other agricultural products unmatched. The financial report shows that the gross profit margin of Zhongxing Fungus Industry in 2020 is only 27.60%. In contrast, the gross profit margin of many listed liquor companies exceeds 70%, and the gross profit margin of Moutai is more than 90%. Zhongxing Fungus Industry also told Times Finance that despite the support of taxation and other financial policies, the gross profit margin of fungus products is much lower than that of liquor products. It should be pointed out that in terms of sales channels and marketing, mushrooms and other fungus products are very different from liquor. If it succeeds in acquiring Shengjiao Winery, how will Zhongxing Fungus deal with the relationship between the two major businesses in the future? The above-mentioned people from Zhongxing Fungus Industry told Times Finance that, like Fosun and other foreign capitals acquiring liquor companies, if the acquisition is successful, the company will not intervene in the specific sales and channels of Shengjiao, and will completely leave it to the original team for operation. We just use baijiu as a supplement to revenue.” As of June 20, the stock price of Zhongxing Fungus Industry had a daily limit of RMB 9.64 per share. From June 15th to June 18th, the stock price of Zhongxing Bacteria has risen for four consecutive days. The content on this website (including but not limited to text, pictures, audio and video), except for reprinting, are all copyrights of Times Online. Reprinting, linking, reposting, or other use is prohibited without the authorization of a written agreement. Anyone who violates the above statement will be held accountable by this website. For other media, websites or personal use, please contact Mr. Ding on this website: [email protected]