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For half of the companies, the wine company’s annual report reveals some kind of signal?how to respond?

For half of the companies, the wine company’s annual report reveals some kind of signal?how to respond?

Forhalfofthecompanies,thewinecompany’sannualreportrevealssomekindofsignal?howtorespond?
Withthereleaseoftheannualreportoflistedcompanies,thegrowthtrajectoryofChinesewineinthepastyearisalsodisplayedinfrontofinvestors.In2019,theChinesewineindustryisstillinaperiodofin-depthadjustment,coupledwiththeimpactofimportedwine,whichhasledtoashrinkingofdomesticwineproductionandsales,agradualdeclineinmarketprofits,furthershrinkingoftheoverallscale,andfurtherincreaseinindustryconcentration.Reflectedinthefinancialreportsof12listedandlistedwinecompanies,youcansee6substitutions,6netprofitdeclines,8revenueexchanges,thechangeratereaches50%,andtheleadingChangyuistheonlyone.Inadditiontotheseverecompetitiveenvironment,somecompanies’internalcontrolissuesarealsoworthyofattention.ThedeepadjustmentperiodsupplementsthenewcoronarypneumoniaepidemicandaddsuncertaintytotheChinesewineindustryin2020.Theexpectedoverallmarketdemandisstillweakandconsumptionislikelytomaintainadownwardtrend.Althoughdomesticwinesarenotoptimisticintheshortterm,theyarestillgenerallyregardedas”notpessimisticinthelongterm”.Halfofthelistedcompaniesareexpectedtohavetheexpectedamount.Inthepast,oneofthedomesticallyproducedwine”troikas”,DynastyWines,had-7294.Thenetprofitof30,000destroyedbecametheannual”SupplementaryKing”,Tongpu(-3131.470,000yuan),STVeyron(-2586.510,000yuan),AromaticManor(-1594.840,000yuan),Fasette(-933.720,000yuan),TongtianWineIndustry(-81.30,000yuan)followedclosely.Fromthecomparisonoftheenterprisesthemselves,itisexpectedthatthewinecompaniesaredifferent.Since2011,affectedbytheimpactofimportedwines,distributionreformshaveledtoadeclineinsalesinmajormarketsinEastChina,Dynastywineindustryperformancehaschangedalltheway,andprofitaftertaxhasbeennegativefor9consecutiveyears;asoneofthenewdomesticwine”troika”InSTWeilong,thenetprofithasdroppedcontinuouslyinthepasttwoyearsandusheredinthefirstlossafterlistingin2019;winerevenuehasdroppedyearbyyear,ande-commercebusinesshasaccountedforthereplacementofthePortuguese-Portugueseshares,andaftereightconsecutiveyearsofpositiveprofitTomeetthebreakthrough;affectedbytheadjustmentofindustrialstructureandtheimpactofimportedwines,HongKong-listedcompanyTongtianWinesandNewThirdBoardlistedwinecompanyFasetteWinehavebeenincontinuousoperationsince2016,accumulatinglossesforfourconsecutiveyears.Intermsofthedecreaseinnetprofit,thecompany’snetprofitdecreasedby845duetotheincreaseinrawmaterials,packagingmaterialscosts,andprovisionforfallingpricesforslow-movingproductsandtemporaryprotectionproducts.97%,thelargestdeclineinnetprofitamongthe12winecompanies.FortheNewThirdBoardlistedcompany,AromaticManor,thenetprofitdecreasedby259duetothedecreaseinsalesunitprice,lowergrossprofit,andincreasedexpenses.45%.Inadditiontotheintensifiedcompetitiveenvironment,theproductionandoperationdifficultiescausedbytheillegalguaranteesoflargeshareholdershavereducedSTWeilong’snetprofitby150.09%.Inaddition,YiyuanWinery,LoulanWinery,Yizhusharesalsodroppedby99%.51%,53.07%,7.83%.ThemainaccountingdataandfinancialindicatorsofTongpuPortugal’s2019annualreportinthepastthreeyearshavebeenlistedin12companies.Amongthelistedwinecompanies,theoverallrevenuereplacementreached83%,adecreasefrom2.16%to27.48%ranged.OnlyYiyuanWinesandFasetteWinesgrewagainstthetrend,buttheywerealsoaccompaniedbydistortionsoradeclineinnetprofit.Amongthem,*STChinaandPortugal,whichisonthevergeofdelistingandsuccessfullyturnedlossesin2019,sawthelargestdeclineinrevenue,reaching27.48%.Theindustryisstillundergoingin-depthadjustments.Intheeyesofsomepeople,thecompetitiveenvironmentfordomesticwinesin2019isstillfierce.”In-depthadjustments”canbedescribedasthebestperformanceoftheyear.AccordingtothereportoftheChinaWineIndustryAssociation,thedomesticwineindustryhasenteredanadjustmentperiodsince2013afterundergoinganaccelerateddevelopmentphasefrom2001to2012.In2014,afterashort-termrecoveryin2015,productionhasreappearedsince2016,andsuchindicators,suchasprofits,havefallenforthreeconsecutivetimes.”In2019,theChinesewineindustryisstillintheprocessofindustrialrestructuring,coupledwiththeimpactofimportedwine,whichhasledtoashrinkageofdomesticwineproductionandsales,agradualdeclineinmarketprofits,andtheoverallscaleofcontractionhasacceleratedfurtherthanin2018.”TongtianWinessaidinitsfinancialreportthatfactorssuchasstructuraladjustmentsinthedomesticeconomyanduncertaintyintheglobaltradingenvironmenthavefurtherforcedChina’swineindustrytoupgrade,marketconcentrationhasincreased,andcompanieshaveacceleratedtheirshifttomid-tohigh-endproductlayouts.STWeilongalsosaidthatin2019,domesticwineproduction,output,profit,andprofitfellthreetimes,theindustryasawholeenteredaperiodofdeepadjustment,OEMdecline,theriseofmajorbrands,marketintegrationhasintensified,andthetopdomesticwinecompanieshaveharvestedlargeProfitsinsomeindustries,whetherinlarge-scalesupermarketsorsmokinghotels,aregraduallysqueezingthemarketspaceofsmallandmedium-sizedenterprises.Atthesametime,importedwinescontinuetoimpactthedomesticwinemarket,andmarketcompetitioncontinuestobefierce.Reflectedinthefinancialreportdata,thedomesticwinebossChangyusharesreached50.RevenueofUS$3.1billion,accountingformorethan60%ofthetotalrevenueoftheabove12companies;11.Thenetprofitof300millionUSdollarsistothrowawaytheshell”severalstreets”,thesecondearlierMogaoshares(2742.740,000yuan)about40timeshigher.ThemainaccountingdataandfinancialindicatorsofChangyu’s2019annualreportarethatsomedistributorsbelievethatdomesticwineshavebeencompetinginthelowpricesegmentforalongtime.ExceptforChangyuandtheGreatWallcantakesomehigh-endwines,mostproductunitsdonotexceed100yuan.ManufacturersNotmakingmuchmoney,butalsolefttheimpressionofconsumers”low-end”ofdomesticwine.ThisviewwasalsoconfirmedbyaGermanandGermanwineimporter.Hebelievesthatdomesticwinesareconcentratedinthepricebandofaboutonehundredyuan,theprofitisverythin,andthecompany’sperformanceisnaturallynotup.InternalcontrolissuesneedtobevigilantInadditiontothesluggishperformancecausedbythecompetitiveenvironment,internalcontrolissuesofsomewinecompaniesalsoneedtobevigilant.ThefinancialreportshowsthatamajorfactorinthedeclineoftheDynastywineindustry’s2019performanceisthesignificantincreaseininventoryimpairmentreserves,ofwhichtheredwineinventoryimpairmentreserveincreasedfrom58inthepreviousyear.80,000increaseto308.80,000burns;whitewineinventoryimpairmentreserveincreasedto106from200,000burnsinthepreviousyear.40,000injections.WangchaoWinerystatedthatitsinventoryimpairmentanditsformerdistributorNingboNingtangWineIndustryCo.,Ltd.violatedthewarehousingcontract,andtheillegalsalesvaluewas0.1.6billionmanufacturedproducts.FromDecember2012toMarch2013,theDynastyWineIndustryAuditorhadreceived5anonymousreportlettersinwhichheaccusedtheDynastyWineIndustryofsellingtotheEastChinaregionalagentin2010.The300millioneurosofgoodsarefictitious,andthe500millionUSdollarsworthofwinethatwashoardedinthewarehousesofTaicang,Jiangsu,andZhangzhou,Fujian,inthesameyear,couldnotbesoldduetofactorssuchasmoldypackaging,excessivepesticideresidues,andbeyondtheshelflife.Affectedbytheincident,DynastyWineryimmediatelyconductedaninternalinvestigationandsuspendedtradingonMarch22,2013for6years.Italsomissedthedividendofdomesticwinerecoveryinrecentyears.AnotherpotentialcompanyworthwatchingisSTVeyron.SinceSeptember30,2019,WangZhenhai,theactualcontrollerofWeilongsharesandcontrollingshareholderWangZhenhai,hasbeenfrozenduetomultiplefinancialdebtsandprivatelendingdisputes.WangZhenhaialsousedtheconvenienceofhisduties,didnotconsolidatethecompany’sinternalprocedures,violatedtherulesofexternalguaranteesandconcealedrelatedguaranteesanddebtsinthenameofthecompany,andtheamountofillegalguaranteesamountedto2.500millionUSdollars,highbloodpressureledtotheimplementationofotherriskwarnings(ST)forWeilongshares,increasedrevenuein2019,andtransferofotherfinancingchannels,resultinginpartialoverduedebts.TheauditingagencybelievesthattheaforementionedeventsmakeSTWeilong’ssustainablemanagementcapability”significantuncertainty”,anddoesnotruleoutthepossibilityofreplacementofmajorshareholders.In2019,STChinaandPortugal,whichsuccessfullyreversedlossesandmetthetaxrebaterequirements,hadthepossibilityofimplementingotherriskwarnings(ST)onstocksduetocontinuedprofitabilitypressures,theholdingsofcontrollingshareholdersandtheirconcertedpartieswerefrozenby100%.The2019financialreportshowsthat*STSino-PortuguesecontrollingshareholderGuoanGroupanditsconcertedpartieshaveundergone20roundsoffreezingandwaitingforfreezing.Themaincauseofthedisputeisfinancialdebtcontractdisputes.DuetothetightliquidityofGuoanGroup,therehavebeensituationsinvolvingpublicbondreplacementinfullandontime,andadvancepaymentofguarantees.UnitedCreditRatingCo.,Ltd.hasdowngradedthelong-termcreditratingandrelatedbondratingsofGuoanGroupentitiesfromBBBtoC.Theincreaseintheepidemic’soutcomevariables.Inthecasewheredomesticwineproductionhasdeclinedforsixconsecutiveyearsandoverlapswiththenewcoronarypneumoniaepidemic,STChinaandPortugaladmittedthatthescaleofoperationsfacedbythecompanyin2020ismorecomplicatedandsevere.Intheearlystage,thenewcoronarypneumoniaepidemiccausedproductiontostart,andcustomerprocurementsufferedashort-termreduction.Affectedbytherelatedimpact,*STChinaandPortugalsalesinthefirstquarterweresluggish,withrevenueof957.830,000,down83eachyear.59%;netprofitis-1926.250,000yuan,down391everyyear.25%.Atthesametime,duetoanti-epidemiccrimes,*STChina-Portugalpredictsthattheproduction,transportationandsalesofinternalcompanyproductsinthefuturemaybeaffectedtovaryingdegrees.Affectedbytheepidemic,Changyu’sfirstquarterrevenueandnetprofitdataweresomewhatlower;Tongpu’srevenuefell43.15%,netprofitfell147.67%,probably63.360,000yuan;STWeilongrevenuefellby48.88%,probably3792.410,000yuan;Mogao’srevenuefellby70.26%,thenetprofitis-724.170,000yuan,down159peryear.28%.TongtianWineIndustrysaidthattheupstreamanddownstreamofthewineindustryandterminalretailwereaffected,traditionalmarketingactivitiessuchasexhibitionpromotionweredifficulttoachieveintheshortterm,andtheconsumptionshiftofresidentsmaycauseasignificantdecreaseinsalesinthefirstquarterofthedomesticwinemarketin2020.STVeyronalsosaidthatthroughthecomprehensiverecoveryofcateringhotelsandterminalconsumption,andthecompany’sexpansionofmarketingandpromotionefforts,operatingincomecansteadilyrebound,butitisstilldifficulttoachievesubstantialgrowthintheshortterm.Itisexpectedthatoperatingincomewillappearinthefirsthalfof2020Decline,andgraduallynetprofitwillreappear.Changyuexpectsthatduetotheuncertaintiescausedbythecountry’smacroeconomicgrowthforecast,Sino-UStradefrictionandthenewcrownepidemic,theoveralldemandfortheChinesewinemarketwillremainweakin2020,andwineconsumptionislikelytomaintainadownwardtrend.WineindustrybusinessleadersPeoplearemoresevere.Thecompanywilladheretothethree-focuseddevelopmentstrategyof”focusingonmid-to-highend,focusingonhighquality,focusingonlargesingleproducts”,andatthesametimestrengtheningthedevelopmentofonlinechannels,newretailchannels,bigbusinesschannelsandpersonalizedordergrouppurchasechannels.Althoughdomesticwinesarenotoptimisticintheshortterm,theyarestillgenerallyregardedas”notpessimisticinthelongterm”.AccordingtothereportofChinaWineIndustryAssociation,thewineindustryisstillinthestageofexpansiongrowth,andallbrandshaveopportunities.WiththeadjustmentofproductstructureandbrandstrategyofChangyu,GreatWallandotherheadenterprises,theywillgraduallyleadtheindustrytobreakthrough;whilethepersonalizedandextremeLoulan,CanaanMidi,Rongziandother”smallandbeautiful”Thewinerywillalsobeacatalystforthedevelopmentofthewineindustry.Sauna,nightnetGuoTiepicturesOrientalFortuneAPPscreenshoteditorXuJingjingproofreadingHeYan