以下文章来源于区域品牌事务所 ，作者黄晓军 区域品牌事务所 . 关注区域品牌增长方法论。 作者：黄晓军 来源： 区域品牌事务所 -------------------------------- 有些感伤。但消费行业从不缺"草根逆袭"的传奇，但比传奇更值得看的，是那些从云端跌落的教 训。 今天的主角曾是"中国水果第一股"。他从朝天门挑担卖水果，一直卖到了港交所敲钟。但短短3 年后，又被强制退市、高管"团灭"。 这背后藏着所有消费从业者都该避开的坑。 我不想只复述"洪九果品怎么没的"，更想拆解它的崩塌逻辑。 01 梦幻三年 洪九果品的故事，曾是重庆民营经济的"样板间"，也是新消费"规模制胜"的典型。 但所有泡沫 的破裂，都始于看似无解的"完美开局"。 2022 年 9 月 ， 邓 洪 九 穿 着 深 色 西 装 在 港 交 所 敲 钟 时 ， 洪 九 果 品 的 光 环 几 乎 拉 满 ： 代 码 06689.HK，市值飙到600亿港元，被冠以"中国水果第一股"。 那时市场传着一句话："中国人每吃10个榴莲，就有1个来自洪九"——2022年它光榴莲就卖了 2500万颗，占全国近10%份额，营收150.8亿、净利润 ...

Core Viewpoint - Hong Jiu Fruit has faced delisting from the Hong Kong Stock Exchange due to serious governance issues, financial irregularities, and a significant decline in stock value, reflecting broader challenges in the fruit retail industry [1][2][16]. Company Summary - Hong Jiu Fruit received a delisting decision from the Hong Kong Stock Exchange on October 3, 2025, citing five core issues including incomplete investigations, management integrity concerns, and internal control deficiencies [1]. - The company's stock price plummeted by 95.65% from its IPO price of 40 HKD to 1.74 HKD, resulting in a market capitalization drop from 671 billion HKD to under 30 billion HKD [1]. - The founder, Deng Hong Jiu, transitioned from a humble beginning to leading a billion-dollar company, but the company faced severe financial and operational challenges post-IPO [2][21]. Governance Issues - The company exhibits a family-run structure with over 46% ownership by the Deng family, leading to a lack of independent oversight and governance failures [3][6]. - The resignation of three independent non-executive directors in May 2025 left the audit committee incapacitated, further eroding external supervision [6]. - The management structure is heavily dominated by family members, which has resulted in ineffective governance and a lack of professional managerial talent [6][8]. Financial Irregularities - A significant financial scandal involved a 34.2 billion HKD prepayment to suspicious new suppliers, leading to the resignation of the auditing firm KPMG due to insufficient evidence for proper auditing [7][19]. - The company’s financial management was characterized by a high reliance on prepayments and long receivables periods, resulting in a cash flow crisis [9][14]. - The company's accounts receivable surged from 3.86 billion HKD in 2021 to 9.35 billion HKD, while cash reserves dwindled to approximately 500 million HKD, indicating severe liquidity issues [13][14]. Industry Context - The challenges faced by Hong Jiu Fruit are reflective of broader issues within the fruit retail industry, including high supply chain costs and shrinking profit margins [16][18]. - Other leading companies in the industry, such as Baiguoyuan and Xianfeng Fruits, are also experiencing significant operational difficulties, highlighting a collective crisis in the sector [16][20]. - The industry is grappling with a shift in consumer preferences towards high-cost efficiency, which has not been adequately addressed by traditional fruit retailers [20].

Core Viewpoint - The article discusses the rise and fall of Hong Jiu Fruit, highlighting the lessons that can be learned from its rapid decline after a brief period of success in the consumer industry [4][6]. Group 1: The Rise of Hong Jiu Fruit - Hong Jiu Fruit was once celebrated as "China's first fruit stock," achieving a market value of 60 billion HKD and dominating the durian market with a 10% share in 2022 [8][9]. - The company reported a revenue of 15.08 billion CNY and a net profit of 1.452 billion CNY in 2022, with a staggering year-on-year profit increase of 405% [8]. Group 2: The Downfall of Hong Jiu Fruit - In March 2024, the company was suspended from trading due to the inability to disclose its 2023 financial report, leading to an indefinite suspension [9]. - The audit firm KPMG resigned, revealing that 34.2 billion CNY in prepayments were made to newly registered shell companies, raising significant red flags about the company's financial practices [9][10]. - By October 2025, Hong Jiu Fruit was officially delisted from the Hong Kong Stock Exchange, with a low chance of successful appeal [10]. Group 3: Common Pitfalls in the Consumer Industry - The article identifies several pitfalls that consumer brands may encounter, including: - A "self-destructive" cash flow model, where the company relied on prepayments to suppliers while offering extended payment terms to retailers, leading to a cumulative cash outflow of 4.06 billion CNY from 2019 to 2022 [14][16]. - Family governance leading to a lack of oversight, where key positions were filled by relatives, allowing for unchecked financial decisions [17][18]. - Misjudging consumer trends, as the company continued to focus on high-end imported fruits while the market shifted towards more affordable options, resulting in unsustainable pricing strategies [22][23]. Group 4: Lessons for Consumer Brands - The article concludes with actionable advice for consumer brands: - Prioritize cash flow management over scale, conducting regular cash flow pressure tests to avoid financial crises [32][33]. - Break away from family governance structures by introducing external oversight and professional management to ensure accountability [34]. - Stay attuned to consumer trends through regular market analysis and consumer research to adapt to changing preferences [35]. - The overarching message emphasizes that success in the consumer industry requires a focus on product quality, cash flow management, effective governance, and maintaining trust [36][37].

Core Insights - The article discusses the rise and fall of Hong Jiu Fruit, once hailed as "China's first fruit stock," highlighting the lessons learned from its rapid decline [2][4][53] - It emphasizes the common pitfalls in the consumer industry that can lead to failure, particularly in the context of cash flow management, governance, market trends, and brand trust [14][47][52] Group 1: Company Overview - Hong Jiu Fruit was listed on the Hong Kong Stock Exchange in September 2022 with a market value of HKD 60 billion, claiming a significant share of the durian market in China [5][6] - The company reported a revenue of CNY 15.08 billion and a net profit of CNY 1.452 billion in 2022, with a staggering year-on-year profit increase of 405% [6] - However, within 18 months, the company faced suspension due to failure to disclose its 2023 annual report, leading to its eventual delisting in October 2025 [8][13] Group 2: Key Pitfalls - The first pitfall identified is a "self-destructive" cash flow model, where the company relied heavily on prepayments to suppliers while extending long payment terms to retailers, resulting in a cumulative cash outflow of CNY 4.06 billion from 2019 to 2022 [16][18] - The second pitfall is the lack of oversight due to family governance, where key positions were filled by relatives, allowing for unchecked financial decisions, such as the approval of CNY 3.42 billion in prepayments to shell companies [23][26] - The third pitfall involves misjudging market trends, as the company continued to focus on high-end imported fruits while consumer preferences shifted towards more affordable options, leading to unsustainable pricing strategies [32][34] - The fourth pitfall is the erosion of brand trust, as the founders engaged in questionable practices, including stock sell-offs and misleading communications with employees, ultimately damaging the company's reputation [40][42] Group 3: Lessons for the Industry - Companies in the consumer sector should prioritize cash flow management over rapid scaling, conducting regular cash flow stress tests to avoid financial crises [47][48] - It is crucial to establish robust governance structures early on, incorporating external oversight to prevent conflicts of interest and ensure accountability [50] - Staying attuned to consumer trends and market data is essential for adapting business strategies, as reliance on outdated perceptions can lead to significant losses [51][52]

Core Viewpoint - Hongjiu Fruit (06689.HK), once hailed as the "first fruit stock," is facing delisting from the Hong Kong Stock Exchange due to unresolved investigations and management issues [2][6]. Group 1: Company Background - Hongjiu Fruit was established in 2002 and became the largest fruit distributor in China by 2022, although it held less than 2% market share due to market fragmentation [3]. - The company went public in September 2022, becoming the first listed company in the domestic fruit industry [3]. Group 2: Financial Issues - The company suspended trading on March 20, 2024, citing an inability to disclose its 2023 annual financial results [3]. - KPMG, the auditing firm, resigned in April 2024, citing abnormal transactions, including prepayments of approximately 3.42 billion yuan to several new suppliers, which accounted for over 70% of the total annual prepayments of 4.47 billion yuan [4]. - As of the first half of 2023, the company reported revenue of 8.537 billion yuan, a year-on-year increase of 19.37%, while net profit attributable to shareholders was 804 million yuan, a year-on-year decrease of 6.26% [4]. Group 3: Management Crisis - On April 16, 2025, the founder and chairman, Deng Hongjiu, along with several key executives, were detained for suspected loan fraud and issuing false VAT invoices [5]. - The company's main office was restricted by police, leading to operational difficulties [5]. - The governance structure deteriorated further with the resignation of three independent non-executive directors in May 2025, leaving the company without independent oversight [5]. Group 4: Delisting Process - Despite the company's request for a review of the delisting decision, the outcome is expected to align with market predictions, making reversal of the delisting unlikely [6].

10月13日，公司发布公告称，10月3日接到香港联交所发出的函件，上市委员会决定取消洪九果品的上市地位。 曾被誉为"水果第一股"的洪九果品（06689.HK）站到了退市悬崖边。 上市委员会也给出了原因：洪九果品尚未完成调查，并采取适当补救措施；无法证明公司管理层及（或）对公司管理及运营 有重大影响的任何人士的诚信、能力及品牌并无合理的监管问题；尚未完成内部控制审查，未纠正内部控制缺陷；尚未公布任何 未完成的财务业绩；并无委任任何独立执行董事、公司秘书或授权代表。 对于联交所这一决定，洪九果品表示遗憾，认为上市委员会并未充分考虑公司所提交的证据。其已于10月13日向上市复核委 员会提交书面请求，要求进一步复核除牌决定。 自2024年3月因无法按时披露财报停牌至今，洪九果品在500余天内接连经历审计师辞任、高管被查、债务重整等多重危机， 昔日明星企业的光环褪去，留下一串待解的谜团。 年报"难产" 资料显示，洪九果品成立于2002年，是一家多品牌鲜果集团。 灼识咨询数据指出，2022年，洪九果品成为中国最大的水果分销商，但由于市场较为分散，份额仍不足2%。同年9月，洪九 果品登陆港股，成为国内水果行业第一家上市公司 ...

Core Viewpoint - Hong Jiu Fruit Products, known as the "first fruit stock," is facing delisting risks after failing to meet the resumption guidelines set by the Hong Kong Stock Exchange, with a delisting decision expected by October 3, 2025 [1][2]. Group 1: Company Background - Hong Jiu Fruit Products was established in 2002 and is a leading multi-brand fresh fruit group in China, focusing on high-end imported and high-quality domestic fruits through an advanced digital supply chain [3]. - The company went public on the Hong Kong Stock Exchange on September 5, 2022, and initially reported impressive financial results, with revenue of 15.081 billion yuan in 2022, a year-on-year increase of 46.7%, and a net profit of 1.452 billion yuan, up 405.55% [3]. Group 2: Financial Issues - Despite initial success, the company has faced significant financial irregularities, with cumulative negative operating cash flow of 4.06 billion yuan from 2019 to 2022, and an additional 314 million yuan deficit in the first half of 2023 [3]. - As of mid-2023, the company's trade receivables reached 10.151 billion yuan, accounting for 92.4% of current assets, with a cash balance of only 557 million yuan and bank loans increasing to 2.776 billion yuan, resulting in a debt-to-asset ratio that has doubled since its IPO [4]. Group 3: Audit and Delisting Risks - The immediate cause for the stock suspension in March 2024 was an audit firm's concerns regarding the company's financial practices, including a 3.42 billion yuan prepayment to new suppliers, many of which were identified as "shell companies" with insufficient capital [4]. - The stock price plummeted over 95% from a peak of 41.80 HKD in January 2023 to 1.74 HKD at the time of suspension, leading to a market capitalization drop from 63 billion HKD to 2.79 billion HKD [4]. - Since the suspension, the company has only released one annual report and one semi-annual report, and has not disclosed its full-year 2023 results, with the founder facing legal issues related to loan fraud [6].

Core Viewpoint - Hongjiu Fruit announced that the Stock Exchange has decided to cancel its listing status as of October 3, 2025, and the company has submitted a written request for further review by the Listing Review Committee on October 13, 2025 [1] Group 1 - The company received a letter from the Stock Exchange regarding the cancellation of its listing status [1] - The decision to cancel the listing status was made by the Listing Committee [1] - The company is seeking a final review from the Listing Review Committee [1]

Core Viewpoint - Hong Jiu Fruit (stock code: 6689) faces delisting from the Hong Kong Stock Exchange due to failure to meet resumption guidelines, as stated by the Listing Committee on October 3, 2025 [2][3] Group 1: Delisting Decision - The Listing Committee's decision to delist Hong Jiu Fruit is based on incomplete investigations and failure to implement appropriate remedial measures [2] - The company has not demonstrated the integrity, capability, or character of its management, which raises regulatory concerns [3] - Hong Jiu Fruit's board expressed regret over the delisting decision, arguing that the Listing Committee did not adequately consider the evidence submitted by the company [3] Group 2: Criminal Investigations - Chairman Deng Hong Jiu and other key management members are under criminal investigation related to loan fraud and/or issuing false VAT invoices [4][6] - The company has faced operational restrictions since January 6, 2025, due to police investigations, impacting its ability to conduct normal business [6][7] - As of the announcement date, most restrictions have been lifted, allowing the company to gradually resume normal operations, except for the detained executives [7] Group 3: Stock Performance and Investor Impact - Hong Jiu Fruit's stock has been suspended since March 20, 2024, leading to significant losses for investors [9] - The company went public in September 2022 at an issue price of HKD 40, raising a net amount of HKD 497 million, marking it as "China's first fruit stock" [4]

（原标题：洪九果品(06689)：要求上市复核委员会复核除牌决定） 智通财经APP讯，洪九果品(06689)发布公告，董事会对除牌决定表示遗憾，并认为上市委员会并未充分 考虑公司所提交的证据。经内部及与其专业顾问商讨后，公司已于2025年10月13日向上市复核委员会提 交书面请求，要求按上市规则第2B.06(2)条作进一步及最终上市复核委员会复核。公司将根据上市规则 的规定，适时就上市复核委员会复核的任何进展另行刊发公告。 ...