股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶洪九果品股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 内資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 469,672,221 RMB | | | 1 RMB | | 469,672,221 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 469,672,221 RMB | | | 1 RMB | | 469,672,221 | | 2. 股份分類 | 普通股 | 股份類 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶洪九果品股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06689 | 說明 | H股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,136,394,185 | | 0 | | 1,136,394,185 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,136,394,185 | | 0 | | 1,136,394,185 | | 1. 股份分類 | 普通股 | 股份類別 | ...

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 capitalization of HKD 60 billion and selling 25 million durians in 2022, accounting for nearly 10% of the national market share [8][9]. - The company reported revenues of CNY 15.08 billion and a net profit of CNY 1.452 billion in 2022, with a staggering year-on-year net profit growth of 405% [8]. Group 2: The Fall of Hong Jiu Fruit - The company faced a sudden halt in trading in March 2024 due to its inability to disclose its 2023 financial report, leading to an indefinite suspension [9][12]. - In April 2024, KPMG resigned as the auditing firm, revealing that Hong Jiu had made CNY 34.2 billion in prepayments to newly registered shell suppliers, which raised significant red flags [9][10]. Group 3: Common Pitfalls in the Consumer Industry - The first pitfall identified is a "self-destructive" cash flow model, where Hong Jiu's operational cash flow had a cumulative net outflow of CNY 4.06 billion from 2019 to 2022, with a further CNY 314 million deficit in the first half of 2023 [16][17]. - The second pitfall is family governance leading to a lack of oversight, where key positions were filled by relatives, allowing for unchecked financial decisions, such as the approval of CNY 34.2 billion in prepayments without proper risk control [18][20]. - The third pitfall involves misjudging consumer trends, as Hong Jiu continued to focus on high-end imported fruits while the market shifted towards more affordable options, resulting in significant losses [24][25]. - The fourth pitfall is the erosion of trust, as the founders engaged in questionable practices, such as secretly selling shares and misleading employees about the company's status [28][30]. Group 4: Lessons for the Consumer Industry - Companies should prioritize cash flow management before scaling operations, conducting regular cash flow pressure tests to avoid financial crises [33][34]. - It is essential to break away from family governance structures early on by introducing external oversight and professional management to ensure accountability [35]. - Understanding consumer trends should be a continuous effort, with regular market analysis and consumer research to adapt to changing preferences [36]. Group 5: Conclusion - The story of Hong Jiu Fruit serves as a cautionary tale for the consumer industry, emphasizing that sustainable growth requires careful management of cash flow, governance, and consumer trust [37][38].

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].

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 financial and management issues [2][9]. Group 1: Company Background - Established in 2002, Hongjiu Fruit is a multi-brand fresh fruit group 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 China's fruit industry [3]. Group 2: Financial Issues - The company announced a trading suspension on March 20, 2024, due to its inability to disclose its 2023 annual financial results [3]. - KPMG, the auditing firm, resigned in April 2024, citing abnormal transactions in Q4 2023, including prepayments of approximately 3.42 billion yuan to several new suppliers, which raised concerns about the legitimacy of these transactions [5]. Group 3: Management Crisis - On April 16, 2025, multiple core executives, including the founder and chairman, were arrested for alleged loan fraud and tax invoice issues, leading to operational disruptions [8]. - The governance structure deteriorated further with the resignation of three independent non-executive directors in May 2025, resulting in a lack of independent oversight [8]. Group 4: Delisting Process - Despite the company's request for a review of the delisting decision, the likelihood of reversing the outcome appears slim as the delisting process continues [9].

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]