Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. faces a severe crisis due to allegations of loan fraud and tax invoice forgery, leading to the arrest of key executives and potential delisting, highlighting deep-rooted issues in the fruit retail industry regarding supply chain efficiency, business models, and compliance [1] Financial Crisis and Structural Defects in Business Model - The financial collapse of Hongjiu Fruit began with the failure to release the 2023 financial report, revealing a prepayment of 34.2 billion yuan to new suppliers, which constituted 76.6% of the total annual prepayments, with many suppliers being shell companies [2] - The company reported only 5.57 billion yuan in cash against 27.76 billion yuan in bank loans and 86.73 billion yuan in trade receivables, indicating a severe cash flow crisis with a net cash outflow of 3.14 billion yuan in the first half of 2023 [2][3] Structural Flaws in Supply Chain Model - Hongjiu Fruit's "end-to-end" supply chain model requires full upfront payments to suppliers while offering long credit terms to retailers, resulting in a significant liquidity strain [3] - The company relied heavily on aggressive financing and debt expansion, with revenue soaring from 2.08 billion yuan in 2019 to 15.08 billion yuan in 2022, while operational cash flow deficits widened from 450 million yuan to 1.82 billion yuan [3] Legal Risks and Industry Restructuring - The legal issues faced by the executives could lead to severe penalties, including potential life sentences, and may trigger collective lawsuits from investors [5] - Hongjiu Fruit is at risk of delisting due to continuous suspension of trading for over 18 months, with less than six months remaining in the grace period [5] Industry Challenges and Opportunities - The fruit retail industry is experiencing significant challenges, with competitors like Baiguoyuan reporting a 9.8% decline in revenue and closing nearly 1,000 stores, highlighting the struggles of smaller players [5] - The industry suffers from low supply chain efficiency, with cold chain logistics coverage below 30% and high wastage rates of 15%-20% [5] - Despite the challenges, there are emerging opportunities in supply chain digitization and vertical integration, with policies aimed at improving cold chain logistics and reducing costs for businesses [6][7]

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. has faced severe operational challenges following the announcement of criminal charges against its chairman and several executives for loan fraud and/or issuing false VAT invoices, leading to significant disruptions in its business operations [1][3][12]. Company Overview - Founded in 2002 by Deng Hongjiu and his wife Jiang Zongying, Hongjiu Fruit was positioned as a multi-brand fresh fruit group, focusing on the full supply chain of high-quality fruits from China, Thailand, and Vietnam [7][8]. - The company was once celebrated as "China's first fruit stock" and successfully listed on the Hong Kong Stock Exchange in September 2022, achieving a market capitalization of HKD 124.21 billion at its debut [9]. Recent Developments - As of January 6, 2025, Hongjiu Fruit's main office in Chongqing has been restricted by law enforcement, resulting in the company being unable to operate normally [3]. - Following the announcement of financial irregularities, including a suspicious increase in prepayments, the auditing firm KPMG resigned, leading to the company's suspension from trading on the Hong Kong Stock Exchange [9][10]. Financial Situation - Despite the ongoing issues, multiple financial institutions provided substantial loans to Hongjiu Fruit between April 22 and July 29, 2024, totaling over CNY 650 million through stock pledge financing [11]. - The company and its executives have been listed as untrustworthy and restricted from high consumption, indicating severe financial distress [12]. Industry Context - The fruit retail industry is facing significant challenges, as evidenced by the struggles of other companies like Baiguoyuan, which reported a 9.8% decline in revenue and a shift from profit to loss in 2024 [18]. - The overall market for fruit retail has been impacted by rising e-commerce competition and changing consumer behaviors, leading to a decline in physical store sales [17].

阿里巴巴持股7.67%，是洪九果品第三大股东。 作者 | 高远山 编辑丨武丽娟 来源 | 野马财经 4月16日晚间，"水果第一股"洪九果品(6689.HK)突发惊雷：董事长邓洪九、董事江宗英（邓洪九妻子）等6名核心高管因涉嫌骗取贷款及虚开增值税专用 发票被重庆警方立案侦查。 公告显示，自2025年1月6日起公司主要办公场所之一重庆市渝北区东湖南路3号中铁峰汇B座22层被公安机关限制人员出入，公司无法正常办公。公司就 该事件收到的信息有限，该事件对公司的影响和潜在可能性无法预测。 这场震动资本市场的"高管团灭"事件，让这家曾被资本捧上神坛的企业彻底陷入停摆。此前阿里巴巴、深创投、招垦资本等都曾参与洪九果品融资，如今 高管被"一锅端"，背后哪些股东踩雷？ 洪九果品公告显示，公司董事长邓洪九，董事彭何、江宗英、杨俊文、谭波及监事会主席余利霞女士等，目前均已被采取不同刑事强制措施，原因与重庆 市两江新区公安分局就涉嫌骗取贷款及/或虚开增值税专用发票之事项进行的立案侦查相关。 自2024年4月起，为缓解资金压力，邓洪九及其妻子江宗英频繁质押股权，累计质押股份占直接持股的65%，占总股本约14%。但质押融资杯水车薪， 2 ...

Core Viewpoint - Hong Jiu Fruit, known as the "first fruit stock," is facing significant turmoil as its executives have been subjected to criminal measures related to loan fraud and tax invoice issues, leading to operational disruptions and potential financial irregularities [1][2][6]. Group 1: Executive Actions and Company Operations - The chairman and several directors of Hong Jiu Fruit have been taken under different criminal measures due to investigations by the Chongqing Public Security Bureau regarding loan fraud and/or the issuance of false VAT invoices [1][2]. - The company's main office in Chongqing has been restricted by law enforcement, hindering normal operations since January 6, 2025 [2]. - Hong Jiu Fruit has not published its financial reports for 2023, the first half of 2024, and 2024, indicating a lack of transparency and potential financial distress [1][8]. Group 2: Financial Performance and Irregularities - Hong Jiu Fruit's revenue grew from 2.078 billion in 2019 to 10.28 billion in 2021, with profits increasing from 163 million to 292 million during the same period [3]. - The company reported a revenue of 15.081 billion in 2022, a 46.7% increase year-on-year, and a profit of 1.455 billion, up 397.38% [3]. - For the first half of 2023, the company reported revenue of 8.538 billion, a 19.37% increase, but profits declined by 6.51% to 803 million [4]. Group 3: Concerns Over Financial Practices - The auditors raised concerns about the company's financial practices, noting that a significant portion of the suppliers were newly added in 2023 and lacked historical transaction records, suggesting potential fabrication of suppliers and documents [6][7]. - As of December 31, 2023, the company had a prepaid balance of approximately 4.47 billion, with 3.42 billion paid to suppliers in the fourth quarter alone [6]. - The company explained that prepayments are standard in the fresh fruit industry to ensure stable supply, but the significant increase in prepayments raises questions about the legitimacy of these transactions [7].

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. has faced significant turmoil following the criminal detention of its chairman and several executives for loan fraud and tax evasion, leading to operational disruptions and potential financial discrepancies in reported earnings [1][2][6] Company Overview - Chongqing Hongjiu Fruit, founded by Deng Hongjiu, has a history of 36 years in the fruit industry, becoming a notable player with over 200 fruit varieties and a peak wealth of 8.5 billion RMB in 2022 [3][4] - The company went public on the Hong Kong Stock Exchange in September 2022, achieving a market capitalization of 67.1 billion HKD at its peak, with a stock price reaching 41.80 HKD per share [5] Recent Developments - On April 16, 2023, the company announced the criminal detention of its chairman Deng Hongjiu and five other executives, which has led to the restriction of access to its main office and halted normal operations [1][2] - The company has not released its 2023 and 2024 financial reports, with the latest available data showing a revenue of 8.537 billion RMB and a profit of 803 million RMB for the first half of 2023 [6]

记者注意到，2024年3月，洪九果品向供应商预付超40亿元事项遭到毕马威会计师事务所质疑，会计师事务所提出，洪九果品支付巨额预付款的供应商，大 多是2023年新增交易方，且其中部分公司存在注册资本低于公司预付款、三方平台显示社保参保人数为零。洪九果品自此年报难产、股票停牌至今。 4月17日，《每日经济新闻》记者来到重庆市渝北区东湖南路3号中铁峰汇B座进行实地探访，发现洪九果品目前正在准备恢复经营，但公司目前的办公场所 并不在22层，而是在24层。而对于外界期待了解的相关信息或者疑惑，洪九果品方面人士向记者表示，相关情况后续会一步一步地公告出来。 | 庆都兴建筑设计有限公司 ■雍粤厨 | 7-6 重庆中宏工程造价咨询有限责任公司 | | | | | --- | --- | --- | --- | --- | | ■●厨 | 7–7 重庆中宏工程造价咨询有限责任公司 | 11-3 重庆永万科技有限公司 11-4 陕西建华工程项目管理有限公司重庆分公司 | 155 | 18-5 | | | 85 | | | | | 工第二建筑工程有限公司重庆分公司 天都兴建筑设计有限公司 | 8-1 重庆楚江建设工程咨询有限公司 ...

21世纪经济报道记者肖夏 重庆报道 停牌一年多的洪九果品，一纸公告让外界哗然。 4月16日晚，洪九果品发布公告称，公司最近收到董事长邓洪九，董事彭何、江宗英、杨俊文、谭波及监事会主席余利霞等本人或家属的通知，彼等目前均 已被采取不同刑事强制措施，原因与重庆市两江新区公安分局就涉嫌骗取贷款及/或虚开增值税专用发票之事项进行的立案侦查相关。 21世纪经济报道记者4月17日赶往洪九果品重庆总部所在的重庆市渝北区中铁峰汇B座22层。洪九果品此前租用22楼、24楼、25楼三层为办公地。 不过21世纪经济报道记者17日当天赶到现场了解时发现，公告中提及被警方控制的22楼已经人去楼空、无法进入，门外的"洪九果品"标志已经被撕下。从前 台望进去，办公场所内也是明显空置状态，设备、文件悉数被搬走， 仅有"大鹏展翅"木雕还留在前台。 从年初开始，就有洪九果品其他地区的分公司被贴上了封条。不过21世纪经济报道记者在现场看到，重庆办公室门上并未被贴上封条。门口的保安值班表显 示，最晚从4月14日开始，22层就已经处于空置状态，大楼管理方每日会不定期巡逻、清洁。 （重庆渝北中铁峰汇22楼的洪九果品办公地被重庆警方控制，标志已被撕下） ...

4月16日，港股上市公司洪九果品（06689.HK）发布公告称，董事长邓洪九、董事彭何、江宗英、杨俊文、谭波及监事会主席余利霞等6名核心高管，因 涉嫌骗取贷款及虚开增值税专用发票，被重庆市两江新区公安分局采取刑事强制措施。 公告显示，自2025年1月6日起，公司核心办公场所已被公安机关限制出入，导致运营停摆近三个月。这一事件不仅成为港股市场年度最重磅利空，更引发 行业对水果供应链金融风险的深度反思。 事件背后是长达两年的财务危机发酵。早在2024年3月，洪九果品因无法披露2023年财报被港交所停牌，审计师毕马威因质疑其34.2亿元预付款流向背景 存疑的新增供应商而辞任。 2025年1月，公安机关介入调查，最终牵出涉及管理层的系统性违法违规行为。截至公告日，公司累计80条开庭公告、17条法院公告，法定代表人江宗英 已被限制高消费。 崛起之路："水果第一股"的资本神话 洪九果品的发迹史堪称中国水果行业的传奇。创始人邓洪九1987年以重庆朝天门码头"棒棒军"身份起步，2002年创立公司，2011年布局泰国榴莲供应链， 2022年9月以"水果第一股"身份登陆港交所，发行价40港元，市值一度达187亿港元。其成功背后有 ...

洪九果品公告，公司董事长邓洪九、董事彭何、江宗英、杨俊文、谭波及监事会主席余利霞等或其家属 通知，均已被采取不同刑事强制措施，原因与重庆市两江新区公安分局就涉嫌骗取贷款及/或虚开增值 税专用发票之事项进行的立案侦查相关。同时，该事件导致自2025年1月6日起公司主要办公场所之一重 庆市渝北区东湖南路3号中铁峰汇B座22层被公安机关限制人员出入，公司无法正常办公。截至本公告 日期，公司就该事件收到的信息有限，该事件对公司的影响和潜在可能性无法预测。 ...

智通财经APP讯，洪九果品(06689)发布公告，配售协议所载配售的全部先决条件均已获达成(包括联交 所上市委员会批准配售股份上市及买卖)，并已于2024年2月1日完成配售。 公司成功按配售价每股配售股份4.35港元向不少于六名承配人(据董事作出一切合理查询后所深知、尽 悉及确信，彼等或彼等最终实益拥有人并非公司的关连人士)配售合共1.89亿股配售股份，占经配发及 发行的配售股份扩大后的H股数目的约16.63%。紧随配售完成后，概无承配人成为公司主要股东。 配售所得款项净额(经扣除佣金及估计开支后)约8.01亿港元。配售所得款项净额将用于公司以下用途： 约5.6亿港元(70%)用于强化水果供应链;约1.6亿港元(20%)用于偿还有息债务及约8006万港元(10%)用于 补充流动资金及其他一般企业用途。 ...