Core Viewpoint - Shanghai Gui Jiu is facing a severe crisis, with its stock nearing delisting due to financial difficulties and legal issues stemming from the actions of its controlling shareholder, Han Qiao [4][20]. Financial Performance - The company's revenue plummeted from 1.629 billion yuan in 2023 to less than 300 million yuan in 2024, with a net loss of 217 million yuan [6][16]. - In the first half of 2025, revenue further declined to 28.25 million yuan, a staggering 85.22% drop compared to the same period in 2024 [16]. Legal Issues - Shanghai Gui Jiu was ordered to pay approximately 4.1885 million yuan in damages for trademark infringement, adding to its financial woes [5]. - The company has been involved in 527 legal cases with a total amount of 222 million yuan, indicating a significant legal burden [13]. Management and Operational Challenges - The management team has seen a mass exodus, with six key executives leaving within six months, leading to operational instability [15]. - The number of distributors dropped from 4,465 to 772, severely impacting sales channels [15]. Debt and Financial Health - The company has a total current liability of 1.417 billion yuan, with a debt-to-asset ratio of 74.38%, significantly higher than the industry average of 22.05% [11]. - Cash reserves are critically low, with only 1.5387 million yuan in monetary funds [11]. Delisting Risk - According to new regulations, if the company fails to achieve a revenue of 300 million yuan and a positive net profit for two consecutive years, it will face mandatory delisting [18]. - To meet the revenue threshold for 2025, the company would need to generate approximately 272 million yuan in the second half, requiring an unrealistic growth rate of 962% [18]. Self-Rescue Efforts - The company has initiated discount promotions to clear inventory, but the effectiveness has been limited, with inventory only reduced by 7.07% [22][24]. - Attempts to expand online sales through platforms like Douyin and Pinduoduo have not yielded significant results, with low follower counts on social media [25]. Strategic Moves - Shanghai Gui Jiu is exploring the sale of base liquor to generate cash, but the market for base liquor has cooled significantly, making this strategy challenging [27][29]. - The company is actively seeking strategic investors, but no substantial progress has been reported [30]. Historical Context - The company has undergone multiple name changes and business model shifts since its establishment in 1993, reflecting a tumultuous history in the capital market [33]. - The likelihood of the company being delisted is high, given the current financial and operational challenges it faces [35][36].

Core Viewpoint - The legal dispute between *ST Yanshi and Guizhou Guijiu has reached a conclusion, with a court ruling prohibiting the use of the name "Guijiu" by Shanghai Guijiu, further complicating the already troubled situation for *ST Yanshi [1][5]. Summary by Sections Dispute Background - The trademark dispute dates back six years, initiated by Guizhou Guijiu in December 2019, claiming infringement of trademark rights against *ST Yanshi, which had rebranded itself as Shanghai Guijiu in 2019 [3][4]. - The rebranding was part of *ST Yanshi's strategy to enter the booming sauce liquor market, which had gained popularity since 2018 [3][4]. Legal Proceedings - A series of court rulings have occurred, with the initial judgment in July 2021 requiring *ST Yanshi to cease infringing activities and pay Guizhou Guijiu 1 million yuan in damages [4][5]. - Subsequent appeals led to increased compensation demands, culminating in a final ruling that requires *ST Yanshi to stop using the "Guijiu" name and pay a total of 4.1885 million yuan in damages [5][6]. Financial Impact - The recent ruling adds significant cash flow pressure on *ST Yanshi, which reported cash and cash equivalents of 4.7428 million yuan as of June 2025 [7]. - The company has faced declining performance, with a reported revenue of 28.2496 million yuan in the first half of 2025, a decrease of 85.22% year-on-year, and a net loss of 67.7668 million yuan [9]. - Inventory issues are severe, with a total inventory balance of 146 million yuan, primarily consisting of finished goods and semi-finished products, making up 99% of total inventory [10].

Core Viewpoint - Shanghai Gui Jiu Co., Ltd. (stock abbreviation "*ST Rock", stock code "600696.SH") has lost a trademark dispute with Guizhou Gui Jiu, resulting in a court ruling that prohibits the company from using the name "Gui Jiu" and requires compensation for economic losses [1][5]. Group 1 - The lawsuit involved Guizhou Gui Jiu Group Co., Ltd. suing multiple defendants, including Shanghai Gui Jiu and others, for trademark infringement [5]. - The Nanjing Intermediate People's Court initially ruled in favor of Shanghai Gui Jiu on July 13, 2021, but Guizhou Gui Jiu appealed, leading to a higher court's decision to overturn the initial ruling on May 17, 2022 [5][6]. - The Jiangsu High People's Court's recent ruling requires Shanghai Gui Jiu and associated companies to cease using the "Gui Jiu" name and pay a total of 4.18847 million yuan in damages and legal fees to Guizhou Gui Jiu [6]. Group 2 - The historical background of Guizhou Gui Jiu dates back to 1950 when it was established as a state-owned enterprise, later privatized in 2009 and fully acquired by Yanghe Brewery in 2016 [6]. - Shanghai Gui Jiu was formerly known as Shanghai Rock Enterprise Development Co., Ltd. and entered the liquor industry in December 2019, subsequently changing its name [6]. - The legal prohibition on using the "Shanghai Gui Jiu" name poses significant challenges for the company, which is already facing operational and debt crises, as indicated by its financial report showing a revenue decline of 85.22% year-on-year and a net loss of 67.7668 million yuan for the first half of 2025 [6].

Core Viewpoint - The final ruling in the trademark dispute case has resulted in *ST Yanshi being ordered to pay over 4.18 million yuan and to cease using the name "Guijiu" [1][2]. Legal Proceedings - The case involves a trademark infringement dispute where the plaintiff, Guizhou Guijiu Group Co., Ltd., sued *ST Yanshi and other companies for violating trademark rights [2][3]. - The Jiangsu Provincial High People's Court issued a final judgment, ordering *ST Yanshi to compensate Guizhou Guijiu a total of 4.18847 million yuan for economic losses and reasonable legal fees [3]. Financial Impact - The ruling will lead to a reduction in *ST Yanshi's current profits as the company will account for the compensation [4]. - The company reported a significant decline in revenue, with a 85.22% year-on-year drop in the first half of 2025, amounting to 28.25 million yuan [8]. Company Background - *ST Yanshi, previously known as Shanghai Yanshi Co., Ltd., has undergone multiple name changes since its establishment in 1989 and has been involved in the liquor industry [6]. - The company has faced ongoing financial difficulties, including a risk of delisting due to failing to meet revenue and profit thresholds set by the Shanghai Stock Exchange [7]. Market Performance - As of October 10, *ST Yanshi's stock closed at 5.81 yuan per share, reflecting a year-to-date decline of 52.76% [9].

Core Viewpoint - The final ruling in the trademark dispute case involving *ST Yanshi has resulted in the company being ordered to pay over 4.18 million yuan and to cease using the name "Guijiu" [1][2][3] Legal Proceedings - The case originated from a trademark infringement lawsuit filed by Guizhou Guijiu Group against multiple parties, including *ST Yanshi, with the initial ruling made by the Nanjing Intermediate People's Court in July 2021 [2][3] - The Jiangsu High Court overturned the initial ruling in May 2022, leading to a retrial, and ultimately issued a final judgment requiring *ST Yanshi to stop using the "Guijiu" name and pay damages [2][3] Financial Impact - The company has indicated that the ruling will lead to a reduction in its current profits due to the financial penalties imposed [4] - The total compensation amount ordered is 4.18847 million yuan, which includes economic losses and reasonable legal fees [3] Company Background - Guizhou Guijiu is a significant liquor producer in Guizhou Province, with a history dating back to the state-owned Guiyang Distillery, and has been under the ownership of Yanghe Brewery since 2016 [5] - *ST Yanshi, originally established in 1989, has undergone multiple name changes and was rebranded in December 2019 to incorporate "Guijiu" into its corporate identity, which led to the trademark dispute [6] Current Financial Situation - *ST Yanshi is facing significant financial challenges, with a reported revenue drop of over 85% in the first half of 2025, amounting to 28.25 million yuan [8] - The company has been under pressure to maintain its listing status, with potential delisting risks if financial performance does not improve [7][8] Stock Performance - As of October 10, *ST Yanshi's stock closed at 5.81 yuan per share, reflecting a year-to-date decline of 52.76% [9]

Core Viewpoint - The trademark dispute between *ST Rock and Guizhou Guijiu Group has concluded with *ST Rock losing the case, resulting in a fine and the loss of the "Guijiu" name, which poses significant risks to its brand and financial stability [1][3]. Group 1: Legal Outcome - *ST Rock was ordered to pay a total of 418.85 million yuan in damages and legal fees due to trademark infringement and unfair competition [1][2]. - The court mandated *ST Rock to cease using the "Guijiu" name and related trademarks immediately [2][5]. Group 2: Financial Impact - The company announced that the legal ruling will lead to a reduction in its current profits due to the financial penalties imposed [3]. - The loss of the "Guijiu" name necessitates a complete rebranding, which includes changes to product packaging, advertising, and distribution channels, incurring high costs and potential consumer confusion [3][4]. Group 3: Historical Context - The trademark dispute dates back to December 2019 when Guizhou Guijiu filed a lawsuit against *ST Rock for using the "Guijiu" name [4]. - Previous court rulings had varied, with initial judgments favoring *ST Rock before the case was ultimately overturned in favor of Guizhou Guijiu [4][5].

原告贵州贵酒集团有限公司诉被告上海贵酒酒业销售有限公司、贵州贵酿酒业 有限公司、上海贵酒股份有限公司、苏宁易购集团股份有限公司侵害商标权纠纷一 案，江苏省南京市中级人民法院于 2021 年 7 月 13 日作出一审判决。后贵州贵酒集 团有限公司不服判决上诉至江苏省高级人民法院，江苏省高级人民法院于 2022 年 5 月 17 日裁定撤销一审判决，发回江苏省南京市中级人民法院重审，具体请见《上海 贵酒股份有限公司关于诉讼进展的公告》（2022-025）。后公司收到江苏省南京市中 级人民法院下发的《民事判决书》（（2022）苏 01 民初 2135 号），具体请见《上海贵 酒股份有限公司关于诉讼进展的公告》（2023-036）。贵州贵酒集团有限公司不服该 判决上诉至江苏省高级人民法院，公司于近日收到江苏省高级人民法院下发的《民 事判决书》（（2023）苏民终 1069 号）。 二、民事判决书的主要内容 1、撤销江苏省南京市中级人民法院（2022）苏 01 民初 2135 号民事判决； 2、上海贵酒股份有限公司、贵州贵酿酒业有限公司、上海贵酒酒业销售有限公 司、上海贵酒云电子商务有限公司立即停止侵害贵州贵酒集团有限 ...

Market Overview - The liquor sector experienced a decline of 0.72% on September 24, with Luzhou Laojiao leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Luzhou Laojiao (code: 000568) closed at 131.91, down 0.53%, with a trading volume of 62,600 and a transaction value of 826 million [2] - Kweichow Moutai (code: 600519) closed at 1442.00, down 0.37%, with a trading volume of 30,700 and a transaction value of 4.443 billion [2] - Yanghe Brewery (code: 002304) closed at 69.11, down 0.30%, with a trading volume of 31,300 and a transaction value of 217 million [2] - Wuliangye (code: 000858) closed at 122.37, up 0.15%, with a trading volume of 130,600 and a transaction value of 1.598 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 394 million from institutional investors, while retail investors contributed a net inflow of 93.998 million [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with some stocks like Jinhuijiu (code: 600809) showing a net inflow of 369.30 million from retail investors [3]

Market Overview - On September 22, the liquor sector declined by 1.19% compared to the previous trading day, with *ST Rock leading the decline [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - The following table summarizes the closing prices, percentage changes, trading volumes, and transaction amounts for key liquor stocks: - *ST Rock: Closed at 6.06, down 3.50%, with a trading volume of 60,500 and a transaction amount of 37.40 million [1] - Shede Liquor: Closed at 63.25, down 3.44%, with a trading volume of 91,500 and a transaction amount of 583 million [1] - Zhi Si Cha: Closed at 66.98, down 3.32%, with a trading volume of 121,700 and a transaction amount of 819 million [1] - Jin Shi Yuan: Closed at 40.10, down 2.81%, with a trading volume of 84,000 and a transaction amount of 340 million [1] - Si Xi Fen Jiu: Closed at 196.00, down 2.00%, with a trading volume of 62,700 and a transaction amount of 1.23 billion [1] Fund Flow Analysis - The liquor sector experienced a net outflow of 1.313 billion from institutional investors, while retail investors saw a net inflow of 982 million [1] - The following table details the fund flow for specific liquor stocks: - Tian You De Jiu: Institutional net inflow of 1.6124 million, retail net outflow of 828,900 [2] - Yang He Co.: Institutional net inflow of 291,500, retail net outflow of 8.5975 million [2] - Yi Li Te: Institutional net outflow of 3.4372 million, retail net inflow of 3.1047 million [2] - *ST Rock: Institutional net outflow of 4.3305 million, retail net inflow of 5.0205 million [2]

Market Overview - On September 19, the liquor sector rose by 0.08% compared to the previous trading day, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Individual Stock Performance - *ST Rock (600696) closed at 6.28, up 5.02% with a trading volume of 73,200 shares and a turnover of 44.78 million yuan [1] - Other notable performers include: - Shede Liquor (600702) at 65.50, up 1.99% with a turnover of 670 million yuan [1] - Si Gu Dian (000799) at 69.28, up 1.96% with a turnover of 1.327 billion yuan [1] - Yilite (600197) at 15.62, up 1.69% with a turnover of 7.51 million yuan [1] - Luzhou Laojiao (000568) at 134.85, up 0.86% with a turnover of 1.139 billion yuan [1] Capital Flow Analysis - The liquor sector experienced a net outflow of 312 million yuan from institutional investors, while retail investors saw a net inflow of 445 million yuan [2] - The capital flow for individual stocks shows: - Jiu Gu Dian (000799) had a net inflow of 25.85 million yuan from institutional investors [3] - Yanghe Distillery (002304) had a net inflow of 17.60 million yuan from institutional investors [3] - *ST Rock (600696) had a net inflow of 8.87 million yuan from institutional investors [3] Summary of Trading Activity - The trading activity indicates a mixed sentiment in the liquor sector, with some stocks gaining while others faced declines [2][3] - The overall market trend reflects cautious investor behavior, with significant capital movements between institutional and retail investors [2][3]