Qinghai Spring(SH:600381) Nan Fang Du Shi Bao·2025-05-06 06:18Core Viewpoint - ST Qinghai Spring (ST春天) faces significant challenges as it transitions to a *ST designation due to failing to meet the revenue threshold of 3 billion yuan, despite a 26.36% year-on-year revenue increase to 270 million yuan in 2024 [2][4]. Financial Performance - In 2024, ST Qinghai Spring reported a revenue of 270 million yuan, with a net loss of 198 million yuan after excluding non-core business income [2]. - The first quarter of 2024 showed a revenue of 83.56 million yuan, a slight decline of 1.11% year-on-year, but a net profit of 8.92 million yuan, indicating a turnaround [2][3]. Revenue Concerns - The company was criticized for a "last-minute revenue boost" in Q4 of the previous year, raising questions about the legitimacy of its revenue recognition practices [4][5]. - The fourth quarter revenue reportedly exceeded 100 million yuan, which was seen as an attempt to avoid delisting [4][6]. Market Strategy and Challenges - ST Qinghai Spring's flagship product, "Tinghua Wine," has struggled to regain market traction following a scandal involving false advertising, which led to significant penalties and a temporary market withdrawal [8][9]. - The company has shifted its marketing strategy to emphasize scarcity and high pricing, with plans to limit annual production to 30,000 tons [9][12]. Business Segmentation - The wine business accounted for approximately 17.53% of ST Qinghai Spring's total revenue, with a significant year-on-year decline of 44.05% in wine revenue [14][15]. - The company continues to rely on traditional products like Cordyceps for revenue stability, as the wine segment remains in its early stages of development [17]. Future Outlook - Analysts express skepticism about the wine segment's ability to significantly contribute to the company's financial recovery, given the current market conditions and the limited number of distributors [16][17]. - The company plans to introduce new products and enhance brand communication, but the success of these initiatives remains uncertain [16].