HAINANYEDAO(SH:600238) Xin Lang Ke Ji·2025-05-12 00:29Core Viewpoint - Hainan Yedao, known as the "first stock of health wine," reported a significant decline in revenue and continued losses, raising concerns about its management and market strategy [1][2][4]. Financial Performance - In 2024, Hainan Yedao achieved revenue of only 175 million yuan, marking a 21.97% decline following two consecutive years of nearly 50% decreases [1]. - Cumulative losses since 2015 have reached 794 million yuan, leading to a "*ST" warning and increasing the risk of delisting [2]. - The company's revenue for Q1 2025 further declined by 18.47% to 44 million yuan [4]. Product Performance - Sales of the flagship product, Luguijiu, fell by 44.47%, with a gross margin decrease of 7.87% [4]. - Other product lines, including the white wine series and other alcoholic beverages, also experienced significant revenue declines of 28.27% and 20.84%, respectively [4]. - High-end products, such as the Haijiao Sea Sauce 20, recorded minimal sales, with only 2 purchases noted [7]. Management and Strategy - The management team has faced instability, with the recent departure of General Manager Ma He shortly after the poor performance announcement [1][8]. - Ma He had previously engaged in aggressive marketing strategies, including a nationwide advertising campaign, which did not yield the expected results [10][12]. - The company has shown a high dependency on a limited number of clients and suppliers, with the top five clients accounting for 79.17% of total sales [7]. Market Position - Hainan Yedao's stock price has plummeted by 84.7% from its peak of 32.78 yuan, reflecting a severe loss of investor confidence [13]. - The company is at a critical juncture, facing internal challenges and market pressures that threaten its operational viability and future prospects [13].