GSMG(SH:600543) Sou Hu Cai Jing·2025-07-28 06:02Core Viewpoint - Several wine companies, including Mogaos, are forecasting significant losses for the first half of the year, with Mogaos expected to incur losses of 25 to 37 million yuan, marking a substantial increase in losses compared to the previous year [1][8]. Group 1: Financial Performance - Mogaos' wine business has seen a declining share of total revenue, with wine accounting for only 18.45% of revenue in 2024, down from 83.54% in 2017 [2]. - The company has reported continuous losses over the past four years, with losses of approximately 98.7 million yuan in 2021, 111 million yuan in 2022, 41.4 million yuan in 2023, and projected losses of 25 to 37 million yuan for the first half of 2025 [8]. Group 2: Business Diversification and Challenges - Mogaos has shifted its focus to biodegradable materials, which now dominate its revenue, but this segment has also shown signs of losses since 2022 [4]. - The pharmaceutical segment has experienced a decline in production and sales prices, contributing to reduced profitability [4]. Group 3: Market Dependency and Distribution - Mogaos relies heavily on the Gansu provincial market for wine sales, with provincial revenue being 1.5 times that of external markets in 2023 [5]. - The number of distributors for Mogaos' wine has decreased, with 50 distributors lost despite 48 new additions, indicating a shrinking market presence [6][7]. Group 4: Regulatory and Market Environment - The company faces potential delisting risks if it fails to achieve a revenue of 300 million yuan in 2024, with negative net profits [8]. - Mogaos' chairman has been implicated in insider trading, which has negatively impacted market confidence, although the company claims it does not affect operations [8].