16年“贵酒”大战终落幕！上海贵酒不能再叫“贵酒”，存货还堆了4.86亿元

Core Viewpoint - The legal dispute over the name "Guizhou Wine" has reached a conclusion, with a court ruling requiring Shanghai Guizhou Co., Ltd. and Shanghai Guizhou Wine Sales Co., Ltd. to cease using the name "Guizhou Wine," which is associated with Guizhou Wine Group Co., Ltd. [1][2] Summary by Sections Dispute Background - The trademark dispute between *ST Rock and Guizhou Wine dates back six years, initiated by *ST Rock's name change to Shanghai Guizhou in 2019 amid the rising popularity of sauce-flavored liquor [4]. - Guizhou Wine filed a lawsuit against *ST Rock for trademark infringement and unfair competition, leading to a prolonged legal battle [4]. - The historical context shows that Guizhou Wine has a rich heritage dating back to 1950, while *ST Rock has frequently changed its business focus, earning the nickname "A-share name change king" [4]. Legal Proceedings - In July 2021, a court ruled in favor of Guizhou Wine, ordering *ST Rock to cease infringing on Guizhou Wine's trademarks and to pay damages of 1 million yuan [5]. - Following an appeal, the Jiangsu High Court increased the compensation to 1.5 million yuan and expanded the scope of infringement [6]. - The recent final ruling mandates that *ST Rock must stop using the name "Guizhou Wine" and pay a total of 4.1885 million yuan in damages and legal fees [6]. Financial Impact on *ST Rock - The ruling adds significant cash flow pressure on *ST Rock, which reported cash and cash equivalents of 4.7428 million yuan as of June 2025 [7]. - The company's financial troubles stem from the collapse of its affiliate, Haiyin Group, which faced a funding crisis and legal issues [7]. - In the first half of 2025, *ST Rock's revenue plummeted by 85.22% year-on-year to 28.2496 million yuan, with a net loss of 67.7668 million yuan [9]. - The company has struggled with inventory management, with a significant portion of its inventory being non-core products and nearing expiration [9][10].