Sou Hu Cai Jing·2025-10-28 03:02Core Viewpoint - The acquisition of Jimo Huangjiu by Qingdao Beer, aimed at enhancing business quality and growth through product complementarity, has been terminated due to unmet conditions in the share transfer agreement [2][5][16]. Group 1: Acquisition Details - Qingdao Beer initially planned to acquire 100% of Jimo Huangjiu for 665 million yuan, which was considered a sincere offer compared to Jimo Huangjiu's net assets of 203 million yuan as of the end of 2024 [12][11]. - The acquisition was intended to diversify Qingdao Beer's product offerings and create a complementary sales effect between beer and Huangjiu, especially during the off-peak season for beer [8][4]. - The acquisition was officially announced to be terminated due to the failure to meet the preconditions set in the share transfer agreement [2][16]. Group 2: Industry Context - The beer industry has been experiencing a decline in sales, leading to increased competition for existing market share, which prompted Qingdao Beer to seek this acquisition as a growth strategy [4][5]. - In 2024, Qingdao Beer projected a total sales volume of 7.538 million kiloliters, a decrease of approximately 5.9% from 2023, alongside a revenue drop of 5.3% to 32.138 billion yuan [5][6]. - Despite a slight increase in net profit, the overall financial performance indicates challenges, with a significant decline in operating cash flow [6][5]. Group 3: Financial and Operational Challenges - Jimo Huangjiu has faced financial difficulties, with over 100 million yuan in frozen equity due to financial disputes involving its major shareholders [13][14]. - The freezing of Jimo Huangjiu's equity has complicated the acquisition process, leading to uncertainty about its future [14][16]. - Qingdao Beer has indicated that the termination of this acquisition will not impact its diversification strategy, as it continues to explore other non-beer business opportunities [16].