壹玖壹玖疑似“崩盘”：多地加盟商遭拖欠货款，创始人杨陵江曾被限高！重新启动上市计划向资本市场吸收投资

Core Viewpoint - The company 1919 has been reported to face severe cash flow issues, leading to significant delays in payments to its franchisees and raising concerns about its operational stability [2][3][5]. Group 1: Cash Flow Issues - Since June 2023, 1919 has begun to significantly delay payments for online business settlements, causing financial difficulties for franchise stores [2][3]. - Franchisees have reported being owed amounts ranging from tens of thousands to hundreds of thousands of yuan, with some not receiving payments for over four months [3][5]. - The company has not provided a clear timeline for payment resolution, leading to frustration among franchisees [3][5]. Group 2: Franchisee Concerns - Franchisees have expressed doubts about the company's cash flow and operational issues, with some indicating that the company may be facing serious problems [2][8]. - Complaints have emerged regarding the quality and sales performance of the exclusive products provided by the company, with many franchisees struggling to sell the inventory [7][8]. - Franchisees have formed multiple groups to seek redress, but only a few have successfully recovered their owed amounts [6][8]. Group 3: Company Background and Financial Performance - 1919 was the first company in China's liquor distribution sector to be listed on the New Third Board but announced its delisting in mid-2023 due to ongoing financial struggles [2][11]. - The company has experienced continuous losses since its listing, with cumulative losses reaching 7.56 billion yuan from 2019 to 2022 [11]. - Despite past investments, including a significant 2 billion yuan from Alibaba, the company has failed to reverse its declining financial performance [9][11]. Group 4: Potential Future Developments - There are indications that 1919 may be planning to restart its listing process and seek new investments from the capital market [12][13]. - New requirements have been imposed on franchisees, including a minimum purchase of 600,000 yuan worth of exclusive products to continue their partnership [12][13].