“金饭碗”要丢？酒便利将法拍易主，8吨茅台配额恐生变

Core Viewpoint - The company Jiu Bian Li is facing significant challenges due to the judicial auction of shares held by its controlling shareholder, Henan Qiaohua, which may lead to a change in control and impact its operations and financial performance [1][3]. Financial Performance - Jiu Bian Li reported a revenue of 598 million yuan for the first half of 2025, a year-on-year decline of 37.1%, and a loss of 62 million yuan, a drastic drop of 641.51% compared to the previous year [1][5]. - The company’s revenue for 2023 was 1.745 billion yuan, with a net profit of 30 million yuan, but it fell to 1.679 billion yuan in 2024, resulting in a net loss of 109 million yuan [5]. - As of December 2024, Jiu Bian Li's inventory balance reached 202 million yuan, primarily consisting of liquor products, indicating potential risks of inventory impairment [5]. Share Auction Details - The shares to be auctioned total 38.3121 million, representing 51% of Jiu Bian Li's total equity, with a market value of approximately 959.137 million yuan and a starting price of 671.396 million yuan, about 70% of the market price [1][2]. - The auction is divided into three parts, with starting prices of 39.2292 million yuan, 23.9351 million yuan, and 3.9753 million yuan [2]. Impact of Shareholder Change - The change in control may allow new investors to restructure the board and improve bank credit lines, as the current situation is seen as a burden on the company [3]. - The potential loss of the annual allocation of 8-10 tons of Feitian Moutai, which contributes approximately 200 million yuan in sales, poses a significant risk to the company's profitability [1][6]. - Industry experts suggest that the stability of operations is crucial for maintaining the Moutai distribution rights, and a change in controlling shareholder could lead to a reduction or cancellation of these rights [6]. Background of Current Issues - The controlling shareholder, Yu Zengyun, has been uncontactable since September 2022, and his company, Huashiao Holdings, has faced financial difficulties, including unfulfilled financial products amounting to billions [3][4]. - Yu Zengyun is under investigation for alleged fundraising fraud, which has further complicated the situation for Jiu Bian Li [4][6].