THGW(SH:600365) Xin Lang Cai Jing·2025-12-02 11:41Core Viewpoint - ST Tongpu, a company with nearly 90 years of winemaking history, has recently experienced a five-day stock surge, reaching a one-year high, despite its ongoing ST status due to historical issues related to illegal guarantees [1][19]. Group 1: Historical Development - Tonghua Wine Co., Ltd. is a well-established brand in China's wine industry, with nearly 90 years of winemaking experience. The company underwent restructuring in 1999 and was officially listed on January 15, 2001. It has experienced multiple changes in shareholding, notably when Xinhua Group became the largest shareholder in 2004 [2][20]. Group 2: Main Business - ST Tongpu's main business is divided into two segments: wine manufacturing and sales, and e-commerce for consumer goods. The wine segment focuses on various types of wines, including dry, ice, sweet, and grape spirits, using unique mountain grapes from Changbai Mountain. The e-commerce segment operates through its subsidiary, Jiurun Yuan, and has obtained internet distribution rights from several brand owners, collaborating with platforms like JD.com, Tmall, and Pinduoduo. The company has recently decided to gradually stop selling white wine online and will focus on wine and non-white wine consumer goods in the future [3][21]. Group 3: Financial Performance (2022-2024) - ST Tongpu's financial data has shown volatility in recent years. Key indicators include: - Basic earnings per share: -0.13 yuan in 2022, -0.17 yuan in 2023, and -0.12 yuan in 2024 [5][23]. - Net asset per share: 0.78 yuan in 2022, 0.72 yuan in 2023, and 0.67 yuan in 2024 [6][24]. - Sales gross margin: 19.49% in 2022, 17.99% in 2023, and 14.54% in 2024 [7][25]. - In 2024, the company reported revenue of 869 million yuan, a year-on-year increase of 1.22%, but a net loss attributable to shareholders of 49.88 million yuan, indicating continued losses [8][26]. - As of the first half of 2025, the company's debt-to-asset ratio reached 66.8%, indicating significant financial pressure [9][27]. Group 4: Reasons for ST Status - The direct reason for ST status is historical issues related to illegal guarantees. In August 2020, the company discovered that the former actual controller had illegally used the company's seal to guarantee a loan agreement for Dalian Dinghua International Trade Co., Ltd. The arbitration involved an amount as high as 306.3 million yuan, and although the arbitration court deemed the guarantee invalid, the company was ordered to bear compensation liability of approximately 61.26 million yuan [10][28]. Additionally, the internal control audit report for 2020 received a negative opinion, contributing to the ongoing ST status [11][29]. Group 5: Current Problem Resolution Status - As of the third quarter of 2025, the core issues leading to ST status remain unresolved, and the conditions for removal have not been met. The company has filed a lawsuit against the former actual controller for losses related to the illegal guarantee but lost the first instance in July 2025 and has appealed, with the case currently in the second instance [12][30]. The company has recognized estimated liabilities for the arbitration matter and is disclosing progress monthly, indicating a commitment to using legal means to protect its rights and mitigate risks [12][31]. Group 6: Potential Speculative Themes - Despite the pressure on fundamentals, the market may focus on the following themes: 1. Business focus: The decision to stop the e-commerce white wine business and return to the core wine business is seen as a signal of strategic clarity [13][32]. 2. Equity incentives: A restricted stock incentive plan is set to be launched in 2025, proposing to grant approximately 6.26% of shares to 45 core employees, which may be interpreted as management's confidence in the future [13][32]. 3. Historical heritage: The company has nearly 90 years of winemaking history and a unique underground wine cellar, providing a foundation for brand storytelling [14][33]. 4. Active stock price: In September 2025, the stock experienced a "five consecutive boards" phenomenon, with a monthly increase of over 40%, likely attracting short-term capital attention [15][34].