天音控股跨界操盘，拿下酒便利51%控股权！公司回应

Group 1 - The core point of the article is that Huake Fund successfully acquired a 51% controlling stake in Jiu Bian Li for a total price of 68.4 million yuan, marking a significant change in ownership amid the company's operational turmoil [1][2] - The acquisition was conducted through a judicial auction, with the total starting price of 67.12 million yuan, which is only 70% of the assessed total price of 95.9 million yuan [2] - The previous controlling shareholder, Henan Qiaohua, will see its stake drop from 51% to 1.98% post-acquisition, with Huake Fund becoming the new controlling shareholder [2] Group 2 - Jiu Bian Li has faced significant operational challenges, reporting a revenue decline of 3.89% to 1.679 billion yuan in 2024, and a net loss of 109 million yuan [3] - In the first half of 2025, the company's revenue plummeted by 37.1% to 598 million yuan, with a net loss of 61.55 million yuan and a debt ratio rising to 74% [3] - Despite these challenges, Jiu Bian Li's core assets are considered valuable, as it pioneered the "alcohol front warehouse model" in China and has established a network of over 300 stores across multiple provinces [3] Group 3 - Huake Fund, the acquirer, is closely tied to Tianyin Holdings, which has a significant stake in the fund and plays a crucial role in investment decisions [4] - Tianyin Holdings has previously entered the alcohol sector, acquiring a 60% stake in Jiu Kuai Dao, which complements Jiu Bian Li's business model [4] - The company aims to leverage its extensive distribution network to expand into the high-potential fast-moving consumer goods sector, particularly in alcohol sales [6]