酒便利：从资本宠儿到'烫手山芋'

Core Insights - The article discusses the rise and fall of Jiu Bian Li, a liquor retail chain that once thrived on capital investment but is now facing significant challenges due to management upheaval and financial instability [3][14]. Group 1: Company Background and Growth - Jiu Bian Li was founded in 2010, starting with 6 stores in Zhengzhou and innovating with an O2O model that offered "online orders + 20-minute delivery" [3][15]. - The company attracted significant investment from notable firms between 2015 and 2018, including a strategic investment from Lenovo in 2016, which propelled its growth and led to its listing on the New Third Board [4][15]. - By 2024, Jiu Bian Li expanded to nearly 400 stores across multiple cities and had over 6 million members, positioning itself as a potential national leader in the liquor retail sector [4][5]. Group 2: Management Changes and Strategic Shifts - Starting in 2021, Jiu Bian Li underwent significant management changes as its controlling shareholder, Henan Qiaohua, increased its stake to 52.98% by May 2023, leading to a restructuring of the board [6][16]. - The new management adopted an aggressive national expansion strategy, which faced internal criticism for high management costs and unrealistic budgets, resulting in a 48.77% decline in net profit in 2024 [6][16][17]. Group 3: Financial Performance and Challenges - Financial data shows that Jiu Bian Li's revenue increased from 9.4 billion yuan in 2022 to 17.45 billion yuan in 2023, but net profit plummeted from 297.32 million yuan to -109 million yuan in the same period, a drop of 468.03% [8][18]. - By mid-2025, the company faced severe liquidity issues, with cash reserves down over 90% to 14.05 million yuan and an asset-liability ratio nearing 74% [8][19]. - The company also encountered a crisis when its controlling shareholder was investigated, leading to frozen assets and a loss of financing channels, further exacerbating its financial troubles [19][20]. Group 4: New Ownership and Future Prospects - The company's 51% stake was auctioned for 68.4 million yuan to Chuang Dongfang Huake, a subsidiary of Tianyin Communication, which has a background in state-owned assets and has been active in the liquor distribution sector [10][20]. - Following the auction, co-founder Zhang Li returned to the board as general manager, viewing the change as an opportunity to rebuild trust in financing and supply chains [20][21]. - The integration of Jiu Bian Li with Chuang Dongfang Huake's existing operations could potentially reduce costs and improve efficiency, but the company must address its financial and operational challenges to achieve sustainable growth [20][21].