HAINANYEDAO(SH:600238) 新浪财经·2025-05-12 00:58Core Viewpoint - Hainan Yedao, known as the "first stock of health wine," reported a significant decline in performance, with revenue dropping to 175 million yuan, a decrease of 21.97% following two consecutive years of nearly 50% declines, and a net loss of 136 million yuan [2][6]. Financial Performance - The company achieved a historical revenue peak of 1.605 billion yuan in 2010, but has since seen a drastic decline to 175 million yuan, reflecting a "halving" of revenue multiple times [5][6]. - Cumulative losses since 2015 have reached 794 million yuan, leading to a *ST warning and increasing the risk of delisting [6]. Management and Staffing Changes - Despite the poor financial performance, the salaries of Chairman Duan Shouqi and General Manager Ma He increased to 684,100 yuan and 641,500 yuan respectively for 2024 [2]. - The company has reduced its workforce by over 10%, with sales personnel being the most affected, experiencing a nearly 60% reduction [2]. Product Performance - Sales of the flagship product, Lu Gui Jiu, fell by 44.47%, with a gross margin decline of 7.87%. Other product lines also saw significant revenue drops, with white liquor down 28.27% and other liquor series down 20.84% [9]. - The high-end product series, including the herbal sauce liquor, has seen no sales on major e-commerce platforms like Tmall [3][4][11]. Market Position and Strategy - Hainan Yedao's revenue heavily relies on a few key clients, with the top five clients accounting for 79.17% of total sales, indicating a lack of market control [11]. - The company has struggled with product positioning and pricing strategies, leading to poor market performance [8]. Leadership Instability - The management team has faced instability, with multiple resignations occurring shortly after Ma He took over as General Manager [12]. - Ma He’s departure from the company, which occurred shortly after a major marketing push, raises questions about the effectiveness of the marketing strategy [19]. Stock Market Performance - The company's market capitalization is approximately 2.2 billion yuan, with stock prices plummeting by 84.7% from a peak of 32.78 yuan [19].