Telling Holding(SZ:000829) 21世纪经济报道·2025-12-09 09:31Core Viewpoint - The ownership of Henan Qiaohua Commercial Management Co., which held a 51% stake in Jiubenli, has officially changed hands through a judicial auction, with the new owner being Chuangdong Huake Equity Investment Partnership [1][4]. Group 1: Auction Details - The auction took place on December 8-9, where the stake was sold for approximately 68.4 million yuan, slightly above the starting price, which was about 67.12 million yuan [1][6]. - The total estimated value of the stake was around 95.9 million yuan, indicating a significant depreciation in Jiubenli's valuation, which is now below 200 million yuan [6][12]. - The auction was not highly competitive, with only one bidder, Chuangdong Huake, for two of the three lots, while the smallest lot saw some competition with a 31.7% premium [6][7]. Group 2: Company Background - Jiubenli, established in 2010, has grown to over 300 stores and 6 million members across various cities, with its best performance in 2023, achieving a revenue of 1.745 billion yuan [8][12]. - The new owner, Chuangdong Huake, is primarily owned by Tianyin Communication, which is a subsidiary of Tianyin Holdings, a major player in mobile distribution [4][10]. - Tianyin Holdings has been facing declining profits, with a revenue drop of 11% and a net profit decline of nearly 63% in 2024, prompting a shift towards the liquor industry to enhance profitability [12][13]. Group 3: Market Context - The liquor retail industry is currently under significant pressure, with major players like Huazhi Liquor Chain reporting substantial losses [13]. - If Jiubenli and the new retail platform "Jiukuai Dao" (backed by Tianyin) collaborate, their combined store count could exceed 800, although this is still below the leading competitor's 2,000+ stores [13].