Core Viewpoint - Tianyoude Liquor has faced significant challenges in maintaining profitability, with net profit consistently below 100 million yuan over the past five years, and a notable decline of 52.96% in 2024 compared to the previous year, raising concerns among investors about the company's growth prospects [1][3][4]. Financial Performance - In 2024, Tianyoude Liquor's net profit decreased by 52.96%, while revenue only grew by 3.69%, indicating a troubling trend of "increasing revenue without increasing profit" [1][4]. - The company's first-quarter net profit for 2024 was 67.5 million yuan, marking a 37.69% year-on-year decline and the lowest quarterly profit in nearly five years [4][5]. Sales and Marketing Challenges - The company reported a 12.5% increase in sales expenses for 2024, totaling 324 million yuan, with advertising and marketing costs rising by 21.37% to 182 million yuan [6]. - Sales expenses accounted for 25.85% of revenue in 2024, ranking fifth among all listed liquor companies, yet the revenue growth did not align with this high expenditure [6]. International Expansion and Losses - Tianyoude Liquor's subsidiary, Oranos Group, has faced continuous losses, accumulating over 100 million yuan in losses over the past seven years, with a loss of 21.06 million yuan in 2024 alone [7][8]. - Despite the ongoing losses, the company remains committed to its U.S. market strategy, believing in the potential of the market and planning to continue investing in its U.S. subsidiary [7][8].

以下文章来源于大江湖解局 ，作者江湖大大 作者：江湖大大 来源： 大江湖解局（ID： ZhiChangDJH ) 最近，中国前首富王健林，一直在割肉。 大连万达以1.6亿英镑，折合人民币不到15亿的价格，将豪华游艇制造商圣汐国际，卖给狮心资本。 圣汐国际被称为"海上劳斯莱斯"，是全世界顶级的奢华游艇品牌，总部位于英国多塞特郡普尔。 2013年，王健林野心勃勃，大连万达在加杠杆的路上，一路狂飚。大量的银行信贷，让大连万达欲望 膨胀，开始全世界，疯狂扫货。 大江湖解局 . 有深度、有秘史、有内幕！ 圣汐国际剩下的8.2%股份，则由当时圣汐国际的管理层收购。 交易完成后，王健林保留了圣汐国际的管理层、工厂及全部员工。 在收购圣汐国际前一年，也就是2012年，万达集团刚刚以26亿美元的价格，外加5亿美元营运资金， 收购美国第二大院线AMC 100%的股权。 彼时，经过第三方机构的推荐，王健林接触上了圣汐国际。 王健林认为，中国大陆富豪崛起，游艇将成为一个快速增长的消费品，但进口游艇要征收45%的税， 如果万达将圣汐国际收购，并在国内设厂，则可以避开奢侈品税。 那个时候圣汐国际遇到了一些经营困难，且还有一些债务，正想引 ...