新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 文｜时代周报 2019年春，茅台镇，资本大佬韩宏伟站在一家酒厂门前，对生产技术负责人曾凡吐露他的雄心：要找一 个能酿出好酒的厂，打造一个传世的百年品牌。 彼时，由他儿子韩啸控制的*ST岩石（600696.SH，下称"上海贵酒"）准备在白酒行业大干一场，一场 横跨金融与实业的宏大叙事就此展开。 2019年3月7日，在茅台镇祥康酒业对面门口，曾凡第一次见到韩宏伟。那一年，酱酒的热浪仍在翻滚， 韩宏伟想要找到能承托上海贵酒的未来产能。 2019年-2023年，五年时间，在韩宏伟父子的操盘下，上海贵酒营收暴增十余倍，一度成为资本市场最 耀眼的酱酒"黑马"，顶层经销商们享受着圈层生意的红利，有团队年销售额近3000万，在品酒、旅游中 就把生意做了。 然而，所有命运的馈赠，早已暗中标好了价格。当房地产寒冬降临，海银财富管理有限公司（下称"海 银财富"）"借新还旧"的资金无法继续轮转，成为推倒韩宏伟资本帝国的多米诺骨牌。 失去了外部输血，上海贵酒内部失序的真相暴露无遗：业绩断崖式下滑、财务造假、经销商返利无法兑 现、员工工资拖欠……这家扬言成为"中国的帝亚吉欧"的酒 ...

Core Viewpoint - Beijing Huiyuan is facing internal conflicts and external challenges, including failed acquisitions and ongoing lawsuits, leading to a call for resistance against "malicious capital games" [1][2][4]. Group 1: Internal Conflicts - Beijing Huiyuan's official statement criticized major shareholder Zhuji Wenshenghui for holding a unilateral shareholder meeting on August 11, which was contested by employee supervisors [2]. - The company’s labor union urged all employees not to recognize the decisions made during this meeting, indicating a significant internal divide [2][4]. - The chairman, Ju Xinyan, has filed a lawsuit against Beijing Huiyuan to confirm the validity of a company resolution, highlighting the ongoing power struggle within the company [5]. Group 2: Financial and Legal Issues - Beijing Huiyuan accused Zhuji Wenshenghui of failing to fulfill investment commitments, with 850 million yuan overdue for over a year, despite multiple reminders [4][5]. - Approximately 650 million yuan of the funds claimed to be invested by Zhuji Wenshenghui are reportedly unutilized and under their direct control, raising concerns about "false capital contributions" [4][5]. - The company has initiated legal action against Zhuji Wenshenghui and its associated entities, which has been accepted by the court [5]. Group 3: Historical Context and Recent Developments - Huiyuan Juice, established in the early 1990s, has faced severe debt crises and underwent a court-approved restructuring in June 2022, with plans for a significant investment of 1.6 billion yuan to revitalize operations [8][10]. - In 2023, Huiyuan Juice reported revenues of 2.745 billion yuan and a net profit of 424 million yuan, indicating operational improvements post-restructuring [10]. - A failed acquisition attempt by Guozhong Water in April 2023, due to frozen share rights, has further complicated Huiyuan's financial landscape and potential for future growth [6][11].

Core Viewpoint - Beijing Huiyuan is facing internal conflicts and external challenges, including failed acquisitions and ongoing lawsuits, leading to a call for employees to resist "malicious capital games" [1][2][4]. Group 1: Internal Conflicts - Beijing Huiyuan's official statement criticized major shareholder Zhuji Wenshenghui for holding a unilateral shareholder meeting on August 11, which was contested by employee supervisors [2]. - The company’s labor union urged all employees not to recognize the decisions made during this meeting, indicating a significant internal divide [2][4]. - The chairman, Ju Xinyan, has filed a lawsuit against Beijing Huiyuan to confirm the validity of a company resolution, highlighting the ongoing power struggle within the company [5]. Group 2: Financial and Legal Issues - Beijing Huiyuan accused Zhuji Wenshenghui of failing to fulfill investment commitments, with 850 million yuan overdue for over a year, despite multiple reminders [4][5]. - Approximately 650 million yuan of the funds supposedly invested by Zhuji Wenshenghui is under "trapped account" status, indicating a lack of actual investment into the company's operations [4][5]. - The company has initiated legal action against Zhuji Wenshenghui and its associated entities, which has been accepted by the court [5]. Group 3: Historical Context and Recent Developments - Huiyuan Juice, established in the early 1990s, has faced severe debt crises and underwent a court-approved restructuring in June 2022, with Wensheng Assets becoming the controlling shareholder [5][10]. - The company reported a revenue of 2.745 billion yuan and a net profit of 424 million yuan in 2023, showing signs of operational improvement post-restructuring [10]. - A planned acquisition by Guozhong Waterworks was halted due to the freezing of shares related to Zhuji Wenshenghui, further complicating the company's financial situation [6][10].

Core Viewpoint - Beijing Huiyuan Food and Beverage Co., Ltd. has publicly criticized its major shareholder, Zhuji Wenshenghui, for failing to fulfill investment obligations and has called for resistance against malicious capital games [1][4]. Group 1: Conflict Overview - The conflict between Beijing Huiyuan and Zhuji Wenshenghui escalated sharply, with Huiyuan accusing Wenshenghui of not fulfilling its investment commitments of 850 million yuan, which has been overdue for over a year despite 11 reminders [4][7]. - Huiyuan's management claims that Wenshenghui's actual contribution is only 7.5 billion yuan, which has not been effectively utilized in Huiyuan's operations, raising concerns about the legitimacy of Wenshenghui's control over the company [7][8]. Group 2: Legal Actions and Implications - Huiyuan has initiated legal proceedings against Zhuji Wenshenghui and its controlling shareholder, Wensheng Assets, which have been accepted by the court [4][8]. - The potential for Wenshenghui to receive 60% of dividends or equity transfer proceeds without fulfilling its investment obligations poses a risk of dilution for other shareholders and debt-to-equity swap beneficiaries [8][9]. Group 3: Historical Context - The relationship between Beijing Huiyuan and Zhuji Wenshenghui began three years ago when Huiyuan underwent bankruptcy restructuring and Wensheng Assets became the controlling shareholder [6][10]. - The restructuring plan included a commitment from Wensheng Assets to invest a total of 1.6 billion yuan over three years, but the actual investment has not been fully realized [6][7]. Group 4: Financial Strain and Future Prospects - Zhuji Wenshenghui is reportedly facing financial difficulties, which may explain its reluctance to fulfill investment commitments [10][12]. - Plans for a potential acquisition by Guozhong Water and a subsequent A-share listing for Huiyuan have been hindered by unresolved capital contribution disputes [11][12]. Group 5: Internal Dynamics - The founder of Huiyuan, Zhu Xinli, has become a focal point amid the escalating conflict, with recent public appearances indicating ongoing involvement in the company's affairs [13][14]. - Internal conflicts within Huiyuan are becoming more apparent, with legal disputes and management challenges surfacing as the company navigates its post-restructuring landscape [16].

Core Viewpoint - Huayuan Juice has publicly acknowledged its struggles with capital and governance issues, revealing internal conflicts and a power struggle with its major shareholder, Zhuji Wenshenghui [1][4][8]. Group 1: Company Statements and Actions - Huayuan Juice issued a statement on August 14, disputing the legality of a temporary shareholders' meeting called by Zhuji Wenshenghui, claiming the meeting's resolutions lack legal validity [1][5]. - The company accused Zhuji Wenshenghui of failing to fulfill investment commitments, describing their actions as a "malicious capital game" that threatens employee livelihoods [5][8]. - Previous statements from Huayuan had denied claims of being manipulated by capital, asserting that the company was operating normally since its restructuring in 2022 [6][8]. Group 2: Leadership and Control Issues - The return of founder Zhu Xinli to the company has been reported, while current chairwoman Ju Xinyan has filed a lawsuit against Huayuan to confirm the validity of certain company resolutions [4][10]. - Ju Xinyan's lawsuit indicates a potential internal conflict, suggesting either a challenge to decisions made by Zhuji Wenshenghui or a struggle for control within the company [13]. - The ambiguity surrounding the company's leadership and governance structure has raised concerns about decision-making processes and the overall stability of Huayuan Juice [12][14]. Group 3: Current Challenges - Huayuan Juice is facing a survival crisis due to delayed funding from Zhuji Wenshenghui, which jeopardizes its debt restructuring efforts [14]. - Governance issues are evident, with unclear shareholder meeting validity and internal disputes affecting the company's operational integrity [14]. - Trust in the brand is eroding due to perceived capital failures and public internal conflicts, which could impact relationships with distributors and consumers [14].

Core Insights - The acquisition of the Chinese beverage brand "Dayao" by the American private equity firm KKR marks a significant shift in the brand's control and strategy, highlighting the intersection of capital and brand history [2][3][15] - Dayao, once a symbol of grassroots entrepreneurship, achieved remarkable success with annual sales of 3.2 billion, but faced challenges from emerging health-conscious brands and rising operational costs [3][11][14] Group 1: Acquisition Details - KKR, known for its substantial capital and global market influence, has acquired Dayao, which opens doors to the Chinese lower-tier market for the firm [2][3] - The acquisition has been approved by the Chongqing Market Supervision Administration, indicating a smooth transition of ownership [3] Group 2: Brand Strategy and Market Position - Dayao's unique market strategy focused on under-served segments, such as local dining establishments, allowing it to compete effectively against international giants like Coca-Cola and Sprite [6][10] - The brand's pricing strategy, offering higher profit margins for restaurant owners, contributed to its rapid growth and national presence [9][10] Group 3: Challenges and Market Dynamics - The beverage market has evolved, with new brands like Yuanqi Forest and Dongfang Shuye capturing the health-conscious demographic, while Dayao's traditional high-sugar products fall out of favor [11][13] - Dayao's reliance on glass bottle packaging has increased operational costs, limiting its expansion into southern and first-tier cities where competition is fierce [14] Group 4: Future Implications - KKR's investment is expected to enhance Dayao's supply chain, cost control, and brand internationalization, but may also lead to significant changes in product formulation and packaging to align with health trends [16][18] - The balance between capital-driven efficiency and consumer sentiment towards the brand's original identity poses a challenge for Dayao's future [19][21]

Group 1 - Elon Musk's rapid political retreat from forming the "American Party" highlights his role as a pawn in a larger capital game orchestrated by Wall Street [1] - Trump's threats regarding investigations into Musk's companies leverage the substantial government subsidies Musk receives, totaling $12 billion annually, with SpaceX and NASA contracts valued at $23 billion [2] - The stock price of Tesla exhibits volatility correlated with Musk's political statements, demonstrating a pattern where Musk's criticisms of Trump lead to stock declines, while his concessions result in rebounds, indicating a strategic manipulation by Wall Street [4] Group 2 - Musk's reliance on government subsidies, including $15 billion in tax breaks for Tesla and significant NASA contracts for SpaceX, positions him as a major beneficiary of the very system he critiques [6] - The prediction of Musk's potential third retreat suggests a cyclical pattern where he may again leverage political rhetoric to influence Tesla's stock price, indicating a calculated approach to market dynamics [10]

Group 1 - NBA star Irving faced severe backlash for sharing an anti-Semitic film, indicating a significant shift in public and corporate response to anti-Semitic sentiments compared to previous controversies [1] - The incident highlights the potential consequences for public figures who engage in anti-Semitic rhetoric, as seen with Kanye West's loss of endorsement from Adidas after similar remarks [1] Group 2 - The Jewish community has a long history of economic adaptation, initially engaging in money exchange due to restrictions on other professions, which laid the foundation for their financial acumen [6] - Historical restrictions in Europe led to the establishment of high-interest lending by Jews, allowing them to accumulate wealth and gradually integrate into the capitalist framework [8] - Jewish migration to America in the 19th century resulted in significant community growth, with Jews becoming influential in various sectors, including finance and media [10][12] - The control of major financial institutions, such as the Federal Reserve, by Jewish individuals has been noted, with a significant representation of Jews among America's wealthiest individuals [12][14]