登录新浪财经APP 搜索【信披】查看更多考评等级 来源：文轩观察 这笔交易描绘了一个经典的"生产+渠道"资本故事，但其结局将严格取决于执行能力与资源匹配度。 作者|吴三畏 图源|文轩图库 面对愈演愈烈的加盟商维权与现金流压力，深陷困境的酒类连锁企业1919创始人杨陵江却进行了一场引 人瞩目的反向操作。 12月15日港交所信息显示，他以个人身份控股港股上市公司怡园酒业73.63%的股份。 这场关键的"买壳"动作，是其全力推动资本化的突破，还是为化解自身危机的一场"以进为退"的资本冒 险？ 杨陵江个人收购怡园酒业控股权 根据港交所最新披露，1919集团创始人杨陵江已于近期以个人身份，完成了对香港上市公司怡园酒业的 战略入股，收购股份比例高达73.63%，一举成为后者的控股股东。 怡园酒业作为中国葡萄酒市场的重要品牌，于2018年在港交所上市，享有"中国首家精品酒庄概念股"之 称，业务涵盖从生产到分销的全链条，产品定位兼顾高端与大众市场。 从交易细节来看，杨陵江选择以个人名义而非公司主体进行收购，这一安排可能在税务优化、风险隔离 及决策灵活性方面有所考量。超过73%的持股比例使其获得了对怡园酒业的绝对控制权，为后续 ...

在经历实控人余增云失联、续贷难、业绩扭亏承压等一系列窘境后，酒便利终于看到了曙光。日前，共青城创东方华科股权投资合伙企业（有限合伙）（以 下简称"创东方华科"）以6840万元实际竞拍价格拿下酒便利约51%股权，这意味着酒便利将迎来新实控人，而这或许能帮助其甩掉历史包袱，有助于后续稳 定经营。 企查查显示，创东方华科并非首次跨界酒类渠道，此前投资酒仙网络科技股份有限公司、天津酒快到新零售有限公司等。在业内看来，此次拿下酒便利或许 将有助于"同业整合"，实现渠道资源深度协同。 市场价七成成交 12月9日，酒便利控股股东河南侨华商业管理有限公司（简称"河南侨华"）持有酒便利3831.2119万股股份（占其所持股份的96.26%，占酒便利总股本的 51%）被创东方华科竞得。 此次司法拍卖，源于河南侨华2023年1月至9月为融资提供的质押担保，共计3831.2119万股。由于河南侨华未履行生效法律文书确定的义务，法院判决中国 农业银行股份有限公司杭州分行有权就河南侨华所持上述酒便利股份，以拍卖、变卖该股权所得价款优先受偿。 此次所拍股份是分成三笔进行拍卖，实际拍下价格约6840万元，约为市场评估价的七成。其中，29.8 ...

曾经的河南酒类连锁龙头，正式易主。 12月8日—9日，阿里司法拍卖平台公开拍卖了河南侨华商业管理有限公司（下称河南侨华）所持酒便利约51%股份。 21世纪经济报道记者9日上午查询注意到，这批股权均被共青城创东方华科股权投资合伙企业（有限合伙）（下称创东方华科）竞拍拿下，创东方华科三 批标的成交价，共计约6840万元，仅比起拍价高出100多万元，约评估价的七成出头。 至此，酒便利终于卖身新东家。 （其中一份标的拍卖结果） 企业注册信息显示，创东方华科的第一大股东是天音通信有限公司，而后者正是天音控股（000829）（SZ0008290）的全资子公司。 在此之前，天音控股已投资了酒仙集团，并与后者合作推出了酒快到。对于近年业绩下滑、追求转型的天音，收入在北方市场有一定份额的酒便利，进一 步寻求酒业的机会。 历时1月，酒便利股权七折被卖 酒便利股权被卖，本是意外。 2024年，华侨控股集团、华侨商业集团、华侨实业等"华侨系"公司兑付危机爆发，实控人余增云被立案调查，相关资产被冻结。投资者、警方等发现，余 增云等多位"华侨系"高层潜逃海外。 余增云通过旗下公司获得的酒便利股权，也成为了处置对象。此次上架的河南侨华所持 ...

21世纪经济报道记者 肖夏 曾经的河南酒类连锁龙头，正式易主。 （原标题：河南酒水连锁龙头易主 卖手机的天音7折拿下控股权） 12月8日-9日，阿里司法拍卖平台公开拍卖了河南侨华商业管理有限公司（下称河南侨华）所持酒便利 约51%股份。 21世纪经济报道记者9日上午查询注意到，这批股权均被共青城创东方华科股权投资合伙企业（有限合 伙）（下称创东方华科）竞拍拿下，创东方华科三批标的成交价，共计约6840万元，仅比起拍价高出 100多万元，约评估价的七成出头。 至此，受到"华侨系"暴雷影响的酒便利，终于卖身新东家。 企业注册信息显示，创东方华科的第一大股东是天音通信有限公司，而后者正是天音控股 （SZ0008290）的全资子公司。 在此之前，天音控股已投资了酒仙集团，并与后者合作推出了酒快到。对于近年业绩下滑、追求转型的 天音，收入在北方市场有一定份额的酒便利，进一步寻求酒业的机会。 今年11月7日，这笔股权上架阿里司法拍卖平台，处置单位为杭州市上城区人民法院。股权被分为三个 标的，起拍价合计6712万元，仅有市场评估价总和9590万元的七成。 酒便利股权被卖，本是意外。 2024年，华侨控股集团、华侨商业集团、 ...

记者丨肖夏 编辑丨高梦阳 曾经的河南酒类连锁龙头，正式易主。 12月8日—9日，阿里司法拍卖平台公开拍卖了河南侨华商业管理有限公司（下称河南侨华）所持酒便利 约51%股份。 21世纪经济报道记者9日上午查询注意到，这批股权均被共青城创东方华科股权投资合伙企业（有限合 伙）（下称创东方华科）竞拍拿下，创东方华科三批标的成交价，共计约6840万元，仅比起拍价高出 100多万元，约评估价的七成出头。 至此，酒便利终于卖身新东家。 （其中一份标的拍卖结果） 企业注册信息显示，创东方华科的第一大股东是天音通信有限公司，而后者正是天音控股 （SZ0008290）的全资子公司。 在此之前，天音控股已投资了酒仙集团，并与后者合作推出了酒快到。对于近年业绩下滑、追求转型的 天音，收入在北方市场有一定份额的酒便利，进一步寻求酒业的机会。 历时1月，酒便利股权七折被卖 2024年，华侨控股集团、华侨商业集团、华侨实业等"华侨系"公司兑付危机爆发，实控人余增云被立案 调查，相关资产被冻结。投资者、警方等发现，余增云等多位"华侨系"高层潜逃海外。 余增云通过旗下公司获得的酒便利股权，也成为了处置对象。此次上架的河南侨华所持的51%酒便 ...

记者丨肖夏 编辑丨高梦阳 曾经的河南酒类连锁龙头，正式易主。 12月8日—9日，阿里司法拍卖平台公开拍卖了河南侨华商业管理有限公司（下称河南侨华）所 持酒便利约51%股份。 21世纪经济报道记者9日上午查询注意到，这批股权均被共青城创东方华科股权投资合伙企业 （有限合伙）（下称创东方华科）竞拍拿下，创东方华科三批标的成交价， 共计约6840万 元，仅比起拍价高出100多万元，约评估价的七成出头。 至此，酒便利终于卖身新东家。 历时1月，酒便利股权七折被卖 （其中一份标的拍卖结果） 企业注册信息显示，创东方华科的第一大股东是天音通信有限公司，而后者正是 天音控股 （SZ0008290）的全资子公司。 在此之前， 天音控股已投资了酒仙集团，并与后者合作推出了酒快到。 对于近年业绩下滑、 追求转型的天音，收入在北方市场有一定份额的酒便利，进一步寻求酒业的机会。 酒便利股权被卖，本是意外。 2024年，华侨控股集团、华侨商业集团、华侨实业等"华侨系"公司兑付危机爆发，实控人余增 云被立案调查，相关资产被冻结。投资者、警方等发现，余增云等多位"华侨系"高层潜逃海 外。 余增云通过旗下公司获得的酒便利股权，也成为了处置对 ...

Core Insights - The liquor retail industry is facing significant challenges, with major players like Jiu Yi Jiu and Jiu Bian Li experiencing severe financial difficulties and operational setbacks [3][12][15] - The industry has undergone a transformation from a period of rapid expansion and investment to a phase of contraction and restructuring, driven by changing consumer preferences and market conditions [10][20][22] Industry Overview - The liquor retail sector was once thriving, with companies like Jiu Yi Jiu and Jiu Xian Wang receiving substantial investments, leading to aggressive expansion plans [7][9] - The introduction of the "Three Public Consumption" policy in 2012 negatively impacted traditional liquor stores, but simultaneously provided opportunities for chain retailers to capture a larger market share [5][7] Financial Performance - Jiu Yi Jiu reported a revenue drop of 39% in 2020, resulting in a loss of 277 million yuan, and subsequently delisted from the New Third Board in 2023 [12][15] - Jiu Xian Wang faced even greater challenges, having been delisted in 2017 due to losses and failing multiple attempts to re-enter the A-share market [12][13] Market Trends - A report from the China Liquor Distribution Association indicates that 67% of liquor chain enterprises experienced a decline in gross profit in 2023-2024, with nearly 20 companies seeing a drop of over 10% [15] - The market is shifting away from reliance on high-end liquor sales, as younger consumers show less interest in traditional products [12][16] Strategic Responses - Companies are exploring new business models, such as integrating dining experiences with liquor sales and focusing on immediate retail and scene consumption [16][20] - Jiu Yi Jiu's chairman acknowledged the need to move beyond profit from high-end liquor margins, suggesting a pivot towards self-branded products and digital engagement with consumers [16][20] Future Outlook - Despite current difficulties, the liquor retail sector still has significant market potential, with a low chain retail penetration rate of 5% compared to other industries [20][22] - Successful companies will need to enhance their digital capabilities, develop proprietary brands, and improve the integration of online and offline sales channels to thrive in the evolving market landscape [20][22]

Core Insights - Huazhi Wine Chain Co., Ltd. has been recognized in the 2025 Annual Enterprise List by Economic Observer for its outstanding performance in various areas including quality operations, innovative breakthroughs, service upgrades, brand influence, and corporate social responsibility [1] Group 1 - The selection focuses on high-quality development and consumption upgrades, aiming to identify companies that actively practice high-quality development concepts and promote innovative consumption upgrades in the new consumption wave [1] - The initiative seeks to establish benchmark examples for the industry, thereby promoting sustainable, healthy, and high-quality development in the new consumption sector [1]

Core Viewpoint - Huazhi Wine's stock has risen over 26% since September 16, despite a general downturn in the liquor sector, primarily due to a government subsidy of 21.25 million yuan received on September 19, which accounts for nearly half of its net profit for the first half of the year [1][2]. Group 1: Financial Performance - Huazhi Wine's revenue dropped by over 30% and net profit fell by more than 60% in the first half of the year due to external factors and industry cycles [1]. - The government subsidy received in September is expected to help stabilize the company's performance in the third quarter, potentially reversing the decline in net profit [1]. - Historically, Huazhi Wine has received government subsidies annually, with 61.32 million yuan and 19.7 million yuan expected in 2023 and 2024, respectively [2]. Group 2: Market Dynamics - The upcoming National Day and Mid-Autumn Festival are expected to provide a boost to liquor sales, particularly for premium brands like Moutai and Wuliangye, which Huazhi Wine has allocations for [4]. - Despite a weak overall market demand, premium liquor products have maintained relative stability due to their strong brand influence [4]. Group 3: Cost Management - In response to the industry downturn, Huazhi Wine has implemented cost-cutting measures, with sales expenses down 40.5% and management expenses down 24.8% in the first half of the year [4]. - The company's inventory decreased by 13.39% quarter-on-quarter, indicating effective inventory management amidst declining demand [4]. - Huazhi Wine has improved cash flow through adjustments in procurement payment cycles and the use of deferred payment methods, resulting in significant cash flow growth despite declining performance [4].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 22.11 CNY for the next six months, based on a projected PS ratio of 1.20x for 2025 [4][6]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue decreasing by 33.55% year-on-year to 3.949 billion CNY and net profit dropping by 63.75% to 56 million CNY [1]. - The overall demand for liquor is weak, particularly in the white liquor segment, which is undergoing a deep adjustment phase, leading to a substantial impact on the company's performance as a distributor [2]. - The company's gross margin has declined, with a net profit margin of -2.66% in Q2 2025, reflecting a decrease of 4.06 percentage points year-on-year, primarily due to asset impairment losses [3]. Financial Performance Summary - For H1 2025, the revenue breakdown by product shows white liquor at 3.632 billion CNY (down 34.98%), imported wine at 247 million CNY (up 10.96%), and other segments experiencing declines [2]. - The company has projected revenue growth rates of -18.8% for 2025, followed by positive growth of 7.5% and 9.9% in 2026 and 2027, respectively [4]. - The net profit growth rates are expected to rebound significantly in the coming years, with projections of +94.2% for 2025, +54.5% for 2026, and +37.5% for 2027 [4]. Market and Valuation Analysis - The report highlights that the company operates in a challenging macroeconomic environment, which has led to decreased consumer spending and overall liquor demand [2]. - The valuation approach suggests that using a PS relative valuation method is more appropriate due to the low net profit margins typical of liquor distribution companies [4]. - The company's current market capitalization is approximately 7.31 billion CNY, with a share price of 17.55 CNY as of September 15, 2025 [7][6].