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大手笔布局饮料业务,*ST兰黄能否振奋业绩?
Bei Ke Cai Jing· 2025-09-12 06:56
Core Viewpoint - After two consecutive years of losses, *ST Lanzhou Huanghe is shifting its focus to the beverage business, particularly through the acquisition of Yiwang Juice, indicating a strategic pivot to find new growth opportunities in a challenging beer market [1][3][5]. Group 1: Company Overview - *ST Lanzhou Huanghe is a regional brand engaged in the production and sale of beer and beverages, with its main brands being "Yellow River" and "Qinghai Lake," accounting for over 90% of its main business [2]. - The company has been facing declining revenue, with a significant drop from 1.86 billion in 2021 to 970 million in 2025, reflecting a continuous downward trend [8]. Group 2: Financial Performance - In the first half of 2025, *ST Lanzhou Huanghe reported revenue of 96.84 million, a 15.82% decrease from 115 million in the same period of 2024, with a net loss of 11.91 million, marking a 45.29% increase in loss [6]. - The sales of beer and beverage products primarily rely on a distribution model, with beverage sales declining by 20.64% to 11.56 million [7]. Group 3: Strategic Moves - The company plans to establish a joint venture with Chongqing Chengbiao Agricultural Development and Yancheng Silk Road Anlu Investment, with a registered capital of 70 million, aiming to enhance its beverage business [3][4]. - The acquisition of Yiwang Juice, which specializes in concentrated apple juice, is part of a broader strategy to integrate the beverage supply chain and expand its market presence [5][12]. Group 4: Industry Context - The beer industry is currently in a period of adjustment, with major players like Qingdao Beer and Chongqing Beer also diversifying into non-beer products to seek growth [11]. - The overall beer production in China has seen a slight decline of 0.3% in the first half of 2025, indicating a challenging environment for traditional beer companies [10].
兰州黄河分析师会议-20250515
Dong Jian Yan Bao· 2025-05-15 15:06
Group 1: Report Overview - The report is about a research on Lanzhou Huanghe in the brewing industry, with a research date of May 15, 2025 [1][2] Group 2: Research Basic Information - The research object is Lanzhou Huanghe, belonging to the brewing industry, and the reception time was on May 15, 2025. The listed company's reception staff included Director and President Guo Lili, Director and Board Secretary Song Min, Director and Financial Controller Tan Min, and Independent Director Zhou Yihong [16] Group 3: Detailed Research Institutions - The *ST Lanhuang 2024 annual performance briefing was conducted remotely online, targeting all investors [19] Group 4: Main Content Financial Performance - In 2024, the company achieved an operating revenue of 210.53 million yuan, a year-on-year decrease of 12.73%; operating profit was -111.0758 million yuan, a year-on-year decrease of 101.53%; net profit was -148.5616 million yuan, a year-on-year decrease of 167.45%; and the net profit attributable to the parent company was -99.8699 million yuan, a year-on-year decrease of 113.76% [24] Business Expansion - "Yellow River Tavern" - The first "Yellow River Tavern" opened on May 8, 2025, in Tianxin District, Changsha, Hunan, and received a good response. The company will promote its national key - area layout after a prudent evaluation [25] Avoiding Delisting Measures - The company will take measures to improve operations, including promoting growth (increasing promotion, strengthening channels, and cooperating with e - commerce platforms), reducing costs (improving capacity utilization), building brands (promoting mid - to high - end, national, and youthful brands, and exploring cultural tourism), and seeking innovation (developing new products, scenarios, and businesses) [26] Product Portfolio - The company adheres to the "Yellow River" and "Qinghai Lake" dual - brand strategy, with a product matrix including mid - to high - end (Silk Road Craft Beer, Yellow River Pure Draft, Qinghai Lake High - quality Barley White Beer), mid - range (Yellow River King, Qinghai Lake Craft High - quality Barley Beer), mainstream (Yellow River Impression), and beverage - type (Ginger Beer, Fruit - flavored Beer) products [26] Online Sales Channels - The company's online sales channels include third - party e - commerce platforms (Douyin, Pinduoduo, JD.com, Taobao, Tmall) and private domain platforms (Douyin, Xiaohongshu, Bilibili, WeChat service accounts, and the "Yellow River Beer Official Mall" mini - program) [27] Industry Outlook - The beer industry is in a stage of "stock competition" and structural adjustment. New consumption scenarios are emerging. The company should focus on product innovation (developing characteristic beers, mid - to high - end products) and channel expansion (deepening existing channels, developing e - commerce channels) [28]