Core Viewpoint - The company 1919, a leading player in the liquor distribution sector and the first to be listed on the New Third Board, is facing significant financial difficulties, including large-scale delays in payments to franchisees, which has led to cash flow issues for many stores [1][2][4]. Group 1: Financial Difficulties - Since June 2023, 1919 has reportedly begun to delay payments for online business settlements, causing financial strain for franchisees [1][2]. - A complaint letter indicates that 1919 has not paid franchisees for online orders since June, with amounts owed ranging from tens of thousands to hundreds of thousands of yuan per store [1][2]. - Franchisees have expressed frustration over the lack of clear communication regarding payment timelines, receiving only vague responses from the company [1][2]. Group 2: Business Model and Operations - 1919 operates as a liquor e-commerce platform, primarily sourcing products from distributors and selling them through both physical stores and online platforms [3][4]. - The company has shifted from a direct sales model to a franchise model, with a significant increase in the number of franchise stores, which now account for a large portion of its operations [10][11]. - The company has faced cumulative losses exceeding 1.5 billion yuan, despite rapid expansion and increased store numbers over the years [7][8]. Group 3: Franchisee Relations - Franchisees have reported that the delayed payments have severely impacted their ability to cover essential expenses such as rent and salaries [4][10]. - In response to the financial crisis, 1919 has proposed a "goods-for-pay" scheme to franchisees, allowing them to offset debts by purchasing inventory, although not all franchisees are willing to accept this arrangement [12][11]. - Some franchisees have indicated that they are unwilling to accept the proposed inventory as they already have unsold stock, and they are considering legal action to recover owed payments [12][11].

从市场价格体系看，其核心单品52度国窖1573当前调货价为835元/瓶，而出厂价为980元/瓶，存在明显价格倒挂，经销商每销售一瓶该产品需承担至少145 元的价差损失。这一现象反映出产品终端流通环节的压力，也体现了市场供需关系的阶段性变化。 资本市场方面，2024年泸州老窖股价年度跌幅达28.28%，在白酒板块中表现靠后。这一走势与企业经营数据密切相关，其中库存管理及资金运作模式成为 市场讨论焦点。有分析指出，其"压库存"与"放贷"并行的策略，可能导致阶段性经营数据与市场实际消化能力出现偏差。截至2024年末，泸州老窖存货规模 已达133.93亿元，同比增长15.24%，占总资产的19.6%，再次创下历史新高。 此次被执行事件的具体原因尚未公开，其与企业整体经营状况的关联性有待进一步观察。但从行业视角看，在市场竞争加剧、消费需求升级的背景下，白酒 企业需持续优化价格体系、库存管理及经营策略，以实现可持续发展。对于泸州老窖而言，如何通过精细化运营改善核心指标、稳定市场预期，是其当前面 临的重要课题。 ...