Guotai wine industry raised a virtual lysaof60 million, 15 housing construction mortgaged

Guotai wine industry is China's modern Chinese medicine leader - Tianshili Group in 1999 in Maotai Town to buy an old-style winery on the basis of a cumulative investment of 4 billion yuan, after more than 20 years of carefully built modern large-scale sauce and white wine enterprisessource: China Net Wine IndustryYiyirecently, Guotai wine industry, Lang liquor has disclosed the prospectus, to the A-share market to forge aheadFor a time, the "sauce wine second stock" controversy has also become a hot topic in the industrySo, who can be crowned the "second" throne? Let's take a look at the situation in Guotai's wine industry, the amount of fund-raising is inflated 650 millionaccording to the prospectus, the state-owned industry intends to raise 2.5 billion yuan, of which 2 billion for the annual output of 6,500 tons of sauce-flavored liquor technology reform and expansion project, the remaining 500 million for supplementing liquidityBased on the total investment of 2.522 billion yuan disclosed in the prospectus, the cost per ton is RMB3.880 billionand according to the Lang Liquor reIPO prospectus disclosed that the total investment of high-quality sauce-flavored liquor production capacity construction project, the total investment amount of 4,992 million yuan, the amount of funds raised to use 4,274 million yuan, after the completion of the project will be added high-quality sauce-based base wine production capacity of 22,700 tons, to calculate the cost of 2199 million yuan per tonagain, sauce-scented white wine "Big Brother" Maotai's 30,000 tons of sauce-scented wine technical transformation project, the total investment amount of 8.384 billion yuan, the cost per ton of 2794 million yuanaccording to this calculation, Guotai wine industry this 6500 tons of sauce wine technical transformation project than Lang wine high-quality sauce-type liquor production capacity construction project cost per ton is 1681 million yuan higher than Maotai 30,000 tons of sauce series wine technical reform project costs nearly 110,000 yuan per tonif in accordance with the per ton higher than Maotai, Lang wine technology reform project 100,000 yuan conservative calculation, 6500 tons of sauce-flavored liquor technology reform expansion project may be inflated at least 650 million yuan of costsas we all know, the National Taiwan Wine Industry has been declared to the outside world , "learn Maotai, do a good job of the country." Is guotai wine industry more complex than Maotai, Lang wine sauce production process? And Guotai wine industry also made it clear in the prospectus that its standard products are Lai Mao wine, Wang Mao wine, Hua Mao wine and other Maotai series of wineon this China Internet wine industry to call Guotai wine industry, the relevant personnel responded: "My side is only responsible for recording, not to accept interviews, specifically can send the contents of the interview to the mailbox." "so, the Chinese online wine industry sent an interview letter to Guotai, as of the time of writing, did not receive a replysurprising, the construction project appeared in the same name as the fund-raising project - "6,500 tons of sauce-flavored liquor technology transformation expansion project", and began in 2017 to invest in the construction The 6,500 tons of sauce-flavored liquor technology reform expansion project, which was launched in 2018 and approved by EIA in 2019 2nd, the dealer of 102 related parties, the performance of a year soared 400% prospectus shows that, of the top 5 customers of Guotai Wine Industry, only Beijing China Brewing International Liquor Co., Ltd ("Beijing Chinese Brewing") and Shandong Jianmao Wine Co., Ltd ("Jianmao Wine Industry") are not included in the related transactions through the equity penetration show, Wang Fuqiang through Guangdong Guangdong Qiang Industrial Group Co., Ltd invested in Guangdong Guangdong Qiang Wine Co., Ltd., Wine Fairy Network Technology Co., Ltd., of which Liquor Network Technology Co., Ltd 100% holding Beijing China Brewing International Liquor Co., Ltd Between February and April 2018, Wang Fuqiang increased his capital to Guotai Liquor Limited through guangdong Yulida Guangdong Qiang Investment Co., Ltd., which he controls, to hold a 1.19% stake in Guotai Liquor The above-mentioned companies are also affiliates of Guotai Liquor Industry and are among the top five customers according to the prospectus disclosed that in 2019, guotai liquor industry's top five customers, in addition to the actual controller control of the enterprise ranked first for three consecutive years, the second, the third largest customer transactions are related party transactions, and the fourth and fifth customers, the two were established only one year, in the Guotai wine industry in 2019 among the top five customers Guangdong Runxing Wine Co., Ltd was established on March 21, 2018, the number of insured 2 people, Shandong Jianmao Wine Co., Ltd was established in 2018-06-28 name residence change approval on January 23, 2019, the number of participants 0 not only, there are 102 dealers and Guotai liquor industry related transactions, 2017-2019, the 102 dealers provided a total sales amount of 272 million yuan, 546 million yuan, 605 million yuan, respectively, accounting for 48.36 percent of the current operating income, 46.84 percent, 32.35 percent This relationship with the dealer's deep binding does work Guotai wine industry performance in a year surged 400% , nearly half of the top 10 dealer contracts being implemented are held through affiliates Among them, Wang Fuqiang control of the Guangdong strong department of 4 enterprises for the first major customers, Beijing Artisan Tiancheng Trading Co., Ltd., Tianjin Zhengtai Trading Co., Ltd., Tai'an Taishan Famous Drink Co., Ltd is the fifth, sixth and seventh customers In addition to , from 2017 to 2019, Guotai Liquor sold goods to 44 other enterprises under the control of the actual controller selling goods amounting to RMB51.2377 million, RMB68.2664 million and RMB80.1265 million, respectively Guotai wine industry also regularly to Tianshili (14.890, 0.00, 0.00%) is the procurement of mineral water, tea products, ginseng products and food products and other food products, during the reporting period, the purchase of such promotional supplies accounted for the company's main business income ratio of 0.70%, 0.83% and 1.38%, the proportion increased year by year to this Guotai wine industry, mainly due to the expansion of sales scale of liquor products, according to the promotionpolicy policy to support the need for increased demand for promotional products, but the prospectus did not disclose the unit price of goods in detail three, the debt ratio of high industry average 2 times, 15 housing construction mortgaged according to the prospectus disclosed financial results show that in recent years, Guotai liquor industry debt ratio is huge The debt ratios for 2017-2019 were 86.71%, 58.30% and 61.10%, respectively At the end of 2017-2019, the company's asset-liability ratio was 86.71%, 58.30% and 61.10%, respectively Its debt ratio is more than twice the industry's average data show that at the end of 2019, the industry comparable listed companies average asset-liability ratio of only 32.34 percent Among them, some companies' asset-liability ratio is even less than 20%, such as Qingqing liquor (9.930, 0.00, 0.00%), the highest balance-sheet of old white dry wine (10.330, 0.00, 0.00%), is only 52.55% , Guotai Liquor industry said that at the end of 2019, the company's asset-liability ratio increased slightly, mainly due to the company to promote the wine industry and Guotai agricultural acquisition plan to increase external borrowing the prospectus discloses that as of the end of 2019, the balance of interest-bearing liabilities of Guotai Liquor industry will be RMB1,817 million, with interest payments for the year amounting to RMB113 million, and these liabilities will mature over the next three years As of December 31, 2019, the currency capital of The National Taiwan Wine Industry was RMB1,022 million, which is still a gap of about RMB800 million compared to interest-bearing liabilities in addition, guotai wine industry under the Jinshi wine industry, Guotai wine industry limited, Guotai winery under 15 housing buildings have been used to provide mortgage guarantee , Guotai Winery and Great Wall Guoxing Financial Leasing Co., Ltd., Tianjin Datong Exchange Leasing Co., Ltd signed the "lease back lease contract" provides a mortgage guarantee, is still in the state of mortgage guarantee Due to the housing building land for financing mortgage and temporarily unable to handle the housing ownership certificate of the housing building a total of 4 items, the total construction area of about 22,980.00m, accounting for 10.06 percent, the book value of 0.90 billion yuan, accounting for the State Taiwan wine industry at the end of 2019 book value of 7.02 percent of the fixed asset value Four, gross margin is less than Lang Wine 2017-2019, the gross profit margin of the main business of Guotai wine industry is 71.43 percent, 73.21 percent, 75.84 percent, and Lang Wine's main business gross margin is 67.71 percent, 75.38 percent and 80.94 percent, respectively, in view of the growth trend, it is clear that Lang wine is better from the point of view of comparable listed companies, the gross profit margin of Lang wine in 2019 is ranked fifth only after the old cellar, while Guotai wine industry is slightly higher than the number eight of the Huangtai wine industry according to the prospectus, in 2017, 2018 and 2019, Guotai Liquor achieved operating income of about 573 million yuan, 1,177 million yuan and 1,888 million yuan, respectively, while net profit attributable to the owners of the parent company was about 711 million, 247 million and 374 million yuan, respectively operating conditions, operating income of Lang Liquor was RMB5,116 million, RMB7,479 million and RMB8,348 million, respectively, in 2017-19, with net profit of RMB302 million, RMB 726 million and RMB2.444 billion, respectively to see this, in terms of revenue in comparable liquor listed companies, Guotai wine ranked 15th, Lang wine ranked 8th; Guotai wine industry can sit on the "sauce wine second stock", what do you think about this? Source: China