What’s the basis for the inquiry of Jianzhi’s revenue target of 10 billion yuan in 2025?

Jinshiyuan announced on the evening of the 13th that it had received an inquiry letter from the Shanghai Stock Exchange, demanding to explain the basis of such predictive information as “the company’s revenue will exceed 10 billion yuan in 2025 and strive for 15 billion yuan” and fully remind the risk. According to the inquiry letter, on January 13, Jinshiyuan submitted the five year strategic planning outline of Jiangsu Jinshiyuan Liquor Co., Ltd. (2021-2025). According to the company’s announcement, “by 2025, the company will strive to achieve revenue of more than 10 billion yuan (strive for 15 billion yuan). In order to make a good start and make a good step, the revenue target in 2021 is about 5.9 billion yuan, striving for 6.6 billion yuan. ” < / P > < p > according to the post audit of the first Supervision Department of listed companies of Shanghai Stock Exchange, from 2015 to 2019, the operating revenue of Jinshiyuan increased from 2.425 billion yuan to 4.874 billion yuan. In the first three quarters of 2020, the operating revenue will reach 4.195 billion yuan. The company’s estimated operating performance, such as revenue of more than 10 billion yuan in 2025 and striving for 15 billion yuan, will have a significant impact on the company’s future operation. However, when the company disclosed the above predictive information, it did not provide sufficient and objective factual basis and predictive basis. < / P > < p > the inquiry letter requires us to disclose the basis of the above-mentioned predictive information in combination with the historical and expected capacity utilization rate, production and marketing rate, plant, equipment, staffing, industry development trend, our own technology, competitive advantage and the realization path of business results, and fully prompt the risks. The company’s disclosure of the above matters shall follow the principle of reasonableness and prudence, and the content of disclosure shall be objective and well founded.

Jiangsu Chinese Baijiu Limited by Share Ltd official website shows that the company is the “top ten” liquor business in China, with nearly 4000 employees, and has three brands, namely, “national edge”, “present world” and “high ditch”. In July 2014, it was listed on the A-share main board of Shanghai Stock Exchange. In August 1996, jishiyuan brand was born. < / P > < p > on December 17, 2019, the board of directors of Jinshiyuan decided to set up an industrial merger and acquisition fund with its own capital of 245 million yuan, which is specially used for the acquisition of Shandong Jingzhi Liquor Co., Ltd. (hereinafter referred to as “Jingzhi liquor”). At that time,

said that in view of the geographical location, historical precipitation, the current market environment of Baijiu and the company’s development strategy, the company believes that the acquisition of Jingzhi liquor industry is still of great strategic significance, and is conducive to further strengthening the main business and consolidating and improving the market position. < p > < p > on December 23, 2020, Jinshiyuan issued the announcement on the termination of investment in the establishment of industrial M & A fund, saying that due to the impact of the macro environment, the competitive situation of the industry and the operating situation of the target enterprises have changed. Meanwhile, the market valuation of Baijiu industry has changed greatly. The partners have different views on the future market development trend and the long-term strategic positioning of the enterprises. Although the communication has lasted many times, the parties have not yet reached an agreement. After careful consideration, the company and the partners of the industrial M & A fund unanimously decided not to set up the industrial M & A fund for the time being, and the company terminated the investment. < / P > < p > for the impact of the above matters on the company, Jinshiyuan said that because it has been in the communication stage, the termination of investment will not have a substantial impact on the company’s financial situation and production and operation activities, and there is no damage to the interests of the company and shareholders, and promised that it will not plan such industries within three months from the date of announcement after the termination of investment in industrial merger and acquisition fund Merger and acquisition. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website publishes information 24 hours a day. It is an important window for China to carry out international communication and information exchange.