The product is hard to find, huge sales or a big lie.

Source: Internet
Author: User
Keywords Trail
Because of the strong regional, rice wine industry has always been the world of Jiangsu, Zhejiang and Shanghai Enterprises. A company located in Yueyang, Hunan Province, away from the main consumption areas of rice wine, production and sales ranked even the top five of the domestic enterprises, but created a miracle: the gross interest rate above the industry average of 10%, the sales price is higher than the Gu Yue long Longshan (600059, close to 14.74 yuan) and other industry leading 1.7~3.6  Per capita capacity is even 358% higher than Gu Yue long longshan. This enterprise is the scenic Mountains and rivers (securities Code: 002525), December 8, 85.5 times times the super high P/E distribution, successfully circled 580 million yuan, will be in this Friday (December 17) Shenzhen SME market, the actual control of the Yiu Sheng of the real assets will expand to 630 million yuan.  However, this miracle has been questioned by many people in the industry: sales of large quantities of water, income and profit, high-end products blending, fictional industry status and so on. Is this a real miracle or a man-made hoax? In order to uncover the truth, "daily economic news" sent 4 reporters, respectively, to the attractions of the scenic mountains and rivers revealed the advantages of Yueyang, Changsha, the main consumer areas of rice wine-Shanghai, Suzhou, the potential advantage of the region-Chengdu, the site to investigate the true sales of scenic mountains and rivers.  After more than 10 days of investigation, the true colors of the landscape surfaced, through underwriters, law firms, accounting firms, the SFC issued the Audit committee of the IPO project, most likely just a carefully woven lie.  The company's prospectus data is much higher than the value of the industry. The landscape is draped in gorgeous coat according to the prospectus, the scenery of the mountains and rivers under its own "beautiful scenery", "Ancient Yue Tower" two major brands, "Hi-Brew" "Canon" "Road" and other series more than 10 kinds of Scenery of the actual control people Yiu Sheng, had used the name Yian San, at first engaged in liquor production, with Yueyanglou Taiwan Winery. 2003, Yiu Sheng and its Yueyang Tower winery and Zhejiang gu Yue long longshan Shaoxing Wine Co., Ltd. (hereinafter referred to as Gu Yue long Longshan), the establishment of the ancient towers. 2008, Gu Yue Long longshan in a stake in 5 years, only to obtain a fixed return of 1.265 million yuan, in order to slightly more than the original price of the transfer of the stake.  2009 Yueyanglou also announced cancellation. As a non-traditional consumption area of a yellow rice wine enterprises, scenic mountains and rivers in the rice wine industry also belongs to the "junior." 2008 sales revenue of 123 million yuan, accounting for the yellow wine industry, the proportion of sales revenue of 1.65%, this amount ranked in the top five in the industry, with the industry's first golden Maple wine industry (600616, close to 14.13 yuan) (the market accounted for 12.77%), the industry's fifth Tower card (market share than 4.29%  ) have a wide gap.  However, it is such a humble company, but will become the rice wine industry's third listed company, its prospectus reveals a series of dazzling data. From the sales price, the scenery of rivers and mountains wine ex-factory 1.7~3.6 times the leading industry leader. 2008, 2009, scenic mountains and riversThe average selling price of wine is 24,360 yuan/ton, 21,330 yuan/ton, while the industry leading Jinfeng wine industry, Kuaiji, Gu Yue long longshan, Zhangjiagang, Tower brand and other well-known rice wine enterprises, 2008 average sales price of 5,300 yuan/ton, 6,000 yuan/ton, 6,200 yuan/ton, 8,400 yuan/ton , 9,100 yuan/ton; from the per capita capacity, Gu Yue long longshan per capita production capacity of 99.9 tons/year, Jinfeng liquor industry per capita capacity of 238.6 tons/year. And according to the company 2008 years after the capacity utilization of about 100% calculation, only 35 production personnel of the scenic mountains and rivers capacity has reached about 16,000 tons, that is, per capita capacity of 457.1 tons/year, this number is higher than Gu Yue long longshan 358%, higher than Jinfeng wine industry 92%; From the gross profit margin, scenic mountains and Rivers 2007,  2008, 2009 and the first half of 2010 gross profit margins were 54.42%, 48.22%, 50.02% and 51.37% respectively, above the industry 40% average level of 10%.  Face the strength and performance of the huge contrast, investors can not help but ask, the scenery of mountains and rivers in the end there is anything extraordinary, able to in the master of Rice wine market, is the company has a strong sales channels, or mastered a unique business model? In the prospectus, the scenic mountains and rivers to investors to show a strong sales network: currently has 112 total distributors, 411 key Distributors or franchise dealers, 15,000 terminal wine shops, covering central China, east China, South China and other 8 major areas of nearly 15 provinces and autonomous regions.  Among them, the non-traditional rice wine consumption market is the company's key development areas.  2008, the company in Hunan and surrounding areas of the market share has been as high as 26%, is expected in the next 5 years in the region's market share reached more than 40%, ranked first in the same industry. 2009, the scenery of mountains and rivers in central China's sales revenue of 81.04 million yuan, accounting for 50.88% of sales revenue, in the eastern region, the company sales revenue of 34.8342 million yuan, accounting for the proportion of sales revenue 21.87%; in Chengdu, Sichuan, the company said there is a higher market share, after years of market development  , the company has achieved a greater competitive advantage in Sichuan and other fields. For the display of competitive advantage, the prospectus of the scenic mountains and rivers is spared.  But is this really the case? "Daily economic news," sent by the multi-channel reporters, a more than 10-day carpet survey, will be the reader one by one to show the true scenery of the mountains and rivers.
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