The sales company was just fined 1.8 million yuan, and the price adjustment of Tinghua Wine was exposed at the March 15 party
After being exposed at the March 15 party, Tinghuajiu announced a price adjustment!
Recently, Qinghai Spring Medicinal Resources Technology Co., Ltd. issued the "Notice on Adjusting the Price of Standard Packs of Tinghua Wine". Starting from May 9, the dealer settlement price of standard packs of Tinghua Wine will be adjusted from the original settlement price to 3,989 yuan. /bottle.
The "Notice" mentioned that for dealers who have signed a contract before the notice is issued, within the annual purchase quota stipulated in the agreement, the settlement price of the standard package of Tinghua Wine will still be based on the price before the adjustment; for dealers who signed a contract after the notice is issued, Within the annual purchase quota stipulated in the agreement, the settlement price of the standard bottle of Hua Liquor will be based on the adjusted price.
In addition, the purchase price of all dealers' over-quota products shall be subject to the company's subsequent over-quota purchase settlement price notice.
Since there is no mention of adjusting the retail price this time, the market believes that the terminal recommended retail price of Tinghuajiu standard packaging may still be the original 5,860 yuan/bottle.
Regarding the price adjustment of Tinghuajiu, liquor analyst Cai Xuefei told China News Finance reporter that for such ultra-high-end alcoholic consumer goods, the scarcity of their own craftsmanship and output is the core source of their premium. He believes that controlling volume and increasing prices is also a subjective choice of Tinghuajiu based on its own product positioning and market development.
However, netizens did not buy it and questioned "why it was a price adjustment instead of a seizure."
This year’s March 15 party revealed that the international patent for the high-priced “Tinghua Wine” had not been recognized, and company staff illegally marketed the liquor by claiming it had rejuvenation effects. It was investigated by market regulatory authorities in many places, and e-commerce platforms such as Taobao and JD.com directly Tinghuajiu related products were removed from the shelves.
Qinghai Chuntian Medicinal Resources Technology Co., Ltd., the company behind Tinghuajiu, also received the Shanghai Stock Exchange's "Supervisory Work Letter Regarding the Company's Media Reporting Matters" on the night of March 15, and received the "China Securities Regulatory Commission" the next day. Notice of Supervision and Inspection of the Management Committee.
On May 10, ST Spring issued an announcement that its subsidiary Chengdu Tinghua Shengshi Trading Co., Ltd. recently received the "Administrative Penalty Decision" from the Municipal Supervision Bureau of Wuhou District, Chengdu.
The "Administrative Penalty Decision" shows that in the process of selling Tinghua series liquor, the parties used scientifically inconclusive views and unverified user reviews of "Tinghua" liquor to make misleading commercial propaganda, misleading consumers. This behavior violated the relevant provisions of the Anti-Unfair Competition Law of the People's Republic of China.
In addition, although the party concerned actively cooperated during the investigation, as a food business enterprise, it still promoted the efficacy and unexplained effects of "Tinghua" wine to consumers, knowing that it should be aware of the relevant laws and regulations regarding the prohibition of food promotion of therapeutic functions, efficacy, etc. Verified user reviews were used to promote and sell "Tinghua" wine, and the subjective fault was obvious. For this reason, the party was ordered to immediately stop the illegal behavior and decided to impose a fine of 1.8 million yuan on the party.
Qinghai Spring's financial report shows that in 2023, it achieved operating income of 214 million yuan, a year-on-year increase of 33.52%; the net profit loss attributable to shareholders of listed companies was 268 million yuan, which was narrower than the same period last year.
According to Qinghai Spring's previous disclosure, due to the fact that the net profit before and after deducting non-recurring gains and losses has been negative for the last three consecutive fiscal years, and Daxin Accounting Firm issued Qinghai Spring's 2023 annual financial report with significant uncertainties related to continuing operations. In the "Audit Report" with an unqualified opinion in the emphasized matters section, Qinghai Spring stock was issued a risk warning, and the stock abbreviation was changed to "ST Spring" on May 6.
A reporter from Sino-Singapore Finance noted that as of May 13, ST Spring’s stock price had dropped to the limit for 6 consecutive trading days, with a total market value of only 1.961 billion yuan.
On the evening of the 13th, ST Spring issued an announcement about abnormal stock trading fluctuations. After the company's self-examination and verification and confirmation by a letter to the company's controlling shareholders and actual controllers, as of the announcement date, there were no other unforeseen events except for the matters disclosed by the company. Major matters disclosed but not disclosed.