青海春天，终于澄清了“关系”

斑马消费2025-07-07

青海春天与宜宾听花的“关系”，一直犹抱琵琶半遮面，如今已经明了。两家企业不仅存在委托与被委托代工关系，同时构成关联法人，宜宾听花还是青海春天的潜在投资标的。多重“身份”，给双方的交易平添了几分复杂性。日前，*ST春天对庞大的预付款项进行了详尽披露。同时，公司5年前斥资亿元“预投资”宜宾听花，也将在今年11月正式揭晓是否触发约定条件。不过，当下公司最要紧的工作，仍是保壳。澄清“关系”现在，张雪峰应该...

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\"relationship\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600381":0.9,"600519":1},"content_text":"青海春天与宜宾听花的“关系”，一直犹抱琵琶半遮面，如今已经明了。两家企业不仅存在委托与被委托代工关系，同时构成关联法人，宜宾听花还是青海春天的潜在投资标的。多重“身份”，给双方的交易平添了几分复杂性。日前，*ST春天对庞大的预付款项进行了详尽披露。同时，公司5年前斥资亿元“预投资”宜宾听花，也将在今年11月正式揭晓是否触发约定条件。不过，当下公司最要紧的工作，仍是保壳。澄清“关系”现在，张雪峰应该清楚地知道，卖酒水远比极草5X粉片难得多。自2018年一脚跨进白酒赛道，*ST春天（600381.SH）赋予自身的角色，复杂且神秘。多年以来，公开说法是，公司为听花酒的全国总经销商。不过，其与代工商宜宾听花的关系一直不清不楚。5月23日，青海证监局在对公司下发的警示函里披露，其控股股东西藏荣恩能够对宜宾听花实施重大影响，宜宾听花构成*ST春天关联法人，也未及时履行关联交易审议程序。为此，公司一众高管领罚，董事长张雪峰、实际控制人兼时任董事肖融、财务总监王林以及董秘陈定，在证券期货市场诚信档案中，被记下尴尬的一笔。随着这层关联被揭开，此前多年外界的猜疑，彻底走进了现实。*ST春天对宜宾听花的大量预付款等，一时成为监管重点。7月3日，公司在对上交所《2024年报信息披露监管工作函》的回复公告中，披露了向宜宾听花预付款等状况。2022年至2024年，分别预付7494.00万元、588.78万元和3813.71万元，实际结算金额8943.05万元、3487.23万元和7900.07万元。去年底，预付款余额约1.32亿元。监管层对过亿预付款项的可回收性颇为担忧。*ST春天称，宜宾听花已将其厂房、土地抵押给公司，且双方建立了存货共管机制，如供应商出现还款问题，可通过处置抵押资产等方式保障自身权益。宜宾听花不仅是*ST春天的唯一代工商，更早之前，已是一个潜在投资标的。2020年11月，*ST春天子公司恒朗投资，向宜宾听花预付1亿元投资款锁定其制酒核心技术，为期3年。2023年决定再延长两年。这笔投资有一定预设“门槛”。如宜宾听花引资，恒朗投资可按引资估值优先将该款转为宜宾听花或其子公司的股权；投资期满后，恒朗投资可随时要求宜宾听花及其股东回购该投资款，并支付一定的投资收益。这笔预付投资款，一直存在于公司的其他非流动资产中。会计师事务所认为，公司对宜宾听花大额预付款项和其他非流动资产真实准确，截至期末预付账款未出现减值迹象，未发现向相关方输送利益的情况。据公告，2024年，宜宾听花实现营业收入7005.74万元，净利润2017.63万元。死守超高端青海春天的“饮酒”故事始于7年前。早期，通过宜宾听花代工，推出小瓶酒产品——凉露酒，宣称专为吃辣研发的新型白酒，主攻火锅和辣味餐饮消费场景，还曾出现在《舌尖》纪录片中。不过，小瓶酒市场早已红海一片，凉露酒鲜有斩获。辗转到2020年底，听花酒问世，以超高端定位、高强度营销协同，这瓶新势力白酒产品迅速出圈。和当年极草5X粉片一样高举高打的策略，导致青海春天销售费用支出逐年攀升，由2020年0.48亿元增至2024年的1.47亿元。钱砸出去了，酒水业务发展难达预期。2020年至2024年，收入分别录得2228.19万元、2713.31万元、9364.32万元、1.49亿元和4641.12万元。今年以来，作为白酒之王的贵州茅台（600519.SH），受消费市场影响，目前其核心产品飞天茅台的终端价也已失守2000元关口。目前，白酒行业仍处于新一轮产业调整期，增速已然放缓进入存量时代。白酒市场产品结构和消费结构骤变，走向了大众消费时代。今年以来，诸多酒企纷纷推出大众消费白酒产品，竞速下沉市场。不过，张雪峰没有随波逐流，去迎合大众市场，仍然带领听花酒坚守超高端白酒市场。据公告，去年，公司前10大酒水业务客户贡献了销售额3371.78万元，销售数量26183瓶。当务之急*ST春天当前最迫切的问题，仍然是保壳。2024年，扣除与主营业务无关的业务收入和不具备商业实质的收入后，公司录得营业收入约2.24亿元，归母净利润亏损约1.99亿元。至此，公司已连续5年亏损，股票已从4月30日起被实施退市风险警示。如果今年继续亏损，或者营收规模低于3亿元，可能会触发强制退市。张雪峰一直期待靠酒水业务翻身，不仅没达成所愿，还出现连续亏损的局面。2020年-2023年，公司归母净利润亏损分别为约3.20亿元、2.49亿元、2.88亿元和2.68亿元。加上2024年，5年亏损累计已超13亿元。去年，为增加收入，完成年度经营目标，公司主动优化冬虫夏草销售政策，大力去化库存，实现营业收入1.47亿元（不含税）。不过，因其销售的冬虫夏草系前期采购，且平均采购价格较高，而去年冬虫夏草市场价格波动下行，导致该业务收入毛利率-5.81%，产生亏损。在冬虫夏草销售收入中，有4111.15万元被认定属于年底突击确认营业收入，未计入主营业务收入中。就目前来看，公司要保住上市地位，还得依赖现有的冬虫夏草、酒水以及中成药这“三驾马车”。2025年一季度，上述三大业务分别实现收入为351.35万元、6442.90万元以及1425.00万元，同比增长-76.95%、39.14%和-30.66%。今年一季度，根据市场变化，公司对产品结构作出相关调整，其中，毛利率较高的酒水产品收入占比77.11%，推动整体毛利率同比增长6.37个百分点，达60.63%。另外，结合行业市场环境变化，公司勒紧裤腰带过日子，期间费用同比减少2546.78万元。在上述因素的共同影响下，今年Q1，*ST春天录得营业收入8355.91万元，归母净利润891.81万元。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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