Chengde Lulu trademark dispute has not been fruitful for 15 consecutive years of cash dividends to end last year

Chengde Lulu complained that Shantou Lulu was rejected in the second instance. The trademark case was unsuccessful, and the gross profit margin declined. In 2021, the dividend dividend was stopped. Can Chengde Lulu resolve all kinds of "crisis"?

On July 23, Chengde Lulu Co., Ltd. (hereinafter referred to as: Chengde Lulu, 000848.SZ) issued an announcement saying that recently received the "Civil Judgment" of the Guangdong Higher People's Court, and learned that the Guangdong High Court was targeted at the plaintiff Wanxiang Sannong Group for the plaintiff Wannong Group. The second trial of the second trial of the claim that the defendant's related parties of Shantou High -tech Zone Lulu South Co., Ltd. (hereinafter referred to as "Shantou Lulu") were rejected.

Chengde Lulu was rejected in the second instance, and Pinduoduo's "Lulu flagship store" was unofficially authorized. In 2021, Chengde Lulu stopped dividend dividends. In addition, Chengde Lulu's gross profit margin declined year by year. In response to the above situation, it was found that the network sent an interview letter to Chengde Lulu to send an interview letter to request doubts. As of press time, Chengde Lulu did not give a reasonable explanation.

Trademark disputes are delayed

On July 22, Chengde Lulu issued an announcement saying that recently received the "Civil Judgment" from the Guangdong Higher People's Court, and learned that the Guangdong High Court responded to the plaintiff Wannong Group Co., Ltd. The second trial of responsibility disputes was rejected.

The announcement of the announcement is that the Guangdong High Court believes that the controversy of the company's related transaction damage liability disputes is: the effectiveness of the "Memorandum" and "Supplementary Memorandum"; and whether the court of first instance has violated the legal procedure. The judgment of the Guangdong High Court identified the court of the first instance: "Shantou Lulu, Linlin Group, Hong Kong Feida Company and Chengde Lulu signed the" Memorandum "and" Supplementary Memorandum "signed in a specific historical period and background. The intention of the intention, and the mandatory provisions of the law and administrative regulations that do not violate the laws and administrative regulations shall be legal and effective. "Aiming at the" Wanxiang Sannong Group's claim that the first instance court missed the "Memorandum" and "Supplementary Memorandum" invalid litigation request, and rejected the rejection of Application for judicial appraisal of the authentic time for the "Supplementary Memorandum", violates legal procedures. "

In summary, in accordance with the provisions of Article 177, paragraph 1, paragraph 1, paragraph 1 of the Civil Procedure Law of the People's Republic of China, made a verdict of "rejection of appeals and maintaining the original". The Guangdong Provincial Higher People's Court considers that Shantou Lulu's application for the second trial of the first trial of the case believes: "Do not violate the laws and regulations, and give it." According to Article 180 of the Civil Procedure Law of the People's Republic of China The provisions have made the following rulings: the appellant Shantou Lulu withdrew the appeal.

Source: Chengde Lulu Company Announcement

Public information shows that in 1995, in order to develop the Southern Almond Lu Market, Chengde Lulu's controlling shareholder Lulu Group and Hong Kong Feida Enterprise jointly established Shantou Lulu. In 2001, Chengde Lulu transferred a 51%equity of Shantou Lulu to Lulu Group, which was decoupled with Chengde Lulu on the equity relationship.

Lulu Group, Chengde Lulu, Hong Kong Feida, etc. On Shantou Lulu, such as "Lulu" related trademarks, patents and fonts, etc., they signed two "memo". The signing of this "separation agreement" has laid a huge hidden danger to Chengde Lulu's later development. In 2015, the "Memorandum" signed in 2001 and 2002, respectively, became the fuse of the "North -South Lulu" trademark.

In 2018, Shantou Lulu will explain Chengde Lulu to court. Shantou Lulu requested the court to order Chengde Lulu to continue to perform the license contract obligation to use the "Memorandum" and "Supplementary Memorand". The Shantou Jinping Court believes that the "Memorandum" and "Supplementary Memorandum" are valid; Chengde Lulu should continue to fulfill the obligation to use the license contract agreed in the "Memorandum"; Behavior.

Chengde Lulu was dissatisfied and continued to appeal to the higher -level court. The Shantou Intermediate People's Court made a final judgment: rejection of the appeal and maintained the original judgment.

Earlier, some investors asked Chengde Lululu that the company's unauthorized Lulu drink flagship store, why the Lulu drink flagship store, indicated that Hebei Chengde Lulu officially authorized to sell Southern Lulu products.

Source: Interactive Platform of Investor Relations

Chengde Lulu responded: The Lulu drink flagship store is not authorized to operate stores, and related issues are being promoted.

Stop dividend, gross profit decline

Since 2006, Chengde Lulu has implemented 15 years of cash dividends, but has stopped dividend dividends in 2021.

In 2021, Chengde Lulu realized operating income of 2.524 billion yuan, an increase of 35.65%year -on -year; net profit attributable to shareholders of listed companies was 570 million yuan, an increase of 31.77%year -on -year. The net profit of revenue increased, but the cash dividend stopped.

In the annual report of Chengde Lulu, there was such an explanation: "The company repurchased the company's shares of 21.8648 million shares in 2021, with a total payment of 141 million yuan. —The regulations on Article 7 of the Hurry shares. 'Listed companies use cash as a consideration and use the contract to repurchase the shares in the method of contracting and concentrated bidding. Calculation of the relevant proportion, the amount of this part is based on the amount of cash dividends in 2021, accounting for 21.90%of the company's distribution profit of 644 million yuan in 2021. According to the company's operating development needs, the company intends to no longer conduct profit distribution in 2021, and all reserve benefits are used. For the company's daily production and operation and share repurchase and other major issues expenditure. "Source: Chengde Lulu Company Announcement

It is worth noting that from 2019 to 2021 and 2022, Chengde Lulu's operating income was 2.255 billion yuan, 1.861 billion yuan, 2.524 billion yuan, and 1.18 billion yuan, respectively, with a year-on-year growth rate of 6.29%, -17.5%, and,-17.5%, and,,-17.5%,,,,-17.5%,,,,,, were 35.65%and 14.95%; the net profit of the same period was 466 million yuan, 433 million yuan, 568 million yuan, and 235 million yuan, respectively, with a year-on-year growth rate of 12.89%, -6.95%, 31.06%, and 11.24%. The net profit of revenue declined in 2020 affected by the epidemic.

Source: Wind

Chengde Lulu has always been based on the production and sales of plant protein beverages, and its core product is "Lulu" almond dew. However, last year, the rising lines such as commodities, raw materials, and packaging costs still have a certain impact on the company.

Wind data shows that in 2021, the income of Celusal's plant protein beverage was 2.521 billion yuan and the gross profit margin was 46.82%, a decrease of 3.35 percentage points from the gross profit margin of 50.15%last year. The revenue of walnut dew was 49.155 million yuan and the gross profit margin was 32.36%, a 35.57%year -on -year decrease of 3.21 percentage points from last year. Almond dew and other income were 2.472 billion yuan, and the gross profit margin was 47.10%, a decrease of 3.14 percentage points from 50.24%last year. Almond dew and other income account for 98%of the total revenue of plant protein beverages.

Source: Wind

Chengde Lulu's trademark case has not succeeded, and the dividends are canceled under the circumstances of the performance, affecting investors' confidence in the company. The gross profit margin has gradually declined. Can Chengde Lulu smoothly resolve the "crisis"?

(Reporter Luo Xuefeng Financial Researcher Cao Xiaoyi)

- END -