The "North -South Lulu" dispute of the second trial request was rejected by Chengde Lulu "south" and once again hindered

On the evening of August 15th, Chengde Lulu (SZ000848, stock price was 8.17 yuan, market value of 8.794 billion yuan) released the semi -annual performance report in 2022.

The semi -annual report shows that in the first half of 2022, Chengde Lulu's revenue was 1.462 billion yuan, an increase of 7.52%year -on -year; net profit at home was 298 million yuan, a year -on -year increase of 5%.

"Daily Economic News" reporter found that in the first half of the year, Chengde Lulu's gross profit margin and the overall decline still declined. The steps of "south" are blocked again.

Data source: Reporter sorted out the visual Chinese map Yang Jing map

The gross profit margin continues to decline

Since 2020, Chengde Lulu's overall gross profit margin has continued to decline. In the first half of 2022, Chengde Lulu's gross profit margin and overall gross profit margin have declined. Specifically, the gross profit margin of the almond -dew series was 45.34%, a year -on -year decrease of 5.58 percentage points; the fruit walnut series decreased by 7.34 percentage points to 28.13%year -on -year; the overall gross profit margin of the company was 45.01%, a year -on -year decrease of 5.65 percentage points.

Regarding the reasons for changes in gross profit margins, Chengde Lulu said that the gross profit margin of almond dew series products increased from the same period of the previous year due to the report during the reporting period; Product promotion has increased, and price discounts have increased.

At the level of expenses, in the first half of the year, Chengde Lulu's sales costs and management costs decreased by 16.79%and 19.35%, respectively. Among them, advertising expenses decreased by 19.94%.

Regarding the operation of the first half of the year, Chengde Lulu said in the half -year report that during the reporting period, the company continued to focus on key innovation work such as market expansion, new product research and development, and brand promotion, and actively promoted the existing market deep cultivation, new market development and new products. The overall operational situation is steady.

According to the Foresight Industry Research Institute, in recent years, the development trend of the beverage industry has reflected people's demands for nutritional health. According to the infiltration rate of the scale of my country's plant protein beverage market and the penetration of plant protein beverage in the beverage industry, 2026 In the year, the scale of the plant protein beverage in our country exceeded 140 billion yuan.

Chengde Lulu also stated in the semi -annual report that according to statistics, about 310 million people in my country are lactose intolerance people, nearly 350 million people are suspected of lactose tolerance patients, and the huge "milk sensitive people" also open for plant protein drinks for plant protein drinks A huge consumer market has promoted the steady growth of my country's plant protein beverage market in recent years. It has become a fully market competitive industry, has a complete marketization, and has become more competitive. In the future, with the improvement of national health awareness, the demand for plant protein will be further increased, and the per capita consumption of plant protein beverages in my country will still increase room for improvement.

However, under the huge market expected, in recent years, Chengde Lulu's revenue has maintained around 2 billion yuan, and no further breakthroughs have been seen. The Yangyuan drink (SH603156, the stock price of 20.01 yuan, a market value of 25.323 billion yuan), which is also located in the plant -based track, revenue is close to 7 billion yuan, and the market value has already exceeded 20 billion yuan.

Go south to get blocked again

In recent years, Chengde Lulu's intention to build new items and expand new markets is obvious.

In the semi -annual report, Chengde Lulu said that in order to improve the company's product structure and achieve diversified product development, the company further optimized the product matrix and continued to promote new product development and listing. During the reporting period, the company was listed on the classic low -sugar almond dew and classic low -sugar walnut dew. It is currently promoting sales in e -commerce platforms and some cities in East China and Southwest.

Despite the intention to build new items, for Chengde Lulu, the almond dew series is still its main source of revenue. In the first half of 2022, the proportion of the almond dew series accounted for 98.15%of the revenue, and the fruit walnut series and other proportion accounted for 1.73%and 0.12%, respectively. In the first half of 2022, the revenue of the fruit walnut series increased by 20.60%.

From the perspective of dealers, the number of dealers across the country is still increasing. In the first half of 2022, Chengde Lulu continued to open up the national market, with 76 dealers, and 40, 9, and 27 in the northern region, central region and other regions, respectively.

But at the income level, in terms of region, in the first half of 2022, Chengde Lulu went south to encounter again. The northern region contributed 92.61%of revenue; the central and other regions accounted for 5.36%and 2.03%, respectively. The revenue in the central region decreased by 3.60%year -on -year; revenue in other regions decreased by 18.08%year -on -year

Chengde Lulu south is weak, perhaps it is not related to his arbitrary dispute over the "north -south" for many years. In this semi -annual report, the progress of the "North -South Lulu" dispute related cases was also disclosed.

The latest litigation results disclosed on July 23 showed that the Guangdong High Court responded to the plaintiff Wannong Sannong Group Co., Ltd. (hereinafter referred to as Wanxiang Sannong) to the defendant Shantou High -tech Zone Lulu South Co., Ltd. (hereinafter referred to as Shantou Lulu) and other related related The second trial request of the case of the party's affiliated transaction damage liability dispute was rejected.

The case is still the effect of "Memorandum" and "Supplementary Memorandum".

According to the major lawsuit announced by Chengde Lulu in January 2021, a judgment of (2020) (2020) Hebei 05 Minchu No. 123 in the Shantou Intermediate People's Court in Guangdong. In this case, Wanxiang's litigation requests are the associated transactions that harm the interests of the company; The compensation economic losses were 138 million yuan; the third party Hong Kong Feida was liable for compensation; the judgment compensation was owned by Delulu; The Shantou Intermediate Court rejected the litigation request of Wanxiang Rural Rural Rural Rural Fonent in this judgment.

The original judgment of the second instance also means that the road to south of Chengde Lulu may be blocked again.

Regarding the result of the judgment, Chengde Lulu said that Shantou Lulu believes that the "Memorandum" and "Supplementary Memorandum" signed in a specific historical period and background, but the content of the "Memorandum" and "Supplementary Memorandum" is actually conducive to Shantou Lulu Lulu And it is not conducive to the development of Chengde Lulu. What is established is the illegal interest transportation and protection mechanism of Shantou Lulu and Hong Kong Feida Company. develop. At present, it is impossible to accurately estimate the specific impact of the company's current profit and post -period profits.

Daily Economic News

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