Behind the "propylene glycol incident"

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The two batches of products involved have been removed and sealed

On the morning of July 1st, both McMail Tmall and Jingdong flagship stores have been removed from pure milk products.

According to the China Quality News Network, the 4th batch of two batches of the 2 batches of food sampling inspection and inspection of the fourth phase of the 2022 Phase 4 of the 2022 Phase 4 of the 2022 Phase 4 of the 2022 Phase 4 of the 2022 produced by the 2022 Pure milk is unqualified and unqualified items are propylene glycol.

On June 30, the entry of "Xinjiang Maiquer Pure Milk is not qualified" once rushed to Weibo to search for the first. Maiqu's stock price also fell on the same day, and even caused the Shenzhen Stock Exchange to send a letter of attention to it.

In response to the reports of two batches of pure milk sampling inspections, McWell announced on the evening of June 30 that the two batches of products involved in the report had been removed and sealed, and actively accepted consumer demands.

Stock price limit product off the shelves

On the evening of June 28, the Qingyuan County Market Supervision Bureau of Zhejiang Province issued the publicity of the 4th issue of the county's food sampling inspection in 2022. The information of unqualified products showed that the two pure milk produced by McElr was detected. The test results are 0.318g/kg and 0.321g/kg, respectively, and its standard value is "not to be used".

Data show that propylene glycol is an organic compound that is widely used in the food, medicine and cosmetics industry, and can also be used as food spices. Among them, in the field of food, propylene glycol is a food additive allowed by the country.

According to the "GB 2760-2014 Food Safety National Standard Food Additives Use Standards", the function of propylene glycol is: stabilizer and coagulants, antidents, anti-foaming agents, emulsifiers, moisture holders, and thickeners. The maximum usage of 1.5g/kg in wet noodle products (such as noodles, dumpling skin, ravioli, and roasted wheat skin) is 1.5g/kg, and the maximum usage in the pastry is 3g/kg.

However, milk is not within the range of menol as a food additive. At the same time, the national standard does not allow pure milk to add fragrance spices.

In addition, excessive propylene glycol may bring some risks. In an interview with the media, Yun Wuxin, a doctorate in food and popular science, said that about 45%after eating propylene glycol, and about 45%of them will be discharged from the body through the kidneys, and the rest are metabolized in the body as lactic acid. If the amount of consumption is too large, the lactic acid produced cannot be discharged in time, and it will accumulate in blood and kidneys, resulting in poisoning. It mainly affects the nervous system, causing slowing breathing, decreased heart rate, and loss of consciousness.

But consumers don't have to worry too much. Yun Wuxin calculated based on the safety standards of propylene glycol safety standards formulated by the International Food Additives (JECFA). The propyl binary content (0.32 grams/kg) detected in these two milk, 60 kg people drink 4.7 kg every day to "exceed the standard standard to exceed the standard standard "".

On June 30, Mc omise opened the limit and closed down at 10.03%, closed at 7.98 yuan/share, and the market value evaporated over 150 million a day. You must know that the current company's total market value is only about 1.4 billion yuan.

After the market, the Shenzhen Stock Exchange quickly issued a letter of concern to ask Meloh to verify whether the media reports were true. If so, it explained the specific situation of the relevant food sampling inspection inspection, and explained whether to know the above situation in advance and whether the relevant information disclosure obligations were fulfilled in time.

The attention letter also requires whether the self -check company has the above problems or other quality problems, and combined with the self -inspection situation to explain whether the company has established and strictly implement food safety production, business circulation and product quality, environmental protection, and environmental protection in accordance with relevant laws and regulations Internal control and management systems.

In addition, the attention letter further requires the company to explain whether it will recall the products that have been sold and removed from the shelves. On the basis of this, it will explain whether the unqualified matters of the food sampling inspection have a significant impact on the company's daily production and operation. And fully prompt risk.

On the evening of June 30, McWell issued the "Announcement on the Statement on the Two Batch of Pure Milk Sample Inspection in Media Reports", which first responded to the unqualified milk incident for the first time.

According to the announcement, the company attaches great importance to the above sample inspection results. At present, the above two batches of products have been removed and sealed, and consumer demands are actively accepting consumer demands. The local regulatory authorities have entered the company, and the testing agencies carry out comprehensive sampling testing on related products, and the company fully cooperates with the random inspection work. The test results will be announced to the society as soon as possible.

At present, Machal Tmall and Jingdong flagship stores have removed all pure milk products.

The proportion of external mining of milk source exceeds 30%

Back to the Tianshan Ranch in Xinjiang, McWine is very popular in consumers in recent years. However, before 2019, the brand's popularity is not high, its performance is not outstanding, and it has even fallen into the crisis of delisting.

Public information shows that McWell was founded in 2002 and was successfully listed in 2014. However, the company's core business at that time was baking. In 2015, McWell also cost 298 million yuan to acquire Zhejiang Xinmeixin Food Industry Co., Ltd., hoping to further strengthen the baking sector.

However, things are contrary to their wishes, and the external purchase of mergers and purchases has not brought booster effect on McWell's performance. In 2016 and 2017, Metro's baking business revenue was 264 million yuan and 261 million yuan, respectively. On the contrary, the new M & A business sector drags the company's net profit performance. Due to the preparation of the reputation for the goodwill of Xinmeixin, 116 million yuan, in 2018 and 2019, McElr lost 155 million yuan and 70 million yuan, respectively. The stock was once "ST" and was on the verge of delisting. After 2020, McWell focused on milk business, and used live broadcast methods to become a net red milk brand. The company not only opened flagship stores on live broadcast platforms such as Douyin, but also found some head anchors to bring goods. According to the company's financial report, in 2021, Mc omise's sales fee was 123 million yuan, an increase of 19.59%over the same period last year, of which the live broadcast cost of e -commerce listed for the first time reached 9.062 million yuan.

On the list of Double 11 Tmall dairy products in 2020, Mc omise ranked ninth; in 2021, McElr even ranked among the top five of the Tmall Double Eleven Milk Drinking Brand. In the past 618, McWell also ranked first in TOP10 in pre -sale of Tmall's liquid milk temperature milk products.

In 2020 and 2021, the business revenue of Macquett dairy products realized revenue of 465 million yuan and 733 million yuan, respectively, an increase of about 83%and 58%year -on -year, respectively. 63.94%in 2021.

Driven by the dairy business, Makale's revenue and net profit have increased significantly. In 2020, revenue achieved revenue of 875 million yuan and net profit was 52.75 million yuan. In 2021, McWell realized revenue of 1.146 billion yuan, an increase of 30.93%year -on -year, and net profit was 18.45 million yuan, a year -on -year decrease of 65.01%.

It is worth noting that while McDrothermal became a net red milk, the self -contained rate of milk source did not keep up.

As we all know, milk sources are the fundamental factor that determines the quality of dairy products. On June 24th, McWell participated in the 2022 Investors' online collective reception day and listed company performance briefing meeting. At the meeting, investors asked questions, how much is the company's self -sufficient rate now. Yao Xue, secretary of the Board of Directors, said that because the company's cow breeding is still in the initial stage, the structure of the cow cluster is also gradually adjusted, so the self -sufficiency rate of milk sources is relatively low.

The financial report shows that in 2021, McWell directly purchased 417 million yuan of raw milk, and the proportion of raw materials from cooperatives or farmers accounted for more than 30%of the total purchase amount.

Dairy analyst Song Liang said that the risk of net red milk is that once a food safety accident occurs, the incidental additives are detected, and the blow to it is even more violent. "Such a test result is likely to have a blow to Maiquer's just improvement."

In the annual report of 2021, McWell described food safety risks. This description: It does not rule out that the company has leaks due to quality management, which will occur in food safety incidents and compensation risks will have a significant impact on the company.

Author: Yu Yuan ([email protected])

Edit: Li Zhiquan

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