Protect your voice, please use golden voice, Guangxi golden voice. Once you arrive at the prime time of CCTV channel in the evening, this advertisement will be played in a circle. Now, golden voice stumbled because more than 50 million advertising fees have become Laolai.
Recently, according to media reports, Guangxi golden voice Food Co., Ltd. (hereinafter referred to as golden voice food company) under golden voice group and Jiang Peizhen, the actual controller and chairman of Hong Kong listed golden voice Holding Group Co., Ltd. (hereinafter referred to as golden voice, 06896. HK), were listed as dishonest executors and restricted consumers by the court.
Time finance found that on December 29, 2018, the defendant golden throat Food Co., Ltd. should pay the plaintiff XingKong Chinese International Media Co., Ltd. (hereinafter referred to as XingKong company) advertising fee of 51.67 million yuan, and pay liquidated damages of 1 / 10000 per day as the principal from December 26, 2016 to the date of actual payment.
After the first and second trials, golden throat food company still hasnt fulfilled the relevant judgment. On September 27, 2019, the execution ruling showed that in the case of the dispute over the advertising contract of golden throat food company, the applicant applied to Shanghai No.1 Intermediate Peoples court for execution due to the executors failure to fulfill the payment obligation, deducted the executors bank deposit of 1.49 million yuan, withheld the execution fee of 119000 yuan, and then distributed 1.372 million yuan to the applicant.
Golden throat has been developed by the golden throat film launched in 1994. In 2003, Ronaldo, a famous football star, was invited by the company, and the golden throat film became popular all over the country. By the end of 1998, the companys output value was close to 200 million yuan, becoming one of the top 50 enterprises in Guangxi and one of the top 100 pharmaceutical enterprises in China. In 2015, golden voice was listed in Hong Kong with a market value of more than HK $6 billion. Today, it is down nearly 80%, leaving less than HK $1.2 billion.
Jiang Peizhens business history is legendary. In May 2017, Jiang Peizhen said at the 2017 (10th) brand womens summit forum, Ive been making sugar bags since I was 13 years old At the age of 18, I became the deputy director of the factory, and at the age of 33, I became the director of the factory. In July 2015, golden voice was listed on the Hong Kong stock exchange, when Jiang Peizhen was 69 years old.
From the perspective of product line, over the past 20 years, golden throat still relies on single products. In the first half of this year, 89.6% of the companys revenue came from OTC. Zhu danpeng, an analyst of Chinas food industry, told time finance, we can see that the problems golden voice is facing are: firstly, the main business is facing the ceiling, and secondly, the growth of new products is weak. In other words, the company does not have much room for survival. The reason is that the companys medium and long-term strategy and the research on consumers are not thorough enough. .
Time finance has repeatedly called the official website of golden voice group on Jiang Peizhens list of Laolai and other related issues, but no one answered them. Time finance has also sent relevant issues to the email disclosed on the official website, but as of the time of publishing, there is no reply.
Lose the lawsuit and be listed as Laolai
In May 2016, golden throat Food Co., Ltd. tested the water herbal beverage market and launched golden throat herbal beverage, which is divided into two series with and without sugar, focusing on throat clearing and throat moistening. In order to attract market attention, he sponsored variety shows such as heroes of the earth, masked singing and guessing.
It is this sponsorship that makes golden voice fall into the vortex of legal proceedings. In June 2016, golden voice Food Co., Ltd. and Beijing Vientiane Media Advertising Co., Ltd. (hereinafter referred to as Vientiane company) signed a TV advertising agency contract with starry sky company, which stipulated that golden voice Food Co., Ltd. will launch the program geshiyinxiong and masked King Season 2 with a total contract price of 80 million yuan.
Among them, star company is the production company of the second season of voice of the earth and masked King Season 2. It has the right to act as an agent for the placement and delivery of advertisements in the program. Vientiane company is the advertising agency company of golden voice food company. It assists golden voice food to realize the rights of this contract and supervises star company to perform the obligations of this contract.
According to the lawsuit request decree of star company, golden voice food company paid a total of 67 million yuan of advertising fee to star company; golden voice food company paid liquidated damages for overdue payment from the due date to the actual payment date to star company; golden voice Co., Ltd. was jointly and severally liable for the debt of golden voice food company; golden voice food company and golden voice Co., Ltd. were jointly and severally liable for the lawsuit in this case Fei.
Star in the prosecution request decree mentioned that golden voice food company is a wholly-owned subsidiary of golden voice Co., Ltd. and a one person limited company, both of which have financial confusion. Golden voice Co., Ltd. shall be jointly and severally liable for the debts of golden voice Food Co., Ltd. Golden voice Co., Ltd. argued that the two defendants are independent legal entities, and golden voice Co., Ltd. does not have to bear joint liability for the contingent liabilities of golden voice food company.
According to the court, the audit report provided by the two defendants can prove that there is no property confusion between the two defendants, so golden throat Co., Ltd. shall not be jointly and severally liable for the above debts of golden throat Food Co., Ltd. Tianyancha shows that golden voice Co., Ltd. is a wholly-owned subsidiary of Guangxi golden voice Investment Consulting Co., Ltd. and its legal representative is Jiang Peizhen.
The final court ruled that the defendant golden throat Food Co., Ltd. shall pay the plaintiff XingKong advertising fee of 51.67 million yuan within 10 days from the effective date of this judgment, and pay the liquidated damages calculated as per 10000 yuan per day from December 26, 2016 to the date of actual payment as the principal; and reject other claims of the plaintiff XingKong Chinese International Media Co., Ltd. It is worth noting that golden throat food company failed to fulfill its obligations after the judgment came into force, so it was listed as Lao Lai.
Liu Hai, partner of Beijing Yingke (Shanghai) law firm, introduced to time finance and economics that once the company was included in the list of dishonest Executees by the court, relevant units, in accordance with laws, regulations and relevant regulations, will give credit punishment to dishonest Executees in terms of government procurement, bidding, administrative approval, government support, financing credit, market access, qualification recognition, etc u3002 If the company has no money to pay back, and wants the legal representative not to enter the credit blacklist, or to be removed from the blacklist, there is a simple way to take the initiative to apply for bankruptcy of the company.
The company was included in the list of dishonest Executees, and the actual controller Jiang Peizhen was issued a consumption restriction order by the first intermediate peoples Court of Shanghai.
Although Jiang Peizhen has become a Laolai, the performance of golden voice Zhongbao, a listed company under the control of Jiang Peizhen, has greatly increased. The semi annual report shows that the companys operating revenue is 355 million yuan, an increase of 22.5% year on year; the net profit attributable to the parent company is 45 million yuan, an increase of 58.2% year on year. The growth of the companys total revenue is mainly due to the growth of throat product sales.
However, contrary to the large increase in the performance of China Daily, the stock price of the company is still like a backwater. As of October 31, golden voice was only HK $1.59 per share, down 1.24%, with a total market value of HK $1175 million.
Time finance and economics combed golden throat and found that the growth of core single golden throat piece faced ceiling. From 2012 to 2018, the sales volume of core single golden throat piece of the company was 129 million boxes, 120 million boxes, 127 million boxes, 129 million boxes, 124 million boxes, 101 million boxes and 104 million boxes. During 2012-2018, the sales volume of golden throat piece accounted for 92.4%, 92.4%, 90.6%, 91.8%, 87%, 89% and 90.5% respectively.
In Zhu danpengs view, golden throat has entered the aging stage of the brand, and the decline of product sales is a normal phenomenon. The applicable population of the product is relatively narrow, and many young people do not recognize the golden throat brand.
The unit price per box increased from 4.2 yuan in 2012 to 6.0 yuan per box in 2018, and rose again to 6.33 yuan per box in the first half of this year. Looking at the gross profit rate, from 2014 to the first half of 2019, the gross profit rates of golden throat tablets were 74.3%, 76.6%, 76.4%, 74.3%, 77% and 77.62%, respectively.
In the first half of this year, packaging accounted for 45.5% and raw materials 22.3%, while the unit cost was only 1.48 yuan, which means that the cost of raw materials was only 0.33 yuan, while the cost of packaging was 0.67 yuan.
The heavy dependence of golden throat single product can obviously recognize the risks that always exist. The company chose the herbal beverage market segment and launched the golden throat plant beverage in 2016 to clear the throat and let the world listen to me! For advertising language large-scale promotion, and sponsored the aforementioned masked singing will guess and other popular variety shows.
According to Changjiang business daily, the beverage did not bring profits to golden throat, but became the main cause of the decline in performance. In 2016, golden throat recorded a net profit of 103 million yuan, a year-on-year decrease of 33.4%, mainly due to the loss of grass-roots plant beverage business. Because of the launch of plant drinks, the companys other products revenue increased by 143.2% in 2016 to 44.5 million yuan, and then continued to decline, to only 12.1 million yuan in 2018. In this way, the herbal beverage once had high expectations was so silently forgotten, and golden voices diversified strategy met Waterloo.
Zhu danpeng believes that golden throat brand has begun to age, so the first thing the company should do now is to improve the brand, and then establish a relationship with them in the new generation of consumer groups. After increasing fans, use the new retail thinking to expand some products. Only in this way can it change its original predicament.