The secretary of the board of directors resigned after "cashing out" more than 37 million! Dongpeng Beverage suffered a collective reduction in holdings by senior executives

The collective reduction of Dongpeng Beverage's executives this year has attracted market attention.

Recently, Dongpeng Beverage issued an announcement on the change of executives, the company's former director, vice president, secretary of the board of directors Liu Lihua resigned from relevant positions due to personal development reasons, and will no longer hold other positions in Dongpeng Beverage and related companies after resignation, and the duties of the secretary of the board of directors are temporarily replaced by Lin Muqin, chairman of the company.

Liu Lihua joined Dongpeng Beverage in October 2018 and was promoted to Chief Financial Officer and Group Vice President in just half a year, and then served as the head of the company's IPO and led the company to a successful listing in 2021. According to the financial report, his salary in the last three years was 2.3184 million yuan, 4.1006 million yuan and 3.0274 million yuan respectively, and he was also a shareholder of the company.

Shareholders and executives reduced their holdings by more than 1.3 billion in half a year

Liu Lihua's resignation may have been foreshadowed, and she has reduced her holdings of the company many times this year, with a cumulative reduction of about 37.86 million yuan. As of December 20, Liu Lihua still held 600,900 shares of the company after announcing her resignation, accounting for 0.15% of the company's total share capital.

It is worth noting that Liu Lihua is not the only executive who has reduced his holdings of the company's shares this year, nor is he the shareholder with the largest number of reductions.

According to Dongpeng Beverage's previous announcement, about 83,260,900 shares obtained before the IPO will be lifted on May 29 and listed for circulation, on the day of the lifting of the ban, the company issued the "Shareholders and Directors, Supervisors and Senior Executives Shareholding Plan Announcement", 13 of the company's directors and senior supervisors and major shareholders intend to reduce their holdings of a total of no more than 8.94% of the company's total share capital.

On the day of Liu Lihua's resignation announcement, the company disclosed the implementation results of the expiration of the shareholding reduction plan. From June 20 to December 17, the above-mentioned shareholders and directors, supervisors and senior executives reduced their holdings of 7437489 shares of the company through centralized bidding and block trading, accounting for 1.8593% of the company's total share capital, with a total amount of 1.369 billion yuan.

Among them, the shareholder company with the largest number of shares reduced is Dongpeng Yuandao, with a cumulative reduction of 588 million yuan during the period. According to the company's information, the company's ultimate beneficiary is Lin Muqin, chairman of Dongpeng Beverage, and the other two companies invested by Lin Muqin, Dongpeng Zhiyuan and Dongpeng Zhicheng, also reduced their holdings by 273 million yuan and 206 million yuan respectively during the plan period.

At present, Lin Muqin's personal shares have not changed, but Li Dawen, Li Zengyong, Chen Yimin, Cai Yunsheng and other directors, supervisors, and senior managers have reduced their holdings by more than 300 million yuan. On the first trading day (December 20) of the relevant announcement, Dongpeng Beverage's share price closed at 176 yuan per share, down 6 yuan per share from the previous trading day.

The dependence on large single products is difficult to solve

In terms of the company's operation, in the first three quarters of this year, Dongpeng Beverage's total revenue was 8.641 billion yuan, an increase of 30.05% year-on-year, and the net profit attributable to the parent company was about 1.656 billion yuan, an increase of 42.05% year-on-year. This is the result of the company's increased marketing investment, in the first three quarters of this year, Dongpeng beverage sales expenses of 1.421 billion yuan, an increase of 30.89% year-on-year.

From the perspective of revenue composition, Dongpeng's "large single product dependence" is difficult to solve, and the company has only relied on Dongpeng special drink functional drinks for more than 9% of its revenue over the years.

In addition, from the perspective of cost, the white sugar in a bottle of Dongpeng Special Drink is more expensive than functional elements such as taurine. According to the prospectus, the two most expensive raw materials of Dongpeng Special Drink are white sugar and bottle preforms, accounting for 30.81% and 18.94% of the cost respectively, plus cartons, flavors, caps, etc., accounting for 77.14% of the total cost of raw materials.

In the healthy diet of 0 sugar and 0 fat, the company launched the "Dongpeng 0 Sugar Special Drink" functional drink, which is positioned as a sports and fitness drink, but judging from the sales data of Dongpeng Beverage's Taobao flagship store, the market performance is average. In January this year, the electrolyte drink "Dongpeng Hydration" was launched, and in September, Dongpeng launched the sugar-free oolong tea drink "Oolong Shangcha", which continued the cost-effective strategy of "Dongpeng Special Drink" in the functional drink market, with a terminal retail price of 4 yuan/bottle for 555ml and 6 yuan/bottle for 1L specification, which is almost half of the Oriental leaves of Nongfu Spring, and the sales situation still needs further attention from the market.

At present, the growth rate of the functional drink market is slowing down, and as one of the big players, Dongpeng has always been interested in developing the second growth curve, and it has successively laid out the coffee and sugar-free tea tracks. However, judging from the sales data of the first three quarters, Dongpeng special drink still accounts for more than 92% of the company's total revenue, and the rest of the products are not well recognized in the consumer market.

On the one hand, it is the second growth point that is difficult to break through on the product side, and on the other hand, it is the continuous expansion of the company on the production side.

In December, Dongpeng disclosed the latest progress of setting up a wholly-owned subsidiary in Tianjin, and planned to invest 600 million yuan to establish a production base in Tianjin; in November, Dongpeng Beverage officially announced that two production lines in Zhejiang production base were officially put into operation. It is worth noting that the capacity utilization rate of Dongpeng Beverage does not seem to be difficult to support the current capacity demand, and the financial report shows that the company has a total design capacity of 2.8 million tons in 2022, with a capacity utilization rate of about 74%.

Reporter Water Hibiscus

Edited by Zuo Yu

Editor-in-charge: Sun Xiao

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