原标题：听花酒背后的青海春天连续4年亏损，已濒临退市

图片来源：图虫创意

界面新闻记者 张晓迪

听花酒的谎言终于在2024年的“3·15”国际消费者权益日的这天被戳穿了。

3月15日晚间，2024年央视“3·15”晚会开播，晚会内容称，2020年起，售价5860元、58600元的“天价”酒——听花酒涉嫌虚假宣传，夸大功效，违反广告法。

听花酒系A股上市公司青海春天（600381.SH）主营业务主要产品。2016年前，青海春天主营产品为冬虫夏草（即“极草”），2016年3月，原国家食药监总局因安全问题叫停了青海春天“极草”产品。“极草”神话破灭后，青海春天转而将主业切入酒业赛道，听花酒为其主营酒品之一。

晚会播出后，各大电商均下架了听花酒。听花酒官方微信被停止使用，原因为“存在过度营销，骚扰用户行为”。

与此同时，15日晚，上交所也就其违反公告法向青海春天发出监管工作函。

实际上，夸大宣传是青海春天的“常规操作”，无论是曾经的极草产品，还是听花酒系列产品，在对外宣传中，都被称有“增强免疫力”、“有助睡眠”、“壮阳”等功效。

而卖力、夸张的宣传并没有起到多少作用。作为上市公司的青海春天，已经连续亏损四年，客户关系疑点重重，多次收到上交所的问询函，濒临退市。

靠夸大宣传起家

根据“3·15”晚会披露，听花酒体验店内的广告展示内容为，“这款酒具有提升免疫力、改善睡眠、保障男性勃起功能、调节生理紊乱、抗衰老等功效。”

其工作人员还宣称听花酒的健康性具备国际专利。不过世界知识产权组织国际局官网显示，听花酒提交的《酒精和凉味剂的组合物在调节性功能、保护心脑血管系统、促进肝细胞再生、抗肿瘤、提高免疫及睡眠质量上的用途》在国家处理状态一栏为空白。

负责这份专利代理人通过央视解释称，谁都可以申请公布自己的所谓发明专利，但能不能被认定为专利，则是另一回事。这位代理人还进一步解释，听花酒的专利里，提到的凉味剂，并不是什么高科技物质，就是常见的薄荷提取物。

据《中华人民共和国广告法》规定，酒类广告不得含有明示或暗示饮酒有消除紧张和焦虑、增加体力等功效，听花酒的宣传违反了这些法规。

实际上青海春天涉及虚假、夸大宣传是习惯性手法，其创始人张雪峰深谙其中运作之道。

在官网及对外宣传中，青海春天常用“最”、“顶级”、“高科技”这类词汇，还称聘请诺奖得主为其首席科学家，致力于诺奖成果用于酒类产品开发。

公开信息显示，青海春天成立于2004年。据其官网介绍，其致力于以高科技手段实现珍稀自然资源的合理开发与可持续发展，聚焦于酒水和大健康产业板块。其中主要产品一是以听花酒为主的“高端”白酒系列，另一个就是冬虫夏草产品。

2014年，张雪峰以“冬虫夏草让活佛心爱之马起死回生”的故事作为宣传，使得青海春天成功上市。

但仅仅两年后的2016年3月，原国家食药监总局因安全问题叫停了青海春天的主营产品“极草”产品，青海春天因此失去了主要收入来源。

陷入困境后，青海春天谋求转型。2018年3月，青海春天将主业切入酒业赛道，并与宜宾凉露即宜宾听花合作，买断其20年独家经营权。随后在市场推出了平价白酒产品—凉露。然而，该产品最终以惨淡收场。

两年后的2020年，青海春天推出高端定位产品“听花酒”，生产商正是宜宾听花。其定价标准装5860元/750ml、精品装58600元/750ml。这样的定价甚至连国酒茅台的最贵系列都无法企及。2021年6月，青海春天又推出次高端“读花”酒，定价为586元。

无论是极草业务，还是听花酒业务，青海春天董事长张雪峰都对外提供了相应的故事，同时，也投入广告来宣传功效。如，听花酒拥有“增强免疫力”、“有助睡眠”、“壮阳”等功效。

而在推出听花酒之初，张雪峰曾称，其灵感来源于太上老君托梦。太上老君在他手上写了一个“活”字，他认为是“水”和“舌”，以此为灵感研发听花酒。

此外，青海春天还称其创立了由全球顶级科学家、博士生导师、博士、硕士等高级工程技术人员组成的研发平台。1998年“诺贝尔生理学或医学奖”获得者斐里德·穆拉德、2013年“诺贝尔化学奖”获得者亚利耶·瓦谢尔与青海春天董事长张雪峰为公司联席首席科学家，致力于将诺奖成果用于酒类产品研发。

卖力宣传市场并不买账

在夸大的广告宣传包装后，青海春天还在冬虫夏草和听花酒的广告渠道上砸钱。在主流媒体、飞机头等舱、高档小区电梯内、论坛中做推广。

2023年11月9日-10日，听花酒还在新加坡召开的“2023商业与慈善国际论坛”上，做了宣传，称其不仅向世界展示了过去一年的成果，还带来全新的升级定型酒体，以前所未有的好喝与遥遥领先世界的健康化价值惊艳了现场嘉宾。

而在推广上，青海春天销售费逐年增长，研发费用却不及一成。财报显示，2020年-2022年，其销售费用分别为4832.48万元、5567.97万元、1.23亿元，其中2022年销售费用同比增长约120%，相较而言，该年其研发费用仅为1138万元。

尽管张雪峰将听花酒的客户群定在超高收入人群，营销也做的卖力，但市场并不买账。一位北京大型商超的柜台人士告诉记者，“人不傻，没几个人会买突然窜出来的，还这么贵的酒，白酒茅台到顶了。”

财报显示，2022年下半年青海春天酒水业务的营收也只有2125.17万元，其中听花酒在2022年上半年实现7269.82万元营收后，下半年销售非常惨淡，仅卖出135万元。

财报显示，2020年-2022年，青海春天分别实现营收1.24亿元、1.28亿元、1.6亿元，但净利润却亏损3.20亿元、2.49亿元、2.88亿元。2023年一季度，青海春天营收5634.63万元，同比减少25.09%，归母净利润亏损2871.85万元。

2023年，青海春天续亏，2024年1月31日，青海春天发布2023年业绩预告。称其预计2023年度归属净利润为-2.22亿元至-2.87亿元；扣非净利润为-2.05亿元至-2.7亿元。

对其持续亏损，青海春天坦承，造成公司亏损的主要原因之一是公司酒水快消业务板块经营的产品仍处于市场开拓、投入阶段，产品营销费用的投入未能形成相应的产品销售量提升。

由于持续亏损，青海春天目前已经走到了退市的危险边缘。

在股票市场，青海春天也在走下坡路，2022年一季度，青海春天股价曾出现了一波凌厉的上涨，最高涨到20.67元/股，但随后就陷入了漫长的调整，从2022年4月至今，股价最大跌幅接近70％，目前市值也跌的仅剩38.57亿。

多位业内人士直言，“天价”听花酒缺乏底蕴，营销包装大于实质，从价格带来看，也很难大规模铺开市场。

责任编辑：刚晓宁 UN835

新闻译文：

Original title: Behind Tinghua Wine, Qinghai Spring has been losing money for four consecutive years and is on the brink of delisting

Image source: Tuchong Creative

Interface News reporter Zhang Xiaodi

The lie of Listening to Flower Wine was finally exposed on the International Consumer Rights Day on March 15th, 2024.

On the evening of March 15th, 2024, the CCTV "3.15" gala premiered. The content of the gala stated that starting from 2020, Tinghua liquor, a "sky high" liquor priced at 5860 yuan and 58600 yuan, was suspected of false advertising, exaggerating its efficacy, and violating advertising laws.

The main business products of Qinghai Spring (600381. SH), a A-share listed company in the Tinghua liquor series. Before 2016, Qinghai Spring's main product was Cordyceps sinensis (also known as "Jicao"). In March 2016, the former State Food and Drug Administration suspended Qinghai Spring's "Jicao" product due to safety issues. After the myth of "Jicao" was shattered, Qinghai Spring shifted its focus to the liquor industry, with Tinghua liquor as one of its main liquor products.

After the evening party aired, major e-commerce platforms all took down Tinghua liquor. The official WeChat account of Tinghua Wine has been discontinued due to excessive marketing and user harassment.

At the same time, on the evening of the 15th, the Shanghai Stock exchange also issued a regulatory work letter to Qinghai Spring regarding its violation of the Announcement Law.

In fact, exaggerating publicity is a common practice in Qinghai Spring. Whether it is the former Jicao product or the Tinghua wine series product, in external promotion, they are all said to have the effects of "enhancing immunity", "aiding sleep", "enhancing masculinity", and so on.

However, vigorous and exaggerated promotion did not have much effect. As a listed company, Qinghai Spring has been continuously losing money for four years, with numerous doubts about customer relationships. It has received multiple inquiry letters from the Shanghai Stock Exchange and is on the verge of delisting.

Started by exaggerating publicity

According to the "3.15" evening party disclosure, the advertisement displayed in the Tinghua Wine Experience Store reads, "This wine has the effects of enhancing immunity, improving sleep, ensuring male erectile function, regulating physiological disorders, and anti-aging."

Its staff also claimed that the health of Tinghua wine has international patents. However, according to the official website of the International Bureau of the World Intellectual property Organization, the application of the combination of alcohol and cooling agents submitted by Tinghua liquor in regulating sexual function, protecting the cardiovascular and cerebrovascular systems, promoting liver cell regeneration, anti-tumor, improving immunity and sleep quality is blank in the national processing status column.

The patent agent in charge explained through CCTV that anyone can apply to publish their so-called invention patent, but whether it can be recognized as a patent is another matter. The agent further explained that the cooling agent mentioned in the patent for Tinghua liquor is not a high-tech substance, but a common mint extract.

According to the Advertising law of the People's Republic of China, alcohol advertisements shall not contain any explicit or implied effects of alcohol consumption, such as relieving tension and anxiety, and increasing physical strength. The promotion of Tinghua liquor violates these regulations.

In fact, Qinghai Spring's involvement in false and exaggerated propaganda is a habitual technique, and its founder Zhang Xuefeng is well versed in its operation.

In its official website and external promotion, Qinghai Spring commonly uses terms such as "most", "top", and "high-tech", and also claims to hire Nobel laureates as its chief scientists, committed to using Nobel Prize achievements for the development of alcoholic products.

Public information shows that Qinghai Spring was established in 2004. According to its official website, it is committed to the rational development and sustainable development of rare natural resources through high-tech means, focusing on the beverage and health industry sectors. One of the main products is the "high-end" Baijiu series based on Tinghua liquor, and the other is Cordyceps sinensis products.

In 2014, Zhang Xuefeng successfully launched Qinghai Spring with the story of "Cordyceps sinensis reviving the beloved horse of the Living Buddha" as a promotion.

But just two years later in March 2016, the former State Food and Drug Administration suspended Qinghai Spring's main product "Jicao" due to safety issues, causing Qinghai Spring to lose its main source of income.

After falling into difficulties, Qinghai Spring seeks transformation. In March 2018, Qinghai Spring entered the liquor industry and partnered with Yibin Lianglu, also known as Yibin Tinghua, to purchase its 20-year exclusive operating rights. Subsequently, Lianglu, a cheap Baijiu product, was launched in the market. However, the product ultimately ended in a dismal outcome.

In 2020, two years later, Qinghai Spring launched its high-end positioning product "Tinghua Wine", produced by Yibin Tinghua. Its pricing standards are 5860 yuan/750ml for standard packaging and 58600 yuan/750ml for premium packaging. Such pricing cannot even match the most expensive series of Chinese liquor Maotai. In June 2021, Qinghai Spring launched a second high-end "Reading Flower" liquor, priced at 586 yuan.

Whether it's the Jicao business or the Tinghua liquor business, Qinghai Spring Chairman Zhang Xuefeng has provided corresponding stories to the public and also invested in advertising to promote its effectiveness. For example, Tinghua wine has effects such as "enhancing immunity", "aiding sleep", and "enhancing masculinity".

At the beginning of the launch of Tinghua Wine, Zhang Xuefeng once claimed that its inspiration came from Tai Shang Lao Jun's dream. Tai Shang Lao Jun wrote the word "live" on his hand, which he believed was "water" and "tongue", and used it as inspiration to develop Tinghua wine.

In addition, Qinghai Spring also stated that it has established a research and development platform composed of top scientists, doctoral supervisors, doctoral, master's and other senior engineering and technical personnel from around the world. In 1998, Friedrich Murad, winner of the Nobel Prize in Physiology or Medicine, and in 2013, Aliye Vasher, winner of the Nobel Prize in Chemistry, along with Zhang Xuefeng, Chairman of Qinghai Spring, were co chief scientists of the company, dedicated to using the Nobel Prize results in the development of alcoholic products.

Effortlessly promoting the market does not buy it

After exaggerating the advertising and packaging, Qinghai Spring still spends money on advertising channels for Cordyceps sinensis and Tinghua wine. Promote in mainstream media, first-class flights, high-end residential elevators, and forums.

On November 9-10, 2023, Tinghua Wine also made a promotion at the "2023 International Forum on Business and Charity" held in Singapore, stating that it not only showcased the achievements of the past year to the world, but also brought a brand new upgraded and standardized wine body, stunning the guests at the event with unprecedented good taste and leading global health value.

In terms of promotion, sales expenses in Qinghai Spring have been increasing year by year, but research and development expenses are less than 10%. The financial report shows that from 2020 to 2022, its sales expenses were 48.3248 million yuan, 55.6797 million yuan, and 123 million yuan, respectively. Among them, the sales expenses in 2022 increased by about 120% year-on-year, while the R&D expenses for that year were only 11.38 million yuan.

Although Zhang Xuefeng has targeted the customer base of Tinghua liquor at the ultra-high income group and made great efforts in marketing, the market has not accepted it. A counter person at a large supermarket in Beijing told the reporter, "People are not stupid. Few people will buy such expensive wine suddenly. Baijiu Moutai has reached the top."

According to the financial report, the revenue of Qinghai Spring Liquor business in the second half of 2022 was only 21.2517 million yuan. Among them, Tinghua Liquor achieved a revenue of 72.6982 million yuan in the first half of 2022, but sales in the second half of the year were very poor, with only 1.35 million yuan sold.

According to the financial report, from 2020 to 2022, Qinghai Spring achieved revenue of 124 million yuan, 128 million yuan, and 160 million yuan respectively, but suffered losses of 320 million yuan, 249 million yuan, and 288 million yuan in net profit. In the first quarter of 2023, Qinghai Spring achieved a revenue of 56.3463 million yuan, a year-on-year decrease of 25.09%, and a loss of 28.7185 million yuan in net profit attributable to the parent company.

In 2023, Qinghai Spring continued to suffer losses. On January 31, 2024, Qinghai Spring released its 2023 performance forecast. It is estimated that the attributable net profit for the year 2023 will be between -222 million yuan and -287 million yuan; The net profit after deduction ranged from -205 million yuan to -270 million yuan.

Qinghai Spring admits that one of the main reasons for the company's continuous losses is that the products operated by the company's fast moving consumer goods business are still in the stage of market development and investment, and the investment in product marketing expenses has not resulted in a corresponding increase in product sales volume.

Due to continuous losses, Qinghai Spring has now reached the dangerous edge of delisting.

In the stock market, Qinghai Spring is also on a downward trend. In the first quarter of 2022, Qinghai Spring's stock price experienced a sharp rise, reaching a maximum of 20.67 yuan per share, but then fell into a long adjustment. Since April 2022, the maximum decline in stock price has been close to 70%, and the current market value has only dropped to 3.857 billion yuan.

Many industry insiders have bluntly stated that the "sky high price" of Tinghua liquor lacks foundation, and marketing packaging is more than substance. From the perspective of price range, it is also difficult to expand the market on a large scale. Go back to Sohu and see more

Responsible editor: Gang Xiaoning UN835

重点词汇

• 花酒 dinner party with singsong girls in attendance

• 青海 Qinghai

• 新闻记者 journalist ; reporter ; newsman ; newspaperman ; journo

• 国际消费者权益日 International Day for Protecting Consumers Rights ; International Consumer Rights Day 

• 戳穿 puncture ; expose ; pierce through ; lay bare ; give the lie to

• 上市公司 listed company ; public company

• 主营业务 Main Business ; Principal business ; Business Scope

• 主要产品 main products ; major product ; staple ; staple products

• 冬虫夏草 Cordyceps sinensis ; aweto ; Chinese caterpillar fungus ; winterworm summerherb

句子成分分析：

Although ZhangXuefeng has targeted the customer base (of Tinghua liquor) [at theultrahigh income group] and made 、great efforts [in marketing], || the market has not accepted it.

句子语法结构详解：

(made 为 make 的过去分词。)

* although 为连词，引导让步状语从句。
* targeted 为谓语，采用现在完成时。
* made 为谓语，采用现在完成时。
* 第3个 the 开头为陈述句。
* accepted 为谓语，采用现在完成时。
* has 为助动词。the 为定冠词。

句子相关词汇解释：

Phrase:

Vocabulary:

句子成分分析：

A counter person (at a large supermarket (in Beijing)) told the reporter, || "People are not stupid.

句子语法结构详解：

(told 为 tell 的过去式。)

* told 为谓语，采用一般过去时。
* People 开头为陈述句。
* are 为系动词作谓语，采用一般现在时。
* stupid 为形容词作表语。
* the 为定冠词。a 为不定冠词。

句子相关词汇解释：

Vocabulary:

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