China News Service Client, Beijing, June 6th (Peng Jingru) "To protect your throat, please use golden throat lozenges, Guangxi golden throat!" The slogan "Golden throat" is a memory of many people, but its founder has recently "Something happened.
The information on restricted exit disclosed by the Shanghai High People's Court shows that the executed person Guangxi Golden Throat Food Co., Ltd. ("Golden Throat Food") did not perform its obligations determined by legal documents, and the court has restricted its legal representative Jiang Peizhen from exiting the country.
More than 51 million arrears in advertising fees
Why do you say "again"?
Because Jiang Peizhen has been listed as a person with restricted consumption before, he has been restricted in high-spending behaviors such as flying, staying in hotels above the star rating. All of these are related to a lawsuit of more than 51 million yuan in advertising costs, so what happened to Golden Voice?
Through the case number disclosed by the court and the information of the executor of the application, the reporter consulted the China Judgment Document Network and found that the advertising fee dispute occurred in Golden Throat Foods, Guangxi Golden Throat Co., Ltd. (referred to as "Golden Throat Subsidiary") and Starry Sky Chinese International Media Co., Ltd. ( Referred to as "Starry Chinese").
Jiang Peizhen, chairman of Guangxi Golden Throat Group. Golden Throat official website map
In 2016, Golden Voice Food and Starry Sky Chinese reached a cooperation agreement on two programs, "Gai Yin Yin Xiong" and "Masked Singer Season 2" (that is, "Masked Singing Guess"), Golden Voice Food in these two programs The advertising of herbal beverage brands was launched, and the contract involved an amount of 80 million yuan.
Tianyanzha revealed that Golden Voice Food was established in 2016 with a registered capital of 2 million. The Golden Voice subsidiary is its controlling shareholder. In this advertising dispute, Golden Voice Food refused to pay the advertising fee on the grounds that the contract was not sealed and the ratings were not up to standard. Therefore, Starry Huawen brought Golden Voice Food to the court and believed that the Golden Voice subsidiary was jointly and severally liable.
The court's first instance in 2018 ruled that Golden Throat Food should pay plaintiff Xingkong Chinese advertising fee of 51.67 million yuan, and use this as the principal payment from December 26, 2016 to the actual payment date calculated as one ten thousandth of a day Liquidated damages. However, the result of the first-instance judgment also believed that there was no discovery of the mixed use of Golden Throat Foods and the assets of Golden Throat Subsidiary, so Golden Throat Subsidiary did not assume joint and several liability.
After that, the case was judged in second instance in 2019 and the original sentence was upheld. Despite the court's decision, Golden Voice Food did not execute the relevant judgment, and Jiang Peizhen, the actual controller of Golden Voice Food, became an "old lai". It is worth noting that the execution ruling issued by the Shanghai First Intermediate People's Court again in September 2019 shows that after being deducted a million-dollar bank deposit, the executionee's Golden Voice Food has no property to execute.
Is Golden Voice so short of money?
One year's revenue is nearly 800 million yuan, and the gross profit margin is 78%
Although its subsidiaries and actual controllers are listed as executed, its parent company, Golden Voice Holdings Group Co., Ltd. ("Gold Voice") does not seem to be short of money.
According to the annual report of Golden Voice since its listing, from 2015 to 2019, Golden Voice's revenue was 707 million yuan, 768 million yuan, 624 million yuan, 694 million yuan, and 797 million yuan, which have been fluctuating around 700 million yuan; net profit respectively It was 155 million yuan, 103 million yuan, 61 million yuan, 102 million yuan, and 168 million yuan.
Its 2019 annual report shows that its classic products Golden Throat Lozenges have gross margins of 77% and 78% in 2018 and 2019, respectively.
Screenshots of Golden Throat lozenges in the 2019 annual report.
An article on the official website of Golden Voice published on January 6, 2020, titled "Sprinting One Billion, "Golden Voice" Perfect End in 2019", shows that Golden Voice "has successfully completed the goal of sprinting one billion in 2019."
Since the income is good, is it a problem of cash outflow?
It seems not. According to its 2019 annual report, as of the end of 2019, its current assets totaled 1.14 billion yuan, including 577 million yuan in cash and cash equivalents, 463 million yuan in current liabilities, and 9.98 million yuan in non-current liabilities. Only cash assets can cover all liabilities. The asset-liability ratio decreased from 9.1% at the end of 2018 to 8.3% in 2019.
In addition, Golden Voice is not stingy in terms of advertising and promotional expenses. The data shows that in 2012, 2013, and the first three quarters of 2014 before the listing, Golden Throat's advertising expenditures reached 126 million yuan, 165 million yuan, and 112 million yuan, respectively, and the publicity expenses during the same period also reached 61.57 million yuan, 46.71 million yuan and 39.6 million yuan.
Why doesn't the money-paying golden voice owe money?
Chinese food industry analyst Zhu Danpeng said that Golden Throat Food was operated by Wang Rui, the former general manager of Red Bull, and finally the overall input and output were disproportionate and the sales were not good, so Wang Rui has a lot of follow-up costs that have not been paid. The boss of Golden Throat was reluctant to pay for this, because the contract system was agreed at the time, and the team of Wang Rui should be responsible. However, the advertisers who were in arrears of fees must be chasing the gold throat to get the final payment, so this matter is a mistake in the operation of the gold throat.
As of press time, Golden Throat did not issue relevant announcements or make any explanations about Jiang Peizhen's restricted exit and subsidiaries' untrustworthiness.
The market value has shrunk by 80%, and once Ronaldo has endorsed the "Rawson Gate"
Although it seems that the problem of Golden Throat is not big, the over-reliance on the classic product of Golden Throat Lozenges has become its development bottleneck.
The data shows that the growth of Golden Throat's revenue in 2019 is mainly due to the increase in the sales of Golden Throat Lozenges and Golden Throat Lozenges. Among them, the revenue from the sales of Golden Throat Lozenges is about 721 million yuan, accounting for 90.5% of the total revenue.
In order to solve the problem of high reliance on a single product, Golden Voice launched a new herbal beverage in 2016 and officially entered the beverage industry, but the market feedback has been mediocre. The sales of Ginkgo Biloba and Herb Drinks under Golden Throat accounted for only 1.1% of the Group's total revenue in 2019.
A screenshot of the product line of Golden Throat in the 2019 annual report.
In the official flagship store of Taobao of Golden Voice, only 7 products are currently on sale, and 6 of them are Golden Voice throat treasure. There are few other types of products, and the overall sales are mediocre.
In terms of stock price, the price of Golden Voice at the time of initial listing was 4.71 Hong Kong dollars per share, with a market value of more than 6 billion Hong Kong dollars. As of the close of June 5, the price of Golden Voice was 1.47 Hong Kong dollars. According to this set of figures, the market value of the Golden Voice subsidiary has shrunk by nearly 80%.
In addition, the entanglement with the Chinese in the starry sky is not the first time Golden Voice has caused a lawsuit because of advertising. The most famous one is the endorsement dispute with Brazilian football star Ronaldo.
The reason why Golden Throat Lozenges can go from Guangxi to the whole country is the "endorsement" of the famous star Ronaldo, and the advertising placed on CCTV is indispensable.
However, according to media reports at the time, in 2003, Jiang Peizhen invited Ronaldo to a private banquet, and asked Ronaldo to wear clothes printed with "golden throat lozenges" to take pictures, and finally paid Ronaldo $300,000. Ronaldo thought this money It's just the "appearance fee" for a meal. It wasn't until 2007 that Ronaldo, who became the "spokesperson" for Golden Voice, said he wanted to sue Golden Voice, but the dispute would not be resolved.
After tasting the sweetness of Ronaldo's "endorsement", in 2009 Golden Voice chose the new "Brazilian Golden Boy" Kaka as the spokesperson.
The dispute with Ronaldo did not seem to affect Jiang Peizhen, but now the advertising dispute has turned her into an "old lai". Faced with a sluggish stock price, Jiang Peizhen said in his 2019 annual report, "In 2020, the Group is expected to enter a stage of rapid development." (End)