“西凤酒2010年是亏损4个亿”。 9月6日晚，深圳市盈信投资集团（以下简称“盈信集团”）董事长林劲峰坦言。

"XiFengJiu 2010 is losses". On September 6th night,Shenzhen full letter investment group(Hereinafter referred to as"Full letter group")The chairman LinJinFeng said.

　　这是陕西西凤酒集团股份有限公司（以下简称“西凤股份”）9月4日被新华网爆出2010年巨亏4.2亿元后，西凤股份及其股东方的首次正面回应。盈信集团，乃西凤股份第三大股东。

It is shaanxi XiFengJiu group co., LTD(Hereinafter referred to as"West chicken stock")On September 4, 2010 by xinhuanet out huge deficit after 420 million yuan,West chicken stock and its shareholders of the party for the first time a positive response.Full letter group,Is the third largest shareholder stake in the west.

　　西凤酒乃中国四大名酒之一，2008年和2009年，西凤酒股份和宝鸡市政府曾广发英雄函，希望引进外部资本。一时之间，若干PE基金蜂拥至西凤股份。最终，由中信产业基金拔得头筹，于2010年下半年领投了这一大热门项目，此轮融资中，西凤股份共引进10亿元的投资。

XiFengJiu is one of China's four great wines,In 2008 and 2009,XiFengJiu equity and baoji government CengGuangFa hero letter,Hope to introduce external capital.Between a,A number of PE funds flocked to west chicken stock.finally,By citic industrial fund topped the,In the second half of 2010 brought threw a big hot project,This round of financing in,West chicken stock altogether introduce 1 billion yuan of investment.

　　林劲峰随后解释道：“这4亿元亏损，是过去很多年累积形成的，以前基本没有计提应收账款和存货损失。2010年多家外部投资者进去后，一次性补计提，为将来的上市扫清障碍，这里并不像某些媒体所指的大量关联交易或利益输送等造成年度亏损。”

LinJinFeng then explained:"The $400 million deficit,In the past many years accumulation formation,Before the basic no withdrawal accounts receivable and inventory loss.More than 2010 home outside investors after go in,One-time patch withdrawal,For future listed obstacles,Here is not, as some media referring to a large number of connected transaction or benefits of transportation and other cause annual loss."

　　看起来，这一举措是西凤股份“丢车保帅”的做法：一次性处理历史上的亏空，从2011年开始盈利，有三年盈利的业绩后，即可以申报IPO。

looks,The move is west chicken stock"Lost car insurance handsome"practice:One-time treatment in the history of the deficit,Begin from 2011 earnings,Three years after earnings performance,That can be declared IPO.

　　但其背后，似乎远不是这么简单。

But behind the,Seems to be far is not so simple.

　　西凤酒是陕西省和宝鸡市地方政府官员心中的遗憾，乃至是一块心病。

XiFengJiu shaanxi province is baoji and local government officials heart regret,Even a piece of heart.

　　1952年，西凤酒和茅台(600519,股吧)酒、汾酒、泸州老窖(000568,股吧)一起，在全国评酒会上被评为四大国家级名酒。但西凤股份（及其前身）不是成功的企业，业绩远称不上四大名酒的地位，也无力将西凤酒推广到全国。故西凤酒一直偏居陕西，在西北地区的影响力都偏弱。

In 1952,,XiFengJiu and maotai(600519,guba)wine/fenjiu/Luzhou old cellar(000568,guba)together,In the national review the cocktail party was named four national wines.But the west chicken stock(And its predecessor)Not successful enterprise,Performance far do not say to go up four big famous status,Is weak XiFengJiu will be extended to the national.So XiFengJiu has been partial in shaanxi,In the northwest region influence are weak.

　　中信产业基金在一份推介材料中介绍，西凤股份2009年的收入为13.7亿元；其在省外市场的销售收入，在2004年时仅4000多万元，到2009年方超过3亿元。

Citic industrial fund in a promotion materials is introduced,West chicken stock 2009 years of income for 1.37 billion yuan;In the domestic market sales revenue,In 2004 only more than 4000 yuan,By 2009 square more than 300 million yuan.

　　而茅台股份的销售收入是百亿级，市值千亿级。其他名酒也多在资本市场讲过充满想象力的故事，有着几百上千亿的市值。相比之下，西凤酒仿佛沦落为二流酒。

And maotai share sales income is yuan level,Escape the market level.Other wines in capital market also told the story of the imagination,With the market value of the hundreds of billions.Compared with,XiFengJiu as if reduced to a second class wine.

　　为此，陕西省政府一直为西凤酒寻求外部投资者，先后跟海航集团、中粮集团洽谈过合作，并向其他知名产业资本抛过橄榄枝。但这些都没有为西凤酒引来大笔投资。

therefore,Shaanxi government has been XiFengJiu seek for outside investors,Hna group with successively/Cofco talks over cooperation,And to other famous industrial capital thrown over the olive branch.But these are not for XiFengJiu draws a large investment.

　　当日历翻到2009年时，形势变得对西凤酒非常有利：这一年开始，无数资金涌向中国的一级市场，寻求优质的未上市企业投资；茅台酒、五粮液(000858,股吧)等名酒的股价如日中天，而未上市的名酒企业屈指可数。

When the calendar turn to 2009,The situation is very advantageous to XiFengJiu:This year,Countless fund flows to China's primary market,Seek high quality not listed enterprise investment;maotai/Wu liang ye(000858,guba)The share prices of wines such as revelation,But not listed liquor enterprise can be counted on one's fingers.

　　所以，当西凤股份和当地政府，在当地官方网站、财经媒体、西部产权交易所公开召唤，又委托资本掮客寻求投资时，应者云集。知名PE基金固然欣然前往，连红杉资本这样偏VC但兼顾消费行业的基金，也和西凤股份洽谈过不止一轮。有业内人士戏称“西凤酒谁都去看过”。

so,When west chicken stock and the local government,In the local official website/Financial media/The western property rights exchange public summons,And entrust the capital broker seek investments,Counterparts gathered.Famous PE fund is delighted,Even the sequoia capital so partial VC but give attention to two or morethings consumption industry fund,Also and west chicken stock negotiations had more than round.The personage inside course of study calls"XiFengJiu everyone go to see".

　　然而，去看过西凤股份的私募基金中，不乏主动放弃的。原因之一是西凤股份的业绩一般，却描绘了极宏伟的蓝图，并要价颇高。

however,Ever been to the west chicken stock in private equity fund,There is no lack of the initiative to give up.One reason is that the west chicken stock performance general,But represents extremely magnificent blueprint,And quite high price.

　　前文指出，西凤股份2009年的收入为13.7亿元。林劲峰告诉记者，西凤股份2007年前一直是亏损的。几位PE人士告诉记者，西凤股份2008、 2009年的利润也就一两千万，这一数据，也得到了林劲峰的确认。盈信集团2007年时即已成为西凤股份的股东，对西凤股份的历史颇为清楚。

Already pointed out that,West chicken stock 2009 years of income for 1.37 billion yuan.LinJinFeng told reporters,West chicken stock 2007 years ago has been the losses.Several PE sources told reporters,West chicken stock 2008/ 2009 years of profit is 120 million,The data,Also got LinJinFeng confirmation.The letter group in 2007 that has become west chicken stock shareholders,On west chicken stock history quite clear.

　　同时，西凤股份公开宣称，计划2012年末上市，2015年销售收入达到100亿。它计划募资10亿元，愿意出让25%的股份，即估值40亿元。这意味着，西凤股份和背后的地方政府，期望投资者的入股价市盈率超过200倍，毫无疑问是天价。

At the same time,West chicken stock avow,Plan by the end of 2012 listed,2015 annual sales income amounted to 10 billion.It plans to need to recapitalise 1 billion yuan,Willing to transfer 25% of the shares,Valuation is 4 billion yuan.This means that,West chicken stock and behind the local government,Expect investors into share price p/e ratio of more than 200 times,There is no doubt that is purchased.

　

　利润两头漏 Profit two head leakage

　　除了高昂的市盈率，一位PE人士注意到西凤股份的营销能力不行：陕西省不少知名企业，会在西凤股份批量定制酒，比如一回定制1000瓶，用于宴请和送礼，其价格仅为出厂价或略加成。“你能想象茅台酒以出厂价给长虹集团做一批‘长虹茅台’吗？这说明西凤酒的销售没做好。”

In addition to high p/e ratio,A PE people have noticed the west chicken stock marketing ability not:Many well-known enterprises in shaanxi province,In the west chicken stock batch customization wine,Such as time custom 1000 bottles,Used for banquets and gifts,The price is only ex-factory price or a little into."Can you imagine maotai to ex-factory price to changhong group do a batch‘Changhong maotai’??This shows XiFengJiu sales not ready."

　　这类似于今天风行的“团购”，高端品牌不屑为之。

This is similar to the popular today"Group purchase",High-end brand of disdain.

　　而另一位PE人士蒋希（化名）则看到了西凤股份更深的问题：公司管理团队的管理能力还可以，但上游的供应商，比如提供基酒、包装材料，下游的经销商都是西凤股份的关联公司，西凤股份从上游高价进货，卖酒时低价销售，利润就从这两端漏了出去。

And the other a PE JiangXi people(alias)Is to see the west chicken stock deeper problems:The company management team management ability can also,But in the upper reaches of the suppliers,Such as providing base/Packaging materials,Downstream distributors are west chicken stock's affiliate,West chicken stock from upstream high purchase,When to sell wine low sales,Profits from these two leak out.

　　蒋希告诉记者，西凤酒有近100个包销买断的品牌酒，这些是西凤酒的子品牌，比如叫红西凤，就是由西凤股份低价卖给经销商，利润的大头被经销商拿走。这些 供应商和经销商，跟西凤股份的管理层和地方政府有着盘根错节的关系，“甚至不是陕西省国资委和宝鸡市国资委能搞得掂的”。

JiangXi told reporters,XiFengJiu nearly 100 underwriting buyout brand of wine,These are XiFengJiu son brand,Such as call red west chicken,Is the west chicken stock at a low price to sell to the distributor,The profits by dealers away.These suppliers and distributors,With west chicken stock management and local government has a complicated relationship,"Not even the state-owned assets supervision and administration commission of shaanxi province sasac baoji can make the phase modulation".

　　最终，中信产业基金和西凤股份双向选择成功，投资了3.6亿元换来6000万股，占15%。光大金控两家公司投资1.356亿元，占股5.4%；老股东盈信集团亦跟投了部分资金，保持其持股比例不变。（股东名单见表1）西凤股份如愿募资10亿元，企业估值24亿元。

finally,Citic industrial fund and west chicken stock two-way choice success,Investment 360 million yuan for 60 million shares,15%.Light daikin charged with two companies investment of 135.6 million yuan,Accounted for 5.4% of the shares;Old shareholders full letter group also to throw some money,Maintain its shareholding ratio unchanged.(Shareholders list see table 1)West chicken stock do need to recapitalise 1 billion yuan,Enterprise valuation is 2.4 billion yuan.

　　这一估值，较西凤股份2009年的业绩，是2倍市销率，超过100倍的市盈率。

The valuation,A west chicken stock 2009 performance,Is 2 times city pin rate,More than 100 times the p/e ratio.

　

　赎买利益相关方？ Redeem stakeholder?

　　这一轮融资后，西凤股份的股东，从4个变为26个。

After this round of financing,West chicken stock shareholders,From 4 to 26.

　　主持此次融资的，是副总经理张保乾。他声称，“完成投资是2010年10月，就是说大家都把钱打进来。这些投资机构签约分两批时间，一批是2010年6月，一批是在2010年7-9月。”

Handle the financing,Is ZhangBaoQian deputy general manager.He claimed that he,"Complete investment is in October of 2010,That is all money come in.These investment agency contract is divided into two group of time,A group of is in June 2010,A group of in 2010 7-9 months."

　　张保乾9月5日在西安开西凤股份的股东会，但他拒绝透露这次会议的内容，也不愿回应西凤酒2010年巨亏的事宜。

ZhangBaoQian on September 5 in xian open west chicken stock shareholders,But he refused to disclose the contents of the meeting,To respond to XiFengJiu 2010 giant kui matters.

　　林劲峰介绍：“这一次投资中，入股者基本上不是战略投资者，就是经销商。比如，陕西飞龙糖酒副食有限公司、董小军、宝鸡市香溢有缘酒营销有限公司都是经销 商，西安智德通品牌推广营销有限公司是咨询公司。经销商入股，是西凤股份一开始就考虑过的，战略投资者也都同意和支持，反正入股价格不低，大家增资的价格 都一样。”

LinJinFeng introduced:"This time investment,Become a shareholder is basically not strategic investors,Is dealer.For example,Shaanxi dragon sugar and wine fushi co., LTD/DongXiaoJun/Baoji sweet overflow is predestined friends the wine marketing co., LTD. Is distribution business,Xian wisdom DE pass brand promotion marketing co., LTD. Is a consulting company.Dealers in,Is the west chicken stock start considered,Strategic investors are all agree and support,Anyway buy-in price is not low,All the price of capital is the same."

　　林劲峰提到的几家供应商，占股的比例为0.7-0.8%；在他们之后，还有多位自然人股东，持股多为0.1-0.23%。

LinJinFeng mentioned several suppliers,Accounted for the proportion of the shares from 0.7 to 0.8%;After them,There are many natural person shareholder,Holding more for 0.1 0.23%.

　　这张股东清单中，没有西凤股

This piece of shareholders in the list,No west chicken stock

　　份管理者的名字。林劲峰告知，战略投资者进来后，另外成立了一家公司，给管理层做股权激励。那家公司的股权，原是西凤酒工会代工人持有的部分，目前是陕西省西凤酒厂（“西凤酒厂”）的子公司，股权也归在西凤酒厂的名下。“管理层的股权就几个点，加起来不超过5%”。

The name of a manager.LinJinFeng told,Strategic investors came in,In addition to set up a company,To the management equity incentive.The equity of the company,The original is XiFengJiu trade unions and workers hold part,Shaanxi province is currently the XiFengJiu factory("XiFengJiu factory")Subsidiary of,Equity is also referred to in the XiFengJiu factory name."The management equity is a few points,Added up to no more than 5%".

　　林劲峰否认西凤股份跟供应商和经销商之间有利益输送，他只表示：“另外成立一个经销公司、旗下有近百个子品牌，都是所有白酒品牌的做法。西凤酒在慢慢缩减子品牌，强化主导品牌的影响力。”

LinJinFeng deny west chicken stock and between supplier and distributor have interests delivery,He only said:"In addition to set up a distribution company/Its is nearly's brand,Are all the practice of liquor brand.XiFengJiu was slowly reduced child brand,Strengthen the leading brand influence."

　　中信产业基金等战略投资者投资西凤酒后，除了给予管理层、经销商部分股权，逐渐缩减子品牌，随之出现的是：2010年西凤酒巨亏4个亿，这一年其含税销售收入仅为20亿元。林劲峰一再强调，没听说过2010年有30亿销售收入的说法，也不知道这个数据的出处。

Citic industrial funds strategic investors after XiFengJiu,In addition to giving management/Dealers stakes,Tapers son brand,Then there is:In 2010 XiFengJiu giant kui 4,This year the tax sales income is 2 billion yuan only.LinJinFeng emphasized,Haven't heard about 2010 sales income statement,Also don't know this data source.

　　林劲峰解释，造成这一结果主要是补税、补计提存货、坏账损失；西凤股份2007年前一直亏损，亏损包括包装材料和废料，但这些并未在以前的报表中充分反 映。当被问到“白酒为何有存货损失”时，林劲峰说：“白酒包装存储后就不一定是越陈越好的酒，有的卖不出去就计提了，包装材料等也是损耗的大头。”

LinJinFeng explain,Cause the result is mainly BuShui/Complement withdrawal inventory/Bad debt losses;West chicken stock 2007 years ago have been losses,Losses including packaging materials and waste,But this does not in a previous statement against fully reflected.When asked"Liquor why inventory loss"when,LinJinFeng said:"Liquor packing storage after the Chen is not necessarily good wine,Some don't sell is the provision,Packaging materials and so on is also the loss of the big head."

　　对此，蒋希表示不可理解，“没听说过白酒会有存货损失。”他分析，有一种可能是，这部分白酒只存在于账面，实际上却不在了。此外，“坏账是谁造成的，是给谁冲掉的”？

this,JiangXi said do not understand,"Haven't heard of liquor will have inventory loss."He analysis,There is a may be,This part of the liquor only exist in the book,But in fact are not.In addition,"Bad debt is caused by the who,Who is to give the flush out"?

　　最后，蒋希分析，这一做法“很有可能是赎买”。管理层和经销商得到股权，历史上的存货、坏账损失被冲掉，缩减子品牌，像是一套组合拳：一边一次性赎买掉部分利益相关者，一边将部分利益相关者跟西凤股份的利益捆绑起来。

finally,JiangXi analysis,This approach"Is likely to redeem".Management and dealers for equity,In the history of the inventory/Bad debt losses wiped out,Reduced child brand,Like a combination:Side one-time foreclosure off part of the stakeholders,As part of the stakeholders with west chicken stock interest tied up.

　　“西凤股份改组成功与否的关键，是公司未来上市后的利益，能大得过利益相关者在体外（指西凤股份主体之外）赚的钱吗？”前者利益更大时，公司方能上下齐心。

"West chicken stock restructuring the key to success,Is the company listed in the interests of the future after,To a stakeholder in vitro(Refers to the subject shares outside the west)Earn money??"The former interest when more,The company can one up and down.

　　中信产业基金自己制作的推介材料中，将西凤股份作为其代表作介绍，提到跟陕西省、宝鸡市政府紧密合作，让当地政府愿意放权；为西凤股份引入了总经理徐可强 和财务总监。徐可强今年已经67岁高龄，曾先后执掌五粮液（000858.SZ）和酒鬼酒（000799.SZ），是中国酒业的传奇人物。

Citic industrial fund make your own promotional materials,West chicken stock as its representative works is introduced,Mentioned in shaanxi province with/Baoji government close cooperation,Let the local government would like to decentralization;For west chicken stock into the general manager xu can be strong and financial director.Xu can be strong this year has been 67 - year - old,Once successively in wu liang ye(000858 SZ)And drunk wine(000799 SZ),Is China's wine industry legend.

　　中信产业基金等战略投资者的诸多做法，多是尽力为西凤股份搭建一个完备的现代企业制度。其效果如何，可能要到2014年方能揭晓——如果西凤股份未来在A股主板上市，则至少要等到2014年，方有三年盈利的业绩。

Citic industrial fund investor of the strategy, such as many practices,Is our best for the west chicken stock to build a perfect modern enterprise system.The effect of how to,May be to 2014 announced can - if west chicken stock in the future A shares listed on the main board,The need to wait at least 2014 years,Party have three years profit performance.

　　林劲峰则告诉记者：“西凤股份2011年的销售额和利润大幅增长，净利润超过1亿元。今年上半年也很不错，公司运营一切正常。”

LinJinFeng, told reporters:"West chicken stock 2011 years of sales and profit growth,Net profit of more than 100 million yuan.In the first half of this year is also very good,The company operating all normal."

　　一位曾为西凤股份寻找投资者的资本掮客，表示自己跟西凤股份的多家股东都很熟。他告诉记者：“西凤股份2010年的利润我忘记了，2011年的还不错”。后来他又改口为“2011年据说不错，今年上半年很好”。

A once for west chicken stock investors looking for capital broker,Said he to the west chicken stock several shareholders are very well.He told reporters:"West chicken stock 2010 profit I forgot,2011 years is good".Later he changed for"2011 it is said that good,In the first half of this year is very good".