Citic Guoan Wine Co Ltd

Blue Whale News, October 8 — *ST Niya completed its board renewal at an extraordinary shareholders' meeting, with CITIC-affiliated Wang Liang elected chairman, and Ke Chao serving as vice chairman and general manager while continuing to concurrently hold the role of chief financial officer. Wang Liang, born in 1981, is currently a member of the party committee and chief financial officer of CITIC Guoan Industrial. Ke Chao, born in 1971, was appointed general manager of *ST Niya on January 28, 2026, and after the board renewal at the end of September, became vice chairman, general manager, and chief financial officer. *ST Niya is a wine enterprise integrating grape cultivation, production, sales, and research, owning several well-known domestic wine brands including Niya, Xiyu, Xintian, and Tianfangyetan. As of the end of June this year, it has developed more than one hundred distributor and key account partners nationwide. The company is currently on the life-or-death line for shell preservation: revenue in 2025 was 123 million yuan, down 23.62 percent year on year, with net profit attributable to the parent company at negative 26.0755 million yuan and non-recurring net profit at negative 30.2558 million yuan. After deducting revenue unrelated to the main business and lacking commercial substance, revenue fell to 118 million yuan, below the 300 million yuan red line, with both indicators hitting the line simultaneously, triggering a delisting risk warning in April this year. In the first half of 2026, the company's revenue was 82.9365 million yuan, up 19.10 percent year on year, with net profit attributable to the parent company at 7.6954 million yuan, up 1,045.98 percent year on year, and non-recurring net profit at 3.7611 million yuan, turning from loss to profit compared with the same period last year. However, net operating cash flow was negative 23.7646 million yuan, with outflows expanding compared with the same period last year, and the heavy pressure of shell preservation remains. At the end of August, *ST Niya signed a three-year financial services agreement with CITIC Finance Company Limited, with a maximum daily deposit balance not exceeding 200 million yuan and a maximum comprehensive credit balance not exceeding 100 million yuan. CITIC Finance had total assets of 54.513 billion yuan and net assets of 8.408 billion yuan at the end of 2025. Shen Meng, a director at Chanson Capital, told Blue Whale News that Niya is CITIC's wine operation platform, and CITIC cannot abandon this brand and platform. Using resources within the group to continuously support and inject capital is also to ensure the maintenance of this platform, but the more important issue now is the company's future development.