Keystone

The market does not have effective and consistent expectations for the company's performance, but it maintains the 2011 performance depression judgment, and the company's fundamentals, especially hardware conditions, have significantly improved, laying a solid foundation for future development.

Strengthen the carding of the main industry, fade out the long-term low-profit or loss-making businesses such as oil and starch, concentrate on the development of the wine industry, prudently develop real estate, and promote fuel ethanol.

Liquor is booming and growing rapidly, and the revenue of liquor business is expected to grow by more than 100% in 2011. Health wine affected by the relocation of the winery, is in the process of recovery, the delivery of gift health wine in the peak season is reduced, and the sales performance of catering channels is good.

The disadvantages of corporate system and governance defects should be solved by top-level design, which will determine whether the company can seize the opportunity to achieve great development.

It is expected to further sort out and clarify property rights, enhance management incentives, and solve the problem of consistency between management interests and shareholders' interests.

Main risk

The driving force of the top-level design of the company is not strong, and the implementation progress is lower than expected.

The effect of health wine marketing reform is not obvious.

Corporate governance risk.