Jinhui Liquor recently replied to a Shanghai Stock Exchange inquiry, explaining the reasonableness of approximately 400 million yuan in engineering construction services procured from Gansu Maoda, an entity controlled by relatives of the company's actual controller, between 2023 and 2025. The company disclosed that procurement amounts from Gansu Maoda over the three years were 10 million yuan, 227 million yuan, and 164 million yuan respectively, covering projects such as intelligent warehousing and phase four technical upgrades. Fund disbursements were fully aligned with project progress, and completed assets were promptly transferred to fixed assets with standardized depreciation. All projects underwent open or invited tendering, with pricing based on official Gansu engineering quotas. The unit construction costs for warehousing and technical upgrades were notably lower than comparable peer projects. Gansu Maoda holds a general contracting grade-one qualification and offers strong regional adaptability. Although in some years orders from the company accounted for nearly half of Gansu Maoda's revenue, the firm also undertakes diverse government and real estate projects, and there are no significant capital transactions with the actual controller.
Jinhui Liquor Co LtdCompany responds to SSE inquiry about related-party procurement, but the explanation shows compliance and reasonable pricing, making net impact unclear.
Gansu Maoda receives significant procurement orders from Jinhui Liquor, but the article does not indicate whether this is positive or negative for its business.