Analysis of Accounts Receivable Turnover Days for B-end Customers of Taishan Beer

(Shandong Taishan Beer Co., Ltd.) is an unlisted enterprise, and its basic information is as follows:

• Establishment Date
  : August 1, 2000
• Registered Capital
  : RMB 397.96 million
• Enterprise Nature
  : Joint Stock Limited Company (Hong Kong, Macao and Taiwan investment, unlisted)
• Core Business
  : R&D, production and sales of draft beer
• Business Model
  : Exclusive sales model of “Factory - Exclusive Store - Consumer”, with over 3,000 exclusive stores nationwide

Based on the latest court ruling documents and public reports:

Financial Indicator	Data
Total Assets	Approximately RMB 622 million (as of October 31, 2025)
Total Liabilities	Approximately RMB 663 million
Asset-Liability Ratio	106.63%
2024 Operating Revenue	RMB 501.52 million
2025 Revenue Level	Basically the same as 2024

The company has fallen into a severe financial crisis and was ruled to enter

by the People’s Court of Taishan District, Tai’an in January 2026 [1][2][3].

1. Unlisted status
   : Taishan Beer is not listed on A-shares, Hong Kong stocks, or US stocks; it is not publicly listed and is not required to disclose detailed financial statements in accordance with securities regulations.

2. Bankruptcy reorganization status
   : The company is currently in the bankruptcy reorganization stage, making financial information more opaque. Court documents and public reports only disclose basic data such as total assets and total liabilities.

3. Data gap
   : The calculation of accounts receivable turnover days for B-end customers requires the support of the following detailed data:
   • Beginning and ending balances of accounts receivable
   • Amount of credit sales revenue
   • Aging analysis of B-end customer accounts
   • Provision for bad debts status

None of these data have been disclosed through public channels.

4. Industry specificity
   : B-end customers in the beer industry mainly include distributors, bars, hotels, catering enterprises, etc. The payment terms vary greatly among different customer types, but Taishan Beer has not disclosed its B-end customer structure and payment term policies.

According to public data of comparable companies in the beer industry (such as listed enterprises like Tsingtao Brewery, China Resources Beer, etc.), the average industry accounts receivable turnover days are usually around

. However, due to weak bargaining power, regional small and medium-sized beer enterprises may have longer payment terms for B-end customers, with some enterprises reaching or even longer.

• Expansion and technical transformation projects occupy a large amount of working capital
• Dragged down by the debt crisis of its parent company, Hucai Group
• Failure to repay multiple large overdue debts
• Accumulated unpaid value-added tax, consumption tax, etc. totaling RMB 17.38 million as of October 2025 [2][3]

As the company is unlisted and has entered bankruptcy reorganization proceedings, key financial information such as its detailed accounts receivable classification data, credit sales policies, and B-end customer payment term arrangements have not been disclosed to the public.

To obtain this data, it is recommended to:

1. Contact the bankruptcy reorganization administrator of Taishan Beer to obtain internal financial materials
2. Review audit reports that may be disclosed during the bankruptcy reorganization process
3. Obtain more detailed financial information through court documents

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[1] Shandong News Network - Taishan Beer enters bankruptcy reorganization with total liabilities of RMB 663 million (http://www.sd.chinanews.com.cn/2/2026/0116/99326.html)
[2] Dazhong Daily - Mass Finance | Taishan Beer enters bankruptcy reorganization due to RMB 663 million in debt (https://sd.dzwww.com/sdnews/202601/t20260115_17308797.htm)
[3] China Wine News Network - Taishan Beer enters bankruptcy reorganization, Jinxing Beer sprinting for listing (http://www.cnwinenews.com/html/2026/pijiu_0117/132128.html)