良品铺子公告，第三季度营收为13.11亿元，同比下降17.72%；净利润亏损2876.71万元。前三季度营收 为41.4亿元，同比下降24.45%；净利润亏损1.22亿元。 ...

Core Insights - The leisure snack industry is facing significant challenges, with many companies reporting declining performance in their Q3 2025 results, highlighting the impact of macroeconomic uncertainties on consumer spending [1][4][7] Performance Overview - Wanchen Group reported the best performance among listed companies, achieving a revenue of 36.562 billion yuan, a year-on-year increase of 77.37%, and a net profit of 855 million yuan, up 917.04% [1] - Ganyuan Foods experienced a revenue decline of 4.5% to 1.53 billion yuan and a net profit drop of 43.7% to 156 million yuan [1] - Yanjinpuzi achieved a revenue of 4.427 billion yuan, a year-on-year increase of 14.67%, with a net profit of 605 million yuan, up 22.63% [2] - Jinzhai Foods reported a revenue of 1.808 billion yuan, a slight increase of 2.05%, but a net profit decline of 19.51% [2] - Three Squirrels saw a revenue increase of 8.22% to 7.759 billion yuan, but a significant net profit drop of 52.9% to 161 million yuan [3] Market Dynamics - The overall decline in net profits across the leisure snack sector reflects the industry's struggle amid economic downturns, as these products are not considered necessities [4][6] - Analysts suggest that the industry must innovate and adapt to survive, as the "Matthew Effect" will increasingly favor stronger brands while weaker ones may struggle [4][5] - The rise of bulk snack formats has not replaced traditional snack brands but has created opportunities for lesser-known brands, which may eventually be overshadowed by established names [4][5] Consumer Behavior and Pricing - The overall market size for snacks is increasing, but individual companies may experience declining revenues due to price reductions and stable consumer demand [5][6] - Companies are pressured to improve efficiency in their supply chains and marketing strategies to maintain profitability amid shrinking margins [6][7] - The industry is facing a critical juncture where survival is at stake, as highlighted by the challenges faced by major players like Liangpinpuzi [7]

资料来源：良品铺子2024年社会责任报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"良品铺子"篇。 出品 | 搜狐财经 研究员 | 张子豪 国资入主计划泡汤，良品铺子存股权瑕疵 这笔被终止的股权转让案始于今年7月17日，良品铺子控股股东宁波汉意创业投资合伙企业（有限合 伙）及其一致行动人宁波良品投资管理有限公司，与武汉长江国际贸易集团有限公司（武汉国资旗下企 业）签署《附生效条件的股份转让协议》，拟向长江国贸合计转让21%股份（宁波汉意转让18.01%、良 品投资转让2.99%），交易总价约10.46亿元。若交易完成，长江国贸将成为控股股东，武汉市国资委将 成为实际控制人。 协议明确，交易需满足以下生效条件： 10月17日，良品铺子公告披露的一则终止控制权转让的公告，引发市场关注。 资料来源：良品铺子公 告 1.长江国贸 ...

Core Insights - The light food industry is characterized by a well-defined supply chain, with upstream suppliers focusing on packaging, equipment, and raw materials, while the midstream includes various light food products, and downstream sales channels encompass e-commerce, delivery platforms, and physical stores [1][2]. Industry Overview - The upstream of the light food industry includes suppliers such as 富岭股份, 南王科技, 海容冷链, and others, providing packaging, equipment, and raw materials [2]. - The midstream features key players like 奈雪的茶, 三只松鼠, and 良品铺子, which supply a range of light food products [2]. - The industry is concentrated in economically developed regions of China, where consumer markets are active and the supply chain is well-supported [4]. Company Performance - In 2024, 奈雪的茶 is expected to have significant sales of light food products with a strong cost-performance ratio, while 三只松鼠's sub-brand is seeing impressive single product sales [7]. - 康比特's sports nutrition packages are performing well in terms of sales and repurchase rates, and 西麦食品 leads in market share for instant oatmeal on Douyin [7]. Recent Developments - In 2025, 奈雪的茶 launched the "No Sugar Natural Nutrition+" initiative, introducing new light food products and establishing over 30 "奈雪 Green" light food stores in major cities [9]. - 三只松鼠 introduced a low-fat, high-protein meal replacement snack, while 良品铺子 launched a non-fried, reduced-fat crispy biscuit [9]. - 百合股份 targeted women with new product lines, and KEEP initiated collaborations to promote a "food and exercise" approach [9].

从资金流向上来看，当日休闲食品板块主力资金净流入7573.52万元，游资资金净流出6824.48万元，散户 资金净流出749.04万元。休闲食品板块个股资金流向见下表： 证券之星消息，10月21日休闲食品板块较上一交易日上涨1.1%，西麦食品领涨。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002956 | 西麦食品 | 21.40 | 10.03% | 10.05万 | | 2.08亿 | | 002582 | 好想你 | 9.62 | 4.45% | 21.83万 | | 2.08亿 | | 300972 | 万辰集团 | 198.95 | 3.02% | 2.81万 | | 5.50亿 | | 603719 | 良品铺子 | 12.59 | 1.94% | 3.96万 | 4945.20万 | | | 002719 | 麦趣尔 | 9.97 ...

Core Viewpoint - The stock price of Liangpinpuzi has experienced a decline of 9.75% year-to-date, with recent trading showing a slight recovery, but overall performance remains weak in the market [2][3]. Group 1: Stock Performance - On October 21, Liangpinpuzi's stock rose by 2.02%, reaching 12.60 CNY per share, with a trading volume of 39.16 million CNY and a turnover rate of 0.78%, resulting in a total market capitalization of 5.053 billion CNY [1]. - Year-to-date, the stock has decreased by 9.75%, with a 2.33% drop over the last five trading days, a 6.60% decline over the last 20 days, and a 6.39% decrease over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Liangpinpuzi reported a revenue of 2.829 billion CNY, representing a year-on-year decrease of 27.21%, while the net profit attributable to shareholders was -93.55 million CNY, a significant decline of 491.59% [3]. - Since its A-share listing, Liangpinpuzi has distributed a total of 680 million CNY in dividends, with 391 million CNY distributed over the past three years [4]. Group 3: Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Liangpinpuzi was 38,900, a decrease of 8.89% from the previous period, while the average circulating shares per person increased by 9.75% to 10,313 shares [3]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on July 10, where it recorded a net purchase of 660,100 CNY [2].

近日，良品铺子自主研发的"门店动态补货决策数据集"入选武汉市第二批高质量数据集应用典型案例。 该数据系统的成功应用，成为了良品铺子提升运营效率的利器之一，使其在市场竞争中能够不断提质提 效。 这一数据系统24小时实时监测库存周转率，通过综合分析销售数据、季节趋势、促销活动、天气变化 及门店特性等多维度因素，可精准预测未来7-30天各SKU的需求量，并将误差率控制在5%以内。基于 精准的预测，系统会自动调整库存策略，使得滞销商品库存占比从15%降至8%，过期损耗减少40%， 畅销品占比提升70%，库存结构得到显著优化。 通过构建"智能预测-精准执行-动态监控-风险预警"的全链路闭环体系，良品铺子在运营成本控制上取得 了显著成效，为零食行业提供了成长范式。 在传统的采购决策模式下，人工测算占据主导地位，滞后性难以避免。以往，完成一次采购决策往往需 要3天时间，这在快速变化的市场环境中，容易导致商品缺货或滞销，给企业带来损失。而"门店动态补 货决策数据集"的应用，将采购决策时间从3天大幅压缩至0.9天，紧急补货响应速度也提升了70%，确 保了商品的及时、精准供应。 ...

斑马消费 任建新 诉讼纠纷在身，良品铺子卖身武汉国资的计划宣告终止。 最近几年，市场环境的影响、量贩零食等新模式的冲击，良品铺子的经营陷入艰难的境地，规模萎缩、业绩亏损。 失去了国资的助阵，良品铺子这场暂时没有看到转机的逆风局，仍需要创始人杨红春等人去破解。 协议约定，宁波汉意和良品投资以12.42元/股，向长江国贸转让所持上市公司18.01%和2.99%股权，对价合计10.46亿元。同时，达永有限以12.34元/股，向长 江国贸转让所持良品铺子8.99%股权，交易对价合计4.45亿元。 上述交易完成后，长江国贸将持有良品铺子29.99%股权成为新的控股股东，武汉市国资委将取代杨红春、杨银芬、张国强、潘继红，成为公司实际控制 人。良品铺子也将成为首家地方国资控制的全球性休闲零食企业。 卖身失败 3个月后，良品铺子（603719.SH）控制权易主武汉国资的计划流产。 上周五盘后，公司披露公告，因截至《股份转让协议》约定的最后终止日，生效条件未能全部达成，控股股东宁波汉意及一致行动人良品投资，终止控制权 转让。 与此同时，宁波汉意转让部分股权给网谷创投，以及第二大股东达永有限与长江国贸的股权转让协议也相应终止。 ...

以下文章来源于斑马消费 ，作者任建新 斑马消费 . 寻找泛消费领域的斑马企业 来源丨 斑马消费（ID:banmaxiaofei） 作者丨 任建新 图源丨Midjourney 诉讼纠纷在身，良品铺子卖身武汉国资的计划宣告终止。 最近几年，市场环境的影响、量贩零食等新模式的冲击，良品铺子的经营陷入艰难的境地，规模萎缩、业绩亏损。 失去了国资的助阵，良品铺子这场暂时没有看到转机的逆风局，仍需要创始人杨红春等人去破解。 卖身失败 良品铺子总部所在的武汉市东西湖区，也对公司同步支持。该区国资控制的网谷创投，拟以 12.42 元 / 股、对价 2.45 亿元，受让宁波汉意所持良品铺子 股权，成为持股 5.10% 股权的重要股东。 而在这个当口，广州国资企业广州轻工突然杀出，于 7 月 14 日对宁波汉意提起诉讼并申请财产保全，对宁波汉意所持良品铺子 7976.40 万股进行了冻 结。 原来，今年 5 月，宁波汉意为化解自身债务，已与广州轻工就转让上市公司股权事宜进行了磋商并签署《协议书》，约定广州轻工进行尽职调查后，投 资、控制良品铺子。 3 个月后，良品铺子（ 603719.SH ）控制权易主武汉国资的计划流产。 上周 ...

中经记者 党鹏 成都报道 记者注意到，就在良品铺子与武汉国资达成协议之前的5月份，宁波汉意就与广州轻工就协议转让上市 公司股份的事项进行磋商，签署了《协议书》，约定了广州轻工计划受让宁波汉意持有的良品铺子部分 股份，从而投资、控制良品铺子。 根据当时约定，宁波汉意保证，自协议签订之日至2025年5月28日，广州轻工对交易的股份享有优先购 买权。双方同意在上述期限内，若广州轻工决定按上述交易价格推进本次交易或签署交易协议，宁波汉 意应当无条件配合，不得拖延或拒绝。若宁波汉意无故拒绝推进本次交易，视为其违约，广州轻工有权 要求宁波汉意支付违约金500万元，以及其他相关费用。 但是，宁波汉意及其一致行动人在5月28日并未能签署相关协议。让广州轻工意想不到的是，在7月18 日，宁波汉意与长江国贸"闪电联姻"。旋即，广州轻工对宁波汉意提起诉讼。由此，良品铺子也陷 入"一股两卖"的争议。 不仅如此，良品铺子正面临着股权与业绩的双重考验。根据良品铺子在8月26日发布的2025年半年度报 告显示，实现营收28.29亿元，同比下降27.21%；归母净利润-9355.31万元，同比由盈转亏；扣非净利 润-1.19亿元，同比骤降1 ...