Core Insights - The "2024 Commercial Franchise TOP 300" list was released by the China Chain Store & Franchise Association (CCFA), showcasing the annual development trends in the franchise sector [1] - The list includes 300 companies across 25 sub-sectors, with a total of 830,000 stores, reflecting a 30.73% increase from the previous year's 630,000 stores [1] - The distribution of sectors shows that the restaurant industry remains stable at 33.67%, retail slightly decreased to 40.00%, and the service industry increased to 26.33% [1] Industry Overview - The 2024 TOP 300 includes 101 restaurant companies, 120 retail companies, and 79 service companies, indicating a slight adjustment in consumer demand structure [1] - The number of franchise brands with over 10,000 stores increased from 9 in 2023 to 18 in 2024, highlighting the growing influence of leading brands in the market [1] - A total of 71 new franchise brands were added to the list, with 34 in the restaurant sector, 26 in services, and 11 in retail, demonstrating the sector's ongoing attractiveness [1] Event Insights - The 65th China Franchise Exhibition will be held from August 8-10 in Shanghai, focusing on the analysis of the TOP 300 list and featuring over 100 quality brands from various sectors [2] - The exhibition will include forums and workshops aimed at exploring growth strategies and promoting sustainable development in the franchise industry [2] - The CCFA Franchise Committee, established in 2015, has grown to include 69 member companies, advocating for the interests of various franchise sectors and promoting industry self-regulation [2]

2024年，良品铺子实现营业收入71.59亿元，同比下降11.02%；归属于上市公司股东的净利润-4610.45万元，上 年同期为1.8亿元；归属于上市公司股东的扣除非经常性损益的净利润-7476.14万元，上年同期为6514.18万元； 经营活动产生的现金流量净额为577.15万元，同比下降99.55%。 | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | --- | --- | --- | --- | --- | | | | | 減(%) | | | 营业收入 | 7, 159, 201, 563. 03 | 8, 045, 888, 960. 40 | -11.02 | 9, 439, 614, 030. 51 | | 扣除与主营业务无关 的业务收入和不具备 | | | | | | | 7, 104, 367, 465. 98 | 7, 951, 400, 892. 03 | -10. 65 | 9, 318, 529, 844. 09 | | 商业实质的收入后的 | | | | | | 营业收入 | | | | | | 归属于上市公司股东 | -46, 1 ...

以下文章来源于36氪财经 ，作者陈思竹 谢芸子 36氪财经 . 7月17日，良品铺子公告称，控股股东宁波汉意及其一致行动人宁波良品，拟以12.42元/股的价格，分别向长江国贸协议转让良品铺子7224万股及1197万 股的股份，分别占据良品铺子总股本的18.01%和2.99%，总价10.46亿元。 同时，良品铺子的第二大股东达永有限公司，也拟以12.34元/股的价格，将所持良品铺子8.99%股权转让给长江国贸，总计4.45亿元。 爱企查显示，长江国贸的实际控制人为武汉市国资委。 这意味着，若此次转让协议能成功执行，武汉国资委将拥有良品铺子29.99%股权，成为其第一大 股东。 不过目前来看，这笔股权转让算不上顺利。 在良品铺子发布公告当天，另一家国资企业——广州轻工就股权转让纠纷对宁波汉意提起诉讼，并申请了财产保全，冻结宁波汉意所持有的19.89%良品 铺子股份。 良品铺子也在公告里提到，此次股份冻结及诉讼事项，可能导致宁波汉意与长江国贸的控制权转让事项存在不确定性。 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 "高端零食第一股〞需要白衣骑士。 文 ｜ 陈思竹 编辑 ｜ 谢芸子 来源｜ 36氪财经（ ...

Core Viewpoint - The article discusses the significant changes in the snack food industry in China, focusing on the strategic investment by Wuhan's state-owned enterprise, Changjiang Guomao, in Liangpinpuzi, marking a pivotal moment in the company's history and reflecting broader industry transformations [4][17]. Group 1: Strategic Investment - Liangpinpuzi announced a strategic investment from Changjiang Guomao, with a total transaction amount of 1.49 billion yuan [4][6]. - The deal involves the transfer of 21% of shares from the controlling shareholder and 8.99% from the second-largest shareholder, Today Capital, making Changjiang Guomao the new controlling shareholder with a 29.99% stake [6][7]. - The company aims to enhance its core competitiveness and transition from "quality snacks" to a "quality food" ecosystem through this partnership [7][15]. Group 2: Company Performance - Liangpinpuzi's market value has drastically decreased from over 34 billion yuan at its peak in 2020 to approximately 5.5 billion yuan, losing over 28 billion yuan [11]. - The company's revenue for 2023 was 8.046 billion yuan, a year-on-year decline of 14.76%, with net profit dropping by 46.26% to 180 million yuan [11]. - The company is projected to face a net loss of 46.1 million yuan in 2024, with further losses expected in the first half of 2025 [11][12]. Group 3: Industry Competition - The competitive landscape has shifted dramatically, with discount snack stores like "Mingming Hen Mang" rapidly gaining market share, achieving a GMV of 55.5 billion yuan in 2024 [12][13]. - Liangpinpuzi previously held a 3% stake in "Zhao Yiming," which merged with "Mingming Hen Mang," leading to a significant loss of market share for Liangpinpuzi [13]. - In response to competitive pressures, Liangpinpuzi initiated a large-scale price reduction strategy, lowering prices on 300 products by an average of 22% [13][14]. Group 4: Future Outlook - The entry of state-owned capital is seen as a crucial attempt for Liangpinpuzi to break through in a consolidating industry [15]. - Analysts suggest that the partnership with Changjiang Guomao could help Liangpinpuzi address supply chain challenges and enhance its competitive position [15][16]. - However, the company still faces risks, including regulatory approvals and ongoing competitive pressures in the market [16].

一场席卷零食行业的洗牌正在加速。 7月17日晚间，昔日的"高端零食第一股"良品铺子发布公告，拟引入武汉长江国际贸易集团投资，后者出资14.9亿元拿下良品铺子29.99%股权，交易完成 后将成为公司控股股东，其背后的武汉国资委成为公司实际控制人。 良品铺子股权转让协议，图/良品铺子上市公司公告 作为昔日的国产休闲零食龙头，良品铺子此番"卖身"或许迫不得已。 而在行业另一端，量贩零食品牌却呈现出截然不同的景象。 今年5月，量贩零食巨头鸣鸣很忙向港交所递交招股书，宣布2024年公司营收393亿元，GMV达555亿元，门店数量达14394家，覆盖全国28个省份。 而鸣鸣很忙最大的竞争对手——万辰集团则在3月份宣布旗下量贩零食品牌签约门店数量超1.5万家，好想来在营门店超1万家。随后的4月，万辰集团发布 的2024年报，显示旗下量贩零食业务在2024年录得营收323.29亿元。 零食玩家们"冰火两重天"的境遇，折射出行业正在经历的一场深刻变革。 消费降级浪潮下，渠道重构正在悄然发生，传统零食品牌的溢价体系正在崩塌。以量贩模式为代表的新玩家，正用"薄利多销"的逻辑重新定义规则。 一场关于定价权、渠道控制力和用户心智的争夺 ...

作者 | 陈思竹 编辑 | 谢芸子 在换帅、降价、转型等一系列自救措施失效后，"高端零食第一股"选择卖身。 7月17日，良品铺子公告称，控股股东宁波汉意及其一致行动人宁波良品，拟以12.42元/股的价格，分别向长江国贸协议转让良品铺子7224万股及1197万股 的股份，分别占据良品铺子总股本的18.01%和2.99%，总价10.46亿元。 同时，良品铺子的第二大股东达永有限公司，也拟以12.34元/股的价格，将所持良品铺子8.99%股权转让给长江国贸，总计4.45亿元。 爱企查显示，长江国贸的实际控制人为武汉市国资委。这意味着，若此次转让协议能成功执行，武汉国资委将拥有良品铺子29.99%股权，成为其第一大 股东。 不过目前来看，这笔股权转让算不上顺利。 在良品铺子发布公告当天，另一家国资企业——广州轻工就股权转让纠纷对宁波汉意提起诉讼，并申请了财产保全，冻结宁波汉意所持有的19.89%良品 铺子股份。 良品铺子也在公告里提到，此次股份冻结及诉讼事项，可能导致宁波汉意与长江国贸的控制权转让事项存在不确定性。 截至发稿前，良品铺子每股报价13.09元，公告日至今，其股价已累跌近5%，市值仅剩52.49亿元。 图 ...

作为消费领域的头部企业，良品铺子（603719.SH）的控股权被广州、武汉两家国资企业同时看中，并 引起了纠纷。 7月21日，良品铺子公告披露，广州市中级人民法院已受理广州轻工工贸集团有限公司（下称广州轻工 集团）与公司控股股东宁波汉意创业投资合伙企业（下称宁波汉意）股权转让纠纷一案，涉案金额约为 9.96亿元。 据21世纪经济报道记者了解，此次诉讼主要原因在于广州轻工集团、武汉长江国际贸易集团有限公司 （下称武汉长江国贸）两大国资企业都对良品铺子的控股权产生了收购兴趣。而控股股东宁波汉意为了 化解自身债务问题，先是和广州轻工签订了转让股权的协议书，随后违约将股权转让给了武汉长江国 贸，出现了控股权"一股两卖"的问题，广州轻工因此提起诉讼。 然而，事情很快发生了变化。7月14日，由于迟迟未能推进交易，广州轻工向法院起诉宁波汉意并申请 财产保全，即冻结股份。 到了7月17日，宁波汉意才公开表示和武汉长江国贸签署了股份转让协议，计划转让7223.99万股，占上 市公司股份总数的18.01%，这意味着宁波汉意将自己持有的1.41亿股出让了一半，也意味着剩余股份数 量不足以再履行和广州轻工的交易协议。 广州轻工集团相 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the liquor sector has faced challenges due to the implementation of the "Regulations on Strict Economy and Opposition to Waste" by the central government, leading to a decline in revenue and profits for most liquor companies in Q2 2025. However, recent media corrections have stabilized the sector, and a gradual recovery is expected [3][20] - The report emphasizes the importance of individual stock opportunities within the consumer goods sector, particularly in the context of the liquor market's recovery and the introduction of innovative products [4][21] Summary by Sections Industry Overview - The closing index for the food and beverage sector is 17226.07, with a 52-week high of 19809.29 [1] - The sector has shown a relative performance decline compared to the CSI 300 index, with a year-on-year retail sales growth of 4.8% in June 2025 [14] Liquor Sector Analysis - The report notes that major liquor companies like Moutai, Wuliangye, and Luzhou Laojiao have varying price-to-earnings ratios, indicating a mixed valuation landscape [20] - The introduction of new products, such as the "Jiu Gui Free Love" by Jiu Gui Jiu and its collaboration with the retail channel "Pang Dong Lai," is expected to drive sales and innovate marketing strategies [5][18] Fund Holdings and Market Sentiment - As of Q2 2025, the food and beverage sector's fund holding ratio is 6.75%, reflecting a decrease of 2.12 percentage points, indicating cautious sentiment among investors [4][20] - The liquor segment's fund holding ratio is 4.98%, also down by 2.42 percentage points, suggesting a trend of risk aversion in the market [20] Company Performance Highlights - Dongpeng Beverage reported stable revenue growth, with significant increases in electrolyte water and fruit tea segments [22] - The report mentions that companies like Youfei Foods and Guoquan are focusing on channel optimization and product innovation to drive growth [23] - The performance of companies such as Zhou Hei Ya and Jiahe Foods is noted, with both showing signs of recovery despite facing challenges [23] Market Trends and Price Movements - The food and beverage sector index increased by 0.68% in the latest week, ranking 13th among 30 sectors, while the dynamic PE ratio stands at 21.26 [24] - The report highlights that soft drinks and dairy products have shown the highest growth rates among sub-sectors [24]

7月17日晚间，良品铺子发布了关于控股股东及其一致行动人签署股权转让协议暨控制权拟发生变更的提示性公告。 公告显示，良品铺子控股股东宁波汉意创业投资合伙企业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签署了股份转让协 议。 宁波汉意拟向长江国贸协议转让其持有的72239880股股份，占股份总数的18.01%；良品投资拟向长江国贸协议转让其持有的11970120股股份，占股份总数 的2.99%。 此次若本次交易顺利完成，良品铺子控股股东将由宁波汉意变更为长江国贸，实际控制人将由杨红春、杨银芬、张国强、潘继红变更为武汉市人民政府国有 资产监督管理委员会。 根据公告，本次股权转让涉及金额约10.46亿元人民币。转让前，宁波汉意与良品投资合计持股约38.22%，转让后仅剩17.22%，创始团队从绝对控股转至第 二大股东位置。 不过良品铺子还在公告中指出，收到控股股东宁波汉意通知，近日广州轻工工贸集团有限公司就股权转让纠纷对宁波汉意提起了诉讼，并申请了财产保全。 宁波汉意所持良品铺子79763.962股股份被冻结，占其所持有良品铺子股数的56.46%，占良品铺子总股本的19.89%，可能导致宁波 ...

以下文章来源于金角财经 ，作者Chong Lei 金角财经 . 城市新中产读本，拆解经济事件背后的逻辑。 高端零食第一股，走下神坛。 文 ｜ Chong Lei 来源｜ 金角财经（ID: F-Jinjiao) 封面来源 ｜ 企业官方 "高端零食第一股"良品铺子，将老板的位子拱手让给了地方国资。 良品铺子发公告称，公司控股股东宁波汉意及其一致行动人良品投资，已与长江国贸达成股份转让协议，以12.42元/股的价格合计转让8421万股股份，占总 股本21%，交易总金额达10.46亿元。 交易完成后，长江国贸将成为控股股东，企业实际控制人也从杨红春等四位创始人变更为武汉国资委， 良品铺子由此成为首个由地方国资控股的全国性休 闲食品平台。 回头看，良品铺子这几年日子不好过：高端定位被价格战打得站不住脚，资本退潮后自身短板逐渐暴露，当消费者的注意力被不断冒出的新品牌稀释，"高 端零食"的故事已经沦为昨日黄花。 而国资的入场，无疑为这家陷入困境的零食巨头注入了新的变量。更稳定的资金链条、更广阔的资源网络、更深厚的抗风险能力，构成了市场对这笔交易的 想象空间。 但把老板换成国资就能翻盘？恐怕没那么乐观。品牌怎么重塑？渠道怎么 ...