Core Viewpoint - The financial performance of Liangpinpuzi Co., Ltd. shows significant declines in both revenue and net profit for the third quarter of 2025, indicating potential challenges for the company moving forward [1] Financial Performance - In the third quarter, the company's revenue was 1.311 billion yuan, a year-on-year decrease of 17.72% [1] - The net profit attributable to shareholders was a loss of 28.7671 million yuan [1] - For the first three quarters, the total revenue reached 4.140 billion yuan, reflecting a year-on-year decline of 24.45% [1] - The net profit attributable to shareholders for the first three quarters was a loss of 122 million yuan [1]

Core Viewpoint - The company is facing short-term performance pressure due to the deep adjustment period in the leisure snack industry, reporting a revenue of 4.14 billion yuan and a net loss of 122 million yuan for the first three quarters of 2025 [1] Group 1: Business Strategy - The company is implementing a "One Product, One Chain" strategy to navigate industry changes and achieve differentiated development [1] - The company is enhancing product sales through visualizing the value of good raw materials and utilizing appetite-driven, scenario-based short videos and graphic content [1] - Key products such as the Mid-Autumn Festival series, original meat jerky, and Angus beef chips have exceeded sales targets [1] Group 2: Digital Transformation - The company’s digital transformation efforts are showing results, with its "Store Dynamic Replenishment Decision Dataset" recognized as a high-quality data application case by Wuhan's data bureau [1] - The implementation of this dataset has reduced procurement decision time from 3 days to 0.9 days, improved emergency replenishment response, decreased the proportion of unsold inventory, and reduced expiration losses [1] - The system has saved significant warehousing and logistics costs within just six months of application [1] Group 3: Channel Strategy - In-store, the company is focusing on enhancing existing store efficiency and deepening local life platform collaborations to improve customer acquisition [2] - For example, the integration with the Taobao Flash Purchase platform has resulted in a 285% increase in order volume and a 51.2% rise in new customer proportion within four months [2] - The overall repurchase rate has improved by nearly 20%, positioning the company among the top in the leisure snack category on the platform [2] Group 4: Future Outlook - Looking ahead to the fourth quarter, the company plans to continue deepening its "One Product, One Chain" strategy, leveraging digital efficiency and popular product momentum to strengthen its internal capabilities and create value [2]

Core Viewpoint - The company reported a significant decline in revenue and incurred a net loss in the first three quarters of 2025, while emphasizing its strategic initiatives to enhance product value and digital transformation [1] Financial Performance - For the first three quarters of 2025, the company achieved an operating income of 4.14 billion yuan, representing a year-on-year decrease of 24.45% [1] - The net profit attributable to the parent company was a loss of 122 million yuan [1] Strategic Initiatives - The company is implementing the "One Product, One Chain" strategy, focusing on raw material traceability to visualize the value of quality ingredients [1] - The company is leveraging differentiated products and utilizing appetite-driven, scenario-based short videos and graphic content to boost product sales [1] Digital Transformation - The company's digital transformation efforts are showing results, with its "Store Dynamic Replenishment Decision Dataset" being selected as one of the top 10 high-quality data application cases by the Wuhan Municipal Data Bureau in July 2025 [1] - The full implementation of this technology is expected to enhance procurement efficiency [1] Future Outlook - Looking ahead to the fourth quarter, the company plans to deepen its "One Product, One Chain" strategy, relying on digital efficiency improvements and the momentum of popular products to strengthen its internal capabilities and create ongoing value [1]

Core Insights - The company reported a revenue of 4.14 billion yuan for the first three quarters, with a net loss attributable to shareholders of 122 million yuan, primarily due to the elimination of inefficient stores and increased online channel traffic costs [1][2] Group 1: Financial Performance - The company achieved a revenue of 4.14 billion yuan in the first three quarters [1] - The net loss attributable to shareholders was 122 million yuan [1] Group 2: Strategic Initiatives - The company is facing a deep adjustment period in the snack food industry and is committed to a long-term strategy to navigate changes, focusing on a differentiated development path through the "One Product, One Chain" strategy [1] - The company is enhancing its digital transformation, with a notable example being the "Store Dynamic Replenishment Decision Dataset," which reduced procurement decision time from 3 days to 0.9 days and improved inventory management [1] Group 3: Market Positioning - In the store channel, the company is focusing on improving existing store efficiency and enhancing customer acquisition through local life platform collaborations, such as a 285% increase in order volume on the Taobao Flash Purchase platform within four months [2] - The company plans to continue deepening the "One Product, One Chain" strategy in the fourth quarter, leveraging digital efficiency and popular product momentum to strengthen its internal capabilities [2]

证券代码：603719 证券简称：良品铺子 公告编号：2025-045 良品铺子股份有限公司 三、报告期末主要经营数据 | （一）按经营业态分类的情况 | | --- | | 分业态 | 销售额（元） | 销售额同比 | 毛利率 | 毛利率 | | | --- | --- | --- | --- | --- | --- | | | | 增减(%) | （%） | 同比变动 | | | 电子商务业务 | 561,108,587.22 | -14.02 | 29.05 | 增加 1.60 | 个百分点 | | 加盟业务 | 376,509,974.72 | -25.58 | 11.46 | 减少 4.56 | 个百分点 | | 直营零售业务 | 373,667,436.02 | -19.83 | 40.72 | 减少 2.67 | 个百分点 | | 团购业务 | 151,881,138.87 | -3.58 | 15.80 | 减少 5.04 | 个百分点 | | 合计 | 1,463,167,136.83 | -17.90 | 26.10 | 减少 1.65 | 个百分点 | （二）按地区分类的情况 2025 ...

（一）良品铺子股份有限公司（以下简称"公司"）第三届董事会第十次会 议（以下简称"本次会议"）的召开符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 （二）公司于 2025 年 10 月 23 日以电子邮件的方式发出本次会议通知和材 料。 （三）公司于 2025 年 10 月 28 日在公司会议室以现场和线上相结合的方式 召开本次会议。 （四）本次会议应出席董事 9 人，实际出席会议的董事 9 人。 证券代码：603719 证券简称：良品铺子 公告编号：2025-044 良品铺子股份有限公司 第三届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 本议案详情请查阅公司在 2025 年 10 月 30 日于指定信息披露媒体披露的《良 品铺子股份有限公司 2025 年第三季度报告》。 议案 2：关于调整公司组织结构的议案 （五）本次会议由董事长程虹先生召集和主持。公司全体监事、董事会秘书 等高级管理人员列席了本次会议。 本次组织结构调整的核心为：为落实品质第一理念，贯 ...

Financial Performance - The company's revenue for the third quarter was CNY 1,311,438,822.09, representing a decrease of 17.72% compared to the same period last year[5] - The total profit for the quarter was a loss of CNY 37,724,065.20, a decline of 1,311.31% year-on-year[5] - The net profit attributable to shareholders was a loss of CNY 28,767,087.21, with a year-to-date loss of CNY 122,320,235.21, reflecting a decrease of 730.83%[5] - Total operating revenue for the first three quarters of 2025 was CNY 4,140,159,632.70, a decrease of 24.5% compared to CNY 5,480,183,971.09 in the same period of 2024[22] - The net profit for the first three quarters of 2025 was a loss of CNY 118,952,090.16, compared to a profit of CNY 16,551,631.56 in the same period of 2024[23] - The company's operating profit for the first three quarters of 2025 was a loss of CNY 149,096,402.45, compared to a profit of CNY 57,475,907.31 in 2024[23] - The basic and diluted earnings per share for the year-to-date period were both CNY -0.31, a decrease of 720.00%[6] - The company reported a basic and diluted earnings per share of -0.31 for the first three quarters of 2025, compared to 0.05 in 2024[24] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was CNY 185,737,025.75, an increase of 143.39%[6] - Cash flow from operating activities for the first three quarters of 2025 was CNY 4,802,243,125.26, down from CNY 6,274,968,569.62 in 2024, indicating a decrease of 23.5%[26] - The company's cash and cash equivalents as of September 30, 2025, amount to ¥408,077,291.83, down from ¥1,031,559,467.72 as of December 31, 2024[16] - The ending balance of cash and cash equivalents was $279,218,911.09, down from $468,564,437.15 in the previous period[28] - The company received tax refunds amounting to $101,927,978.43 during the reporting period[27] Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,714,493,790.45, down 21.00% from the previous year[6] - The total liabilities decreased from CNY 2,457,208,537.40 in 2024 to CNY 1,688,434,953.50 in 2025, a reduction of 31.2%[19] - The total assets decreased from CNY 4,702,029,816.22 in 2024 to CNY 3,714,493,790.45 in 2025, reflecting a decline of 21.0%[19] - Total current assets decreased to ¥2,328,269,257.69 from ¥3,090,115,281.38[17] - Inventory has decreased to ¥393,985,838.10 from ¥663,860,570.61[17] - The company reported a significant decrease in accounts receivable, which fell to ¥280,594,632.24 from ¥470,645,481.07[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 36,084[13] - The largest shareholder, Ningbo Hanyi Venture Capital Partnership, holds 141,287,094 shares, representing 35.23% of total shares[13] - The company has a total of 141,287,094 unrestricted circulating shares held by the top shareholders[14] - The equity attributable to shareholders decreased by 9.90% to CNY 2,020,924,635.67 compared to the end of the previous year[6] Operational Challenges and Strategies - The company reported a significant decline in total profit due to the elimination of inefficient stores and increased online channel costs[10] - The decrease in net profit was also influenced by reduced government subsidies and a decline in interest income and investment returns[10] - The company is focusing on cost control and optimizing personnel to manage expenses effectively amid declining sales[11] - The company has not reported any new strategies or product developments during the conference call[16] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 13,441,326.47, slightly down from CNY 14,872,956.61 in 2024[23] Accounting Standards - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[29]

Core Insights - The company reported a third-quarter revenue of 1.311 billion yuan, representing a year-on-year decline of 17.72% [1] - The net profit for the third quarter was a loss of 28.7671 million yuan [1] - For the first three quarters, the total revenue was 4.14 billion yuan, showing a year-on-year decrease of 24.45% [1] - The net profit for the first three quarters was a loss of 122 million yuan [1]

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]

Core Viewpoint - The termination of the control transfer of Liangpinpuzi has raised concerns about the company's governance and operational challenges, particularly due to unresolved equity disputes and the failure to secure state-owned capital investment [2][12]. Group 1: Control Transfer Termination - The control transfer agreement initiated on July 17 involved the transfer of 21% of shares to Wuhan Changjiang International Trade Group for approximately 1.046 billion yuan [3][4]. - The termination was due to the failure to meet the condition that the transferred shares must be free of rights defects, as a court froze 19.89% of shares held by the controlling shareholder due to a dispute with Guangzhou Light Industry [5][6]. - The dispute arose from a prior agreement granting Guangzhou Light Industry a right of first refusal, which was not honored by the controlling shareholder, leading to legal action [9][11]. Group 2: Governance Issues - The "one share, two sales" incident highlights significant governance shortcomings within Liangpinpuzi, as the board failed to intervene in the controlling shareholder's breach of contract [8][11]. - The company did not disclose the key agreement with Guangzhou Light Industry in a timely manner, leading to market information asymmetry and raising questions about compliance with disclosure obligations [11][12]. - The failure to manage the risks associated with the controlling shareholder's actions indicates a breakdown in the company's risk management framework [11][12]. Group 3: Operational Challenges - Liangpinpuzi has faced deeper operational challenges, including a significant decline in net profit since 2020, attributed to aggressive pricing strategies and a reduction in store numbers [13][15]. - The failed introduction of state-owned capital was seen as a critical opportunity for the company to enhance its supply chain and financial support, which is now lost [15][16]. - The company has experienced frequent share reductions by major shareholders, indicating instability in its ownership structure [15][16].