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 ...

良品铺子"一女二嫁"的股权纠纷闹剧，终于迎来阶段性结局。 以下文章来源于深蓝财经 ，作者深蓝财经 深蓝财经 . 影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 来源丨深蓝财经 撰文丨杨波 10月16日晚，良品铺子发布公告，控股股东宁波汉意创业投资合伙企业（有限合伙）（简称"宁波汉意"）终止与武汉长江国际贸易集团有限公司 （简称"长江国贸"）的股权转让协议。 这意味着，第二个买家正式出局，而此前的签约方广州轻工工贸集团有限公司（简称"广州轻工"）的诉求仍悬而未决——宁波汉意是否需履约转让股 权？若违约 或将 承担每天 49.5万的 违约金？这场资本闹剧背后，究竟还隐藏着哪些不为人知的秘密？ 01 转让闹剧，一波三折，日违约金或达49.5万 10月17日，良品铺子发布公告：宁波汉意及其一致行动人未能在《股份转让协议》约定的最后日期（即10月15日）达成与长江国贸的全部生效条 件，因此协议终止。 本次股权交易终止的背后，还有重要的前戏。 早在今年5月，宁波汉意率先与广州轻工签署了意向协议，约定转让19.89%股权（7976.4万股），并承诺给予广州轻工至5月28日的优先购买权。 此前的公 ...

Group 1: Food Delivery Regulations - The State Administration for Market Regulation has drafted regulations to clarify the responsibilities of third-party platforms and food service providers regarding food safety, aiming to prevent the "ghost restaurant" phenomenon [2][3] - The regulations propose a "one certificate, one store" operating model and require platforms to publicly disclose information about food service providers, which may lead to a wave of closures for non-compliant delivery restaurants [3] Group 2: Japan Visa Fee Increase - Japan plans to raise visa application fees to align with those of Western countries, as the number of international visitors surged to 21.5 million in the first half of 2025, up from 17.8 million the previous year [4][5] - The current single-entry visa fee is 3,000 yen (approximately 142 RMB), while multiple-entry visas cost around 6,000 yen, which may see significant increases if aligned with Western standards [4] Group 3: Gold Market - The total market value of gold has surpassed $30 trillion, making it the first global asset to reach this milestone, driven by rising gold prices amid global economic uncertainties [6][7] - The increase in gold prices is attributed to factors such as global trade tensions, interest rate cuts, and high levels of sovereign debt, with major investment banks raising their gold price forecasts [6] Group 4: Alibaba's Stake Reduction in YTO Express - Alibaba plans to reduce its stake in YTO Express by transferring up to 68 million shares, representing 2% of the company's total shares, following previous reductions earlier in the year [8][9] - The logistics sector has matured, leading Alibaba to focus on its own logistics system, Cainiao, rather than maintaining significant stakes in external logistics companies [8][9] Group 5: Good Products' Control Transfer Termination - Good Products announced the termination of its control transfer to Changjiang Guomao, with its major shareholder remaining Ningbo Hanyi, amid ongoing disputes with Guangzhou Light Industry [10][11] - The company reported a 27.21% decline in revenue for the first half of 2025, marking its first half-year loss since its IPO in 2020 [10] Group 6: Legal Dispute Between Mengniu and Yili - The Jiangsu High Court ruled that Mengniu must pay Yili 5 million yuan for unfair competition, highlighting the court's commitment to maintaining fair market competition [12][13] - Despite winning the case, the compensation amount is insufficient to cover Yili's potential sales losses, emphasizing the importance of intrinsic product value over legal actions [12][13] Group 7: Evergrande's Asset Management - The Hong Kong High Court has appointed liquidators to manage the assets of Evergrande's founder, Xu Jiayin, due to non-compliance with asset disclosure orders [14][15] - This case represents a significant cross-border liquidation, with the court scrutinizing the legitimacy of trust arrangements used to protect assets from creditors [14][15]