公司收到控股股东宁波汉意通知，其正在筹划重大事项，该事项可能导致公 司控制权发生变更。 鉴于该事项在洽谈中，存在不确定性，为保证公平信息披露，维护投资者利 益，避免造成公司股价异常波动，根据《上海证券交易所股票上市规则》《上海证 券交易所上市公司自律监管指引第 4 号——停复牌》等有关规定，经公司向上海 证券代码：603719 证券简称：良品铺子 公告编号：2025-030 良品铺子股份有限公司 关于控股股东筹划控制权变更事项进展暨股票复牌的 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。 重要内容提示： 因良品铺子股份有限公司（以下简称"公司"）控股股东宁波汉意筹划公司控 制权变更事项已取得进一步进展,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 期间 | | | | 603719 | 良品铺子 | A ...

良品铺子（603719）公告，公司控股股东宁波汉意及其一致行动人良品投资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转让其持有的上市公司7223.99万股股份，占上市 公司股份总数的18.01%；良品投资拟向长江国贸转让其持有的上市公司1197.01万股股份，占上市公司 股份总数的2.99%。本次权益变动不触及要约收购。若本次交易顺利完成，长江国贸将成为公司控股股 东，武汉市人民政府国有资产监督管理委员会将成为实际控制人。公司股票明日复牌。 ...

Core Viewpoint - The company has experienced a significant decline in market value and performance, transitioning from a leading high-end snack brand to facing substantial losses and potential control changes within five years [2][3][24]. Group 1: Financial Performance - Five years ago, the company's market value exceeded 34 billion yuan, but it has now fallen to 5.5 billion yuan [2]. - The company expects a net loss of 75 million to 105 million yuan for the first half of 2025, marking its worst performance since public data became available [2]. - In 2024, the company's revenue decreased by 11%, and its net profit margin turned negative from a previously low rate of under 5% [7]. Group 2: Management and Control Changes - The company is undergoing a potential change in control, with the major shareholder planning significant changes that may lead to personnel shifts [3][12]. - The management has seen frequent changes, with the latest chairman and general manager, Yang Hongchun, returning to the role after a brief period of leadership by Yang Yinfeng [10][11]. - The company has faced a chaotic period in management and operational strategies, leading to ineffective responses to declining performance [4][21]. Group 3: Market Position and Strategy - The company was once seen as a symbol of consumption upgrade but now struggles with a loss of its high-end image due to increased competition and changing consumer preferences [13][24]. - The company has attempted to reposition itself by launching new product lines targeting specific demographics, such as children's snacks and fitness products, but these efforts have not gained significant traction [15][22]. - The company's pricing strategy, which included a significant average price reduction of 22% and up to 45% for some products, failed to boost revenue and instead led to a profit decline [7][21]. Group 4: Challenges and Future Outlook - The company faces dual challenges from product and channel disruptions, with discount snack stores gaining market share and changing consumer behavior towards value [18][20]. - The management's efforts to expand product categories and improve supply chain efficiency are ongoing but face significant hurdles, including low margins in new product lines like fresh produce [22][23]. - The future success of the company will depend on the effectiveness of its new management and whether they can execute the proposed strategies to regain market confidence [24].

Core Viewpoint - The snack industry is experiencing a recovery period, leading to valuation restoration for leading companies and increased capital market activity, indicating a new round of industry reshuffling [1]. Group 1: Company Performance - Wancheng Group, which started with edible fungi, entered the mass snack market in 2022 and has seen revenue growth from 549 million to 32.33 billion from 2022 to 2024, with net profit rising from 47.73 million to 294 million [1]. - The stock price of Wancheng Group has surged over 1100% since mid-2024, with a market capitalization exceeding 30 billion [1]. - In contrast, Liangpin Shop, known as the "first high-end snack stock," has faced significant performance declines since its IPO in 2020, with revenues dropping from 78.94 billion in 2020 to an estimated 7.16 billion in 2025 [10][12]. Group 2: Financial Challenges - Liangpin Shop's net profit is projected to be between -105 million and -75 million for the first half of 2025, reflecting ongoing financial struggles [7][14]. - The company attributes its losses to product price adjustments, a decline in store numbers, and increased online channel costs, leading to a drop in sales scale and net profit [9]. - The overall financial performance of Liangpin Shop has deteriorated, with a 29.34% revenue decline in Q1 2025 compared to the previous year [12]. Group 3: Strategic Shifts - Liangpin Shop has attempted to reverse its declining performance by significantly reducing product prices, with an average price cut of 22% across over 300 products, the largest since 2017 [15]. - Despite these efforts, the price cuts have not led to a recovery in profits, indicating deeper issues related to supply chain efficiency and product iteration speed [17]. - The shift towards a "cost-performance" strategy may signal a departure from its high-end positioning, which could further impact its brand perception and market competitiveness [17]. Group 4: Ownership and Control Changes - The potential change in control at Liangpin Shop is highlighted by the announcement of significant shareholder actions, including the possible transfer of control by the major shareholder, Ningbo Hanyi [3][20]. - Frequent changes in leadership, including the resignation of key figures and the appointment of new management, suggest instability within the company [18][19]. - The ongoing decline in performance and management turnover raises concerns about the company's competitive position in the recovering snack industry [21].

创始人出走、业绩承压，被称为"高端零食第一股"的良品铺子（603719.SH）或将"易主"。 良品铺子或将"易主" 7月10日晚间，良品铺子一纸公告引发市场震动，其控股股东宁波汉意正在筹划公司控制权变更的重大 事项，公司股票自7月11日起停牌。 公告发布当日，良品铺子股价涨停，报收13.71元/股，总市值55亿元。这一数字与其高峰期超300亿元 市值相比，缩水超过80%。 值得注意的是，业绩持续下滑也引发了投资机构的撤退。 6月6日，良品铺子公告披露，公司第二大股东达永有限公司通过集中竞价减持1%即401万股，减持总金 额4774万元。宁波汉意此前也出于自身资金需求，在2024年7月通过集中竞价方式完成减持0.15%，套 现736万元，持股比例降至35.23%。 针对业绩下滑，良品铺子在财报中解释称，是受市场及平台流量影响，产品价格下降及门店数量减少， 同时公司在门店渠道对部分产品实施降价等策略，策略调整促使门店客单数稳步提升，但对销售额产生 了一定的影响。 天眼查显示，宁波汉意的合伙人包括杨红春、杨银芬、张国强、潘继红。四人也是良品铺子的实际控制 人。其中，杨红春、杨银芬、张国强目前为良品铺子的非独立董事。 ...

Core Viewpoint - The self-heating hot pot market in China is experiencing a shift from rapid growth to refined operations, focusing on product innovation, quality enhancement, and market expansion to meet consumer demands. The market size is projected to grow, but at a slower rate compared to previous years [1][21]. Group 1: Industry Overview - Self-heating hot pot is a convenient fast food option that does not require cooking utensils or hot pot base, making it more economical and easier to consume than traditional hot pot [2][4]. - The hot pot industry is one of the three main pillars of China's catering industry, significantly driving overall consumption in the market [4][6]. - The market size of China's hot pot industry is expected to reach 748.9 billion yuan in 2024, a growth of 7.71% from 2023, with self-heating hot pot accounting for approximately 18 billion yuan, or 2.40% of the total market [6][21]. Group 2: Market Dynamics - The self-heating hot pot market is projected to grow to approximately 21.5 billion yuan by 2025, increasing its market share to about 2.69% [6][21]. - In 2024, self-heating hot pot ranked first among self-heating food categories, capturing 44.87% of consumer purchases [8]. - The industry is characterized by a diverse competitive landscape, with numerous brands entering the market, including traditional hot pot companies and established snack food brands [14][17]. Group 3: Industry Chain - The self-heating hot pot industry chain includes raw material supply, production processing, brand operation, and sales channels, with e-commerce accounting for over 60% of sales [10][12]. - The cost structure indicates that raw materials account for 40%-50% of total costs, with meat being the most significant expense, particularly beef, which constitutes about 30% of costs [12]. Group 4: Future Trends - The rise of the "lazy" consumer and the growing trend of home-based consumption are propelling the popularity of self-heating hot pots [20]. - As the initial excitement in the industry wanes, companies are shifting towards more sophisticated operational strategies to sustain growth and meet evolving consumer preferences [21].

Core Viewpoint - The company anticipates a net loss of 75 million to 105 million yuan for the first half of 2025, primarily due to ongoing adjustments in product and store structures, increased online channel costs, and declines in interest income, investment returns, and government subsidies [2] Group 1: Financial Performance - The expected net loss for the first half of 2025 is between 75 million and 105 million yuan [2] - The decline in financial performance is attributed to rising online channel costs and decreased income from investments and government subsidies [2] Group 2: Strategic Initiatives - The company is focusing on expanding into "quality food" and has established a 16-character operational strategy centered on "quality food, brand leadership, ecological management, and people-oriented" [2] - A series of initiatives under the "quality food" theme have shown significant results, including partnerships with seven counties in Hubei for long-term raw material sourcing and the launch of high-quality gift boxes [2][5] - The company has introduced new products in collaboration with local partners, which have quickly gained market acceptance [2] Group 3: Supply Chain and Consumer Engagement - The company is developing a new store format called "quality food store," emphasizing traceability from raw materials to finished products [5] - The "Seeking Chinese Good Raw Materials" campaign has achieved over 140 million exposures, enhancing consumer awareness of raw material quality [5] - The company plans to establish raw material sourcing bases in 50 production areas and deepen cooperation with 10 core production areas this year [5] Group 4: Industry Insights - The current snack food industry is characterized by layered competition, where companies that create real value and demonstrate differentiation will show greater resilience [7]

证券代码：603719 证券简称：良品铺子 公告编号：2025-027 鉴于该事项正在洽谈中，尚存在不确定性，为保证公平信息披露，维护投资 者利益，避免造成公司股价异常波动，根据《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 4 号——停复牌》等有关规定，经公司向 上海证券交易所申请，公司股票（证券代码：603719，证券简称：良品铺子）自 2025 年 7 月 11 日（星期五）上午开市起停牌。具体内容详见公司于 2025 年 7 月 11 日在指定信息披露媒体及上海证券交易所网站（www.sse.com.cn）披露的《良 品铺子股份有限公司关于筹划控制权变更事项的停牌公告》（公告编号：2025-026）。 目前，宁波汉意正与相关方积极推进本次事项的各项工作，公司预计无法在 2025 年 7 月 15 日（星期二）开市起复牌，根据相关规定，经公司向上海证券交易 所申请，公司股票（证券代码：603719，证券简称：良品铺子）将于 2025 年 7 月 良品铺子股份有限公司 关于控股股东筹划控制权变更事项继续停牌的公告 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 ...

Core Viewpoint - Company is facing a potential change in control due to ongoing negotiations involving its major shareholder, which has led to a suspension of trading and a significant expected loss in net profit for the first half of the year [1][2][8]. Group 1: Control Change and Trading Suspension - On July 10, the company's stock price surged by 10.73% to close at 13.71 yuan, followed by an announcement regarding a potential change in control due to major matters being planned by its controlling shareholder, Ningbo Hanyi [2]. - The company received a regulatory notice requiring clarification on the stock price surge related to the major matters disclosure [2]. - The trading suspension is expected to last until at least July 18, with the company unable to resume trading on July 15 as initially planned [2][6]. Group 2: Financial Performance and Losses - For the first half of the year, the company anticipates a net loss of between 75 million yuan and 105 million yuan, marking a significant downturn from previous performance [8][10]. - The company has experienced a decline in gross margin due to price reductions and adjustments in product structure, alongside a decrease in sales scale and net profit compared to the previous year [10]. - This marks the first time the company has reported a half-year loss since its listing, following a previous annual loss [10]. Group 3: Shareholder Structure and Management Changes - Ningbo Hanyi, established in August 2017, is the controlling shareholder, holding 38.22% of the company's shares as of June, with notable partners including Yang Hongchun and Yang Yinfeng [5]. - The company has seen changes in its executive team, with founder Yang Yinfeng resigning as chairman and CEO in March, and Yang Hongchun resuming the CEO role in April [6].

Group 1: Shanghai Consumption Environment Optimization - Shanghai's market supervision authority has launched a three-year action plan to enhance the consumption environment, aiming for improved safety, integrity, and consumer satisfaction by 2027 [1] - The plan includes maintaining high compliance rates for major consumer goods, effective governance of consumer rights violations, and the establishment of a collaborative consumption environment [1] - The initiative seeks to meet the growing demand for quality consumption and align with the standards of an international consumption center city [1] Group 2: Beijing Consumption Boosting Measures - Beijing has released a 24-item action plan to stimulate consumption, targeting an average annual growth of around 5% in total market consumption by 2030 [2] - The plan focuses on increasing residents' income, optimizing service experiences, enhancing product consumption, and creating diverse consumption spaces [2] - It emphasizes collaboration between market forces and government, as well as the integration of international and domestic resources to streamline consumption cycles [2] Group 3: Blue Bottle Coffee Expansion - Blue Bottle Coffee is set to open its 13th store in mainland China on July 14, located in Shanghai's Aegean Sea shopping area [5] - The new store will feature signature design aesthetics and introduce exclusive products, including a new ice cream and a coloring book set [5] Group 4: Bawang Tea Ji Expansion - Bawang Tea Ji has opened its flagship store in Changsha's prime commercial area, marking its rapid expansion in Hunan with over 150 stores in just over a year [6] - The store's location is strategically positioned near a competing brand, Tea Yan Yue Se, indicating a competitive market environment [6] Group 5: Happy Mahua Restaurant Launch - Happy Mahua has opened its first themed drama restaurant in Beijing, offering a unique dining experience alongside a theatrical performance [10] - The restaurant features a menu inspired by regional Chinese cuisine, showcasing the brand's diversification into the dining sector [10] Group 6: LV Beauty Store Opening - Louis Vuitton is set to launch its first beauty store in Nanjing's Deji Plaza, marking its entry into the Chinese beauty market [11] - The store will offer a range of products including fragrances, skincare, and makeup, expected to open in the fall of 2025 [11] Group 7: DiA Shares New Store Openings - DiA announced the opening of two new self-operated stores in June, located in Chengdu SKP and Jinhua World Trade Center [12][16] - The Chengdu store covers an area of 51 square meters with an investment of approximately 2.06 million yuan, while the Jinhua store spans 100 square meters with an investment of about 1.95 million yuan [14][16] Group 8: Starbucks China Stake Sale - Starbucks is reportedly considering selling a stake in its China operations, with an estimated valuation of $10 billion attracting around 30 private equity firms [17] - The company plans to retain 30% ownership, with the remaining shares distributed among various buyers, each holding no more than 30% [17] Group 9: Banou Hotpot IPO Plans - Banou Hotpot is expected to initiate a non-deal roadshow for its Hong Kong IPO on July 31, aiming to raise between $100 million to $200 million [18] - The funds will be used for expanding its restaurant network and enhancing digital operations and brand development [18] Group 10: Lao Xiang Ji IPO Update - Lao Xiang Ji has updated its IPO prospectus for the Hong Kong market, following previous attempts to list in both A-shares and Hong Kong [19] - The company is currently the largest Chinese fast-food brand, with 1,564 stores across 58 cities as of April 30, 2025 [19] Group 11: Good Products Suspension - Good Products has announced a suspension of trading due to potential changes in control involving its major shareholder [20][21] - The suspension is expected to last no more than two trading days as discussions are ongoing [21] Group 12: AW Supermarket Launch - AW, a new organic supermarket brand, has opened its first store in Beijing, focusing on innovative technology and personalized shopping experiences [22] - The store aims to promote healthy organic living as a daily lifestyle choice for families [22] Group 13: Renrenle Delisting - Renrenle has officially been delisted from the Shenzhen Stock Exchange after entering a trading suspension period [25] - The company faced challenges leading to its removal from the market, concluding its trading activities on July 3, 2025 [25] Group 14: L'Oreal Denial of Rumors - L'Oreal has denied rumors regarding the closure of its Hong Kong office and potential layoffs, stating that the reports are inaccurate [26] - The company emphasizes its commitment to adapting to market changes and optimizing its organizational structure [26] Group 15: Carrefour Store Sales - Carrefour has signed agreements to sell nine stores in France and is seeking buyers for its operations in Argentina [27] - The total estimated value of the French store sales is approximately €70 million, with Carrefour holding a significant market share in Argentina [27]