Core Viewpoint - The announcement details the release of share pledges by the controlling shareholder and actual controller of Tao Li Bread Co., Ltd., Mr. Wu Xuequn, indicating a positive development in the company's financial stability and shareholder confidence [1]. Group 1: Share Pledge Release Details - Mr. Wu Xuequn released 107,000,000 shares from pledge, which accounts for 26.77% of his holdings and 6.69% of the company's total share capital [1]. - After the release, Mr. Wu Xuequn and his concerted actors hold a total of 901,578,662 shares, representing 56.36% of the company's total share capital [1]. - The total number of shares pledged by Mr. Wu Xuequn before the release was 399,716,493, which is 24.99% of the total share capital [1]. Group 2: Remaining Pledged Shares - After the release, Mr. Wu Xuequn has 67,000,000 shares remaining under pledge, which is 16.76% of his holdings and 4.19% of the company's total share capital [1]. - The announcement confirms that the released shares will not be used for further pledging [1]. Group 3: Overall Pledge Situation - As of the announcement date, the total pledged shares by Mr. Wu Xuequn and his concerted actors amount to 239,400,000 shares, which is 14.69% of the company's total share capital [2]. - The total number of shares held by Mr. Wu Xuequn and his concerted actors is 901,578,662, with a total pledge ratio of 8.28% [2].

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。 证券代码：603866 证券简称：桃李面包 公告编号：2025-036 桃李面包股份有限公司 关于公司控股股东及实际控制人解除股份质押的公 告 重要内容提示： 桃李面包股份有限公司（以下简称"公司"）控股股东及实际控制人之 一的吴学群先生持有公司股份 399,716,493 股，占公司总股本的 24.99%；本次 吴学群先生解除质押 107,000,000 股后，吴学群先生累计质押公司股份 67,000,000 股，占其所持公司股份总量的 16.76%，占公司总股本的 4.19%。 吴学群先生及其一致行动人持有本公司股份总数为 901,578,662 股，占 公司总股本的 56.36%。本次解除质押完成后，吴学群先生及其一致行动人控制 的股份累计质押 132,400,000 股，占其持有公司股份 14.69%，占公司总股本的 8.28%。 一、本次股份解除质押的具体情况 | 股东名称 | 吴学群 | | --- | --- | | 本次解除质押股份数量（股） | 107,000, ...

Core Viewpoint - The announcement indicates that Mr. Wu Xuequn, a controlling shareholder and actual controller of Tao Li Bread (603866), has released a pledge of 107,000,000 shares, which accounts for 26.77% of his holdings and 6.69% of the company's total share capital [1] Summary by Relevant Sections - **Share Pledge Details** - Mr. Wu Xuequn has cumulatively pledged 67,000,000 shares, representing 16.76% of his holdings and 4.19% of the company's total share capital [1] - After the release of the pledge, the total pledged shares amount to 132,400,000, which is 14.69% of his holdings and 8.28% of the company's total share capital [1] - **Ownership Structure** - Mr. Wu Xuequn and his concerted parties hold a total of 901,578,662 shares, which constitutes 56.36% of the company's total share capital [1]

以下文章来源于斑马消费 ，作者陈晓京 斑马消费 . 寻找泛消费领域的斑马企业 2025 年，烘焙市场寒意未散。 集体过冬 "充的卡还没用完，店就没了！"上周，用户对欢牛蛋糕屋的抱怨在社交平台刷屏。 欢牛蛋糕屋突然闭店并非个例。年初， 30 年的青岛烘焙品牌皇家美孚也出现大规模闭店，众多消费者聚集在门店要求退卡。 谁能想到，这些曾排着百米长队、被资本疯狂追捧的烘焙品牌，如今正以惊人的速度退场。 时间拨回到 2020 年，短视频风口上，墨茉点心局、虎头局、欢牛蛋糕屋等品牌一夜爆红。 资本砸钱、门店扩张，代购将一块点心炒到天价，排队几小时只 为尝鲜，烘焙行业成了最火的赛道。 短短几年，风光不再。 2023 年，墨茉点心局退守长沙，虎头局因疯狂开到 50 家店，最终拖欠货款破产。 Lady M 、雷诺特、 LeTAO 等国际知名品牌也 接连倒闭关店。 杭州欢牛蛋糕屋多家门店一夜关停，青岛皇家美孚多地闭店…… 更多曾被年轻人追捧的烘焙品牌，正在加速消失。 从 2020 年的抢购潮到 2025 年的闭店潮 ，短短五年，烘焙业上演了从狂欢到退场的残酷反转。 烘焙行业还值得做吗？ 2024 年，熊猫不走因 " 送蛋糕 + 表 ...

证券代码：603866 证券简称：桃李面包 公告编号：2025-035 桃李面包股份有限公司 关于公司控股股东及实际控制人股份质押的公告 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： | 股 | 是否 | | | | | | | | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东 | 为控 | 本次质押股 | 是否 | 是否 | 质押起 | 质押到 | | 占其所 | 占公司 | 融资 | | | | | 为限 | 补充 | | | 质权人 | 持股份 | 总股本 | | | 名 | 股股 | 数（股） | | | 始日 | 期日 | | | | 资金 | | | | | 售股 | 质押 | | | | 比例 | 比例 | | | 称 | 东 | | | | | | | | | 用途 | 1、本次股份质押基本情况 | | | | | | | | 质权人 | | | | | | | --- | --- ...

Core Insights - The article emphasizes the increasing consumer demand for high-quality food products amid consumption upgrades, highlighting the focus on finding trustworthy options in a complex food market [1][6] - Taoli Bread has effectively captured market demand by prioritizing "simplicity" and "freshness" in its product offerings, establishing a competitive edge in the traditional baking industry [1][3] Group 1: Competitive Advantages - Taoli Bread's core competitiveness stems from its precise understanding of the pain points in the traditional baking industry, particularly the limitations of fresh bread availability due to production capacity and distribution radius in the 1990s [1] - The company's "central factory + wholesale" model significantly reduces costs through large-scale production, creating a cost advantage and competitive moat while ensuring high product quality [3] - The implementation of digital technology enhances transparency and visibility throughout the production process, allowing for real-time tracking of raw material procurement, production, quality control, and product traceability [3][6] Group 2: Supply Chain Efficiency - Taoli Bread has developed a highly efficient and precise logistics system, which is a core competitive advantage, featuring a two-tier logistics system that supports a fast-moving consumer goods supply chain [5] - The first-tier logistics primarily utilizes the company's own transportation fleet to manage the distribution from factories to large supermarkets, ensuring timely delivery and product freshness [5] - The company's extensive network of over 20 production bases and efficient supply chain further establishes a new benchmark in health and efficiency within the baking industry [6]

Core Viewpoint - The article discusses the governance structure and recent developments at Tao Li Bread, highlighting the shift from a unified family control to a more decentralized decision-making process within the board of directors [5][6]. Shareholding Structure - Tao Li Bread exhibits a typical family-controlled structure, with four family shareholders holding a combined 56.36% of shares, led by Wu Xuequn with 24.99% and Wu Xueliang with 15.71% [3][4]. - The family has a diversified shareholding, preventing any single shareholder from having absolute control, despite the concentration of shares within the family [4]. Recent Governance Issues - A recent board meeting revealed a dissenting vote from Wu Xueliang against a proposal to increase credit limits, indicating potential governance issues within the family [5][6]. - The company has 24 production bases with a capacity of 49.35 million tons, but production has decreased by 11.03% compared to 2023 [5]. Historical Context - The shareholding evolution of Tao Li Bread can be divided into three phases: initial family control, consolidation during growth, and governance adjustments post-IPO [7][10]. - The company was founded in 1997 by Wu Zhigang and his second son, Wu Xuequn, and has undergone several ownership changes and expansions since then [10][11]. Financial Performance - The company has faced declining financial performance, with a revenue drop of 14.2% in Q1 2025 and a net profit decline of 27.1% [19]. - In 2024, revenue was 6.09 billion yuan, down 9.9% year-on-year, with net profit at 520 million yuan, a decrease of 9.1% [19]. ESG Disclosure - Tao Li Bread currently holds a B rating in ESG assessments, with governance scores being higher than social and environmental scores [21][23]. - The company has faced criticism for its lack of transparency in social and environmental responsibility disclosures, particularly regarding employee turnover and product quality complaints [25][27]. Information Disclosure - The company has maintained a cash dividend policy, with a planned payout ratio of 76.6% for 2024, aligning with regulatory expectations [28]. - Despite having a comprehensive information disclosure system, the quality of disclosures still requires improvement, as evidenced by a consistent B rating from the stock exchange over the past three years [28].

Group 1 - The core point of the announcement is the internal share transfer among the controlling shareholders and actual controllers of the company, which does not involve market reduction [1][2] - As of the announcement date, the controlling shareholder and actual controller Mr. Wu Zhigang holds 119,533,982 shares, approximately 7.47% of the total share capital; Mr. Wu Xuequn holds 399,716,493 shares, about 24.99%; and Mr. Wu Xueliang holds 251,327,570 shares, around 15.71% [1] - The internal transfer plan was disclosed on April 25, 2025, and involved Mr. Wu Zhigang transferring a total of 10,314,400 shares (0.64% of total shares) to Mr. Wu Xuequn and 21,679,900 shares (1.36% of total shares) to Mr. Wu Xueliang [1][2] Group 2 - The shareholding ratio of the controlling shareholders and actual controllers, along with their concerted actions, remains unchanged at 63.14% after the internal transfer [2] - The internal transfer plan has been fully implemented, and it aligns with the previously disclosed internal transfer plan [2] - The internal transfer was completed within the specified time frame and met the minimum transfer quantity [2]

证券代码：603866 证券简称：桃李面包 公告编号：2025-034 重要内容提示： 控股股东及实际控制人持股的基本情况 截至本公告披露日，桃李面包股份有限公司（以下简称"公司"）控股股东 及实际控制人吴志刚先生持有公司股份 119,533,982 股,约占公司总股本的 7.47%；控股股东及实际控制人吴学群先生持有公司股份 399,716,493 股，约占 公司总股本的 24.99%；控股股东及实际控制人吴学亮先生持有公司股份 251,327,570 股，约占公司总股本的 15.71%。 内部转让计划的实施结果情况 公司于 2025 年 4 月 25 日披露了《桃李面包控股股东及实际控制人内部转让 股份计划公告》（公告编号：2025-027）。在内部转让计划实施期间内，公司控 股股东及实际控制人吴志刚先生通过大宗交易方式向其次子吴学群先生转让股 份数量合计 10,314,400 股，占公司股份总数的 0.64%，向其三子吴学亮先生转 让股份 21,679,900 股，占公司股份总数的 1.36%。本次转让系控股股东及实际 控制人之间的内部转让，不涉及向市场减持，本次内部转让计划已经实施完毕。 一、内部转让 ...

Overview - The company intends to deregister its wholly-owned subsidiary, Taiyuan Taoli Bread Co., Ltd, to optimize resource allocation and asset structure, reduce management costs, and improve operational efficiency [1][3]. Company Details - Taiyuan Taoli Bread Co., Ltd has total assets of 56.25 million yuan and total liabilities of 4.62 million yuan as of March 31, 2025. The owner's equity stands at 51.64 million yuan [2]. - The subsidiary reported a revenue of 1.54 million yuan and a net profit of 0.12 million yuan for the first quarter of 2025, compared to a revenue of 6.14 million yuan and a net profit of 0.52 million yuan for the entire year of 2024 [2]. Reasons for Deregistration - The decision to deregister the subsidiary aligns with the company's current operational situation and future business development plans, aiming to enhance resource allocation and operational efficiency [3]. Impact of Deregistration - The deregistration of the subsidiary is not expected to have a significant impact on the company's overall business development and profitability. The scope of the consolidated financial statements will change, but it will not materially affect the financial statements or harm the interests of the company and its shareholders [3][4]. Authorization - The board of directors has authorized the management to handle the necessary legal procedures for the deregistration of the subsidiary [4].