实际控制人内部转让及一致行动人减持计划的公告 本公司董事会、全体董事及相关股东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：2025-053 桃李面包股份有限公司 重要内容提示： 实际控制人及一致行动人的基本情况 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%；一致行动人吴学东先生持有公司股份 189 股，约占公司总股本的 0.00001%。 内部转让及减持计划的主要内容 因家庭资产规划需要，吴志刚先生将通过大宗交易方式向其配偶盛雅莉女士 转让股份合计不超过 31,994,383 股，占公司股份总数的 2%，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。吴学东先生计划通过集中 竞价方式减持股份合计不超过 189 股，占公司股份总数的 0.00001%。本次内部 转让及减持自本计划公告之日起 15 个交易日后方可实施。 | 股东名称 | 吴志刚 | | | | - ...

Core Viewpoint - The announcement from Tao Li Bread indicates that the controlling shareholder and actual controller, Wu Zhigang, will transfer up to 31,994,383 shares, representing 2% of the company's total shares, to his spouse, Sheng Yali, through a block trade. This transfer is an internal transaction and does not involve a reduction in market holdings [1] Summary by Sections - **Share Transfer Details** - Wu Zhigang will transfer a maximum of 31,994,383 shares to Sheng Yali, accounting for 2% of the total shares of the company [1] - The transfer is classified as an internal transfer between the controlling shareholder and actual controller, with no market reduction involved [1] - **Reduction Plans** - Wu Xuedong, a concerted actor, plans to reduce his holdings by up to 189 shares, which is 0.00001% of the company's total shares, through a centralized bidding method [1] - The internal transfer and reduction can only be implemented 15 trading days after the announcement of this plan [1]

每经AI快讯，10月10日，桃李面包（603866）(603866.SH)公告称，实际控制人吴志刚因家庭资产规划 需要，计划通过大宗交易方式向其配偶盛雅莉转让股份合计不超过3199.44万股，占公司股份总数的 2%。一致行动人吴学东计划通过集中竞价方式减持股份合计不超过189股，占公司股份总数的 0.00001%。此次内部转让及减持自本计划公告之日起15个交易日后方可实施。 ...

桃李面包公告，控股股东、实际控制人吴志刚持股1.2亿股，占7.47%，拟于2025年11月3日至2026年1月 31日期间通过大宗交易方式向其配偶盛雅莉内部转让不超过3199.44万股，占公司总股本2%；一致行动 人吴学东持股189股，占0.00001%，同期拟通过集中竞价方式减持不超过189股。 ...

Core Viewpoint - The article discusses the rising trend of high-priced mooncakes targeting affluent consumers, despite regulatory efforts to curb excessive pricing in the market [3][4][30]. Group 1: High-Priced Mooncakes - Historically, high-priced mooncakes were often sold in luxurious gift boxes, with examples like a 1688 RMB mooncake box from the Peninsula Hotel and a 2988 RMB box from the Kempinski Hotel [3][4]. - In 2022, regulatory bodies began to monitor mooncakes priced over 500 RMB to combat the trend of exorbitant pricing [3][30]. - By 2025, there is a resurgence of high-priced mooncakes, now appearing in more accessible locations like local bakeries, making it difficult for middle-class consumers to avoid [4][5]. Group 2: Consumer Reactions - The emergence of high-priced loose mooncakes, such as those priced at around 40 RMB each, is perceived as a direct affront to middle-class consumers [7][11]. - Brands like祐禾 and好利来 have faced backlash for their high prices, with consumers comparing the cost of a single mooncake to that of more substantial food items, like pork ribs [11][13]. - Despite claims of superior ingredients, many consumers find the taste of these expensive mooncakes does not justify the price, leading to skepticism about the quality and necessity of such high costs [15][16]. Group 3: Marketing and Consumer Sentiment - Marketing strategies have also drawn criticism, as seen with桃李面包's controversial advertisement that suggested consumers needed to experience life's hardships to appreciate certain mooncake flavors [25][26]. - The public sentiment is shifting, with consumers increasingly viewing mooncakes as mere shapes rather than premium products, leading to a preference for homemade alternatives [27][30]. Group 4: Regulatory Response - Regulatory efforts continue to address the high-priced mooncake phenomenon, with multiple government departments working to ensure mooncakes return to being affordable and culturally significant [30][33]. - The ongoing tension between businesses, consumers, and regulators highlights the delicate balance in the mooncake market, where consumer choices will ultimately dictate pricing strategies [33].

Core Insights - Multiple brand marketing failures in September 2025 highlight the critical boundaries of commercial marketing, emphasizing the need for brands to adhere to fundamental principles to avoid backlash [1] Group 1: Authenticity as the First Principle - The internet's immediacy and transparency mean that any marketing action is scrutinized by consumers, making authenticity crucial [2] - Brands like Arc'teryx faced backlash when their actions contradicted their stated values, such as the "Respect for Nature" principle [2] - The West Restaurant incident revealed a disconnect between marketing claims and actual product offerings, leading to a collapse of consumer trust [2] Group 2: Consumer-Centric Approach - The most significant errors in brand marketing often stem from a confrontational response to consumer criticism rather than addressing concerns [3] - West Restaurant's defensive stance against criticism from influencers like Luo Yonghao demonstrated a disregard for consumer concerns [3] - Successful marketing strategies are characterized by a deep understanding of consumer needs and fostering empathetic dialogue rather than a didactic approach [3] Group 3: Social Responsibility and Value Consistency - The importance of social responsibility in brand perception has grown, with consumers prioritizing value alignment over mere technical compliance [4] - The controversy surrounding Arc'teryx's fireworks display in an ecologically sensitive area highlighted the need for brands to align their actions with their stated values [4] - The West Restaurant incident underscored the demand for transparency regarding food sourcing, reflecting consumers' heightened awareness of their rights [4] Group 4: Redefining Marketing Boundaries - The marketing landscape is shifting from a focus on traffic generation to value creation, with consumers increasingly valuing genuine brand worth [5][6] - There is a transition from one-way communication to two-way dialogue, as consumers expect brands to engage in open and equal conversations [6] - The emphasis is moving from short-term profit to long-term brand value, with successful marketing requiring adherence to authenticity, consumer respect, and social responsibility [6]

Core Viewpoint - The company focuses on the production and sales of high-quality baked goods, primarily bread and pastries, and operates as a well-known "central factory + wholesale" bakery food production enterprise in China [1] Company Overview - The main product of the company is the "Taoli" brand bread, which is complemented by the production of traditional holiday foods such as mooncakes and rice dumplings [1]

Core Viewpoint - Tianjin Taoli Food Co., Ltd. has increased its registered capital from 50 million RMB to 150 million RMB, representing a 200% increase [1] Company Summary - Tianjin Taoli Food Co., Ltd. was established in 2014 and is wholly owned by Taoli Bread (603866) [1] - The legal representative of the company is Li Yan, and its business scope includes food production, food sales, and food additive production [1]

Group 1 - Tianjin Taoli Food Co., Ltd. has recently increased its registered capital from 50 million RMB to 150 million RMB [1] - The company was established in July 2014 and is legally represented by Li Yan [1] - The business scope of the company includes food production, food sales, and food additive production [1] Group 2 - The company is wholly owned by Taoli Bread [1]

Core Viewpoint - The recent controversy surrounding the marketing campaign of Tao Li Bread highlights a disconnect between the brand's messaging and consumer sentiment, leading to significant backlash and a decline in brand reputation [1][3][10] Group 1: Marketing Missteps - Tao Li Bread's advertisement for its "Egg Mooncake" included the phrase "life's beating," which was perceived as condescending and led to public outrage, prompting the company to retract the ad and apologize [3][5] - The company's marketing strategy appears to prioritize aggressive advertising over product quality and consumer experience, as evidenced by a 40.38% increase in advertising expenses to approximately 42.96 million yuan, while R&D spending decreased by 30.81% to about 10.66 million yuan [5][7] Group 2: Industry Context - The domestic baked goods industry is expanding, yet it remains fragmented, with the top five companies holding only 26.3% market share, indicating a highly competitive environment that necessitates product differentiation [5] - Tao Li Bread's revenue for the first half of 2025 is projected to be 2.611 billion yuan, reflecting a year-on-year decline of 13.55%, while net profit is expected to drop by 29.7% to 204 million yuan [5] Group 3: Consumer Sentiment and Brand Values - The disconnect between Tao Li Bread's marketing approach and the values of younger consumers, particularly Generation Z, is evident, as they favor brands that communicate with empathy and authenticity rather than condescension [7][9] - Successful nostalgic marketing typically evokes positive emotions, while Tao Li's use of negative language in its campaign undermines the emotional connection between food and consumers [9][10] Group 4: Brand Governance and Future Directions - The incident reveals systemic failures in brand governance, risk assessment, and value alignment, suggesting that Tao Li Bread must prioritize product quality and consumer respect over marketing gimmicks to rebuild trust [10]