风险提示：股市有风险，投资需谨慎。 根据公开信息，黑芝麻控股股东广西黑五类食品集团有限责任公司正在筹划股份转让事宜，拟将占公司 总股本约20%的股份转让给广西壮族自治区文旅及大健康行业的国有企业。8月12日披露的详式权益变 动报告书显示，本次权益变动完成后，黑芝麻控股股东将变更为广西旅发大健康产业集团有限公司，实 际控制人变更为广西壮族自治区人民政府国有资产监督管理委员会。 资金流向方面，8月13日黑芝麻主力资金净流出5095.67万元，占流通市值比为1.05%。近五日主力资金 累计净流出6315.79万元，占流通市值比为1.31%。 截至2025年8月13日15时，黑芝麻股价报6.80元，较前一交易日下跌0.23元，跌幅3.27%。当日成交量为 731099手，成交额达5.01亿元。 黑芝麻属于食品饮料行业，主营业务为黑芝麻系列食品、饮料的生产与销售。公司产品包括黑芝麻糊、 黑芝麻乳等传统食品，以及黑芝麻植物蛋白饮料等新型健康饮品。 ...

Core Viewpoint - The merger and acquisition (M&A) market in China has become increasingly active since the implementation of the "Six Merger and Acquisition Guidelines" in September last year, with various companies announcing M&A plans and progress in August 2023 [1][2][3] Group 1: M&A Activity - In August 2023, several A-share listed companies, including China Shenhua Energy Co., Ltd., Southern Black Sesame Group Co., Ltd., Kunwu Jiuding Investment Holdings Co., Ltd., and Shanghai Xindao Electronic Technology Co., Ltd., disclosed M&A-related plans or progress [1] - Black Sesame announced plans to transfer approximately 20% of its total share capital to a state-owned enterprise in Guangxi, which will change its controlling shareholder and actual controller [1][2] - Jiuding Investment plans to acquire a 53.2897% stake in Nanjing Shenyuan Intelligent Technology Co., Ltd. for 213 million yuan, aiming to expand its industrial layout and cultivate new growth points [2] Group 2: Industry Trends - The M&A activities reflect a growing emphasis on resource integration across both traditional and emerging industries, driven by the need for industrial upgrades and new productivity development [1][3] - China Shenhua's significant acquisition plan aims to consolidate coal and energy assets, potentially reshaping the industry landscape and enhancing market competitiveness [3] - Emerging industries such as semiconductors and artificial intelligence are also witnessing frequent M&A activities, as companies seek to acquire core technologies and talent to accelerate growth [4] Group 3: Strategic Implications - The involvement of various stakeholders, including state-owned enterprises, private equity, and listed companies, indicates a heightened focus on M&A under policy guidance [3] - Acquiring "hard technology" companies is becoming a trend, as these firms possess high growth potential and can provide new business growth points and technological advantages for acquirers [4] - M&A is seen as a key strategy for both traditional and emerging industries to enhance competitiveness and drive technological innovation [4]

Core Viewpoint - The Southern Black Sesame Group Co., Ltd. is undergoing a significant equity change, with Guangxi Lvfa Health Industry Group Co., Ltd. acquiring 150,697,910 shares, representing 20% of the total share capital, thereby becoming the controlling shareholder [1][16]. Group 1: Equity Change Details - The equity change is based on a share transfer agreement, which requires approval from relevant regulatory bodies, including the State-owned Assets Supervision and Administration Commission and the Shenzhen Stock Exchange [2][5]. - The share transfer price is set at 6.25 RMB per share, totaling approximately 941.86 million RMB, inclusive of all applicable taxes [17][18]. - The transferor has committed to relinquishing voting rights associated with 17.66% of the shares held post-transfer [15][16]. Group 2: Company Background - Guangxi Lvfa Health Industry Group Co., Ltd. was established on November 20, 2009, with a registered capital of 115.6 million RMB, focusing on health and wellness services [6][10]. - The company is controlled by Guangxi Tourism Development Group Co., Ltd., which is in turn controlled by the Guangxi State-owned Assets Supervision and Administration Commission [6][10]. Group 3: Business Operations and Financials - Guangxi Lvfa Health Industry Group operates in three main sectors: medical services, elderly care, and health food products, aiming to become a leader in the regional health industry [10][11]. - The company reported total assets of approximately 604.1 million RMB as of December 31, 2023, with a total liability of about 381.1 million RMB, resulting in total equity of approximately 223 million RMB [11]. - The projected operating income for 2024 is approximately 186.79 million RMB, with a net profit forecast of around 71.61 million RMB [11][12].

Core Viewpoint - The Southern Black Sesame Group Co., Ltd. is undergoing a significant equity change, where Guangxi Black Five Food Group Co., Ltd. will transfer 150,697,910 shares (20.00% of total shares) to Guangxi Travel Health Industry Group Co., Ltd., resulting in a change of controlling shareholder and actual controller [2][6][8]. Group 1: Equity Change Details - The equity change involves the transfer of 150,697,910 shares from Guangxi Black Five Food Group to Guangxi Travel Health, along with the relinquishment of voting rights for 133,071,767 shares held by the transferors [2][6][10]. - After the transfer, Guangxi Black Five will hold 77,248,367 shares (10.25% of total shares), while Guangxi Travel Health will become the controlling shareholder [6][9][10]. - The transfer price is set at 6.25 RMB per share, totaling approximately 941.86 million RMB [11][16]. Group 2: Purpose and Future Plans - The purpose of this equity change is for Guangxi Travel Health to gain control over the company, leveraging its resources to enhance the business development and profitability of Southern Black Sesame [6][8][10]. - There are no plans for the equity holders to increase or decrease their shareholdings in the next 12 months [7][10]. - The transaction requires approvals from relevant authorities, including the Guangxi State-owned Assets Supervision and Administration Commission and the Shenzhen Stock Exchange [2][10][27].

Core Viewpoint - The financial advisor, Everbright Securities, has conducted a thorough review of the equity change report for Southern Black Sesame Group Co., Ltd, confirming the authenticity, accuracy, and completeness of the disclosed information, and asserting that the equity change aims to enhance the company's management and resource allocation, ultimately improving profitability and market competitiveness [1][5][6]. Summary by Sections 1. Authenticity, Accuracy, and Completeness of Information - The financial advisor has verified that the information provided in the detailed equity change report is true, accurate, and complete, in compliance with relevant laws and regulations [5][6]. - The advisor has not found any false records, misleading statements, or significant omissions in the report [5][6]. 2. Purpose of the Equity Change - The equity change is aimed at gaining control over the listed company, with the intention of leveraging industry resources and management expertise to enhance business development and shareholder returns [6][12]. 3. Future Plans of the Information Disclosure Obligor - There are currently no specific plans for further share increases or disposals within the next 12 months, and any future changes will be disclosed in accordance with legal requirements [6][12]. - The information disclosure obligor supports the stable development of the company's existing business and does not plan any major adjustments to the main business in the next 12 months [17][18]. 4. Financial Status and Business Operations - The information disclosure obligor, Guangxi Travel Health Industry Group Co., Ltd, focuses on three main business sectors: medical services, elderly care, and health food, aiming to become a leader in the regional health industry [12][13]. - Recent financial data indicates a total asset increase from 484,254.56 million yuan in 2023 to 604,096.11 million yuan in 2024, with a net profit of 7,161.21 million yuan in 2024 [13]. 5. Impact on the Listed Company - The equity change will not affect the independence of the listed company, which will maintain its independent legal status and governance structure [22][23]. - The financial advisor has confirmed that there are no substantial competitive overlaps between the businesses of the information disclosure obligor and the listed company, ensuring no significant competition arises from this equity change [22][23]. 6. Compliance and Governance - The information disclosure obligor has adhered to necessary internal approval processes for the equity change, including board meetings and approvals from relevant authorities [17][19]. - The advisor has provided guidance to ensure compliance with market regulations and will oversee the information disclosure obligations related to the equity change [15].

Core Viewpoint - The stock of Heizhima resumed trading on August 11, showing a price increase of 3.98% to 6.8 yuan per share, with a total market capitalization of approximately 5.124 billion yuan [1]. Group 1: Shareholder Changes - Heizhima's controlling shareholder, Guangxi Heiwulei Food Group Co., Ltd. (referred to as "Heiwulei Group"), is planning to transfer its shares [1]. - Heiwulei Group has signed a share transfer agreement with Guangxi Lvfa Big Health Industry Group Co., Ltd. (referred to as "Lvfa Big Health"), which intends to acquire 20% of Heizhima's shares [1]. - Following the completion of the share transfer, the controlling shareholder of Heizhima will change from Heiwulei Group to Lvfa Big Health, and the actual controller will shift to the Guangxi State-owned Assets Supervision and Administration Commission [1]. Group 2: Shareholding Structure - Heiwulei Group currently holds approximately 228 million shares of Heizhima, accounting for 30.25% of the total share capital [2]. - Out of the shares held by Heiwulei Group, about 162 million shares (21.51% of the total shares) are under pledge, which may affect the transfer process [2]. - If the pledged shares do not meet the delivery conditions in a timely manner, there could be a risk of non-delivery [2].

Core Viewpoint - Black Sesame (000716) officially resumed trading on August 11 after a 7-day suspension, following the announcement of a share transfer agreement involving its controlling shareholder [1] Group 1: Share Transfer Agreement - The controlling shareholder, Guangxi Black Five Categories Food Group Co., Ltd., signed a share transfer agreement with Guangxi Travel Health Industry Group Co., Ltd. on August 8, 2025, for the acquisition of 20% of the company's shares [1] - Following the completion of this equity change, the controlling shareholder will shift from Black Five Categories Group to Guangxi Travel Health, with the actual controller changing to the Guangxi State-owned Assets Supervision and Administration Commission [1] Group 2: Shareholding and Voting Rights - As of the announcement date, Black Five Categories Group holds 228 million shares, accounting for 30.25% of the total share capital, with 162 million shares (21.51% of total shares) still under pledge [1] - The group and related parties have signed a commitment to waive voting rights, relinquishing a total of 17.66% of the company's voting rights [1] Group 3: Risks and Uncertainties - The completion of the equity change is subject to approval from relevant authorities, indicating uncertainty regarding the implementation results [1] - There is a risk that the pledged shares may not meet the conditions for the transfer agreement's delivery [1]

南方黑芝麻集团股份有限公司 详式权益变动报告书 上市公司名称：南方黑芝麻集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：黑芝麻 股票代码：000716 信息披露义务人：广西旅发大健康产业集团有限公司 南方黑芝麻集团股份有限公司 详式权益变动报告书 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》等相关法律、法规和规范性文件编制。 二、截至本报告书签署日，信息披露义务人签署本报告书已获得必要的授 权和批准，其履行亦不违反其章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定， 本报告书已全面披露了信息披露义务人在黑芝麻中拥有权益的股份。 截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式在黑芝麻拥有权益。 四、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务 人和所聘请的专业机构外，没有委托或者 ...

南方黑芝麻集团股份有限公司 简式权益变动报告书 上市公司名称：南方黑芝麻集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：黑芝麻 股票代码：000716 信息披露义务人一：广西黑五类食品集团有限责任公司 住所及通讯地址：容县容州镇城西路 299 号 信息披露义务人二：韦清文 通讯地址：广西南宁市凤翔路 20 号黑芝麻大厦 20 楼 信息披露义务人三：李汉荣 通讯地址：广西南宁市凤翔路 20 号黑芝麻大厦 20 楼 信息披露义务人四：李汉朝 通讯地址：广西南宁市凤翔路 20 号黑芝麻大厦 20 楼 信息披露义务人五：李玉琦 通讯地址：广西南宁市凤翔路 20 号黑芝麻大厦 20 楼 股份变动性质：股份减少（协议转让），表决权放弃 签署日期：2025 年 8 月 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》（以下简称《公司法》）、《中 华人民共和国证券法》（以下简称《证券法》）、《上市公司收购管理办法》（以下简 称《收购管理办法》）、《公开发行证券的公司信息披露内容与格式准则第15 号—权 益变动报告书》（以下简称《准则15 号》）及其它相关法律、法规和规范性文件的要 求编写本报告书。 ...

光大证券股份有限公司 关于 南方黑芝麻集团股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 二〇二五年八月 声明 四、本财务顾问就本次权益变动所出具的专业意见已提交内核机构审查， 并获得通过。 五、本财务顾问特别提醒投资者注意，本财务顾问核查意见不构成对本次 权益变动各方及其关联公司的任何投资建议；投资者根据本财务顾问核查意见 所作出的任何投资决策而产生的相应风险，本财务顾问不承担任何责任。 六、本核查意见所述事项并不代表有权机关对于本次交易相关事项的实质 性判断、确认或批准。 七、本财务顾问特别提醒本次交易相关主体及投资者认真阅读信息披露义 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券公司信息披露内容与格式准则第 15 号——权益变动 报告书》《公开发行证券公司信息披露内容与格式准则第 16 号——上市公司收 购报告书》等相关法律、法规的规定，光大证券股份有限公司（以下简称"本 财务顾问"）按照行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责 的精神，对本次权益变动的相关情况和资料进行了核查，对《南方黑芝麻集团 股份有限公司详式权益变动报告 ...