Core Points - The company announced that shareholder Zhang Xuewen has completed the release of stock pledges at Beijing Bank, involving 2,310,000 shares [1] - The released shares account for 6.33% of Zhang Xuewen's total holdings and 0.85% of the company's total share capital [1]

Core Insights - The konjac industry has transformed from a niche ingredient to a mainstream product in the snack market, driven by its low-fat and low-calorie appeal, resonating with consumer desires for guilt-free indulgence [1][3] - Capital markets have reacted positively, with stocks of leading companies like Yanjinpuzi and Weilong seeing significant price increases, indicating investor confidence in the konjac trend [1][5] Industry Dynamics - The konjac product narrative has shifted from health-focused messaging to emphasizing taste and texture, as companies adapt to changing consumer preferences [4][3] - The competitive landscape is intensifying, with numerous brands entering the market, leading to a shift from a "hot product" phase to a "red ocean" of competition [6][7] Financial Performance - Weilong's vegetable product revenue, primarily driven by konjac, grew by 59.1% in 2024, reaching 3.37 billion RMB, while Yanjinpuzi's konjac product revenue surged by 76.1% to 838 million RMB [5][8] - Both companies are experiencing rising costs, with konjac powder prices doubling in 2024, impacting profit margins [6][5] Strategic Positioning - Weilong relies heavily on konjac for brand transformation, with vegetable products now constituting 60.5% of its revenue, while Yanjinpuzi maintains a diversified product portfolio, using konjac as a growth engine [8][11] - The operational strategies differ: Weilong focuses on brand narrative and consumer engagement, while Yanjinpuzi emphasizes supply chain efficiency and distribution network [15][14] Market Outlook - The konjac market in China is projected to exceed 30 billion RMB by 2025, with a compound annual growth rate of approximately 11.8% [7][8] - The sustainability of growth for Weilong and Yanjinpuzi will depend on their ability to manage costs and adapt to market dynamics [7][13]

证券代码：002847 证券简称：盐津铺子 公告编号：2025-055 一、股东股份解除质押的基本情况 盐津铺子食品股份有限公司 | 股东 | 是否为控股股东或 第一大股东及一致 | | 本次解除 质押数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 行动人 | （股） | （%） | （%） | | | | | 张学文 | | 是 | 2,310,000 | 6.33 | 0.85 | 2022.06.22 | 2025.10.21 | 北京银行 股份有限公司 | | | 合计 | | 2,310,000 | 6.33 | 0.85 | | | | 1、本次解除质押的情况 2、股东股份累计质押的情况 截至本公告披露日，上述股东及其一致行动人持有本公司股份累计质押情况 如下： 关于公司股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 盐津铺子食品股份有限公司（以 ...

盐津铺子公告称，近日收到股东张学文函告，其部分股份办理解除质押手续。本次解除质押股份231万 股，占其所持股份比例6.33%，占公司总股本比例0.85%，解除日期为2025年10月21日，质权人为北京 银行。截至公告披露日，张学文及其一致行动人累计质押股份1100万股，占其所持股份比例30.13%， 占公司总股本比例4.03%。目前，张学文具备资金偿还能力，质押股份无平仓或强制过户风险，不会导 致公司实控权变更，对公司无影响。 ...

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

Investment Rating - The industry investment rating is "Recommended" [9] Core Views - The economic landscape continues to show resilience, with GDP growth in the first three quarters reaching 101.50 trillion yuan, a year-on-year increase of 5.2%. Despite a marginal decline in growth rate to 4.8% in Q3, the overall economic stability is supported by new productive forces and effective macro policies [4] - Retail sales growth has slowed down, with total retail sales from January to September at 36.59 trillion yuan, a year-on-year increase of 4.5%. In September alone, retail sales were 4.20 trillion yuan, growing by only 3.0% [5] - The beverage sector is performing strongly, with a focus on new consumption opportunities driven by retail channel transformations. Key companies to watch include Huashang Auntie, Tea Baidao, and others [6] Summary by Sections Economic Overview - GDP growth has shown resilience despite external challenges, with a year-on-year increase of 5.2% in the first three quarters [4] - The Q3 GDP growth rate decreased by 0.4 percentage points, attributed to external tariff policy changes and transitional pains in various industries [4] Retail Sales Performance - Total retail sales for the first nine months reached 36.59 trillion yuan, with a growth rate of 4.5% year-on-year. September's retail sales were 4.20 trillion yuan, reflecting a slowdown to 3.0% growth [5] - The decline in growth is linked to the reduced impact of the "old-for-new" policy and the timing of the Mid-Autumn Festival [5] Investment Opportunities - The report highlights several companies with strong recovery expectations in the consumer goods sector, including Weilai Delicious, Ximai Foods, and Youyou Foods [6] - The beverage sector is noted for its robust performance, with a focus on companies like Dongpeng Beverage and others, as well as the impact of new birth policies on dairy demand, highlighting companies such as Yili and Mengniu [6]

证券之星消息，10月20日休闲食品板块较上一交易日下跌0.76%，盐津铺子领跌。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。休闲食品板块个股涨跌见下表： 从资金流向上来看，当日休闲食品板块主力资金净流出1937.83万元，游资资金净流出1022.89万元，散户 资金净流入2960.72万元。休闲食品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300972 万辰集团 | | 2352.75万 | 5.57% | 949.29万 | 2.25% | -3302.04万 | -7.82% | | 002695 | 煌┣煌 | 1127.59万 | 8.22% | -272.05万 | -1.98% | -855.54万 | -6.23% | | 002582 | 好想你 | 981.51万 | 13.30% | -450.56万 | -6 ...

Core Points - The major shareholder Zhang Xuewen has completed a share reduction plan, decreasing his stake from 63.08% to 61.08% after selling a total of 5,455,572 shares [1][2] - Zhang Xuewen's share reduction generated a cash amount of approximately 383 million yuan [2] - The company's senior management, including Vice President Li Hanming and CFO Yang Feng, also completed their share reduction plans, with Li reducing his holdings by 70,875 shares and Yang by 26,200 shares [2][3] Summary by Sections - **Shareholder Reduction** Zhang Xuewen, a major shareholder, held 41,965,203 shares, representing 15.38% of the total share capital. After the recent reductions, his total holdings are now 166,619,367 shares, equating to 61.08% [1] The reduction occurred through a combination of centralized bidding and block trading, with specific amounts of shares sold during the period from August 5 to October 16, 2025 [1][2] - **Management Share Reduction** Vice President Li Hanming and CFO Yang Feng have also executed their share reduction plans, with Li reducing his holdings by 70,875 shares and Yang by 26,200 shares [2][3] Their combined reduction does not exceed 0.04% of the total share capital [3] - **Future Reduction Plans** The company previously disclosed a plan for Zhang Xuewen to reduce his holdings by up to 5,455,572 shares within a specified timeframe, which is within the legal limits set for such transactions [2][3] The management's future reduction plans are also outlined, with specific limits on the number of shares they can sell [3] - **Company Control Structure** The controlling shareholder of the company is Hunan Yanjinpuzi Holdings Co., Ltd., with Zhang Xuewen and Zhang Xuewu as the actual controllers. Zhang Xuewen has not held any position in the company since October 2019 [3]

Group 1 - The core point of the news is that Yanjinpuzi's stock price has dropped by 5.03% to 70.28 CNY per share, with a trading volume of 220 million CNY and a turnover rate of 1.25%, resulting in a total market capitalization of 19.171 billion CNY [1] - Yanjinpuzi Food Co., Ltd. is located in Changsha, Hunan Province, and was established on August 4, 2005, with its listing date on February 8, 2017. The company specializes in the research, production, and sales of snack foods and deep processing of agricultural products [1] - The main revenue composition of Yanjinpuzi includes: spicy snacks 44.91%, baked potato products 15.61%, dried fruits and jellies 14.56%, deep-sea snacks 12.33%, egg snacks 10.52%, and others 2.06% [1] Group 2 - From the perspective of major fund holdings, one fund under Guolian Fund has a significant position in Yanjinpuzi. Guolian Brand Preferred Mixed A (008424) reduced its holdings by 4,100 shares in the second quarter, holding a total of 45,500 shares, which accounts for 5.75% of the fund's net value, ranking as the sixth-largest holding [2] - The current estimated floating loss for Guolian Brand Preferred Mixed A (008424) is approximately 169,300 CNY [2] - Guolian Brand Preferred Mixed A (008424) was established on May 14, 2020, with a latest scale of 54.6683 million CNY. Year-to-date return is 6.88%, ranking 6214 out of 8234 in its category; the one-year return is 9.4%, ranking 5991 out of 8095; and since inception, it has a loss of 26.21% [2]

经计算，张学文本次减持套现金额共3.83亿元。 公司于近日收到副总经理李汉明、财务总监杨峰出具的《减持股份计划实施完毕的告知函》，李汉 明通过集中竞价交易方式共减持公司股份70,875股，其减持计划已完成；杨峰通过集中竞价交易方式共 减持公司股份26,200股，剩余50股本次减持计划期间不再减持。 | 股东 | 减持方式 | 减持期间 | 减持均价 | 减持股数 | 减持比例 | | --- | --- | --- | --- | --- | --- | | 名称 | | | (元/股) | (股) | (%) | | 张学文 | 集中竞价交易 | 2025年8月5日 | 72.32 | 2,705,000 | 0.99 | 中国经济网北京10月20日讯 盐津铺子（002847.SZ）日前披露关于持股5%以上股东减持股份触及 1%刻度暨减持股份实施完成的公告称，公司持股5%以上股东张学文（实际控制人之一）持有公司股份 41,965,203股，占公司总股本的15.38%（总股本按剔除公司最新披露回购专用账户中的股份数量1,050股 计算，下同）；副总经理李汉明、财务总监杨峰合计持有公司股份388,500股，占公 ...