Core Viewpoint - Zhang Xiaoqing's major shareholder, Hangzhou Zhang Xiaoqing Group, has entered a restructuring process due to debt issues, which may affect the company's control and operations in the future [1][2][3]. Group 1: Company Operations and Financial Health - Zhang Xiaoqing announced that its operations are currently normal and independent, despite the restructuring of its major shareholder [1][2]. - The company reported a revenue of 8.27 billion yuan in 2022, a year-on-year increase of 8.75%, but net profit dropped by 47.3% to 414.9 million yuan [7]. - In 2023, the company achieved approximately 8.11 billion yuan in revenue, a decline of 1.82%, with net profit around 251.18 million yuan, down 39.48% [7]. - The company’s sales expenses have been increasing, with figures of 1.17 billion yuan, 1.46 billion yuan, and 1.48 billion yuan from 2021 to 2023 [7]. - In 2024, the company reported a revenue of 9.08 billion yuan, an increase of 11.87%, and a net profit of 23.21 million yuan, up 14.54% [7]. Group 2: Shareholder Issues and Control - The major shareholder, Zhang Xiaoqing Group, is facing a debt crisis, with overdue debts totaling 5.925 billion yuan as of March 19, 2023 [3]. - The group’s shares have been subject to judicial auction due to the debt crisis, with 28.76 million shares auctioned for 358 million yuan, reducing the group's holding from 57.28% to 38.85% [4][5]. - An additional 5.5 million shares are set to be auctioned, which could further reduce the group's stake to 25.45% [5]. Group 3: Brand Reputation and Market Impact - The brand faced a public relations crisis in 2022 due to a product quality issue, which negatively impacted sales and brand perception [6]. - The company was involved in a scandal regarding fake reviews, leading to a fine of 250,000 yuan [6]. - The negative publicity has been cited as a reason for the decline in net profit and revenue growth in 2022 and 2023 [7].

Core Viewpoint - Zhang Xiaoqin Group, the controlling shareholder of the century-old brand Zhang Xiaoqin, has entered a restructuring process due to significant debt issues, with a court ruling on June 20 to accept its reorganization application [1]. Group 1: Debt Situation - Zhang Xiaoqin Group has been executed for over 3.13 billion yuan, highlighting its severe debt crisis [2][3]. - As of March 28, the group and its affiliates were listed as defendants in a court case with an execution amount exceeding 31.3 billion yuan, indicating a substantial financial burden [4]. - By April 1, the total amount of executed claims against Zhang Xiaoqin Group had surpassed 3.9 billion yuan, with the company and its legal representative facing restrictions on high consumption [5].

Group 1 - The court has officially accepted the restructuring application of Zhang Xiaoqing Group, the controlling shareholder of Zhang Xiaoqing (301055.SZ) [1] - Zhang Xiaoqing Group has entered the restructuring process as per the decision made by the People's Court of Fuyang District, Hangzhou City, Zhejiang Province [1]

证券代码：301055 证券简称：张小泉 公告编号：2025-036 张小泉股份有限公司 关于法院裁定受理控股股东重整申请的公告 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。 2025 年 6 月 20 日，张小泉股份有限公司（以下简称"公司"或"上市公司"） 收到控股股东杭州张小泉集团有限公司（以下简称"张小泉集团"）出具的告知 函，获悉浙江省杭州市富阳区人民法院已正式裁定受理张小泉集团的重整申请， 张小泉集团进入重整程序。现将有关情况公告如下： 2025 年 6 月 18 日，公司控股股东张小泉集团收到浙江省杭州市富阳区人民 法院出具的《民事裁定书》（(2025)浙 0111 破申 63 号），浙江省杭州市富阳区人 民法院裁定受理张小泉集团的重整申请。主要内容如下： （一）重整申请简述 申请人：杭州张小泉集团有限公司，统一社会信用代码 913301002539194457， 住所地浙江省杭州市富阳区东洲街道明星路 9 号 5 号楼 8 层 801 室。 申请事由：张小泉集团以不能清偿到期债务且明显缺乏清偿能力为由向浙江 省杭州市富阳区人民法院申请重整。 ...

Core Viewpoint - Zhang Xiaoqin's indirect controlling shareholder, Fuchun Holdings, is undergoing a restructuring process that may lead to changes in the control of Zhang Xiaoqin due to the involvement of 68 related companies in the case [1][2]. Group 1: Restructuring and Control Changes - Fuchun Holdings has initiated a substantive merger restructuring process involving 68 companies, including Fuchun Investment and Zhang Xiaoqin Group, to protect creditor interests [4]. - The restructuring may result in adjustments to the equity held by these companies in listed firms, potentially altering Zhang Xiaoqin's control [2][4]. - Zhang Xiaoqin Group's shareholding in Zhang Xiaoqin is set to decrease from 48.08% to 25.45% following the judicial auction of 5.5 million shares [3]. Group 2: Debt Issues and Judicial Actions - Zhang Xiaoqin Group is facing significant debt issues, with overdue debts totaling approximately 653.41 million yuan, leading to the freezing and auctioning of its shares [6][7]. - The group has multiple financing agreements in default, with a total of 461.55 million yuan in guarantees that have not been compensated [7]. - The upcoming auction of shares is scheduled for July 24-25, 2025, on a judicial auction platform [8]. Group 3: Financial Performance - Zhang Xiaoqin has experienced a continuous decline in net profit over the past three years, despite an overall increase in revenue [9][10]. - The decline in net profit is attributed to external factors and brand reputation issues, particularly the "cutting garlic with a knife" incident that affected sales in 2022 and 2023 [13]. - In 2024, net profit is projected to decline slightly by 0.30%, with the company focusing on optimizing product structure and enhancing profitability through cost control and technological innovation [14].

2025 年 6 月 17 日，张小泉股份有限公司（以下简称"公司"或"上市公司"） 收到间接控股股东富春控股集团有限公司（以下简称"富春控股"或"富春控股 集团"）出具的告知函，获悉包括公司间接控股股东杭州富泉投资有限公司（以 下简称"富泉投资"）、控股股东杭州张小泉集团有限公司（以下简称"张小泉集 团"）在内的 68 家公司被申请纳入富春控股集团重整一案并适用实质合并方式进 行审理，浙江省杭州市富阳区人民法院决定召开实质合并重整听证会。现将有关 情况公告如下： 一、本次间接控股股东重整事项的进展情况 2025 年 6 月 10 日，浙江省杭州市富阳区人民法院根据富春控股集团的申 请，依法裁定受理富春控股集团重整一案，并指定浙江京衡律师事务所担任富春 控股集团管理人。具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于法院裁定受理间接控股股东重整申请的公告》（公告编号：2025-033）。 2025 年 6 月 13 日，浙江省杭州市富阳区人民法院在全国企业破产重整案件 信息网发布了《杭州市富阳区人民法院公告》（(2025)浙 0111 破 52 号、(2025) ...

Core Viewpoint - The company Zhang Xiaoqing (301055) has been informed that its indirect controlling shareholder, Fuchun Holdings Group, has had its restructuring application accepted by the Hangzhou Fuyang District People's Court, which has appointed a manager for the process [1] Group 1 - Fuchun Holdings Group primarily conducts business through subsidiaries and holds minimal real estate with virtually no operational income [1] - Fuchun Holdings Group owns 100% of Hangzhou Fuyuan Investment Co., Ltd., which in turn holds 99.9981% of the direct controlling shareholder, Hangzhou Zhang Xiaoqing Group Co., Ltd. [1] - Hangzhou Zhang Xiaoqing Group Co., Ltd. directly holds 72.8 million shares of the listed company, accounting for 48.08% of the total share capital after excluding repurchased shares, and 46.67% of the total share capital [1]

证券代码：301055 证券简称：张小泉 公告编号：2025-034 张小泉股份有限公司 关于控股股东所持部分股份将被司法拍卖的提示性公告 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。 张小泉股份有限公司（以下简称"公司"或"上市公司"）于近日收到公司 控股股东杭州张小泉集团有限公司（以下简称"张小泉集团"）通知，获悉其所 持有的部分公司股份将被陕西省西安市中级人民法院于 2025 年 7 月 24 日 10 时 至 2025 年 7 月 25 日 10 时止（延时除外）在淘宝网司法拍卖网络平台上进行公 开拍卖。现将相关情况公告如下： 注：1、"占剔除回购股份后公司总股本比例"以截至本公告披露日公司总股本剔除回 购股份数后股本 151,427,676 股计算所得，下同。 2、本公告除特别说明外，数值保留 2 位小数，如存在数据尾差为计算时四舍五入所致。 二、股东股份累计将被司法拍卖的基本情况 截至本公告披露日，公司控股股东及其一致行动人所持股份累计将被司法拍 2、"持股比例"以截至本公告披露日公司总股本剔除回购股份数后股本 151,427,676 股 计算所 ...

证券代码：301055 证券简称：张小泉 公告编号：2025-033 张小泉股份有限公司 关于法院裁定受理间接控股股东重整申请的公告 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。 受理时间：2025 年 6 月 10 日 张小泉股份有限公司（以下简称"公司"或"上市公司"）于 2025 年 6 月 13 日收到间接控股股东富春控股集团有限公司（以下简称"富春控股"或"富春控 股集团"）出具的告知函，获悉浙江省杭州市富阳区人民法院已裁定受理富春控 股集团的重整申请并指定管理人。现将有关情况公告如下： 一、法院裁定受理间接控股股东重整申请概述 2025 年 3 月 25 日，浙江省杭州市富阳区人民法院出具《决定书》（(2025)浙 0111 破申(预)38 号、(2025)浙 0111 破申(预)38 号之一），决定对富春控股集团启 动预重整，并经相关程序确定浙江京衡律师事务所担任富春控股集团临时管理人。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于 间接控股股东重大事项的公告》（公告编号：2025-005）。 ...

Core Viewpoint - The forced auction of Zhang Xiaoqin shares due to the debt crisis of its controlling shareholder has raised significant attention, highlighting the financial troubles of a historic brand that has been in operation for over 400 years [3][4][10]. Group 1: Company Background and Financial Issues - Zhang Xiaoqin's controlling shareholder, Zhang Xiaoqin Group, has accumulated nearly 6 billion yuan in unpaid debts, leading to the judicial freezing of all shares [4][14]. - The company was once saved by Fuchun Holdings, which acquired a 70% stake for about 100 million yuan, transforming its operations and significantly increasing profitability [6][7]. - After a successful IPO in 2021, Zhang Xiaoqin's market value soared to 46 billion yuan, representing a more than 20-fold increase from the initial investment [7][8]. Group 2: Market Performance and Challenges - Following a viral incident involving product quality, Zhang Xiaoqin's sales on major e-commerce platforms plummeted, with a 21% decline on Alibaba and a 48% drop on Douyin in 2022 [10][11]. - The company's net profit fell by 46% in 2022 and another 33% in 2023, disrupting its previous growth trajectory [11][12]. - Despite attempts to maintain market share through price cuts and increased marketing expenses, the company faced regulatory scrutiny for unethical practices, further damaging its reputation [12][18]. Group 3: Leadership Changes and Future Prospects - In May 2024, a management transition occurred, with younger family members taking over leadership roles, potentially bringing new perspectives to the company [12][14]. - Zhang Xiaoqin's revenue reached 908 million yuan in 2024, marking a 12% year-on-year increase, but net profit remained significantly lower than in previous years [12][14]. - The controlling shareholder's debt crisis has led to speculation about the future of Zhang Xiaoqin, as it may become a target for acquisition by new investors [18][24].