2025近日，张小泉控股股东深陷债务危机的消息引发市场震荡。根据公开信息，杭州张小泉集团有限公 司及关联方因多起债务纠纷，累计被执行金额已超38亿元，公司法定代表人张樟生被限制高消费。 这场风波不仅暴露了百年老字号的经营困境，更折射出资本扩张与品牌传承之间的深层矛盾。 老字号转型的警示样本 这场危机揭示了家族企业治理的致命缺陷。张氏兄弟通过复杂股权架构掌控集团，2024年的"二代接 班"被质疑为债务危机下的家族自救，张樟生之子张新尧空降高管层，加剧治理结构的不稳定性。 同时，张小泉重营销轻研发的战略偏差明显，其核心刀剪业务收入占比跌破50%，库存积压达1.65亿 元，与早年占据全国市场半壁江山形成鲜明对比。 刀刃向内的改革之迫 对比同仁堂建立CNAS实验室认证体系、稻香村借力国潮创新产品等成功案例，张小泉的教训印证：老 字号焕新需平衡资本运作与匠人精神。商务部推动的老字号知识产权保护体系，要求企业通过数字化营 销强化消费者情感连接，而非沉迷高风险投资。 控股股东激进扩张埋雷 张小泉集团的债务危机根源在于其间接控股股东富春控股集团的战略失误。富春控股由张樟生之兄张国 标创立，近年来将大量资金投入物流、房地产等非 ...

★ 宏观动态 ★ 中办、国办：推进重要商品现货、期货市场建设，优化期货品种上市、交易、监管等规则 4月2日，外交部发言人郭嘉昆主持例行记者会。法新社记者提问，菲律宾军方负责人表示，如果台湾附近 发生冲突，菲律宾将不可避免地卷入，同时表示中方正在"渗透"菲律宾，包括其军方。中方对此有何评 论？ 郭嘉昆回应，台湾问题是中国的内政，是中国核心利益当中的核心，如何解决台湾问题是中国人自己的 事，不容他人置喙。 郭嘉昆表示，我们奉劝菲律宾有关人士，不要在台湾问题上挑衅玩火，玩火者必自焚。我们也坚决反对有 关人士毫无根据地发表颠倒黑白、抹黑炒作式的言论。 股民跑步进场！A股新开户数快速增长！ 4月2日，上交所披露，今年3月A股新开户数为306.55万户，环比继续快速增长。 数据显示，今年1月、2 月和3月，A股新开户数分别为157万户、283.59万户和306.55万户。 今年3月新增开户数306.55万户， 较2024年3月新开户数242万户，同比增长26.67%。 证券时报记者统计，从今年一季度整体数据来看，A 股新开户数合计747.14万户， 同比2024年一季度567.09万户 增 长31.74%。 有关部门严厉 ...

Core Points - Hangzhou Zhang Xiaoqin Group Co., Ltd. has been executed for 3.13 billion yuan, with total execution amount exceeding 3.8 billion yuan this year, raising concerns about the brand's debt crisis [1][4] - The company claims that it operates independently from its controlling shareholder, Zhang Xiaoqin Co., Ltd., and asserts that the execution will not materially affect its operations [1][4] Group 1 - Hangzhou Zhang Xiaoqin Group was established in January 2001 and is the controlling shareholder of Zhang Xiaoqin Co., Ltd., a listed company [1] - The legal representative, Zhang Zhangsheng, has been restricted from high consumption due to the execution [1] - The brand has faced multiple controversies, including complaints about product quality, specifically regarding knife breakage during use [1][2][4] Group 2 - In March 2023, the company was involved in a public controversy regarding a bone-cutting knife that broke during use, with ongoing investigations into the cause [2] - In October 2023, further complaints were reported about the brand's knives breaking when used to crush garlic, leading to product returns and quality checks [2]

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浙江省温州市瓯海区人民法院于 2025 年 5 月 8 日 10 时 至 2025 年 5 月 9 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：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 证券代码：301055 证券简称：张小泉 公告编号：2025-006 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。 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 际控制人张樟生先生与张晓之间的金融借款业务提供质押担保。2025 年 2 月 10 日，因债务逾期，张晓向浙江省温州市瓯海区人民法院申请轮候冻结上述股份。 具体内容详见公司分别于 2023 年 10 月 19 日、2025 年 2 月 14 ...

今年以来，百年老字号张小泉深陷债务泥潭中。近日，杭州张小泉集团有限公司（以下简称"张小泉集 团"）等又新增多条被执行人信息。 4月2日上午，"张小泉集团及法人等被执行31.3亿"话题冲上各大平台热搜榜，引发广泛关注。 截至3月25日，张小泉集团直接持有上市公司张小泉7600万股股份，占公司总股本的48.72%，为公司控 股股东。 根据张小泉近期披露的公告，近一年来，张小泉集团因债务违约等问题涉及多起诉讼或仲裁。截至3月 19日，其债务逾期本金、担保违约尚未代偿本金合计超59亿元。 截至3月19日，张小泉集团累计被冻结股份达7600万股，占其所持公司股份总数的100%，占剔除回购股 份后公司总股本的50.19%；累计被轮候冻结股份达1.44亿股，占其所持公司股份总数的189.70%，占剔 除回购股份后公司总股本的95.21%。 据新浪科技，记者致电张小泉股份（301055.SZ）投关部门，相关负责人表示，张小泉集团是张小泉股 份的控股股东，双方在财务、业务、人员等方面均是独立经营，上市公司目前的经营一切正常。针对控 股股东的债务问题或其涉及的冻结事项，投资者可以关注公司公告，公司一直都有对外披露相关事项。 天眼 ...

Core Viewpoint - Zhang Xiaoqin Group, a time-honored brand with nearly 400 years of history, is facing a severe debt crisis, with total execution amounts exceeding 3.8 billion yuan [1][2] Debt Crisis - The company has recently been listed as an executed party with an execution amount of 3.13 billion yuan, bringing the total executed amount to over 3.8 billion yuan [1] - The debt crisis stems from the aggressive expansion strategy of its controlling shareholder, Fuchun Holdings Group, which has invested heavily in non-core business areas like logistics and real estate, leading to a strained cash flow [1] - As of March 2025, 99.9% of Fuchun Holdings' shares in Zhang Xiaoqin have been pledged or frozen, with overdue financing principal amounting to 510 million yuan and unfulfilled external guarantees reaching 4.486 billion yuan [1] Restructuring Efforts - On March 25, the Fuyang District Court decided to initiate a pre-restructuring process for Fuchun Holdings, aiming to isolate risks and prevent the crisis from affecting the listed company [2] - If the restructuring fails, Fuchun Holdings' 48.72% stake in Zhang Xiaoqin may face disposal, potentially leading to a change in control of the listed company [2] Management Changes - In May 2024, Zhang Xiaoqin underwent a management reshuffle, with former chairman Zhang Zhangsheng stepping down and being replaced by Zhang Guobiao's son, Zhang Xincheng, while Zhang Zhangsheng's son, Zhang Xinyao, became a director and deputy general manager [2] - This personnel change is interpreted as a family response to the crisis but raises concerns about the stability of corporate governance [2] Brand Reputation - Zhang Xiaoqin has faced challenges to its brand reputation, including the "cutting garlic knife incident" in 2023, which led to public backlash and subsequent inclusion in the Ministry of Commerce's "rectification list" for time-honored brands [2] - The company's stock price has significantly declined from 38.16 yuan at its IPO in September 2021 to a low of 8.32 yuan in February 2024, resulting in a market value loss of approximately 4.6 billion yuan [2] Future Uncertainty - As a national brand founded in 1628, Zhang Xiaoqin is currently grappling with not only financial difficulties but also a crisis of brand trust, leaving its future development highly uncertain during the critical period of its controlling shareholder's restructuring [2]

据天眼查法律诉讼信息显示，近日，杭州张小泉集团有限公司、上海富春投资有限公司、张樟生、张国标等新增一条被执行人信息，执行标的31.3亿余元， 执行法院为浙江省杭州市中级人民法院，公司法定代表人张樟生被限制高消费。 加上此前的 6 条被执行人记录，累计被执行金额已超38亿元。张小泉这家拥有400年历史的刀剪老字号，正面临前所未有的财务危机。 杭州张小泉集团有限公司成立于2001年1月，法定代表人为张樟生，注册资本约1681.7万人民币，由杭州富泉投资有限公司、杭州张小泉集团有限公司工会 共同持股。 张小泉品牌始创于1628年，以"锋利耐用、工艺精湛"的剪刀著称，曾是最早一批被国家商务部评为中华老字号的民族品牌。 2023年，商务部首次将55个长期经营不善的品牌移出中华老字号名录，对73个经营不佳、业绩下滑的品牌要求限期整改。其中，因"拍蒜刀断"深陷舆论风波 的张小泉被列入"予以整改"名单。 在"拍蒜刀断"风波中，客服 "菜刀不能拍蒜" 以及董事长 "中国人切菜方式不对" 等不当言论，也让消费者更加不满，对张小泉品牌形象造成了极大的损害。 这些负面影响也体现在了资本市场，其上市公司股价从2021年9月上市首日的3 ...

Group 1 - Hangzhou Zhang Xiaoqin Group Co., Ltd. has a newly added enforcement information with an execution target of 50,736,939 yuan as of March 26 [1] - On March 21, the Shanghai Pudong New Area People's Court issued a consumption restriction order against Hangzhou Zhang Xiaoqin Group Co., Ltd. and its legal representative Zhang Zhangsheng due to failure to fulfill payment obligations as specified in the enforcement notice [1] Group 2 - On March 25, Zhang Xiaoqin announced that the Fuchun Holding Group Co., Ltd., its indirect controlling shareholder, has initiated pre-restructuring as decided by the Fuyang District People's Court in Hangzhou [3] - Fuchun Holding Group applied for restructuring (including pre-restructuring) due to its inability to repay due debts and a clear lack of repayment capacity, although it still possesses restructuring value [6] - The pre-restructuring process does not mean that Fuchun Holding Group has officially entered the restructuring process, and there is uncertainty regarding the success of this pre-restructuring and any potential changes in control of the listed company [6]

近两年，张小泉通过推出"大师印""流线几何""乌金""古韵·匠作"等系列化主题产品，积极贴近年轻 消费者，满足市场对高品质产品的需求。这些产品融合了现代审美与传统文化元素，如"流线几何"系列 采用自然流线元素，兼具观赏性与实用性，展现了张小泉的厨房美学；而"乌金"系列等爆款产品则凭借 精湛工艺和创新设计，提升了产品品质感与高端化形象。高端化、系列化产品增强了品牌的美学辨识 度，还成功吸引了年轻消费群体，进一步巩固了张小泉在中高端市场的地位。 同时，张小泉将传统与创新融合，推出文创产品贴近年轻消费群体。公司深入挖掘自身深厚的历史 文化底蕴，结合当下流行的国潮文化趋势，开发了一系列具有文化内涵的文创产品，包括团扇、香囊挂 件、气囊手机支架、限定手提袋、厨房围裙等。此外，张小泉还打造了IP新匠师形象，并配合推出剪具 文创礼盒，礼盒内含的星耀黑竹节民用剪和指甲剪，选取有东方韵味的竹子为元素，取竹之韵、以竹入 型，将剪柄设计成竹节的样式，外观古朴雅致，亦有"竹报平安"之意，是节日送礼佳品。这些文创产品 展现了张小泉对传统文化的传承与创新，更激发了年轻一代消费者的购买兴趣，让老字号焕发出新活 力。 截至2024年上半年， ...

Core Viewpoint - The announcement of the pre-restructuring of the controlling shareholder of Zhang Xiaoqin has raised significant concerns in the capital market, especially following a recent surge in the company's stock price [1][4][10] Group 1: Company Announcement and Market Reaction - On March 25, Zhang Xiaoqin announced that its indirect controlling shareholder, Fuchun Holdings Group, was undergoing pre-restructuring due to an inability to repay debts, which attracted widespread attention [1][3] - The stock price of Zhang Xiaoqin surged by 19.97% on March 24, attracting significant retail investor interest, but subsequently fell by 2.42% on March 25 [4][5] - Following the announcement, the stock continued to decline, reaching 17.46 yuan per share with a drop of over 6%, resulting in a total market capitalization of 2.7 billion yuan [6] Group 2: Financial Background and Implications - Fuchun Holdings Group applied for pre-restructuring, citing an inability to repay due debts while still possessing restructuring value [3][10] - The controlling shareholder holds 99.9981% of the direct controlling entity of Zhang Xiaoqin, which in turn holds 48.72% of the company's total shares [3] - As of March 2025, 99.9% of the shares held by the controlling shareholder are pledged or frozen, with overdue debts amounting to 5.1 billion yuan and guarantees exceeding 4.486 billion yuan [13][14] Group 3: Market Sentiment and Future Outlook - There is a divided sentiment among investors regarding whether the restructuring news is a positive or negative signal for Zhang Xiaoqin, with many speculating on potential insider trading [7][10] - Despite a significant increase in revenue, the net profit for the first three quarters of 2024 was only 17.2 million yuan, indicating underlying financial issues [12][15] - Concerns persist that even if the restructuring is successful, the core assets may be sold at a discount, further destabilizing the company's control [15]