控股股东将破产清算，连亏4年的“酱油第一股”能否走出泥潭

Group 1 - The controlling shareholder of Jiajia Food, Hunan Zhuoyue Investment, has been ruled to enter bankruptcy liquidation, which may lead to a change in control of the company [1][3] - Jiajia Food has faced severe operational challenges, reporting losses for four consecutive years, with its core soy sauce business struggling to maintain its market position [1][5] - In 2024, Jiajia Food reported revenue of 1.301 billion yuan, a year-on-year decline of 10.52%, and a net loss of 243 million yuan, an increase in loss of 26.83% compared to the previous year [6] Group 2 - Hunan Zhuoyue Investment holds over 216 million shares of Jiajia Food, accounting for 18.79% of the total share capital, but has lost liquidity due to share pledges and freezes [2] - The actual controller of Zhuoyue Investment is Yang Zhen, the founder of Jiajia Food, who, along with family members, has been listed as a dishonest executor multiple times from 2020 to 2023 [2] - China Orient Asset Management acquired nearly 270 million shares of Jiajia Food for 1.066 billion yuan, becoming the largest shareholder, which raises the possibility of a change in control [3][4] Group 3 - Jiajia Food's soy sauce business has seen a decline in revenue from 1.017 billion yuan in 2019 to 730 million yuan in 2024, while competitors like Haitian Flavoring and Qianhe Flavoring have maintained strong performance [6][7] - The company has been investing in market expansion and brand image improvement, leading to increased marketing and promotional expenses [6] - The potential change in control due to the bankruptcy of the controlling shareholder may impact the company's future management and strategic direction [3][4]