Toly Bread(603866) 搜狐财经·2025-06-05 03:12Core Viewpoint - The article discusses the governance structure and recent developments at Tao Li Bread, highlighting the shift from a unified family control to a more decentralized decision-making process within the board of directors [5][6]. Shareholding Structure - Tao Li Bread exhibits a typical family-controlled structure, with four family shareholders holding a combined 56.36% of shares, led by Wu Xuequn with 24.99% and Wu Xueliang with 15.71% [3][4]. - The family has a diversified shareholding, preventing any single shareholder from having absolute control, despite the concentration of shares within the family [4]. Recent Governance Issues - A recent board meeting revealed a dissenting vote from Wu Xueliang against a proposal to increase credit limits, indicating potential governance issues within the family [5][6]. - The company has 24 production bases with a capacity of 49.35 million tons, but production has decreased by 11.03% compared to 2023 [5]. Historical Context - The shareholding evolution of Tao Li Bread can be divided into three phases: initial family control, consolidation during growth, and governance adjustments post-IPO [7][10]. - The company was founded in 1997 by Wu Zhigang and his second son, Wu Xuequn, and has undergone several ownership changes and expansions since then [10][11]. Financial Performance - The company has faced declining financial performance, with a revenue drop of 14.2% in Q1 2025 and a net profit decline of 27.1% [19]. - In 2024, revenue was 6.09 billion yuan, down 9.9% year-on-year, with net profit at 520 million yuan, a decrease of 9.1% [19]. ESG Disclosure - Tao Li Bread currently holds a B rating in ESG assessments, with governance scores being higher than social and environmental scores [21][23]. - The company has faced criticism for its lack of transparency in social and environmental responsibility disclosures, particularly regarding employee turnover and product quality complaints [25][27]. Information Disclosure - The company has maintained a cash dividend policy, with a planned payout ratio of 76.6% for 2024, aligning with regulatory expectations [28]. - Despite having a comprehensive information disclosure system, the quality of disclosures still requires improvement, as evidenced by a consistent B rating from the stock exchange over the past three years [28].