YanKershop(SZ:002847) Da Zhong Ri Bao·2025-07-16 07:30Core Viewpoint - The controlling shareholder of Salted Snack Company, Zhang Xuewen, plans to reduce his stake by up to 2%, potentially cashing out over 400 million yuan, coinciding with the company's stock price reaching a new high [1][5]. Group 1: Shareholder Reduction Announcement - On July 14, Salted Snack Company announced a pre-disclosure of share reduction by major shareholders and senior management [2]. - Zhang Xuewen, holding 15.38% of the shares, intends to reduce his holdings by a maximum of 5.4556 million shares, equating to 2% of the total share capital [2][4]. - Other executives, including Deputy General Manager Li Hanming and CFO Yang Feng, plan to reduce their holdings by a combined total of 97,100 shares, or 0.04% of the total share capital [2][4]. Group 2: Financial Implications - Based on the closing price of 74.84 yuan per share on July 14, if the maximum reduction occurs, Zhang Xuewen's cash-out could exceed 400 million yuan [5]. - As of July 15, the company's stock price was 73.80 yuan per share, reflecting a 19.81% increase since the beginning of the year, with a total market capitalization of 20.131 billion yuan [5]. Group 3: Market Reaction and Concerns - The announcement of the share reduction raised market concerns, leading to a 1.39% drop in the stock price on July 15 [6]. - The company cited "personal funding needs" as the reason for the reduction, despite Zhang Xuewen's departure from the company in October 2019 [5]. Group 4: Company Performance and Challenges - Since its listing in 2017, the company's revenue has grown from 754 million yuan to 5.304 billion yuan in 2024, while net profit has shown volatility [7]. - The company faces challenges in brand recognition compared to competitors, with a noted lack of market presence [9]. - Salted Snack Company has experienced a decline in gross margin from 43.83% in 2020 to 31.84% in 2024 due to competitive pressures from low-price strategies in the market [9]. Group 5: Food Safety Issues - The company has faced multiple food safety complaints, including issues with preservatives and product quality, leading to increased consumer scrutiny [11][15]. - In 2025, there were over 100 new complaints related to food safety, with a total of 748 complaints recorded on the Black Cat Complaint platform [15][16].