控股股东1.31亿股质押触发预重整，贝因美控制权或将生变

Group 1 - The controlling shareholder, Zhejiang Xiaobei Demei Holdings, has submitted a pre-restructuring application to the court, which may lead to a change in control of the company [1][2] - Xiaobei Demei Holdings holds 12.28% of the company's shares, with 98.85% of those shares pledged or frozen, indicating a potential dilution of control during the restructuring process [2][4] - If the restructuring fails, a control battle is likely, as the second-largest shareholder, Ningbo Weibei, has acquired 9.96% of the shares, only 2.32 percentage points behind the controlling shareholder [4] Group 2 - The company claims that the restructuring will not significantly impact its daily operations, emphasizing its independent business capabilities [4][5] - The company has faced scrutiny from regulatory bodies, with its chairman receiving multiple warnings, raising concerns about strategic continuity if he exits due to debt issues [5][6] - The company has reported a significant increase in short-term borrowings, reaching 1.109 billion yuan, which poses a risk if financing channels are restricted [6] Group 3 - The infant formula market is experiencing increased competition, with the company's revenue in 2024 at 2.773 billion yuan, less than half of its peak in 2013 [7] - The market is shifting towards "age-specific" and "composite function" products, with competitors like Feihe and Junlebao achieving revenues exceeding 10 billion yuan [7] - The company is attempting to pivot towards a "family nutrition" strategy, but faces challenges from established competitors and requires urgent measures to mitigate risks [7]