风波不断，“奶粉第一股”贝因美渡劫

Core Viewpoint - The company Beiyinmei, often referred to as "A-share变脸王," is facing significant challenges, including delayed financial disclosures, debt disputes, and a struggling business model, raising concerns about its future performance and stability [2][3][8]. Group 1: Financial Disclosure and Debt Issues - Beiyinmei has a history of failing to timely disclose financial conditions, leading to multiple revisions of its financial statements since its listing in 2011 [2]. - The company's major shareholder, Xiaobei Damei Holdings, has filed for pre-restructuring, which has not yet been formally accepted, potentially affecting shareholder equity [2][3]. - The company has been involved in numerous debt disputes, with a high debt ratio of 92.98% reported in 2024, raising questions about its financial health and control stability [7][8]. Group 2: Management and Strategic Changes - After a series of management changes, including the return of founder Xie Hong, the company has attempted various reforms to improve its performance, but results have been underwhelming [9][15]. - Xie Hong's strategy includes a shift towards a "mother-baby ecosystem" and diversification into other product lines, but the effectiveness of these changes remains uncertain [10][12]. - Despite efforts to enhance online sales channels, the company has lagged behind competitors who capitalized on e-commerce growth earlier [13][14]. Group 3: Performance Metrics - Beiyinmei's revenue has stagnated around 2.6 billion yuan since 2018, with net profits fluctuating and often remaining below 5% [12][13]. - The company's primary revenue source remains milk powder, which constituted 90.43% of its revenue in 2024, indicating a lack of successful diversification [13]. - The competitive landscape has intensified, with rivals like Feihe and Junlebao gaining significant market share, further complicating Beiyinmei's recovery efforts [17].