“内忧外患”下，老牌国货黑芝麻拟易主广西国资

Core Viewpoint - The company Black Sesame (000716.SZ) is undergoing a temporary suspension of trading due to its controlling shareholder planning a share transfer, which may lead to a change in control to a state-owned enterprise in Guangxi [2][3]. Group 1: Shareholder Changes - The controlling shareholder, Guangxi Black Five Food Group, intends to transfer 20% of its shares to a state-owned enterprise, potentially making it the new controlling shareholder [3]. - If the transfer is completed, the company will shift from being privately controlled to state-owned, with the Li family exiting their controlling position [3][4]. Group 2: Regulatory Issues - Black Sesame has faced multiple regulatory warnings, including a recent notice from the Guangxi Securities Regulatory Bureau regarding non-operational fund occupation and illegal guarantees by its controlling shareholder and related parties [4][5]. - The company has been penalized by securities regulators for various compliance issues, including receiving reprimands for its management practices [3][5]. Group 3: Financial Performance - The company's revenue has declined from 44.76 billion to 24.65 billion from 2019 to 2024, with a significant drop in net profit, experiencing substantial losses in 2021 and 2022 [6][7]. - The core product sales have been decreasing, with the total sales of its beverage products dropping nearly by half compared to peak levels [6][7]. Group 4: Strategic Failures - Black Sesame has attempted aggressive diversification strategies that have largely failed, including investments in logistics and e-commerce that did not yield expected returns [6][7]. - The company has also faced setbacks in its foray into the renewable energy sector, with a significant investment in a battery production project being halted shortly after its announcement [7]. Group 5: Future Outlook - Despite the potential change in ownership to a state-owned entity, the company is expected to continue facing challenges due to the lingering effects of its previous aggressive strategies and ongoing operational issues [7].