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Core Viewpoint - Black Sesame may be taken over by a state-owned enterprise, which could lead to a change in control and potentially improve the company's internal control, funding, and market expansion capabilities [2][3][4]. Group 1: Company Background and Control Change - Black Sesame, founded in 1984, is a large private enterprise focusing on the black sesame industry, and it was the first company in this sector to be listed on the Shenzhen Stock Exchange in 1997 [3]. - The controlling shareholder, Guangxi Black Five Categories Food Group, currently holds 30.25% of Black Sesame's shares and plans to transfer approximately 20% of its shares to a state-owned enterprise, resulting in a shift from private to state control [3][4]. - Prior to this control change, Black Sesame received a warning letter from the Guangxi Securities Regulatory Bureau due to issues related to non-operating fund occupation and irregular external guarantees [3][4]. Group 2: Financial Performance and Challenges - Black Sesame has experienced a decline in revenue for four consecutive years, with revenues dropping from 40.25 billion in 2021 to an estimated 24.65 billion in 2024 [6]. - The company's net profit has also fluctuated, with a net loss of 1.09 billion in 2021, followed by a slight recovery to a profit of 0.78 billion in 2024 [6]. - Sales of the core product, black sesame paste, have significantly decreased, from 900.67 million units in 2015 to 562.68 million units in 2020, indicating a downward trend in demand [6][7]. Group 3: Strategic Missteps and Future Outlook - Black Sesame has attempted several cross-industry ventures, including acquisitions in logistics and e-commerce, but these efforts have largely failed, leading to a focus on its core business [7][8]. - The company has recently launched a new product line targeting younger consumers, but this has not yet contributed significantly to revenue, accounting for only 1.33% of total revenue in 2024 [7]. - Analysts believe that the entry of a state-owned enterprise could provide Black Sesame with the necessary resources and support to address its financial difficulties and enhance its market position in the health food sector [4][8].