Core Viewpoint - The Li family is considering relinquishing control of Black Sesame due to declining sales and financial pressures, potentially transferring 20% of their shares to a state-owned enterprise in Guangxi [1][3]. Group 1: Company Control and Ownership - The Li family has controlled Black Sesame for nearly 20 years, with the Black Five Categories Group holding 30.25% of the company's shares as of March 2023 [4]. - The Li family and their associates collectively hold 47.62% of the voting rights, indicating significant influence over company decisions [4]. - The potential transfer of shares to a state-owned enterprise may lead to a change in control of the listed company [3]. Group 2: Financial Challenges - The Black Five Categories Group has pledged 1.62 million shares, representing 21.51% of the total share capital, indicating liquidity pressures [5]. - The Li family members have also pledged shares, with a 100% pledge rate for their holdings [5]. - The company has faced financial difficulties, with revenue dropping from 40.25 billion to 30.16 billion from 2021 to 2022, and net losses of 1.09 billion and 1.40 billion respectively [8]. Group 3: Market Position and Product Performance - Black Sesame's flagship product, black sesame paste, has seen a significant decline in sales, from a peak of 952.02 million units in 2014 to only 439.47 million units projected for 2024 [11]. - The company has attempted to diversify its product offerings, launching various new products, but these efforts have not resulted in significant market success [11]. - The market for traditional paste products has diminished as instant food options have gained popularity, leading to increased competition and reduced market presence for black sesame products [10]. Group 4: Diversification Attempts - Black Sesame has made several attempts to diversify into logistics, e-commerce, and renewable energy, but these ventures have generally not aligned well with its core food business [7]. - The company invested 2.56 billion in a logistics park and 7 billion in an e-commerce platform, both of which failed to deliver expected synergies [7]. - Recent investments in renewable energy projects have also faced challenges, leading to a halt in further investments [7].
黑芝麻,要抱国资的大腿?