黑芝麻筹划易主：李氏家族谢幕 广西国资接棒“童年味道”

Core Viewpoint - Black Sesame (000716) is facing a potential change in control as its major shareholder, Guangxi Black Five Food Group, plans to transfer approximately 20% of its shares to a state-owned enterprise in the cultural tourism and health industry of Guangxi [1][6]. Shareholder and Control Changes - The major shareholder, Guangxi Black Five Food Group, is in the process of transferring its shares, which may lead to a change in control of Black Sesame [1]. - The Li family has been in control of the company for decades, with the second-generation successor, Li Yuqun, recently appointed as chairman [5][6]. - As of the end of 2024, the actual controller remains the Li family, despite the impending share transfer [5]. Financial Performance - Black Sesame reported a continuous decline in revenue from 2022 to 2024, with a 7.92% decrease in total revenue in 2024 compared to 2023 [14]. - The company achieved a net profit of 77.74 million yuan in 2024, marking an 80.46% increase year-on-year, despite the revenue decline [14]. - The company has faced challenges with four consecutive years of declining revenue prior to 2023, although it returned to profitability in that year [8][14]. Share Pledge and Governance Issues - As of June 18, 2025, 70.33% of the shares held by the major shareholders are pledged, representing 26.49% of the total share capital of Black Sesame [6][7]. - The company has received a warning from the Guangxi Securities Regulatory Bureau due to non-compliance in disclosing related party transactions and improper guarantees [8][9]. Strategic Focus and Business Operations - Black Sesame has been attempting to diversify its business into logistics, e-commerce, and health sectors, but these efforts have yielded limited success [10][14]. - The company is now focusing on its core business of black sesame products and has authorized management to dispose of non-core assets to concentrate resources on the health food industry [14].