Panda Dairy (SZ:300898) Chang Jiang Shang Bao·2025-08-08 00:02Core Viewpoint - Panda Dairy is experiencing a significant reduction in shareholding as major shareholders engage in a series of planned sell-offs, raising concerns about the company's future performance and outlook [1][4][11]. Shareholder Actions - On August 6, Panda Dairy announced that its actual controller's concerted actor, Jin Huanhuan, plans to reduce holdings by 280,000 shares, potentially cashing out approximately 7.63 million yuan at a share price of 27.26 yuan [1][4]. - Since 2025, seven core shareholders have consecutively reduced their holdings, with total cash-out potential exceeding 100 million yuan [1][8]. - Notable reductions include Chen Xiuqin's sale of 500,000 shares, yielding over 13 million yuan, and other shareholders like Chen Xiuzi and Guo Hong planning significant reductions [5][6][7]. Financial Performance - In 2024, Panda Dairy reported revenue of 764 million yuan, a decline of 19.29% year-on-year, achieving only about 40% of its previously set revenue target [2][14]. - The company has failed to meet its revenue targets for three consecutive years, with 2022 and 2023 revenues of 892 million yuan and 947 million yuan, respectively, both falling short of goals [12][13]. - The revenue breakdown for 2024 shows concentrated dairy product revenue at 585 million yuan, accounting for 76.57% of total revenue, while trade revenue dropped significantly [14]. Company Overview - Panda Dairy specializes in the innovative research and manufacturing of concentrated dairy products and is a leader in the condensed milk segment [3]. - The company has established relationships with well-known clients, including Gu Ming, Xiang Piao Piao, and Mengniu Dairy [11]. - The actual controllers of Panda Dairy hold a combined 40.47% of the company's shares, indicating a concentrated ownership structure [10].