卤味不好卖 煌上煌盯上冻干食品

Core Viewpoint - The company Huangshanghuang is seeking new growth opportunities by acquiring a 51% stake in freeze-dried food company Lixing Food for approximately 495 million yuan, as its main business of marinated products faces declining sales and store closures [1][2]. Group 1: Acquisition Details - The acquisition involves signing a share transfer agreement with multiple shareholders of Lixing Food, with a total transaction price of about 495 million yuan [2]. - Lixing Food, established in 2006, has a production capacity of nearly 6,000 tons of freeze-dried products and 10,000 tons of plant extract powder annually, making it a leading player in the freeze-dried food market [2]. - As of June 30, 2025, Lixing Food's net assets are valued at 277 million yuan, with a third-party valuation of 978 million yuan, indicating a 252.58% increase in value [2]. Group 2: Financial Performance - Lixing Food is projected to achieve revenues of 415 million yuan and 251 million yuan for 2024 and the first half of 2025, respectively, with net profits of approximately 42.22 million yuan and 41.88 million yuan [2]. - The company has committed to achieving non-net profit targets of at least 75 million yuan, 89 million yuan, and 100 million yuan for 2025, 2026, and 2027, respectively, totaling a minimum of 264 million yuan [2]. Group 3: Strategic Intent - Huangshanghuang aims to diversify its product offerings and leverage Lixing Food's sales channels to access new markets and consumer groups, moving beyond its traditional marinated products [3]. - The acquisition is seen as a way to mitigate the declining performance of Huangshanghuang's core business, which has faced continuous revenue drops over the years [4][5]. Group 4: Market Context - The marinated products market is experiencing slower growth, with a market size of 333.2 billion yuan in 2024, reflecting a 4.8% year-on-year increase, compared to a compound annual growth rate of 6.4% from 2018 to 2023 [6]. - Huangshanghuang's main product sales have been declining, with meat product sales dropping from 36,700 tons in 2021 to 22,800 tons in 2024, and a 15.69% decrease in the first half of 2025 [5][6].