QIANHE(SH:603027) Sou Hu Cai Jing·2025-08-26 00:11Core Viewpoint - The company, Qianhe Flavoring, is facing a significant operational crisis despite announcing a substantial dividend of 513 million yuan, which represents 99.94% of its annual profit, raising questions about the sustainability of its business model and brand trust [2][5][6] Group 1: Dividend and Capital Operations - The 513 million yuan dividend is part of a strategic capital operation aimed at providing financial relief to the founder's family amidst the company's operational challenges [2][4] - The founder's family holds over 50% of the shares, meaning approximately 256 million yuan from the dividend will directly benefit them, with the founder personally receiving over 200 million yuan [3] - The timing of the dividend coincides with the founder's stock pledge, creating a closed loop of capital operations that supports the family's financial leverage while maintaining control over the company [3][4] Group 2: Business Performance and Market Challenges - Qianhe Flavoring's main business has entered a phase of decline, marking the first revenue drop since its IPO in 2016, with a 7.15% year-on-year decline in Q1 2025 [5][6] - The company's core products, soy sauce and vinegar, have seen revenue declines, and its inventory turnover days have increased significantly, indicating weak market demand [6] - The competitive landscape has intensified as major players like Haitian and Lee Kum Kee have launched their own "zero-additive" product lines, eroding Qianhe's previous market advantages [5][6] Group 3: Brand Trust and Regulatory Challenges - Qianhe Flavoring is facing a brand trust crisis due to controversies surrounding its "Qianhe 0" trademark, which misled consumers into believing it was a health certification [7][8] - A recent detection of heavy metals in one of its "zero-additive" soy sauces has further damaged its brand image, despite the company clarifying that the levels were below safety standards [7] - New regulatory changes set to take effect in 2027 will prohibit the use of terms like "zero additive" on food labels, posing a significant threat to Qianhe's established brand identity and marketing strategy [8]