ICW(SH:600187) Di Yi Cai Jing·2025-09-23 15:01Group 1 - The core issue revolves around the internal power struggle at Beijing Huiyuan Food and Beverage Co., with Wang Qinghan's recent appointment as general manager highlighting the conflict between the new and original management teams [1][2][3] - Wang Qinghan's public letter indicates that the new management team, backed by Shanghai Wensheng Asset Management Co., has taken control after a capital increase, while the original management team has accused them of illegal actions and disruption of normal operations [2][3] - The restructuring process has reached a stalemate, with the original management team still controlling the supply chain and distribution channels, while the new management holds the "Huiyuan" brand [1][5][6] Group 2 - The restructuring plan approved in June 2022 involved a capital increase of 1.6 billion yuan over three years, but delays in funding have strained relations between the parties [2][5] - The original management team has raised concerns about the new management's actions, including the alleged misuse of company resources and the impact on employee rights and operations [3][4][6] - The ongoing conflict has led to disruptions in e-commerce operations, although offline sales have not yet been significantly affected [1][6] Group 3 - The new management plans to initiate public bidding for contract manufacturing and recruit distributors, potentially escalating the competition and market confusion [7] - Industry experts suggest that the power struggle may harm the brand and overall business, as both sides prioritize their interests over the company's recovery [7][8] - The situation poses risks for creditors and potential investors, as the ongoing disputes could hinder future growth and stability [6][7]