“一女二嫁”酿苦果：与武汉国资擦肩而过，良品铺子转型之路陡生变数

Core Viewpoint - The proposed change of control for the snack food leader, Liangpinpuzi, has officially failed, highlighting the strategic dilemmas faced by the company and its major shareholder, Ningbo Hanyi [2][3] Group 1: Control Change Attempt - The share transfer agreement between Ningbo Hanyi and Wuhan Yangtze International Trade Group was terminated due to unmet conditions, marking the end of a deal that was expected to aid in the company's transformation [2][3] - The initial plan involved transferring 21% of shares from Ningbo Hanyi and 8.99% from the second-largest shareholder, Dayong Company, which would have made Wuhan Yangtze the controlling shareholder [3][4] - The control change discussions began in July 2023, with hopes of enhancing supply chain collaboration and transitioning from "quality snacks" to "quality food" [3][4] Group 2: Underlying Issues - The failed transaction reflects deeper strategic issues within the company, particularly the lack of clarity on how to resolve its challenges and who to partner with [2][3] - A previous agreement with Guangzhou Light Industry Group for share transfer was not finalized, leading to legal disputes that complicated the current negotiations [4][5] Group 3: Financial Performance - Liangpinpuzi's financial struggles have intensified, with revenue dropping from over 9 billion yuan in 2021 to 8.046 billion yuan in 2023, a decrease of 14.76%, and a net profit decline of 46.26% [6] - The company reported its first annual loss post-IPO in 2024, with revenue falling by 11.02% to 7.159 billion yuan and a net loss of 46.1 million yuan [6] - In the first half of 2025, revenue further plummeted by 27.21% to 2.829 billion yuan, with losses reaching 93.55 million yuan, nearly double the previous year's total loss [6] Group 4: Market Dynamics - The challenges faced by Liangpinpuzi are indicative of a broader restructuring in the Chinese snack food industry, where low-cost brands are rapidly gaining market share [6][7] - The competitive landscape has shifted from price wars to supply chain battles, with new brands focusing on upstream supply chain control, making it increasingly difficult for traditional brands like Liangpinpuzi to compete [7] - Analysts suggest that while the termination of the deal with Wuhan state-owned assets may not have a significant immediate impact on operations, the company must innovate and improve product quality to ensure sustainable growth [7][8]