广西国资9.42亿入局，黑芝麻这回能“胡”一把？

Core Viewpoint - Black Sesame is undergoing a significant change in control, with the potential transfer of ownership to Guangxi Travel Health Industry Group, which may lead to a shift from private to state-controlled operations, impacting its financing and operational strategies [3][4][28]. Group 1: Ownership Change - Black Sesame's controlling shareholder, Guangxi Black Five Food Group, has signed a share transfer agreement to transfer approximately 151 million shares (20% of total shares) to Guangxi Travel Health at a price of 6.25 yuan per share, totaling 942 million yuan [4][28]. - The transfer is expected to complete by 2026, with Guangxi State-owned Assets Supervision and Administration Commission becoming the actual controller, transitioning the company to a mixed ownership structure of state control and market operation [4][28][33]. - Following the transfer, the original controlling shareholders will hold no voting rights, significantly altering the governance structure of Black Sesame [8][31]. Group 2: Financial Performance - For the first three quarters of 2025, Black Sesame reported revenue of approximately 1.469 billion yuan, a year-on-year decrease of 7.52%, and a net profit of approximately 6.82 million yuan, down 83.67% [10][35]. - The company has faced continuous losses, with a net profit loss of approximately 140 million yuan in 2022, and a significant decline in cash flow from operating activities [10][35][38]. - The company’s traditional sales channels are under pressure, with a reduction of 385 distributors in 2024, indicating challenges in maintaining sales performance [38][39]. Group 3: Strategic Recommendations - Analysts suggest that Black Sesame should diversify its product offerings, such as introducing ready-to-drink products and expanding into snack foods, to capture new market segments [22][48]. - The company is advised to focus on cost-cutting measures and improve operational efficiency, including reducing non-food business segments and leveraging low-interest loans from state-owned financial institutions [49][50]. - Digital marketing strategies are recommended to enhance brand visibility and customer engagement, potentially revitalizing the brand's market presence [50].