国资9.42亿元“接棒”黑芝麻：营收三连降、电商业务溃败，地方文旅入主能否盘活"糊类大王"？

Group 1 - The core point of the article is the potential change in control of Southern Black Sesame Group Co., Ltd. (referred to as "Black Sesame") as it moves towards state-owned enterprise control through a share transfer agreement with Guangxi Travel Health Industry Group Co., Ltd. [2][3] - The share transfer involves the sale of approximately 151 million shares, representing 20% of the total share capital, at a price of 6.25 yuan per share, totaling 942 million yuan [3]. - After the transaction, Guangxi Travel Health will become the new controlling shareholder, with the actual controller changing to the State-owned Assets Supervision and Administration Commission of the People's Government of Guangxi Zhuang Autonomous Region [3]. Group 2 - The transaction structure indicates that the previous controlling shareholder, Black Five Categories Group, will relinquish all voting rights associated with approximately 133 million shares, which is 17.66% of the total share capital, allowing Guangxi Travel Health to effectively control over 37% of the voting rights [4]. - The change in control is seen as a necessary move due to ongoing operational pressures, failed diversification attempts, and governance issues within the company [5]. - Financial data shows a continuous decline in revenue from 30.16 billion yuan in 2022 to 24.65 billion yuan in 2024, with net profits fluctuating and a significant drop in the third quarter of 2025 [7][8]. Group 3 - The company has faced challenges in its e-commerce segment, with revenues from this area declining significantly, indicating a lag in adapting to new marketing channels [8]. - The traditional distribution network has also shrunk, with the number of distributors decreasing from 2,274 to 1,891 in one year, reflecting increased competition in the market [8]. - The entry of state-owned capital is expected to alleviate financial pressures and potentially enhance resource integration, aligning with the trend of "big health + consumption" in the industry [9].