Core Viewpoint - The recent share reduction by the controlling shareholders of Zhu Laoliu (920726.BJ) reflects the company's ongoing operational challenges, with declining revenue and net profit in recent years, despite some cost-cutting measures leading to profit growth in 2025 [1][2][4]. Group 1: Shareholder Actions - The controlling shareholder Zhu Xianming and family members have collectively reduced their holdings by 2% of the total shares, amounting to approximately 47.41 million yuan, with Zhu Xianming's personal stake dropping to 56.47% [2][9]. - The family has maintained a high level of control over the company, with a combined holding of 72.52% post-reduction, and has consistently distributed dividends, totaling around 136 million yuan since 2021 [2][10]. Group 2: Financial Performance - Zhu Laoliu's revenue and net profit have shown a downward trend from 2023 to the first three quarters of 2025, with a reported revenue decline of 9.36% to 216 million yuan in 2025 [1][4]. - The company reported a net profit increase of 7.43% and a net profit after deducting non-recurring items up by 8.26%, attributed to lower raw material costs and efficiency improvements [1][4]. Group 3: Market Challenges - The core products, fermented bean curd and pickled vegetables, are facing declining sales due to changing consumer preferences and intense market competition, with fermented bean curd sales dropping by 25.69% in 2023 [6][13]. - The Northeast market, which is crucial for Zhu Laoliu, has shown stagnation, with revenue growth rates of -26.56%, 0.43%, and 0.34% from 2023 to the first half of 2025, indicating a saturated market [6][14]. Group 4: Strategic Expansion - The company is attempting to expand into markets in North and East China to reduce reliance on the Northeast, but faces challenges due to its regional brand identity and high marketing costs [6][15]. - Despite a significant revenue increase in pickled vegetables by 20.48% in the first half of 2025, the product's gross margin is negative, highlighting ongoing cost pressures [6][15].
朱老六营收承压：实控人家族套现逾4000万，核心产品增长乏力