国产奶粉第一股，突发！

Core Viewpoint - Beiyinmei's controlling shareholder, Xiaobei Demei Holdings, has applied for pre-restructuring due to ongoing debt crises, which may lead to potential changes in control [2][6]. Group 1: Pre-restructuring Application - Xiaobei Demei Holdings submitted a pre-restructuring application to the Jinhua Intermediate People's Court on July 16, 2025, citing liquidity issues and an inability to repay due debts, despite having restructuring value [6]. - The application is made solely by Xiaobei Demei Holdings, and other subsidiaries are not included in this restructuring process [6]. - The largest shareholder, Xie Hong, is the actual controller of Beiyinmei and holds significant positions within the company [6]. Group 2: Shareholding and Financial Status - As of the announcement date, Xiaobei Demei Holdings holds 133 million shares of Beiyinmei, accounting for 12.28% of the total share capital, with 98.85% of these shares being pledged or frozen [6]. - The total balance of pledged borrowings by Beiyinmei Group exceeded 700 million yuan, with 481 million yuan due within the next six months [8]. - Beiyinmei's revenue from milk powder products constitutes approximately 90% of its total revenue, with the company experiencing fluctuations between significant losses and marginal profits in recent years [8]. Group 3: Financial Performance Indicators - Beiyinmei's total revenue for the year ending December 31, 2024, was 2.773 billion yuan, reflecting a year-on-year growth of 9.70% [9]. - The net profit attributable to shareholders was 102.9 million yuan, showing a year-on-year increase of 116.92% [9]. - The company has faced challenges, with its net profit fluctuating significantly over the years, including a loss of 1.76 billion yuan in 2022 [9].