Bestore(SH:603719) 36氪·2025-07-24 23:52Core Viewpoint - The company "Liangpinpuzi," known as the "first stock of high-end snacks," is seeking to sell its controlling stake after a series of unsuccessful self-rescue measures, including leadership changes, price reductions, and business transformations [4][14]. Group 1: Share Transfer and Ownership Changes - On July 17, Liangpinpuzi announced that its controlling shareholder, Ningbo Hanyi, plans to transfer 72.24 million shares (18.01% of total shares) to Changjiang Guomao at a price of 12.42 yuan per share, totaling 1.046 billion yuan [4][5]. - The second-largest shareholder, Dayong Limited, also intends to transfer 8.99% of its shares to Changjiang Guomao at a price of 12.34 yuan per share, amounting to 445 million yuan [5]. - If the transfer is successful, the Wuhan State-owned Assets Supervision and Administration Commission will become the largest shareholder with a 29.99% stake [5]. - However, the share transfer faces legal challenges, as Guangzhou Light Industry has filed a lawsuit against Ningbo Hanyi, seeking to freeze 19.89% of Liangpinpuzi's shares [6][7]. Group 2: Financial Performance and Challenges - Liangpinpuzi's revenue growth has significantly slowed, with revenues of 7.894 billion yuan, 9.324 billion yuan, and 9.44 billion yuan from 2020 to 2022 [15]. - The company has experienced a decline in capital investment, with major shareholders like Hillhouse Capital planning to reduce their stakes [15]. - Despite efforts to improve performance, including a major price reduction strategy, Liangpinpuzi's revenue is expected to decline by 11% in 2024, leading to a net loss of between 75 million yuan and 105 million yuan in the first half of 2025 [16][19]. Group 3: Strategic Shifts and Market Position - The company has undergone management changes, with the founder stepping down and a shift in business focus from snack foods to a broader range of food products [17]. - The competitive landscape for snack foods has changed, with a rise in low-cost bulk snack brands that are capturing market share from traditional high-end brands like Liangpinpuzi [36][38]. - Industry experts suggest that the company needs to enhance brand recognition and focus on high-quality products to remain competitive, as price competition alone may not suffice [40][41].