Bestore(SH:603719) 创业邦·2025-10-20 03:38Core Viewpoint - The plan for the sale of the snack company, Liangpinpuzi, to Wuhan state-owned assets has been terminated due to ongoing litigation and failure to meet conditions for the transfer of control [4][6]. Group 1: Company Situation - Liangpinpuzi has faced operational difficulties in recent years, including shrinking scale and financial losses, largely due to market environment changes and competition from new snack models [4][6]. - The company’s control transfer to Wuhan state-owned assets was seen as a potential lifeline, providing financial support and boosting market confidence [6][8]. - The company has established strong brand recognition and a relatively complete online and offline distribution network over its 19 years in the snack industry [11]. Group 2: Financial Performance - In 2023, Liangpinpuzi's revenue decreased by 14.76% to 8.046 billion, and net profit dropped by 46.26% to 180 million, with a significant decline in non-recurring net profit of 68.82% [15]. - The downward trend continued into 2024, with revenue falling by 11.02% to 7.159 billion and a net loss of 46.1 million [16]. - The first half of 2024 saw a further decline in revenue by 27.21%, with a net loss of 93.55 million and over 100 million in non-recurring net profit losses [16]. Group 3: Management Changes - The company has experienced frequent changes in its core management team, with significant leadership transitions occurring in 2022 and 2023 [18]. - The founder, Yang Hongchun, has returned to the role of general manager after a series of leadership changes, indicating instability within the management structure [18].