32亿负债缠身，“猪肉大佬”的预制菜梦，还能撑多久？

Core Viewpoint - Longda Food faces significant operational challenges, including a three-year judicial freeze on shares held by its controlling shareholder, Blue Run Development, and ongoing financial pressures due to high debt levels and declining profitability in its core pork business [3][6][13]. Group 1: Shareholder and Financial Situation - Blue Run Development holds 27.23% of Longda Food's shares, with 7.51 million shares frozen, representing 2.56% of its holdings and 0.70% of Longda Food's total shares [3][9]. - Longda Food's total interest-bearing debt exceeds 32 billion, with a significant portion (57.72%) being short-term debt, indicating potential liquidity issues [7][13]. - The company reported cash reserves of approximately 9.73 billion, which are insufficient for planned acquisitions, reflecting a cautious approach to expansion [13]. Group 2: Operational Challenges - Longda Food's net profit for 2023 plummeted to -1.538 billion, a staggering decline of 2140.92% year-on-year, despite slight recoveries in previous years [17]. - The company has postponed key projects due to industry cycles and financial constraints, indicating a shift in focus towards maintaining cash flow and improving existing operations [15][18]. - The pork business is under pressure, with a significant drop in pork prices impacting profitability, as evidenced by a gross margin of only 3.51% in its slaughtering segment [26]. Group 3: Strategic Shifts and Market Position - Longda Food has attempted to pivot towards the prepared food sector, launching a strategy to integrate this into its core operations, but the revenue contribution from this segment remains low, around 15% [18][21]. - The company has faced challenges in the prepared food market, with a decline in revenue and negative consumer sentiment affecting growth prospects [25][27]. - Despite efforts to innovate and expand into higher-margin products, Longda Food's reliance on traditional pork products continues to dominate its revenue structure [20][21].