Bestore(SH:603719) 第一财经·2026-02-05 13:44Core Viewpoint - The company, Liangpinpuzi, is facing significant financial challenges due to overdue debts of its controlling shareholder, which may lead to forced execution of pledged shares, although it claims that daily operations remain unaffected [3][4]. Group 1: Debt and Shareholder Issues - The controlling shareholder, Ningbo Hanyi, has overdue debts totaling 280 million yuan, with 53.4 million shares of Liangpinpuzi pledged as collateral [3]. - The debt was originally taken as three loans amounting to 300 million yuan from Yunnan International Trust, which has since transferred the debt to Guo Tong Trust for execution [3]. - Liangpinpuzi emphasizes its independence from Ningbo Hanyi and states that the debt issue has not significantly impacted its daily operations [3]. Group 2: Financial Performance - Liangpinpuzi projects a net loss of 120 million to 160 million yuan for 2025, with a projected adjusted net loss of 150 million to 190 million yuan [4]. - The company reported a loss of 46.1 million yuan in 2024, attributing the 2025 losses to a reduction in store numbers and sales revenue due to the optimization of store structure [4]. - The decline in gross margin is also linked to price adjustments and a decrease in interest income and government subsidies, which fell by approximately 18 million yuan and 23 million yuan, respectively [4]. Group 3: Industry Context - The performance challenges faced by Liangpinpuzi are partly attributed to the rise of bulk snack stores, particularly in lower-tier cities, which are gaining market share due to lower prices and streamlined supply chains [4]. - The bulk snack industry is expected to grow significantly, with estimates suggesting over 30% growth in the number of stores to 56,000 by 2025, and a projected sales scale of 220 billion yuan [4]. Group 4: Stock Performance - As of February 5, 2026, Liangpinpuzi's stock price is 12.1 yuan per share, reflecting an 80% decline over the past five years, with a market capitalization of 4.852 billion yuan [5].