Bestore(SH:603719) 阿尔法工场研究院·2026-02-10 06:06Core Viewpoint - The article discusses the financial troubles of Liangpinpuzi, a leading snack brand in China, highlighting the debt crisis faced by its controlling shareholder, Ningbo Hanyi, and the potential implications for the company's operations and market confidence [5][6]. Debt Crisis Background - In January 2024, Ningbo Hanyi applied for three loans totaling 300 million yuan from Yunnan International Trust, pledging 53.4 million shares of Liangpinpuzi, which represents 37.8% of its holdings and 13.32% of the company's total shares [7][10]. - The debt has now become overdue, with a principal balance of 280 million yuan, raising concerns in the capital market about the financial stability of the controlling shareholder [7][11]. Company Performance and Financial Struggles - Liangpinpuzi, listed on the Shanghai Stock Exchange in 2020, has seen its performance decline significantly, with a net profit drop of 46.26% in 2023 and projected losses for 2025 [8][13]. - The company has initiated a "store closure + price reduction" strategy since the end of 2023, reducing prices on over 500 products by an average of over 20%, but this has not resulted in increased sales, leading to continued pressure on gross margins [13][15]. Management Turmoil - The company has experienced frequent changes in its management team, with the resignation of co-founder Yang Yinfeng in March 2025 and the ongoing search for a permanent general manager [16]. - The financial issues of the controlling shareholder and the operational challenges faced by Liangpinpuzi reflect deeper challenges within the snack industry [16].