“奶粉第一股”，或将易主

Core Viewpoint - Beiyinmei Co., Ltd. ("Beiyinmei", 002570.SZ), known as the "first stock of milk powder," is undergoing a potential change in control as its major shareholder, Zhejiang Xiaobei Demei Holdings Co., Ltd. ("Xiaobei Demei"), has signed a restructuring investment agreement with Jinhua Zhenhe Enterprise Management Partnership (Limited Partnership) ("Jinhua Zhenhe") and submitted a restructuring application to the Jinhua Intermediate People's Court on March 18, 2026 [3][4]. Group 1 - Xiaobei Demei cited liquidity issues and an inability to repay due debts as reasons for the restructuring, having previously submitted a pre-restructuring application in July 2025 [3][5]. - As of the announcement date, Xiaobei Demei holds approximately 130 million shares of Beiyinmei, accounting for 12.3% of the total share capital, with 98.9% of these shares pledged or frozen [3][5]. - Jinhua Zhenhe is set to invest approximately 860 million yuan and provide an additional 30 million yuan to help resolve related debts [3]. Group 2 - Beiyinmei was founded by Xie Hong in 1992 and was once a leading brand in the domestic milk powder market, achieving a market share of 10.8% in 2010 [4]. - After reaching a peak in performance in 2013, Beiyinmei's financial results began to decline, with revenues of 2.51 billion yuan, 2.53 billion yuan, and 2.77 billion yuan from 2022 to 2024, and net losses of 180 million yuan, 47.45 million yuan, and 100 million yuan during the same period [5]. - In the first three quarters of 2025, Beiyinmei's revenue decreased by 2.6% to 2.03 billion yuan, while net profit increased by 48.1% to 110 million yuan, indicating a stabilization in performance [5]. Group 3 - The restructuring plan aims to maintain stable operations for both Xiaobei Demei and Beiyinmei, support employee stock incentives, and optimize asset and debt structures [6]. - Beiyinmei asserts that it possesses independent business and operational capabilities, and changes in control will not significantly impact its daily operations [6]. - Industry analysts believe that if the debt issues of the major shareholder are resolved, it could significantly benefit Beiyinmei's future development [6].