Core Viewpoint - Anjiu Food has appointed two co-chairmen, becoming the first A-share listed company with three chairmen, reflecting a unique governance structure aimed at balancing power and preparing for future leadership transitions [2][4]. Group 1: Company Governance - The recent shareholder meeting approved the appointment of Zhang Qingmiao and the original actual controller Zhang Gaolu as co-chairmen alongside the existing chairman Liu Mingming [4]. - The appointment of three chairmen is seen as a strategy to balance relationships among stakeholders following the transfer of control [4][6]. - The current largest shareholder, Guoli Minsheng, holds 22% of the shares, while Liu Mingming, the third-largest shareholder, has only 3.69% [6][9]. Group 2: Historical Context and Market Position - Anjiu Food was founded in 2001 by Liu Mingming and Guoli Minsheng, capitalizing on the underdeveloped frozen food market in China [11][13]. - The company initially focused on fish products, avoiding competition in the saturated noodle market, and later shifted its strategy to emphasize hot pot ingredients, which proved successful [13][15]. - Anjiu's market position improved significantly from 2008 to 2015, becoming a key supplier for major hot pot chains, while competitors like Sanquan and Haixin struggled [15]. Group 3: Financial Performance - In 2024, Anjiu reported record revenue of 15.1 billion yuan, but profit growth slowed dramatically from 34% in 2023 to just 0.46% [17]. - Historical data shows that Anjiu has maintained double-digit profit growth in most years since its IPO, with the only decline occurring in 2015 [17][16].