来源丨定焦One（ID：dingjiaoone） 作者丨李梦冉 编辑丨魏佳 停牌五天后，良品铺子易主武汉国资，宣告其创始人时代终结。 7月17日晚，良品铺子发布公告，其控股股东 宁波汉意创业投资合伙企业（有限合伙）（以下简称"宁波汉意"）及其一致行动人 宁波良品投资管理有限公司（以下简称"良品投资"）与武汉长江国际贸易集团有限公司签署股份转让协议 。 此次交易总价款为10.46亿元，股权转让后，长江国贸将持有良品铺子上市公司股份总数的21%。 与此同时，良品铺子的另一股东达永 （今日资本）与长江国贸签署股份转让协议，达永拟以12.34元/股的价格向长江国贸协议 转让其持有的良品铺子上市公司3605万股股份，占股份总数的8.99%。 若两项协议均可顺利执行 ，长江国贸将直接持有良品铺子上市公司1.2亿股股份及对应的表决权， 占 总股本29.99%，总价款为 14.85亿元。 直到接盘方公布，是 长江国贸。 香颂资本执行董事沈萌告诉 「定焦One」 ， 虽然良品铺子近年来的经营表现愈发不佳，但仍是湖北重要的零售品牌上市公司， 由 武汉国资接手 在情理之中 。 | | 本次权益变动前 | | | 本次权益变动后 | ...

Core Viewpoint - The acquisition of Liangpinpuzi by Changjiang International Trade Group marks a significant shift in the company's ownership structure, transitioning from a founder-led model to a state-owned enterprise, amidst ongoing financial struggles and a challenging market environment [1][4][10]. Group 1: Transaction Details - The total transaction price for the share transfer agreements is 1.046 billion yuan, with Changjiang Guomao set to hold 21% of Liangpinpuzi's shares post-transfer [2][3]. - If both agreements are executed successfully, Changjiang Guomao will directly hold 120,259,900 shares, representing 29.99% of the total share capital, for a total price of 1.485 billion yuan [4]. - Prior to the transaction, the shareholding structure included Ningbo Hanyi with 35.23% and Dayong with 18.16%, which will change significantly post-acquisition [5]. Group 2: Financial Performance - Liangpinpuzi's stock price was 13.71 yuan before suspension, with a market capitalization of 5.5 billion yuan. After resuming trading, the stock price slightly decreased to 13.69 yuan, with a market cap of 5.49 billion yuan [6]. - The company is expected to report a net loss of 75 million to 105 million yuan for the first half of 2025, marking its worst performance since going public [9]. Group 3: Market Context and Challenges - Liangpinpuzi has faced significant operational challenges, transitioning from a leading snack brand to a company seeking survival, with questions about the value of the acquisition [7][10]. - The acquisition by a state-owned entity is seen as a potential lifeline, given the financial backing and logistical support from Changjiang Guomao, which operates in various financial and logistics sectors [12][13]. - The company has struggled with strategic direction, experiencing a decline in revenue for the first time in a decade, with 2023 revenue dropping to 8.046 billion yuan, a nearly 15% decrease year-on-year [28]. Group 4: Historical Performance and Strategic Shifts - Liangpinpuzi's history can be divided into three phases: rapid growth from 2006 to 2016, a high-end positioning strategy from 2017 to 2022, and a recent phase of strategic ambiguity and performance decline since 2023 [22][24][26]. - The company has attempted to pivot from high-end snacks to a focus on natural and healthy snacks, launching new products under the "natural health new snacks" concept [53][55]. - Despite these efforts, the company has faced criticism for lacking innovation and failing to effectively compete with emerging low-cost snack brands [38][40].