文｜食安时代 从钟薛高被申请破产、哈根达斯将被收购到百果园营收大幅下滑，再到这段时间良品铺子宣布易主，无论是食品领域还是其它领域，是国内品牌还是国外品 牌，种种迹象都表明了高端品牌在国内的发展困境。现在消费者在购物上更有自己的判断和选择，不会盲目地为了品牌宣传和包装的"高端"支付溢价，而是 更倾向价值选择。 自救措施失效，"易主"计划终告流产 良品铺子的控制权变更风波，在历时数月后以出人意料的方式画上了句号。2025年11月，公司发布公告，宣布相关方经审慎研究后，已终止此前筹划的控股 股东及股份转让事宜，这意味着，此前备受关注的、可能导致公司实控人变更为武汉市国资委的"易主"计划已正式搁浅。 站在消费者角度分析，在健康饮食理念的引领下消费者的健康意识得到提升，对食品配料表、营养成分表更加关注，对低糖、低脂、添加少的零食更青睐。 但这些声称"高端"的零食品牌在产品研发上并未紧跟时事，比如某品牌2024年研发费用降至1487.3万元，相较于2023年降幅高达 58.92%，高糖高油的零食仍 占据大量货架，难以满足消费者的需求。 这两年量贩零食店呈爆发式增长态势，且随着竞争愈发激烈，一些量贩零食店开始推出更具性价比 ...

要论2025年"最水逆"的网红零食品牌，良品铺子排第二，恐怕没有牌子敢排第一！ 2000万索赔 "隐情"曝光 12月16日晚间，良品铺子一纸公告，让这场持续半年之久的"控制权之争"再生变数：控股股东宁波汉意被广州轻工再度变更诉讼请求——从继续履行协议 转为立即解除协议，并要求宁波汉意赔付各类损失合计2073.86万元…… 据南方财经报道，广州轻工集团已就宁波汉意的恶意违约行为，向广州市中级人民法院提起诉讼及财产保全措施。鉴于良品铺子为上市公司，考虑其正常 经营及广大中小股东利益，广州轻工集团目前仍保持克制。 到这里，事件的第一大疑点就出现了，你控股股东明明是迫切想要化债，那作为实力买家、广州国资背景的广州轻工（广州市人民政府办公厅持股超 90%）都要跟你签合同了，为何你又出尔反尔？ 就在一众媒体、行业人士、网络大V都一头雾水之际，良品铺子又一份公告浮出水面。 为了让一头雾水的吃瓜群众把这个"瓜"吃明白，照例先来梳理一下时间线： 事件的缘起，良品铺子的控股股东宁波汉意想通过出售股权的方式来化解自身债务，然后在今年5月份，意向"联姻"伙伴广州轻工出现，双方开始挺谈得 来，连《协议书》都愉快签了，约定尽调之后，广州 ...

要论2025年"最水逆"的网红零食品牌，良品铺子排第二，恐怕没有牌子敢排第一！ 2000万索赔 "隐情"曝光 12月16日晚间，良品铺子一纸公告，让这场持续半年之久的"控制权之争"再生变数：控股股东宁波汉意被广州轻工再度变更诉讼请求——从继续履行协议 转为立即解除协议，并要求宁波汉意赔付各类损失合计2073.86万元…… 为了让一头雾水的吃瓜群众把这个"瓜"吃明白，照例先来梳理一下时间线： 事件的缘起，良品铺子的控股股东宁波汉意想通过出售股权的方式来化解自身债务，然后在今年5月份，意向"联姻"伙伴广州轻工出现，双方开始挺谈得 来，连《协议书》都愉快签了，约定尽调之后，广州轻工受让宁波汉意持有的良品铺子部分股权，进而投资、控制良品铺子。 按照《协议书》约定，在5月28日之前，广州轻工都拥有优先购买权，并且，如果宁波汉意违约，将支付500万违约金及相关费用，然而这一天来到后，宁 波汉意并未跟广州签工签约，广州轻工督促无果，遂于7月14日对宁波汉意发起诉讼，并申请了财产保全。 据南方财经报道，广州轻工集团已就宁波汉意的恶意违约行为，向广州市中级人民法院提起诉讼及财产保全措施。鉴于良品铺子为上市公司，考虑其正常 经营 ...

Core Viewpoint - The leisure snack industry is undergoing significant changes, putting the company, Liangpinpuzi, in a difficult position as it faces declining revenues and profits due to increased competition from low-cost snack models [1][2][4]. Financial Performance - In the first three quarters of 2025, Liangpinpuzi reported revenue of approximately 4.1 billion yuan, a year-on-year decline of about 24%, and a net profit loss of 122 million yuan, marking a significant downturn [4][5]. - The company's revenue and net profit have been consistently declining since 2023, with revenues of 5.999 billion yuan and 5.480 billion yuan in the first three quarters of 2023 and 2024, respectively, reflecting declines of 14.33% and 8.66% [4][5]. - The net profit for 2024 was -46 million yuan, indicating the first annual loss for the company [5][6]. Market Dynamics - The rise of low-cost snack models has created intense competition, significantly impacting traditional high-end snack brands like Liangpinpuzi [2][9]. - The leisure snack market in China is over one trillion yuan, characterized by fragmentation and intense price competition [9]. Strategic Adjustments - Liangpinpuzi has attempted to adapt by reducing prices and entering the low-cost snack market, but these efforts have yielded limited results [3][10]. - The company has optimized its offline store strategy, leading to a reduction in store numbers and a corresponding decrease in sales [6][10]. Future Outlook - The company faces a critical juncture, needing to decide whether to continue its high-end strategy or pivot to compete in the low-cost segment, which could undermine its established brand positioning [11][12].

Core Insights - The article discusses the decline of Liangpin Shop, once hailed as "China's first snack stock," with its market value plummeting from over 34 billion to around 5 billion yuan, highlighting the stark contrast between its past glory and current struggles [1][4][6]. Company Performance - Liangpin Shop's revenue for the first half of 2025 was approximately 2.829 billion yuan, a year-on-year decrease of 27.21%, indicating a continuous decline in consumer purchasing decisions [3][4]. - In 2023, Liangpin Shop's revenue fell to 8.046 billion yuan, marking a nearly 15% decline year-on-year, with net profit nearly halved to 180 million yuan [6][7]. - The company reported its first annual loss since going public in 2024, with a loss of 46.1 million yuan, and continued revenue decline exceeding 27% in the first half of 2025 [6][8]. Market Dynamics - The snack industry has seen a shift from "single-category stores" to "bulk snack models," with new competitors like Mingming Hen Mang capturing significant market share, achieving revenues of 39.3 billion yuan in 2024 [3][8]. - The rise of new players in the snack market has been characterized by aggressive expansion and innovation, contrasting with Liangpin Shop's struggles to adapt [8][10]. Strategic Missteps - Liangpin Shop's high-end snack strategy, initiated in 2019, failed to deliver significant value, leading to a need for reevaluation of its market approach [16][18]. - The company has faced challenges in product innovation, particularly in categories like seafood snacks, which has contributed to its declining market position [15][19]. Future Directions - Liangpin Shop is attempting to pivot towards "natural and healthy snacks," focusing on improving product quality and reducing reliance on OEM models [18][19]. - The company is also exploring new sales channels, particularly in the gift market, which is projected to grow significantly, indicating a strategic shift towards enhancing brand value and revenue [19][20].

Core Viewpoint - The company, Liangpinpuzi, is facing significant challenges, including a failed ownership transfer and a drastic decline in performance, with a reported net loss of 122.32 million yuan for the first three quarters of 2025, marking a 730.83% year-on-year decrease in profit [1][6][8]. Financial Performance - For the first three quarters of 2025, Liangpinpuzi reported revenue of 4.14 billion yuan, a decrease of 24.45% year-on-year [1][3]. - The net profit attributable to shareholders was -1.22 billion yuan, reflecting a 730.83% decline compared to the previous year [1][3]. - In Q3 2025 alone, the company achieved revenue of 1.31 billion yuan, down 17.72% year-on-year, with a net loss of 28.77 million yuan [3][4]. Business Operations - The company closed 283 stores and opened 65, resulting in a net decrease of 218 stores, bringing the total to 2,227 stores as of September 30, 2025 [4][5]. - Sales across all business segments, including e-commerce, franchise, direct retail, and group purchasing, experienced declines of 14.02%, 25.58%, 19.83%, and 3.58% respectively in Q3 2025 [4]. Ownership and Control Issues - The planned transfer of control from the current major shareholder, Ningbo Hanyi, to Wuhan Changjiang International Trade Group was terminated due to unmet conditions by the deadline of October 15, 2025 [7][8]. - The company confirmed that the termination of the control transfer would not affect its governance structure or ongoing operations [8]. - Ningbo Hanyi sought to sell part of its shares to alleviate its debt, but legal disputes with Guangzhou Light Industry Group have complicated the situation, with a lawsuit involving approximately 1.023 billion yuan [9].

Core Viewpoint - The plan for the sale of the snack company, Liangpinpuzi, to Wuhan state-owned assets has been terminated due to ongoing litigation and failure to meet conditions for the transfer of control [1][3]. Group 1: Company Situation - Liangpinpuzi has faced operational difficulties in recent years, including shrinking scale and financial losses, exacerbated by market environment changes and competition from new snack models [1][10]. - The company announced a significant price reduction across 300 products, averaging a 22% decrease, to combat declining sales and competition from low-cost snack models [12][16]. - In 2023, Liangpinpuzi's revenue dropped by 14.76% to 8.046 billion, with net profit declining by 46.26% to 180 million [16]. Group 2: Control Transfer Attempt - The control transfer plan to Wuhan state-owned assets was initially seen as a positive move for the company, potentially providing financial support and boosting market confidence [4][5]. - The transfer agreement involved significant share sales, with a total transaction value of 10.46 billion for 18.01% of shares at 12.42 yuan per share [5]. - The transfer was halted due to a lawsuit from Guangzhou state-owned enterprise, which accused the controlling shareholder of "selling the same share twice" [6][7]. Group 3: Market Dynamics - The snack market in China is highly fragmented, with intense competition leading to price wars and a trend towards low-cost products [10][11]. - Liangpinpuzi has attempted to position itself in the high-end snack segment but faces challenges from the rising popularity of bulk snack models [10][12]. - The company has made strategic investments in other snack brands but has not successfully leveraged these to enhance its competitive position [12][14].

Core Viewpoint - The plan for the sale of the snack company, Liangpinpuzi, to Wuhan state-owned assets has been terminated due to ongoing litigation and failure to meet conditions for the transfer of control [4][6]. Group 1: Company Situation - Liangpinpuzi has faced operational difficulties in recent years, including shrinking scale and financial losses, largely due to market environment changes and competition from new snack models [4][6]. - The company’s control transfer to Wuhan state-owned assets was seen as a potential lifeline, providing financial support and boosting market confidence [6][8]. - The company has established strong brand recognition and a relatively complete online and offline distribution network over its 19 years in the snack industry [11]. Group 2: Financial Performance - In 2023, Liangpinpuzi's revenue decreased by 14.76% to 8.046 billion, and net profit dropped by 46.26% to 180 million, with a significant decline in non-recurring net profit of 68.82% [15]. - The downward trend continued into 2024, with revenue falling by 11.02% to 7.159 billion and a net loss of 46.1 million [16]. - The first half of 2024 saw a further decline in revenue by 27.21%, with a net loss of 93.55 million and over 100 million in non-recurring net profit losses [16]. Group 3: Management Changes - The company has experienced frequent changes in its core management team, with significant leadership transitions occurring in 2022 and 2023 [18]. - The founder, Yang Hongchun, has returned to the role of general manager after a series of leadership changes, indicating instability within the management structure [18].

Core Viewpoint - The control transfer of the high-end snack company, Liangpin Shop, has been halted as the share transfer agreement with Changjiang International Trade Group failed to meet all conditions for effectiveness [2] Group 1: Control Transfer and Shareholder Changes - The agreement for the transfer of shares from the controlling shareholder, Ningbo Hanyi, to Changjiang International Trade Group was terminated on October 15 due to unmet conditions [2] - If the transfer had been successful, the controlling shareholder would have changed to Changjiang International Trade Group, with the actual controller being the Wuhan State-owned Assets Supervision and Administration Commission [3] - The previous "one share, two sales" incident involving Ningbo Hanyi and Guangzhou Light Industry Group may have contributed to the failure of the control transfer [3][4] Group 2: Legal Disputes and Financial Performance - Guangzhou Light Industry filed a lawsuit against Ningbo Hanyi over a share transfer dispute, leading to the freezing of approximately 79.76 million shares, which is 19.89% of Liangpin Shop's total shares [4] - Liangpin Shop's financial performance has been under pressure, with a reported revenue of 7.159 billion yuan in 2024, down 11.02% year-on-year, and a net loss of 46 million yuan, a decline of 125.57% [8] - As of mid-2025, the company had closed 848 stores, reducing the total number to 2,445, with an average of 11 stores closing each week [8] Group 3: Market Performance - Liangpin Shop's stock price has seen a cumulative decline of 8.63% in the current bull market, with a trading price of 12.52 yuan per share as of October 17, 2025 [9]

Core Viewpoint - The control transfer of the high-end snack company, Liangpin Shop, has been halted as the share transfer agreement with Changjiang International Trade Group was terminated due to unmet conditions, leaving the current controlling shareholder, Ningbo Hanyi, unchanged [1]. Group 1: Control Transfer and Shareholder Changes - The agreement for the transfer of 72.24 million shares (18.01% of total shares) from Ningbo Hanyi to Changjiang International was intended to change the controlling shareholder to Changjiang International, effectively placing control under the Wuhan State-owned Assets Supervision and Administration Commission [2]. - The failed transfer is linked to a previous "dual sale" incident where Ningbo Hanyi had agreed to sell shares to Guangzhou Light Industry Group to resolve debt issues, but did not finalize the agreement by the stipulated date [2][3]. - Guangzhou Light Industry initiated legal action against Ningbo Hanyi over the share transfer dispute, leading to the freezing of approximately 79.76 million shares (19.89% of total shares) held by Ningbo Hanyi [3]. Group 2: Stock Performance and Market Reactions - Prior to the control change announcement, Liangpin Shop's stock experienced a suspicious pre-announcement surge, leading to regulatory scrutiny from the Shanghai Stock Exchange [4][5]. - Liangpin Shop's stock has underperformed in the market, with a year-to-date decline of 8.63%, and as of October 17, the stock price was reported at 12.52 CNY, down 1.73% for the day [7]. Group 3: Financial Performance - Liangpin Shop reported a revenue of 7.159 billion CNY for 2024, a year-on-year decline of 11.02%, and a net loss of 46 million CNY, a significant drop of 125.57% compared to the previous year [6]. - For the first half of 2025, the company continued to face challenges, with revenue of 2.829 billion CNY, down 27.21%, and a net loss of 94 million CNY, a staggering decline of 491.59% year-on-year [6]. - The number of stores decreased from 3,293 at the beginning of 2024 to 2,445 by mid-2025, indicating a closure of approximately 848 stores, averaging 11 closures per week [7].