7月10日晚间，A股"高端零食第一股"良品铺子（603719.SH）发布公告称，公司控股股东宁波 汉意创业投资合伙企业（有限合伙）（以下简称"宁波汉意"）正在筹划重大事项， 该事项可 能导致公司控制权变更。 公司股票将自7月11日（周五）开市起停牌，预计停牌时间不超过两 个交易日。 同日，良品铺子开盘后快速拉升，以13.71元/股封住涨停板。Wind数据显示，零食指数 （851281.SI）收盘下跌0.98%。公告发布后，引发投资者热议甚至质疑，对此南财快讯记者向 良品铺子有关人士求证，对方回应称： "一切以公告发布为准。" 电影院告急！空场率达40%，场均观众少至2人 上调2%！退休人员基本养老金调整 业绩方面，良品铺子持续承压，2024年公司营收71.59亿元，同比下滑11.02%，归母净利润亏 损0.46亿元，同比大跌125.57%。2025年一季度延续颓势，公司营收17.32亿元，同比下跌 29.34%；归母净利润亏损0.36亿元，同比大跌157.85%。 对此，良品铺子表示，公司正处于经营策略调整阶段，降价对毛利产生了一定的影响，同时因 毛利率等变动，公司部分门店资产减值及存货跌价准备增加，以上均带 ...

Group 1 - The core point of the article is that the major shareholder of the company, Ningbo Hanyi, is planning a significant matter that may lead to a change in the company's control, resulting in a temporary suspension of the company's stock trading [2][4]. - After the announcement, the stock of the company surged to a limit-up price of 13.71 CNY per share, while the snack index closed down by 0.98% [4]. - The company was founded in 2006 and became the "first high-end snack stock" in A-shares in February 2020, integrating digital technology with supply chain management and multi-channel sales [6]. Group 2 - As of June 4, 2025, Ningbo Hanyi holds 141 million shares of the company, accounting for 35.23% of the total share capital, with a market value of 1.872 billion CNY [7]. - The company has faced significant operational challenges, with a revenue of 7.159 billion CNY in 2024, down 11.02% year-on-year, and a net profit loss of 46 million CNY, a decline of 125.57% [7]. - In the first quarter of 2025, the company continued to struggle, reporting a revenue of 1.732 billion CNY, down 29.34% year-on-year, and a net profit loss of 36 million CNY, a drop of 157.85% [7].

Core Viewpoint - The traditional snack giants are facing a survival crisis as they struggle against the rise of low-cost snack brands, leading to significant declines in revenue and profit margins [1][2][20]. Group 1: Performance of Traditional Snack Giants - Laiyifen reported a double-digit decline in both revenue and net profit in its 2024 annual report, marking the largest loss since its IPO [1] - Good Products also experienced its first annual loss since its listing in 2020 [1] - Three squirrels terminated the acquisition of Ailingshi and announced a strategic partnership with Snack Selection, while facing legal challenges from Ailingshi [1][2] Group 2: Rise of Low-Cost Snack Brands - Low-cost snack brands are rapidly gaining market share through a "low-margin, high-volume" model, posing unprecedented challenges to traditional snack companies [2] - Brands like "Very Busy" and "Snack Revolution" have emerged, focusing on price competitiveness and direct factory connections, undermining the brand premium of traditional players [3][4] Group 3: Changing Consumer Behavior - Young consumers are becoming more rational, with a decreasing willingness to pay a premium for brands [4] - The perception of high prices and product homogeneity among traditional brands is leading to a loss of consumer loyalty [3][4] Group 4: Challenges Faced by Traditional Giants - Three Squirrels heavily relies on online channels, with 70% of its revenue still coming from third-party e-commerce platforms in 2024 [5] - The company aimed for a "ten-thousand store plan" by 2024 but only managed to open 333 stores, closing 549 in 2022 alone [6] - Laiyifen's store count decreased by 16.28% from 2023 to 2024, highlighting the struggles of traditional retail models [6] Group 5: Profitability Issues in the Low-Cost Segment - Leading low-cost brands like "Wancheng" and "Mingming Very Busy" have achieved rapid growth but maintain low profit margins of 0.91% and 2.1% respectively [7][8] - The franchise model prevalent in low-cost brands raises concerns about sustainability, as profitability for franchisees is crucial for continued expansion [8] Group 6: Future Directions for Traditional Giants - Traditional snack companies are exploring new product lines and pricing strategies to combat the low-cost competition, with Good Products initiating a significant price reduction across 300 products [14] - However, this price-cutting strategy risks damaging brand value and consumer trust [14] - The need for operational upgrades and a complete supply chain overhaul is emphasized as essential for survival in the evolving market [17][20] Group 7: New Business Models - Three Squirrels has opened its first lifestyle store, expanding beyond snacks to include a variety of products, indicating a shift towards a more comprehensive retail approach [18] - The company is also developing a convenience store model, focusing on a low-margin strategy with a diverse product mix [18] Group 8: Conclusion - The snack industry is undergoing a transformation where traditional high-end branding is losing relevance, and the focus is shifting towards affordability and value [20] - The future of the snack market will favor brands that can deliver genuine value to consumers, necessitating a reevaluation of cost structures and value propositions by traditional giants [20]