证券代码：603719 证券简称：良品铺子 公告编号：2025-030 良品铺子股份有限公司 关于控股股东筹划控制权变更事项进展暨股票复牌的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 证券停复牌情况：适用 ? 近日广州轻工工贸集团有限公司就股权转让纠纷对宁波汉意创业投资合伙企 业（有限合伙） （以下简称"宁波汉意"）提起了诉讼，并申请了财产保全。宁 波汉意所持良品铺子 79,763,962 股股份被冻结，占其所持有本公司股数的 转让事项存在不确定性风险。敬请投资者理性投资，注意投资风险。 因良品铺子股份有限公司（以下简称"公司"）控股股东宁波汉意筹划公司控 制权变更事项已取得进一步进展,本公司的相关证券停复牌情况如下： 停牌 证券代码 证券简称 停复牌类型 停牌起始日 停牌终止日 复牌日 期间 公司收到控股股东宁波汉意通知，其正在筹划重大事项，该事项可能导致公 司控制权发生变更。 鉴于该事项在洽谈中，存在不确定性，为保证公平信息披露，维护投资者利 益，避免造成公司股价异常波动，根据《上海证券交易 ...

有投资者问，近期"即时零售"迎来夏季高峰，阿里等平台均在积极布局，大力补贴，请问公司是否有进 驻闪购，未来如何规划该业务？三只松鼠（300783）在互动平台表示，目前公司门店和即时零售板块已 上线饿了么(闪购)，通过线上线下（300959）联动有效助力销售提升；同时线上天猫旗舰店正积极拥抱 并逐步接入淘宝闪购的商家自配链路，上海仓仓配一体业务有序推进中。 ...

Core Viewpoint - The company is expected to achieve significant revenue and profit growth in the first half of 2025, driven by the successful launch of new products and the expansion of emerging sales channels [1][2]. Group 1: Financial Performance - For the first half of 2025, the company anticipates revenue between 746-798 million yuan, representing a year-on-year increase of 40.9%-50.8% [1] - The expected net profit attributable to shareholders is projected to be between 105-112 million yuan, reflecting a year-on-year growth of 37.9%-47.6% [1] - In Q2 2025, the company forecasts revenue of 363-415 million yuan, with a year-on-year growth of 42.7%-63.3% [1] Group 2: Growth Drivers - The company has seen rapid growth in revenue due to the successful launch of its core product, deboned duck feet, in Q3 2024, which has become a key revenue driver [1] - The membership-based supermarket channel has emerged as a significant contributor to revenue growth, with additional product launches expected to further enhance performance [1][2] - The company is also benefiting from strong performance in snack chains and e-commerce channels, contributing to overall revenue increases [1] Group 3: Profitability and Cost Management - The significant increase in profitability in Q2 2025 is attributed to a temporary adjustment in expense allocation, with a reduction in sales expenses expected [2] - Compared to Q1 2025, the profit growth in Q2 is also influenced by a decrease in the impact of financial income on profits [2] - The company is positioned to benefit from the expanding snack food industry, particularly in the spicy snack segment, which is favored by younger consumers [2] Group 4: Future Outlook - The company is expected to maintain a high level of revenue elasticity in 2025, driven by its proactive approach to embracing online and new retail channels [2] - The earnings per share (EPS) forecasts for 2025-2027 are projected at 0.47 yuan, 0.61 yuan, and 0.74 yuan, respectively, with corresponding dynamic price-to-earnings ratios of 26x, 20x, and 17x [3]

Core Viewpoint - The article discusses the recent entry of Qiaqia Food into the ice cream market with its new sunflower seed ice cream product, highlighting the challenges the company faces in promoting this product and its overall business performance decline [2][4][6]. Group 1: Product Launch and Market Entry - Qiaqia Food launched a new sunflower seed ice cream in mid to late June, featuring a combination of sunflower seeds and ice cream in three flavors: melon seed, caramel sunflower seed, and walnut sunflower seed [3]. - The product is currently in the trial sales phase, available on platforms like JD, Tmall, and Pinduoduo, with a price of approximately 7 yuan per 60g unit, totaling around 125 yuan for an 18-pack [4][6]. - Despite the launch, the product is reportedly hard to find in mainstream fresh food channels like Hema and Dingdong Maicai, with many retailers unaware of its existence [6]. Group 2: Business Performance and Challenges - Qiaqia Food has faced significant business challenges, with both revenue and net profit declining for the first time in 2023, and a staggering 67.88% drop in net profit in Q1 2025, marking the worst performance since its listing [2][13]. - The core business of sunflower seeds, which accounts for over 60% of revenue, is nearing a growth ceiling, with revenue growth of only 2.6% in 2024 [15]. - The company has struggled with competition in the sunflower seed market, particularly from fresh-roasted brands, and has seen increasing return rates on unsold products [15]. Group 3: Diversification Attempts - The ice cream venture is part of Qiaqia's broader diversification strategy, which has included attempts to enter various snack categories since 2008, but these efforts have not significantly contributed to revenue [9][12]. - Qiaqia's diversification has faced challenges due to resource dispersion and brand dilution, with past attempts in categories like jelly and chips failing to maintain profitability [12]. - The company aims to leverage its existing resources in nuts and seeds to create differentiated products, but faces stiff competition from established brands like Nestlé and Yili [6][12].

Core Viewpoint - The entry of Qiaqia Food into the ice cream market with its new seed ice cream product aims to attract the younger demographic, but the company faces significant challenges in distribution and market competition [2][5][10]. Group 1: Product Launch and Market Presence - Qiaqia Food has launched a new seed ice cream product, featuring flavors like melon seed ice cream and caramel seed ice cream, targeting the frozen food segment [2][3]. - The product is currently in the trial sales phase, available on platforms like JD, Tmall, and Pinduoduo, with a price of approximately 7 yuan per 60g unit [3][5]. - Despite the online presence, the product is reportedly hard to find in mainstream fresh food channels, indicating a lack of effective distribution [5][6]. Group 2: Business Challenges - Qiaqia Food's recent financial performance has been poor, with a 1.13% decline in revenue to 6.806 billion yuan and a 17.7% drop in net profit in 2023, marking the first negative growth since its listing [10][12]. - The company’s core business, sunflower seeds, which accounts for over 60% of revenue, is facing stagnation, with a mere 2.6% growth in 2024 [12][13]. - Increased competition in the sunflower seed market and changing consumer preferences towards healthier snacks have further pressured Qiaqia's traditional product lines [12][13]. Group 3: Strategic Considerations - Qiaqia Food's diversification efforts, including the ice cream venture, reflect a broader strategy to find new growth avenues amid declining core business performance [7][9]. - The company has previously struggled with diversification, as seen in its attempts to enter various snack categories without significant success [7][9]. - The need for effective cold chain logistics and marketing strategies is critical for Qiaqia to succeed in the competitive ice cream market [6][10].

Core Viewpoint - Sam's Club is facing a trust crisis as it introduces common brands like Haoliyou and Weilong, which has led to dissatisfaction among members who expect premium products for their membership fees [1][4][12]. Group 1: Product Controversies - The introduction of "low-sugar" Haoliyou pie has sparked debate, with members questioning the need for such products that are readily available in regular supermarkets [4][12]. - The "special supply" version of Haoliyou pie claims to reduce sugar by 80% and increase cocoa content by 30%, but the differences from the classic version are not significant [4][8]. - The pie's ingredient list includes several artificial sweeteners, leading to consumer feedback that it remains too sweet despite the reduced sugar content [8][9]. Group 2: Brand Positioning and Changes - Brands like Weilong and Xu Fu Ji have altered their product presentations for Sam's Club, with unique packaging and formulations that differ from their standard offerings [12][23]. - The "panpan" branding for products from Panpan Food has been criticized for misleading consumers into thinking they are imported goods due to the upscale packaging [25][27]. - Sam's Club has been noted for its strategy of introducing popular brands with modified packaging, which may not always align with the premium image expected by its members [30][33]. Group 3: Sales and Market Strategy - As of April 2023, Sam's Club has 54 locations in China, with plans to exceed 60 by the end of the year, indicating a strong growth trajectory [33]. - Three stores have already surpassed annual sales of $500 million (approximately 3.67 billion RMB), with expectations for this number to increase significantly by 2025 [33].

Core Viewpoint - The company is experiencing a significant shift towards family governance, marked by the departure of key executives and a return to leadership by the Liu family, which raises questions about the future direction and management of the company [2][12][24]. Group 1: Executive Changes - The recent resignations of CEO Sun Yinan and CFO Peng Hongzhi within four months indicate a major leadership transition at the company [2][3]. - The board of directors has been reduced from six to four members, with control returning to the Liu brothers, who hold 78.33% of the company's shares [2][23]. - The new appointments of Liu Fuping as CEO and Yu Feng as CFO further emphasize the company's shift towards family-centric management [2][12]. Group 2: Market Reaction - Following the announcement of executive changes, the company's stock price dropped nearly 13%, resulting in a market capitalization loss of approximately 46 billion HKD [3][4]. - The stock price has decreased by 28.6% from its peak of 17.783 HKD per share, reflecting investor concerns about the leadership transition [4][11]. Group 3: Performance and Strategy - The company reported a revenue of 6.266 billion CNY in 2024, marking a 28.6% year-on-year increase, and a net profit of 1.069 billion CNY, up 21.37% [7][8]. - The shift in product focus from traditional spicy strips to vegetable products, particularly konjac products, has led to a significant change in revenue structure, with vegetable products now accounting for 53.8% of total revenue [26][27]. - The average price of spicy strips has increased by 47% from 13.9 CNY/kg to 20.5 CNY/kg between 2018 and 2023, which has negatively impacted sales volume [29]. Group 4: Challenges Ahead - The company faces increasing competition in the konjac product market, which may lead to a similar fate as its spicy strips if not managed properly [30][31]. - The reliance on offline sales channels, which account for 88.8% of revenue, poses a risk as the company has missed opportunities in emerging online sales channels [34][35]. - Recent quality control issues, such as the packaging weight discrepancy in konjac products, highlight the challenges in supply chain and quality management under family governance [32][34].

Core Viewpoint - Company is facing a potential change in control due to ongoing negotiations involving its major shareholder, which has led to a suspension of trading and a significant expected loss in net profit for the first half of the year [1][2][8]. Group 1: Control Change and Trading Suspension - On July 10, the company's stock price surged by 10.73% to close at 13.71 yuan, followed by an announcement regarding a potential change in control due to major matters being planned by its controlling shareholder, Ningbo Hanyi [2]. - The company received a regulatory notice requiring clarification on the stock price surge related to the major matters disclosure [2]. - The trading suspension is expected to last until at least July 18, with the company unable to resume trading on July 15 as initially planned [2][6]. Group 2: Financial Performance and Losses - For the first half of the year, the company anticipates a net loss of between 75 million yuan and 105 million yuan, marking a significant downturn from previous performance [8][10]. - The company has experienced a decline in gross margin due to price reductions and adjustments in product structure, alongside a decrease in sales scale and net profit compared to the previous year [10]. - This marks the first time the company has reported a half-year loss since its listing, following a previous annual loss [10]. Group 3: Shareholder Structure and Management Changes - Ningbo Hanyi, established in August 2017, is the controlling shareholder, holding 38.22% of the company's shares as of June, with notable partners including Yang Hongchun and Yang Yinfeng [5]. - The company has seen changes in its executive team, with founder Yang Yinfeng resigning as chairman and CEO in March, and Yang Hongchun resuming the CEO role in April [6].

Group 1 - The CEO and CFO of Weilong have resigned within four months, with CFO Peng Hongzhi's resignation effective from August 31, 2025, and Yu Feng appointed as the new CFO [1][4] - Peng Hongzhi has been with Weilong for 15 years, with a total compensation of approximately 18.22 million RMB for 2024, including salary, bonuses, and other benefits [2][3] - The stock price of Weilong dropped nearly 13% following the announcement of the management changes, closing at 12.62 HKD per share, with a total market capitalization of 30.681 billion HKD [4] Group 2 - The management changes reflect a consolidation of family control within the company, as the chairman and vice-chairman are brothers, and other key executives are also family members [7] - Since 2020, Weilong's revenue and annual profit have been on the rise, with 2024 revenue exceeding 6 billion RMB and annual profit surpassing 1 billion RMB, although challenges remain [7][8] - The revenue from seasoned flour products, a core product, decreased from 52.3% of total revenue in 2023 to 42.6% in 2024, while vegetable products increased from 43.5% to 53.8% [8][9] Group 3 - The flagship product, konjac snacks, has gained popularity but faces intense competition from other brands, leading to a saturated market [10] - A recent quality issue regarding the konjac product went viral, prompting the company to apologize and commit to improving quality control [10] - The return of the founding family to key positions may ensure strategic direction but raises concerns about corporate governance and transparency [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve revenue of 746-798 million yuan in H1 2025, representing a year-on-year increase of 40.9%-50.8% [7] - The net profit attributable to the parent company is projected to be 105-112 million yuan, a year-on-year increase of 37.9%-47.6% [7] - The company has shown strong growth potential, with new product launches contributing positively to revenue [7] - Profit margins have exceeded expectations due to improved operational efficiency and a decrease in marginal costs [7] - The earnings forecast has been revised upwards, with net profits for 2025-2027 expected to be 231.58 million, 285.29 million, and 328.92 million yuan respectively, reflecting growth rates of 47.19%, 23.19%, and 15.29% [7] Financial Summary - Total revenue for 2023 is projected at 966.21 million yuan, with a year-on-year decrease of 5.68% [1] - For 2024, total revenue is expected to rise to 1,182.33 million yuan, a growth of 22.37% [1] - The company’s net profit for 2023 is estimated at 116.16 million yuan, down 24.38% year-on-year [1] - The earnings per share (EPS) for 2023 is projected at 0.27 yuan, with a P/E ratio of 45.77 [1] - The company’s total assets are expected to be 2,047 million yuan in 2024, with a debt ratio of 15.85% [6]