制图:朱林(即梦AI生成) "滋润你我他，幸福千万家。"曾几何时，这句广告词伴随着隆力奇蛇油膏走进了千家万户。创立于1986 年的隆力奇，作为民族日化品牌的代表之一，承载着一代人的消费记忆。然而近年来，这家老牌国货却 频频陷入传销争议。 近日，南都记者接到多位消费者报料，称隆力奇旗下"倍莱鲜羊奶粉"以直销为名，开展涉嫌传销的销售 活动。记者调查发现，该产品不仅不在隆力奇合法的直销产品名录内，且作为普通食品却长期宣传保健 功效，其推广模式存在明显的层级返利特征。目前，隆力奇集团自身也深陷多起纠纷，累计被执行金额 超8亿元。 宣传册清晰标注层级晋升机制 记者对比发现，当前在多个渠道主推的"倍莱鲜羊奶粉"并不在该公司合法的直销产品名录之内。这意味 着，任何以"隆力奇直销"名义销售该羊奶粉的行为，均属于超出许可范围的违规经营。 从直销到"拉人头"多层次返利 接受记者采访当天，孙女士刚和母亲因一款羊奶粉发生争执。去年底，孙女士54岁的母亲退休后开始接 触隆力奇旗下倍莱鲜羊奶粉项目。"她认为这是老品牌带来的新机会。"孙女士说。 然而，当孙女士看到母亲带回来的宣传册时，立即警觉起来。册子上不仅宣称产品具有"15天瘦13 斤 ...

Core Insights - On November 21, Jiaheng Jiahua's stock rose by 0.76%, with a trading volume of 159 million yuan [1] - The company recorded a net financing purchase of 16.49 million yuan on the same day, with a total financing and securities balance of 215 million yuan [1][2] - For the period from January to September 2025, Jiaheng Jiahua achieved a revenue of 860 million yuan, representing a year-on-year growth of 24.42%, but reported a net profit loss of 29.50 million yuan, a significant decrease of 1430.74% year-on-year [2] Financing and Securities - On November 21, Jiaheng Jiahua had a financing purchase of 25.03 million yuan, with a current financing balance of 215 million yuan, accounting for 5.54% of its market capitalization [1] - The financing balance is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - There were no short-selling activities on November 21, with a short-selling balance of 0 yuan, also exceeding the 90th percentile level over the past year [1] Shareholder and Dividend Information - As of November 10, the number of shareholders for Jiaheng Jiahua was 6,250, a decrease of 20.89% from the previous period, while the average circulating shares per person increased by 26.40% to 16,128 shares [2] - Since its A-share listing, the company has distributed a total of 178 million yuan in dividends, with 98.78 million yuan distributed over the past three years [2] - As of September 30, 2025, the top ten circulating shareholders saw a change, with Bosera New Growth Mixed Fund exiting the top ten list [2]

Core Insights - Jiaheng Jiahua reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue reached 514 million yuan, a year-on-year increase of 21.72% [1] - Net profit attributable to shareholders was -32.14 million yuan, a decline of 489.78% compared to the previous year [1] - The second quarter saw total revenue of 295 million yuan, up 34.99% year-on-year, but net profit was -12.21 million yuan, down 381.37% [1] Profitability Metrics - Gross margin decreased to 14.98%, down 23.92% year-on-year [1] - Net margin was -6.26%, a drop of 384.54% compared to the previous year [1] - Total selling, administrative, and financial expenses amounted to 94.94 million yuan, accounting for 18.49% of revenue, a slight decrease of 0.63% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased to 155 million yuan, down 16.89% year-on-year [1] - Accounts receivable increased to 320 million yuan, a rise of 30.79% [1] - Interest-bearing debt rose to 676 million yuan, an increase of 20.77% [1] Shareholder Metrics - Earnings per share were -0.32 yuan, a significant decline of 540.00% year-on-year [1] - Book value per share decreased to 8.68 yuan, down 8.24% [1] - Operating cash flow per share was 0.15 yuan, a decrease of 31.13% [1] Investment Return Analysis - Historical median ROIC since listing is 11.15%, with the worst year being 2024 at -0.84% [3] - The company has reported one loss year since its IPO, indicating potential underlying issues [3] Financial Health Indicators - Cash flow situation is concerning, with cash to current liabilities ratio at 51.41% [3] - Debt situation is also a concern, with interest-bearing debt to asset ratio at 35.51% [3] - Accounts receivable situation is critical, as the annual net profit attributable to shareholders is negative [3]