证券日报网讯 甘源食品8月26日在互动平台回答投资者提问时表示，公司持续聚焦休闲零食主营业务， 目前正积极拓展国内外销售渠道，通过创新美味的优质产品不断提高销售规模。公司若有相关重大事项 筹划，将按照法律法规的要求进行信息披露。 （编辑 袁冠琳） ...

2025 年 08 月 26 日 开源晨会 0826 ——晨会纪要 | 行业名称 | 涨跌幅(%) | | --- | --- | | 美容护理 | 0.010 | | 纺织服饰 | 0.169 | | 石油石化 | 0.391 | | 轻工制造 | 0.547 | | 汽车 | 0.706 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【策略】机构关注度提升：电力设备、基础化工、食品饮料、钢铁——机构调研 周跟踪-20250825 晨 会 纪 -24% 0% 24% 48% 72% 96% 2024-08 2024-12 2025-04 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | 4.852 | | 有色金属 | 4.634 | | 房地产 | 3.319 | | 综合 | 3.311 | | 钢铁 | 2.741 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 行业公司 【社服】潮玩龙头引领全球风潮，中餐关注到家场景增量——行业 ...

Group 1 - The Shanghai Food Industry Park is strategically located in the core area of the Yangtze River Delta, leveraging Shanghai's large consumer market and mature industrial chain to form a food processing industry cluster focused on specialty food [1][2] - The park benefits from Shanghai's advantages, including a population of over 20 million, high consumer demand for quality and diverse food products, and a well-developed logistics network that facilitates quick product delivery [2][3] - The industry park encourages the development of specialty food products, including traditional snacks and pre-prepared meals, while some companies localize imported food production to cater to domestic tastes [2][3] Group 2 - The park promotes modern production techniques to ensure food safety and quality, with strict quality control systems in place from raw material intake to finished product delivery [3][7] - A collaborative industrial chain model has been established, where upstream suppliers work closely with processing companies, and downstream sales channels connect with supermarkets and e-commerce platforms to reduce operational costs [7][10] - Future challenges include increasing market competition, rising raw material prices, and labor costs, prompting the need for continuous innovation and adaptation to consumer demands [10] Group 3 - The industry park aims to enhance smart production capabilities and strengthen food research and development to create healthier product options, such as low-sugar and low-salt foods [10] - The park is expected to play a more significant role in the food industry as consumer preferences evolve and technological advancements continue [10]

Core Viewpoint - The strategic investment by Wuhan Financial Holding Group through Changjiang International Trade Group aims to enhance the core competitiveness of Liangpinpuzi for the next decade, marking a significant shift in the company's control structure and strategic direction [2][3]. Company Summary - Liangpinpuzi plans to transfer 72,239,900 shares (18.01% of total shares) from its current controlling shareholder, Ningbo Hanyi Venture Capital, to Changjiang International Trade Group at a price of 12.42 yuan per share [3]. - The actual controller will change to the State-owned Assets Supervision and Administration Commission of Wuhan Municipal People's Government upon completion of the transaction [3]. - The founder, Yang Hongchun, will remain in a senior management position and retain significant shareholder status, ensuring continuity in leadership [3]. Strategic Direction - Liangpinpuzi aims to transition from a "quality snack" brand to a "quality food" operator, focusing on product innovation and supply chain integration [3][4]. - The company has established 14 exclusive raw material bases, enhancing its supply chain advantages and product competitiveness [4]. - The collaboration with state-owned resources is expected to facilitate breakthroughs in supply chain optimization, channel expansion, and research innovation [3][4]. Industry Context - The move reflects a broader trend of state-owned enterprises in Hubei province engaging in mergers and acquisitions, with multiple companies undergoing similar transitions [6]. - The integration of state capital is seen as a means to enhance industrial synergy and optimize resource allocation, thereby improving overall industry competitiveness [7]. - The regulatory environment supports such mergers and acquisitions as a tool for economic transformation and high-quality development [6].

Core Viewpoint - The company, Liangpinpuzi, is undergoing a significant change in its controlling shareholder, transitioning from Ningbo Hanyi to Wuhan Yangtze International Trade Group, which is expected to enhance its operational capabilities and governance structure [1][2][3]. Shareholder Changes - The current controlling shareholder, Ningbo Hanyi and its action group, hold 153,257,214 shares, accounting for 38.22% of the total shares. After the transfer, the new controlling shareholder, Wuhan Yangtze International Trade Group, will hold 84,210,000 shares, representing 21.00% of the total shares [2][3]. - The share transfer agreement stipulates a price of 12.42 CNY per share for 72,239,880 shares from Ningbo Hanyi and 11,970,120 shares from Liangpin Investment, totaling approximately 1.05 billion CNY [4]. Financial Performance - In 2024, Liangpinpuzi reported a revenue of 7.16 billion CNY, a decrease of 11.02% year-on-year, and a net loss attributable to shareholders of 46.10 million CNY, compared to a profit of 180.29 million CNY in the previous year [8][9]. - The first quarter of 2025 showed a revenue of 1.73 billion CNY, down 29.34% year-on-year, with a net loss of 36.15 million CNY, compared to a profit of 62.48 million CNY in the same period last year [10][12]. Legal and Regulatory Considerations - The share transfer is subject to approval from the shareholders' meeting, regulatory authorities, and compliance checks by the Shanghai Stock Exchange [4][6]. - There is an ongoing legal dispute involving Ningbo Hanyi, which has led to the freezing of 79,763,962 shares, potentially complicating the transfer of control [5][6].

Core Viewpoint - The company, Liangpinpuzi, is undergoing a significant change in its ownership structure by introducing a strategic investor, Changjiang Guomao, which will become the new controlling shareholder, aiming to leverage the investor's resources for transformation and development [1][2]. Group 1: Ownership and Share Transfer - Liangpinpuzi announced that it will transfer a total of 722,398,800 shares (21% of total shares) from its current controlling shareholders, Ningbo Hanyi and Liangpin Investment, to Changjiang Guomao [1]. - The total transaction amount for the share transfer is approximately 1.491 billion yuan [1]. - After the transfer, Changjiang Guomao will hold 29.99% of the shares, becoming the controlling shareholder, while Ningbo Hanyi will retain 17.22% as the second-largest shareholder [1]. Group 2: Management and Strategic Direction - The founder, Yang Hongchun, will remain in a senior management position and retain significant shareholder status despite the ownership change [2]. - The company aims to utilize Changjiang Guomao's expertise in supply chain services and logistics to enhance its operational capabilities and develop a comprehensive industrial ecosystem [2]. Group 3: Financial Performance - Liangpinpuzi's revenue has declined from 9.324 billion yuan in 2021 to 8.046 billion yuan in 2023, and net profit has decreased from 282 million yuan to 180 million yuan during the same period [2]. - In 2022, the company reported a revenue of 7.159 billion yuan, a year-on-year decrease of 11.02%, and a net loss of 46.1045 million yuan, a decline of 125.57% [3]. - For the first quarter of 2023, the company achieved a revenue of 1.732 billion yuan, down 29.34% year-on-year, with a net loss of 36.1486 million yuan, a decrease of 157.85% [3].

Core Viewpoint - The article discusses the strategic investment by Wuhan Financial Holdings, through its subsidiary Changjiang International Trade Group, in Liangpinpuzi, marking a significant change in the company's control structure and aiming to enhance its long-term development and competitiveness in the snack food industry [1][5][11]. Summary by Sections Transaction Details - On July 17, Liangpinpuzi announced the introduction of Changjiang International Trade Group as a strategic investor, with a total transaction value of 1.046 billion yuan, resulting in Changjiang holding 21% of the company's shares [1][5]. - The share transfer involves Ningbo Hanyi and its action group transferring a total of 84,000,000 shares, which constitutes 21% of the company, while their holdings will decrease to 17.22% post-transaction [3][7]. Control Change - The actual controller of Liangpinpuzi will shift from private individuals to the Wuhan Municipal Government's State-owned Assets Supervision and Administration Commission, indicating a significant governance change [2][5]. - Prior to the transaction, Ningbo Hanyi and its action group held 38.22% of the shares, which will be reduced after the transfer [5][11]. Strategic Implications - The partnership is expected to leverage Changjiang's supply chain capabilities and Liangpinpuzi's established brand network, creating a complementary ecosystem that enhances operational efficiency and market competitiveness [16][20]. - Liangpinpuzi aims to transition from a "snack brand" to a "quality food operator," focusing on product innovation and supply chain integration, which aligns with industry trends towards comprehensive value chain competition [16][20]. Market Context - The transaction is viewed as a critical move for Liangpinpuzi amidst a competitive landscape, with analysts highlighting its uniqueness as the first national snack food platform controlled by local state capital [14][20]. - The introduction of state capital is seen as a pathway to drive industry upgrades and improve governance structures, potentially enhancing profitability and shareholder returns [13][20]. Future Outlook - The company plans to utilize the resources from state capital to optimize supply chains, expand channels, and innovate in research and development, positioning itself for sustainable growth [18][19]. - The founder will remain involved in the company, ensuring continuity in leadership while pursuing strategic goals [18].

Core Viewpoint - The strategic investment by Wuhan Changjiang International Trade Group Co., Ltd. will lead to a change in the controlling shareholder of Liangpinpuzi, enhancing its supply chain and operational capabilities for sustainable development [1][2]. Group 1: Share Transfer Details - The total transaction amount is approximately 1.046 billion yuan, with Ningbo Hanyi transferring 72,239,880 shares (18.01% of total shares) and Liangpin Investment transferring 11,970,120 shares (2.99% of total shares) to Changjiang Guomao [1]. - The share transfer will not trigger a mandatory tender offer, and there are no related party transactions involved [1]. Group 2: Strategic Implications - The introduction of Changjiang Guomao as the new controlling shareholder is expected to leverage its experience in supply chain services, international and domestic trade, and modern logistics to empower Liangpinpuzi's transformation and development [2]. - Liangpinpuzi aims to create a comprehensive industrial ecosystem with the concept of "one product, one chain, one park" to achieve high-quality sustainable growth [2]. Group 3: Company Background - Since its establishment in 2006, Liangpinpuzi has grown into a leading brand in the snack food sector, with over 2,700 offline stores and a presence on major e-commerce platforms, projecting a revenue of 7.159 billion yuan for 2024 [2]. - The founder, Yang Hongchun, will remain in a senior management position and retain significant shareholder status despite the change in controlling shareholder [2].

Core Insights - The 6th China Zhangzhou (Longhai) Food Expo commenced on July 16, with the theme "Delicious Zhangzhou, Fragrant Longhai," spanning 4 days and covering an exhibition area of 48,000 square meters, attracting 359 renowned brand enterprises from both domestic and international markets [1] - The expo features six major exhibition areas, with 164 special exhibition booths and 277 standard booths, covering the entire industry chain including baked goods, snacks, meat products, freeze-dried foods, beverages, fruit and vegetable products, seafood processing, health foods, canned goods, food machinery, packaging design, and raw materials [1] - Since its inception in 2018, the China Zhangzhou (Longhai) Food Expo has become a benchmark event in the industry, with local government emphasizing "technological innovation" to align with the goal of building a modern coastal city [1] Industry Development - The editor-in-chief of China Food News highlighted that the Chinese food industry is at a new historical starting point, emphasizing the importance of developing new productive forces to reshape core competitiveness [2] - Key recommendations include focusing on technological innovation and digital transformation, promoting high-quality development in nutrition, health, and environmental sustainability, and accelerating industrial transformation to create a modern food industry structure [2] - Zhangzhou, recognized as the first "China Food City" in the south, boasts significant achievements in the food processing industry, with 752 large-scale enterprises generating a total output value of 133.8 billion yuan last year and food exports totaling 29.3 billion yuan, ranking first among prefecture-level cities in China [2] Digital Transformation - The launch of the "Long Food Cloud Exhibition" platform during the expo allows 30 quality food enterprises from Longhai to showcase 80 products online, facilitating 24-hour customer acquisition [2] - The expo also introduced offline "factory selection" events, inviting over 100 distributors to select products in advance, resulting in over 1 billion yuan in intended new orders [2]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index and Shenzhen Component Index both up by 0.04%, while the ChiNext Index opened down by 0.08% [1] - The Shanghai Composite Index is at 3,498.72 points, with a slight increase of 0.04% and a trading volume of 52.45 billion [2] - The Shenzhen Component Index is at 10,592.51 points, also up by 0.04%, with a trading volume of 81.21 billion [2] - The ChiNext Index is at 2,179.32 points, down by 0.08%, with a trading volume of 35.64 billion [2] External Market - The US stock market showed mixed results, with the Dow Jones down by 0.37% at 44,240.76 points, the S&P 500 down by 0.07% at 6,225.52 points, and the Nasdaq up by 0.03% at 20,418.46 points [3] - Chinese concept stocks performed well, with the Nasdaq China Golden Dragon Index up by 0.71%, outperforming the US indices [3] Industry Insights - CITIC Securities reports a positive long-term trend in the medical device industry, driven by innovation, mergers, and internationalization, with expectations of high growth in Q3 due to new product launches [4] - CICC anticipates continued high growth in new consumption sectors, particularly in health drinks and snacks, with a stable improvement in the food and beverage sector [5] - China Galaxy Securities highlights that leading companies in the steel industry are expected to benefit from improved supply-demand dynamics due to upcoming supply-side reforms [6] - CITIC Securities notes that the overseas energy storage and industrial storage sectors are at a turning point, with expectations of significant performance improvements for leading companies by Q2 2025 [7]