Core Viewpoint - Huangshanghuang is seeking new growth opportunities by acquiring a 51% stake in freeze-dried food company Fujian Lixing Food Co., Ltd. for approximately 495 million yuan, as its main business has been struggling with declining sales and store closures [2][3]. Acquisition Details - The acquisition involves signing a share transfer agreement with multiple shareholders of Lixing Food, with a total transaction price of about 495 million yuan [3]. - Lixing Food, established in 2006, operates 37 freeze-drying production lines and has an annual production capacity of nearly 6,000 tons of various freeze-dried products [3]. - As of June 30, 2025, Lixing Food's net assets are valued at 277 million yuan, with a third-party valuation of 978 million yuan, indicating a 252.58% appreciation [3]. - Lixing Food's projected revenues for 2024 and the first half of 2025 are 415 million yuan and 251 million yuan, respectively, with net profits of approximately 42.22 million yuan and 41.88 million yuan [3]. Strategic Intent - The acquisition aligns with Huangshanghuang's strategy of product diversification, aiming to leverage Lixing Food's sales channels to access new markets and consumer groups [4]. - The freeze-dried food sector has applications in various fields, including aerospace, military, outdoor adventures, and healthcare, which could broaden Huangshanghuang's market reach [4]. Business Performance - Huangshanghuang's revenue has been declining, with a reported revenue of 984 million yuan in the first half of 2025, down 7.19% year-on-year [5]. - The company's revenue has shown a downward trend from 2.339 billion yuan in 2021 to 1.739 billion yuan in 2024, with year-on-year declines of 4.01%, 16.46%, 1.70%, and 9.44% respectively [5]. - The sales volume of Huangshanghuang's main products, including meat and rice products, has also decreased significantly from 2021 to 2024 [6]. Market Context - The market for marinated products is projected to grow to 333.2 billion yuan in 2024, reflecting a year-on-year increase of 4.8%, but the growth rate has slowed compared to previous years [6]. - The decline in sales and store numbers has prompted Huangshanghuang to explore opportunities outside its core business [6]. Expert Opinions - Analysts suggest that while the acquisition may provide short-term relief from performance pressures, effective integration and management of the new business will be crucial for long-term success [7].

作为卤味三巨头之一，煌上煌（002695）具备较强的发展韧性。 8月7日晚间，煌上煌发布2025年半年度报告，上半年营业收入9.84亿元，同比下降7.19%；归属于上市 公司股东的净利润7691.99万元，同比增长26.9%；扣非净利润6810万元，同比增长40.27%。 多项业绩指标均向好 资料显示，煌上煌创立30余年来，从深耕江西本土的特色卤味品牌起步，凭借对传统工艺的坚守与消费 需求的敏锐捕捉，逐步拓展产品边界，形成了如今覆盖多元品类的成熟业务体系，公司主要业务为酱卤 肉制品、米制品及少量佐餐凉菜等其他产品的开发、生产和销售。 近年来，随着消费者对卤味食品需求的进一步增长，消费者既追求味觉体验也看重性价比，吸引新兴品 牌加速进入，卤制品行业竞争日益激烈。龙头企业面临营收下滑、门店收缩压力，行业进入存量竞争阶 段。 基于终端多样化的新零售消费场景，煌上煌通过运用营销中台会员系统能力，制定全渠道会员营销策 略，实现公域（外卖到家、到店团购）获客导入会员中心，构建包括会员等级制度、积分奖励机制等完 整的会员运营体系，提升品牌会员忠诚度，促进新零售业绩增长。 福州公孙策公关咨询有限公司合伙人詹军豪表示："随着市 ...