2026年1月5日，广西旅游发展集团有限公司（简称"广旅集团"）公众号发布消息称，2025年12月30日证 券交易过户完成，标志着旗下广旅大健康收购南方黑芝麻约20%控股权项目圆满收官。至此，广旅集团 正式入主"中国黑芝麻产业第一股"，完成了从传统旅游企业向综合性康旅产业运营商转型的关键一步， 开创了"文旅国企+健康食品龙头"产业协同新模式，开启了"文旅+大健康"产业深度融合新征程。 福建华策品牌定位咨询创始人詹军豪接受新京报记者采访时表示，广西国资控股本质是资源与信用的双 重赋能。一方面，国资背景能有效降低融资成本、化解历史资金风险，为产品研发与渠道拓展输血；另 一方面，可依托广西本地文旅、康养产业生态，实现"黑芝麻+"场景的跨界落地，同时借助地方政策倾 斜，强化品牌在健康食品赛道的合规性与竞争力。 "南方黑芝麻（000716）糊"的最终归宿终于落锤。芝麻糊生产企业——南方黑芝麻集团股份有限公司 （简称"南方黑芝麻"）发布公告称，公司控股股东已经完成股份过户登记，控股股东将变更为广西旅发 大健康产业集团有限公司（简称"广旅大健康"），实控人将变更为广西壮族自治区人民政府国有资产监 督管理委员会（简称"广西国 ...

2025年8月8日，黑芝麻控股股东黑五类集团与广旅大健康签署了《股份转让协议》，黑五类集团将其持 有的黑芝麻约1.51亿股无限售流通股（占公司总股本20%），以每股6.25元的价格转让给广旅大健康， 转让总价款为9.42亿元。同时，黑五类集团及其关联方承诺，在股份过户完成后，将无条件放弃其剩余 持有的公司合计约1.33亿股股份（占公司总股本17.66%）对应的表决权。 随着股权转让事宜的推进，2025年12月17日，双方签署股份转让补充协议，将业绩承诺期从原本的2025 —2027年延至2026—2028年。调整后，黑五类集团承诺现有业务板块在2026—2028年分别实现合并报表 净利润不低于0.95亿元、1.05亿元和1.15亿元，三年累计承诺合并净利润不低于3.15亿元。 黑芝麻始创于1984年，旗下拥有黑芝麻糊中国第一品牌——"南方黑芝麻"，公司于1997年4月在深交所 上市，产业涵盖黑色健康食品、电子商务、大米加工、养老服务等。作为本次交易的受让方，广旅大健 康隶属于广西区属文旅产业集团体系，主要承担自治区在大健康和康养产业方向的投资、运营任务。 财报数据显示，2021—2024年，黑芝麻实现营收分别 ...

为寻找第二增长曲线，黑芝麻先后跨界物流、电商、医疗、储能等，但都收效甚微。2025年5月，黑芝麻宣布将 专注主业，"2025年公司重点聚焦专注于健康食品产业经营，坚持以黑芝麻为主的黑色健康食品战略定位"。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪表示，黑芝麻当前面临核心产品老化、营收持续下 滑、跨界失败导致的战略摇摆等问题，需聚焦主业优化产品矩阵、提升渠道效率，国资的入主可带来资金支持 缓解融资压力，依托广西国资委背景优化治理结构，降低经营风险，且广旅大健康也可从多方面赋能黑芝麻的 健康食品主业。 随着股权转让事宜的推进，2025年12月17日，双方签署股份转让补充协议，将业绩承诺期从原本的2025—2027 年延至2026—2028年。调整后，黑五类集团承诺现有业务板块在2026—2028年分别实现合并报表净利润不低于 0.95亿元、1.05亿元和1.15亿元，三年累计承诺合并净利润不低于3.15亿元。 黑芝麻始创于1984年，旗下拥有黑芝麻糊中国第一品牌——"南方黑芝麻"，公司于1997年4月在深交所上市，产 业涵盖黑色健康食品、电子商务、大米加工、养老服务等。作为本次交易的受让方，广旅大健康隶 ...

格隆汇12月22日丨黑芝麻(000716.SZ)在投资者互动平台表示，公司有南方黑芝麻糊等产品在胖东来系 统销售。 ...

"配料成分第一位居然不是 黑芝麻 ，那还能叫黑芝麻糊吗？" 近期，国民品牌南方黑芝麻因配料表排序问题引发热议，一句"灵魂拷问"道出了无数消费者的困惑。 黑芝麻排配料表第四位 图片来源：社交平台 这一发现迅速引发关注，网友纷纷调侃"买的是黑芝麻糊，实际喝的是加糖米糊"，甚至建议产品直接改名为"南方米糊"。 随着舆论发酵，12月20日，南方黑芝麻旗舰店工作人员回应媒体称，网友所展示的是旧包装产品，目前旗舰店发出的新包装配料表，黑芝麻从原来的第 四位提升至第二位，但第一位仍为谷物粗粮粉，并未改变"谷物粉为主、黑芝麻为辅"的配方结构。 至于含量合规性问题，该工作人员以600克规格的产品为例，其黑芝麻含量为18.5%，完全符合2025年8月1日正式实施的新国标GB/T23781-2024《黑芝麻 糊质量通则》中"黑芝麻糊类产品黑芝麻含量不得低于10%"的要求。 不难发现，此次风波的核心并非产品质量安全问题，而是品牌名称塑造的消费预期与实际配方结构之间的落差。 近日，一名网友晒出其购买的核桃黑芝麻糊包装照片，认为配料表的排序与产品名称不符。 该配料表中，首位并非"黑芝麻"，而是包含大米、小麦、 玉米 等在内的谷物粗粮粉， ...

"配料成分第一位居然不是黑芝麻，那还能叫黑芝麻糊吗？" 近期，国民品牌南方黑芝麻因配料表排序问题引发热议，一句"灵魂拷问"道出了无数消费者的困惑。 黑芝麻排配料表第四位 近日，一名网友晒出其购买的核桃黑芝麻糊包装照片，认为配料表的排序与产品名称不符。 该配料表中，首位并非"黑芝麻"，而是包含大米、小麦、玉米等在内的谷物粗粮粉，食用葡萄糖和麦芽糊精紧随其后，作为产品名称核心元素的黑芝麻 仅位列第四位。 这名网友认为，配料表的排序与产品名称不符。 图片来源：社交平台 亏损下的业绩承诺延期 作为老牌国货食品企业，黑芝麻近些年受市场环境变化、战略摇摆等因素影响，已陷入业绩连降困境。 2021年—2024年，公司营收分别为40.25亿元、30.16亿元、26.77亿元、24.65亿元，四年间营收规模缩水近四成；盈利能力同样堪忧，同期归母净利润分 别为-1.09亿元、-1.4亿元、0.43亿元、0.78亿元，虽在波动回升，但四年累计仍亏损1.28亿元。 这一发现迅速引发关注，网友纷纷调侃"买的是黑芝麻糊，实际喝的是加糖米糊"，甚至建议产品直接改名为"南方米糊"。 随着舆论发酵，12月20日，南方黑芝麻旗舰店工作人员回应媒 ...

12月20日，记者就此联系了南方黑芝麻旗舰店的工作人员。工作人员回应称，网友所展示的是产品的旧 包装，目前旗舰店发出的新包装，配料表第一位仍是谷物粗粮粉，黑芝麻则调整至第二位。同时工作人 员表示，这款600克规格的黑芝麻糊，黑芝麻含量为18.5%，完全符合相关国家标准。 据经视直播报道，近日，有网友发帖称购买的南方核桃黑芝麻糊配料表的排序与产品名称不符，配料表 中排在第一位的并非黑芝麻，而是包含大米、小米、玉米等在内的谷物粗粮粉，食用葡萄糖和麦芽糊精 紧随其后，黑芝麻仅位列第四。 （原标题：南方黑芝麻糊成分含量最多的竟然不是黑芝麻？最新回应） ...

Core Viewpoint - Traditional instant beverages like Xiangpiaopiao milk tea, Wewei soybean milk, and Southern black sesame paste are facing a collective crisis due to declining sales, primarily driven by a shift in consumer preferences towards more convenient and healthier options [1][4][10] Group 1: Market Performance - In 2024, Xiangpiaopiao's revenue from instant products was 2.271 billion yuan, a year-on-year decline of 15.42% [5] - Wewei's solid instant beverage revenue was 1.909 billion yuan in the previous year, down 3.02% [5] - Southern black sesame's instant beverage revenue was 854 million yuan, a decrease of 3.90% [5] - Xiangpiaopiao's peak sales in 2020 reached 3.067 billion yuan, but by 2024, revenue had dropped to 2.271 billion yuan, indicating a significant decline in market share [8][10] Group 2: Consumer Trends - The decline in instant beverage consumption is attributed to changing lifestyles, with younger consumers favoring immediate satisfaction and convenience [10][12] - Instant beverages were originally transitional products during a time of limited market supply, but as fresh and ready-to-drink options have become more available, traditional instant products have lost their appeal [10][17] Group 3: Company Strategies - Companies like Wewei and Southern black sesame are diversifying their product lines to include ready-to-drink options and other innovations to adapt to market changes [12][15] - Xiangpiaopiao has introduced new products like Meco fruit tea and other ready-to-drink beverages to capture market share [14][23] - Despite these efforts, the transition to ready-to-drink markets is challenging due to intense competition from established players in the beverage industry [15][23] Group 4: Historical Context - Wewei and Southern black sesame have a long history, with Wewei being established in 1992 and achieving significant market share in the soybean milk sector [8][21] - The traditional instant beverage market has been in decline for several years, with companies struggling to maintain their previous growth trajectories [5][6][10]

Group 1 - The core viewpoint of the article highlights a wave of "state-owned capitalization" in the consumer goods industry, with 17 listed companies having completed state-owned capital entry in 2023, totaling over 20 billion yuan in transactions [1][3] - The case of Heizhima is representative, with revenue declining from 4.476 billion yuan in 2019 to 2.465 billion yuan in 2024, despite a return to profitability in 2023 mainly due to non-recurring gains [3][4] - Liangpinpuzi's situation is similarly challenging, with a 7.83% year-on-year revenue decline to 8.05 billion yuan and a 46.26% drop in net profit to 180 million yuan in 2023 [3][4] Group 2 - The acquisition logic of local state-owned enterprises is clear, with the Guangxi State-owned Assets Supervision and Administration Commission aiming to strengthen core business sectors through capital markets [3][4] - The acquisition of Liangpinpuzi by Wuhan state-owned capital is strategically significant, as it complements the company's extensive offline store network with state-owned trade circulation resources [4][5] - The integration effects post-state-owned capital entry remain to be observed, with different approaches reflected in Heizhima's focus on health food strategy and Liangpinpuzi's commitment to maintaining operational team stability [5][6] Group 3 - Successful cases often retain the operational flexibility of private enterprises and establish genuine resource synergy, as seen with Yunnan Baiyao's employee stock ownership plan and Guangzhou Restaurant's acquisition of Tao Tao Ju [6] - The article questions whether state-owned capital acquisition is a viable solution, suggesting that success depends on building a new symbiotic relationship between state-owned credibility and private enterprise efficiency [6]

Core Viewpoint - Black Sesame is likely to be taken over by a state-owned enterprise, which may lead to a change in control and is expected to positively impact the company's internal control, funding, business, and market expansion [1][4]. Group 1: Company Background - Founded in 1984, Black Sesame is a large private enterprise group focused on the black sesame industry, including research, production, and sales of health products [3]. - Black Sesame was listed on the Shenzhen Stock Exchange in 1997 and is recognized as the first stock in China's black sesame industry [3]. - The largest shareholder, Guangxi Black Five Categories Food Group, currently holds a 30.25% stake in Black Sesame [3]. Group 2: Financial Performance - Black Sesame's revenue has declined for four consecutive years, with figures of 40.25 billion, 30.16 billion, 26.77 billion, and 24.65 billion from 2021 to 2024 [5]. - The company reported net profits of -1.09 million, -1.4 million, 4300 million, and 7800 million during the same period [5]. - In Q1 2025, revenue was 4.42 billion, a year-on-year decrease of 3.74%, with a net profit of 225 million, down 29.61% year-on-year [5]. Group 3: Challenges and Strategic Shifts - Black Sesame's core product, sesame paste, has seen a significant drop in sales, from 900.67 million units in 2015 to 562.68 million units in 2020 [5]. - The company has attempted multiple cross-industry ventures, including a 2.56 billion acquisition of a logistics park and a 7 billion acquisition of an e-commerce platform, both of which were later divested due to misalignment with core business [6]. - In 2023, Black Sesame announced a 35 billion investment in a battery storage project, which was subsequently paused due to market conditions [6]. - The company has decided to refocus on its core business, emphasizing health food products and the black sesame strategy [6]. Group 4: Potential Benefits from State-Owned Enterprise Involvement - The entry of a state-owned enterprise could enhance Black Sesame's financial strength, resource integration, and governance, addressing existing internal control issues [4][7]. - The state-owned enterprise may leverage its advantages in the cultural tourism and health sectors to promote product upgrades and market expansion for Black Sesame [7].