一颗蒜"绊住"百年老字号 在国内，张小泉是一个家喻户晓的百年老字号品牌。官网显示，该品牌始创于明崇祯元年（公元1628 年），至今已有近400年历史。 2021年9月，张小泉登陆创业板，成为A股市场"刀剪第一股"。但上市仅一年，张小泉便遇到了轰动一 时的"拍蒜"事件。 曾执掌"张小泉"六年、"拍蒜门"事件主角的夏乾良，在近日遭到了降级。 "总经理改任董秘、董秘再任证代"，日前，张小泉股份有限公司（下称"张小泉"，301055.SZ）的一则 人事变动公告，引发市场侧目。 原公司总经理夏乾良转任董事会秘书和副总经理；而此前担任过董秘的平燕娜，则重新回到证券事务代 表岗位。 这种罕见的"逆向升迁"背后，是一家中华老字号在债务泥潭、品牌信任危机和控制权更迭漩涡中的艰难 挣扎。 2022年7月，一名来自广东的消费者用张小泉菜刀拍蒜后菜刀断开，后消费者联系张小泉售后客服反映 刀面断裂问题，收到客服回复菜刀"不能拍蒜"，随即引发公众热议。 张小泉"拍蒜门"事件 图源：上游新闻 时任张小泉总经理的夏乾良此前接受采访的一段视频也遭到曝光。视频中，夏乾良称"中国人学了几十 年的切菜方式是错的"，这一说法直接将张小泉推上舆论的风口 ...

截至6月30日，张小泉股东户数7862.00，较上期减少17.22%；人均流通股19842股，较上期增加 20.81%。2025年1月-6月，张小泉实现营业收入4.72亿元，同比增长9.80%；归母净利润2750.20万元，同 比增长124.29%。 分红方面，张小泉A股上市后累计派现1.58亿元。近三年，累计派现7988.55万元。 责任编辑：小浪快报 9月15日，张小泉跌2.68%，成交额5700.72万元。两融数据显示，当日张小泉获融资买入额613.01万 元，融资偿还487.40万元，融资净买入125.61万元。截至9月15日，张小泉融资融券余额合计1.16亿元。 融资方面，张小泉当日融资买入613.01万元。当前融资余额1.16亿元，占流通市值的3.19%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，张小泉9月15日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，张小泉股份有限公司位于浙江省杭州市富阳区东洲街道明星路9号运通网城园区5号楼12-13 层，成立日期200 ...

Core Insights - Zhang Xiaoqin, known as the "first stock of knives and scissors," reported strong growth in both revenue and net profit for the first half of 2025, with revenue reaching 472 million yuan, a year-on-year increase of 9.80%, and net profit attributable to shareholders soaring by 124.3% to 27.502 million yuan [1][2] Revenue and Profit Growth - The company's net profit increased from 12.2615 million yuan in the same period last year to 27.502 million yuan, representing a growth of over 120% [2] - The net profit after excluding non-recurring gains rose from 11.568 million yuan to 26.608 million yuan, marking a growth of over 130% [2] - Gross profit margin improved by 2.01 percentage points to 38.52%, with gross profit increasing by 15.86% to 182 million yuan [2][3] Business Structure and Performance - The knife and scissors category, which is the revenue cornerstone, generated 333.4 million yuan, a year-on-year increase of 10.54%, accounting for 71.1% of main business revenue [3] - The kitchen hardware category emerged as a second growth curve, achieving revenue of 92.6334 million yuan, a growth of 13.44% [3] - Online sales accounted for over 60% of total revenue, with direct sales on Alibaba platforms contributing 60.1731 million yuan, representing 12.82% of main business revenue [3] Brand and Product Innovation - Zhang Xiaoqin holds 144 valid patents, including 8 invention patents, supporting its technological innovation [4] - The company has implemented automation in production, enhancing efficiency and reducing defect rates [5] - New product launches in the knife and scissors category have been well-received, with several series becoming bestsellers [5] Cultural and Community Engagement - The company has made strides in brand value enhancement through cultural and public welfare initiatives, including the recognition of its non-heritage craftsmanship [6] - Zhang Xiaoqin has conducted over 60 free sharpening service events across various cities, addressing consumer pain points [6]

Core Viewpoint - Zhang Xiaoqin, the leading domestic knife and scissors company, reported a significant recovery in its mid-year performance for 2025, with a revenue of 472 million yuan, up 9.8% year-on-year, and a net profit of 27.5 million yuan, up 124.29% year-on-year. However, challenges such as frozen shares and historical public sentiment issues remain pressing for the company [1][9][10]. Financial Performance - The company achieved a total revenue of 471.99 million yuan, a 9.80% increase from the previous year, with the main business revenue contributing 469 million yuan, accounting for 99.45% of total revenue [2][3]. - The net profit attributable to shareholders reached 27.5 million yuan, a 124.29% increase compared to 12.26 million yuan in the same period last year [3][4]. - The core knife and scissors product category generated 333.7 million yuan in revenue, a 10.54% increase, representing 70.70% of total revenue, with a gross margin of 38.85% [3][4]. - The kitchen hardware category saw revenue of 92.6 million yuan, up 13.44%, with a gross margin of 30.27%, an increase of 5.31 percentage points [3][4]. Cost and Expenses - Total operating costs reached 290.2 million yuan, a 6.32% increase, which is lower than the revenue growth rate, contributing to an overall gross margin increase to 38.52%, up 2.01 percentage points [5][6]. - Research and development expenses decreased to 13.07 million yuan, down 5.88% year-on-year, marking the first decline since 2021 [6][7]. - Sales expenses increased to 88.2 million yuan, up 7.65%, attributed to higher advertising and sales service costs due to the growth of online self-operated sales [6][8]. Online Business Growth - Online direct sales revenue reached 128 million yuan, a 12.92% increase, while online distribution revenue grew by 28.31% to 125 million yuan, indicating that online channels remain a key growth driver [5][6]. - The company has been focusing on optimizing its product structure and enhancing online sales efficiency, benefiting from national consumption promotion policies [4][5]. Debt and Shareholder Issues - Zhang Xiaoqin has faced significant debt issues, with a total of over 39 billion yuan in execution amounts due to unpaid legal obligations, leading to a freeze on over 50% of its total shares [10][11]. - The company has recently seen a change in its shareholder structure, with the entry of new capital from Rabbit Group, which acquired a significant stake, potentially impacting future governance and operational strategies [14][16]. Strategic Focus - The company aims to enhance profitability through a dual strategy of cost control and efficiency improvements, while also focusing on high-value business segments [7][8]. - The partnership with Rabbit Group may provide new opportunities for integrating traditional brand strengths with modern e-commerce strategies, although the effectiveness of this integration remains to be seen [21][22].

Core Insights - Zhang Xiaoqin Co., Ltd. reported a revenue of 472 million yuan for the first half of 2025, representing a year-on-year growth of 9.8% [1] - The net profit attributable to shareholders reached 27.502 million yuan, showing a significant increase of 124.29% year-on-year [1] Revenue Breakdown - The knife and scissors category, as the main revenue source, generated 334 million yuan, with a year-on-year growth of 10.54% [1] - Kitchen hardware products achieved revenue of 92.634 million yuan, up 13.44% year-on-year [1] - Home hardware products reported revenue of 43.034 million yuan, reflecting a modest growth of 0.98% year-on-year [1] Profitability and Margin - The company's gross margin increased by 2.01 percentage points to 38.52% due to optimized product structure and improved online sales efficiency [1] - Gross profit for the reporting period was 182 million yuan, marking a year-on-year increase of 15.86% [1] Strategic Focus - The company is focusing on the development of core knife and scissors products, implementing a scenario-based product matrix and continuous product updates [2] - New product series launched include "Huayao," "Heiyao," "Liuguang," and "Qingying," featuring popular items across knife, kitchen, and home hardware categories [2] Brand and Community Engagement - Zhang Xiaoqin is promoting its brand through various campaigns such as "Cutting Out Spring Romance" and "Summer Fresh Kitchen Care," along with community service activities [2] - Over 90 service activities have been conducted nationwide in collaboration with partners, emphasizing the brand's commitment to community engagement [2] Research and Development - The company is enhancing its technical research capabilities, focusing on basic research, process validation, and overcoming challenges [2] - During the reporting period, Zhang Xiaoqin added one invention patent, two utility model patents, and seven design patents, along with the formulation and revision of 11 product standards [2]

Core Insights - Zhang Xiaoqin reported a revenue of 472 million yuan for the first half of 2025, representing a year-on-year growth of 9.80%, with a net profit of 27.50 million yuan, up 124.29%, indicating a significant improvement in profitability [1][4] Group 1: Business Performance - The core knife and scissors business generated revenue of 334 million yuan, a year-on-year increase of 10.54%, accounting for over 70% of total revenue, serving as the main driver for growth [2] - Online sales contributed 53.92% of the main business revenue, with Tmall platform sales reaching 60.17 million yuan, representing 12.82% of main business revenue [2] - The kitchen hardware segment achieved revenue of 92.63 million yuan, up 13.44%, while home hardware revenue was 43.03 million yuan, a slight increase of 0.98% [2] Group 2: Brand and Innovation - The company conducted over 90 user experience and product trial events nationwide, enhancing brand recognition and customer loyalty [3] - New product series such as "Huayao," "Heiyao," "Liuguang," and "Quantai" were launched, covering various categories to meet diverse consumer needs [3] - The company added one invention patent, two utility model patents, and seven design patents during the reporting period, reinforcing its technological and R&D advantages [3] Group 3: Manufacturing and Future Outlook - The company is advancing smart manufacturing, achieving automation in key processes, which significantly enhances production efficiency and transparency [3] - The overall strategy focuses on technological innovation, product upgrades, and channel expansion to establish itself as a leading national brand in quality lifestyle products [4]

Core Viewpoint - Zhang Xiaoqin (301055) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong growth potential and a clear long-term growth strategy for the company [1][4]. Revenue and Profit Growth - The company achieved a revenue of 472 million yuan, representing a year-on-year growth of 9.80% [1]. - Net profit attributable to shareholders reached 27.50 million yuan, marking a substantial year-on-year increase of 124.29% [1]. Core Business Performance - Revenue from the core knife and scissors business reached 334 million yuan, with a year-on-year growth of 10.54%, accounting for over 70% of total revenue [2]. - Kitchen hardware generated revenue of 92.63 million yuan, up 13.44%, while home hardware revenue was 43.03 million yuan, growing by 0.98% [2]. Online Channel Growth - Online sales accounted for 53.92% of the main business revenue, with both direct sales and distribution models maintaining double-digit growth [2]. - Sales on the Tmall platform alone reached 60.17 million yuan, representing 12.82% of main business revenue [2]. Brand Upgrade and Innovation - The company conducted over 90 user experience and product trial events nationwide, enhancing brand recognition and consumer loyalty [3]. - New product lines such as "Huayao," "Heiyao," "Liuguang," and "Quantai" were launched, catering to diverse and high-end consumer needs [3]. - The company secured 1 invention patent, 2 utility model patents, and 7 design patents during the reporting period, reinforcing its technological and R&D advantages [3]. Smart Manufacturing Development - The company has made progress in automating key processes such as heat treatment and injection molding, significantly improving production efficiency and transparency [3]. - The establishment of smart factories supports stable product quality and cost control, providing a solid foundation for future expansion and long-term development [3]. Future Outlook - The company aims to continue deepening its presence in the home hardware sector, focusing on technological innovation, product upgrades, and channel expansion to become a leading national brand in quality lifestyle [4].

Group 1 - Zhang Xiaoqin's stock price increased by 0.66% on August 25, with a trading volume of 63.96 million yuan [1] - The financing data shows that on the same day, the financing purchase amount was 5.84 million yuan, while the financing repayment was 6.55 million yuan, resulting in a net financing outflow of 0.71 million yuan [1] - As of August 25, the total balance of margin trading for Zhang Xiaoqin was 99.61 million yuan, accounting for 3.00% of the circulating market value, which is above the 60th percentile level over the past year [1] Group 2 - As of March 31, the number of shareholders for Zhang Xiaoqin was 9,498, an increase of 30.83% compared to the previous period [2] - The average circulating shares per person decreased by 23.56% to 16,424 shares [2] - For the first quarter of 2025, Zhang Xiaoqin achieved operating revenue of 225 million yuan, a year-on-year increase of 5.65%, and a net profit attributable to shareholders of 12.99 million yuan, a year-on-year increase of 69.49% [2] Group 3 - Since its A-share listing, Zhang Xiaoqin has distributed a total of 158 million yuan in dividends, with 79.89 million yuan distributed over the past three years [3]

Group 1 - The conference highlighted the theme "Together We Forge Ahead, Striving for the Future," focusing on multi-channel strategic deployment and the launch of key new products, showcasing the brand's innovative vitality and outlining a high-quality development blueprint for partners [1][3] - Zhang Xiaoquan emphasized the importance of product innovation as the core driving force for brand development, revealing a diverse matrix of upcoming products for 2025, including tools, household hardware, kitchenware, and cookware [6][8] - The event featured an interactive experience area for dealers to personally test new products, enhancing their understanding of product design details and fostering engagement [6][8] Group 2 - The company is committed to accelerating the digital transformation of traditional dealers, focusing on e-commerce core logic and innovative strategies to help them establish a data-driven operational ecosystem [3] - A special segment showcased a short film depicting the daily work of dealers, enhancing their sense of recognition and achievement [8] - The conference also included a team-building activity that combined cultural and natural experiences, reinforcing the value recognition among partners and deepening sustainable cooperative relationships [8] Group 3 - The company plans to continue focusing on R&D innovation, deepening the high-end and intelligent layout of products, while expanding a diversified product matrix and leveraging digitalization to enhance overall competitiveness [8]

Group 1: Financial Performance - In 2024, the company's sales expenses increased from 147 million to 169 million, a growth of 14.32% [5] - The revenue from the knife and scissors category grew by 16.53% year-on-year, while kitchen hardware and home hardware categories grew by 3.15% and declined by 0.26% respectively [10] - The company achieved significant profit growth in Q1 2025 after a continuous decline in net profit in previous years [19] Group 2: Market Strategy - The company plans to enhance its marketing network by leveraging AI applications and big data analysis to optimize resource allocation and improve operational efficiency [6][10] - Future growth will focus on expanding online sales channels, particularly through emerging platforms like Douyin and Kuaishou, while maintaining a strong presence on traditional e-commerce platforms [7][12] - The company aims to build a "Brand Five-Star Power" system to enhance brand operation capabilities and deepen user engagement [3][6] Group 3: Product Development - The company will continue to focus on three core product categories: knife and scissors, kitchen hardware, and home hardware, with an emphasis on R&D and technology innovation [13][17] - Plans include developing differentiated products tailored to regional consumer preferences, particularly in international markets like Southeast Asia and Australia [7][35] - The company is committed to participating in the formulation of national and industry standards to enhance its industry position and brand credibility [15][19] Group 4: Operational Efficiency - The company is implementing a "differentiated positioning + collaborative operation" strategy between its manufacturing bases in Yangjiang and Hangzhou to optimize production efficiency [8] - Continuous improvement in cost control measures is planned to maintain profitability despite rising raw material and labor costs [21] - The company has established a standardized delivery and sales system to enhance the efficiency of its distribution network [11] Group 5: Brand Management - The company aims to strengthen brand value through systematic brand marketing, asset management, and public relations strategies [6][10] - Efforts will be made to enhance brand recognition and consumer engagement through community service and experiential marketing [6][12] - The company plans to utilize consumer data to guide product development, ensuring alignment with market demands [17][19]