Core Viewpoint - The recent announcement by Zunming Co., Ltd. regarding the transfer of 50.83% equity in Zunming Xiangxiang indicates a strategic retreat due to financial struggles and declining profitability [1][3][7] Group 1: Financial Performance - Zunming Xiangxiang has accumulated losses of 29.16 million yuan since its establishment, with the company facing high debt levels and cash significantly lower than short-term liabilities [1][2] - In 2024, Zunming Xiangxiang reported revenue of 72.03 million yuan but incurred a loss of 23.52 million yuan, while the first quarter of 2025 showed revenue of 21.69 million yuan with a loss of 0.38 million yuan [2] - Zunming Co. itself reported a loss of 25.14 million yuan in 2024 and a further loss of 5.91 million yuan in the first quarter of 2025 [2] Group 2: Expansion Strategy - Since its IPO in January 2021, Zunming Co. has pursued aggressive expansion, establishing production bases in various regions, including Jiangsu, Hubei, Shanxi, Guizhou, and Beijing [3] - The establishment of Zunming Xiangxiang was part of a strategy to penetrate the Beijing-Tianjin-Hebei market, which has now been reversed with the equity transfer [3][4] Group 3: Operational Challenges - Despite an increase in production capacity, Zunming Co. has seen a decline in the utilization rates of its facilities, with actual utilization rates for fresh bean products at only 40% and for plant protein beverages at 35% [5][6] - The company has faced a significant drop in profit margins, with gross margin decreasing from 33% in 2020 to 22.74% in 2024, and net margin falling from 8% to 2.34% over the same period [6] Group 4: Debt and Financial Health - Zunming Co.'s debt-to-asset ratio has risen from approximately 40% at the time of its IPO to 55.61% in 2024, indicating increasing financial pressure [6] - The company has 1.42 billion yuan in cash against short-term interest-bearing liabilities of 6.56 billion yuan, resulting in a cash-to-short-term debt ratio of only 0.22 [6]

证券之星吴凡 豆制品生产商祖名股份（003030）(003030.SZ)近期发布的2024年年报显示，公司实现营收16.64亿元， 同比增长12.58%，归母净利润亏损2513.61万元，同比大幅下降162.12%，这是公司自2021年上市后首次 盈利告负。这也意味着，祖名股份于2024年4月推出的员工持股计划中，第一个解锁期公司层面的业绩 指标未达成。 证券之星了解到，公司产能爬坡释放过程中折旧、能耗、人员工资等成本增加，以及部分生产基地改造 影响等综合因素是侵蚀公司利润的主因之一。另外，由于2024年豆制品行业竞争激烈，祖名股份投入的 销售费用创下历史新高的2.64亿元，也是导致公司归母净利润出现亏损的关键因素。而在今年一季度， 公司继续呈现"增收不增利"之态，营收同比增长16.71%至4.45亿元，归母净利润亏损591.39万元，同比 大幅下降160.93%，这也是公司连续四个单季度净利润呈现亏损。 生产基地尚未达到满产状态 2024年，祖名股份营业总成本达到16.96亿元，较上年同期增长约19.52%，总成本增速高于同期12.58% 的营收增速，其中生鲜豆制品的营业成本较上年大幅增长23.15%，高于 ...