Core Viewpoint - ST加加 has transitioned to a state of "no actual controller," with significant changes in its shareholder structure and management control, which may present both opportunities and challenges for the company moving forward [1][2][3] Shareholder Structure - The largest shareholder, China Orient, holds 23.42% of ST加加, while the second largest,卓越投资, holds 18.79%, resulting in no single shareholder being able to control the company [1] -卓越投资 is undergoing bankruptcy proceedings, which will further dilute the influence of the Yang family over the company [2] Financial Performance - In the first half of 2025, ST加加 reported revenues of 733 million yuan, a year-on-year decrease of 7.1%, but managed to turn a loss of 29.16 million yuan from the previous year into a profit of 8.35 million yuan [2] - The main revenue sources remain "加加" soy sauce and "盘中餐" cooking oil, accounting for approximately 75% of total revenue [3] Business Strategy - The company is focusing on high-margin products and enhancing sales of mid-to-high-end series, while also improving operational capabilities through refined management [2] - ST加加 has expanded its online sales channels, achieving 25.97 million yuan in online revenue, a year-on-year increase of 37.32% [3] Governance and Future Outlook - The transition to a "no actual controller" status is not inherently positive or negative; its impact will depend on the company's ability to establish effective governance mechanisms [3] - If the company can quickly improve its board structure and management responsibilities, this change could be an opportunity to mitigate historical risks and attract external resources [3]