Core Viewpoint - The stock of Black Sesame has experienced a decline in price and trading activity, with significant net outflows of capital, indicating potential concerns among investors [1][2]. Group 1: Stock Performance - As of September 11, Black Sesame's stock price decreased by 2.25%, trading at 6.53 CNY per share, with a total market capitalization of 4.92 billion CNY [1]. - Year-to-date, Black Sesame's stock has dropped by 4.39%, with a slight increase of 0.77% over the past 20 days and a 3.16% increase over the past 60 days [2]. Group 2: Trading Activity - The net outflow of main funds was 23.30 million CNY, with large orders showing a buy of 12.04% and a sell of 19.96% [1]. - Black Sesame has appeared on the trading leaderboard twice this year, with the most recent net buy of 5.89 million CNY on January 7 [2]. Group 3: Financial Performance - For the first half of 2025, Black Sesame reported a revenue of 928 million CNY, a year-on-year decrease of 4.65%, and a net profit of 7.77 million CNY, down 29.26% year-on-year [3]. - Cumulative cash dividends since the company's A-share listing amount to 211 million CNY, with 75.35 million CNY distributed over the past three years [4]. Group 4: Shareholder Information - As of August 29, the number of shareholders decreased to 102,000, while the average circulating shares per person increased by 4.90% to 7,213 shares [3]. - The top ten circulating shareholders include Tianhong Zhongzheng Food and Beverage ETF, which reduced its holdings by 249,500 shares [4].

Group 1 - The stock price of Hezhima reached 6.70 yuan as of August 19, 2025, reflecting an increase of 0.16 yuan from the previous trading day [1] - The opening price was 6.53 yuan, with a daily high of 6.88 yuan and a low of 6.48 yuan, resulting in a trading range of 6.12% [1] - The trading volume was 641,015 hands, with a total transaction amount of 428 million yuan [1] Group 2 - Hezhima's main business includes the production and sale of sesame paste and other food products, as well as involvement in grain processing and energy storage [1] - The company's product line includes sesame paste and sesame milk, which hold a certain market influence in the traditional food industry [1] Group 3 - On August 19, at 10:11 AM, Hezhima experienced a rapid price increase, with a rise of over 2% within 5 minutes and a transaction amount of 146 million yuan at that time [1] - The net inflow of main funds was 12.65 million yuan for the day, but over the past five trading days, there was an overall net outflow of 111 million yuan [1]

风险提示：股市有风险，投资需谨慎。 根据公开信息，黑芝麻控股股东广西黑五类食品集团有限责任公司正在筹划股份转让事宜，拟将占公司 总股本约20%的股份转让给广西壮族自治区文旅及大健康行业的国有企业。8月12日披露的详式权益变 动报告书显示，本次权益变动完成后，黑芝麻控股股东将变更为广西旅发大健康产业集团有限公司，实 际控制人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。 资金流向方面，8月13日黑芝麻主力资金净流出5095.67万元，占流通市值比为1.05%。近五日主力资金 累计净流出6315.79万元，占流通市值比为1.31%。 截至2025年8月13日15时，黑芝麻股价报6.80元，较前一交易日下跌0.23元，跌幅3.27%。当日成交量为 731099手，成交额达5.01亿元。 黑芝麻属于食品饮料行业，主营业务为黑芝麻系列食品、饮料的生产与销售。公司产品包括黑芝麻糊、 黑芝麻乳等传统食品，以及黑芝麻植物蛋白饮料等新型健康饮品。 ...

Core Viewpoint - The Li family is considering relinquishing control of Black Sesame due to declining sales and financial pressures, potentially transferring 20% of their shares to a state-owned enterprise in Guangxi [1][3]. Group 1: Company Control and Ownership - The Li family has controlled Black Sesame for nearly 20 years, with the Black Five Categories Group holding 30.25% of the company's shares as of March 2023 [4]. - The Li family and their associates collectively hold 47.62% of the voting rights, indicating significant influence over company decisions [4]. - The potential transfer of shares to a state-owned enterprise may lead to a change in control of the listed company [3]. Group 2: Financial Challenges - The Black Five Categories Group has pledged 1.62 million shares, representing 21.51% of the total share capital, indicating liquidity pressures [5]. - The Li family members have also pledged shares, with a 100% pledge rate for their holdings [5]. - The company has faced financial difficulties, with revenue dropping from 40.25 billion to 30.16 billion from 2021 to 2022, and net losses of 1.09 billion and 1.40 billion respectively [8]. Group 3: Market Position and Product Performance - Black Sesame's flagship product, black sesame paste, has seen a significant decline in sales, from a peak of 952.02 million units in 2014 to only 439.47 million units projected for 2024 [11]. - The company has attempted to diversify its product offerings, launching various new products, but these efforts have not resulted in significant market success [11]. - The market for traditional paste products has diminished as instant food options have gained popularity, leading to increased competition and reduced market presence for black sesame products [10]. Group 4: Diversification Attempts - Black Sesame has made several attempts to diversify into logistics, e-commerce, and renewable energy, but these ventures have generally not aligned well with its core food business [7]. - The company invested 2.56 billion in a logistics park and 7 billion in an e-commerce platform, both of which failed to deliver expected synergies [7]. - Recent investments in renewable energy projects have also faced challenges, leading to a halt in further investments [7].

Core Viewpoint - The controlling stake of the well-known brand "Black Sesame" is set to change hands, as the current major shareholder, Guangxi Black Five Food Group, is planning to transfer its shares, potentially leading to a change in company control [1] Group 1: Company Background - Black Sesame was listed on the Shenzhen Stock Exchange in 1997 and is recognized as the "first stock in China's black sesame industry," with main products including black sesame paste, black sesame balls, and black sesame milk [1] - The company has a long history, originating from the establishment of the Southern Children's Food Factory in 1984, which later became the Southern Black Sesame Group [6] - The current major shareholder, Guangxi Black Five Food Group, acquired its controlling stake through a series of share purchases and mergers, becoming the largest shareholder by 2006 [7] Group 2: Recent Developments - On August 4, 2025, Black Sesame announced a suspension of trading due to the planned share transfer, which is expected to last no more than two trading days [1] - Prior to the announcement, the stock experienced a significant increase, rising by 5.7% on August 1 and closing up 4.8% [1] - There were speculations about a potential leak of information regarding the share transfer, as a prediction was made on July 3 about a restructuring on August 12 [2][4] Group 3: Management Changes - In the previous year, Black Sesame underwent a management overhaul, with Wei Qingwen stepping down as chairman, although he was appointed as the honorary chairman [8] - The new leadership is represented by Li Yuqun, the son of Li Hanrong, who is part of the controlling family [9] - The company has faced scrutiny due to issues related to non-operational fund occupation and irregular external guarantees, leading to warnings issued to its management [8]