The restructuring plan of the controlling shareholder has been approved, and Beingmate, known as the "first stock of milk powder," is set to change its controlling owner.

Beingmate (002570.SZ), known as the "first baby formula stock", is planning to change its controlling shareholder.

Beingmate announced in the evening of June 2nd that the company recently received the "Civil Ruling" from Jinhua Intermediate People's Court forwarded by the administrator of Xiaobei Damei Holdings. The court ruled to approve the "Reorganization Plan of Zhejiang Xiaobei Damei Holdings Co., Ltd." (hereinafter referred to as the "Reorganization Plan") and terminate the reorganization procedure of Xiaobei Damei Holdings.

According to the announcement, the reorganization investor, Jinhua Zhenhe, will acquire 100% of the shares of Xiaobei Damei Holdings directly and the shares held by its concerted action party, Jinhua Yuanheng. In total, it will obtain the control of 13.35% of Beingmate's equity. After the implementation of this reorganization plan is completed, the actual controller of Beingmate will be changed to the State-owned Assets Supervision and Administration Commission of Jinhua City.

The announcement also pointed out that this change of equity is the implementation of a judicial ruling and does not involve a tender offer. However, subsequent work such as the release of share pledges and relevant regulatory approvals still needs to be completed. The company's current production and operation are normal, and this matter will not have a significant impact on its daily business activities.

At the opening on June 3rd, Beingmate's stock price soared. As of the time of publication of this news by Jiemian News, the stock was trading at 5.51 yuan per share, up 7.83%, with a market value of 5.951 billion yuan.

On July 16, 2025, Xiaobei Damei Holdings submitted a pre - reorganization application and relevant evidence materials to Jinhua Intermediate People's Court on the grounds of liquidity shortage, inability to pay off due debts, and obvious lack of solvency but still having reorganization value. On July 22 of last year, Jinhua Intermediate People's Court issued a "Notice" to Xiaobei Damei Holdings, agreeing to its pre - reorganization application. On March 23 this year, Jinhua Intermediate People's Court ruled to accept the reorganization application of Xiaobei Damei Holdings.

According to a previous announcement, Jinhua Zhenhe will invest by paying 856 million yuan in reorganization funds to acquire the equity of Xiaobei Damei Holdings and obtain all of its equity. To ensure the success of the reorganization, the smooth transition of control rights, and the sustainable operation and development of Beingmate, Jinhua Zhenhe also agreed to provide an additional 30 million yuan in funds to help the company's actual controller and its affiliated parties resolve relevant guarantee debts.

Jinhua Zhenhe was established on February 13, 2026, later than the public recruitment and selection of reorganization investors by Xiaobei Damei Holdings. Some analysts believe that Jinhua Zhenhe may have been specially established to participate in the reorganization of Xiaobei Damei Holdings. The company has a registered capital of 880 million yuan. Jinhua Mingheng Enterprise Management Partnership (Limited Partnership) holds 97.72% of the shares, and Zhejiang Jinhui Yangguang Asset Service Co., Ltd. holds 2.28%. Its actual controller is the State - owned Assets Supervision and Administration Commission of Jinhua City.

Beingmate was founded by Xie Hong in 1992 and listed on the Shenzhen Stock Exchange in 2011. It is known as the "first baby formula stock". Tianyancha APP shows that Xiaobei Damei holds 12.28% of Beingmate's shares and is the controlling shareholder. Xie Hong is the actual controller of Beingmate. At the same time, Xie Hong is also the actual controller of Xiaobei Damei Holdings Co., Ltd.

Beingmate's performance reached its peak in 2013, with revenue exceeding 6 billion yuan and net profit exceeding 700 million yuan. In 2014, due to an aggressive strategy, Beingmate's accounts receivable soared from 425 million yuan to 1.363 billion yuan, putting pressure on the capital chain. That year, the net profit attributable to the parent company plummeted by 90.45% year - on - year, from 721 million yuan to 68.88 million yuan. From 2016 to 2017, the company suffered losses for two consecutive years, with losses of 781 million yuan and 1.057 billion yuan respectively.

The tight capital chain was transmitted to the controlling shareholder. In 2016, Beingmate's asset - liability ratio soared from 31.12% to 51.6%, and the interest - bearing liability ratio jumped from 6.33% to 30.89%. In the same year, Xiaobei Damei Holdings began to frequently pledge the listed company's shares for financing, and the debt snowball grew larger and larger. According to Beingmate's latest announcement, as of now, Xiaobei Damei Holdings holds 133 million shares of Beingmate, of which about 131 million shares are pledged or frozen, accounting for 98.85% of the shares it holds.

In 2018, Xie Hong, who had resigned from all positions at Beingmate due to health reasons, returned after many years. Since then, Beingmate's performance has begun to stabilize and turn from loss to profit. From 2022 to 2024, Beingmate's revenues were 2.51 billion yuan, 2.53 billion yuan, and 2.77 billion yuan, and the net profits were - 176 million yuan, 47.453 million yuan, and 100 million yuan respectively.

In April 2025, at Beingmate's strategic press conference, Xie Hong put forward the concept of "only earning 5%", claiming that the company would bid farewell to its reliance on high gross margins and shift to a platform - type development of "maternal and infant ecosystem + family health". In the same year, Beingmate achieved an operating income of about 2.775 billion yuan, a year - on - year increase of 0.06%; and a net profit of about 154 million yuan, a year - on - year increase of 49.68%.

The significant increase in Beingmate's net profit in 2025 was mainly due to a substantial increase in investment income and a significant reduction in financial expenses. Beingmate's 2025 annual report shows that the company's investment income in 2025 was as high as about 43.9721 million yuan, an increase of more than 33 million yuan compared with 2024, mainly due to a substantial increase in the investment income from long - term equity investments accounted for by the equity method and the investment income generated from the disposal of long - term equity investments. In 2025, the company's financial expenses were about 22.9013 million yuan, a reduction of more than 27 million yuan compared with 2024, mainly due to an increase in exchange gains year - on - year.

Although Beingmate's net profit has recovered, its asset - liability ratio is still higher than the industry average. Public data shows that in 2025, Beingmate's asset - liability ratio was 57.01%, down from 59.83% in the same period last year, and higher than the industry average of 42.40%.

This article is from "Jiemian News", author: Hou Ruining. It is published by 36Kr with permission.