Breaking! Liangmianzhen plans to change ownership!

On the evening of March 27, 2026, Luzhou Liupinji Pharmaceutical Co., Ltd. (600249.SH), a long-established A-share consumer and personal care company, released a major announcement. The company’s controlling shareholder, Guangxi Liuzhou Industrial Investment Development Group Co., Ltd. (referred to as “the Industrial Group”), is currently planning a share transfer, which may result in a change in the company’s control.

Liupinji’s main business is the daily chemical industry, covering two segments: daily chemicals and pharmaceuticals. In the daily chemicals segment, the company mainly engages in the research, production, and sales of oral care products, personal wash and hair care products, hotel daily necessities, and others. Its主要 brands include Liupinji, Mulanze, Xiaoyao, Fangcao, etc. In the pharmaceutical segment, the company engages in the production and sales of pharmaceuticals, with major products including finished drugs such as Cang’e Rhinitis Tablets, Amco Huangmin Capsules, Ginkgo Leaf Tablets, Ganmaoling Granules, and other finished products, as well as raw materials such as paeonol, guaiacol potassium sulfate, asarone brain, and others.

According to the company’s latest disclosure of its 2025 annual report, Liupinji achieved operating revenue of RMB 1.063 billion, a slight year-on-year increase of 0.90%. However, attributable net profit to the parent suffered a sharp drop, coming in at only RMB 9.8461 million, down 87.86% year on year; after deducting non-recurring items, attributable net profit was RMB 4.2798 million, down 52.17% year on year.

It is worth noting that the Industrial Group is Liupinji’s controlling shareholder. According to the Industrial Group’s website, the group is directly led by the municipal people’s government. The Liuzhou Municipal People’s Government State-owned Assets Supervision and Administration Commission and Guangxi Guoxin Investment Development Co., Ltd. jointly assume shareholder responsibilities, and it is a state-owned wholly owned company established in accordance with the law. It was formed in March 2017 by the integration of Liuzhou Industrial Investment Co., Ltd. and Liuzhou Assets Management Co., Ltd., with a registered capital of RMB 3.265 billion. Its main businesses are industrial investment, operation, and services, as well as fund investment and management. It is the first industrial city-level enterprise in Liuzhou to obtain both “AA+” entity credit ratings.

As described on Liupinji’s official website, Liuzhou Liupinji Pharmaceutical Co., Ltd. traces its origins to five small private soap factories such as the Asian Lye Factory established in 1941. In 1978, it was formed as the “Liuzhou Toothpaste Factory.” In 1980, a new plant was completed. In 1994, it was restructured into a joint-stock company. In 2004, it became the first company in the industry to list on the Shanghai Stock Exchange (stock code: 600249).

Liupinji is committed to the research and application of Chinese herbal medicines, and to improving people’s quality of life and health. It is a leading enterprise in traditional Chinese medicine toothpaste production technology. It is the vice-chairman unit of the China Oral Cleansing and Care Products Industry Association. It is the unit responsible for the secretariat of the Sub-committee for Chinese herbal medicine toothpaste. It is the leading drafting unit for the group standard 《Chinese Herbal Medicine Toothpaste》. It is also China’s first national high-tech enterprise to pass ISO9001 international quality system certification and the first to be approved to set up a postdoctoral research workstation.

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