--- title: "The post-80s female general takes over, LONGDA's predicament awaits resolution" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/277172499.md" description: "LONGDA Food welcomes a management change, with Liu Jing taking over as general manager, while former manager Yang Xiaochu resigned due to work adjustments. Liu Jing, 38 years old, has extensive management experience and previously served as deputy general manager. She faces the pressure of the company's three consecutive years of losses and the impending maturity of convertible bonds. This leadership change is interpreted as a signal for the company's pursuit of transformation. In 2023, the company reported a net loss of 1.562 billion yuan, and although there was a brief profit in 2024, it was ultimately revised to a loss, with expectations that losses will further worsen in 2025" datetime: "2026-02-27T09:06:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277172499.md) - [en](https://longbridge.com/en/news/277172499.md) - [zh-HK](https://longbridge.com/zh-HK/news/277172499.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/277172499.md) | [English](https://longbridge.com/en/news/277172499.md) # The post-80s female general takes over, LONGDA's predicament awaits resolution The image may have been generated by AI Just after the Spring Festival, the A-share listed company LONGDA (002726.SZ) welcomed a key management change. On February 25, the company announced that Yang Xiaochu resigned from the position of general manager due to work adjustments, but will continue to serve as the chairman of the board and related committee positions; Liu Jing, only 38 years old, was promoted from director and deputy general manager to general manager, officially taking over this agricultural and sideline food processing enterprise that is deeply mired in operational difficulties. This leadership change comes at a time when LONGDA has faced three consecutive years of losses, regulatory warnings for information disclosure violations, and the impending maturity of nearly 1 billion convertible bonds, making this post-80s female executive with a background in the Lanyun system a focal point for the market to see if she can lead the company out of its predicament. Public information shows that Liu Jing was born in 1988, holds a bachelor's degree, and has extensive experience in corporate management and compliance. Her career began at the National Taxation Bureau of Chengdu High-tech Zone, later working in the board office of Lanyun Group, and also served as the board secretary of Yunsong (Chengdu) Medical Technology Co., Ltd. Since 2023, she has served as the deputy general manager and director of LONGDA, deeply involved in the company's daily operations and management, familiar with business processes and information disclosure regulations. It is noteworthy that both Liu Jing and former general manager Yang Xiaochu have backgrounds in the Lanyun system, and Lanyun Development Holding Group, as the controlling shareholder of LONGDA, has been trying to expand its agricultural and livestock food business since taking control in 2019. The appointment of a young management team is interpreted by the market as one of the signals that the company is seeking a transformation breakthrough. What Liu Jing is taking over is a "mess" with continuously pressured performance. Looking back at LONGDA's recent operational performance, losses have become the norm. In 2023, the company's net profit attributable to the parent company suffered a massive loss of 1.562 billion yuan, setting a record for the largest loss since its listing; in 2024, the company once achieved a profit of 21.6176 million yuan before accounting error corrections due to capacity adjustments in the slaughtering and breeding sectors and a rebound in pig prices, but this was later revised to a loss of 1.7635 million yuan due to financial adjustments; entering 2025, affected by the continued low prices of pigs, the company's traditional business sector suffered significant losses, compounded by inventory and biological asset impairment provisions, with an expected net profit loss attributable to the parent company of 620 million to 760 million yuan for the year, and a non-recurring net profit loss of 621 million to 761 million yuan, further exacerbating the loss, marking the company's third consecutive year of being mired in losses. Behind the continued poor performance is a deep structural shortcoming in the company's business. As a company primarily engaged in agricultural and sideline food processing, LONGDA's revenue remains highly dependent on the slaughtering business, making it extremely sensitive to fluctuations in the pig cycle, and unable to form effective hedges during industry downturns To overcome difficulties, the company has actively promoted transformation in recent years, focusing on the deep processing of food such as pre-prepared dishes, attempting to open up new growth spaces. The revenue from the pre-prepared dishes business had grown from 1.075 billion yuan in 2021 to 1.9 billion yuan in 2023, but the growth momentum could not be sustained, with double-digit declines occurring in both 2024 and the first half of 2025. The pains of transformation have become evident, and the new business has yet to become a core force supporting the company's performance. In addition to the performance dilemma, compliance risks have further exacerbated the situation for LONGDA. On January 30, 2026, the company and related personnel received an administrative regulatory measure decision from the Shandong Securities Regulatory Bureau. It was found that from 2021 to 2024, LONGDA had violations in the interest accounting treatment related to the convertible bonds fundraising projects—interest capitalization was not stopped after the fundraising projects were transferred to fixed assets, and interest from the raised funds used for temporarily supplementing working capital was improperly capitalized, which does not comply with the relevant provisions of "Accounting Standard for Enterprises No. 17 - Borrowing Costs," leading to inaccurate information disclosure in periodic reports. The amount involved in this violation is significant. From 2021 to 2024, the company understated financial expenses due to the aforementioned behavior by amounts ranging from over 3 million yuan to over 18 million yuan, with a cumulative understatement exceeding 70 million yuan, directly resulting in the distortion of previously disclosed financial data and fully exposing the truth of the company's continuous losses over three years. More urgently, the company is also facing enormous liquidity pressure. The convertible bonds involved in this violation ("LONGDA Convertible Bonds") were issued in 2020, raising a total of 950 million yuan, and will mature in July 2026, with a current balance of approximately 955 million yuan. However, as of the end of the third quarter of 2025, LONGDA's cash and cash equivalents were only 518 million yuan, while short-term loans reached 1.454 billion yuan, with the available funds far insufficient to cover the principal and interest of the convertible bonds. If investors choose not to convert their shares, the company will face a redemption crisis of nearly 1 billion yuan, which may trigger liquidity risks. To alleviate pressure, the company announced in February 2026 that it would significantly lower the conversion price from 9.30 yuan/share to 4.20 yuan/share. However, as of the close on February 27, the company's stock price was 4.13 yuan/share, still slightly below the revised conversion price, with a convertible bond premium rate of 21.28%, indicating insufficient conversion motivation and that the debt repayment pressure has not fundamentally eased. In fact, since 2022, LONGDA has experienced three changes in general managers, and the frequent changes in management reflect the difficulties in the company's operations. During Yang Xiaochu's tenure, although attempts were made to systematically adjust traditional businesses, the company's loss situation could not be reversed. Now, with Liu Jing taking over, the challenges are even more daunting: optimizing the structure of slaughtering and breeding businesses to cope with the fluctuations of the pig cycle, and promoting breakthroughs in new businesses such as pre-prepared dishes to improve the continuously loss-making performance; It is also necessary to strictly implement regulatory requirements, complete compliance rectification of information disclosure, and rebuild market trust; furthermore, it is essential to coordinate the conversion of convertible bonds into shares and funding arrangements to resolve the impending liquidity crisis. As of the close on February 27, Longda Food's stock price was reported at 4.13 yuan/share, a cumulative decline of 34.55% over the past year, with a total market value of only 4.457 billion yuan, indicating continued weak market confidence. For this post-80s female general manager, leading Longda Food out of the dual predicament of performance and compliance, and breaking through liquidity pressure, still has a long way to go. In the future, the effectiveness of the company's business adjustments, the progress of compliance rectification, and the arrangements for the redemption of convertible bonds will become key points of continuous market attention, and every decision made by Liu Jing will determine the future direction of this established food enterprise ### 相關股票 - [LONGDA (002726.CN)](https://longbridge.com/zh-HK/quote/002726.CN.md) ## 相關資訊與研究 - [Hogs Falling Back on Tuesday](https://longbridge.com/zh-HK/news/281221741.md) - [12:30 ETLOUISIANA FISH FRY LAUNCHES NEW VIDEO SERIES WITH EMERIL LAGASSE AND TROMBONE SHORTY CELEBRATING CAJUN FLAVOR](https://longbridge.com/zh-HK/news/281652235.md) - [CATL's controlling shareholder to donate some A-shares](https://longbridge.com/zh-HK/news/281197776.md) - [Sincere FY loss attributable HK$64.1 million](https://longbridge.com/zh-HK/news/281220904.md) - [What to Expect From Tractor Supply's Next Quarterly Earnings Report](https://longbridge.com/zh-HK/news/281207236.md)