Core Viewpoint - The Chinese dairy product industry is experiencing a decline in production, with a notable decrease in output for 2025 compared to previous years [1] Industry Summary - In November 2025, China's dairy product output was 243,000 tons, representing a year-on-year decrease of 2.7% [1] - From January to November 2025, the cumulative production of dairy products in China reached 2,685,000 tons, showing a cumulative decline of 1.2% [1] - The report by Zhiyan Consulting outlines the market operation status and investment prospects for the Chinese dairy product industry from 2026 to 2032 [1] Company Summary - Listed companies in the dairy sector include Yili Co., Ltd. (600887), Bright Dairy (600597), San Yuan (600429), New Dairy (002946), Huangshi Group (002329), Yantang Dairy (002732), Zhuangyuan Pasture (002910), and Pinwo Foods (300892) [1]

Group 1 - The dairy sector experienced a decline of 1.90%, ranking among the top losers in the concept sector, with major declines seen in companies like Miaokelan Duo, Huangshi Group, and Nanjiao Foods [1][2] - Among the dairy stocks, four companies saw price increases, with Wancheng Group, Ketaobiology, and Xinnong Development rising by 0.91%, 0.66%, and 0.27% respectively [1] - The dairy sector faced a net outflow of 424 million yuan from main funds, with 28 stocks experiencing net outflows, and six stocks seeing outflows exceeding 30 million yuan [2][3] Group 2 - The top net outflow was from Yili Group, with a net outflow of 69.81 million yuan, followed by Huangshi Group, Miaokelan Duo, and Sanyuan Group with outflows of 61.06 million yuan, 48.80 million yuan, and 41.81 million yuan respectively [2][3] - The stocks with the highest net inflows included Dabeinong, Yantang Dairy, and Xinnong Development, with inflows of 12.67 million yuan, 0.38 million yuan, and 0.21 million yuan respectively [2][3] - The dairy sector's performance was contrasted with other sectors, such as PEEK materials and carbon fiber, which saw gains of 3.23% and 2.52% respectively [2]

Core Viewpoint - The stock of Sanyuan Foods has experienced fluctuations, with a recent decline of 2.17% and a year-to-date increase of 23.06%, indicating volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Sanyuan Foods reported a revenue of 4.871 billion yuan, a year-on-year decrease of 9.74%, while the net profit attributable to shareholders increased by 128.16% to 236 million yuan [2]. - The company has cumulatively distributed 317 million yuan in dividends since its A-share listing, with 104 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Sanyuan Foods was 31,300, a decrease of 9.19% from the previous period, with an average of 47,776 circulating shares per shareholder, an increase of 10.12% [2]. - The sixth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 8.8706 million shares, an increase of 1.4604 million shares from the previous period [3]. Market Activity - The stock has seen significant trading activity, with a total turnover of 1.28 billion yuan and a turnover rate of 1.56% on a recent trading day [1]. - Sanyuan Foods has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on November 14, where it recorded a net buy of -127.629 million yuan [1].

Group 1: Industry Overview - The Chinese food and beverage industry is undergoing significant transformation, with traditional brands facing challenges such as channel restructuring, product upgrades, and public relations issues, while emerging brands are rapidly rising through differentiated positioning and digital marketing [1] - The year 2025 is seen as a pivotal moment for established brands like Wahaha, Huiyuan, and Sanyuan, reflecting the industry's need for new strategies amidst changing market dynamics [1] Group 2: Wahaha's Challenges - Wahaha is currently embroiled in an asset dispute involving the "Zong Family Siblings" and Zong Fuli, with the company's trademark still locked in a shareholder deadlock [2] - Zong Fuli resigned from her leadership roles at Wahaha but retains a 29.4% stake, indicating a complex transition as she attempts to modernize the company while facing historical governance issues [3] - Wahaha's revenue slightly decreased from 51.2 billion yuan in 2022 to 50 billion yuan in 2023, but is projected to rebound to 70 billion yuan in 2024, showcasing a potential recovery strategy [3] Group 3: Wahaha's Strategic Moves - Wahaha has initiated a "surgical" channel reform, consolidating its distribution network to enhance control over core markets, which marks a significant shift in its long-standing channel management structure [4] - The company is focusing on professional and market-oriented adjustments, aiming to replace inertia with mechanisms that align the team closer to market demands [4] - However, internal conflicts persist, as evidenced by the registration of the "Wah Xiaozong" trademark, which has not been utilized effectively, and competition from the "Zong Sheng" brand [4][5] Group 4: Huiyuan's Capital Struggles - Huiyuan is facing a capital struggle, with its e-commerce presence severely impacted due to a control dispute that has escalated into judicial confrontations [6][8] - The company has accused its investment partner of failing to fulfill financial commitments, leading to operational difficulties and product shortages on major e-commerce platforms [8] - Huiyuan's management is actively pursuing legal action to enforce contractual obligations and restore operational stability [8] Group 5: Sanyuan's Strategic Focus - Sanyuan has shifted its strategy from scale expansion to focusing on high-margin, high-loyalty products, particularly in the low-temperature fresh milk segment [10] - The company reported sales of 2.28 billion yuan in Beijing for the first three quarters, despite a 14.6% decline compared to the previous year, indicating resilience in a challenging market [11] - Sanyuan is also expanding its product offerings to cover all life stages, aiming to create a comprehensive nutritional ecosystem [11] Group 6: Industry Trends and Future Outlook - The transformation in the beverage industry reflects a broader shift from extensive growth to refined, digital operations, highlighting the need for traditional companies to address governance, brand aging, and channel rigidity [12] - The challenges faced by established brands like Wahaha and Huiyuan signal the beginning of an industry reshuffle, emphasizing the importance of governance restructuring and adapting to consumer trends [12]

Core Viewpoint - San Yuan Co., Ltd. is divesting its 10% stake in Beijing San Yuan Dehong Real Estate Development Co., Ltd. to focus on its core business amid ongoing challenges in the dairy industry and declining revenues [1][2]. Group 1: Business Strategy and Financial Performance - The divestment of San Yuan Dehong is part of a broader strategy to shed unprofitable assets and concentrate on core operations, with the transaction valued at 26.85 million yuan [2]. - In the first three quarters of this year, San Yuan's net profit surged by 124.84% to 236 million yuan, attributed to the "slimming strategy" that alleviated the burden of loss-making non-core assets [6][7]. - Despite the profit increase, the company's revenue continues to decline, with a 10.06% drop to 4.871 billion yuan in the first three quarters, driven by a 13.15% decrease in liquid milk revenue and a 14.33% decrease in ice cream revenue [7][8]. Group 2: Market Challenges and Industry Context - The real estate market remains sluggish, impacting San Yuan Dehong's performance, which reported a revenue of 109 million yuan in 2024 and a net profit of 736,680 yuan, followed by a loss of 659,730 yuan in the first three quarters of 2025 [2][3]. - The dairy industry is facing significant pressure, with 63% of listed dairy companies reporting revenue declines and 52% experiencing drops in net profit, as raw milk prices have fallen nearly 30% since October 2021 [8][9]. - San Yuan's market share in Beijing remains strong, particularly in liquid milk, where it holds a 56.2% market share, but the overall revenue decline raises concerns about future growth [7][8].

Core Insights - The Chinese food and beverage industry is undergoing significant transformation in 2025, with traditional companies facing challenges such as channel restructuring, product upgrades, and public relations issues, while emerging brands are rapidly rising through differentiated positioning and digital marketing [1] Wahaha - Wahaha is experiencing a complex situation in 2025, with its founder, Zong Fuli, resigning from key positions while retaining a 29.4% stake, indicating a struggle with historical legacy issues [2][3] - The company's revenue showed a decline from 512 billion yuan in 2022 to 500 billion yuan in 2023, followed by a rebound to 700 billion yuan in 2024, with a slight increase to 705 billion yuan in 2025, reflecting a market-driven approach under Zong Fuli's leadership [3] - Wahaha has implemented a "surgical" channel reform, consolidating its distribution rights under the "Hongsheng system" to achieve vertical control over sales terminals, marking a significant shift in its long-standing channel management structure [4] - The brand's transformation highlights the challenges of transitioning from a family-owned business to a modern corporate governance structure, with experts suggesting the need for professional management teams to rejuvenate the brand [5] Huiyuan - Huiyuan is embroiled in a capital struggle, with its e-commerce presence severely impacted, reflecting a broader control dispute that has escalated into judicial confrontations [6][8] - The company faced significant operational challenges due to a lack of funding from its restructuring investor, leading to a reliance on pre-restructuring funds and resulting in production capacity shrinkage and supply chain disruptions [8][9] - Despite these challenges, Huiyuan is attempting to pivot its strategy by launching new product lines aimed at health-conscious consumers, indicating a shift from being a raw material supplier to an integrated industry player [9] Sanyuan - Sanyuan has shifted its focus from scale expansion to high-margin, high-loyalty products, particularly in the low-temperature fresh milk segment, positioning itself strategically in the market [10] - The company reported a sales figure of 2.28 billion yuan in Beijing for the first three quarters, reflecting a decline compared to the previous year, yet it remains competitive among A-share dairy companies [11] - Sanyuan's strategy includes a localized service approach and a product matrix that caters to various life stages, aiming to create a comprehensive nutritional ecosystem [11][12] Industry Trends - The industry is transitioning from extensive growth to refined, digital operations, with traditional companies facing governance, brand aging, and channel rigidity issues, while new brands capitalize on trends like health consciousness and online shopping [12]

Core Insights - The Chinese food and beverage industry is undergoing significant transformation in 2025, with traditional brands facing challenges such as channel restructuring, product upgrades, and public relations issues, while emerging brands are rapidly rising through differentiated positioning and digital marketing [1] Group 1: Wahaha - Wahaha is experiencing a complex situation with leadership changes and unresolved trademark issues, as the new general manager faces a plan without trademark authorization [3] - Revenue for Wahaha decreased slightly from 512 billion yuan in 2022 to 500 billion yuan in 2023, but rebounded to 700 billion yuan in 2024, with a further increase to 705 billion yuan projected for 2025 [3] - The company has initiated a "surgical" channel reform, consolidating its distribution network to enhance vertical control over sales, particularly in key markets [4] Group 2: Huiyuan - Huiyuan is embroiled in a capital struggle that has escalated into a judicial confrontation, highlighting issues of corporate governance and the failure of contractual obligations by its investors [6][8] - The company has faced significant operational challenges, including a cash flow crisis and product shortages on e-commerce platforms due to unfulfilled investment commitments from its restructuring investors [7] - Despite these challenges, Huiyuan is attempting to pivot its strategy by launching new product lines aimed at health-conscious consumers and signing a major investment agreement to transform into an industry integrator [8][9] Group 3: Sanyuan - Sanyuan has shifted its focus from scale expansion to high-margin, high-loyalty products, particularly in the low-temperature fresh milk segment, positioning itself strategically in the market [10] - The company reported sales of 22.8 billion yuan in Beijing for the first three quarters, reflecting a decline compared to the previous year, but it remains competitive among A-share dairy companies [10] - Sanyuan's strategy includes localized services and a focus on product innovation across different consumer life stages, aiming to create a comprehensive nutritional ecosystem [11]

Core Insights - The Chinese food and beverage industry is undergoing significant transformation in 2025, with traditional brands facing challenges such as channel restructuring, product upgrades, and public relations issues, while emerging brands are rapidly rising through differentiated positioning and digital marketing [1] - The cases of Wahaha, Huiyuan, and Sanyuan illustrate the struggles and adaptations of established dairy companies in this changing landscape [1] Wahaha - In 2025, Wahaha is embroiled in a complex ownership dispute, with its brand name locked in a stock equity deadlock, impacting its operational plans [3][4] - The company experienced a revenue decline from 512 billion yuan in 2022 to 500 billion yuan in 2023, followed by a rebound to 700 billion yuan in 2024, and a slight increase to 705 billion yuan in 2025, reflecting a market-driven approach under the leadership of Zong Fuli [4] - Wahaha has initiated a "surgical" channel reform, consolidating its distribution rights under the "Hongsheng system" to enhance vertical control over sales terminals [6] - The brand's transformation is hindered by unresolved historical issues and competition from emerging brands like "Wawa Xiaozong" and "Wawa Xiaozhi" [6][7] Huiyuan - Huiyuan is facing a capital struggle, with its e-commerce presence severely impacted due to a control dispute that has escalated into judicial confrontations [8][9] - The company has accused its investment partner, Wensheng Assets, of failing to fulfill financial commitments, leading to operational difficulties and product shortages [9][10] - Despite these challenges, Huiyuan is attempting to pivot its strategy by launching new product lines aimed at health-conscious consumers, while also signing a significant investment agreement to transition from a raw material supplier to an industry integrator [10][11] Sanyuan - Sanyuan has shifted its focus from scale expansion to high-margin, high-loyalty products, particularly in the low-temperature fresh milk segment, which has become a strategic priority [12] - The company reported a sales figure of 2.28 billion yuan in Beijing for the first three quarters of the year, reflecting a decline compared to the previous year, yet it remains competitive among A-share dairy companies [12] - Sanyuan's localized strategy includes re-establishing its brand presence in urban areas, transforming traditional stores into cultural landmarks that foster community engagement [13] - The industry is experiencing a shift from extensive growth to refined, digital operations, highlighting the need for traditional companies to adapt their governance structures and product offerings to meet evolving consumer demands [13]

Group 1 - The dairy sector experienced a decline of 0.85% as of the market close on December 24, ranking among the top losers in concept sectors [1] - Major stocks within the dairy sector that saw significant declines include Zhuangyuan Pasture, which hit the daily limit down, and others like Huanlejia, Miaokelan, and Fucheng Shares, which also faced notable drops [1] - Conversely, stocks that gained in the market included Yiyatong, Huangshi Group, and Yiming Foods, with increases of 3.41%, 2.70%, and 2.12% respectively [1] Group 2 - The dairy sector saw a net outflow of 141 million yuan in capital today, with 22 stocks experiencing net outflows, and 10 stocks seeing outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was Miaokelan, with a net outflow of 50.84 million yuan, followed by Sanyuan Shares, Panda Dairy, and Western Pastoral, with net outflows of 29.91 million yuan, 20.07 million yuan, and 18.61 million yuan respectively [1] - Stocks with the highest net inflows included Yiyatong, Huangshi Group, and Jinjian Rice Industry, with net inflows of 46.43 million yuan, 21.71 million yuan, and 10.66 million yuan respectively [1]

本报告依据中国资产评估准则编制 北京三元食品股份有限公司拟股权转让涉及 的北京三元德宏房地产开发有限公司股东全 部权益价值项目 资产评估报告 天圆开评报字[2025]第 000232 号 (共一册,第一册) 北京天圆 有限公司 中国资产评估协会 资产评估业务报告备案回执 (可扫描二维码查询备案业务信息) 说明:报告备案回执仅证明此报告已在业务报备管理系统进行了备案,不作为 协会对该报告认证、认可的依据,也不作为资产评估机构及其签字资产评估专 业人员免除相关法律责任的依据。 备案回执生成日期:2025年10月11日 ICP备案号京ICP备2020034749号 | 声 | 明 | | --- | --- | | 资产评估报告摘要 . | | | 资产评估报告正文 . | | | 一、 委托人、被评估单位和资产评估委托合同约定的其他资产评估报 | | | 告使用人 | | | 二、 评估目的 . | | | 评估对象和评估范围…………………………………………………………12 | = 、 | | 价值类型 | 四、 | | 评估基准日 . | 五、 | | 评估依据 | 六、 | | 评估方法 | 七、 | | 评 ...