根据养元饮品三季度经营数据，该公司在华东、华中、华北等七大销售区域的销售收入全线下滑。其中东北地区、西北地区是重点降幅区域，分别下滑 32.08%、32.46%。 历年财报显示，在养元饮品总营收中，"六个核桃"的营收占比常年在88%~98%之间，其核心地位举足轻重。 资料配图 图据视觉中国 公开资料显示，"六个核桃"作为养元饮品旗下拳头品牌，诞生于2005年，"经常用脑，就喝六个核桃"的广告语曾火遍大街小巷。公司还通过不断赞助《最 强大脑》等节目，年营收一度高达90亿元。 曾经单年销售额近百亿元，该公司核桃乳产品以一己之力，撑起"前衡水首富"，即养元饮品董事长及实控人姚奎章的百亿身家。 日前，养元饮品公布2025年三季报，公司营业收入为39.1亿元，同比下降7.64%；归母净利润为11.2亿元，同比下降8.95%；扣非归母净利润为9.59亿元， 同比下降0.81%；经营现金流净额为-1.65亿元。 姚奎章图据河北衡水中学公众号 但自2016年以来，六个核桃销量整体呈下滑趋势。同时，养元饮品推出的养元饮品燕麦奶、椰奶等多种植物奶产品先后上市，但推出的这些新产品系列仿 佛"石沉大海"，曾经的现象级大单品也成为消费 ...

日前，核心产品为"六个核桃"的养元饮品公布2025年三季报，公司营业收入为39.1亿元，同比下降7.64%；归母净利润为11.2亿 元，同比下降8.95%；扣非归母净利润为9.59亿元，同比下降0.81%；经营现金流净额为-1.65亿元。 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 1,439,862,205.45 | 11.88 | 3,905,326,394.37 | -7.64 | | 利润总额 | 478,155,129.92 | 64.44 | 1,414,644,396.59 | -9.88 | | 归属于上市公司股东的 | 375,160,871.40 | 88.20 | 1,119,043,318.87 | -8.95 | | 浄利润 | | | | | | 归属于上市公司股东的 | | | | | | 扣除非经常性损益的净 | 331, ...

养元饮品成立于1997年9月24日，于2018年2月12日在上海证券交易所上市，注册地址和办公地址均为河北 省衡水市。它是国内植物蛋白饮料行业的领先企业，专注于核桃乳等产品，具有品牌与技术的差异化优 势。 公司主营业务为核桃仁为原料的植物蛋白饮料的研发、生产和销售，所属申万行业为食品饮料 - 饮料乳品 - 软饮料，所属概念板块包括MSCI中国、融资融券、高派息核聚变、超导概念、核电。 经营业绩：营收行业第二，净利润行业第二 2025年三季度，养元饮品营业收入为39.05亿元，行业排名2/8。行业第一名东鹏饮料营收168.44亿元，行业 平均数为37.27亿元，中位数为18.2亿元。当期净利润为11.19亿元，行业排名同样为2/8，行业第一名东鹏 饮料净利润37.6亿元，行业平均数为7.03亿元，中位数为1.93亿元。 偿债能力方面，2025年三季度养元饮品资产负债率为20.56%（去年同期18.49%），低于行业平均40.04%， 这表明公司偿债能力较强。从盈利能力看，当期毛利率为44.57%（去年同期46.53%），高于行业平均 37.58%，显示出公司较好的盈利水平。 资产负债率低于同业平均，毛利率高于同 ...

Market Overview - The beverage and dairy sector experienced a decline of 0.54% on the trading day, with Junyao Health leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Weiweijia (600300) with a closing price of 3.47, up 2.97% [1] - New Dairy (002946) at 17.01, up 2.47% [1] - Yili (600887) at 27.36, up 0.66% with a transaction volume of 621,200 shares and a transaction value of 1.702 billion [1] - Major decliners included: - Junyao Health (605388) at 7.13, down 3.52% [2] - Happy Home (300997) at 16.62, down 3.26% [2] - Beiyinmei (002570) at 6.28, down 2.64% with a transaction value of 305 million [2] Capital Flow - The beverage and dairy sector saw a net inflow of 193 million from institutional investors, while retail investors experienced a net outflow of 39.39 million [2] - The capital flow for key stocks showed: - Yili (600887) had a net inflow of 285 million from institutional investors, but a net outflow of 172 million from retail investors [3] - Chengde Lululemon (000848) had a net inflow of 42.62 million from institutional investors, with a net outflow of 5.37 million from retail investors [3] - Miao Ke Lan Duo (600882) had a net inflow of 20.36 million from institutional investors, but a significant net outflow of 29.61 million from retail investors [3]

证券之星消息，10月28日饮料乳品板块较上一交易日下跌0.63%，养元饮品领跌。当日上证指数报收于 3988.22，下跌0.22%。深证成指报收于13430.1，下跌0.44%。饮料乳品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920786 | 骑士乳业 | 9.98 | 1.73% | 9.02万 | 9090.91万 | | 002329 | 皇氏集团 | 3.66 | 0.83% | 12.10万 | 4419.34万 | | 300898 | 熊猫乳品 | 26.45 | 0.76% | 3.05万 | 8045.73万 | | 002570 | 贝因美 | 6.34 | 0.63% | - 30.73万 | 1.94亿 | | 300997 | 欢乐家 | 17.11 | 0.53% | 3.44万 | 5851.54万 | | 605179 | 一鸣食品 | 21.22 | 0.24% | 3.99万 | 8456.23万 | | 600429 | 三元股 ...

Core Viewpoint - Yangyuan Beverage (603156.SH) is experiencing a rapid recovery in performance, with significant growth in revenue and net profit in the third quarter of 2025 compared to the same period last year [1][3]. Financial Performance - In Q3 2025, Yangyuan Beverage achieved revenue of 1.44 billion yuan, a year-on-year increase of 11.88%, and a net profit of 375 million yuan, up 88.2% year-on-year [1][3]. - For the first three quarters of 2025, the company reported total revenue of 3.905 billion yuan, a decrease of 7.64% year-on-year, and a net profit of 1.119 billion yuan, down 8.95% year-on-year [3]. - The company's non-recurring net profit for Q3 increased by 72.52% year-on-year, reaching 332 million yuan [3]. Inventory and Investment - As of the end of Q3 2025, Yangyuan Beverage's inventory stood at 426 million yuan, a significant decrease of 18.6% year-on-year [2][5]. - The company has increased its investment in the private equity fund Qianhong Investment by 1 billion yuan, raising its total commitment to 3.997 billion yuan, which now accounts for 99.925% of the fund [7]. Product Strategy - Yangyuan Beverage focuses on developing, producing, and selling plant protein beverages made from walnut kernels, with a diverse product matrix that includes various series targeting different consumer needs [2][3]. - The company aims to meet the demands of different consumer groups by offering products across multiple price ranges, including sugar-free options and products tailored for festive occasions [3]. Market Position - The walnut milk beverage segment is entering a mature phase after a period of rapid growth, leading to increased competition from other manufacturers [4]. - Despite the competitive landscape, Yangyuan Beverage maintains a first-mover advantage in the market [4].

Core Insights - The article discusses the rise and fall of Yangyuan Beverage and its flagship product "Six Walnuts," highlighting the company's journey from peak sales to significant losses and market decline [1][20]. Company Overview - Yangyuan Beverage was founded in 1999, initially struggling with debts of 9 million and nearly unable to pay employee salaries [3]. - The company gained prominence with "Six Walnuts," which became a popular gift beverage, achieving sales of 91.17 billion in 2015, equating to 25 billion cans sold that year [11]. Product Development - The initial product was unpalatable, prompting the founder to invest time in improving the taste to make it more appealing to consumers [7]. - The marketing strategy included positioning "Six Walnuts" as a nutritious gift, leveraging high-profile advertising campaigns, including a 158 million sponsorship of the show "The Brain" [9]. Market Strategy - The company adopted a "rural encirclement of cities" strategy, focusing on smaller markets before expanding nationwide [11]. - By 2017, the company went public, with a share price of 78.73, leading to a market valuation peak of 500 billion [13]. Challenges and Decline - The product faced criticism for misleading labeling regarding its nutritional content, leading to a loss of consumer trust [15]. - The beverage market evolved, with competitors introducing innovative products, while "Six Walnuts" stagnated in development, focusing more on advertising than product improvement [17]. - The COVID-19 pandemic severely impacted sales, with revenue dropping to 44.27 billion in 2020, less than half of 2015's figures [20]. Current Status - By 2023, the company faced further issues, including a significant financial loss due to a distributor's fraud, leading to a market value drop of over 200 billion [22]. - Despite maintaining around 60 billion in revenue, the company struggles to regain its former market position [22]. Future Prospects - The founder's recent investment in the semiconductor industry raises questions about the company's direction and potential for recovery [26].

Core Points - The company ensures the authenticity, accuracy, and completeness of the quarterly report, with all board members and senior management bearing legal responsibility for the content [2][6][9] Financial Data - The financial statements for the third quarter are unaudited, and the report period refers to the three months from the beginning to the end of the quarter [3][7] - The company has outlined a plan to recover a total of 100% of the capital reduction from Zhongji Investment Co., Ltd. by the end of 2024, with specific percentages to be recovered in each quarter [6] Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders, although specific data is not provided in the documents [5] Operational Data - The company has provided major operational data for the first three quarters of 2025, categorized by sales channels and regions, although specific figures are not included in the documents [8]

Group 1 - China Shenhua's net profit for the first three quarters decreased by 10% year-on-year, with total revenue of 213.15 billion yuan, down 16.6% [1][2] - Dongfang Caifu reported a 51% increase in net profit for the first three quarters, reaching 90.97 billion yuan, a 50.57% year-on-year growth [3][4] - Geer Co. achieved a net profit growth of 10.33% year-on-year, totaling 25.87 billion yuan, despite a 2.21% decline in revenue [5][6] Group 2 - Changan Automobile's net profit fell by 14.66% year-on-year, with total revenue of 1,149.27 billion yuan, up 3.58% [7][8] - Zhinanzhen reported a significant net profit increase of 205% year-on-year, reaching 1.16 billion yuan, driven by growth in financial information services [9] - Dongpeng Beverage's net profit grew by 42% year-on-year, totaling 37.61 billion yuan for the first three quarters [10][11] Group 3 - Ping An Bank's net profit decreased by 2.8% year-on-year, with total revenue of 1,006.68 billion yuan, down 9.8% [12][13] - Goldwind Technology reported a 171% increase in net profit for the third quarter, reaching 25.84 billion yuan for the first three quarters [15] - Yilong Co. achieved a net profit growth of 113.97% year-on-year, totaling 19.88 billion yuan in the third quarter [16][17] Group 4 - Tongwei Co. reported a net loss of 5.27 billion yuan for the first three quarters, with total revenue of 646 billion yuan, down 5.38% [18][19] - CITIC Securities' net profit increased by 52% year-on-year, reaching 231.59 billion yuan for the first three quarters [20] - Wanhua Chemical's net profit decreased by 17.45% year-on-year, totaling 91.57 billion yuan for the first three quarters [21] Group 5 - Luoyang Molybdenum's net profit increased by 96.4% year-on-year, reaching 142.80 billion yuan for the first three quarters [22] - Xiamen Tungsten's net profit grew by 41.54% year-on-year, totaling 5.52 billion yuan for the first three quarters [44] - Huazhong Cement's net profit increased by 76% year-on-year, reaching 20.04 billion yuan for the first three quarters [41]

Core Viewpoint - Yangyuan Beverage (603156.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 3.905 billion yuan, representing a year-on-year decrease of 7.64% [1] - The net profit attributable to shareholders of the parent company was 1.119 billion yuan, down 8.95% year-on-year [1] - The basic earnings per share stood at 0.8879 yuan [1]