Core Insights - The plant protein beverage market is experiencing intensified competition, leading to a "stronger differentiation" pattern among major companies [1][6] - Traditional plant protein beverages are facing challenges due to low daily consumption penetration and significant seasonal sales fluctuations [1][6] Company Performance - Yangyuan Beverage reported a revenue of approximately 6.058 billion yuan, a decrease of 1.69% year-on-year, but a net profit of about 1.722 billion yuan, an increase of 17.35% [3][4] - Weiweijia's revenue was approximately 3.656 billion yuan, down 9.4% year-on-year, while net profit increased by 96.26% to about 411 million yuan [3][4] - Chengde Lulux achieved a revenue of approximately 3.287 billion yuan, an increase of 11.26%, with a net profit of about 666 million yuan, up 4.41% [3][4] - Huanlejia's revenue was approximately 1.855 billion yuan, down 3.53%, and net profit decreased by 47.06% to about 147 million yuan [3][5] Market Trends - The plant protein beverage industry has seen significant growth, with market size reaching 142.8 billion yuan in 2023, reflecting a compound annual growth rate of 9.8% [6][9] - The market is characterized by a concentration of major players, with the top five companies holding only 58% of the market share, indicating structural opportunities [8][9] - There is a growing demand for healthier products with low sugar, high fiber, and organic certifications, which presents growth potential for the industry [9] Competitive Landscape - The industry is witnessing increased competition from new entrants and product homogeneity, necessitating diversified strategies for differentiation [8][9] - Major companies like Yangyuan Beverage and Chengde Lulux maintain significant market shares due to their established brands and distribution channels [8][9] - Analysts emphasize the importance of functional and refined operations to adapt to changing consumer preferences and market dynamics [6][9]

Core Viewpoint - The investment by Yangyuan Beverage in Changjiang Storage Technology Holding Co., amounting to 1.6 billion yuan, has drawn attention from investors, indicating a shift from its core business of walnut milk to cross-industry investments as a means to seek new growth opportunities [1][2][10]. Group 1: Investment Details - Yangyuan Beverage's investment in Changjiang Storage represents 90% of its net profit for the previous year, highlighting the significant financial commitment involved [2][10]. - The investment aims to explore a new business model through equity investment, suggesting a strategic pivot from traditional manufacturing to investment [11][14]. - The investment in Changjiang Storage is part of a broader trend where Yangyuan has engaged in various cross-industry investments, including real estate and technology sectors, over recent years [14][15]. Group 2: Company Background and Performance - Yangyuan Beverage, known for its walnut milk product "Six Walnuts," has seen a decline in revenue and profit since its peak in 2015, with 2024 projected revenue at 6.058 billion yuan, down one-third from its peak [22][25]. - The company has struggled with product innovation, relying heavily on its walnut milk, which has led to stagnation in growth [22][25]. - Despite attempts to diversify its product offerings, new products have not significantly contributed to revenue, with functional beverages accounting for only 10% of total revenue [25][26]. Group 3: Industry Context - Changjiang Storage is recognized as the largest storage chip enterprise in China, with significant potential for growth if it goes public [6][7]. - The semiconductor industry, where Changjiang Storage operates, is capital-intensive and currently undergoing cyclical adjustments, which may impact profitability [7][10]. - Yangyuan's investment strategy reflects a broader trend in the beverage industry, where companies are increasingly looking to diversify and invest in high-growth sectors to offset stagnation in traditional markets [14][27].

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3294.02 points, below the five-day moving average, indicating a market correction trend [1]. Group 1: Market Performance - The total trading volume of A-shares reached 7286.82 billion yuan today [1]. - The Shanghai Composite Index experienced a change of -0.03% [1]. Group 2: Stocks Exceeding Five-Day Moving Average - A total of 293 A-shares have surpassed the five-day moving average today [1]. - Notable stocks with significant deviation rates include: - Xinjin Power (300157) with a deviation rate of 13.12% and a daily increase of 19.92% [2]. - Yintu Network (835508) with a deviation rate of 10.41% and a daily increase of 13.08% [2]. - Lechuang Technology (430425) with a deviation rate of 7.81% and a daily increase of 11.04% [2]. - Other stocks with smaller deviation rates that just crossed the five-day moving average include: - InSai Group, Dongpeng Beverage, and Zhongke Magnetic [1].

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company's revenue for 2024 is expected to be 60.58 billion yuan, a year-on-year decrease of 1.69%, while the net profit attributable to shareholders is projected to be 17.22 billion yuan, an increase of 17.35% [6] - The fourth quarter of 2024 is anticipated to show a revenue of 18.29 billion yuan, a year-on-year increase of 16.14%, with a net profit of 4.93 billion yuan, reflecting a significant year-on-year growth of 177.02% [6] - The company maintains a high cash dividend payout ratio of approximately 100%, with total cash dividends and buybacks amounting to 18.22 billion yuan, indicating a strong commitment to shareholder returns [6] Financial Performance Summary - For 2024, the total revenue is projected at 60.58 billion yuan, with a year-on-year growth of -1.69% [6] - The net profit attributable to shareholders for 2024 is expected to be 17.22 billion yuan, reflecting a year-on-year increase of 17.35% [6] - The earnings per share (EPS) for 2024 is estimated at 1.37 yuan, with a price-to-earnings (P/E) ratio of 17.46 [1][6] - The gross profit margin for 2024 is expected to be 46.53%, a slight increase of 0.82 percentage points year-on-year [6] - The company’s cash flow from operating activities for 2024 is projected to be 1,431 million yuan [12] Revenue Breakdown - The revenue from walnut milk for 2024 is estimated at 53.43 billion yuan, a decrease of 5.86% year-on-year, while functional beverages are expected to generate 6.5 billion yuan, an increase of 45.02% [6] - The first quarter of 2025 is projected to show a revenue of 18.6 billion yuan, a year-on-year decrease of 19.7% [6] Future Outlook - The net profit forecasts for 2025 and 2026 have been revised down to 13.56 billion yuan and 13.93 billion yuan, respectively, with a new estimate for 2027 at 15.05 billion yuan [6] - The company is expected to stabilize and recover its revenue in the future as the market environment improves [6]

文/梧桐晓编 4月25日晚上，核心产品为"六个核桃"的河北养元智汇饮品股份有限公司（603156）公布2024年年报、对外投资公告。公司控制的芜湖闻名泉泓投资管理合伙企业 （有限合伙）以货币出资方式对长江存储科技控股有限责任公司增资人民币16亿元。本次交易完成后，泉泓投资持有长控集团0.99%的股份，成为长控集团第8大 股东，但不占长控集团董事、监事席位。这16亿元投资金额占养元饮品2024年净利润17.22亿元的92.915%。长控集团2024年1-9月亏损8421万元。 养元饮品公司主营业务为以核桃仁为原料的植物蛋白饮料的研发、生产和销售，2018年2月12日在上交所主板上市。当前公司产品主要包括六个核桃精品系列、养 生系列、五星系列、无糖高钙、六个核桃2430、六个核桃"新鲜装"系列等。 2023年12月11日，养元饮品董事会会议审议通过了《关于公司对外投资的议案》，本次投资事项在董事会决策权限内，无需经公司股东大会审议。由于涉及商业 秘密，根据《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第2号——信息披露事务管理》以及《河北养元智汇饮品股份有限公司信息 披露暂缓与豁免业务内部管理 ...

Core Viewpoint - The investment by Yangyuan Beverage in Changjiang Storage Technology represents a strategic shift for the food and beverage industry, exploring new growth avenues through cross-industry investments in the semiconductor sector [1][3]. Group 1: Investment Details - Yangyuan Beverage announced a cash investment of 1.6 billion yuan in Changjiang Storage, acquiring a 0.99% stake in the company [1]. - This marks Yangyuan's first foray into the semiconductor industry, reflecting a broader trend of traditional industries seeking growth through equity investments amid slowing core business growth [1][3]. Group 2: Market Context - The global storage chip market is experiencing significant growth, with projections indicating that China's market size will exceed 800 billion yuan by 2030, with an annual compound growth rate of over 10% [1]. - The demand for high-performance products such as high-bandwidth memory (HBM) and solid-state drives (SSD) is surging due to the proliferation of AI, 5G, and IoT technologies [1]. Group 3: Strategic Implications - Yangyuan Beverage's investment is part of a broader strategy to diversify its business and seek new revenue sources, particularly in high-growth sectors like semiconductors [3]. - The company has previously established a private equity fund, Qianhong Investment, with a focus on high-tech sectors, including semiconductor chips and big data [3]. - This investment aligns with the company's goal to enhance its overall performance and provide better returns for shareholders [3]. Group 4: Industry Trends - The trend of traditional industries, such as footwear and food and beverage, investing in the semiconductor sector highlights a shift towards embracing hard technology amid a slowing consumer market [4]. - The investment represents an efficient allocation of idle funds and a necessary strategic transformation for companies in traditional sectors [4].

Core Viewpoint - Yangyuan Beverage, the parent company of "Six Walnuts," announced an investment of 1.6 billion yuan in Yangtze Memory Technologies Co., Ltd. (YMTC), acquiring a 0.99% stake, aligning with the company's strategic development and exploring equity investment business models [1][4]. Group 1: Company Overview - Yangyuan Beverage, established in 1997, is a leading plant-based protein beverage company in China, known for its flagship brands including Six Walnuts and Yangyuan Plant Milk [2]. - As of the latest closing, Yangyuan Beverage's stock price is 23.86 yuan per share, with a total market capitalization of 30.07 billion yuan [3]. Group 2: Investment Details - The investment in YMTC confirms the semiconductor giant's actual valuation at approximately 161.62 billion yuan [4]. - YMTC, founded in July 2016, is a leading domestic storage chip company with a registered capital of 105.27 billion yuan, specializing in chip design, manufacturing, packaging, testing, and system solutions [4]. - The investment round includes 16 enterprises, such as Agricultural Bank of China Financial Assets and Shanghai State-owned Assets, alongside Yangyuan's investment through its controlled entity, Wuhu Wenmingquan Hong Investment Management Partnership [4].

Core Viewpoint - Yangyuan Beverage announced a cash dividend plan for the fiscal year 2024, proposing a distribution of 13.6 yuan per 10 shares, totaling approximately 1.714 billion yuan, which represents 99.53% of its net profit, with a dividend yield of 6.00% based on the average trading price for the year [2]. Company Financial Performance - For the fiscal year 2024, Yangyuan Beverage reported total revenue of 6.058 billion yuan, a year-on-year decrease of 1.69%, while net profit reached 1.722 billion yuan, reflecting a year-on-year increase of 17.35% [2]. - The basic earnings per share (EPS) for the company is 1.3636 yuan [2]. Dividend History - The company has a history of dividend distributions since its listing, with the following details: - 2024: 10 shares dividend of 13.6 yuan (total 1.714 billion yuan, yield 6.00%) - 2023: 10 shares dividend of 16 yuan (total 2.023 billion yuan, yield 6.76%) - 2022: 10 shares dividend of 18 yuan (total 2.278 billion yuan, yield 8.04%) - 2021: 10 shares dividend of 20 yuan (total 2.531 billion yuan, yield 6.85%) - 2020: 10 shares dividend of 12 yuan (total 1.519 billion yuan, yield 4.68%) - 2019: 10 shares dividend of 20 yuan with a 2-for-10 bonus share (total 2.109 billion yuan, yield 5.30%) - 2018: 10 shares dividend of 30 yuan with a 4-for-10 bonus share (total 2.260 billion yuan, yield 4.32%) - 2017: 10 shares dividend of 26 yuan with a 4-for-10 bonus share (total 1.399 billion yuan) [2]. Industry Comparison - In the food and beverage sector, Yangyuan Beverage's cash dividend of 1.714 billion yuan ranks among the top distributions, with Kweichow Moutai leading at 34.671 billion yuan, followed by Haitian Flavoring and Qingdao Beer at 4.773 billion yuan and 3.001 billion yuan respectively [4][5]. - The cash dividend payout ratio for Yangyuan Beverage is notably high at 99.53%, indicating a strong commitment to returning profits to shareholders [5].

河北养元智汇饮品股份有限公司 关于会计师事务所履职情况的评估报告 河北养元智汇饮品股份有限公司（以下简称"公司"）聘请致同会计师事务 所（特殊普通合伙）（以下简称"致同所"）作为公司 2024 年度审计机构。根 据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务所管理 办法》等法律法规的要求，公司对致同所在近一年审计中的履职情况进行了评估。 具体情况汇报如下： 一、资质条件 （7）截至 2024 年 12 月 31 日，致同所从业人员近六千人，其中合伙人 239 人；注册会计师人数 1,359 人，其中签署过证券服务业务审计报告的注册会计师 人数超过 400 人； （8）致同所 2023 年度经审计的收入总额 27.03 亿元，其中审计业务收入 22.05 亿元，证券业务收入 5.02 亿元。2023 年度上市公司审计客户 257 家，主 要行业包括制造业；信息传输、软件和信息技术服务业；批发和零售业；电力、 热力、燃气及水生产供应业；交通运输、仓储和邮政业，审计收费总额 3.55 亿 元；2023 年年报挂牌公司客户 163 家，审计收费 3,529.17 万元；本公司同行业 上市公司/新三板 ...

证券代码：603156 证券简称：养元饮品 公告编号：2025-009 河北养元智汇饮品股份有限公司 关于取消公司监事会、变更公司注册资本 暨修订《公司章程》并办理工商登记备案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 河北养元智汇饮品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第六届董事会第十三次会议，审议通过了《关于变更公司注册资本的议案》 及《关于取消公司监事会暨修订<公司章程>并办理工商登记备案的议案》。根据 《中华人民共和国公司法（2023 年修订）》《上市公司章程指引（2025 年修订）》 《上市公司股东会规则（2025 年修订）》等相关规定，结合公司实际情况，现 拟取消公司监事会、对注册资本进行变更并修订《公司章程》相应条款，同时提 请股东大会授权公司董事长或其授权人办理相关工商变更登记及备案等事宜。上 述事项尚需提交公司股东大会审议，现将有关情况公告如下： 一、注册资本变更情况 自 2024 年 1 月 2 日至 2024 年 12 月 31 日，公司以集中竞价交易方式累 ...