YANGYUAN(SH:603156) Zheng Quan Zhi Xing·2025-04-30 09:48Core Viewpoint - Yangyuan Beverage (603156.SH) reported a decline in revenue but an increase in net profit for 2024, indicating a "profit without revenue growth" scenario. The company is facing challenges in its core walnut milk product market, prompting it to seek growth through cross-industry investments [1][2]. Financial Performance - In 2024, Yangyuan Beverage achieved revenue of 6.058 billion yuan, a year-on-year decrease of 1.69%, while net profit attributable to shareholders was 1.722 billion yuan, an increase of 17.35% [1]. - The first quarter of 2025 saw a significant decline in revenue across all regions, with an overall drop of 20.44%, and revenue and net profit down 19.7% and 26.95% year-on-year, respectively [1][2]. - For the first three quarters of 2024, the company experienced a dual decline in performance, with revenue and net profit decreasing by 7.81% and 4.69%, respectively [2]. Product Performance - The walnut milk product, represented by "Six Walnuts," saw a sales volume decline of 4.71% to 571,663.84 tons, and revenue decreased by 5.86% to 5.373 billion yuan, marking three consecutive years of revenue failing to exceed 6 billion yuan [2][3]. - Despite a significant increase in inventory by 33% due to pre-Spring Festival stocking, the core product's performance remains under pressure [2]. Regional Performance - The company’s revenue from offline distribution channels decreased by 2.99% to 5.729 billion yuan, with only the Northeast and Northwest regions showing positive growth [3][5]. - In the first quarter of 2025, revenue from the distribution model plummeted by 22.55% to 1.644 billion yuan, with all seven major regions reporting declines [3]. Investment Strategy - Yangyuan Beverage is attempting to find new growth avenues through cross-industry investments, recently announcing a 1.6 billion yuan investment in Changjiang Storage Technology Holding Co., acquiring a 0.99% stake [1][6]. - The company has a history of significant investments, with annual long-term equity investments exceeding 1 billion yuan from 2017 to 2022, but these investments have not yielded expected returns, leading to consecutive years of investment losses [6][7]. - The company’s investment in private equity funds has been particularly problematic, with substantial losses reported in recent years, raising concerns about the sustainability of its investment strategy [6][7].