YANGYUAN(SH:603156) Xin Lang Zheng Quan·2025-05-08 08:49Core Viewpoint - Yangyuan Beverage, known for its "Six Walnuts" brand, is facing declining performance and has announced a capital increase of 1.6 billion yuan in Changjiang Storage Technology Holding Co., aiming to acquire 0.99% of its shares [1][7]. Group 1: Financial Performance - In 2024, Yangyuan Beverage reported revenue of 6.058 billion yuan, a year-on-year decrease of 1.69%, and a significant drop of approximately one-third from its peak revenue of 9.117 billion yuan [1][3]. - The company's net profit attributable to shareholders was only 1.722 billion yuan, down from a previous high of 2.837 billion yuan, representing a "halving" of profits [1][3]. Group 2: Historical Context - Yangyuan Beverage was originally a small state-owned enterprise under Hengshui Laobai Gan Group, facing bankruptcy before being restructured in 2005 [2]. - The company saw rapid growth from 2008 to 2015, with revenue increasing from 285 million yuan to 9.117 billion yuan, achieving a compound annual growth rate (CAGR) of 64.09% [2]. Group 3: Market Challenges - The decline in performance is attributed to macroeconomic shocks, consumer preference shifts, and the failure of the company's single-product strategy [3]. - In 2024, new product lines contributed only slightly over 10% to revenue, with walnut milk still accounting for 88.70% of total revenue [3]. Group 4: Investment Strategy - Yangyuan Beverage has attempted to diversify through cross-industry investments, including real estate, AI, and renewable energy, but these efforts have not yielded satisfactory returns [4][5]. - From 2023 to 2024, the company reported negative investment returns of 129 million yuan and 126 million yuan, respectively [6]. Group 5: Recent Developments - The recent capital increase in Changjiang Storage is seen as a potential turning point for Yangyuan Beverage, as the semiconductor industry is gaining attention from various investment platforms [7][8]. - Changjiang Storage has made significant advancements in the semiconductor field, including the successful mass production of 232-layer 3D NAND flash chips, positioning it at the forefront of global storage technology [7][8].