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Core Insights - The beverage company Daqiao is reportedly in talks for an 85% acquisition by KKR, with the founder possibly retaining a minority stake [1] - Daqiao has been focusing on the restaurant channel but needs to penetrate retail and instant retail markets for greater market share [1][3] - The competitive landscape is challenging, with Coca-Cola and PepsiCo holding over 80% of the market share in the soda category [1][6] Financial Performance - Daqiao's sales revenue is estimated to be around 2 billion yuan in 2022 and approximately 3 billion yuan in 2023, making it significantly more profitable than competitors like Shaanxi Bingfeng and Beibingyang [2] - From January to May 2025, Daqiao's offline retail sales grew by 4.35% year-on-year, with a market share of 2.64% in the carbonated beverage category [2] Market Position - Daqiao is recognized as the leading domestic soda brand in China, with a strong brand foundation and the highest scale effect among local soda brands [2] - The market share for carbonated beverages in 2025 is projected to be 60.46% for Coca-Cola, 29.59% for PepsiCo, and 2.64% for Daqiao, with Daqiao showing a year-on-year growth rate of 11.15% [2] Strategic Initiatives - Daqiao is undergoing a "full-category" transformation, focusing on expanding its product lines to include carbonated drinks, fruit and vegetable juices, plant-based protein drinks, energy-flavored drinks, and tea beverages [5] - The company is also emphasizing a strategy of "light health" and youthfulness in its new product launches, such as the "Probiotic Juice Soda" and "Sugar-Free Tea" series [4][5] Marketing and Distribution - Daqiao has successfully utilized advertising in subways and social media platforms to enhance brand visibility and market penetration [3][6] - The company has shifted its channel strategy to strengthen its presence in the restaurant sector before expanding into retail channels [7][12] Challenges Ahead - Daqiao faces significant challenges in scaling its growth and breaking the dominance of Coca-Cola and PepsiCo in the market [8][12] - The beverage industry is experiencing a shift, with ready-to-drink tea surpassing carbonated drinks in market share, indicating a need for Daqiao to adapt to changing consumer preferences [10][11]