国民饮料大窑将被外资收购？知情人称正在交易中，2023年营收32亿元；创始人曾说“绝不卖外资”

Core Viewpoint - KKR is set to acquire 85% of Yuanjing International, the parent company of the domestic beverage brand "Dayao," which has seen significant growth in the Chinese market, raising questions about consumer acceptance of foreign ownership [2][4][7]. Company Overview - Dayao, founded in the 1980s, achieved a revenue of 3.2 billion yuan in 2023, positioning itself as a leading domestic soda brand in China [2][12]. - The brand has a strong market presence, with operations in 31 provinces and over a thousand distributors, focusing heavily on the restaurant channel, which accounts for over 85% of its sales [14][16]. Market Position and Performance - Dayao's market share has increased from 2.28% in 2023 to 2.64% in the first half of 2024, indicating a positive growth trajectory despite facing competition from established brands like "Liangle" and local sodas [18][19]. - The brand's sales strategy includes competitive pricing, with a wholesale price of approximately 3 yuan per bottle, allowing for significant profit margins for restaurant partners [16]. Challenges and Strategic Direction - Dayao's growth has been primarily reliant on the restaurant channel and a limited product range, with a noted lack of penetration in southern markets [3][23]. - The company is exploring national and potential international expansion post-acquisition, while maintaining its focus on brand development and consumer service [8][28]. Investment Implications - KKR's involvement is expected to enhance Dayao's operational capabilities through financial support, supply chain improvements, and management expertise, addressing existing weaknesses in production and market reach [11][28]. - The acquisition is viewed as a potential pathway to a "backdoor listing," reflecting the growing interest in the Chinese beverage market and the strategic positioning of Dayao as a leading player [28][29].