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Core Viewpoint - The ongoing price war in China's bottled water market has intensified competition among major players, particularly Nongfu Spring, Wahaha, and Yibao, leading to significant market share shifts and financial impacts on the companies involved [2][3][7]. Group 1: Market Dynamics - In April 2024, Nongfu Spring launched its green bottle purified water at a retail price of 1 yuan per bottle, directly targeting competitors Yibao and Wahaha [2]. - The competition has led to aggressive pricing strategies, with Yibao also reducing its bottled water prices to below 1 yuan, including promotional offers such as 0.01 yuan per bottle [3][4]. - As of August 2025, Wahaha's market share increased from 14.22% to 17.7%, while Yibao's share decreased from 25.11% to 20.34%, indicating a significant shift in competitive dynamics [4][8]. Group 2: Financial Implications - Yibao's parent company, China Resources Beverage, reported a 23.1% decline in revenue from bottled water in the first half of 2025, with all product categories experiencing a downturn [8]. - The aggressive subsidy strategies employed by both Yibao and Nongfu Spring have led to a phenomenon of "price inversion," where distributors sell products below cost to maintain market share [5][6]. - The financial strain from these subsidies has raised concerns among distributors, who face pressure to meet sales targets while managing costs [5][6]. Group 3: Historical Context - The bottled water industry in China has evolved significantly over the past 30 years, with Yibao initially dominating the market until being challenged by Nongfu Spring's strategic initiatives [9][10]. - Yibao's market share had been steadily increasing until the recent competitive pressures from Nongfu Spring's green bottle offerings, which disrupted its previously stable position [8][10]. - The historical context highlights the shift from a less competitive market to one where price wars are prevalent, driven by the need to capture a larger consumer base [10].