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Core Viewpoint - Yangyuan Beverage has significantly increased its investment in the private equity fund Wuhu Wenming Qianhong Investment Management Partnership, raising its total investment to 39.97 billion yuan, which represents a 99.925% stake in the fund, following a recent surge in its stock price due to the fund's investment in Yangtze Memory Technologies Co., Ltd. [1][3][6] Investment Details - On October 15, Yangyuan Beverage announced an additional investment of 1 billion yuan into the private equity fund, increasing the fund's total size from 3 billion yuan to 4 billion yuan [1][6]. - The fund was established in May 2021 with an initial size of 3 billion yuan, with Yangyuan contributing 2.997 billion yuan [6]. - The new investment will be allocated to other projects, not to increase investments in existing projects [6]. Performance of the Fund - The private equity fund is known for its investment in Yangtze Memory Technologies, where it invested 1.6 billion yuan for a 0.99% stake [3][7]. - Other investments by the fund include companies like Ruipu Lanjun and New Wave Media, totaling 2.955 billion yuan [8]. - The fund has faced poor performance, reporting a net loss of 9.03 million yuan in 2024 and a loss of 288,900 yuan in the first half of 2025 [8][10]. Yangyuan Beverage's Financial Performance - Yangyuan Beverage's revenue for the first half of 2025 was 2.465 billion yuan, a decrease of 16.19% year-on-year, with a net profit of 744 million yuan, down 27.76% [11]. - The company has seen a significant decline in revenue since its peak of 9.117 billion yuan in 2015, with 2024 revenue at 6.058 billion yuan, nearly a one-third reduction [11]. - The company heavily relies on its flagship product, walnut milk, which contributed 5.37 billion yuan in revenue, accounting for 89.2% of total revenue in 2024 [11]. Cash Flow and Dividend Policy - Despite declining revenues, Yangyuan Beverage reported a net cash flow from operating activities of 377 million yuan, a year-on-year increase of 1358.23% [11]. - The company had a cash balance of 1.459 billion yuan at the end of the reporting period, up 58.96% from the previous year [11]. - Yangyuan plans to distribute a cash dividend of 5.00 yuan per share, totaling 630 million yuan, which represents 84.7% of its net profit for the period [11]. Market Perception and Future Outlook - Industry experts have mixed views on Yangyuan Beverage's strategy, with some suggesting that the recent stock price increase is more of a "concept speculation" rather than a reflection of the company's true value [12]. - There are calls for the company to focus on its core business and innovate its product offerings instead of pursuing cross-industry investments [12]. - However, some believe that the company may continue its cross-industry investments due to its strong cash position despite facing growth challenges in its main business [12].