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押中长江存储让股价“尝甜头” 养元饮品再投10亿元加码私募

Core Viewpoint - Yangyuan Beverage is increasing its investment in its private equity fund, Wuhu Wenming Qianhong Investment Management Partnership, by 1 billion yuan, raising the fund's total size from 3 billion yuan to 4 billion yuan, with Yangyuan's contribution reaching 3.997 billion yuan, accounting for 99.925% of the fund [2] Investment Performance - The most successful investment of the fund is in Yangtze Memory Technologies Co., Ltd., where it invested 1.6 billion yuan for a 0.99% stake, valuing the company at 161.6 billion yuan, making it the highest-valued new unicorn in the semiconductor industry [4] - As of June 2025, this investment represents 12.52% of Yangyuan's total assets, although the fund has not yet achieved profitability, reporting a net loss of 9.03 million yuan in 2024 and a continued loss of 288,900 yuan in the first half of 2025 [4] Stock Performance - Following the investment in Yangtze Memory, Yangyuan's stock price surged significantly, rising from 21.14 yuan per share to a peak of 34.42 yuan, marking a 63% increase over two weeks [5] - As of October 16, the stock closed at 29.02 yuan, bringing the company's total market capitalization close to 37 billion yuan [5] Business Challenges - Despite the investment successes, Yangyuan's core business is facing challenges, with revenue declining from a peak of 9.117 billion yuan to 6.058 billion yuan in 2024, primarily relying on its walnut milk product for 88.70% of revenue [7] - The company's diversification strategy has not yielded significant results, with new products contributing only slightly over 10% of total revenue [7] Financial Health - Yangyuan's cash flow remains strong, with a cash balance of 1.459 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 58.96%, and it plans to distribute 630 million yuan in dividends, representing 84.7% of net profit [8] Strategic Outlook - The company's reliance on cross-industry investments highlights a broader trend among traditional fast-moving consumer goods companies seeking growth avenues as their core businesses plateau [9] - Balancing the pursuit of investment opportunities with strengthening the core business will be a long-term challenge for Yangyuan, as sustainable growth relies on product innovation and brand rejuvenation [9]