40亿做VC，六个核桃还是赔了

Core Viewpoint - Yangyuan Beverage is diversifying its investment strategy by increasing its stake in the private equity fund Qianhong Investment, with a focus on high-tech sectors such as semiconductors and renewable energy, rather than its core walnut milk business [1][2][3]. Investment Strategy - The company announced a capital increase of 1 billion yuan to Qianhong Investment, raising the fund's total size from 3 billion yuan to 4 billion yuan, with Yangyuan's contribution increasing its stake to 99.925% [1][5]. - The investment is characterized as a "purely financial investment" with no synergy to the company's main business, reflecting a trend among traditional businesses to invest in high-tech sectors as their core growth slows [2][4]. Financial Performance - Yangyuan's investment in Qianhong Investment is significant, as it represents nearly 93% of the company's projected net profit for 2024, which is estimated at 17.2 billion yuan [12]. - The company has faced declining revenues and profits from its core walnut milk product, with a reported revenue drop of 16.19% and a net profit decline of 27.76% in the first half of 2025 [13][15]. Investment Portfolio - Qianhong Investment has invested in seven projects, primarily in hard technology sectors, with a total investment of 2.954 billion yuan, including significant stakes in companies like Changxin Storage [6][9]. - The investment strategy has not yielded positive returns recently, with Qianhong Investment reporting a net loss of 903,000 yuan in 2024 and a further loss in the first half of 2025 [10][11]. Market Challenges - The company's core product, walnut milk, has seen a decline in market appeal, prompting the need for diversification into investments to mitigate risks associated with relying solely on its beverage business [13][14]. - Despite attempts to innovate and introduce new products, the effectiveness of marketing strategies has diminished, leading to a need for a strategic shift towards product development and innovation [15][16]. Industry Trends - The trend of traditional companies venturing into venture capital and high-tech investments is becoming more common, as seen with other firms like Jinzi Ham, which also seeks to diversify its portfolio [18][22]. - The challenges faced by Yangyuan and similar companies highlight the complexities and risks associated with cross-industry investments, particularly when lacking specialized expertise [23][24].