YANGYUAN(SH:603156) Xin Lang Zheng Quan·2025-10-31 04:28Core Viewpoint - Yangyuan Beverage is a leading company in the domestic plant protein beverage industry, focusing on walnut milk products, with differentiated advantages in brand and technology [1] Group 1: Business Performance - As of Q3 2025, Yangyuan Beverage reported revenue of 3.905 billion yuan, ranking 2nd in the industry, while the industry leader, Dongpeng Beverage, achieved revenue of 16.844 billion yuan [2] - The net profit for the same period was 1.119 billion yuan, also ranking 2nd in the industry, with Dongpeng Beverage's net profit at 3.76 billion yuan [2] Group 2: Financial Ratios - The company's debt-to-asset ratio was 20.56% in Q3 2025, an increase from 18.49% year-on-year, which is significantly lower than the industry average of 40.04%, indicating strong solvency [3] - The gross profit margin for the same period was 44.57%, down from 46.53% year-on-year, but still above the industry average of 37.58%, reflecting good profitability [3] Group 3: Management and Shareholder Information - The chairman and actual controller, Yao Kuizhang, has maintained a salary of 180,000 yuan for both 2023 and 2024, and has extensive experience in the industry [4] - As of September 30, 2025, the number of A-share shareholders increased by 86.19% to 32,800, while the average number of circulating A-shares held per shareholder decreased by 46.29% to 38,500 [5] Group 4: Future Outlook and Business Highlights - Yangyuan Beverage is expected to achieve total revenue and net profit of 6.058 billion yuan and 1.722 billion yuan respectively in 2024, with a year-on-year change of -2% and +17% [5] - Key business highlights include effective cost optimization, improved profitability, a gross margin of 48.44% for walnut milk, and a 45% year-on-year revenue increase in functional beverages [5] - The company is expanding its product matrix and enhancing its e-commerce sales channel, which saw a revenue growth of 54% [5]