“豆奶大王”难“开怀”，维维股份前三季营、利双降

Core Viewpoint - VIVI Co., Ltd. reported a decline in revenue and net profit for the first three quarters of 2025, while its net profit excluding non-recurring items increased significantly due to improved gross margins [1][3]. Financial Performance - The company's revenue for the third quarter was 866.79 million yuan, a year-on-year decrease of 8.31%, while the revenue for the first three quarters was 2.39 billion yuan, down 11.20% year-on-year [2][3]. - The net profit attributable to shareholders for the third quarter was 120.89 million yuan, an increase of 26.90% year-on-year, while the net profit for the first three quarters was 241.25 million yuan, down 1.93% year-on-year [2][3]. - The net profit excluding non-recurring items for the third quarter was 122.97 million yuan, up 23.83% year-on-year, and for the first three quarters, it was 232.23 million yuan, up 37.41% year-on-year [2][3]. Business Segments - The company experienced a decline in revenue from solid beverage products, with a decrease of 5.43% in distributor channels, and the total number of distributors decreased by 117 to 1,846 [3]. - For plant-based protein beverages, revenue dropped by 4.57%, with the number of distributors decreasing by 221 to 1,684 [3]. - In the refined tea segment, overall revenue increased by 12.65%, but e-commerce channels saw a decline of 16.31%, with the number of distributors decreasing by 7 to 351 [3]. Historical Context - VIVI Co., Ltd. has seen a continuous decline in revenue for five consecutive years, with revenues decreasing from 47.99 billion yuan in 2020 to 36.56 billion yuan in 2024 [4]. - The net profit has shown significant volatility during the same period, with figures ranging from 4.36 billion yuan in 2020 to 4.11 billion yuan in 2024 [4].