三元失手“大本营”，新帅陈海峰双答卷“滑坡”

Core Viewpoint - The new leader of Sanyuan Foods, Chen Haifeng, has faced challenges since taking over in April, with disappointing financial results and a significant decline in market presence [2][3][17]. Financial Performance - In Q2, Sanyuan reported revenue of 1.684 billion yuan, a year-on-year decline of 7.38%, while Q3 revenue was 1.54 billion yuan, down 0.82% [3][17]. - Total revenue for the first three quarters was 4.871 billion yuan, a decrease of 11.06% compared to 5.416 billion yuan in the same period last year [2][3][17]. - In a specific region, Sanyuan's revenue was 2.28 billion yuan, reflecting a 14.6% decline [4][18]. Market Position and Competition - Sanyuan's dealer network has shrunk significantly, with a 32.62% reduction in the number of dealers in its core market [2][10]. - The company faces increasing competition from national brands like Yili and Mengniu, which have expanded their presence in the North China market [3][17]. - Sanyuan's market share is being eroded, leading to a perception of weaker brand presence among consumers [21][24]. Product Issues - Consumer feedback indicates dissatisfaction with the taste of Sanyuan milk, described as "bland" and "difficult to drink" [21][22]. - The launch of the "Good Night Milk" product has raised questions regarding its effectiveness, with unclear information about its melatonin content [21][22]. Management and Strategic Challenges - Sanyuan has experienced significant management turnover, which has affected strategic consistency [10][24]. - Analysts suggest that the company's low performance is a result of market share loss to larger competitors and broader industry challenges [24].