VVFB(SH:600300) Sou Hu Cai Jing·2025-12-16 11:47Core Viewpoint - The article discusses the decline of Weiwei Soy Milk, highlighting the challenges faced by the brand in a changing market where younger consumers prefer convenience over traditional products. The brand's reliance on nostalgia is insufficient to regain market share as it struggles with declining sales and increasing competition from newer brands like Douben Dou and Vitasoy [1][4][12]. Group 1: Sales and Distribution Challenges - Weiwei has experienced a continuous decline in revenue for six consecutive years, with 345 distributors leaving the market in the first three quarters of 2025 due to unprofitability [1][10]. - The profit margins for distributors have decreased significantly, with rebates dropping from 8% to below 5%, making it less attractive for them to continue selling Weiwei products [1][3]. - The inventory turnover for Weiwei products has slowed, with stock remaining unsold for nearly a month longer than before, leading to further distributor withdrawals [3][6]. Group 2: Brand and Market Position - The brand's advertising strategy has not adapted to current trends, with minimal presence in digital marketing and social media, resulting in a significant drop in e-commerce revenue, which is less than 3% compared to competitors like Douben Dou, which exceeds 15% [4][12]. - Weiwei's product offerings have become outdated, with a lack of innovation in popular formats like ready-to-drink soy milk, while competitors have successfully captured market share through modern marketing strategies [4][12]. - Despite a significant investment from Xuzhou State-owned New Sheng Group in 2021, which acquired nearly 31% of the company, revenue has continued to decline from over 4.5 billion to less than 3.7 billion in recent years [9][10]. Group 3: Historical Context and Strategic Missteps - Weiwei has diversified into various sectors, including dairy, liquor, and real estate, but these ventures have not yielded sustainable success, leading to a dilution of focus on its core soy milk business [6][8]. - The company missed opportunities for product upgrades and market adaptation, particularly in the shift towards liquid soy milk, allowing competitors to dominate the market [8][12]. - The nostalgic appeal of the brand is waning, as consumers increasingly opt for more convenient beverage options, reflecting a broader shift in consumer preferences away from traditional products [1][13].