SANYUAN(SH:600429) Bei Jing Shang Bao·2025-12-24 16:44Core Insights - The Chinese food and beverage industry is undergoing significant transformation in 2025, with traditional companies facing challenges such as channel restructuring, product upgrades, and public relations issues, while emerging brands are rapidly rising through differentiated positioning and digital marketing [1] Wahaha - Wahaha is experiencing a complex situation in 2025, with its founder, Zong Fuli, resigning from key positions while retaining a 29.4% stake, indicating a struggle with historical legacy issues [2][3] - The company's revenue showed a decline from 512 billion yuan in 2022 to 500 billion yuan in 2023, followed by a rebound to 700 billion yuan in 2024, with a slight increase to 705 billion yuan in 2025, reflecting a market-driven approach under Zong Fuli's leadership [3] - Wahaha has implemented a "surgical" channel reform, consolidating its distribution rights under the "Hongsheng system" to achieve vertical control over sales terminals, marking a significant shift in its long-standing channel management structure [4] - The brand's transformation highlights the challenges of transitioning from a family-owned business to a modern corporate governance structure, with experts suggesting the need for professional management teams to rejuvenate the brand [5] Huiyuan - Huiyuan is embroiled in a capital struggle, with its e-commerce presence severely impacted, reflecting a broader control dispute that has escalated into judicial confrontations [6][8] - The company faced significant operational challenges due to a lack of funding from its restructuring investor, leading to a reliance on pre-restructuring funds and resulting in production capacity shrinkage and supply chain disruptions [8][9] - Despite these challenges, Huiyuan is attempting to pivot its strategy by launching new product lines aimed at health-conscious consumers, indicating a shift from being a raw material supplier to an integrated industry player [9] Sanyuan - Sanyuan has shifted its focus from scale expansion to high-margin, high-loyalty products, particularly in the low-temperature fresh milk segment, positioning itself strategically in the market [10] - The company reported a sales figure of 2.28 billion yuan in Beijing for the first three quarters, reflecting a decline compared to the previous year, yet it remains competitive among A-share dairy companies [11] - Sanyuan's strategy includes a localized service approach and a product matrix that caters to various life stages, aiming to create a comprehensive nutritional ecosystem [11][12] Industry Trends - The industry is transitioning from extensive growth to refined, digital operations, with traditional companies facing governance, brand aging, and channel rigidity issues, while new brands capitalize on trends like health consciousness and online shopping [12]