SANYUAN(SH:600429) Xin Lang Cai Jing·2025-12-25 09:51Core Viewpoint - San Yuan Co., Ltd. is divesting its 10% stake in Beijing San Yuan Dehong Real Estate Development Co., Ltd. to focus on its core business amid ongoing challenges in the dairy industry and declining revenues [1][2]. Group 1: Business Strategy and Financial Performance - The divestment of San Yuan Dehong is part of a broader strategy to shed unprofitable assets and concentrate on core operations, with the transaction valued at 26.85 million yuan [2]. - In the first three quarters of this year, San Yuan's net profit surged by 124.84% to 236 million yuan, attributed to the "slimming strategy" that alleviated the burden of loss-making non-core assets [6][7]. - Despite the profit increase, the company's revenue continues to decline, with a 10.06% drop to 4.871 billion yuan in the first three quarters, driven by a 13.15% decrease in liquid milk revenue and a 14.33% decrease in ice cream revenue [7][8]. Group 2: Market Challenges and Industry Context - The real estate market remains sluggish, impacting San Yuan Dehong's performance, which reported a revenue of 109 million yuan in 2024 and a net profit of 736,680 yuan, followed by a loss of 659,730 yuan in the first three quarters of 2025 [2][3]. - The dairy industry is facing significant pressure, with 63% of listed dairy companies reporting revenue declines and 52% experiencing drops in net profit, as raw milk prices have fallen nearly 30% since October 2021 [8][9]. - San Yuan's market share in Beijing remains strong, particularly in liquid milk, where it holds a 56.2% market share, but the overall revenue decline raises concerns about future growth [7][8].