控制权拉锯战升级：汇源接管背后的资本博弈与经营困局

Core Viewpoint - The long-standing juice brand Huiyuan is facing a significant operational crisis due to a power struggle between its parent company and its investor, Wensheng Assets, which has allegedly defaulted on a 850 million yuan investment and misused the brand to produce counterfeit products [1][2]. Group 1: Investment and Financial Issues - Huiyuan Group announced a complete takeover of Beijing Huiyuan and related ordering businesses due to Wensheng Assets' fundamental breach of the restructuring investment agreement, specifically the failure to pay 850 million yuan and misuse of the brand [1][2]. - In 2022, Wensheng Assets invested 1.6 billion yuan for a 60% stake in Beijing Huiyuan, promising to inject funds over three years to clear debts and support operations, but has failed to fulfill these commitments [1][5]. - Wensheng Assets has not only refused to pay the remaining 850 million yuan but also failed to inject the previously invested 750 million yuan into operations, leading to a reliance on pre-restructuring funds [5][6]. Group 2: Operational and Market Impact - The conflict has escalated over time, with Huiyuan Group issuing six statements since August 2025, highlighting Wensheng Assets' breaches, which have evolved from financial disputes to control over operations [2][5]. - Huiyuan's market share has been declining for three consecutive years, dropping from 5.08% in Q3 2023 to 3.45% in Q3 2025, reflecting the impact of internal conflicts on consumer trust and purchasing channels [6][7]. - The internal strife has led to confusion in distribution channels, affecting sales and causing downstream distributors to hesitate in placing orders, which could significantly impact short-term operations [6][7]. Group 3: Historical Context and Future Outlook - Huiyuan, with over 30 years of history, once achieved significant milestones, including a record IPO in Hong Kong in 2007 and a near acquisition by Coca-Cola for 2.4 billion USD in 2008, but has faced a series of setbacks leading to its delisting in 2021 [3][6]. - The involvement of Wensheng Assets was initially seen as a turning point, but differences in operational philosophy and funding have turned the restructuring into a protracted struggle, causing Huiyuan to miss recovery opportunities in the industry [3][6]. - The resolution of internal conflicts and stabilization of operations are crucial for Huiyuan's survival, as its fate is closely watched within the food and beverage industry, potentially offering insights into brand restructuring [7].