“两个汇源”，正面对垒

Core Viewpoint - The restructuring case of Huiyuan appears to have a new twist despite previous perceptions of its failure, with Beijing Huiyuan actively promoting a new version of Huiyuan juice products under the control of Wensheng Assets [1][2]. Group 1: Business Conflict - Since January 2026, Beijing Huiyuan has been actively recruiting partners and announced plans to produce Huiyuan juice products independently, indicating a strong intent to replace Huiyuan Group [2]. - On January 21, Beijing Huiyuan revealed the packaging of the Wensheng version of Huiyuan juice and claimed that the old packaging produced by Huiyuan Group was unauthorized [2]. - In response, Huiyuan Group filed a lawsuit against Wensheng Assets for breach of contract and sought property preservation from the court [2]. Group 2: Market Presence - Despite the escalating conflict, there is currently no visible presence of the Wensheng version of Huiyuan juice in the market, with reports indicating that only Huiyuan Group's products are available [3][4]. - Some regions have completed the recruitment of distributors for the new products, focusing on pure juice and larger packaging, but actual sales have not yet materialized [3]. Group 3: Restructuring Progress - The restructuring of Huiyuan has faced delays, with Wensheng Assets not wanting to take over the juice operations despite controlling the brand [5]. - Changes in shareholding occurred on December 29, 2025, with Yuedong Investment becoming a new shareholder of Wensheng Assets, holding approximately 13.7% [5][6]. - Legal disputes involving Yuedong Investment have hindered the acquisition process by Guozhong Water, which had planned to gain control over Beijing Huiyuan [6][7]. Group 4: Future Outlook - The ongoing legal issues and market dynamics suggest a complex situation for both Wensheng Assets and Huiyuan Group, with potential implications for future negotiations and market strategies [7][8]. - There is uncertainty regarding whether Guozhong Water will continue its acquisition efforts for Beijing Huiyuan, as the current disputes may not align with the interests of either party [8][9].