Ge Long Hui·2026-02-11 07:33Group 1 - The core viewpoint of the article highlights that Yangyuan Beverage has resumed growth at the beginning of 2026 and is expected to benefit from external investments [1] - The company obtained exclusive distribution rights for the Red Bull Energy Drink series in northern China in 2020, with the energy drink market in China projected to grow from 28.79 billion yuan in 2015 to 62.06 billion yuan in 2024, reflecting a CAGR of nearly 9%, significantly higher than the 4% growth of soft drinks during the same period [1] - The company leverages its mature walnut milk distribution channels to introduce energy drinks, which enhances channel profitability and stickiness, contributing to revenue growth [1] Group 2 - The walnut milk product has strong gift-giving attributes, and the company is expected to transition from a small year to a big year during the Spring Festival in 2026, with a promising start in Q1 and an overall expectation of regaining growth for the year [1] - The company's external investments are focused on technology sectors, with potential for IPO exits under the current technological wave, which could yield good returns, while the company also offers high dividends providing a certain safety margin [1] - The rating for the company is maintained at "Buy" [1]