YANGYUAN(SH:603156) Xin Lang Cai Jing·2026-02-27 02:37Core Viewpoint - The company behind "Six Walnuts," Yangyuan Beverage, has experienced a dramatic rise and subsequent decline in sales, facing challenges such as stagnant revenue and declining profits, prompting a shift towards cross-industry investments to seek new growth opportunities [1][2][17]. Financial Performance - Yangyuan Beverage's revenue from 2018 to 2024 showed fluctuations: 81.44 billion, 74.59 billion, 44.27 billion, 69.06 billion, 59.23 billion, 61.62 billion, and 60.58 billion, with a total decline of 20.86 billion over six years [1]. - In the first half of 2025, the company reported a revenue of 24.65 billion, a year-on-year decrease of 16.19%, and a net profit of 7.44 billion, down 27.76%, marking the first instance of simultaneous revenue and profit decline [2][3]. Regional Sales Decline - Sales revenue across all seven major regions (East China, Central China, North China, Southwest, Northwest, Northeast, and South China) experienced declines in the first half of 2025, with total sales dropping by 16.72% compared to the same period in 2024 [2][3]. Cross-Industry Investments - To counteract declining sales, Yangyuan Beverage has begun cross-industry investments, including a 1.6 billion investment in Changjiang Storage Technology and previous investments in AI and lithium battery companies [4][17]. - The company has shifted from conservative investments to more aggressive strategies, investing in sectors like semiconductors and new energy, although these investments have shown mixed results [18][19]. Market Position and Challenges - The brand "Six Walnuts" has faced criticism for misleading advertising, leading to a decline in consumer trust and sales, with the product's actual walnut content being significantly lower than implied [9][11]. - The competitive landscape for plant-based protein beverages has intensified, with new entrants and established brands launching products that align better with health trends, further challenging Yangyuan Beverage's market position [11][12]. Historical Context - Yangyuan Beverage's turnaround began in 1999 when it focused on walnut milk, leveraging traditional Chinese health beliefs to create a strong brand identity, which led to significant market share and revenue growth [5][6][7]. - Despite past successes, the company has struggled to adapt to changing consumer preferences and market dynamics, leading to a decline in its core product's sales volume from 85.68 million tons in 2018 to 56.53 million tons in 2024 [12][18].