“国民果汁”汇源的资本内斗

Core Viewpoint - Beijing Huiyuan is struggling to recover from a series of financial and operational challenges, including a stalled restructuring process and internal conflicts among shareholders, which have hindered its ability to fulfill investment commitments and regain market position [4][5][6]. Group 1: Financial and Operational Challenges - The restructuring plan approved in June 2022 included a commitment from the investor, Wensheng Asset, to inject a total of 1.6 billion yuan over three years, but only 750 million yuan has been invested so far, leaving a shortfall of 850 million yuan [7][9]. - Despite the initial investment, the funds have not been effectively utilized for operational activities, with only a small portion allocated to settling bankruptcy costs, while the majority remains under the control of the investor [11][12]. - The company has reported revenues of 1.159 billion yuan in the second half of 2022, 2.745 billion yuan in 2023, and an expected 2.475 billion yuan in 2024, indicating a decline in performance [28][29]. Group 2: Shareholder Conflicts - A public letter from Beijing Huiyuan highlighted conflicts with its major shareholder, Zhuji Wenshenghui, regarding unfulfilled financial commitments and management control, which has raised concerns among other stakeholders [5][14]. - The letter emphasized that Zhuji Wenshenghui's actual investment only accounts for 22.81% of the registered capital, yet it holds significant control over the board and management, leading to potential dilution of other shareholders' rights [12][13]. - Ordinary shareholders have fully met their capital commitments but are only entitled to 30% of shareholder rights, raising concerns about equity distribution and potential conflicts in future profit-sharing [13][14]. Group 3: Market Position and Competition - Once a market leader with a 53.4% share in 2016, Huiyuan's market position has significantly declined, with its share dropping to 11% by 2020, facing stiff competition from brands like Coca-Cola and Nongfu Spring [36]. - The company has struggled to maintain its presence in retail channels, with reports indicating that its products are increasingly absent from major supermarket shelves, while competitors have expanded their market reach [36][37]. - The rise of new beverage trends, such as fresh fruit juices and health-oriented products, has further eroded Huiyuan's market share, as consumer preferences shift away from traditional juice offerings [33][36].