“两个汇源”，正面对垒

Core Viewpoint - The restructuring case of Huiyuan appears to have a new twist, as Beijing Huiyuan is actively promoting a new version of Huiyuan juice products, indicating a potential revival despite previous setbacks [3][4]. Group 1: Business Competition - Since January 2026, Beijing Huiyuan has been actively recruiting partners and announced plans to produce Huiyuan juice products through contract manufacturing, signaling a shift away from Huiyuan Group [4]. - On January 21, Beijing Huiyuan revealed the packaging for the new version of Huiyuan juice and claimed that the old version produced by Huiyuan Group is unauthorized [4]. - In response, Huiyuan Group filed a lawsuit against Wen Sheng Asset for breach of contract and announced plans to regain control of the Huiyuan brand [5]. Group 2: Market Presence - Despite the aggressive marketing efforts by Wen Sheng Asset, there is currently no visible presence of the new version of Huiyuan juice in the market, with reports indicating that only Huiyuan Group's products are available [6][7]. - Some regions have completed the recruitment of distributors for the new products, but the actual sales of Wen Sheng's version have not materialized yet [6]. - Huiyuan Group is leveraging its supply chain advantages to lower market prices, putting pressure on Wen Sheng Asset and its distributors [7]. Group 3: Restructuring Progress - The restructuring of Huiyuan has faced delays, with Wen Sheng Asset's plans to invest 1.6 billion yuan over three years only partially fulfilled, as only the first installment of 750 million yuan has been received [10]. - Recent changes in shareholding of the major shareholder of Beijing Huiyuan have occurred, with Yue Min Investment becoming a new shareholder, holding approximately 13.7% [9]. - Legal disputes involving Yue Min Investment have complicated the acquisition process by Guo Zhong Water, which had planned to gain control over Beijing Huiyuan [9][10]. Group 4: Future Outlook - The ongoing disputes and market dynamics suggest that the future of the Huiyuan juice brand remains uncertain, with both parties needing to reassess their strategies for mutual benefit [12]. - There is speculation that the recent actions by Beijing Huiyuan may be a strategic move to strengthen its position in negotiations with Wen Sheng Asset [11].