本文字数：4348，阅读时长大约8分钟 作者 |第一财经王方然 2025.08.14 一场围绕北京汇源饮料食品集团有限公司（下称"北京汇源"）的资本博弈，眼下正在激烈上演。 北京汇源管理层近日罕见发布公开信，直指大股东诸暨文盛汇自有资金投资有限公司（下称"诸暨文盛汇"）存在未缴足出资， 拖欠8.5亿元投资款长达一年，却"掌控实权"的异常状况。此外，大股东还试图通过的资本公积补亏计划，可能变相剥夺债权人 选择权。因此，管理层向其他股东喊话，对大股东进行"限权"。 管理层与大股东发生冲突，已经波及另一股东国中水务。曾经靠入股北京汇源而股价大涨的国中水务，如今的投资收益大幅下 降，控股计划也暂且搁置。 北京汇源与诸暨文盛汇的矛盾，到底有何隐情？第一财经电话联系诸暨文盛汇，接线人员表示"不太了解这一事情"，北京汇源 的电话一直未接通。而国中水务工作人员则在电话中称，这是北京汇源内部事务，该公司是北京汇源的间接投资方，还是会以 国中水务自身利益为主。关于对赌情况，到期后根据协议相关情况来（处理）。 管理层呼吁股东"夺权" 北京汇源管理层在公开信中，试图号召现有股东拿回经营的"主控权"。 诸暨文盛汇是北京汇源的第一大股东 ...

Core Viewpoint - A capital struggle is intensifying around Beijing Huiyuan Beverage and Food Group Co., Ltd, with management accusing the major shareholder, Zhuji Wenshenghui, of failing to fulfill an investment commitment of 850 million yuan for over a year, while still maintaining control over the company [3][5][10]. Group 1: Management's Actions and Proposals - Beijing Huiyuan's management has issued an open letter urging other shareholders to reclaim operational control from Zhuji Wenshenghui, which holds a nominal 60% stake but has only contributed 22.8% of the registered capital [5][10]. - The management has initiated legal action against Zhuji Wenshenghui for the unpaid capital and proposed two measures: confirming the unpaid capital through a shareholder resolution and limiting Zhuji Wenshenghui's rights related to profit distribution and voting [6][10]. - The management's call to action reflects a significant internal conflict, as they seek to address the imbalance between control and actual capital contribution [13][14]. Group 2: Financial Background and Implications - The conflict traces back to a restructuring plan approved in June 2022, where Zhuji Wenshenghui was supposed to invest 1.6 billion yuan over three years, but has failed to deliver the remaining 850 million yuan, which is now overdue by over a year [9][10]. - As of 2023, Zhuji Wenshenghui had only contributed approximately 640 million yuan, while the total unpaid amount, including interest, is around 647 million yuan [9][10]. - The management's concerns are compounded by the fact that the capital reserve, which is over 6.89 billion yuan, includes uncertain portions that could complicate the proposed use of capital reserves to cover losses [15][16]. Group 3: Impact on Other Shareholders - The ongoing disputes have adversely affected other shareholders, particularly Guozhong Water, which had previously benefited from its investment in Beijing Huiyuan but is now facing declining returns [3][18]. - Guozhong Water's investment of 930 million yuan for a 36.49% stake in Zhuji Wenshenghui has led to significant scrutiny, as its returns have been impacted by the ongoing capital disputes [19][20]. - The uncertainty surrounding Zhuji Wenshenghui's control and the implications for profit distribution have raised concerns among minority shareholders regarding the fairness of their investment returns compared to Zhuji Wenshenghui's nominal stake [20].

Core Viewpoint - A significant conflict is unfolding between Beijing Huiyuan Beverage and Food Group Co., Ltd. and its major shareholder, Zhuji Wenshenghui Investment Co., Ltd., over an unpaid investment of 850 million yuan that has been overdue for a year, leading to management's call for limiting the major shareholder's powers [1] Group 1 - The management of Beijing Huiyuan has issued a rare public letter accusing the major shareholder of failing to fulfill its capital contribution obligations, specifically the overdue investment of 850 million yuan [1] - The major shareholder is attempting to implement a capital reserve plan to cover losses, which may effectively deprive creditors of their rights [1] - The conflict between management and the major shareholder has also affected another shareholder, Guozhong Water, which has seen a significant decline in investment returns and has temporarily shelved its control plans [1] Group 2 - Communication with Zhuji Wenshenghui revealed a lack of understanding regarding the situation, while attempts to contact Beijing Huiyuan went unanswered [1] - Guozhong Water's representatives stated that the issue is an internal matter for Beijing Huiyuan, emphasizing that their interests will take precedence [1] - The handling of the situation regarding the investment agreement will be determined based on the relevant terms upon expiration [1]

北京汇源管理层在公开信中，试图号召现有股东拿回经营的主控权 一场围绕北京汇源饮料食品集团有限公司（下称"北京汇源"）的资本博弈，眼下正在激烈上演。 北京汇源管理层近日罕见发布公开信，直指大股东诸暨文盛汇自有资金投资有限公司（下称"诸暨文盛汇"）存在未缴 足出资，拖欠8.5亿元投资款长达一年，却"掌控实权"的异常状况。此外，大股东还试图通过的资本公积补亏计划，可 能变相剥夺债权人选择权。因此，管理层向其他股东喊话，对大股东进行"限权"。 管理层与大股东发生冲突，已经波及另一股东国中水务。曾经靠入股北京汇源而股价大涨的国中水务，如今的投资收 益大幅下降，控股计划也暂且搁置。 北京汇源与诸暨文盛汇的矛盾，到底有何隐情？第一财经电话联系诸暨文盛汇，接线人员表示"不太了解这一事情"， 北京汇源的电话一直未接通。而国中水务工作人员则在电话中称，这是北京汇源内部事务，该公司是北京汇源的间接 投资方，还是会以国中水务自身利益为主。关于对赌情况，到期后根据协议相关情况来（处理）。 管理层呼吁股东"夺权" 北京汇源管理层在公开信中，试图号召现有股东拿回经营的"主控权"。 诸暨文盛汇是北京汇源的第一大股东，目前持股比例达到60%。 ...

文 | 无冕财经 杨一轩 编辑 | 陈涧 这一次，汇源果汁是豁出去了。 8月9日，其母公司北京汇源食品饮料有限公司（下称"北京汇源"），在其微信公众号发布公开信，指责 大股东涉嫌出资不实、滥用控制权，表示已经提起诉讼，呼吁其他股东和债权人也采取法律手段维权。 三年前重整时约定的16亿出资款中，有超过一半资金仍未到账，这三年来，北京汇源估计主要靠自身力 量维持经营，实现连续盈利。 公开叫板昔日"白衣骑士"，试图拉拢其他股东对抗，还表示已经提起诉讼，北京汇源以撕破脸的方式放 手一搏。"国民果汁"似乎再次被资本算计。 而在今年5月，汇源果汁也因为国中水务（600187.SH）终止收购，陷入"被资本耍了"争议。但此前意欲 拿下控制权的国中水务，早就已经给了汇源大股东逾9亿的真金白银。 但事实的确如此吗？ 公开叫板大股东 北京汇源被资本"伤"了。 这样看来，在围绕汇源果汁的争斗中，国中水务及其背后的南通前首富姜照柏，似乎充当了一回"冤大 头"。 | 定遍 汇源 尊 6个朋友关注 | +关注 | ים | s | ರಿ | 0 | | --- | --- | --- | --- | --- | --- | | | | 1 ...

wumiancaijing.com / 大股东数亿投资款迟迟不给，想借助国中水务曲线上市，又因粤民投冻结股权被迫终止，汇源果汁的复兴之路，很是坎坷。 重要提醒！！！为防失联，请"星标"我们！进入无冕财经公众号，点击右上角"..."，再""，以便您及时接收每篇推送~ 作者：杨一轩 编辑：陈涧 这一次，汇源果汁是豁出去了。 8月9日，其母公司北京汇源食品饮料有限公司（下称"北京汇源"），在其微信公众号发布公开信，指责大股东涉嫌出资不实、滥用控制权，表示已经提起 诉讼，呼吁其他股东和债权人也采取法律手段维权。 三年前重整时约定的16亿出资款中，有超过一半资金仍未到账，这三年来，北京汇源估计主要靠自身力量维持经营，实现连续盈利。 公开叫板昔日"白衣骑士"，试图拉拢其他股东对抗，还表示已经提起诉讼，北京汇源以撕破脸的方式放手一搏。"国民果汁"似乎再次被资本算计。 这样看来，在围绕汇源果汁的争斗中，国中水务及其背后的南通前首富姜照柏，似乎充当了一回"冤大头"。 但事实的确如此吗？ 公开叫板大股东 北京汇源被资本"伤"了。 设计：岚昇 ▲"汇源"微信公众号上发布的公开信截图。 2017年，汇源果汁负债达到114亿元，后又因 ...

Core Viewpoint - The public letter from Huiyuan Juice reveals the intense capital struggle behind the company's restructuring, highlighting issues with its major shareholder, Zhuji Wenshenghui, who has failed to fulfill a promised investment of 850 million yuan, leading to governance and financial disputes [2][3][4]. Group 1: Capital Struggles - Huiyuan Juice's major shareholder, Zhuji Wenshenghui, has delayed the promised investment of 850 million yuan for over a year, despite multiple reminders from the company [2][4]. - The initial investment plan included a total of 1.6 billion yuan over three years, but only the first installment of 750 million yuan has been received, leaving a significant funding gap [4][5]. - The funds that were received have not been utilized for operational improvements, raising suspicions about Zhuji Wenshenghui's intentions [5][6]. Group 2: Governance Issues - Zhuji Wenshenghui has gained control over Huiyuan Juice's management despite contributing only 22.81% of the registered capital, leading to concerns about the fairness of governance [6][7]. - The company is worried that Zhuji Wenshenghui's control could dilute the rights of other shareholders, especially in profit distribution and decision-making processes [6][7]. - Huiyuan Juice has initiated legal action against Zhuji Wenshenghui to address these governance issues and protect shareholder rights [7]. Group 3: Market Position and Competition - Huiyuan Juice, once a leading brand in the juice industry, has seen its market share plummet from nearly 50% to approximately 11% due to intense competition from brands like Nongfu Spring and Coca-Cola [12]. - The company is at a critical juncture, facing the challenge of either reviving its brand or succumbing to market pressures [3][12]. - The failed acquisition by Guozhong Water further complicates Huiyuan Juice's path to recovery, as it was seen as a potential route back to the capital market [10][11].

Core Viewpoint - The public letter from Beijing Huiyuan Food and Beverage Co., Ltd. highlights the ongoing issues with its shareholder, Zhuji Wenshenghui, including allegations of governance manipulation and the failure to fulfill investment commitments, raising concerns about the company's future and its search for new investors [1][2][3] Group 1: Company Governance and Shareholder Issues - Beijing Huiyuan accuses Zhuji Wenshenghui of proposing to use capital reserves to cover losses, which could deprive creditors of their rights and options [2][4] - Zhuji Wenshenghui has only contributed 22.8% of its promised investment, with 8.5 billion yuan overdue for over a year, despite multiple reminders from Beijing Huiyuan [3][4] - A lawsuit has been filed against Zhuji Wenshenghui for failing to meet investment obligations, but its control over the board may hinder the legal process [3][4] Group 2: Financial Situation and Debt Management - Beijing Huiyuan's total liabilities are approximately 8 billion yuan, with Zhuji Wenshenghui's investment primarily allocated to operational upgrades rather than debt repayment [7][8] - The company has faced significant financial challenges, including a history of negative net profits and a high debt-to-asset ratio, leading to its delisting from the Hong Kong Stock Exchange in 2021 [8][9] - The restructuring plan approved in June 2022 was seen as crucial for the company's future, but concerns remain about the effectiveness of the current management and governance structure [6][9] Group 3: Market Reactions and Future Prospects - The involvement of Zhuji Wenshenghui was initially viewed positively, but its lack of follow-through on investment commitments has led to skepticism about the company's recovery [1][10] - National Water Resources, which had invested in Huiyuan, has also faced declining revenues and has abandoned plans to become a controlling shareholder due to ongoing uncertainties [12][13] - The public disclosure of these issues aims to increase scrutiny and pressure on Zhuji Wenshenghui to fulfill its obligations, potentially creating more negotiation space for Beijing Huiyuan [5][6]

一封公开信，让曾经被"白衣骑士"拯救的饮料企业北京汇源食品饮料有限公司（简称"北京汇源"）及股 东成为关注焦点。8月9日，北京汇源在微信公众号发布信息称，股东诸暨文盛汇自有资金投资有限公司 （简称"诸暨文盛汇"）的提议，变相剥夺了该等债权人的选择权，同时指责其操控公司治理、侵害中小 股东权益等系列问题。最重要的是，诸暨文盛汇承诺投资16亿元，但有8.5亿元已经逾期一年以上。 2022年6月27日，汇源官方微信公众号发布信息称"北京汇源食品饮料有限公司重整通过"，由北京市第 一中级人民法院裁定批准。汇源方面当时表示，"这次重整与转折意义重大"。但如今来看，诸暨文盛汇 的进入，或许并非是解开汇源经营问题的"良药"。曾经靠入股北京汇源而股价大涨的黑龙江国中水务 （600187）股份有限公司（简称"国中水务"）如今的收益大幅下降，控股也暂且搁置。对北京汇源而 言，将矛盾摆到前台后，如何处理与诸暨文盛汇的关系，未来如何寻找新的"白衣骑士"，都将是课题。 控诉诸暨文盛汇 北京汇源发布的公开信称，诸暨文盛汇提议于8月11日召开北京汇源2025年第三次临时股东会，鉴于该 次股东会的部分提案可能直接影响各位转股债权人的利益，北 ...

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].