Core Viewpoint - The domestic soda brand "Dayao" is rumored to be facing acquisition by foreign investors, highlighting the challenges faced by local soda brands amid market dominance by giants like Coca-Cola and Pepsi [3][4][13]. Group 1: Company Performance - Dayao achieved annual revenue exceeding 3.2 billion yuan in 2023, significantly outperforming regional competitors [4]. - The market share of Dayao has shown a gradual increase, from 2.28% in 2023 to 2.42% in 2024, and further to 2.64% in the first half of 2024 [4]. - Dayao's pricing strategy, with a 520ml bottle priced at 4.58 yuan, positions it competitively against other brands [5]. Group 2: Market Challenges - Despite being the third-largest player in the market, Dayao's market share remains low at 2.42%, overshadowed by Coca-Cola and Pepsi's combined market dominance of nearly 90% [2][11]. - The carbonated beverage market is declining, with ready-to-drink tea surpassing it as the leading category, and functional drinks gaining traction [2][17]. - Consumer preferences are shifting away from carbonated drinks due to health concerns, with a growing inclination towards sugar-free options [23][24]. Group 3: Industry Dynamics - The overall beverage market has seen growth, with a total value of 304.1 billion yuan in 2023, but carbonated drinks are losing their leading position [17]. - The reliance of carbonated drinks on dining establishments is significant, with 78.4% of sales coming from this channel, which is currently facing a decline [19]. - The average dining price has decreased, indicating a challenging environment for carbonated beverage sales in restaurants [20][21].