Core Viewpoint - The article discusses the ongoing transformation and product diversification efforts of Li Ziyuan, a listed company, under the leadership of the second-generation successor Li Boxiong, who aims to alleviate the company's growth stagnation and anxiety through frequent new product launches and brand upgrades [1][8][26]. Product Diversification - Li Ziyuan has initiated a product diversification strategy, launching new products such as upgraded AD Calcium Milk and the new VitaYoung vitamin water, with the latter featuring three flavors and a focus on vitamin functionality [2][11]. - The company has also expanded its fruit and vegetable juice product line with new offerings like corn juice and pomelo juice [2][6]. - In the latter half of 2024, Li Ziyuan plans to introduce additional product lines, including sparkling milk and plant-based protein drinks [6][10]. Growth Anxiety - The frequent introduction of new products is driven by Li Ziyuan's growth anxiety, as the company has faced stagnant revenue growth since its peak in 2021, with net profits fluctuating back to pre-IPO levels [9][26]. - The need to diversify away from reliance on sweet milk products is emphasized, as the company has been experiencing stagnation for three years, with a slight decline in performance from 2022 to 2024 [26][27]. Market Competition and Challenges - The upgraded AD Calcium Milk faces significant challenges in competing with established products like Wahaha's AD Calcium Milk, which has over 20 years of market presence [11][13]. - VitaYoung vitamin water, while positioned as a functional beverage, must contend with strong competitors such as Midea and Nongfu Spring, which dominate the vitamin drink market [14][20]. - The article highlights that simply launching new products may not resolve the current growth issues, especially if many of these products are imitative and lack strong market competitiveness [10][30]. Strategic Focus - Li Ziyuan's strategy involves clarifying its product direction, focusing on either extending its dairy product line or diversifying into beverage categories [10][31]. - The company aims to build a multi-product line and brand strategy, moving beyond its core sweet milk product to ensure sustainable growth [27][31]. - The article suggests that developing unique, high-potential products and enhancing brand building capabilities are critical for Li Ziyuan's success in its diversification efforts [32][33]. Future Directions - The company is exploring the possibility of becoming a supplier of private label products for retailers, leveraging its existing R&D and supply chain capabilities [34].