作为持续多年占据行业龙头地位的六个核桃，影响力源于对技术创新的极致追求。资料显示，六个核桃 不仅独立起草中国首部植物蛋白饮料行业标准，更深度参与核桃乳国家标准的制定，以标准化推动品类 规范发展。其自主研发的【5·3·28】工艺、全核桃CET冷萃技术及五重细化研磨工艺，精准破解传统核 桃乳涩腻口感难题，将营养成分利用率提升至97%以上，推动品类从风味型饮料向类功能型饮料跨越升 级。依托国家级实验室、院士工作站等六大研发平台，六个核桃以硬核科技构筑起难以复制的竞争壁 垒。 义利并举践行品牌责任 11月21日，由《经济观察报》主办、北京希肯国际文化集团联合承办的"2025美好生活新消费高峰论 坛"在京圆满落幕。作为连续举办十一届的消费领域顶级盛会，本届论坛汇聚政企学界权威代表，围 绕"高质量消费升级"核心命题展开深度对话，为中国消费市场的健康可持续发展贡献智慧方案。会上， 养元饮品（603156）旗下"六个核桃"品牌凭借强大的市场领导力、技术突破力与社会责任感，从众多候 选品牌中突围，一举摘得"年度消费品牌价值奖"，彰显其在植物蛋白饮品赛道的标杆地位。 品牌的深层内核，在于对社会价值的持续践行。作为核桃深加工领域的 ...

Industry Environment - Japan's consumer market thrives on high-frequency innovation, evolving from imitation to user-driven innovation since the 1980s, with companies establishing consumer research centers to deeply explore needs [3][4] - The "medicinal food" industry in China has surpassed 370 billion yuan, with a total industry valuation exceeding 2 trillion yuan, driven by health awareness and policy support [5] - The plant-based protein beverage market is facing pressure, but leading companies are preparing for peak seasons with channel expansion and new product promotions [6] Beverage Market Trends - HPP cold brew tea, combining high-pressure cold sterilization with cold brewing, is gaining popularity among young consumers, despite its higher cost and niche market status [7] - The beverage market is witnessing a return of sugary drinks, with brands like Yuanqi Forest and Wahaha launching new sugary products, reflecting consumer preferences for taste and pleasure [8] - The bottled water market is shifting from price competition to value competition, with companies like Nongfu Spring and China Resources leading through product innovation and channel transformation [9][10] Brand Dynamics - Mondelez International reported a 5.9% revenue growth in Q3 2025, but faced profit margin pressures due to rising costs and declining consumer confidence in emerging markets like China [20] - Xu Fu Ji's Meilu energy biscuits have rapidly gained popularity in the sports nutrition market, leveraging event sponsorships and targeted marketing strategies [21] - Coca-Cola's Q3 2025 revenue reached $12.455 billion, driven by price increases and strong sales of sugar-free products, despite a slight decline in the Chinese market [22] Plant-Based and Health Trends - Yangyuan Beverage is enhancing its leadership in the plant-based protein beverage sector through product innovation and channel restructuring [23] - The low-sugar trend is becoming mainstream, with brands like Holleyou launching new products that balance health and taste [25] - Mengniu's milk powder business has achieved double-digit growth by focusing on emotional marketing and channel optimization to meet diverse consumer needs [26] Emerging Opportunities - The plant milk market is projected to exceed 100 billion yuan by 2025, with B2B channels becoming crucial for growth [14] - The sports drink segment is rapidly growing, with brands like Magic leveraging product upgrades and sports marketing to strengthen their market position [33] - The electrolyte drink market is dominated by brands like Dongpeng and Alien, with both focusing on channel strategies and product diversification to capture market share [31][32]

Core Viewpoint - OATLY is undergoing a strategic review of its Greater China operations due to declining revenue and continuous net losses since 2020, with a potential divestment being considered to accelerate growth and maximize business value [1][2]. Financial Performance - In Q2 2025, OATLY reported a revenue increase of 3% to approximately $208 million, with a gross margin improvement of 3.3 percentage points to 32.5%. However, the net loss attributable to shareholders was approximately $55.9 million, an increase of $25.5 million compared to the same period last year [1]. - Revenue from the Greater China region decreased by 6.4% to $27 million in Q2 2025, down from $28.8 million in the same quarter of the previous year, primarily due to a decline in sales through the food service channel [1][4]. Strategic Review and Market Position - OATLY has initiated a strategic review of its Greater China business, which may include options such as divestment to enhance growth and value realization [1][2]. - The company continues to operate in the Greater China market during the evaluation period, maintaining its production facilities and commitment to customers, consumers, and employees [2]. Market Challenges - The transition from B2B to B2C has proven challenging for OATLY, as the oat milk segment remains a niche market in China, facing competition from local brands and higher price points compared to dairy products [3][5]. - The market for plant-based beverages in China has shown signs of cooling, with a shift from initial consumer enthusiasm to more rational demand, compounded by rising competition from local brands [5][6]. Revenue Composition - Approximately 62% of OATLY's revenue in Greater China in Q2 2025 came from the food service channel, down from 70% in the previous year, indicating a shift in revenue sources [4].

Core Viewpoint - Vitasoy reported a revenue of HKD 6.274 billion for the fiscal year ending March 31, 2025, reflecting a 1% year-on-year growth, while net profit attributable to shareholders surged by 102% to HKD 235 million, driven by improved sales execution in mainland China and strong performance in Hong Kong [1][2] Group 1: Financial Performance - Revenue growth of 1% in FY2025 was primarily due to growth in core products in mainland China and stable performance in Hong Kong [1] - Net profit doubled due to cost reduction and efficiency improvement measures, with operating profit in mainland China increasing by 41% and in Hong Kong by 24% [1] Group 2: Market Dynamics - The mainland market is Vitasoy's main revenue source, facing intense competition and rising consumer price sensitivity, leading to a previous price reduction strategy [1][2] - Vitasoy's management announced that there will be no further price reductions in the mainland market, indicating that the pricing of their lemon tea is already competitive after a 10%-15% price cut in the previous half-year [2][3] Group 3: Product Strategy - Vitasoy aims to maintain market advantage through high-quality products and services rather than relying solely on price competition [3] - The company has adjusted its product mix to be more economical and competitive, particularly in the tea beverage segment [3][5] Group 4: Industry Trends - The beverage industry in China is experiencing a shift, with a reported production of 188 million tons in 2024, a 7.5% increase year-on-year, and total revenue of CNY 534.8 billion, up 4.8% [7] - The plant-based beverage market is facing a slowdown, but Vitasoy believes in its long-term potential due to low per capita consumption compared to global averages and significant growth opportunities in lower-tier cities [7][8] Group 5: Competitive Landscape - The tea beverage market is growing, with increasing consumer demand for health-oriented and diverse product offerings [8] - Vitasoy has been expanding its low-sugar and no-sugar beverage options since 2015/16, but faces challenges from increased competition in the no-sugar tea segment [8][9]

Core Insights - The plant protein beverage market is experiencing intensified competition, leading to a "stronger differentiation" pattern among major companies [1][6] - Traditional plant protein beverages are facing challenges due to low daily consumption penetration and significant seasonal sales fluctuations [1][6] Company Performance - Yangyuan Beverage reported a revenue of approximately 6.058 billion yuan, a decrease of 1.69% year-on-year, but a net profit of about 1.722 billion yuan, an increase of 17.35% [3][4] - Weiweijia's revenue was approximately 3.656 billion yuan, down 9.4% year-on-year, while net profit increased by 96.26% to about 411 million yuan [3][4] - Chengde Lulux achieved a revenue of approximately 3.287 billion yuan, an increase of 11.26%, with a net profit of about 666 million yuan, up 4.41% [3][4] - Huanlejia's revenue was approximately 1.855 billion yuan, down 3.53%, and net profit decreased by 47.06% to about 147 million yuan [3][5] Market Trends - The plant protein beverage industry has seen significant growth, with market size reaching 142.8 billion yuan in 2023, reflecting a compound annual growth rate of 9.8% [6][9] - The market is characterized by a concentration of major players, with the top five companies holding only 58% of the market share, indicating structural opportunities [8][9] - There is a growing demand for healthier products with low sugar, high fiber, and organic certifications, which presents growth potential for the industry [9] Competitive Landscape - The industry is witnessing increased competition from new entrants and product homogeneity, necessitating diversified strategies for differentiation [8][9] - Major companies like Yangyuan Beverage and Chengde Lulux maintain significant market shares due to their established brands and distribution channels [8][9] - Analysts emphasize the importance of functional and refined operations to adapt to changing consumer preferences and market dynamics [6][9]