Core Viewpoint - *ST Lanhuang is aggressively expanding its beverage business to offset losses from its traditional beer operations, with recent investments showing early signs of revenue growth, but the long-term viability remains uncertain due to intense competition and ongoing operational challenges [2][6][7]. Investment in Beverage Sector - The company plans to invest up to 65 million yuan in a juice beverage project in Chongqing, aiming to enhance its production capabilities [2][3]. - Recent investments include a 35.7 million yuan acquisition of a 51% stake in a joint venture and a zero-cost acquisition of a 50.63% stake in Yiwang Juice, followed by a 26.92 million yuan capital increase [3][4]. - The new production line in Chongqing is designed to process 30 tons of citrus per hour, producing various juice products [3][4]. Financial Performance - The beverage segment contributed 17.3 million yuan in revenue since its consolidation, helping the company achieve a 23.4% year-on-year revenue increase to 219 million yuan for the first three quarters [4][5]. - The company reported a net profit of 10.93 million yuan for the first three quarters, marking a turnaround from previous losses, with a particularly strong third quarter showing a 94.98% revenue increase year-on-year [5][6]. Challenges and Market Competition - Despite recent improvements, *ST Lanhuang faces significant challenges, including a long-term decline in its beer business, which has seen production and sales drop by nearly 40% year-on-year [6][7]. - The beverage market is highly competitive, with major beer companies also entering the juice segment, making it difficult for *ST Lanhuang to establish a strong foothold [7]. - The company's previous revenue levels have not exceeded 300 million yuan since 2022, and it remains under the threat of delisting due to ongoing financial struggles [6][7].