Core Viewpoint - The recent surge in the stock price of Yangyuan Beverage is attributed to its investment in Changjiang Storage, a semiconductor company, which has led to speculation about its potential in the semiconductor sector despite its core business facing a decline [4][11][12]. Group 1: Company Overview - Yangyuan Beverage, known for its product "Six Walnuts," has seen its revenue peak in 2015-2016 at 9.117 billion and 8.9 billion respectively, with net profits in the range of 2.6 billion to 2.8 billion during the same period [16][19]. - The company has been experiencing a continuous decline in performance over nearly a decade, with a significant drop in revenue during the pandemic [19][20]. Group 2: Investment in Changjiang Storage - In December 2023, Yangyuan Beverage announced a 1.6 billion investment in Changjiang Storage, acquiring 0.99% of its shares, which valued Changjiang Storage at approximately 161.6 billion [10][11]. - The market's enthusiasm for Yangyuan Beverage is partly due to the heightened expectations for Changjiang Storage's IPO following its recent restructuring [8][11]. Group 3: Market Dynamics and Competition - The domestic NAND Flash market is expected to grow, with predictions that local manufacturers could capture 10% of the market share by 2025, doubling from the previous year [12]. - Yangyuan Beverage faces increasing competition in the walnut beverage market, with major dairy companies entering the plant protein sector, which could impact its market share [26]. Group 4: Financial Performance and Shareholder Returns - Since its IPO in 2018, Yangyuan Beverage has distributed a total of 16.462 billion in dividends, with a significant portion benefiting the founding team and executives [32][34]. - The company's dividend strategy has resulted in payouts exceeding 131.3% of its net profits over the past three years, indicating a focus on shareholder returns despite declining operational performance [32][34].