2025.12. 19 本文字数：894，阅读时长大约2分钟 作者 | 第一财经 栾立 国民果汁品牌汇源重组案又起波澜。12月19日晚，汇源集团发布公告，称重整投资人文盛资产违 约，并向北京市第三中级人民法院提起诉讼并申请财产保全。业内看来，汇源商标的归属是双方未来 争夺的关键。 公告显示，汇源集团指称在北京汇源食品饮料有限公司重整案中，重整投资人上海文盛资产管理股份 有限公司（下称 文盛资产）及其指定主体诸暨市文盛汇自有资金投资有限公司（下称 诸暨文盛汇） 未能按约定投入全部资金，已构成违约。 汇源集团称已向北京市第三中级人民法院提起诉讼并申请财产保全，要求诸暨文盛汇履行合同义务并 承担违约责任。文盛资产及文盛汇依据《重整投资协议》及《增资协议》所取得的相关权利应予以调 整或归于消灭。汇源集团将依法恢复对北京汇源的管理权与控制权。 资料显示，12月9日，文盛汇持有的北京汇源6.4亿元股权已被北京市第三中级人民法院冻结。 2022年6月汇源果汁重整计划获批后，文盛资产成为北京汇源的新控股股东。根据重整计划，文盛 资产需向北京汇源增资16亿元，分三年投入，金额分别为7.5亿元、3.8亿元和4.7亿元。今年以来， ...

（文章来源：证券日报） 证券日报网12月17日讯安德利在12月17日回答调研者提问时表示，消费升级下健康饮品、功能食品的需 求增长是行业重要发展趋势，公司对此保持高度关注并持续开展市场调研与布局研判。在现有果汁、番 茄汁等产品基础上，公司会结合自身资源禀赋、市场需求及行业竞争格局，评估拓展其他健康食品领域 的可行性。后续若有具体规划，公司将严格按照监管要求履行信息披露义务。 ...

安德利（605198）果汁(02218)盘中跌超4%，截至发稿，跌3.16%，报13.5港元，成交额312.39万港元。 消息面上，安德利果汁12月5日公告称，持股5%以上股东广州统一企业有限公司计划通过集中竞价方式 减持公司股份不超过341.20万股，占公司总股本的1.00%。值得注意的是，安德利此前公告，截至12月4 日，控股股东BVI东华完成减持341.2万股公司股份，占公司总股本的1.00%。 ...

广州统一计划通过集中竞价方式减持公司股份数量不超过341.2万股，即不超过总股本的1.00%。减持期 间为本公告之日起15个交易日后的3个月内。减持价格视市场价格确定。若减持计划实施期间公司有送 股、资本公积金转增股本、配股等股份变动事项，上述股份数量做相应调整。 安德利（605198）果汁(02218)发布公告，截至本减持计划披露日，广州统一企业有限公司(以下称"广州 统一")持有烟台北方安德利果汁股份有限公司(以下简称"公司")股份2132.77万股，约占公司总股本的 6.25%。上述股份为公司首次公开发行前取得的股份，已于2021年9月22日起上市流通。 ...

周一早上，同事把一杯颜色有点抽象的饮料放到我电脑前，正是前段时间引发热议的网红饮品"白马王子汤"。"白马王子"走下流量的峰顶，现在终于好买 了不少。 这汤色蓝得像湖面反光，又绿得像滤镜开太大，也许这是"蒂芙尼蓝"的姐妹色？我鼓起勇气一口干下去，竟是酸酸甜甜的水果味，比它的颜值安分多了。 △同事请的"白马王子汤"。（图/晓洋 摄） 我以为它的迷幻汤色来自异国他乡。可翻查了一下，却惊讶地发现：这色彩的源头，很可能就在中国内蒙古。 01 就这么一句玩笑话，"白马王子汤"这五个字就在英国留学生圈里炸开了，后来还传到了国内社交分享平台。抽象的颜色、天真的愿望、外国超市的限定饮 料，所有元素都精准戳中年轻人的"好奇心"。 有人说它像刷锅水，有人说像厨房清洁剂，也有人说是格格巫才做得出来的东西。越"抽象"，越诱人。 这款"白马王子"饮料其实是英国果汁品牌Innocent旗下的"Blue Bolt"，里面主要含有椰子水、芭乐、柠檬和螺旋藻。巧合的是，西班牙版的名称直译正 是"蓝色王子"。2019年推出时，这饮料就因颜色在外国社交平台上引发"蓝绿争议"，相关的推文转发超过2500万次。 颜色诡异， 英国留子却爱惨了 "白马王子 ...

Core Insights - The demand for NFC juice is increasing due to rising national income levels and health awareness, with retail volume expected to reach 114 million liters and retail value to reach 6.32 billion yuan in 2024, representing year-on-year growth of 12.14% and 13.73% respectively [1][11]. Overview - NFC juice, or "Not From Concentrate" juice, is made from fresh fruits that are juiced, filtered, and sterilized without undergoing the "concentration-reconstitution" process, preserving the original nutritional content and flavor of the fruit [2]. Development History - The NFC juice market in China began in 2013 with the entry of Zero Degree Fruit Workshop, leading to rapid industry growth. The COVID-19 pandemic accelerated online sales, and post-pandemic, there has been a shift towards quality competition and standardization in the industry [6][11]. Regulatory Environment - Recent regulations have been implemented to ensure food safety and quality in the NFC juice industry, promoting a move towards standardization and high-quality production [7]. Industry Chain - The NFC juice industry chain includes upstream fruit suppliers, midstream production and processing, and downstream sales channels such as supermarkets and e-commerce platforms [8][9]. Consumer Preferences - The majority of NFC juice consumers are female (over 58%), with the 18-35 age group making up 72% of buyers. Over 65% prioritize no additives when choosing NFC juice, with orange juice holding the largest market share at approximately 42.3% [10][11]. Current Market Status - The NFC juice market is experiencing significant growth, with retail prices averaging 55.64 yuan per liter in 2024, reflecting a 1.41% increase. Future trends indicate a rise in demand for functional NFC juices with added probiotics and dietary fibers [11][12]. Competitive Landscape - The NFC juice market is dominated by major players like Nongfu Spring and Wahaha, with smaller brands struggling to compete due to pricing pressures from new-style tea drinks and the dominance of large beverage companies [12][14]. Future Trends - The market is expected to see an increase in mixed fruit and vegetable juices, as well as functional NFC juices with added nutrients. There will also be a growing demand for portable packaging to cater to consumers' fast-paced lifestyles [15][16].

Core Insights - The price of orange juice in the UK has significantly increased, with supermarket own-brand orange juice rising from approximately £0.76 per liter five years ago to £1.79 now, and fresh-squeezed orange juice in cafes costing as much as £5.3 [1][3] Price Trends - The overall food inflation in the UK reached 17.5% in 2023, with orange juice prices reflecting broader trends in grocery price increases [3][4] - The price of concentrated orange juice has risen globally, influenced by poor orange harvests in Brazil due to severe drought and a disease known as citrus greening [4] Supply Chain Issues - Brazil's dominance in orange supply is compared to Saudi Arabia's influence on the oil market, with limited alternatives from countries like Morocco, Egypt, and South Africa [4] - The U.S.-initiated trade wars have further complicated the market, with tariffs imposed on orange juice exports from Brazil and a significant drop in U.S. orange juice exports to Canada [4] Demand Dynamics - Global orange juice consumption has decreased by approximately 30% from its peak 20 years ago, influenced by price and changing consumer perceptions regarding sugar content and health [4] - In contrast, demand for exotic juices like mango, pomegranate, and pear is growing in emerging markets such as China, South Africa, and India [4] Broader Implications - The fluctuations in food and beverage prices in the UK may be indicative of a more volatile market landscape due to climate challenges and sustainability risks [5]

Core Points - Yantai Northern Andeli Juice Co., Ltd. announced the implementation of H-share repurchase in September 2025 [1] - The company received authorization from the shareholders' meeting on May 16, 2025, to repurchase up to 10% of its issued H-shares [1] - The H-share repurchase program started on June 13, 2025, and has been executed multiple times [1] Summary by Sections - **H-share Repurchase Details** - In September 2025, the company conducted 4 H-share repurchases, totaling 1 million shares, which is 1.42% of the total H-shares issued as of the authorization date and 0.29% of the total shares [1] - The total funds used for this repurchase amounted to 17.1153 million HKD, excluding commissions and other fees [1] - **Cumulative Repurchase Information** - As of the announcement date, the company has completed 21 H-share repurchases, totaling 7.012 million shares [1] - This cumulative repurchase represents 9.92% of the total H-shares issued as of the authorization date and 2.06% of the total shares [1] - The total funds expended for the cumulative repurchase reached 121.80775 million HKD, excluding commissions and other fees [1]

Core Insights - The juice industry chain encompasses upstream raw material supply, midstream processing and manufacturing, and downstream distribution and sales, forming a complete ecosystem [2][4] - The industry is characterized by a significant market share held by low-concentration juice products [6] - Major juice industry companies are concentrated in Guangdong, Taiwan, and regions like Zhejiang and Jiangsu [9][11] Upstream Supply - Upstream focuses on raw material supply, primarily involving the cultivation of fruits like apples, citrus, and mangoes, supported by large-scale bases and cooperative models [2] - Key upstream companies include Shaanxi Haisheng Fruit Industry, Guangxi Mango Planting Cooperative, and Shanghai Wodi Intelligent Equipment [4] Midstream Processing - The midstream involves processing steps such as washing, sorting, juicing, and filtering to produce various juice products, relying on advanced technologies like cold pressing and HPP [2] - Representative companies in this segment include Nongfu Spring and Huiyuan, along with emerging firms like Tianye Co. and Tiandi Yihua [4] Downstream Distribution - Downstream sales channels include supermarkets, convenience stores, e-commerce platforms, and restaurants, driven by brand marketing and consumer health trends [2] - Major distributors include China Resources Vanguard, KFC, and Taobao [4] Regional Distribution - The juice industry is predominantly concentrated in Guangdong, with significant representation in Taiwan, Zhejiang, and Jiangsu [9][11] Investment Trends - Since 2020, major juice companies have focused on acquisitions and establishing new factories to expand their market presence [14] - Notable investments include Huiyuan Group's 4.5 billion yuan investment in a smart cold chain processing park in Sichuan [16], and Nongfu Spring's 5 billion yuan investment in a comprehensive industrial base in Jiande [16]

Core Viewpoint - Beijing Huiyuan Food and Beverage Co., Ltd. is facing significant operational challenges following its bankruptcy restructuring, with new investors failing to fulfill their financial commitments, leading to supply chain disruptions and internal conflicts [1][2][9]. Group 1: Company Operations - The official flagship stores of Huiyuan on platforms like Tmall and Douyin are currently out of stock, indicating a supply chain issue within the company [3][4]. - Internal sources reveal that the company has voluntarily halted supplies to major platforms due to control over its accounts by new investors, which has directly impacted its revenue [3][4]. - Despite the operational turmoil, the production lines remain functional, and inventory levels are adequate, as production is primarily managed by Huiyuan Group, which is still under the control of the original management [4][10]. Group 2: Management Conflict - A power struggle between the new management led by Wang Qinghan and the original management team has escalated, affecting employee relations and operational efficiency [6][8]. - The new management has faced challenges in executing board decisions due to the original team's refusal to cooperate, leading to a breakdown in communication and operational processes [7][8]. - Legal disputes are ongoing regarding the validity of board resolutions, further complicating the management transition [7]. Group 3: Financial Issues - The new investors, Wen Sheng Asset Management and Zhuji Wen Sheng Hui, have failed to meet their financial commitments, with only 7.5 billion yuan of the promised 16 billion yuan invested, leading to concerns about the company's financial stability [9]. - The halted acquisition by Guozhong Water, which was expected to provide additional capital, has left the company in a precarious financial situation, raising questions about future funding for its restructuring efforts [9]. Group 4: Market Position - Despite the internal chaos, Huiyuan retains strong brand recognition and production capacity, suggesting potential for recovery if governance issues can be resolved [11]. - The company is positioned to capitalize on the growing health beverage market, provided it can navigate its current challenges effectively [11].