Core Viewpoint - Yangyuan Beverage (603156.SH) reported a decline in revenue but an increase in net profit for 2024, indicating a "profit without revenue growth" scenario. The company is facing challenges in its core walnut milk product market, prompting it to seek growth through cross-industry investments [1][2]. Financial Performance - In 2024, Yangyuan Beverage achieved revenue of 6.058 billion yuan, a year-on-year decrease of 1.69%, while net profit attributable to shareholders was 1.722 billion yuan, an increase of 17.35% [1]. - The first quarter of 2025 saw a significant decline in revenue across all regions, with an overall drop of 20.44%, and revenue and net profit down 19.7% and 26.95% year-on-year, respectively [1][2]. - For the first three quarters of 2024, the company experienced a dual decline in performance, with revenue and net profit decreasing by 7.81% and 4.69%, respectively [2]. Product Performance - The walnut milk product, represented by "Six Walnuts," saw a sales volume decline of 4.71% to 571,663.84 tons, and revenue decreased by 5.86% to 5.373 billion yuan, marking three consecutive years of revenue failing to exceed 6 billion yuan [2][3]. - Despite a significant increase in inventory by 33% due to pre-Spring Festival stocking, the core product's performance remains under pressure [2]. Regional Performance - The company’s revenue from offline distribution channels decreased by 2.99% to 5.729 billion yuan, with only the Northeast and Northwest regions showing positive growth [3][5]. - In the first quarter of 2025, revenue from the distribution model plummeted by 22.55% to 1.644 billion yuan, with all seven major regions reporting declines [3]. Investment Strategy - Yangyuan Beverage is attempting to find new growth avenues through cross-industry investments, recently announcing a 1.6 billion yuan investment in Changjiang Storage Technology Holding Co., acquiring a 0.99% stake [1][6]. - The company has a history of significant investments, with annual long-term equity investments exceeding 1 billion yuan from 2017 to 2022, but these investments have not yielded expected returns, leading to consecutive years of investment losses [6][7]. - The company’s investment in private equity funds has been particularly problematic, with substantial losses reported in recent years, raising concerns about the sustainability of its investment strategy [6][7].

Core Viewpoint - The investment by Yangyuan Beverage in Changjiang Storage Technology Holding Co., amounting to 1.6 billion yuan, has drawn attention from investors, indicating a shift from its core business of walnut milk to cross-industry investments as a means to seek new growth opportunities [1][2][10]. Group 1: Investment Details - Yangyuan Beverage's investment in Changjiang Storage represents 90% of its net profit for the previous year, highlighting the significant financial commitment involved [2][10]. - The investment aims to explore a new business model through equity investment, suggesting a strategic pivot from traditional manufacturing to investment [11][14]. - The investment in Changjiang Storage is part of a broader trend where Yangyuan has engaged in various cross-industry investments, including real estate and technology sectors, over recent years [14][15]. Group 2: Company Background and Performance - Yangyuan Beverage, known for its walnut milk product "Six Walnuts," has seen a decline in revenue and profit since its peak in 2015, with 2024 projected revenue at 6.058 billion yuan, down one-third from its peak [22][25]. - The company has struggled with product innovation, relying heavily on its walnut milk, which has led to stagnation in growth [22][25]. - Despite attempts to diversify its product offerings, new products have not significantly contributed to revenue, with functional beverages accounting for only 10% of total revenue [25][26]. Group 3: Industry Context - Changjiang Storage is recognized as the largest storage chip enterprise in China, with significant potential for growth if it goes public [6][7]. - The semiconductor industry, where Changjiang Storage operates, is capital-intensive and currently undergoing cyclical adjustments, which may impact profitability [7][10]. - Yangyuan's investment strategy reflects a broader trend in the beverage industry, where companies are increasingly looking to diversify and invest in high-growth sectors to offset stagnation in traditional markets [14][27].

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 4月27日消息，近日，出品"六个核桃"的养元饮品披露一则对外投资公告，公司控制的芜湖闻名泉 泓投资管理合伙企业（有限合伙）（下称"泉泓投资"）以货币出资方式对长江存储科技控股有限责 任公司（下称"长控集团"）增资人民币16亿元！ 长江存储是一家半导体存储器研发商，是专注于3D NAND闪存设计制造一体化的IDM集成电路企 业，同时也提供完整的存储器解决方案。 河北养元智汇饮品股份有限公司（养元饮品）始建于1997年，专注植物蛋白饮料核桃乳的研发、生 产和销售业务。在 河北衡水、安徽滁州、江西鹰潭、河南漯河、四川简阳设有生产加工基地，是国 内产销规模领先的核桃乳企业。六个核桃是企业代表性产品。 根据公告，投资方出资人民币16亿元认购标的公司新增注册资本。本次投资款应用于标的公司的业务运 营和发展，包括但不限于预期业务扩展、资本支出和补充一般营运资金。 对于投资的目的，养元饮品称，本次投资能够推动公司探索股权投资的商业运营模式。在短期内对公司 经营成果不会构成重大影响，长期有利于增强公司的投资能力，更好 ...

文/梧桐晓编 4月25日晚上，核心产品为"六个核桃"的河北养元智汇饮品股份有限公司（603156）公布2024年年报、对外投资公告。公司控制的芜湖闻名泉泓投资管理合伙企业 （有限合伙）以货币出资方式对长江存储科技控股有限责任公司增资人民币16亿元。本次交易完成后，泉泓投资持有长控集团0.99%的股份，成为长控集团第8大 股东，但不占长控集团董事、监事席位。这16亿元投资金额占养元饮品2024年净利润17.22亿元的92.915%。长控集团2024年1-9月亏损8421万元。 养元饮品公司主营业务为以核桃仁为原料的植物蛋白饮料的研发、生产和销售，2018年2月12日在上交所主板上市。当前公司产品主要包括六个核桃精品系列、养 生系列、五星系列、无糖高钙、六个核桃2430、六个核桃"新鲜装"系列等。 2023年12月11日，养元饮品董事会会议审议通过了《关于公司对外投资的议案》，本次投资事项在董事会决策权限内，无需经公司股东大会审议。由于涉及商业 秘密，根据《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第2号——信息披露事务管理》以及《河北养元智汇饮品股份有限公司信息 披露暂缓与豁免业务内部管理 ...

对此，专业人士指出，这一跨界投资不仅标志着养元饮品首次涉足半导体领域，也折射出食品饮料行业 在传统业务增长放缓背景下，通过股权投资探索第二增长曲线的战略转型趋势，与此同时，也引发了市 场对存储芯片产业链价值重构的关注。 作为全球半导体产业的核心赛道，存储芯片市场正迎来历史性机遇。全球存储芯片市场正经历技术迭代 与需求爆发的双重驱动。根据行业报告，中国存储芯片市场规模预计2030年将突破8000亿元，年均复合 增长率超过10%。随着AI大模型、5G和物联网的普及，高带宽存储（HBM）、固态硬盘（SSD）等高 性能产品需求激增。 食品饮料企业跨界投资存储芯片，积极探索第二增长曲线，国内植物蛋白饮料龙头企业——养元饮品 （603156.SH）在行动。 4月25日晚间，养元饮品发布公告，宣布其控制的私募基金泉泓投资以16亿元现金对长江存储科技控股 有限责任公司（以下简称"长控集团"）增资，交易完成后将持有后者0.99%股权。 "在当前经济环境下，股权投资行业呈现出多元化发展趋势。越来越多的企业不再局限于自身主营业务 领域，而是通过股权投资的方式，涉足其他具有发展潜力的行业。这种跨界投资行为不仅能够实现企业 资产的多元 ...

Core Insights - Six Walnuts, a leading brand in China's plant protein beverage industry, was awarded the title of "Leading Enterprise in China's Food Industry Development for 70 Years" at the 2025 China Food Industry Trend Conference in Chengdu, highlighting its significant role in the walnut industry's transformation and innovation [1] Industry Overview - The food industry has faced cyclical challenges over the decades, but strong brands like Six Walnuts have managed to thrive. The company has established a solid foundation in the walnut industry over the past 20 years, becoming the largest walnut deep-processing enterprise in China [2] - Six Walnuts has set up exclusive raw material bases in three major production areas: Xinjiang, Yunnan, and Taihang Mountain, implementing a "3·6·36" procurement standard to ensure product quality from the source [2] - The company uses over 100 million kilograms of walnuts annually and received the Frost & Sullivan certification for the highest walnut procurement volume in the country in 2024 [2] Innovation and R&D - Six Walnuts maintains its competitive edge through continuous investment in research and development, addressing common industry issues such as the astringent taste and nutrient loss in walnut milk [3] - The company has invested hundreds of millions to create a national-level research platform and collaborates with various universities to tackle industry challenges [3] - Key innovations include the "5·3·28" process, "CET cold extraction process," and "five-level fine grinding technology," which enhance product taste and significantly improve nutrient utilization [3] Brand Recognition and Market Position - Six Walnuts has been recognized as a representative of China's plant protein beverage brands, ranking among the top 50 global soft drink brands in the 2024 Brand Finance report and within the top ten in the light industry sector in China [3] - The brand has consistently appeared on the Hurun Research Institute's "Hurun Brand List," showcasing its strong market presence and brand value [3] Strategic Vision - The company exemplifies the value of long-termism in the food industry, focusing on quality, technological innovation, and social responsibility as key strategies for overcoming cyclical challenges [4] - With the deepening of the "Healthy China 2030" strategy, Six Walnuts aims to redefine the global plant protein industry landscape through its commitment to excellence [4]