Core Viewpoint - Tianye Co., Ltd. is embroiled in a financial fraud scandal involving inflated revenues, manipulated costs, and misrepresented asset values, leading to significant financial restatements and potential delisting risks [1][2][3] Financial Performance - In 2024, Tianye's total profit was revised down from 34.08 million to 14.21 million, a decrease of approximately 58.3%, while net profit attributable to shareholders fell by 66.2% from 28.59 million to 9.65 million [2] - Revenue increased slightly by 7.3% compared to 2023, but net profit saw a dramatic decline of 71.5%, marking the lowest point since 2012 [2] - The company's revenue from core juice products accounted for 74.3% and 90.9% of total revenue in 2023 and 2024, respectively, but faced significant price pressures and declining margins [4][5] Client Dependency and Market Challenges - Major clients in the new-style tea beverage sector, such as Nayuki Tea and Tea Baidao, accounted for 82.9% of procurement, contributing significantly to revenue [2] - The competitive landscape has intensified, with major clients experiencing substantial losses, leading to reduced orders from Tianye [3][4] - The average price of mango juice dropped from 10,200 CNY/ton to 8,800 CNY/ton, while unit costs increased by 2%, resulting in a significant decline in gross margins [4][5] Governance and Investment Issues - Tianye established a private equity fund with Fangfu Venture Capital, but the fund's investment progress has raised concerns, with no direct project investments reported [6][7] - The fund's intended investment projects have been delayed, and there are questions regarding the legitimacy of certain transactions, including a questionable acquisition of shares in an unrelated biotech company [8][9] - Tianye has urged Fangfu to fulfill its capital contribution obligations by August 31, 2025, or risk exiting the fund [9]

Core Viewpoint - The article discusses the ongoing struggles of Huiyuan Juice, highlighting the conflicts between its major shareholder and the company, as well as the challenges it faces in its revival efforts after bankruptcy restructuring [3][4][5]. Group 1: Shareholder Conflicts - Huiyuan Juice's parent company, Beijing Huiyuan Food and Beverage Co., publicly accused its major shareholder of failing to fulfill a promised investment of 1.6 billion yuan, with over half of the funds still not received [5][15]. - The company has initiated legal action against the major shareholder, seeking to rally other shareholders and creditors to protect their rights [4][6]. - The major shareholder, Wensheng Asset Management, has only contributed 750 million yuan of the promised investment, with the remaining 850 million yuan overdue for over a year [15][16]. Group 2: Financial Struggles - Since its restructuring approval in June 2022, Beijing Huiyuan has relied primarily on its own resources to maintain operations and achieve continuous profitability [5][6]. - The company reported a cumulative net profit of 760 million yuan for 2023 and 2024, but it still faces approximately 8 billion yuan in debt, indicating a long road ahead to financial stability [47][48]. Group 3: Market Dynamics - The juice market is becoming increasingly competitive, with both new and established players intensifying their efforts, which poses additional challenges for Huiyuan Juice as it attempts to recover [48]. - The article also notes that the major shareholder's proposal to cover losses using capital reserves may lead to further disputes, as it could affect the rights of creditors who have not yet received equity [20][22]. Group 4: Potential for A-Share Listing - There are indications that Huiyuan Juice may be on a path to potentially relist on the A-share market, which could help it recover from its previous delisting from the Hong Kong stock exchange [39][40]. - However, this plan has been complicated by legal disputes involving the major shareholder and other parties, which have led to the freezing of significant shares [40][43].

文 | 无冕财经 杨一轩 编辑 | 陈涧 这一次，汇源果汁是豁出去了。 8月9日，其母公司北京汇源食品饮料有限公司（下称"北京汇源"），在其微信公众号发布公开信，指责 大股东涉嫌出资不实、滥用控制权，表示已经提起诉讼，呼吁其他股东和债权人也采取法律手段维权。 三年前重整时约定的16亿出资款中，有超过一半资金仍未到账，这三年来，北京汇源估计主要靠自身力 量维持经营，实现连续盈利。 公开叫板昔日"白衣骑士"，试图拉拢其他股东对抗，还表示已经提起诉讼，北京汇源以撕破脸的方式放 手一搏。"国民果汁"似乎再次被资本算计。 而在今年5月，汇源果汁也因为国中水务（600187.SH）终止收购，陷入"被资本耍了"争议。但此前意欲 拿下控制权的国中水务，早就已经给了汇源大股东逾9亿的真金白银。 但事实的确如此吗？ 公开叫板大股东 北京汇源被资本"伤"了。 这样看来，在围绕汇源果汁的争斗中，国中水务及其背后的南通前首富姜照柏，似乎充当了一回"冤大 头"。 | 定遍 汇源 尊 6个朋友关注 | +关注 | ים | s | ರಿ | 0 | | --- | --- | --- | --- | --- | --- | | | | 1 ...

wumiancaijing.com / 大股东数亿投资款迟迟不给，想借助国中水务曲线上市，又因粤民投冻结股权被迫终止，汇源果汁的复兴之路，很是坎坷。 重要提醒！！！为防失联，请"星标"我们！进入无冕财经公众号，点击右上角"..."，再""，以便您及时接收每篇推送~ 作者：杨一轩 编辑：陈涧 这一次，汇源果汁是豁出去了。 8月9日，其母公司北京汇源食品饮料有限公司（下称"北京汇源"），在其微信公众号发布公开信，指责大股东涉嫌出资不实、滥用控制权，表示已经提起 诉讼，呼吁其他股东和债权人也采取法律手段维权。 三年前重整时约定的16亿出资款中，有超过一半资金仍未到账，这三年来，北京汇源估计主要靠自身力量维持经营，实现连续盈利。 公开叫板昔日"白衣骑士"，试图拉拢其他股东对抗，还表示已经提起诉讼，北京汇源以撕破脸的方式放手一搏。"国民果汁"似乎再次被资本算计。 这样看来，在围绕汇源果汁的争斗中，国中水务及其背后的南通前首富姜照柏，似乎充当了一回"冤大头"。 但事实的确如此吗？ 公开叫板大股东 北京汇源被资本"伤"了。 设计：岚昇 ▲"汇源"微信公众号上发布的公开信截图。 2017年，汇源果汁负债达到114亿元，后又因 ...

Core Viewpoint - The public letter from Huiyuan Juice reveals the intense capital struggle behind the company's restructuring, highlighting issues with its major shareholder, Zhuji Wenshenghui, who has failed to fulfill a promised investment of 850 million yuan, leading to governance and financial disputes [2][3][4]. Group 1: Capital Struggles - Huiyuan Juice's major shareholder, Zhuji Wenshenghui, has delayed the promised investment of 850 million yuan for over a year, despite multiple reminders from the company [2][4]. - The initial investment plan included a total of 1.6 billion yuan over three years, but only the first installment of 750 million yuan has been received, leaving a significant funding gap [4][5]. - The funds that were received have not been utilized for operational improvements, raising suspicions about Zhuji Wenshenghui's intentions [5][6]. Group 2: Governance Issues - Zhuji Wenshenghui has gained control over Huiyuan Juice's management despite contributing only 22.81% of the registered capital, leading to concerns about the fairness of governance [6][7]. - The company is worried that Zhuji Wenshenghui's control could dilute the rights of other shareholders, especially in profit distribution and decision-making processes [6][7]. - Huiyuan Juice has initiated legal action against Zhuji Wenshenghui to address these governance issues and protect shareholder rights [7]. Group 3: Market Position and Competition - Huiyuan Juice, once a leading brand in the juice industry, has seen its market share plummet from nearly 50% to approximately 11% due to intense competition from brands like Nongfu Spring and Coca-Cola [12]. - The company is at a critical juncture, facing the challenge of either reviving its brand or succumbing to market pressures [3][12]. - The failed acquisition by Guozhong Water further complicates Huiyuan Juice's path to recovery, as it was seen as a potential route back to the capital market [10][11].

Core Viewpoint - The article discusses a public statement issued by Beijing Huiyuan, accusing Beijing Meiri Youshuan Brand Management Co., Ltd. of unauthorized use of the "Huiyuan" name for招商 activities, leading to significant damage to Huiyuan's brand reputation [3][7]. Group 1: Company Background - Beijing Huiyuan has publicly stated that Beijing Meiri Youshuan Brand Management Co., Ltd. has no authority to conduct any招商, sales, or promotional activities under the "Huiyuan" name [7]. - The involved "Meiri Youshuan Brand Management Co." is a relatively new micro-enterprise, established in November 2023, with a registered capital of 10 million RMB [8]. Group 2: Authorization Issues - Huiyuan's customer service confirmed that there was a previous cooperation agreement with "Meiri Youshuan," granting them certain regional distribution rights, but this cooperation has recently ended [7]. - The specific details regarding the start and end dates of the authorization, as well as the regions involved, were not disclosed by the customer service representative [7]. Group 3: Company Structure - The main company behind the well-known fresh food retail brand "Meiri Youshuan" is Beijing Meiri Youshuan E-commerce Co., Ltd., established in October 2014, with a registered capital of approximately 3.19 billion RMB [8]. - The two companies, Beijing Meiri Youshuan Brand Management Co., Ltd. and Beijing Meiri Youshuan E-commerce Co., Ltd., are not related [8].

Core Viewpoint - Beijing Huiyuan is struggling to recover from a series of financial and operational challenges, including a stalled restructuring process and internal conflicts among shareholders, which have hindered its ability to fulfill investment commitments and regain market position [4][5][6]. Group 1: Financial and Operational Challenges - The restructuring plan approved in June 2022 included a commitment from the investor, Wensheng Asset, to inject a total of 1.6 billion yuan over three years, but only 750 million yuan has been invested so far, leaving a shortfall of 850 million yuan [7][9]. - Despite the initial investment, the funds have not been effectively utilized for operational activities, with only a small portion allocated to settling bankruptcy costs, while the majority remains under the control of the investor [11][12]. - The company has reported revenues of 1.159 billion yuan in the second half of 2022, 2.745 billion yuan in 2023, and an expected 2.475 billion yuan in 2024, indicating a decline in performance [28][29]. Group 2: Shareholder Conflicts - A public letter from Beijing Huiyuan highlighted conflicts with its major shareholder, Zhuji Wenshenghui, regarding unfulfilled financial commitments and management control, which has raised concerns among other stakeholders [5][14]. - The letter emphasized that Zhuji Wenshenghui's actual investment only accounts for 22.81% of the registered capital, yet it holds significant control over the board and management, leading to potential dilution of other shareholders' rights [12][13]. - Ordinary shareholders have fully met their capital commitments but are only entitled to 30% of shareholder rights, raising concerns about equity distribution and potential conflicts in future profit-sharing [13][14]. Group 3: Market Position and Competition - Once a market leader with a 53.4% share in 2016, Huiyuan's market position has significantly declined, with its share dropping to 11% by 2020, facing stiff competition from brands like Coca-Cola and Nongfu Spring [36]. - The company has struggled to maintain its presence in retail channels, with reports indicating that its products are increasingly absent from major supermarket shelves, while competitors have expanded their market reach [36][37]. - The rise of new beverage trends, such as fresh fruit juices and health-oriented products, has further eroded Huiyuan's market share, as consumer preferences shift away from traditional juice offerings [33][36].

Core Viewpoint - The recent dispute between Beijing Huiyuan Food and Beverage Co., Ltd. and Beijing Meiri Youxian Brand Management Co., Ltd. highlights significant issues in Huiyuan's brand authorization and distributor management system, leading to reputational damage for the Huiyuan brand [1][8]. Group 1: Dispute Details - Huiyuan publicly accused Meiri Youxian of unauthorized activities, including soliciting business under the Huiyuan name without written authorization and splitting regional distribution rights [2][6]. - The dispute arose after the expiration of the authorization agreement between Huiyuan and Meiri Youxian, which had been in place but is now no longer valid [6][8]. Group 2: Company Background - Beijing Meiri Youxian Brand Management Co., Ltd. is a small enterprise established in November 2023 and is not related to the well-known Meiri Youxian e-commerce platform [7][8]. - The original Meiri Youxian e-commerce platform, founded in 2014, had previously raised over 10 billion yuan in funding and went public in the U.S. before facing operational crises and delisting [8]. Group 3: Management Issues - The incident reveals deeper management issues within Huiyuan, particularly regarding the lack of effective mechanisms to prevent unauthorized use of brand assets after the expiration of agreements [8]. - Huiyuan's brand value is considered a significant asset, but the company has faced numerous challenges, including internal management chaos and family governance issues, leading to struggles in the capital market [8].

Core Viewpoint - Beijing Huiyuan has raised concerns regarding its major shareholder, Zhuji Wenshenghui, alleging misuse of control and potential harm to minority shareholders and creditors [1][10][11]. Group 1: Legal Actions and Corporate Governance - Beijing Huiyuan has filed a lawsuit against Zhuji Wenshenghui and Shanghai Wensheng Asset Management Co., which has been accepted by the court, but there is a possibility of withdrawal [5][11]. - The company has urged shareholders and creditors to take legal action to protect their rights [5][11]. - The management of Huiyuan appears to be undergoing changes, with ongoing disputes regarding the validity of company resolutions [8][10]. Group 2: Financial Performance and Business Operations - Huiyuan's revenue for 2023 and 2024 is reported to be 2.75 billion and 2.48 billion respectively, with net profits of 420 million and 340 million [17]. - Despite the challenges, the company claims that its business operations are on track and improving since its restructuring in 2022 [14][17]. Group 3: Shareholder Dynamics and Control Issues - Zhuji Wenshenghui's actual capital contribution is only 22.8% of Huiyuan's registered capital, with significant overdue investments and unutilized funds [11]. - The company has criticized the proposed shareholder meeting agenda that aims to cover losses with capital reserves, which could disadvantage creditors [10][11]. Group 4: Leadership and Historical Context - Zhu Xinli, the founder of Huiyuan, remains a significant figure in the company, with his daughter also holding an important position [14][16]. - Zhu Xinli has faced legal and financial challenges, including being listed as a high-consumption restriction individual due to debts totaling 2.585 billion [16].

21世纪经济报道记者 贺泓源 北京报道 汇源去向仍存变数。 2025年8月9日，北京汇源通过官方公众号发布《致全体股东及转股债权人的公开信》，直指大股东诸暨 文盛汇自有资金投资有限公司（诸暨文盛汇）涉嫌出资不实、滥用控制权，并可能损害中小股东及债权 人利益。 北京汇源在公开信中称，该公司已对诸暨文盛汇及上海文盛资产管理股份有限公司（文盛资产）提起诉 讼，该起诉已被法院受理，但仍存在被撤回诉讼的可能性，因此呼吁股东及债权人采取法律手段维权。 文盛资产正是汇源果汁的重整方。 但要看到的是，文盛资产对汇源在业务上影响或许有限。这让重整汇源公司不是一件容易的事。 8月11日，有接近汇源的核心人士所发出视频显示，汇源创始人朱新礼就"四边四问"对员工进行培训。 朱新礼提到，践行"四边四问"，内化于心，外化于行，抱着"一根筋"的态度把问题讲出来，把问题解决 掉。 显然，"四边四问"对于汇源有着特殊意义。6月25日，汇源在题为《激活全员增长 目标凝聚人心》的文 章中提到，汇源人要坚持落实"五个坚持"与"四边四问"，围绕打胜仗的目标，将责任分解到每一天每一 个人每一步。在实战中运用 "多、快、好、省" 的方法，上接战略，横向拉 ...