2025年10月10日，烟台北方安德利果汁股份有限公司发布关于2025年9月实施H股回购情况的公告。 责任编辑：小浪快报 2025年5月16日，安德利果汁召开2024年年度股东大会，审议通过《关于提请股东大会给予董事会一般 性授权以决定回购不超过本公司已发行H股总数的10%股份的议案》。依据该一般性授权，公司于2025 年6月13日启动H股回购。 2025年9月，安德利果汁共实施4次H股回购，回购H股100万股。这部分回购股份占股东大会批准一般性 授权之日公司已发行H股股份总数的1.42%，占公司股份总数的0.29%，支付资金总额为1711.53万港元 （不含佣金等费用）。 截至公告日，公司本轮已累计实施21次H股回购，累计回购H股达701.2万股，占股东大会批准一般性授 权之日公司已发行H股股份总数的9.92%，占公司股份总数的2.06%，支付资金总额为1.2180775亿港元 （不含佣金等费用） 。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第 ...

转自：前瞻产业研究院 行业主要公司：农夫山泉(09633.HK);康师傅控股(00322.HK);统一企业中国(00220.HK)等 本文核心数据：果汁产业链全景图;区域热力地图;代表性企业最新投资动向等。 下游则通过商超、便利店、电商平台、餐饮渠道等实现终端销售，同时依托品牌营销与消费者健康需求导向 如低糖、无添加推动市场渗透;此外，冷链物流从产地预冷到运输存储、质量追溯体系贯穿全链条及政策支 持如加工技术补贴、标准规范作为配套支撑，保障产业链高效运转与高质量发展。 目前，我国果汁在上游原材料和设备供应的代表性企业有陕西海升果业、广西芒果种植合作社、保龄宝生 物、上海沃迪智能装备等;在中游生产环节的代表性企业有农夫山泉、汇源等传统饮料企业，有田野股份、 天地壹号等新兴企业，以及为行业提供加工技术解决方案的杭州中亚机械等;在下游渠道商和经销商主要有 华润万家、肯德基、淘宝、美宜佳等。 果汁产业链全景梳理：从原料到消费的协同运转 果汁产业链涵盖上游原材料供应、中游加工制造、下游流通销售及配套支撑环节，各环节协同联动形成完整 生态。上游聚焦原材料供应，以苹果、柑橘、芒果等特色水果种植为核心，通过规模化基地、农户分 ...

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].

Core Viewpoint - Beijing Huiyuan Food and Beverage Co., Ltd. is facing internal conflicts and operational disruptions following its bankruptcy restructuring and new capital involvement, leading to supply shortages and management disputes [1][5][16]. Group 1: Management Conflict - The new general manager, Wang Qinghan, accuses the previous management of illegal payments and mismanagement, claiming potential asset stripping [4][12]. - There is a significant power struggle between the new and old management, particularly regarding the control of company seals and legal documents [10][13]. - The former chairman, Ju Xinyan, has filed a lawsuit to invalidate the board's decision to appoint the new management, which has further complicated the situation [12][16]. Group 2: Operational Disruptions - The official online stores of Huiyuan have reported stock shortages, with claims that the company has voluntarily ceased supply to major platforms due to internal control issues [6][8]. - Internal sources indicate that the supply chain issues stem from the new management's decision to halt shipments, as the company's accounts are controlled by the new investors [8][16]. - Despite the operational challenges, production lines remain functional, and inventory levels are reportedly adequate [8][17]. Group 3: Financial Issues - The new investors, Wensheng Asset Management and its affiliated company, have failed to fulfill their promised investment of 1.6 billion yuan, contributing to the financial instability of the company [16]. - Only 750 million yuan has been invested so far, with 850 million yuan overdue for over a year, raising concerns about the company's financial health [16][17]. - The termination of a potential acquisition by Guozhong Waterworks has left the company without a clear path for capital restructuring [16]. Group 4: Employee Impact - The internal conflict has begun to affect employees, with issues surrounding salary and social security payments arising from the management dispute [13][15]. - Wang Qinghan has communicated changes in salary disbursement processes, indicating a lack of cooperation from the previous management regarding payroll [13][14]. - Employees have received mixed messages about their benefits, leading to uncertainty and concern within the workforce [15].

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][22]. Group 1: Company Operations and Management - The new general manager, Wang Qinghan, has accused the previous management of illegally paying funds to the original controlling shareholder, suggesting potential asset stripping [2][12]. - Internal conflicts have escalated to affect employee operations, with reports of delayed social security and housing fund payments due to management disputes [3][18]. - The company has halted supply to major e-commerce platforms, claiming that its accounts are controlled by the new investors, which has led to product shortages online [5][7][8]. Group 2: Financial Commitments and Restructuring - The new investors, including Zhujing Wenshenghui, initially promised to invest 1.6 billion yuan but have only contributed 750 million yuan, with 850 million yuan overdue for over a year [23][24]. - The termination of a potential acquisition by Guozhong Waterworks has left the company without necessary capital for restructuring, exacerbating internal tensions [22][24]. - Despite these challenges, the production lines remain operational, and the company still possesses brand recognition and production capacity, indicating potential for recovery if governance issues are resolved [10][26].

Group 1 - The core issue revolves around the internal conflict between the new management led by Wang Qinghan and the original management, which has resulted in supply chain disruptions and a lack of products available on major e-commerce platforms like Tmall and Douyin [1][3][7] - Beijing Huiyuan has faced operational challenges due to the failure of its restructuring investors, Wen Sheng Asset Management and Zhuji Wen Sheng Hui, to pay the agreed restructuring investment, leading to a significant disruption in business operations [3][17] - The new management claims that the previous management engaged in actions that could be seen as asset stripping, and there are ongoing disputes regarding the handover of company seals and legal documents [5][11][14] Group 2 - The company's official flagship stores are currently out of stock, with customer service indicating that the stores are undergoing upgrades, while authorized distributors continue to sell Huiyuan products normally [7][9] - Internal sources suggest that the supply chain issues stem from the new management's decision to halt shipments to e-commerce platforms due to control over the company's accounts by Zhuji Wen Sheng Hui, which has led to a significant impact on revenue [9][11] - Despite the turmoil, production lines remain operational, and the company has sufficient inventory, indicating that the core production capabilities are intact [9][18] Group 3 - The ongoing power struggle has implications for employee salaries and benefits, with conflicting reports about the timely payment of social security and housing fund contributions [14][16] - The restructuring process has been complicated by the withdrawal of potential investors, such as Guozhong Water, which has left the company without the necessary capital to support its restructuring efforts [17][19] - Industry experts believe that the company's decline is primarily due to internal chaos rather than external competition, and there remains potential for recovery if governance issues can be resolved [19][20]

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 [2][18][19]. Group 1: Company Operations and Financial Issues - The new investors, Shanghai Wensheng Asset Management Co., Ltd. and Zhujing Wensheng Hui, have not paid the restructuring investment, causing operational disruptions and stock shortages on major e-commerce platforms [2][18]. - Internal sources indicate that the company has voluntarily halted supply to major platforms due to control issues over its accounts, which are now managed by Zhujing Wensheng Hui [8][9]. - Despite the operational challenges, the production lines remain active, and the company has sufficient inventory, as production is primarily managed by Huiyuan Group, which is still under the control of the original management [10][19]. Group 2: Management Conflict and Governance Issues - A power struggle between the new management led by Wang Qinghan and the original management team has emerged, particularly regarding the control of company seals and legal documents [12][15]. - Wang Qinghan has accused the previous management of misappropriating funds and failing to execute necessary handovers, which has led to communication breakdowns within the company [16][18]. - The ongoing legal disputes, including a lawsuit filed by the former chairman to invalidate the board's decisions, further complicate the governance situation [15][16]. Group 3: Market Position and Future Outlook - Despite the internal turmoil, the Huiyuan brand retains strong market recognition and production capacity, suggesting potential for recovery if governance issues are resolved [20]. - Industry experts believe that internal chaos, rather than external competition, is often the root cause of corporate decline, indicating that addressing these internal conflicts is crucial for the company's future [20].

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][12]. Group 1: Company Operations and Management - The new management, led by General Manager Wang Qinghan, has accused the previous management of misappropriating funds and failing to transfer company seals, which has resulted in operational chaos [2][8]. - Employees have reported issues with salary and social security payments, indicating a breakdown in communication and trust between the new management and staff [3][10]. - The company has temporarily halted supply to major e-commerce platforms, citing control issues over its accounts by the new holding company, which has further complicated its operational status [4][12]. Group 2: Financial Commitments and Investments - The new investors, including Zhujing Wenshenghui, initially promised to invest 1.6 billion yuan but have only contributed 750 million yuan, with 850 million yuan overdue for over a year [12]. - The failure of the acquisition by Guozhong Water (600187.SH) has left the company without a clear source of capital for its restructuring efforts, exacerbating internal conflicts [12]. Group 3: Brand and Market Position - Despite the internal turmoil, the production lines remain operational, and the brand still holds significant market recognition and potential for profitability if governance issues can be resolved [5][14]. - Industry experts suggest that the decline of the company is more related to internal disarray than external competition, indicating that there is still a chance for recovery if management can stabilize operations [14].

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][11][12]. Group 1: Company Operations and Financial Issues - The new investors, Shanghai Wensheng Asset Management Co., Ltd. and Zhujing Wensheng Hui, have not paid the restructuring investment, causing operational disruptions and stock shortages on major e-commerce platforms [1][11]. - Internal conflicts have arisen regarding the management control, with the new general manager, Wang Qinghan, accusing the previous management of misappropriating funds and failing to transfer company seals and documents [4][9][10]. - Despite the turmoil, production lines remain operational, and the company has sufficient inventory, indicating that the core production capabilities are intact [6][12]. Group 2: Employee Impact and Internal Conflicts - Employees have been affected by the management disputes, with issues surrounding salary and social security payments arising due to the lack of cooperation between the new and old management teams [10][11]. - Wang Qinghan's management has attempted to reassure employees regarding salary payments, but conflicting messages have created uncertainty among staff [11][12]. - The struggle for control over company seals and documents has become a focal point of the conflict, impacting communication and operational efficiency within the company [9][10]. Group 3: Market Position and Future Outlook - Despite the internal chaos, the company retains strong brand recognition and production capacity, which could provide a foundation for recovery if governance issues are resolved [13]. - The potential for the company to capitalize on the health beverage market remains, but the timeline for recovery is uncertain given the current internal strife and external market conditions [13].

Group 1 - The core issue revolves around the internal power struggle at Beijing Huiyuan Food and Beverage Co., with Wang Qinghan's recent appointment as general manager highlighting the conflict between the new and original management teams [1][2][3] - Wang Qinghan's public letter indicates that the new management team, backed by Shanghai Wensheng Asset Management Co., has taken control after a capital increase, while the original management team has accused them of illegal actions and disruption of normal operations [2][3] - The restructuring process has reached a stalemate, with the original management team still controlling the supply chain and distribution channels, while the new management holds the "Huiyuan" brand [1][5][6] Group 2 - The restructuring plan approved in June 2022 involved a capital increase of 1.6 billion yuan over three years, but delays in funding have strained relations between the parties [2][5] - The original management team has raised concerns about the new management's actions, including the alleged misuse of company resources and the impact on employee rights and operations [3][4][6] - The ongoing conflict has led to disruptions in e-commerce operations, although offline sales have not yet been significantly affected [1][6] Group 3 - The new management plans to initiate public bidding for contract manufacturing and recruit distributors, potentially escalating the competition and market confusion [7] - Industry experts suggest that the power struggle may harm the brand and overall business, as both sides prioritize their interests over the company's recovery [7][8] - The situation poses risks for creditors and potential investors, as the ongoing disputes could hinder future growth and stability [6][7]