"维维豆奶，欢乐开怀"，这句广告词多少人还记得？可现在呢，经销商成批撤退、营收连续六年下滑，那个曾经泡在每家每户早餐杯里的豆奶大王，好像 真的老了。我们聊的不仅是一个品牌的困境，更像在聊一个时代该怎么转身——当年轻人连豆浆都懒得冲了，光靠"回忆杀"，还能杀回市场吗？ 你去现在的小超市、便利店转转，还能在显眼地方找到维维豆奶粉吗？我反正最近一次看见，是在货架最底下那层，旁边堆着些快过期的调味料。朋友家 开小卖部的，以前还进点维维，现在直接不进了。"卖不动啊，"他说，"一个月走不了几袋，占地方，资金还压着。" 维维的财报也印证了这点。光是2025年前三个季度，经销商跑了345个。这些人傻吗？不是。他们算得清楚：大豆原料涨价，维维终端不敢涨，怕一涨更 没人买；另一边，像豆本豆那些对手，给经销商的返点能到10个点，维维呢？从8%一路降到5%不到。换你，你代理谁？ 01 经销商为什么跑了？不赚钱呗，就这么简单 说白了，利太薄。再加上现在谁还乐意折腾豆奶粉？年轻人图方便，直接买瓶装的；中老年也觉得冲调麻烦。终端动销慢得像蜗牛，库存周转比以前多出 将近一个月。经销商也是做生意，又不是做慈善，看不到希望，可不就得撤。 02 ...

近日，全球规模最大燕麦饮公司Oatly（噢麦力）发布2025年第三季度财报显示，该品牌实现上市后首 个季度盈利。在电话业绩会上，Oatly提到，大中华区团队在充满挑战的消费环境下，在多个渠道实现 有力增长。 然而，Oatly想要保持长期的持续性盈利并不容易。多方数据分析显示，我国植物奶市场经过2021年的 热潮后，自2022年起出现降温，赛道内投融资基本停滞，植物奶在线下零售货架包装饮品市场的整体份 额有所下滑。究其主要原因，在于植物奶从产品定位到消费场景上执着于"牛奶替代品"，未形成独立消 费场景，健康属性不够充分，同时面临口感与价格的双重挑战。 新京报记者近日对电商平台销售的23款植物奶统计发现，不少品牌倾向于使用或暗示"替代牛奶"的说 法。例如，Oatly官网声称"从营养角度看，用营养强化燕麦饮代替牛奶是很好的"。素香斋素食店销售 的一款"植物密码"福娘膳食均衡系列燕麦奶，在商品页面打出"适合中国人体质的牛奶替代饮品"。 然而营养成分表显示，23款产品中，超八成样本蛋白质含量不及纯牛奶，仅5款产品标示了钙含量，近 四成样本添加了植物油和食用盐。营养专家提醒，植物奶并不是传统意义上的"奶"，而是属于植物蛋 ...

Core Viewpoint - Yangyuan Beverage's Q3 2025 report shows a decline in overall revenue and net profit, indicating ongoing challenges in its core product, "Six Walnuts," while the company is exploring new growth avenues through investments in the semiconductor industry [1][5][6]. Financial Performance Summary - The company's total revenue for Q3 2025 was 3.91 billion yuan, a year-on-year decrease of 7.64% [1][2]. - The net profit attributable to shareholders was 1.12 billion yuan, down 8.95% year-on-year [1][2]. - The net profit excluding non-recurring items was 959 million yuan, a slight decrease of 0.81% [1][2]. - The net cash flow from operating activities was -165 million yuan [1][2]. Q3 Performance Highlights - In Q3 2025, the company reported a revenue of 1.44 billion yuan, an increase of 11.88% year-on-year [3][4]. - The net profit attributable to shareholders for Q3 was 375 million yuan, up 88.20% year-on-year [3][4]. - The net profit excluding non-recurring items for Q3 was 332 million yuan, an increase of 72.52% [3][4]. - The improvement in Q3 performance was attributed to reduced losses from joint ventures and increased sales revenue compared to the previous year [3][4]. Product and Market Insights - "Six Walnuts" remains the core product, contributing 88% to 98% of total revenue historically [4]. - However, since 2016, sales of "Six Walnuts" have been declining, with a significant drop in sales volume from 856,800 tons in 2018 to 565,300 tons in 2024, a decrease of 34% [5]. - The company faces competition from other plant-based beverages like coconut water and oat milk, which are gaining popularity among younger consumers [5]. Strategic Initiatives - The company is exploring a "second growth curve" through investments, including a recent 1.6 billion yuan investment in Yangtze Memory Technologies, a leading semiconductor company [6][7]. - This investment represents nearly 93% of the company's net profit for 2024 and is aimed at diversifying revenue sources [6][7]. - The semiconductor industry is characterized by rapid technological changes and significant capital requirements, presenting potential risks for the company [6].

Core Viewpoint - Yangyuan Beverage (603156.SH) is experiencing a rapid recovery in performance, with significant growth in revenue and net profit in the third quarter of 2025 compared to the same period last year [1][3]. Financial Performance - In Q3 2025, Yangyuan Beverage achieved revenue of 1.44 billion yuan, a year-on-year increase of 11.88%, and a net profit of 375 million yuan, up 88.2% year-on-year [1][3]. - For the first three quarters of 2025, the company reported total revenue of 3.905 billion yuan, a decrease of 7.64% year-on-year, and a net profit of 1.119 billion yuan, down 8.95% year-on-year [3]. - The company's non-recurring net profit for Q3 increased by 72.52% year-on-year, reaching 332 million yuan [3]. Inventory and Investment - As of the end of Q3 2025, Yangyuan Beverage's inventory stood at 426 million yuan, a significant decrease of 18.6% year-on-year [2][5]. - The company has increased its investment in the private equity fund Qianhong Investment by 1 billion yuan, raising its total commitment to 3.997 billion yuan, which now accounts for 99.925% of the fund [7]. Product Strategy - Yangyuan Beverage focuses on developing, producing, and selling plant protein beverages made from walnut kernels, with a diverse product matrix that includes various series targeting different consumer needs [2][3]. - The company aims to meet the demands of different consumer groups by offering products across multiple price ranges, including sugar-free options and products tailored for festive occasions [3]. Market Position - The walnut milk beverage segment is entering a mature phase after a period of rapid growth, leading to increased competition from other manufacturers [4]. - Despite the competitive landscape, Yangyuan Beverage maintains a first-mover advantage in the market [4].

Core Insights - The article discusses the rise and fall of Yangyuan Beverage and its flagship product "Six Walnuts," highlighting the company's journey from peak sales to significant losses and market decline [1][20]. Company Overview - Yangyuan Beverage was founded in 1999, initially struggling with debts of 9 million and nearly unable to pay employee salaries [3]. - The company gained prominence with "Six Walnuts," which became a popular gift beverage, achieving sales of 91.17 billion in 2015, equating to 25 billion cans sold that year [11]. Product Development - The initial product was unpalatable, prompting the founder to invest time in improving the taste to make it more appealing to consumers [7]. - The marketing strategy included positioning "Six Walnuts" as a nutritious gift, leveraging high-profile advertising campaigns, including a 158 million sponsorship of the show "The Brain" [9]. Market Strategy - The company adopted a "rural encirclement of cities" strategy, focusing on smaller markets before expanding nationwide [11]. - By 2017, the company went public, with a share price of 78.73, leading to a market valuation peak of 500 billion [13]. Challenges and Decline - The product faced criticism for misleading labeling regarding its nutritional content, leading to a loss of consumer trust [15]. - The beverage market evolved, with competitors introducing innovative products, while "Six Walnuts" stagnated in development, focusing more on advertising than product improvement [17]. - The COVID-19 pandemic severely impacted sales, with revenue dropping to 44.27 billion in 2020, less than half of 2015's figures [20]. Current Status - By 2023, the company faced further issues, including a significant financial loss due to a distributor's fraud, leading to a market value drop of over 200 billion [22]. - Despite maintaining around 60 billion in revenue, the company struggles to regain its former market position [22]. Future Prospects - The founder's recent investment in the semiconductor industry raises questions about the company's direction and potential for recovery [26].

Core Viewpoint - The article discusses the decline of the Chinese canned food giant, Huanlejia, highlighting its significant revenue and profit drops, as well as the changing consumer preferences that have led to its current struggles in the market [5][8][36]. Group 1: Company Performance - Huanlejia's revenue for 2024 is projected to be 1.855 billion yuan, a year-on-year decrease of 3.53%, with net profit plummeting by 47.06% to 147 million yuan [5]. - In Q1 2025, the company reported revenue of 449 million yuan, down 18.52%, and a net profit of only 34.25 million yuan, a staggering decline of 58.27% [5]. - The company's market value has halved from its peak, dropping to 7 billion yuan, indicating a severe loss of investor confidence [8]. Group 2: Market Position and Competition - Huanlejia was once a leading player in the canned fruit market, competing with brands like Linjiapuzi and Zhenxin, but now faces intense competition as the market has become saturated with numerous brands [7][24]. - The canned food industry in China has seen a decline in production since its peak in 2016, with the market size for canned fruit dropping from 11.57 billion yuan to 8.1 billion yuan between 2017 and 2021 [36]. Group 3: Consumer Trends - There is a noticeable shift in consumer preferences, with younger generations moving away from canned products due to health concerns and a desire for less sugary options [35][37]. - The rise of the "no sugar" trend has led to a decline in demand for traditional canned fruits, which are often perceived as unhealthy due to their high sugar content and artificial additives [37]. Group 4: Strategic Responses - Huanlejia is attempting to adapt by exploring overseas markets and investing in production capabilities, such as a recent investment in Indonesia to enhance its supply chain [39][42]. - The company is also focusing on integrating its supply chain and diversifying its product offerings to meet changing consumer demands, including healthier options [42][45].

Core Viewpoint - Yangyuan Beverage is increasing its investment in private equity through a 1 billion yuan capital increase to its subsidiary fund, despite a decline in its main business revenue and profit [1][2]. Group 1: Investment Strategy - The 1 billion yuan capital increase will be used for new project investments, not for existing projects [2]. - Yangyuan Beverage's private equity fund, Qianhong Investment, was established in May 2021 with an initial size of 3 billion yuan, with Yangyuan contributing 2.997 billion yuan [2]. - Qianhong Investment has invested a total of 2.954 billion yuan in seven companies, with a significant 1.6 billion yuan investment in Changjiang Storage, representing 54% of the total investment [2][3]. Group 2: Financial Performance - In the first half of 2025, Yangyuan Beverage reported revenue of 2.465 billion yuan, a year-on-year decline of 16.19%, and a net profit of 744 million yuan, down 27.76% [1][6]. - The core product, walnut milk, accounts for 89% of revenue, with sales dropping from 765,200 tons in 2019 to 565,300 tons in 2024 [6]. - The company has seen negative growth across all major sales regions, with the exception of the Southwest region, where sales have declined by double digits [6][7]. Group 3: Market Challenges - The plant protein beverage industry is experiencing a decline, with a 3.94% drop in sales from 2019 to 2023, facing competition from dairy products and other beverage categories [6]. - Yangyuan Beverage's reliance on a single product has weakened its risk resilience, prompting a shift towards cross-industry investments [7]. - New product revenues remain small and have limited contribution to overall growth, despite an increase in the number of distributors [7].

Core Viewpoint - Yangyuan Beverage has significantly increased its investment in the private equity fund Wuhu Wenming Qianhong Investment Management Partnership, raising its total investment to 39.97 billion yuan, which represents a 99.925% stake in the fund, following a recent surge in its stock price due to the fund's investment in Yangtze Memory Technologies Co., Ltd. [1][3][6] Investment Details - On October 15, Yangyuan Beverage announced an additional investment of 1 billion yuan into the private equity fund, increasing the fund's total size from 3 billion yuan to 4 billion yuan [1][6]. - The fund was established in May 2021 with an initial size of 3 billion yuan, with Yangyuan contributing 2.997 billion yuan [6]. - The new investment will be allocated to other projects, not to increase investments in existing projects [6]. Performance of the Fund - The private equity fund is known for its investment in Yangtze Memory Technologies, where it invested 1.6 billion yuan for a 0.99% stake [3][7]. - Other investments by the fund include companies like Ruipu Lanjun and New Wave Media, totaling 2.955 billion yuan [8]. - The fund has faced poor performance, reporting a net loss of 9.03 million yuan in 2024 and a loss of 288,900 yuan in the first half of 2025 [8][10]. Yangyuan Beverage's Financial Performance - Yangyuan Beverage's revenue for the first half of 2025 was 2.465 billion yuan, a decrease of 16.19% year-on-year, with a net profit of 744 million yuan, down 27.76% [11]. - The company has seen a significant decline in revenue since its peak of 9.117 billion yuan in 2015, with 2024 revenue at 6.058 billion yuan, nearly a one-third reduction [11]. - The company heavily relies on its flagship product, walnut milk, which contributed 5.37 billion yuan in revenue, accounting for 89.2% of total revenue in 2024 [11]. Cash Flow and Dividend Policy - Despite declining revenues, Yangyuan Beverage reported a net cash flow from operating activities of 377 million yuan, a year-on-year increase of 1358.23% [11]. - The company had a cash balance of 1.459 billion yuan at the end of the reporting period, up 58.96% from the previous year [11]. - Yangyuan plans to distribute a cash dividend of 5.00 yuan per share, totaling 630 million yuan, which represents 84.7% of its net profit for the period [11]. Market Perception and Future Outlook - Industry experts have mixed views on Yangyuan Beverage's strategy, with some suggesting that the recent stock price increase is more of a "concept speculation" rather than a reflection of the company's true value [12]. - There are calls for the company to focus on its core business and innovate its product offerings instead of pursuing cross-industry investments [12]. - However, some believe that the company may continue its cross-industry investments due to its strong cash position despite facing growth challenges in its main business [12].

Core Viewpoint - Yangyuan Beverage has increased its investment in its private equity fund by 1 billion yuan, following a surge in its stock price due to its investment in Changjiang Storage Holdings [2][4]. Group 1: Investment Details - On October 15, Yangyuan Beverage announced an additional investment of 1 billion yuan into the private equity fund Wuhu Wenming Qianhong Investment Management Partnership, increasing the fund's total size from 3 billion yuan to 4 billion yuan [2][6]. - After the capital increase, Yangyuan's subscribed capital will rise from 2.997 billion yuan to 3.997 billion yuan, accounting for 99.925% of the fund [2][6]. - The additional funds will be used for investments in other projects, with no further investments planned for existing projects [6][7]. Group 2: Fund Performance and Investments - The most notable investment by the fund is in Changjiang Storage, where it invested 1.6 billion yuan for a 0.99% stake, valuing the company at approximately 161.6 billion yuan [7]. - Other investments by the fund include companies like Ruipu Lanjun and New Wave Media, with total investments amounting to 2.954 billion yuan [7][8]. - Despite multiple investments, the fund has reported poor performance, with a net profit of -9.03 million yuan in 2024 and -288,900 yuan in the first half of 2025 [8][10]. Group 3: Company Performance - Yangyuan Beverage's main business is facing growth challenges, with a reported revenue of 2.465 billion yuan in the first half of 2025, a year-on-year decline of 16.19%, and a net profit of 744 million yuan, down 27.76% [10][11]. - The company's revenue has decreased significantly from a peak of 9.117 billion yuan in 2015, with 2024 revenue reported at 6.058 billion yuan, nearly a one-third reduction [10][11]. - The company heavily relies on its flagship product, walnut milk, which contributed 5.37 billion yuan in revenue, accounting for 89.2% of total revenue in 2024 [11]. Group 4: Cash Flow and Dividends - Despite the decline in main business revenue, Yangyuan Beverage has a strong cash flow, with a net cash flow from operating activities increasing by 1358.23% to 377 million yuan in the first half of 2025 [11]. - The company reported a cash balance of 1.459 billion yuan at the end of the reporting period, a 58.96% increase from the previous year [11]. - Yangyuan Beverage plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 630 million yuan, which represents 84.7% of the net profit for the period [11].

Core Viewpoint - Two food companies, Jinzi Ham and Yangyuan Beverage, are diversifying into the semiconductor industry due to stagnation in their core business growth, seeking new growth opportunities [1][8]. Group 1: Jinzi Ham's Investment - Jinzi Ham announced plans to invest up to 300 million to acquire no more than 20% of Zhongsheng Microelectronics [3]. - Zhongsheng Microelectronics focuses on the development of high-speed optical communication chips and has not yet turned a profit, reporting revenue of 511,100 and a net loss of 20.37 million from January to July this year [3]. - Jinzi Ham has previously attempted cross-industry investments, including acquiring stakes in coal resources and healthcare, but these efforts have had limited success in boosting performance [5][11]. Group 2: Yangyuan Beverage's Investment - Yangyuan Beverage invested 1.6 billion to acquire 0.99% of Changjiang Storage Technology, a company involved in chip design and manufacturing [5]. - The company has also diversified its investments into artificial intelligence and new energy sectors, indicating a broader strategy to mitigate risks from its core beverage business [6]. - Yangyuan Beverage's revenue and net profit have declined significantly, with a 16.19% drop in revenue and a 27.76% drop in net profit in the first half of 2025 [8][10]. Group 3: Industry Challenges - Both companies face challenges in their core markets, with Jinzi Ham reporting a 14.73% decline in revenue and a 25.11% decline in net profit in the first half of 2025 [10][11]. - Yangyuan Beverage's core product, walnut milk, still accounts for 88.7% of its total revenue, highlighting its reliance on a single product line [10]. - The significant differences in technology, talent, and operational models between the food and semiconductor industries raise questions about the potential success of these investments [11].