Group 1 - Wahaha Group confirmed a contract manufacturing relationship with Jinmailang, stating that some batches of bottled water failed quality tests during self-inspection, leading to the termination of cooperation from April 2025 [1][4] - Jinmailang's chairman stated that the cooperation began in May 2024 and will end in May 2025, with over 50 million boxes delivered, equivalent to 1.2 billion bottles of water [5] - The discrepancy in termination dates between Wahaha and Jinmailang has created confusion, referred to as a "Rashomon" situation [5] Group 2 - Jinmailang's revenue has significantly declined, with reported figures of 19.076 billion yuan in 2022 and 16.57 billion yuan in 2023, indicating a downward trend [3][10] - The company has faced challenges in its IPO journey, having announced plans to go public in June 2017, but has not made progress in the past eight years [2][12] - Jinmailang's instant noodle segment reported a revenue of 6.367 billion yuan in 2023, down 11.29% year-on-year, with production decreasing by 20.09% [10][11] Group 3 - Wahaha has been adjusting its production layout, leading to some factory shutdowns, while claiming that current products meet national quality standards [8] - Jinmailang operates 26 production bases across 18 provinces, with a beverage production capacity of 2 million tons annually [8] - The company has attempted various strategies for IPO, including partnerships and financing rounds, but has yet to achieve a successful public offering [13][14][16]

Core Viewpoint - The chairman of Jinmailang responded to the controversy regarding the OEM production of Wahaha bottled water, emphasizing the scale and efficiency of their operations while revealing low profit margins on their own products [1][2]. Group 1: OEM Production Details - Jinmailang produced over 500 million boxes, equivalent to 12 billion bottles of Wahaha bottled water in the past year, due to a surge in demand [2]. - The collaboration began in May of the previous year and is set to end in May of this year, contrary to Wahaha's statement that the partnership will terminate in April 2025 [3]. - Wahaha's statement indicated that some batches of bottled water did not pass factory sampling tests, but Jinmailang's chairman did not address this issue during the interview [4]. Group 2: Financial Insights - Jinmailang's blue label water has a net profit of only 0.02 yuan per bottle, with a retail price of 1 yuan, providing a competitive edge in a market where bottled water is often priced at 2 yuan [6]. - Jinmailang's annual sales volume for its own bottled water products, including blue label water and Liangbai water, exceeds 12 billion bottles [2]. Group 3: Company Background - Jinmailang Group was established in 1994 and has a diverse product range including convenience foods, beverages, and flour [5]. - Jinmailang Beverages Co., Ltd. was founded in 2006 and has established a significant presence in the packaged drinking water market with products like Liangbai and blue label water [5]. Group 4: Other OEM Relationships - Other companies, such as Suntory and Hema, also have OEM relationships with Jinmailang, with Jinmailang's factories accounting for over 30% of Suntory's national production of oolong tea [9].

Group 1 - The chairman of Jinmailang, Fan Xianguo, confirmed the company's role in producing bottled water for Wahaha, stating that over 50 million cases, equivalent to 1.2 billion bottles, were produced from May last year to May this year [1] - Jinmailang has 26 production bases across the country, which allows for reduced transportation costs and efficient production, with 32 out of 115 beverage production lines being high-speed [1] - Wahaha announced the termination of its cooperation with Jinmailang starting from April 2025, while Fan mentioned that the collaboration would end in May this year [1] Group 2 - Wahaha's official statement acknowledged the existence of a contract manufacturing relationship with Jinmailang, noting that some batches of bottled water did not pass quality checks during internal inspections [3] - Wahaha reassured consumers that all currently available bottled water products meet national quality standards and the company's quality management standards [3]