今年，是第一财经"绿点中国"可持续实践案例征集的第四年，自4月启动以来，本届"绿点中国"吸引了 各界广泛关注，最终33个标杆案例从341个申报项目中脱颖而出，展现了中国商业可持续发展的新高 度。 9月25日，第四届"绿点中国·可持续实践案例"颁奖典礼隆重举行。经过专家评审团严格筛选、面访调研 和多维度考评，最终共有25个"2025绿点中国·可持续实践年度案例"、5个"2025绿点中国·可持续实践年 度绿贝案例"、3个"2025绿点中国·绿色先锋案例"脱颖而出。 本届案例征集以"绿野新踪"为主题，寓意在广袤的绿色大地上探索可持续发展的新路径与新可能。从参 选情况来看，341个申报案例中涌现出大量富有探索精神和创新价值的实践，正是印证了此次主题。相 较于往年，本届评选呈现出明显升级趋势：参评企业中百亿元以上规模企业占比高达70.69%，跨国公 司占比46.55%，ToB企业占比达到24.14%，这些数据均创历史新高，充分体现了龙头企业对可持续发展 战略的深度布局和坚定投入。 1 可持续实践年度案例： 多元实践展现行业广度与深度 从获奖情况来看，25个"2025绿点中国·可持续实践年度案例"中，绿色共创和绿色设计赛 ...

Core Viewpoint - Jiahe Foods (605300.SZ), known as the "first stock of powdered oil," reported a mixed performance in its 2025 semi-annual report, with revenue of 1.185 billion yuan, a year-on-year increase of 10.43%, while net profit attributable to shareholders plummeted by 82.1% to 12.43 million yuan due to rising raw material costs and increased sales expenses related to coffee business expansion and C-end channel development [2]. Group 1: Financial Performance - The company experienced a significant decline in net profit, with the core subsidiary Nantong Jiazhiwei's net profit dropping approximately 75.4% to 7.8995 million yuan, attributed to rising costs of core raw materials like palm kernel oil and coconut oil [5]. - Operating cash flow turned negative, with a net cash flow from operating activities dropping 142.3% to -31.02 million yuan, and prepayments surged 88.58% to 82.8488 million yuan [6]. Group 2: Market Trends and Challenges - The demand for powdered oil is declining as consumer health awareness increases, leading some new tea brands to stop using powdered oil, which directly impacts Jiahe Foods' sales [3]. - Despite the growth in orders from tea drink customers during the recent delivery wars, the company noted that these customers primarily ordered lower-priced products, resulting in increased revenue without corresponding profit [4]. Group 3: Coffee Business Development - Jiahe Foods is actively expanding its coffee business, achieving revenue of 278 million yuan in 2024, a year-on-year increase of 6.58%, with a significant growth of 66.8% to 190 million yuan in the first half of the year [7]. - The company is focusing on both B-end and C-end channels, with e-commerce revenue reaching 47.6657 million yuan, up 114.81% year-on-year [7][8]. Group 4: Cost and Profitability Issues - The company's marketing expenses increased significantly, with sales expenses for 2024 and the first half of the year rising 75.14% and 28.16% respectively, driven by higher costs associated with online platform services [8]. - The overall gross margin decreased by 5.46 percentage points to 12.39% in the first half of 2025, influenced by a higher proportion of low-margin products in the product mix [9].

Core Viewpoint - The company Yango Beverage is experiencing a significant decline in revenue and profit, indicating a loss of market appeal for its flagship product, walnut milk, which previously generated nearly 10 billion yuan in sales [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 2.465 billion yuan, a year-on-year decline of 16.19%, and a net profit attributable to shareholders of 744 million yuan, down 27.76% [1]. - The company's revenue in the first quarter of 2025 fell by 19.7% to 1.86 billion yuan, marking a five-year low [2]. Sales Decline - Sales revenue across seven major regions, including Northeast, Northwest, East China, and North China, saw significant declines, with drops of 40.64%, 36.62%, 22.35%, and 19.63% respectively [2]. - The company's marketing expenses increased by 3.73% to 330 million yuan in the first half of 2025, but the sales expense ratio rose from 10.81% to 13.37%, indicating diminishing returns on marketing investments [2][3]. Investment Strategy - The company has shifted its focus towards diversified investments in sectors like artificial intelligence and semiconductors, attempting to find new growth avenues [5][6]. - Despite maintaining a high level of financial assets between 7 billion to 10.5 billion yuan from 2019 to 2022, the returns from conservative investments were low, with a yield of only 2.17% in 2022 [5][6]. - The company has made aggressive investments in various sectors, including 1 billion yuan in AI and 8 billion yuan in lithium battery companies, but these investments have often resulted in significant losses [6][7]. Strategic Challenges - The company's heavy reliance on marketing over research and development has raised concerns about its long-term competitiveness in a rapidly evolving beverage market [3]. - The ongoing decline in sales and the challenges of balancing core business development with cross-industry investments highlight the need for a strategic reassessment [7].

Core Insights - The company Yango Beverage, known for its "Six Walnuts" product, is experiencing a significant decline in both revenue and profit, with a revenue of 2.465 billion yuan, down 16.19% year-on-year, and a net profit of 744 million yuan, down 27.76% year-on-year [1][2] - The once-popular walnut milk product is losing its appeal, leading to a search for new growth opportunities in sectors like semiconductors and AI [1][5] Revenue and Profit Decline - In the first half of 2025, the company reported a rare revenue decline of 19.7% in the first quarter, totaling 1.86 billion yuan, and a net profit drop of 26.95% to 642 million yuan, marking a five-year low [2][3] - Sales revenue across major regions, including Northeast, Northwest, East, and North China, saw significant declines, with drops of 40.64%, 36.62%, 22.35%, and 19.63% respectively [2] Marketing and R&D Strategy - The company increased its marketing expenses by 3.73% to 330 million yuan in the first half of 2025, but this led to a rise in the sales expense ratio from 10.81% to 13.37%, indicating diminishing returns on marketing investments [2][3] - In contrast, R&D expenses decreased by 11.2% to 18.36 million yuan, highlighting a strategic imbalance where marketing spending far exceeds R&D investment, with a ratio exceeding 20:1 from 2021 to 2024 [3] Diversification and Investment Strategy - To counteract declining sales, the company has diversified its investments into sectors like AI, new energy, and semiconductors, with significant cash reserves allocated to these areas [5][6] - The company has faced challenges with its investment returns, with a notable decline in investment income from 4.64 billion yuan in 2019 to just 219.61 million yuan in 2021, followed by consecutive losses in 2023 and 2024 [6][7] Market Reactions and Future Outlook - The company's cross-industry investment strategy has sparked discussions about the balance between core business development and diversification, especially as the beverage market faces shrinking demand [7] - The effectiveness of the company's approach to navigate its current challenges remains uncertain, as it seeks to balance traditional beverage operations with high-risk investments in unrelated sectors [7]

Core Insights - Oatmeal is gaining importance in Chinese dietary culture due to its nutritional and economic value, driven by increasing health awareness and dietary improvements [1] - The "Consensus on Oatmeal and Health (2025)" was released by five authoritative institutions to promote healthy consumption and encourage increased oatmeal intake [1][2] Group 1: Health Benefits of Oatmeal - The "Consensus" highlights the rising public health challenges in China, such as obesity, diabetes, hypertension, and cardiovascular diseases, attributing these issues to poor dietary structure [2] - Oatmeal is recognized as one of the most nutritious whole grains, positively impacting blood lipid levels, heart health, blood sugar management, and gut health, making it suitable for chronic disease patients [2][7] - The consensus recommends enhancing public nutrition education and dietary guidance to incorporate whole grains like oatmeal into daily diets [2] Group 2: Oat Milk Innovation - Oat milk has emerged as a popular product since OATLY introduced it to China in 2018, revitalizing traditional oatmeal through technological advancements and innovative marketing [3][4] - The enzymatic process used to produce oat milk retains key components like β-glucan, aligning with the consensus's goals of improving palatability, convenience, and reducing cooking difficulty [3][7] - OATLY has developed various oat milk products tailored to Chinese consumer preferences, including low-GI options to help manage post-meal blood sugar levels, with positive market feedback [6][7]

Group 1 - The conference highlighted the importance of oats as a well-researched whole grain with various health benefits, emphasizing the need for increased public nutrition education and dietary guidance to incorporate oats into daily diets [1][3] - Current public health challenges in China include rising rates of obesity, diabetes, hypertension, and cardiovascular diseases, largely attributed to an inadequate dietary structure, particularly insufficient whole grain intake [1][2] - The "National Whole Grain Action Plan (2024-2035)" aims to increase whole grain consumption to promote nutritional balance and improve public health [1] Group 2 - Oats are recognized for their high protein content, essential amino acids, and beneficial properties such as lowering blood cholesterol and postprandial blood sugar levels, supported by evidence and health claims in multiple countries [2] - The oat industry in China has developed a comprehensive supply chain, offering diverse products such as oat rice, oat flakes, oat flour, and oat milk, with recommendations for further innovation to meet consumer demands [2] - Increasing the intake of oats and other whole grains is crucial for improving dietary structures and is a key component in building a "Healthy China" [3]

Core Insights - Alibaba collaborates with Zhangbei County government to establish an organic oat "Hema Village," with products like organic oat flakes and oat milk set to launch in October 2023 [1][3] - The initiative aims to leverage digital technology and platform ecosystems to promote sustainable development through organic agriculture in Zhangbei [1][3] Group 1: Agricultural Development - Zhangbei County, a key support area for Alibaba, has seen the establishment of its second "Hema Village" following the success of the "Bashang Organic Vegetable Hema Village" [3] - The region's unique cool climate, with an average altitude of 1400-1600 meters, provides natural advantages for organic agriculture, particularly for crops like broccoli [3][4] - Zhangbei accounts for 20% of the national oat planting area, with 100,000 acres certified for organic products [3] Group 2: Economic Impact - The two "Hema Villages" are expected to increase the income of over 500 local farmers [3] - The organic vegetable base currently supplies 7,000 to 10,000 portions of organic vegetables daily to Hema, with a projected annual output of 5,000 tons [4] - Alibaba's initiatives in Zhangbei aim to enhance the efficiency of organic farming through technological support and resource recycling [4] Group 3: Sustainable Practices - Alibaba has established a data center in Zhangbei since 2017, utilizing the region's low temperatures and abundant wind and solar resources for green energy [4] - The collaboration extends the green development model from the digital economy to agriculture, transforming Zhangbei's "cool advantage" into sustainable development momentum [4]

Core Insights - OATLY is undergoing a strategic review of its Greater China operations, considering various options including potential divestiture, after seven years in the market [1][4] - The company reported a 3% revenue growth in Q2, but the Greater China segment experienced a 6.4% decline in revenue year-on-year [2][5] Financial Performance - In Q2 2025, OATLY's Greater China revenue was $27 million, continuing a trend of declining growth since 2020, while the first half of the year showed a 12.5% increase to $56.95 million [2] - The adjusted EBITDA for the Greater China segment showed a loss of $636,000, marking five consecutive years of unprofitability [2] Market Dynamics - Approximately 62% of OATLY's revenue in Greater China is still reliant on the food service channel, which is currently under pressure, although retail channel growth has partially offset this decline [2][3] - The plant-based market in China has shifted from initial hype to a cooling phase, with significant competition from local brands impacting OATLY's market share [3][5] Competitive Landscape - OATLY faces increasing competition from local brands such as Yili, Mengniu, and Vitasoy, and ranks fourth in the Tmall plant-based beverage repurchase list [3] - Market analysts attribute the decline in OATLY's performance to factors such as waning consumer interest, high product prices, and the rise of domestic brands [3] Strategic Options - Three potential paths for OATLY's Greater China operations have been suggested: exiting the market, forming partnerships with local brands, or operating independently [4] - CEO Jean-Christophe Flatin indicated a preference for the independent operation route, emphasizing the need to maximize value after restructuring [4][7] Operational Capabilities - OATLY has established a fully localized team and R&D center in China, significantly shortening the product development cycle to respond to market changes [4][7] - The company has successfully penetrated both B2B and B2C markets, with its products being used to create approximately 1.4 billion cups of oat lattes since entering the market [6][7] Market Share - OATLY holds a 62.9% market share in the Chinese oat milk market, reflecting a growth of over 10 percentage points year-on-year, despite the challenges faced [5][6]

Core Viewpoint - OATLY has initiated a strategic review of its operations in the Greater China region, considering the possibility of independent operation to accelerate growth and maximize value [1][12]. Group 1: Company Background and Market Entry - OATLY, founded in 1994, specializes in oat milk production and initially struggled to gain traction until a brand repositioning in 2012 [2][3]. - The company entered the Chinese market in 2018, leveraging support from its shareholder, China Resources, to establish a foothold [2][3]. Group 2: Growth and Performance - OATLY experienced rapid growth in China, achieving a market share of 62.9% in the oat milk sector as of mid-2023, with a year-on-year increase of over 10 percentage points [7]. - Revenue figures for OATLY in Greater China from 2020 to 2024 show a growth trajectory, with 2023's first half revenue reaching $56.95 million, a 12.5% increase year-on-year [9]. Group 3: Strategic Challenges and Market Dynamics - The decision to review operations in Greater China comes amid concerns over market uncertainties and competitive pressures, as seen with other foreign brands like Starbucks and Häagen-Dazs [1][13]. - OATLY's pricing strategy has been affected by local competition, leading to a significant reduction in prices, which may dilute its premium brand positioning [16][17]. Group 4: Future Outlook - Analysts suggest that OATLY's potential separation from the Greater China market reflects a cautious approach to a market that has not met profitability expectations compared to other regions [13][17]. - The company has halted plans for a second factory in China, indicating a shift in focus and possibly a reassessment of growth strategies in the region [17].

Core Viewpoint - OATLY is undergoing a strategic review of its Greater China operations due to declining revenue and continuous net losses since 2020, with a potential divestment being considered to accelerate growth and maximize business value [1][2]. Financial Performance - In Q2 2025, OATLY reported a revenue increase of 3% to approximately $208 million, with a gross margin improvement of 3.3 percentage points to 32.5%. However, the net loss attributable to shareholders was approximately $55.9 million, an increase of $25.5 million compared to the same period last year [1]. - Revenue from the Greater China region decreased by 6.4% to $27 million in Q2 2025, down from $28.8 million in the same quarter of the previous year, primarily due to a decline in sales through the food service channel [1][4]. Strategic Review and Market Position - OATLY has initiated a strategic review of its Greater China business, which may include options such as divestment to enhance growth and value realization [1][2]. - The company continues to operate in the Greater China market during the evaluation period, maintaining its production facilities and commitment to customers, consumers, and employees [2]. Market Challenges - The transition from B2B to B2C has proven challenging for OATLY, as the oat milk segment remains a niche market in China, facing competition from local brands and higher price points compared to dairy products [3][5]. - The market for plant-based beverages in China has shown signs of cooling, with a shift from initial consumer enthusiasm to more rational demand, compounded by rising competition from local brands [5][6]. Revenue Composition - Approximately 62% of OATLY's revenue in Greater China in Q2 2025 came from the food service channel, down from 70% in the previous year, indicating a shift in revenue sources [4].