Core Viewpoint - Traditional instant beverages like Xiangpiaopiao milk tea, Wewei soybean milk, and Southern black sesame paste are facing a collective crisis due to declining sales, primarily driven by a shift in consumer preferences towards more convenient and healthier options [1][4][10] Group 1: Market Performance - In 2024, Xiangpiaopiao's revenue from instant products was 2.271 billion yuan, a year-on-year decline of 15.42% [5] - Wewei's solid instant beverage revenue was 1.909 billion yuan in the previous year, down 3.02% [5] - Southern black sesame's instant beverage revenue was 854 million yuan, a decrease of 3.90% [5] - Xiangpiaopiao's peak sales in 2020 reached 3.067 billion yuan, but by 2024, revenue had dropped to 2.271 billion yuan, indicating a significant decline in market share [8][10] Group 2: Consumer Trends - The decline in instant beverage consumption is attributed to changing lifestyles, with younger consumers favoring immediate satisfaction and convenience [10][12] - Instant beverages were originally transitional products during a time of limited market supply, but as fresh and ready-to-drink options have become more available, traditional instant products have lost their appeal [10][17] Group 3: Company Strategies - Companies like Wewei and Southern black sesame are diversifying their product lines to include ready-to-drink options and other innovations to adapt to market changes [12][15] - Xiangpiaopiao has introduced new products like Meco fruit tea and other ready-to-drink beverages to capture market share [14][23] - Despite these efforts, the transition to ready-to-drink markets is challenging due to intense competition from established players in the beverage industry [15][23] Group 4: Historical Context - Wewei and Southern black sesame have a long history, with Wewei being established in 1992 and achieving significant market share in the soybean milk sector [8][21] - The traditional instant beverage market has been in decline for several years, with companies struggling to maintain their previous growth trajectories [5][6][10]

Group 1 - The popularity of the Jiangsu Province Urban Football League ("Su Super") is rising, with ticket demand exceeding supply ratios of over 10:1 and even 30:1 for some matches [1] - Weivi Co., Ltd. (600300), the naming sponsor for the Xuzhou division of "Su Super," has seen a significant increase in visibility, with a 175% year-on-year growth in Baidu search index over the past three months [1] - Weivi Co., Ltd. aligns its brand mission of promoting health and happiness with the growing value of football as a symbol of a healthy lifestyle, beyond just competitive sports [1] Group 2 - The "Su Super" event, characterized by its grassroots appeal and a philosophy of "joy first, competition second," has attracted numerous fans, creating a vibrant and energetic atmosphere [2] - By sponsoring "Su Super," Weivi Co., Ltd. effectively reaches young consumers, conveying its brand philosophy and product information [2] - The deep brand heritage and extensive market influence of Weivi Co., Ltd. enhance the cultural significance of the "Su Super" event, thereby increasing its brand value [2]

Core Insights - The plant protein beverage market is experiencing intensified competition, leading to a "stronger differentiation" pattern among major companies [1][6] - Traditional plant protein beverages are facing challenges due to low daily consumption penetration and significant seasonal sales fluctuations [1][6] Company Performance - Yangyuan Beverage reported a revenue of approximately 6.058 billion yuan, a decrease of 1.69% year-on-year, but a net profit of about 1.722 billion yuan, an increase of 17.35% [3][4] - Weiweijia's revenue was approximately 3.656 billion yuan, down 9.4% year-on-year, while net profit increased by 96.26% to about 411 million yuan [3][4] - Chengde Lulux achieved a revenue of approximately 3.287 billion yuan, an increase of 11.26%, with a net profit of about 666 million yuan, up 4.41% [3][4] - Huanlejia's revenue was approximately 1.855 billion yuan, down 3.53%, and net profit decreased by 47.06% to about 147 million yuan [3][5] Market Trends - The plant protein beverage industry has seen significant growth, with market size reaching 142.8 billion yuan in 2023, reflecting a compound annual growth rate of 9.8% [6][9] - The market is characterized by a concentration of major players, with the top five companies holding only 58% of the market share, indicating structural opportunities [8][9] - There is a growing demand for healthier products with low sugar, high fiber, and organic certifications, which presents growth potential for the industry [9] Competitive Landscape - The industry is witnessing increased competition from new entrants and product homogeneity, necessitating diversified strategies for differentiation [8][9] - Major companies like Yangyuan Beverage and Chengde Lulux maintain significant market shares due to their established brands and distribution channels [8][9] - Analysts emphasize the importance of functional and refined operations to adapt to changing consumer preferences and market dynamics [6][9]