Core Viewpoint - The article discusses the decline of Weiwei Soy Milk, highlighting the challenges faced by the brand in a changing market where younger consumers prefer convenience over traditional products. The brand's reliance on nostalgia is insufficient to regain market share as it struggles with declining sales and increasing competition from newer brands like Douben Dou and Vitasoy [1][4][12]. Group 1: Sales and Distribution Challenges - Weiwei has experienced a continuous decline in revenue for six consecutive years, with 345 distributors leaving the market in the first three quarters of 2025 due to unprofitability [1][10]. - The profit margins for distributors have decreased significantly, with rebates dropping from 8% to below 5%, making it less attractive for them to continue selling Weiwei products [1][3]. - The inventory turnover for Weiwei products has slowed, with stock remaining unsold for nearly a month longer than before, leading to further distributor withdrawals [3][6]. Group 2: Brand and Market Position - The brand's advertising strategy has not adapted to current trends, with minimal presence in digital marketing and social media, resulting in a significant drop in e-commerce revenue, which is less than 3% compared to competitors like Douben Dou, which exceeds 15% [4][12]. - Weiwei's product offerings have become outdated, with a lack of innovation in popular formats like ready-to-drink soy milk, while competitors have successfully captured market share through modern marketing strategies [4][12]. - Despite a significant investment from Xuzhou State-owned New Sheng Group in 2021, which acquired nearly 31% of the company, revenue has continued to decline from over 4.5 billion to less than 3.7 billion in recent years [9][10]. Group 3: Historical Context and Strategic Missteps - Weiwei has diversified into various sectors, including dairy, liquor, and real estate, but these ventures have not yielded sustainable success, leading to a dilution of focus on its core soy milk business [6][8]. - The company missed opportunities for product upgrades and market adaptation, particularly in the shift towards liquid soy milk, allowing competitors to dominate the market [8][12]. - The nostalgic appeal of the brand is waning, as consumers increasingly opt for more convenient beverage options, reflecting a broader shift in consumer preferences away from traditional products [1][13].

Core Viewpoint - VIVI Co., Ltd. reported a decline in revenue and net profit for the first three quarters of 2025, while its net profit excluding non-recurring items increased significantly due to improved gross margins [1][3]. Financial Performance - The company's revenue for the third quarter was 866.79 million yuan, a year-on-year decrease of 8.31%, while the revenue for the first three quarters was 2.39 billion yuan, down 11.20% year-on-year [2][3]. - The net profit attributable to shareholders for the third quarter was 120.89 million yuan, an increase of 26.90% year-on-year, while the net profit for the first three quarters was 241.25 million yuan, down 1.93% year-on-year [2][3]. - The net profit excluding non-recurring items for the third quarter was 122.97 million yuan, up 23.83% year-on-year, and for the first three quarters, it was 232.23 million yuan, up 37.41% year-on-year [2][3]. Business Segments - The company experienced a decline in revenue from solid beverage products, with a decrease of 5.43% in distributor channels, and the total number of distributors decreased by 117 to 1,846 [3]. - For plant-based protein beverages, revenue dropped by 4.57%, with the number of distributors decreasing by 221 to 1,684 [3]. - In the refined tea segment, overall revenue increased by 12.65%, but e-commerce channels saw a decline of 16.31%, with the number of distributors decreasing by 7 to 351 [3]. Historical Context - VIVI Co., Ltd. has seen a continuous decline in revenue for five consecutive years, with revenues decreasing from 47.99 billion yuan in 2020 to 36.56 billion yuan in 2024 [4]. - The net profit has shown significant volatility during the same period, with figures ranging from 4.36 billion yuan in 2020 to 4.11 billion yuan in 2024 [4].

Group 1 - The company has a diverse product portfolio including "Weiwei" soybean powder, "Weiwei" soybean milk powder, "Weiwei" grain cereal, "Weiwei" soybean drinks, "Weiwei" sparkling water, "Weiwei" grains and oils, "Bai Fen Zhi" soybean milk powder, "Tianshan Snow" dairy products, "Weiwei Liuchao Song" flour, "Yiqingyuan" tea, and "Hanyuan" liquor [2] - Recently, the company launched a herbal beverage series called "Weiwei Bai Fen Zhi Yang Sheng Shui," which includes four flavors: burdock and monk fruit water, hibiscus and rose water, apple and astragalus water, and red bean and coix water [2] - The new product line emphasizes simple recipes, premium ingredients, meticulous craftsmanship, light health benefits, and fun packaging, promoting ancient Chinese health wisdom and extracting natural plant nutrition to advocate a healthy lifestyle and inherit Chinese health culture [2]