Core Viewpoint - The article highlights a significant transformation in the Chinese tea beverage market, contrasting the declining performance of traditional brands like Xiangpiaopiao with the rapid growth of new tea drink companies such as Mixue Ice City and Guming, indicating a shift in consumer preferences from instant tea to freshly made tea drinks [4][12]. Group 1: Xiangpiaopiao's Challenges - Xiangpiaopiao, once a leading brand in the instant tea market, reported a revenue of 1.035 billion yuan in its half-year report, a year-on-year decline of 12.21%, and a net profit loss of 97 million yuan, a staggering drop of 230.13% [6]. - The decline is primarily attributed to a 31.04% drop in sales revenue from its instant tea products, which has significantly impacted overall performance [6]. - In response to these challenges, Xiangpiaopiao is attempting to reposition its brand towards younger and health-conscious consumers by launching new products like "original leaf freshly brewed milk tea" and "ancient five red warm milk tea" [6][10]. Group 2: Growth of Freshly Made Tea Brands - In contrast, new tea drink companies such as Mixue Ice City, Guming, and others have shown remarkable growth, with a combined revenue exceeding 33 billion yuan and a total net profit of over 5 billion yuan in the first half of the year [12]. - Mixue Ice City achieved a revenue of 14.87 billion yuan, a year-on-year increase of 39.3%, and a net profit of 2.72 billion yuan, up 44.1% [12]. - Guming also reported impressive growth, with a revenue of 5.363 billion yuan, a 41.2% increase, and a net profit surge of 121.51% [12]. Group 3: Market Dynamics and Consumer Preferences - The tea beverage industry is experiencing a shift towards health and freshness, with consumers increasingly prioritizing product ingredients and health benefits, leading to a rise in fresh fruit and vegetable drinks [17]. - The competition is intensifying as freshly made tea brands establish robust supply chains, with Mixue Ice City achieving 100% self-sourcing of core ingredients and Guming providing rapid cold chain delivery to 98% of its stores [19]. - The integration of online and offline channels is becoming crucial for brand expansion, as consumers view tea drinks not just as beverages but as social and emotional experiences [18].

Core Viewpoint - The company Yango Beverage, the parent company of "Six Walnuts," reported a significant decline in both revenue and net profit for the first half of 2025, attributing the downturn primarily to decreased sales of walnut milk products [1][3]. Financial Performance - Revenue for the first half of 2025 was 2.465 billion yuan, a year-on-year decrease of 16.19% - Net profit attributable to shareholders was 744 million yuan, down 27.76% year-on-year - This marks the first instance in three years where both revenue and net profit have declined simultaneously [1][3]. Sales and Market Dynamics - Sales revenue declined across all seven major regions, with the largest three regions experiencing double-digit declines [4]. - The walnut milk product, which constitutes approximately 90% of the company's total revenue, has seen a significant drop in sales, reflecting a lack of competitiveness in the product and brand [3][4]. Marketing and Advertising - The company increased its advertising and marketing expenses to 330 million yuan, a rise of 3.73% year-on-year, marking the first increase in three years - Despite the increased spending, the sales expense ratio rose from 10.81% to 13.37%, indicating ineffective marketing efforts [1][3]. Investment Strategy - Despite the declining sales of walnut milk, the company has not introduced new product plans or acquisitions to address growth challenges [6]. - Yango Beverage has engaged in significant cross-industry investments, totaling 1.1 billion yuan in 11 companies across sectors like renewable energy and media, which are unrelated to its core business [9][10]. - The company’s investment activities generated a net cash flow of approximately 980 million yuan in the first half of 2025, a year-on-year increase of 18.56% [11]. Research and Development - The company has spent relatively little on product research and development, with R&D expenses amounting to 18 million yuan, a decrease of 11.2% year-on-year [12].