Gold platform -- great wall gold industry -- trade fair, operator 217
Source: corporate official network
On the evening of 22 august, a semi-annual newspaper was published for the dailies (603156. Sh). During the reporting period, the company received 2,465 million yuan, a decline of 16. 19 per cent over the same period, a net profit to the mother of 744 million yuan over the same period, a decline of 27. 76 per cent over the same period, and a decrease of 627 million yuan over the same period。
For the main reason for the decline in revenue, the company, for its part, refers directly to “a decline in sales of walnut dairy products, resulting in a decrease in operating income compared to the same period of the previous year”
On 22 august, john zhang, a well-known strategic positioning expert and founder of the fujianhua brand positioning advisory, interviewed the times journalist, stating that “the decline in the sales of walnut dairy products was due mainly to the shift in consumer demand and increased competition”. In his view, young groups were more inclined to embrace new products such as oatmeal milk and almond milk, and the concept of “composed brain” had faded in consumption upgrading. At the same time, the market for plant protein beverages is concentrated in low concentrations and competitions such as delu (000848. Sz) optimized the reversals through product overlay and channels, squeezing the market space for beverages。
“always using their brains, drinking six more walnuts”, an ad that used to spread throughout the river and the north, around 2010, whose influence, along with that of the zen de luo-lu-luan who had been in the vegetable protein market for many years at the time, quickly became the “hard currency” of a gift, and the “six walnuts” referred to in the ad were the main source of revenue for the dollar-based drink。
However, due to the fast pace of changes in the tastes of the beverage market, as well as the large expansion of the current brand of tea and drink, the market share of plant proteins has been squeezed, and the delay in developing a “second growth curve” for the beverages, has led to the precarious growth of walnut dairy products represented by “six walnuts”。
Despite a decline in performance in the first half of the year, the practice of graft continues. In 2025, the company proposed to assign a gold dividend of $5. 00 per 10 shares to all shareholders, and as of 22 august 2025, the company's gross equity stock was 1260 million, which is calculated as the sum of the proposed gold dividend of $630 million。
The number of dealers has increased, but milk sales of walnuts have declined
“the decline in sales of walnut dairy products has resulted in lower operating income compared to the same period of the previous year.” in the annual newspaper 2024, the company gave the same explanation for the decline in performance as the annual newspaper 2025。
The long-term dependence on the large single product of walnut milk is one of the key constraints on the development of the beverage。
In 2024, the revenue of the walnut dairy product, represented by the “six walnuts”, decreased by 1. 69 to $6. 05 billion compared to the year 2024, or $5. 373 billion, or 5. 86 per cent compared to the year 2019, and sales also decreased by 4. 71 to 5. 6553 million tons, or 200,000 tons over five years, compared with 765. 2 million tons in 2019。
The semi-annual newspaper shows that the main operation of the beverages is centred on the “development, production and sale of walnut-based plant protein beverages” and that the products consist mainly of six walnut sperm series, the breeding series, the five-star series, the sugar-free series, the six walnut 2430 series and the six walnut “fresh” series。
Although functional beverages have been introduced for the gratuity, they received only $649 million in 2024, or about one tenth of the total。
The weakness of the subsistence food business is also reflected at the channel end. In january-june 2025, sales revenue from distribution channels was 2. 227 billion yuan, a decline of 18. 52 per cent over the same period. Direct sales revenue, although increasing, is decreasing。
In the first half of 2024, the amount received from the direct sale was $193 million, an increase of 34. 62 per cent over the same period; in the first half of 2025, the direct sale received $210 million, an increase of 8. 81 per cent over the same period。
In the semi-annual newspaper, it is noted that companies have a significant competitive market advantage in traditional marketing channels. In recent years, however, a variety of emerging channels, such as electricians, live broadcasting, instant retailing, community group purchases, and petty-food vendors, have developed rapidly, creating alternative pressures on the market share of traditional marketing channels. In a trend towards channel fragmentation, companies may be exposed to the risk of continued market-taking if they fail to expand new channels in a timely manner。
It is worth noting that, although there has been a decline in the collection of beverages through distribution channels, the number of distributors has increased in the first half of the year, and the number of regional distributors of companies in the country as of the first half of the year was 2,727. During the reporting period, the number of dealers increased by 126, by 98, a net increase of 28。
In response, zhan hao's analysis suggests that the increase in the number of distributors but the decline in sales through distribution channels may be due to the company's promotion of "deep distribution patterns throughout the world " , which is at the stage of channel input and adjustment, and the market opening effects of new distributors have not yet been demonstrated. At the same time, the development of emerging channels may divert some of the business of traditional distributors, while corporate direct marketing channels have generated growth through emerging methods such as telecast broadcasting。
According to data from the general industrial research institute of china, the chinese market for plant protein beverages reached 68 billion yuan in 2024 and is expected to exceed 120 billion yuan in 2030, with a compound annual growth rate of 12. 5 per cent。
In the hundreds of billion-class market, there is an urgent need to develop a robust secondary growth curve and to open new channels if the drinking stock is to emerge from the weak growth of the main business。
Second growth curve unsolved, keen on cross-border investment
The day of “flying” on the “six walnuts” — a large single product — has come to an end at a time when innovation in the beverage market is accelerating, for almost 100 billion beverages。
Zhan jun hao stated to the times that the reason for the decline in core competitiveness of the nutrients was that, in addition to overdependence on the “six walnuts” large monoliths, their research and development inputs were low, there was a lack of subversive innovation, and the spread of channels was not synchronized with efficiency gains, and the distribution of new channels was lagging behind。
When can you find a second-growth curve for a graft drink? This is of paramount concern to investors, who, on the investor question and answer platform, put forward proposals such as the “underline drinking chain” “branding authorization” “to produce bottled drinks of all tastes”。
However, at a performance statement meeting held on 5 june 2025, the management of the beverages made it clear that there were no plans to introduce new products such as functional beverages, plant amino acid milk or to acquire new brands。
In the 2025 semi-annual newspaper, halogenated drinks indicate that companies build different product lines based on the “precision” and “culture” series in response to the characteristics of current consumer market stratification, classification and stock competition. In addition to improving the “full sugar plus” product series to meet the needs of the middle-aged and sugar-controlled population, and creating the “six-six-six plus” product for the festival consumption scenario, companies continue to build high-value products such as “fruit-free” “wise choice”。
Even so, the cost of research and development of grafts is decreasing. In the first half of 2025, a total of 1,836. 26 million yuan was spent on research and development, representing a decrease of 11. 20 per cent over the same period; in 2024, the cost of research and development amounted to 4,404. 28 million yuan, a decrease of 17 per cent over the same period。
The second growth curve has been delayed in the beverage business, while the consumption of beverages has become a passion for cross-border investment, with 11 companies currently investing in beverages, covering areas such as science and technology, new energy sources, and the media, according to the 2025 biannual newspaper。
The most recent announcement of cross-border investments in halal drinks was made on 25 april 2025, in which it was announced that its flagship subsidiary, the springs company, had invested 1. 6 billion yuan in its head-to-head chip storage company, yangjiang storage technology holdings limited。
According to zhang hao, cross-border investments in drinking water can be expected to reduce risk and explore new growth points through diversified investments. “but there are significant differences between the beverage and chip industries, high technical barriers, and many uncertainties about cross-border investments. If the second growth curve is not found, companies may continue to rely on the single product of walnuts, facing further squeezed market shares, weak performance growth and reduced profitability.”
China's food industry analyst zhu danbong, in an interview with the times newspaper on 22 august, held different views: “in the last three years, a holistic and innovative reform of the saloon drink has been carried out, and its sustainable development and the value of the enterprise should be greatly enhanced. I believe, with the addition of greater health management, nutrition management, pigment management and weight management, that the saloon drink should have a completely new development opportunity, and we have confidence in and appreciation of its sustainable development.”
