In recent years, Yangyuan Beverages is not the only company with poor performance. From 2020 to 2022, the total revenue and net profit attributable to the parent company of Vivi Group declined. In 2023, the net profit attributable to the parent company increased year-on-year, but it has not returned to the level of 2020. Vitasoy's total revenue has also been declining since the 2021 fiscal year, and it even suffered losses in the 2022 fiscal year.
The "2023-2028 China Plant Protein Beverage Industry Development country code philippines mobile Prospect Forecast and Investment Strategy Planning Research Report" released by China Economic Industry Research Institute shows that although the scale of the domestic plant protein beverage market has rebounded in the past two years, the growth rate is still declining. At the same time, from the perspective of market segments, walnut milk beverages account for only 9.49% of the industry, soy milk beverages have the highest market share of 22.01%, followed by coconut milk beverages.
Even so, more and more companies are entering the plant protein beverage industry. Not long ago, LV's parent company's private equity fund LVKT invested in Vie Beverage, which became famous for Vie soy milk. This year, Three Squirrels announced the launch of Zhenyang Nut Beverage series products, which means that Three Squirrels will become a member of the plant protein beverage industry through nut dairy products. In addition, companies such as Yanjin Shop and Qia Qia Food have made layouts in the industry, and veteran players such as Yili and Mengniu have long been eyeing the plant protein beverage market. The slowdown in industry growth and the increasing number of competitors may also be one of the reasons why the performance of companies such as Yangyuan Beverage is not as good as before.
Overall, Yangyuan Drinks has also changed in recent years, but the impact on its performance is not very obvious. With multiple parties entering the market, Yangyuan Drinks may need a "new story" to maintain its position as a leading company.
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