The beverage market contracts, Genki Forest expands | Consumer Reference

Ask AI · What are the key factors behind Yuanqi Forest’s growth against the trend?

He Hongyuan, reporter from 21st Century Business Herald, and intern Xu Hongru

Market volatility is intensifying the split within the beverage industry.

According to NielsenIQ data, in January 2026, total beverage sales across all channels fell 7.8% year-on-year. In 2025, the growth rate across all channels for beverage sales was only 0.2%.

When broken down to individual companies, the differentiation is even more pronounced.

In 2025, the revenue of Master Kong Beverage fell 2.9% year-on-year to 50.10 billion yuan. Among them, revenue from RTD tea/juice/water/carbonated drinks and others was 20.60/5.50/4.71/19.31 billion yuan, respectively, with year-on-year changes of -6.8%/-11.1%/-6.1%/+4.5%. In the second half of 2025, Uni-President China’s beverage segment revenue fell 5.8% year-on-year to 8.68 billion yuan. From the full year, the revenue for this business increased 1.2% year-on-year to 19.47 billion yuan.

In the same year, Nongfu Spring’s revenue increased 22.5% year-on-year to 52.553 billion yuan.

Under these circumstances, Yuanqi Forest chose to expand against the trend.

On March 30, 2026, Yuanqi Forest Xianning Innovation Institute was inaugurated. This project is a core segment of the Central China healthy beverage R&D center jointly built by Xianning municipal government and Yuanqi Forest, with a total investment of 200 million yuan for Phase I. Yuanqi Forest said that in the next 3 years, the innovation institute’s experimental base will serve 500 beverage companies and develop 2,000 new products; the pilot base will serve 500 beverage companies and produce 15 million boxes of healthy drinks.

In addition, according to what the 21st Century Business Herald reporter learned, Yuanqi Forest’s 7th self-built factory is being prepared, and the cumulative total investment across the 7 factories is nearly 8 billion yuan.

Behind this is Yuanqi Forest’s sustained growth.

According to an internal letter released by Yuanqi Forest founder Tang Binsen in February, the company’s overall performance has maintained double-digit growth for three consecutive years. Judging by the performance of specific categories, vitamin water became the fastest-growing single product, up 128% year-on-year in 2025; the iced tea series came next, growing 56%. Vitamin C orange flavor and summer black grape flavor sparkling water increased 52% year-on-year. The Hey Zizai series and Alien electrolyte water increased 36% and 34%, respectively.

Internal operations also show that Yuanqi Forest is doing well.

Multiple product managers stated that Yuanqi Forest still encourages them to try and test. In addition, grassroots workers at the Xianning factory revealed that they received an end-of-year bonus in 2025 that exceeded expectations.

What’s more, in the aforementioned internal letter, Tang Binsen did not propose any new expansion plan, but instead continued the approach of “not over-tinkering, practicing internal strength, and pursuing practical results.”

From the production-side expansion perspective, Yuanqi Forest remains confident about the future.

Consumer and Personnel

Dong Wei, former CEO of Nike China, joins Sequoia China

On March 31, the 21st Century Business Herald reporter confirmed that Dong Wei, a former leader of Nike Greater China, will officially join Sequoia China on April 1, taking on the role of investment partner.

Meibang Apparel appoints Lü Huiling as CFO

On March 31, Meibang Apparel issued an announcement stating that the company’s board of directors agreed to appoint Lü Huiling as the company’s chief financial officer, with the term running from the date on which the current board deliberates and approves the appointment until the end date of the current board’s term.

Unilever freezes recruitment worldwide

According to media reports, Unilever has implemented a hiring freeze for positions at “all levels” globally. The measure will take effect immediately and last for at least three months. The company said the move is due to the ongoing and expanding impact of conflicts in the Middle East and uncertainties in the external environment. Unilever added that it will “adjust the relevant plans at any time based on actual needs.”

Agriculture

National average wholesale pork prices for agricultural products decline

On March 31, according to monitoring by the Ministry of Agriculture and Rural Affairs, as of 14:00 that day, the national average wholesale price of pork in agricultural product wholesale markets was 15.31 yuan per kilogram, down from the previous day.

Bright Food’s profit turns to loss

On March 30, Bright Food released its 2025 annual report. Revenue in 2025 was 22.13 billion yuan, up 0.65%; the loss in 2025 was 512 million yuan, a year-on-year turn from profit to loss. Net loss attributable to listed shareholders was 132 million yuan; in the same period last year it was a profit of 216 million yuan, shifting from profit to loss year-on-year.

Food & Beverage

Unilever responds to media reports: the company is in in-depth discussions with McCormick about a potential transaction

On March 31, Unilever issued an announcement in response to media reports. The announcement stated that Unilever’s board of directors noted that recent media speculation regarding strategic transactions that may involve parts of its food business has given rise to related rumors. The statement confirmed that the company is currently in in-depth discussions with McCormick about a potential transaction. The relevant negotiations are still ongoing, aiming to reach and finally determine the details of the transaction. Although an agreement could potentially be reached today, Unilever cannot guarantee that the transaction will definitely be completed.

Angel Yeast sees performance growth

On March 30, Angel Yeast released its 2025 annual report. In 2025, operating revenue was 16.729 billion yuan, up 10.08%; net profit attributable to shareholders of listed companies was 1.544 billion yuan, up 16.6%.

Nongfu Spring establishes an enterprise management company in Yunnan

According to Tianyancha corporate registry information, Yunnan Huizi Enterprise Management Co., Ltd. has been established, with Rao Minghong as legal representative, registered capital of 10 million yuan, and business scope including corporate headquarters management, enterprise management, food sales, supply chain management services, and more. Shareholder information shows that the company is wholly owned by Nongfu Spring.

Tianrun Dairy cumulatively receives 9.5216 million yuan in government subsidies

On March 31, Tianrun Dairy issued an announcement stating that the company’s subsidiaries Xinjiang Tian’ao Pastoral Co., Ltd., Xinjiang Tianrun Shahe Pastoral Co., Ltd., Aral Xin Nong Dairy Co., Ltd., and Xinjiang Tofeng Glacier Pastoral Co., Ltd. collectively received 9.5216 million yuan in government subsidies, all of which are income-related government subsidies, accounting for 22.95% of the company’s net profit attributable to shareholders of listed companies for the 2025 fiscal year after audit.

Jinmailang’s “handmade noodles” — “handmade” is a trademark

According to Nanjing Zero Distance, Mr. Chen, a consumer from Nanjing, recently bought Jinmailang’s “handmade noodles.” He questioned the product’s marketing about a handmade noodle texture because he did not taste a handmade feel. Jinmailang responded that “handmade” is only a registered trademark and is not related to handcrafted processes. According to Tianyancha intellectual property information, between 2004 and 2023, Jinmailang Food Co., Ltd. registered multiple trademarks containing the “handmade” characters, which belong to the instant food category.

Bama Tea: net profit declines slightly year-on-year

On March 30, Bama Tea released its 2025 annual performance results. During the period, the company’s consolidated operating revenue was about 2.196 billion yuan, up 2.5%; net profit attributable to the parent company was 222 million yuan, down 0.93% year-on-year.

Yantang Dairy: net profit down about 44% last year

On March 30, Yantang Dairy released its 2025 annual performance. During the period, the company achieved operating revenue of about 1.586 billion yuan, down 8.47% year-on-year; and achieved net profit attributable to shareholders of listed companies of about 57.6251 million yuan, down 43.94% year-on-year.

Aoya Group joins hands with Zhong’ao Nongtou to acquire Chifeng Boyuan breeding cattle

On March 30, Aoya Group announced that it and the joint venture entity formed with Inner Mongolia Zhong’ao Nongtou Agriculture Co., Ltd. completed the acquisition of 100% of the equity in Inner Mongolia Chifeng Boyuan Breeding Cattle Co., Ltd., with a transaction consideration of 20 million yuan. AoyA Global (Shanghai) Livestock Seedstock Co., Ltd. holds 60% equity, and Inner Mongolia Zhong’ao Nongtou Agriculture Co., Ltd. holds 40%.

Fonterra announces completion of sale of consumer goods business

On March 30, Fonterra announced that it has completed the sale of its consumer-facing global dairy products business and related businesses—Mainland Group—to the Landt Rises Group. This divestment includes the global consumer products business and brands (excluding Greater China; the Anchor brand continues to be owned by Fonterra), Oceania integrated catering and ingredients business, Sri Lanka catering business, and Middle East and Africa catering business. Fonterra and Landt Rises have signed a raw milk supply agreement (minimum 10 years, automatically renewable) and a global supply agreement (minimum 6 years, automatically renewable) to ensure continued supply of milk and other products to the sold Mainland Group business. According to the previous announcement, Fonterra will return 3.2 billion New Zealand dollars (approximately 22.118 billion yuan RMB) to farmer-owner shareholders and unit holders. The company plans, through strategic execution, to restore profitability to the level of the 2025 fiscal year by FY2028 to offset the impact brought by the divestment of the Mainland Group.

Chabaidao’s performance growth

The performance disclosed by Chabaidao shows that in 2025, the company’s revenue was 5.395 billion yuan, up 10%; net profit was 820 million yuan, up 71%; and adjusted net profit was 830 million yuan, up 29%.

Catering

Shanghai Xiaonan Guo prepaid card refund plan announced

On March 31, according to a message from the official WeChat account of Shanghai single-purpose prepaid card service platform, the Shanghai Xiaonan Guo prepaid card refund plan has been announced: registration runs from now until June 30, and refunds can be processed starting July 15. If the actual requested refund amount exceeds the total escrowed funds, refunds will be made proportionally.

Mixue Bingcheng releases special support policy for veteran franchisees

On March 31, Mixue Bingcheng issued a notice stating that in order to optimize market layout and improve store operation quality, it will implement a special support policy for veteran franchisees. For veteran franchisees, the company will deepen planning and layout in existing store trade areas. For stores that expand or upgrade at the original site or optimize relocation within 200 meters of the surrounding area and successfully complete the change, franchise fees for the following year can be fully waived. For points that meet the requirements for tiers of newly signed stores and for stores newly opened within 200 meters in the surrounding area, the franchise fee for the first year of the new store can be fully waived. The policy will be implemented from April 1, 2026 to December 31, 2026, based on the signing time.

Bai Fu Holdings revenue declines

On March 30, Bai Fu Holdings released its 2025 annual performance. During the period, the company’s revenue was 399 million yuan, down 15.83% year-on-year; its net loss was 9.207 million yuan, with a narrowed decline of 96.43%.

E-commerce & Retail

Suning.com performance declines

On March 31, Suning.com released its 2025 annual report. In 2025, revenue was 48.957 billion yuan, down 13.79% year-on-year; net profit attributable to the listed company was 58.14 million yuan, down 90.48% year-on-year.

China Duty Free and others establish airport commercial management company in Hohhot

The Qichacha App shows that on March 26, China Duty Free (Hohhot) Airport Commercial Management Co., Ltd. was established. The legal representative is Qi Shi, registered capital is 20 million yuan. Business scope includes services for managing commercial complexes, air cargo packaging services, sales agency services, and so on. Shareholding is jointly held by China Duty Free (Beijing) Trading Co., Ltd. and Inner Mongolia Airport Commercial Management Co., Ltd.

Mingming Busy’s performance growth

On March 31, Mingming Busy released its annual performance announcement. In 2025, operating revenue was 66.17 billion yuan, up 68.20%; total profits and comprehensive income during the year were 2.329 billion yuan, up 180.9%.

Beijing’s policies for trade-in of used consumer goods continue to roll out, driving sales of about 5 billion yuan

On March 31, according to CCTV News, Beijing’s 2026 subsidies for trade-in of used consumer goods continue to release consumption vitality. So far this year, the cumulative sales of subsidized products have exceeded 1.3 million units, driving sales of about 5 billion yuan.

Alipay releases payment integration Skill

On March 31, according to First Financial, Alipay has released China’s first “payment integration Skill,” deeply encapsulating basic payment capabilities into standardized components. In addition, Alipay has upgraded the “sandbox environment,” enabling developers to complete full-chain payment testing without real funds and without officially enabling a payment product.

Miniso: profit declines during the year; fourth-quarter profit turns to loss

On March 31, Miniso released its 2025 full-year performance. In 2025, revenue was 21.443 billion yuan, up 26.2%; profit during the period was 1.209 billion yuan, down 54.11% year-on-year; adjusted profit was 2.898 billion yuan, up 6.5%. Revenue in the fourth quarter of 2025 was 6.254 billion yuan, up 32.7%; in the fourth quarter, the loss during the period was 139 million yuan, turning from profit to loss year-on-year; adjusted net profit was 853 million yuan, up 7.6%.

Yuehai Tianhe City plans to clear Guangdong Yongwang equity

On March 30, Yuehai Investment announced that its indirectly non-wholly owned subsidiary Guangdong Yuehai Tianhe City Department Store Development Co., Ltd. plans to publicly tender in the Guangdong Equity Exchange in Guangdong to sell its 35% equity interest in Guangdong Yongwang Tianhe City Commercial Co., Ltd., with a minimum bid price of 152 million yuan. Yuehai Investment stated that in recent years, the frequency and amount of cash dividends from Guangdong Yongwang have decreased. After evaluating the company’s development trend and aligning with the group’s strategy, the board believes that selling the equity will help focus on the main business, optimize the asset structure, and benefit the group’s overall development. In response, a relevant person-in-charge at Guangdong Yongwang said that this equity transfer will not affect the company’s day-to-day operations, and business operations are normal. Yewang (Hong Kong) Department Store Co., Ltd. will prudently evaluate the arrangements according to the established procedures and will disclose relevant progress in a timely manner in accordance with regulations.

Lianhua Supermarket: revenue down 9.9% last year

On March 30, Lianhua Supermarket announced that last year’s group operating revenue was approximately 17.753 billion yuan, down about 9.9% year-on-year. This was mainly influenced by factors including changes in consumers’ shopping habits, customer-flow diversion caused by channel diversification, overall strategic focus on Shanghai and Zhejiang core markets, and the sale of equity interests in some subsidiaries. Gross profit was approximately 2.088 billion yuan, down about 12% year-on-year; gross margin was 11.76%, down 0.27 percentage points from last year. As of the end of the reporting period, the group had 3,067 stores, including 216 newly opened stores.

Sportswear & Apparel

Meibang Apparel signs a major contract with related party Xineng Textile

On March 31, Meibang Apparel announced that in 2026, the company and its related party Xineng Textile voluntarily reached a cooperation relationship. Under the cooperation, the company or its subsidiaries will purchase goods from Xineng Textile, and the expected amount of related-party transactions is not more than RMB 1.00 billion.

Travel & Transportation

Fliggy and Korea Tourism Organization sign cooperation memorandum

On March 31, a People’s Finance News reporter learned from the company that recently, Fliggy and the Korea Tourism Organization signed a cooperation memorandum, announcing that they will work together to create a series of more immersive new experiences for Chinese tourists traveling to Korea.

Jinjiang Hotels expected to be the first to achieve “A+H” listing

On March 31, a reporter from Jiefang Daily reported that Jinjiang International Group confirmed that on March 27, Jinjiang Hotels had submitted its listing application to the Hong Kong Stock Exchange main board. Jinjiang Hotels’ A-share was listed on the Shanghai Stock Exchange in 1996. If this attempt to enter the Hong Kong market is successful, Jinjiang Hotels is expected to become the first hotel group in China to achieve “A+H” listing.

China Southern Airlines sees performance growth

On March 30, China Southern Airlines released its annual report. In 2025, revenue reached 182.256 billion yuan, up 4.61%; net profit attributable to the parent company was 8.57 billion yuan. Compared with a loss of 16.96 billion yuan in the same period last year, it turned from loss to profit year-on-year.

Changbai Mountain: from March 31 to April 30, free tickets for global visitors

On March 31, according to Jilin Releases, with the Qingming Festival holiday approaching, the Changbai Mountain Scenic Area launched a preferential offer: from now until April 30, free tickets will be provided to all domestic and overseas visitors.

Uber becomes a shareholder holding more than 5% of Wenyan Zhixing

On March 30, Uber filed a 13G with the U.S. SEC, disclosing that it holds 23,038,300 shares of Class A ordinary stock of Wenyan Zhixing and 11,193,322 American depositary shares through its wholly owned subsidiary SMB Holdings, representing a stake of 5.82%. It has thus become a shareholder holding more than 5%.

Beijing Capital’s operating revenue declines

On March 31, Beijing Capital released its 2025 annual report. In 2025, revenue was 7.606 billion yuan, down 1.86% year-on-year; net profit attributable to shareholders of listed companies was 0.811 billion yuan, up 0.6% year-on-year.

Shanghai cruise port: over 5,500 foreign tourists enter in a single day

On March 29, according to CCTV News, the Shanghai Wusongkou International Cruise Terminal completed this year’s first “three-ship simultaneous docking.” With the docking of the cruise ships “Mediterranean Marvel” and “Maixifu 6,” plus the homeport operations of “Ida Magic,” the number of foreign tourists who entered from the cruise port that day alone exceeded 5,500.

Yangtze River Delta railway launches spring holiday and Qingming holiday transportation; expected to send 28 million passengers

On March 31, CCTV News reporters learned from the China Railway Shanghai Bureau that the Yangtze River Delta railway’s spring holiday and Qingming holiday transportation will run from March 31 to April 7, for a total of 8 days. During this period, the railway is expected to send 28 million passengers. The peak day is expected to be April 4, when the number of passengers sent that day is expected to reach 4.3 million, and is expected to set a new record for daily passenger volume.

Luobo Kuai Pao officially launches fully unmanned commercial operations in Dubai

On March 31, a First Financial reporter learned that Baidu’s Luobo Kuai Pao has officially launched fully autonomous unmanned commercial operations in Dubai. This unmanned vehicle fleet is being put into operation in batches, gradually building a travel network with a scale of thousands of vehicles. In terms of the overall operating model, it adopts a “dual-line layout” strategy. Luobo Kuai Pao has partnered with Dubai’s state-owned taxi company DTC and Uber, respectively.

China-Laos Railway surpasses 70 million passenger trips

On March 31, CCTV News reporters learned from the China Railway Kunming Bureau that since the China-Laos Railway opened for operation, as of now, the cumulative number of passengers sent along the entire line has surpassed 70 million.

Beauty & Personal Care

Huijie Shares: net profit declines

On March 31, Huijie Shares released its 2025 annual report. In 2025, revenue was 3.002 billion yuan, up 1.61%; net profit attributable to shareholders of listed companies was 54.8165 million yuan, down 30.66%.

Entertainment & Culture

Bilibili to take down the “Recommended for You” algorithm

On March 31, according to Bilibili’s official microblog, starting at midnight tomorrow, Bilibili will take down the “Recommended for You” algorithm. It will no longer recommend homepage content based on your preferences, and it will launch a new recommendation algorithm.

Consumer Electronics

CCC certification agency and laboratory management rules released for public comments

On March 31, in order to further standardize the management of mandatory product certification (abbreviated as CCC certification) agencies and laboratories, ensure that the mandatory product certification system is implemented uniformly and rigorously, the State Administration for Market Regulation organized the drafting of the “Administrative Measures for Mandatory Product Certification Agencies and Laboratories (Revised Draft for Public Comments)” and its explanation, and is now soliciting public comments.

Lenovo Holdings’ 2025 performance growth

On March 31, Lenovo Holdings disclosed its performance. For the year ended December 31, 2025, the company’s total revenue was 605.945 billion yuan, up 18%; net profit attributable to holders of the company’s equity was 9.799 billion yuan, up 28%.