---
title: "Huiyuan Juice: The Battle Resumes"
description: "Two years after Beijing Huiyuan successfully completed its restructuring, the road to revival has been bumpier than expected. On one hand, the juice market competition has intensified with technological upgrades; on the other, the company's relationship with its major shareholder has soured, with conflicts now out in the open. According to the company, the major shareholder, Zhuji Wensheng Hui, has not fulfilled its capital contribution obligations and has even resorted to forging official seals, disrupting operations and causing widespread stockouts on major e-commerce platforms."
author: "陈晓京"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
telephone: "+8615854817671"
published: "2025-09-19"
categories: "E-commerce & Instant Retail"
language: "en"
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original_source: "https://mp.weixin.qq.com/s/Ldo2ose1l5u8W_Y15E02Yg"
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attribution: "New Distribution — https://xinjignxiao.com/en/articles/huiyuan-juice-the-battle-resumes-28fc50a3/"
citation: "陈晓京. “Huiyuan Juice: The Battle Resumes.” New Distribution, 2025-09-19. https://xinjignxiao.com/en/articles/huiyuan-juice-the-battle-resumes-28fc50a3/"
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---

# Huiyuan Juice: The Battle Resumes

> Two years after Beijing Huiyuan successfully completed its restructuring, the road to revival has been bumpier than expected. On one hand, the juice market competition has intensified with technological upgrades; on the other, the company's relationship with its major shareholder has soured, with conflicts now out in the open. According to the company, the major shareholder, Zhuji Wensheng Hui, has not fulfilled its capital contribution obligations and has even resorted to forging official seals, disrupting operations and causing widespread stockouts on major e-commerce platforms.

### **Source** | Zebra Consumption **ID** | banmaxiaofei Author | Chen Xiaojing

Two years ago, Beijing Huiyuan successfully completed its restructuring and entered a new development phase. However, the road to revival has been far smoother than anticipated. On one hand, the competitive landscape of the juice market has changed, with continuous technological upgrades; on the other, the relationship between the company and its major shareholder has become tense, with conflicts now fully public.

According to the company, the major shareholder, Zhuji Wensheng Hui, has neither fulfilled all its capital contribution obligations nor refrained from staging farces such as privately engraving official seals, disrupting business operations and causing widespread stockouts on major e-commerce platforms.

Beijing Huiyuan now urgently hopes to end this dispute, but the initiative may not be within its control.

**The "Lost Seal" Farce**

With the strong assistance of Shanghai Wensheng Assets, Beijing Huiyuan successfully completed its restructuring, preserving the golden brand of "Huiyuan Juice." It was originally expected that all parties would work together to restore Huiyuan Juice to its former glory, but internal turmoil has been incessant.

In the early hours of September 12, Beijing Huiyuan issued a "Solemn Statement" via its official WeChat account, directly accusing Shanghai Wensheng Assets and Zhuji Wensheng Hui of obtaining the company's official seal and licenses through illegally privately engraved seals using false information and fraudulent loss declarations to deceive the industrial and commercial authorities. The company does not recognize these actions and has reported the matter to the police immediately.

The private seal engraving incident occurred a month earlier.

On August 19, Beijing Huiyuan discovered that an unidentified third party published a "Loss Declaration" in the *China Business Times*, claiming that the original and duplicate business licenses and the official seal were lost and declaring them void.

In response to this fraudulent loss declaration and the other party's intent to fraudulently obtain newly engraved seals and new business licenses, the company promptly reported the case to the police.

On the evening of August 24, Beijing Huiyuan issued a statement saying that its official seal and business licenses were in a safe and effectively controlled state.

On August 26, the "Lawyer's Witness Opinion" (Jinghai Letter No. 2025-230) issued by Beijing Haiqin Law Firm showed that Beijing Huiyuan's original business licenses and seals were still properly kept by the company's president's office staff, with no loss or damage.

So, who actually published the "Loss Declaration"? The Paper sought confirmation from the major shareholder Zhuji Wensheng Hui and others, but all denied knowledge of the matter.

In the September 12 statement, Beijing Huiyuan confirmed that the private seal engraving was carried out by Shanghai Wensheng Assets and Zhuji Wensheng Hui, and their actions of using false information to obtain seals and licenses are currently under investigation by the market supervision department. Additionally, the two parties used fraudulent means to obtain seals and licenses for change registration (filing), and Beijing Huiyuan's application to revoke their registration (filing) has been accepted by the market supervision department.

**From Honeymoon to Falling Out**

In June 2022, Shanghai Wensheng Assets intervened in Beijing Huiyuan's restructuring and operated through its subsidiary Zhuji Wensheng Hui, completing the restructuring in July 2023.

After intervening in the company's internal governance, rifts gradually emerged between the two sides.

In early August this year, Zhuji Wensheng Hui proposed using Beijing Huiyuan's capital reserve to offset losses and suggested convening the third extraordinary shareholders' meeting of 2025 on August 11.

However, at that time, most creditors of Beijing Huiyuan had not yet received company equity, and some creditors could still choose other repayment methods besides equity.

Beijing Huiyuan feared that if the proposal were passed at the extraordinary shareholders' meeting, it would effectively force relevant creditors to passively confirm debt-to-equity swaps, thereby depriving them of their choice rights.

Given the gravity of the matter, Beijing Huiyuan issued an open letter to its shareholders and debt-to-equity creditors on August 9, urgently seeking external assistance.

At the same time, Beijing Huiyuan directly pointed out various improper operations by Zhuji Wensheng Hui since the restructuring, involving important matters such as profit distribution and management rights.

What particularly dissatisfied Beijing Huiyuan was that Zhuji Wensheng Hui failed to fulfill its paid-in capital contribution obligations on time, with paid-in contributions only accounting for 22.8% of the company's registered capital. According to its commitment, the 1.6 billion yuan investment was to be completed in three phases, but as of the open letter, 850 million yuan was overdue by more than one year, and after 11 reminders, it had still not been paid in.

Beijing Huiyuan stated that of the investment funds that Zhuji Wensheng Hui had actually paid in, apart from a small amount withdrawn by the administrator to pay bankruptcy expenses and small debts, the remaining 647 million yuan (including interest and performance bond) was deposited into an account under Beijing Huiyuan's name, but this account was directly controlled by Zhuji Wensheng Hui, with not a cent invested in production and operations, nor any contribution to the company's current profits.

Zhuji Wensheng Hui, at a minimal cost, obtained the right to nominate the absolute majority of seats on the board of directors and the supervisory board, controlling the nomination rights for the board, supervisory board, and general manager, and exercising comprehensive control over Beijing Huiyuan's operations and management.

Meanwhile, shareholders participating in the debt-to-equity swap had fully paid in their subscribed capital, accounting for 47.76% of the company's total paid-in capital.

The company believes that Zhuji Wensheng Hui should not enjoy shareholder rights based on a 60% equity ratio; otherwise, the rights of debt-to-equity shareholders would be at risk of dilution. If such restrictions are not imposed, the consequences would be unimaginable.

According to information disclosed in the statement, the contract dispute case between the company and Shanghai Wensheng Assets and Zhuji Wensheng Hui was formally filed with the Beijing First Intermediate People's Court on August 1.

**In a Dilemma**

During the process of leading Beijing Huiyuan's restructuring, Shanghai Wensheng Assets planned a nearly perfect exit path for itself: on one hand, it planned securitization; on the other, it sought a buyer.

However, no progress was disclosed on the securitization front, but the potential buyer, Guozhong Water (600187.SH), frequently appeared.

From the end of 2022 to July 2023, Guozhong Water made three acquisitions, purchasing a total of 36.49% equity in Zhuji Wensheng Hui, indirectly holding 21.89% equity in Beijing Huiyuan, with a total transaction price of 930 million yuan.

Through indirect investment in Beijing Huiyuan, Guozhong Water's operating conditions improved. From 2023 to 2024, its investment income was 83 million yuan and 73 million yuan, respectively, accounting for 275.77% and 165.29% of its net profit attributable to the parent company.

In July 2024, Guozhong Water planned to make another move, acquiring no less than 51% equity in Zhuji Wensheng Hui held by Shanghai Yongrui in cash, to indirectly control Beijing Huiyuan.

Despite careful planning, due to the sudden intervention of Yuemin Investment, which applied to the court for litigation preservation on the grounds of tort liability disputes, the 52.57% equity in Zhuji Wensheng Hui held by Shanghai Yongrui was frozen by the court.

After several twists and turns, the acquisition could not proceed, and Guozhong Water officially announced the termination of the acquisition in April this year. At the same time, the listed company's investment income has significantly declined. In the first half of 2025, it recorded investment income of 22.07 million yuan, a year-on-year decrease of 43.76%, which turned its profit into a loss.

While external capital actions were hindered, Beijing Huiyuan's operating conditions also faced challenges. From 2023 to 2024, its operating revenue fell from 2.745 billion yuan to 2.475 billion yuan, and during the same period, net profit fell from 424 million yuan to 344 million yuan, with non-GAAP net profit falling from 393 million yuan to 330 million yuan.

Zhuji Wensheng Hui once set a "military order" that from 2023 to 2025, it must achieve cumulative non-GAAP net profit of no less than 1.125 billion yuan, with an annual average of no less than 375 million yuan. Can it fulfill its performance commitment?

As internal disputes continue, the billion-yuan juice consumption market is undergoing structural changes. Technologically, there is an upgrade from traditional NFC (Not From Concentrate) to HPP (High Pressure Processing) technology, and product structures are iterating toward healthy beverages. Can Huiyuan Juice seize this opportunity and maintain its position as the "number one" in the juice industry?


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## Citation metadata

- Publisher: New Distribution
- Author: 陈晓京
- Published: 2025-09-19
- Canonical: https://xinjignxiao.com/en/articles/huiyuan-juice-the-battle-resumes-28fc50a3/
- Original source: https://mp.weixin.qq.com/s/Ldo2ose1l5u8W_Y15E02Yg

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