Source: FBIF Food & Beverage Innovation
(ID: Foodlnnovation) 2021 has passed, and China's food and beverage industry has experienced another magnificent year. Challenger Tang Binsen attacked cities and territories, sparking the most turbulent beverage war in recent years; Nongfu Spring's listing made Zhong Shanshan Asia's richest person; early entrepreneurs like Niu Gensheng retired with honor; and representatives of the disappointed like Zhu Xinli, after glory, struggle forward in a rapidly changing market environment... Pure data analysis may be intuitive, but it is too cold and rigid. So we choose to approach from the perspective of people, using these figures in the spotlight and their stories to glimpse the dramatic changes in China's food and beverage industry this year. "It was the best of times, it was the worst of times," this is the story of China's food industry people and their 2021. ******Wahaha: Zong Qinghou, Zong Fuli **Zong Fuli, ready to go, and Zong Qinghou, still not at ease Zong Qinghou, Zong Fuli Image source: Wahaha official website In 1987, 42-year-old Zong Qinghou borrowed 140,000 yuan to establish Wahaha. Relying on the practical and down-to-earth entrepreneurial spirit of China's older generation of entrepreneurs and the development opportunities of the times, he built Wahaha into a beverage empire with peak revenue of 78.28 billion yuan. Zong Qinghou himself, with this, became the richest person in mainland China three times between 2010 and 2013 according to Forbes, becoming a successful entrepreneur created by the era. In December 2021, Wahaha's official website updated a brief personnel statement, clarifying that Zong Fuli serves as vice chairman and general manager, responsible for daily operations. The pattern of Wahaha's daughter inheriting her father's business has taken shape. Since returning to China after studying abroad in 2004 and entering Wahaha, Zong Fuli can be considered a veteran in the food and beverage industry. Relying on Wahaha's rich industrial resources, Hongsheng Beverage Group, where she serves as president, has also developed rapidly, from a contract manufacturing factory with only one beverage production line to one of China's top 500 private enterprises. Zong Fuli also has her own approach. From her self-created brand KellyOne targeting the high-end market to her surprising comment about "aesthetic fatigue" with Wang Leehom, Zong Fuli's youthful and distinctive business strategy is gradually becoming clear, reflecting the different understanding of today's market by China's new generation of entrepreneurs. But these business strategies have not yet shown obvious results for the beverage empire Wahaha. First, Wahaha's weakness in innovation is written into its corporate genes. The children's nutritional liquid product launched in the early years targeted Sun God oral liquid, and later iconic products also had the suspicion of "picking up what others have discarded." AD calcium milk followed Robust, and Nutri-Express can also find the prototype of Xiaoyangren Miao Lian. In recent years, the dividend of relying solely on channel advantages has gradually been exhausted, and the fatigue of product aging has become increasingly obvious. On the other hand, Zong Fuli's brand rejuvenation policy has had little effect so far. Whether it's changing the packaging of Nutri-Express, focusing on co-branding with Zhong Xuegao and Bilibili to harvest traffic, or using Wang Yibo to endorse the new product Qi Sheng Bo Bo, the marketing is lively, but sales remain lukewarm. From the fan data of Tmall official flagship stores, Wahaha with 170,000 fans is not on the same comparison level as Nongfu Spring with 2.21 million fans. The new product Qi Sheng Bo Bo, deeply bound to the spokesperson. Zong Fuli sees the potential of the fan economy, but abandoning Wahaha's consistent route of making mass consumer products, how far the new product can go is still unknown. Image source: Weibo @KELLYONE_OFFICIAL Zong Fuli has ideas and knows how to use new thinking to get closer to today's young consumer groups. But whether she can monetize the rich methodology on Wahaha is still a big problem at present. Public data shows that Wahaha's total revenue in 2020 was 43.98 billion yuan. Although the scale is still huge, compared to the peak in 2013, revenue has nearly halved. At the same time, Wahaha is still obsessed with intensive, flood-like traditional new product launches, and its business model is relatively aging. What Zong Fuli needs to face is a large but declining old enterprise. The road is long and arduous, and Zong Fuli's inheritance path is bound to be not easy. ******Shuanghui: Wan Long (Wan Hongjian)
Old meat enterprise and father-son power struggle
Wan Long Image source: Weibo @Shuanghui On June 17, 2021, with a statement from Shuanghui's parent company WH Group, founder Wan Long's eldest son Wan Hongjian was removed from all positions in the group. A corporate power struggle was imminent. In addition, due to the special relationship between Wan Long and Wan Hongjian, the outside world also interpreted this as "father-son power struggle and falling out," "deposed crown prince," adding much drama and interpretation space to what was originally a routine personnel change. Two months later, on August 12, WH Group issued another announcement that Wan Long resigned as group CEO, succeeded by executive director Guo Lijun. In response, Wan Hongjian accepted media interviews and published "The Father in My Eyes and Wan Long," revealing many inside stories of Shuanghui's operations, shocking the industry. Looking at the whole event, the dispute arose from a power struggle, reflecting the contradictions and difficulties in the transformation and power transition of China's first-generation family-run enterprises. On the one hand, the father and son broke down due to contradictions in corporate personnel and management, exposing each other's shortcomings. On the other hand, the indecency between the two sides directly led to damage to the group's interests. According to Jiemian News reports, as of August 2021, WH Group's stock price fell more than 10%, with market value evaporating about HK$10.5 billion. The stock price of its subsidiary Shuanghui Development also fell more than 18% in two months, with market value shrinking by more than 20 billion yuan. [1] Family affection and commercial interests are intertwined, making it difficult to sort out for a while. The contradiction and rupture between the Wan family father and son is a reminder and warning. For China's old family-run enterprises, there is still much to learn in personnel and management. After all the twists and turns, Shuanghui's best-selling product remains Wangzhongwang. The hit product made the brand, but also finally trapped the brand. Image source: Shuanghui Tmall official flagship store But the father-son struggle is only the surface; inside it is Shuanghui's current operational and development dilemma. According to the third-quarter report disclosed by Shuanghui Development on October 26, 2021, the company achieved revenue of 16.116 billion yuan in the third quarter, a year-on-year decrease of 16.84%. Net profit was 916 million yuan, a sharp year-on-year decrease of 51.73%. Against the background of the rise of domestic brands such as Roubanzhang and Benwei Xianwu, which focus on "zero additives" and "high-end," Shuanghui's main product is still the unchanging "instant noodle partner." Lack of innovation has obviously slowed Shuanghui's development, making it appear sluggish in today's market environment. Genki Forest: Tang Binsen****Stay sharp, go all out to break through Tang Binsen Image source: China Entrepreneur Forum Genki Forest continued to surge in 2021, becoming the protagonist "encircled" in this year's beverage war. Under the halo of new consumption, every move of this star startup and its founder Tang Binsen has attracted much attention. At the Yabuli China Entrepreneur Forum held in the summer of 2021, Tang Binsen was invited to give the opening speech. "Use Internet spirit rather than Internet thinking to make good products" is Tang Binsen's reflection and summary of his entrepreneurial methodology, and once again anchored the foundation of Genki Forest's existence: the ultimate pursuit of user experience. But this is only one aspect of Tang Binsen's 2021 story. On the other hand, Tang Binsen also began to humbly learn from the "big brothers" of the traditional FMCG industry, making efforts in supply chain and channels. As of the end of 2021, Genki Forest has laid out and built 5 self-owned factories nationwide, of which four in Chuzhou, Anhui; Xiqing, Tianjin; Zhaoqing, Guangdong; and Xianning, Hubei have been put into operation, with an estimated annual output of 4 billion bottles. After the subsequent Dujiangyan factory in Sichuan is put into production, output may exceed 5 billion bottles. Genki Forest's four new self-built factories (except Xianning, Hubei factory) Image source: Genki Forest At the same time, Genki Forest is also accelerating its offline retail layout, using smart cabinets as an entry point to gradually improve its sales network. According to reports from LatePost, since September 2021, three teams within Genki Forest have been focusing on the smart cabinet business, committed to achieving the goal of opening 100,000 new points by 2022. [2] These are the two most important moves Tang Binsen made in 2021. The self-controlled production line ensures stable product development and production, gradually freeing Genki Forest from the constraints of contract manufacturing. The focus on offline retail reflects its emphasis on traditional channels and its determination to be a mass consumer product company. Capacity breakthrough, channel breakthrough, everything is ready. What Genki Forest lacks now is the next hit product. "Genki Forest" is both the name of the sparkling water and the name of the company, which determines that the two will be deeply bound and inseparable. Genki Forest, which is trying to diversify its product line, has successively launched products such as milk tea, Manfen!, and Alien electrolyte water to open up new market areas, but so far, no new product has been able to replicate the success of sparkling water. 0 sugar, 0 fat, 0 calories. After the market dividend of originality, impact, and freshness is exhausted, when more and more sugar-free beverages appear on supermarket shelves, this is the time to test consumers' loyalty to Genki Forest. It can be said that 2021 is the year of breakthrough for Genki Forest and Tang Binsen. You can have great ambitions, but you still need to walk steadily step by step. ******Jiangxiaobai: Tao Shiquan **A "past its prime" liquor company and its crazy marketing Jiangxiaobai's 10th anniversary copy Image source: Weibo @Jiangxiaobai Jiangxiaobai founder Tao Shiquan's 2021 was quite lively. On November 19, 2021, on the occasion of Jiangxiaobai's 10th anniversary, with a series of catchy copywriting, Tao Shiquan's name rushed to the top of Weibo hot searches. Under the topic, a bunch of "hahaha" comments made it look like a large-scale Internet entertainment event. A business figure unexpectedly became famous in such a dramatic way. The whole country was watching the show for entertainment, but Tao Shiquan knew very well what he wanted. In addition to Weibo marketing, he continued to move offline, conducting 7 consecutive days of live street visits, facing various negative reviews from consumers, and taking the opportunity to recommend Jiangxiaobai's 10th anniversary commemorative gold cap wine to them, in an attempt to change the image of the old product in consumers' minds. Naturally, this operation also gained considerable attention. Jiangxiaobai's copywriting, which embraces self-deprecating spirit and plays marketing to perfection. Image source: Weibo @Jiangxiaobai There is no doubt that Tao Shiquan's anniversary marketing was successful, even phenomenal. The topic was heated up, consumer favorability increased, and new products were launched with the momentum, achieving multiple goals with one move. Tao Shiquan is well versed in Internet-era marketing and uses it skillfully. But in stark contrast to the lively 10th anniversary celebration is the fact that Jiangxiaobai's sales have slowed since 2019. The legend that once occupied 20% of the baijiu market share and sold over 3 billion yuan annually is gone, leaving only a 0.5% market share in 2021 and the general market judgment of lackluster momentum. [3] "Young people's liquor is not Jiangxiaobai" and "Jiangxiaobai's copywriting marketing is outdated" have also been repeatedly discussed by various media. Combined with this fact, looking back at this lively marketing, it inevitably appears a bit bitter and helpless. Behind Tao Shiquan, Jiangxiaobai faces development bottlenecks and urgently needs new sales breakthroughs and growth points. At this time, it is Tao Shiquan himself, as the face of the company, who stands up, not hesitating to self-deprecate and entertain the public. ******Nongfu Spring: Zhong Shanshan **Nongfu Spring is really "sweet" Zhong Shanshan Image source: Nongfu Spring official website On November 4, 2021, Forbes released the annual China Rich List. Thanks to the good performance of his two listed companies in the capital market, Zhong Shanshan topped the list with a fortune of 424.4 billion yuan. Combined with the earlier released "2021 Hurun China Rich List," Zhong Shanshan also became China's richest person. Going back a year, on September 8, 2020, Nongfu Spring first listed on the Hong Kong Stock Exchange. On the first day, the stock price surged to HK$39.8 per share, with a total market value of HK$445.292 billion. 36Kr, in its related report, said it was equivalent to "2.5 Mengniu, 1.5 Yili, or 5 Master Kong" [4]. All of the above reflects the market's enthusiasm and pursuit of Zhong Shanshan's "water delivery" business. A traditional FMCG business has created a listed company worth hundreds of billions, and also helped Zhong Shanshan achieve "financial freedom." Zhong Shanshan, who once served as the general agent for Wahaha in Guangxi and Hainan, knows the huge potential of packaged drinking water and beverage industries, and understands the rules of the game. With the "natural water vs. purified water" battle against Wahaha and Master Kong in 2013, he became famous overnight. Then, taking advantage of this, through precise marketing, he made the whole country know that Nongfu Spring is "a little sweet." In the following years, by expanding water sources and deeply laying out offline channels, he steadily built Nongfu Spring into the number one brand in packaged drinking water market share. Nongfu Spring's cross-promotion with Tencent Video. Zhong Shanshan's "water delivery" story continues. Image source: Weibo @Nongfu Spring But if you are not careful, you may lose your advantage in the fierce market competition. With packaged drinking water as the basic plate, Nongfu Spring also needs to find new performance growth space by enriching its product line. At present, Nongfu Spring's representative products are mostly more than 5 years old. Tea π was born in 2016, Shuirong C 100 and Scream were born in 2008 and 2004 respectively, and Nongfu Orchard mixed juice can be traced back to 2003. In the new consumption environment with increasingly rich products, various brands continue to innovate. How to make consumers remember and stay loyal to these old products amidst the "dazzling" choices is still a question worth considering. In 2021, Nongfu Spring continued to launch new products. Following the development trend of plant-based and zero-sugar sparkling water, Nongfu Spring launched two new products: plant-based yogurt and soda sparkling water. In addition, with the refreshed return of the Da Nai Cha series and new products added to the Oriental Leaf line such as Genmaicha and Qinggan Puer, Nongfu Spring's innovative attempts to keep up with market changes are increasingly obvious. But it must be noted that under the challenge of strong competitors such as Genki Forest, Nongfu Spring still needs strong new product launches to further retain consumers and maintain its leading advantage. Be vigilant in peace, and seek change in stability. 2021 is only a staged victory for Zhong Shanshan; the longer road is still ahead. ******Yili: Pan Gang **World-leading dairy company and its "post-hundred-billion era" Pan Gang Image source: Yili official website In 2021, Yili had frequent good news. On December 1, Yili's official website released news announcing that Jindian became the third brand under the group, after Yili and Ambrosial, to exceed 20 billion yuan in annual sales revenue. That's not all; an additional condition was added for emphasis: Jindian achieved the leap from 10 billion yuan to 20 billion yuan in only 3 years, and since its birth, it has gradually developed into the world's largest organic milk brand. The pride of Yili is evident between the lines. Yili indeed has the capital to be proud, after all, making a single product's revenue the size of an enterprise is something anyone would sincerely admire. Looking through all the announcements and news on Yili's official website in 2021, this high-spirited emotion and pride can be seen everywhere: winning the world's number one dairy brand in Brand Finance's evaluation; ranking first in the industry across all platforms on Double 11, with常温奶 market share firmly at the top; the first self-built factory in Indonesia was put into production, refreshing the investment record of Chinese dairy companies in Southeast Asia, etc. Yili's 2021 was a year of breakthroughs and achievements. Yili's three brands with annual sales exceeding 20 billion yuan. The foundation of Yili's pride. Image source: Yili official website As the leader, Pan Gang is naturally happy. With Yili's achievements, Pan Gang is full of confidence, vowing that by 2026, Yili's net profit margin will reach the global leading level, and by 2030, it will top the global dairy industry. According to the global dairy top 20 list released by Rabobank in August 2021, Yili ranked 5th with revenue of $13.8 billion, still about $9.2 billion behind the world's number one dairy company, France's Lactalis. To top the global dairy industry, Yili still needs to be steady and continue to expand new revenue growth points. At the same time, in the 2021 list, no new companies entered the top 20, only a few companies changed rankings, indicating that the global dairy landscape is relatively fixed and competition is fierce in the existing market. In competition with related multinational companies, if Yili wants to release more development potential, it also needs to break free from the limitation of relying solely on the domestic market, strive to broaden its business model, and try to "go global." Only by achieving true global operation can it be called a truly world-class enterprise. In 2021, Pan Gang's vision and planning for the "post-hundred-billion era" of China's dairy industry have taken shape. With stars shining high above, Pan Gang's eyes are full of the vast and yet-to-be-conquered sea. The voyage of China's dairy industry riding the wind and waves is exciting to anticipate. ******OATLY: David Zhang **The guide of China's oat milk David Zhang Image source: OATLY 2021 was a year of accelerated development for OATLY. On May 20, OATLY was officially listed on the Nasdaq in the United States, becoming the veritable "first oat milk stock," enjoying great popularity for a time. At the same time, OATLY's development in China has also gradually accelerated. After launching a new factory in Singapore in July 2021 to promote capacity upgrades, OATLY's first factory in mainland China was completed and put into use in Ma'anshan on November 18, marking a new stage in OATLY's development in China. Public financial reports show that in 2020, the Chinese market contributed $47.452 million in revenue to OATLY, a year-on-year increase of more than 4 times. But such a good market situation was not achieved overnight or easily. On the contrary, when OATLY first entered China, it encountered obstacles everywhere and developed with difficulty. Facing a blank market lacking market education, recommending oat milk to Chinese consumers became the biggest challenge. David Zhang readjusted the market strategy and took a different path, using boutique coffee shops as an entry point, using the "coffee + oat milk" model to open the minds of Chinese consumers. At the same time, by strengthening OATLY's green lifestyle concept, oat milk was linked to a healthy, environmentally conscious lifestyle, further enhancing consumer brand awareness and loyalty. OATLY's new oat ice cream Image source: Weibo @OATLY噢麦力 Since entering China in 2018, every step of OATLY has been steady and firm. Although not all smooth sailing, it has its own determination and patience to continue to deeply cultivate the Chinese market. In the future, OATLY will continue to expand new consumption scenarios, continuously launch new products, and bring more localized oat milk products to Chinese consumers. Under the leadership of David Zhang, OATLY's development path in China has just begun. ******PepsiCo Greater China: Xie Chang'an **The first Chinese female CEO in Greater China Xie Chang'an Image source: PepsiCo China On November 1, 2021, PepsiCo appointed Xie Chang'an as CEO of Greater China, fully responsible for all aspects of beverages, snacks, and grains in Greater China. It is worth noting that PepsiCo re-established the CEO position for Greater China this year, and Xie Chang'an is the first Chinese female CEO in Greater China, reflecting the new trend of localization management in international companies. More and more local professional managers are taking over the Chinese market business, promoting deeper integration and adaptation between international companies and China. According to the global food and beverage top 100 list released by Food Engineering in September 2021, PepsiCo topped the list with global revenue of $70.4 billion. As one of PepsiCo's most important international business growth engines outside North America, this appointment also reflects the company's trust in local talent teams and expectations for business development in the Chinese market. Xie Chang'an led the construction of PepsiCo's e-commerce team in Greater China in 2012. She keenly discovered the potential of China's online and e-commerce transaction development at that time, and thus planned ahead, making PepsiCo one of the earliest food and beverage companies to enter this field, achieving good results. [5] Based on her unique understanding and knowledge of the Chinese market, Xie Chang'an remains optimistic about PepsiCo's continued growth in China. Through more refined and more China-adapted strategic planning, PepsiCo will accelerate its localization development in China, making more adjustments in product categories, flavors, and consumer interaction. PepsiCo's osmanthus-flavored cola. While the special flavor is pleasing, this localization still seems somewhat superficial. How to proceed in the future, PepsiCo needs to think carefully. Image source: PepsiCo WeChat official account PepsiCo Asia Pacific CEO Chen Wenyuan once described Xie Chang'an as a "strong and powerful leader" and praised her keen market insight for helping PepsiCo "achieve record growth in China." [6] Now that Xie Chang'an has the power, where she will lead PepsiCo remains to be seen. ******Mengniu: Niu Gensheng **Retiring to the countryside Niu Gensheng Image source: Inner Mongolia Lao Niu Charity Foundation official website Niu Gensheng's annual keyword should be farewell. At the beginning of the last month of 2021, late at night, Mengniu officially announced that Niu Gensheng resigned as non-executive director and member of the Strategy and Development Committee, officially retiring and devoting himself to charity work. With this, Niu Gensheng officially said goodbye to Mengniu, which he founded, and the "Niu Gensheng era" of Mengniu finally came to an end. Although this farewell was sudden, it was not surprising. Because since Niu Gensheng resigned as chairman of the board in 2011, he has no longer participated in the company's actual operations and management, and rarely appears in public activities. Letting go and saying goodbye was only a matter of time. The word legend can well summarize Niu Gensheng's entrepreneurial experience. In 1999, less than a year after leaving his old employer Yili, Niu Gensheng established Mengniu with 1 million yuan in initial capital. Relying on the experience accumulated over many years at Yili, and the wild growth spirit of "willing to be the second brand in Inner Mongolia, learning from big brother Yili," it took only 8 years, by 2007, to surpass Yili's performance, achieving "the number one dairy company in the country," and creating the industry story of "Mengniu speed." Unfortunately, this number one position did not last long. In 2008, Mengniu was severely damaged in the melamine incident. To prevent foreign acquisition, Niu Gensheng ran around appealing, eventually attracting investment from COFCO, which reversed Mengniu's unfavorable situation. COFCO's shareholding was also an important turning point in Mengniu's development. Two years after COFCO acquired 20% of Mengniu's shares for HK$6.1 billion, Niu Gensheng resigned as chairman of the board and gradually faded out of Mengniu's operations and management. It can be said that from 2011 to the present, it has been a "long farewell" period for Niu Gensheng and Mengniu. Mengniu's new logo design. "Original intention" and "renewal" stand side by side. Image source: Weibo @Mengniu Dairy Niu Gensheng, the soul of Mengniu, waved goodbye. How Mengniu can continue to innovate and develop on the basis of inheriting its entrepreneurial spirit still needs more time to test. ******Huiyuan: Zhu Xinli **Legend no more Zhu Xinli Image source: Shiyejia "Only with Huiyuan is it called New Year." Such a lively and festive advertising slogan, I'm afraid Zhu Xinli can no longer think of it. In the past two years, Zhu Xinli, at the center of financial crisis and delisting crisis, probably has no mind to think about how to put Huiyuan juice back on consumers' Spring Festival tables. The only option left for him is direct and sharp: find a way to let this once glorious juice giant survive. At the beginning of 2021, news came that Huiyuan was delisted by the Stock Exchange of Hong Kong. The former market star completely bid farewell to the capital market, as if "overnight back to the pre-liberation era." The market was full of sighs. Thinking back to 2007, when Huiyuan first listed on the Hong Kong stock market, it set a record for the largest IPO at that time. [7] In contrast, the current situation can be said to be as embarrassing as possible. Bad news travels fast. Huiyuan's ill-fated journey is far from over. In July 2021, terms such as "Huiyuan was forced to execute over 1.5 billion yuan" and "Huiyuan Food bankruptcy reorganization" successively appeared on Weibo hot searches. Under the related news, besides comments expressing shock, there were more waves of nostalgia: the happy moments of family reunion and the bottle of Huiyuan juice on the dining table. Finally, they would add, "I almost forgot about it now," "I thought it had gone bankrupt long ago." [8] Delisting is not leaving the market; being forgotten by consumers is the real death. Huiyuan juice's 2022 New Year promotional poster. Although there are emotions, it is unknown how long Huiyuan's story can continue. Image source: Weibo @Huiyuan Juice official Weibo Another year is coming to an end. I wonder how many Chinese families will put a bottle of Huiyuan juice on their dining tables. Zhu Xinli, the former leader of Yimeng Mountain area to get rich, China's "Juice King," can he still recall the glorious moments when he brought New Year joy to tens of millions of Chinese families? ****Conclusion Those who stand at the forefront of the tide are in high spirits. Those who leave the stage in disappointment, outside the spotlight, also leave a sigh. These annual figures and their stories constitute the various aspects of innovation and development in China's food and beverage industry in 2021. From the small to the large, we can glimpse the various sides of this rapidly developing industry. Li Qiuxi, chairman of Shanxi Fenjiu Group, retired and stepped down. The leader of the third-largest market value company in China's baijiu industry retired with honor and retreated behind the scenes; Gao Lina, the "Iron Lady" of the dairy industry, retired. Modern Farming, relying on Mengniu's resources and scale advantages, entered a new stage of development; Lin Muqin led Dongpeng Te Yin to list on the Shanghai Stock Exchange. Behind the "first stock of China's functional beverages," the battle in the beverage industry's sub-sectors is fierce; Pang Kang of Haitian Flavoring, with a fortune of hundreds of billions, entered the Forbes China Rich List. The seasoning that thousands of households cannot do without has become such a big business... And so on, too numerous to mention. In 2021, China's food and beverage industry was turbulent, with various figures competing to take the stage. Those in high spirits stand at the forefront of the industry with innovative postures, using wisdom and vision to explore new paths for enterprise development. Those who are downcast, even if frustrated, when defending their cities, also show resilience and grace, striving to seek change and accumulate strength to catch up in the future. Vivid people and colorful enterprises together created the vitality of China's food and beverage industry this year. The replacement of old and new, the pain of innovation, pride and disappointment, confidence and helpless sighs. The development path of China's food and beverage industry continues, and new stories are brewing. Reference sources: [1] Xin Shang, "Behind the Father-Son Infighting, Shuanghui Has Grown Old," August 23, 2021, Jiemian News [2] Zhu Kailin, "Genki Forest, Growing Up in a Year," December 16, 2021, LatePost [3] Zimu Finance, "Ten Years Pass in a Flash, Jiangxiaobai Declines, Why Is It Gradually Losing Market?" September 30, 2021, The Paper [4] Kuaixiao, "Zhong Shanshan Becomes Forbes Richest, Physical Manufacturing Industry 'Tops' Completely," November 5, 2021, 36Kr [5], [6] He Danlin, "After PepsiCo Greater China Restructuring, New Local Female CEO 'Debuts'!" December 11, 2021, Xiaoshidai [7] Jiang Zheng, "Zhu Xinli 'Curtain Call': Huiyuan Quietly Leaves Capital Market," February 22, 2020, Xinxiaofei [8] Li Zhi, "Forced to Execute Nearly 1.6 Billion, Huiyuan Juice Is Completely Finished..." July 7, 2021, China Fund News Cover image source: China Entrepreneur Forum, Nongfu Spring official website, Shiyejia Are you "watching" me?