Zebra Consumption Chen Xiaojing
VV Holdings, which had been dormant for a long time, finally pressed the accelerator button for business upgrades and decided to make a big splash in the new track.
Recently, when the company disclosed its third quarterly report for 2026, it launched a blockbuster plan: It plans to invest more than 300 million yuan to build a plant-based product factory, which mainly produces meal replacement powder, five red powder and other prepared products that are in line with current consumer trends, and officially enters the popular track of new Chinese food nutrition and medicine and food.
This means that the company will rely on the advantages of the entire industrial chain of soy milk powder to fully extend to other subcategories of brewed food, which may promote its upgrade from traditional soy product processing to new consumer brands.
For a long time, VV’s basic revenue base has been highly dependent on soy milk powder, soy milk powder and other products. With the solidification of product forms, changes in drinking habits and generational changes in consumer groups, the ceiling of the traditional brewed soy milk powder market has become clear. It is urgent to break through the dilemma of a single category and expand into diversified categories.
How will entering the food and nutrition track help the company’s operations? I’m afraid we won’t know until the project is put into production in two years.
業績微增
Before the deadline for the disclosure of its third quarterly report, VV Holdings (600300.SH) officially revealed its operating background for the first three quarters of 2026.
In the first three quarters of 2026, the company achieved operating income of 2.579 billion yuan and net profit attributable to the parent company of 244 million yuan, a year-on-year increase of 8.02% and 1.18% respectively; during the same period, non-net profit after deduction was 238 million yuan, a year-on-year increase of 2.49%.
Although the operating market has grown steadily, profits have remained almost at the same level, which is still the focus of attention within and outside the industry.
Looking at a single quarter, its operating income and net profit attributable to the parent company in the third quarter achieved 913 million yuan and 113 million yuan respectively, a year-on-year increase of 5.34% and -6.52% respectively. Single-quarter profits shrank significantly.
Overall revenue increased in the first three quarters, but the profit side was obviously under pressure, mainly due to the increase in sales expenses. During the reporting period, the company’s sales expenses were 237 million yuan, a year-on-year increase of 41.92%.
As a veteran company deeply involved in FMCG, VV’s core products, such as soy milk powder, are usually ready for stocking in the autumn and winter peak seasons until the third quarter. During this period, the concentrated release of sales-side investment directly squeezes the profit space in a single quarter, resulting in a situation where operating income in a single quarter continues to grow and profitability is under short-term pressure.
Net profit attributable to parent companies in the first three quarters still maintained a slight increase, thanks to the solid foundation laid in the first half of the year. In the first half of 2026, the company achieved net profit attributable to the parent company of 131 million yuan and non-net profit of 129 million yuan, a year-on-year increase of 8.91% and 17.58% respectively, which accordingly offset the decline in the third quarter.
Due to a significant increase in cash used to purchase goods and receive services, the net cash flow generated from operating activities in the first three quarters fell 48.39% year-on-year to 341 million yuan.
During the reporting period, the channel sales of the company’s core product solid beverage products (mainly soy milk powder and soy milk powder) continued to be differentiated. As the traditional sales base, the distribution channels performed mediocrely. During the reporting period, they only achieved sales revenue of 1.227 billion yuan, a slight increase of 0.81% year-on-year; however, sales revenue from direct sales channels was 133 million yuan, a year-on-year increase of 233.19%.
Bet on a new track
The consumption scene has solidified and the core consumer groups have iterated from generation to generation, making it increasingly difficult to sell traditional soy milk powder. As the number one player on the track, VV has already felt the pressure of the core single product market shrinking year by year.
From 2022 to 2025, the company’s solid prepared beverage sales were 100,100 tons, 103,400 tons, 98,700 tons and 93,100 tons respectively; during the same period, the revenue scale of the solid prepared beverage business segment remained in the range of 1.8-1.9 billion yuan.
This business revenue has accounted for more than half of the company’s revenue for a long time, and the solid prepared beverage business revenue will still account for 54.65% in 2025.
After Xuzhou State-owned Assets takes control in 2021, although grain and oil are regarded as the second largest business segment, the long-term profit contribution is meager, and the company’s overall operations are still highly dependent on the main solid beverage business.
Affected by the ready-to-drink soy milk, coupled with the widespread popularity of room-temperature milk and low-temperature milk, consumers’ daily nutritional intake is diversified and the category choices are becoming more and more abundant. The appeal of soy milk powder to young consumer groups is rapidly declining.
In 2016, VV launched ready-to-drink soy milk products, but it has been unable to shake the market position of first-launch products such as Vitasoy International (00345.HK) and Doubendou. Ready-to-drink soy milk products that have invested a lot of resources are gradually hard to find in the mainstream consumer market.
In 2025, the company redefined soy milk powder as the core of its strategy and proposed a strategy of leading large single products and covering all categories to consolidate the basic consumption of middle-aged and elderly people and families. In essence, it still focused on the drinking scene of soy milk powder and soy milk powder, and failed to break out of the growth framework of traditional business.
On October 31, the company’s plan to bet on the new Chinese food and nutrition track officially surfaced. It was officially announced that it will invest in a plant-based bio-intelligent manufacturing project through its wholly-owned subsidiary Xuzhou Weiwei, which will mainly produce meal replacement powder, five black/five red powder, and protein powder series of prepared foods, entering the currently popular food nutrition track.
This means that the company will rely on the accumulation of the soy milk powder industry chain and combine the agricultural and sideline product resources in Xuzhou to promote the company’s upgrade from a traditional soy product processor to a provider of plant-based nutrition solutions and expand its growth space.
According to the announcement, the first phase of the project plans to invest 321 million yuan and the construction period is 2 years. At present, the project has been reviewed and approved by the board of directors and still needs to be submitted to the shareholders’ meeting for review and approval.
If the project is successfully implemented, it will become a key piece for VV Co., Ltd. to play on the new track in recent years, cultivating a new second business growth curve for it in the next 2-3 years.
However, in the field of new Chinese-style nutritional and medicinal food products, competition has become very fierce. Some companies such as Zhongjing Food, Qianhe Flavor Industry, Wugu Mill and Tongrentang are accelerating their layout attempts, while others have already taken deep roots in them, with the degree of involution far exceeding expectations.
Related Reading
- World, line up to sell goods to China!2026-11-12
- Ni Runfeng, the “King of Color TV”, passed away. From a workshop technician to the head of a state-owned enterprise, his ups and downs in half a life defined an era of home appliances.2026-11-12
- Original “Fearless” Wang Jianlin regains control of Wanda Business Management, and his net worth has evaporated by 200 billion in ten years2026-11-12
- Original: The middle-class people are crazy about grabbing Archaeopteryx in Sam2026-11-12
- There is no more double 11 in the world, leaving businesses miserable2026-11-11
