In recent years, the mainland Chinese beverage brand “Six Walnuts,” which gained popularity with the advertising slogan “Use your brain often, drink six walnuts more,” has been experiencing a continuous decline in sales. According to reports from mainland Chinese media, from 2018 to 2025, its sales decreased by nearly 45%, approaching a halving of sales volume.
The parent company of “Six Walnuts,” Yangyuan Beverage, revealed in its 2025 annual report that the company’s annual operating income was 5.336 billion yuan, a year-on-year decrease of 11.91%. The net profit attributable to the shareholders of the listed company was 1.26 billion yuan, a decrease of 26.84% year-on-year. After deducting non-recurring gains and losses, the net profit was 1.204 billion yuan, a decrease of 17.57% year-on-year.
It was reported that the walnut milk business under the “Six Walnuts” series is still the main source of revenue for Yangyuan Beverage. In 2025, the walnut milk business achieved a revenue of 4.43 billion yuan, a decrease of 17.55% year-on-year, accounting for over 80% of the company’s total revenue.
In terms of sales volume, “Six Walnuts” dropped from 856,800 tons in 2018 to 478,500 tons in 2025, with a decrease of 378,300 tons over seven years, a decline of 44.15%. The decrease in sales volume is also reflected in the utilization of production capacity. By the end of 2025, Yangyuan Beverage’s total annual production capacity of plant protein drinks was about 1.52 million tons, while the walnut milk production volume was about 470,100 tons, with a production capacity utilization rate of approximately 30.9%.
Reports from mainland Chinese media indicated that Yangyuan Beverage reached a revenue peak of 9.117 billion yuan in 2015, at which time the market expected it to become a billion-yuan beverage company. However, starting from 2016, the company’s revenue began to decline, with revenue dropping to 7.741 billion yuan in 2017, and net profit also experiencing a double-digit decline.
Public reports show that “Six Walnuts” initially gained market recognition through slogans like “Use your brain often, drink six walnuts more,” and was commonly seen in scenarios such as holiday gifts and student exam preparation. However, since 2012, Yangyuan Beverage has faced multiple consumer and public scrutiny due to the brain-enhancing claims of its products, leading to approximately 10 related lawsuits.
Amid pressure on its main business, Yangyuan Beverage also attracted market attention for its cross-border investment in the chip sector. Public reports indicate that Yangyuan Beverage participated in related investments through its subsidiary in the mother company of Changjiang Storage. However, according to the 2025 annual report, the walnut milk business still accounted for over 80% of Yangyuan Beverage’s total revenue.
Public records show that Yangyuan Beverage, officially known as Hebei Yangyuan Zhihui Beverage Co., Ltd., was established in 1997 and went public on the Shanghai Stock Exchange in 2018. Its main business includes research, development, production, and sales of plant protein drinks, with walnut milk being its core brand that had long held a significant market share in the mainland Chinese walnut milk market.