Full‑Domain Fan Sales vs Traditional Channels: Why Six Walnut’s Valuation Is 596 B vs Chengde Lulu’s 92 B

In May 2026 the Q1 financials of the two leading Hebei plant‑protein beverage companies were released. Yangyuan Beverage (Six Walnut) posted 25.57 B CNY revenue, a 37.5% YoY increase, and 8.08 B CNY net profit, driving its market value to 596.36 B CNY. By contrast, Chengde Lulu recorded 11.39 B CNY revenue (44.5% of Yangyuan) and 2.48 B CNY profit, with a market value of only 92 B CNY.

Both firms started from the same baseline twenty years ago – Hebei‑based, plant‑protein focus, “big‑product + gifting scenario” launch, and reliance on traditional distributors. Chengde Lulu once led the market, but the gap has widened dramatically.

Channel coverage: full‑domain penetration vs regional bottleneck – Yangyuan’s strategic "3+6" deep‑distribution system integrates three traditional main channels (circulation, supermarkets, e‑commerce) with six emerging channels (instant retail, snack discounts, community group‑buy, etc.). Its Q1 report shows a 45.69% YoY rise in direct‑sales revenue and over 50% growth in that segment, while e‑commerce and snack‑discount volumes exploded. This spreads the brand’s reach to every consumer touchpoint – county‑level stores, community pick‑up points, impulse‑buy snack shops, and delivery platforms – diluting the seasonal “gift‑scene” effect and stabilising sales.

Chengde Lulu, despite a "nationalization" slogan, still derives >90% of revenue from the north‑central region. A new 150 kt/year plant in Hangzhou‑Chunan (2025) will not solve the southern market problem because consumer awareness of almond‑drink is weak; without digital tools the brand cannot create demand, turning new outlets into dead stock.

Channel data: transparent control vs black‑box operations – Yangyuan uses a one‑code‑per‑bottle system that assigns a unique digital ID at production, enabling real‑time tracking of each bottle’s journey through distributors, stores, and finally the consumer’s scan. This full‑link visibility eliminates the traditional data black box, allowing precise production planning, inventory allocation, and consumer‑behavior insights for R&D and marketing.

Chengde Lulu still relies on the old “push‑stock to distributors” model, knowing only how much stock distributors receive, not who buys it or when. Its 2025 annual report shows a 7.75% YoY drop in almond‑drink sales (30.49 kt) while inventory rose 33.08% to 1.41 kt, indicating large amounts of unsold stock and a lack of end‑consumer data to trigger timely adjustments.

Channel activation: user operation vs advertising bombardment – Yangyuan transformed from managing channels to managing users. Through one‑code data it turned each purchaser into a private‑domain user, running scan‑to‑redeem, points, and membership activities (e.g., "Kong Miao Blessing Can" for college‑entrance exams, 100% winning scan‑red‑packet campaigns) that boost repeat purchase and smooth the seasonal sales curve.

Chengde Lulu continues heavy ad spending (≈3 B CNY in 2025) on media placements and generic scan‑red‑packet promotions, which lack precise targeting and cannot convert purchasers into loyal users, leaving the brand dependent on costly ad blasts.

New‑product launch: data‑driven vs blind stocking – Yangyuan leverages its massive user database to analyse regional and demographic preferences, launching targeted products such as sugar‑free Six Walnut for low‑GI consumers and securing regional rights for Red Bull‑type vitamin‑taurine drinks, achieving a 33.76% YoY revenue jump to 8.69 B CNY in 2025.

Chengde Lulu’s recent "LuLu Plant‑Based" water and "Little Lulu" licensed drinks were rolled out without data support, resulting in low shelf‑penetration and reliance on traditional push‑stock, which failed to generate meaningful consumer uptake.

Inventory and profit: full‑link data management – With one‑code visibility, Yangyuan can align production and shipment plans to actual sales, dynamically assess distributor performance, and allocate incentives accordingly, preventing over‑stock and preserving channel profitability.

Chengde Lulu’s opaque data leads to chronic over‑stock, forcing distributors to discount heavily, eroding the entire channel’s profit margin.

Overall, the case illustrates that in today’s saturated beverage market, the competition has shifted from channel quantity to channel quality, from push‑stock to user‑centric activation, and from blind advertising to data‑enabled personalization. Companies that digitize the entire brand‑to‑consumer chain with one‑code technology gain a systematic advantage that translates into higher growth and market valuation.