Third-quarter reports released on October 30, 2026, showed sharp declines in quarterly net profit at Xiangpiaopiao, Yangyuan and Chengde Lulu. The largest decline among the three reached 88%, while Xiangpiaopiao's quarterly net profit fell below one million yuan.

The results signal pressure on established businesses in instant drinks and plant-based protein beverages as consumer habits change and sales channels diverge. A sharp fall in quarterly profit, however, does not by itself show whether the pressure will persist or affect each company in the same way.

What the results suggest

For established beverage brands, changing consumption patterns and differences between sales channels raise questions about where future growth will come from. New product categories could provide opportunities, but their contribution will depend on whether companies can attract demand and reach consumers through the right channels.

Subsequent company disclosures may show whether the profit declines are sustained and whether newer categories begin to contribute meaningfully to growth.