Not a state-owned enterprise. Yangshengtang Nongfu Spring Wan Tai Bio was formerly known as Yangshengtang Co., Ltd., which was established in 1993. Is a modern high-tech enterprise that produces and manages health care products. Founded by private investment, it owns many companies such as Nongfu Spring Co., Ltd., Yangshengtang Pharmaceutical Co., Ltd. and Yangshengtang Zhejiang Food Co., Ltd., so it is not a state-owned enterprise.