来源：新浪基金∞工作室 数据显示，1月12日，港股消费(159735)获净申购2809.58万元，位居当日跨境ETF净流入排名16/207。最 新规模7.92亿元，前一日规模7.59亿元，当日资金净流入额占前一日规模的比例为3.70%。 近5日，港股消费(159735)获净申购4811.1万元，位居跨境ETF净流入排名第25/207。近10日，港股消费 (159735)获净申购4811.1万元，位居跨境ETF净流入排名第42/207。近20日，港股消费(159735)获净申购 4403.47万元，位居跨境ETF净流入排名第56/207。 流动性方面，截止1月12日，港股消费（159735）近20个交易日累计成交金额9.01亿元，日均成交金额 4506.24万元；今年以来，6个交易日，累计成交金额3.78亿元，日均成交金额6299.91万元。 港股消费（159735）现任基金经理为李宜璇。李宜璇自2021年5月25日管理（或拟管理）该基金，任职 期内收益-19.10%。 港股消费(159735)已连续3日资金获净申购，区间净流入额4811.1万元。 港股消费（159735）成立于2021年5月25日，基金全称为 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The report emphasizes that the remaining brands in the sauce liquor sector will thrive, while mass-market products are expected to benefit from the upcoming Spring Festival [2][8]. - The dairy sector is showing signs of improvement, with a potential rebound in raw milk prices and a narrowing supply-demand gap, which could lead to increased demand for processed dairy products [6]. - The beverage and snack categories are experiencing sustained growth, with specific segments like energy drinks and konjac snacks showing remarkable sales increases despite overall declines in the snack market [6]. - The report highlights a significant shift in the sauce liquor industry, where pricing strategies are becoming more pragmatic, with a new growth level emerging around the 200 yuan price point as lower-tier brands face market exit pressures [6][8]. - The report suggests that leading liquor companies should maintain operational stability during this industry downturn, focusing on balanced investments in base liquor to prepare for future market recovery [8]. Summary by Sections Industry Overview - The food and beverage sector consists of 126 listed companies with a total market capitalization of 44,935.30 billion yuan, representing 3.54% of the market [3]. - The circulating market value stands at 43,859.19 billion yuan, accounting for 4.28% of the total market [3]. Performance Metrics - The absolute performance of the industry over the past month is 1.3%, with a relative performance decline of 2.2% compared to the benchmark [4]. - Over the past 12 months, the industry has seen a relative performance decline of 25.2% [4]. Sector-Specific Insights - Dairy products are expected to benefit from a favorable pricing environment and improved supply dynamics, with major companies actively preparing for the Spring Festival [6]. - The beverage sector is witnessing growth in specific categories, with leading brands launching targeted marketing campaigns for the holiday season [6]. - The sauce liquor market is undergoing a consolidation phase, with a focus on brand strength and market share recovery among leading companies [6][8].

来源：品饮汇观察 「品饮汇观察」每周追踪整理各大品牌在饮品领域的创新之举，带来最前沿的资讯，预见潮流，掌握行业脉动。 盒马双米饮品焕新登场 近期，盒马全新上架「大米饮」与「小米饮」两款谷物饮品。其中「大米饮」严选北纬45°五常优质大米，经慢萃工艺提炼，最大程度保留天然谷物清 香，适配早餐、办公、休闲等多元场景。目前该新品已登陆盒马App，230g*4瓶的组合装定14.9元，为消费者提供健康便捷的饮用选择。 图源：小红书用户@嘉嘉ziya 元气森林拓局凉茶新领域 1月4日，元气森林正式官宣进军凉茶植物饮料赛道，全新单品"好自在清凉茶"同步亮相。这款新品以"传统功效打底、现代工艺赋能、清洁配方加持"的创 新思路，不仅补齐了品牌在草本清凉饮品的品类短板，更给长期缺乏新意的凉茶市场注入鲜活动力，为消费者带来全新草本饮用体验。 农夫山泉推出马年生肖典藏版玻璃水 1月5日，农夫山泉限量推出马年生肖典藏版玻璃瓶水。据了解，本次共计筹备十六万套该款生肖水，采用"只送不卖"的回馈模式。消费者只需打开微信搜 索"农夫山泉生肖水"，参与官方抽奖活动，即有机会免费获取这款兼具收藏价值与纪念意义的限定饮品。 加多宝推出联名包装潮范升级 ...

Group 1: Industry Trends - The condiment industry is seeing a surge in companies going public, focusing on overseas markets to combat rising costs and intense competition, with the industry expected to reach a scale of 498.1 billion yuan by 2024 [2][3] - The popularity of turmeric drinks is rising among young consumers, driven by health trends, with sales strong despite higher prices, and social media engagement showing over 13.2 million views on platforms like Xiaohongshu [4] - The food waste issue is prompting the emergence of the Upcycled Food industry, which is projected to reach a market size of 74.8 billion USD by 2029, utilizing innovative technologies to convert waste into high-value products [6][7] Group 2: Consumer Behavior - A survey indicates that 97.2% of young people have tried "light health" practices, with dietary health and fragmented exercise being the most popular methods, highlighting a shift towards more manageable health solutions [8] - The rise of health-conscious beverages, including sugar-free teas and functional drinks, is attributed to increased consumer awareness and the psychological need for immediate satisfaction in fast-paced lifestyles [10] - The trend of "punk health" in the health liquor sector is attracting younger consumers, with sales of health liquor on e-commerce platforms surging by 75.8% in the first eight months of 2025 [15] Group 3: Market Innovations - The introduction of cooking robots in restaurants is rapidly expanding, with the market expected to exceed 3.7 billion yuan by 2025, driven by AI technology and efficiency improvements [9] - The flavored water market is projected to grow from 22.1 billion USD in 2025 to 57.3 billion USD by 2035, with a compound annual growth rate of 10%, driven by health trends and innovative flavors [16] - The bottled water industry is facing intensified competition, with brands needing to diversify their product offerings and improve supply chain efficiency to maintain market share [17] Group 4: Brand Dynamics - The brand "Guozi Shule" is expanding its product line in the sugar-free tea market and has seen significant growth in its large bottle sales, indicating a strategic shift towards channel expansion [19] - "Tai Er" is undergoing a brand upgrade to focus on fresh ingredients and new dishes, responding to market changes and performance pressures, with a notable decline in revenue [20] - Danone's beverage brand "Pulse" is expected to reach nearly 7 billion yuan in revenue by 2025, with plans to expand into health drinks and face competitive pressures [21]

Core Viewpoint - Grandpa's Farm, a baby food brand, is rapidly growing in the market but faces significant concerns regarding its brand authenticity, production model, food safety issues, and high marketing expenses [1][3][11]. Financial Performance - Revenue for Grandpa's Farm reached RMB 622.39 million in 2023, with a projected increase to RMB 875.35 million in 2024, reflecting a year-on-year growth of 40.6% [3][4]. - The net profit for 2023 was RMB 75.46 million, with a declining net profit margin from 12.1% in 2023 to 11.2% in the first three quarters of 2025 [3][8]. - The gross profit margin was notably high, at 55.5% in 2023, compared to the snack industry average of 26%-28% [3][5]. Product Categories - The high gross margin is primarily supported by the baby food segment, with gross margins of 55.8% in 2023, increasing to 60.7% in 2024 [5]. - The company remains heavily reliant on the baby food segment, which accounted for 93.1% of revenue in 2023, although this is projected to decrease to 80.4% by 2025 [5][6]. Sales and Marketing Strategy - The company heavily relies on e-commerce platforms, with direct sales channels contributing approximately 70% of total revenue [6]. - Marketing expenses have risen significantly, constituting 36.3% of revenue by 2025, indicating a heavy investment in promotional activities compared to only 2.2%-3.2% for R&D [8][9]. Brand Authenticity and Safety Concerns - The brand's "European import" identity has been questioned, as it is primarily operated by a Chinese company, raising concerns about its authenticity [11][13]. - The company has faced multiple food safety issues, including high sodium content in products marketed as "children's use" and instances of product recalls due to non-compliance with safety standards [15][16][18]. Operational Model - Grandpa's Farm operates primarily on an OEM production model, relying on 62 suppliers, which raises concerns about quality control and product consistency [6][18]. - The company has not established significant in-house production capabilities, which may hinder its ability to maintain quality standards [6][18].

一家叫"爷爷的农场"的公司，靠着卖婴儿吃的果泥等产品，年收入8.75亿元，还准备在港股上市。 婴儿辅食背后究竟藏着怎样的大市场，而随着出生人口降低，行业应该如何应对？ 2015年，爷爷的农场在荷兰成立，创始人是姜福全等人。 2018年，爷爷的农场进入中国市场，推出了辅食油和米粉这两个基础的产品。 2021年从婴童食品拓展到家庭食品领域。 婴童端覆盖果泥、零食、调味品等细分品类；家庭食品端则延伸至液态奶、方便食品、大米等日常高频 消费品。 2023年，爷爷的农场实现营收6.22亿元，毛利3.45亿元，期内利润7546万元；2024年业绩大幅增长，营 收增至8.75亿元，毛利5.14亿元，期内利润突破1亿元大关，达到1.03亿元。 2025年前三季度，营收已达7.80亿元，毛利4.47亿元，期内利润8742万元，毛利率稳定在57%以上。辅 食的毛利率在59.9%，如果只看零食，毛利率突破60%。 作为对比，食品饮料行业中最赚钱的农夫山泉2023年和2024年的毛利率了分别为59.5%和58.1%。 其中，婴童零辅食是核心营收来源，2025年前三季度贡献了6.27亿元收入，毛利率高达59.9%，成为品 牌发展的"压 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 農夫山泉股份有限公司 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09633 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,034,666,400 | RMB | | 0.1 | RMB | | 503,466,640 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 5,034,666,400 | RMB | | 0.1 | RMB | | 503,466,640 | | 2. 股 ...

晨星发布研报称，农夫山泉(09633)凭借可扩展的生产及分销网络，维持了其在包装水市场的领导地 位，同时向即饮茶、果汁等非水饮料领域扩张。该行将农夫山泉2025-2026年净利润预期上调3%-5%， 预计集团在2024年品牌遭遇网络负面舆论后，包装水业务将重新恢复销售动力。2025年非水饮料业务增 长将保持两位数的强劲势头。 受惠于强大的产品差异化及渠道扩张，该行预计农夫山泉2025年下半年即饮茶业务销售同比增长20%。 另外，该行将农夫山泉2025年下半年包装水销售同比增长预测从9%上调至14%，预计集团将从同业中 夺取市场份额。其分销网络依然稳固，渠道合作伙伴的强力支持将推动销售增长。 展望未来，农夫山泉已将其即饮茶产品组合从无糖系列扩展至含糖气泡产品，该行认为这将在未来几年 进一步推动销售增长。同时认为即饮果汁、咖啡等其他非水饮料类别将成为新的收入及利润增长驱动 力。 ...

受惠于强大的产品差异化及渠道扩张，该行预计农夫山泉2025年下半年即饮茶业务销售同比增长20%。 另外，该行将农夫山泉2025年下半年包装水销售同比增长预测从9%上调至14%，预计集团将从同业中 夺取市场份额。其分销网络依然稳固，渠道合作伙伴的强力支持将推动销售增长。 智通财经APP获悉，晨星发布研报称，农夫山泉(09633)凭借可扩展的生产及分销网络，维持了其在包装 水市场的领导地位，同时向即饮茶、果汁等非水饮料领域扩张。该行将农夫山泉2025-2026年净利润预 期上调3%-5%，预计集团在2024年品牌遭遇网络负面舆论后，包装水业务将重新恢复销售动力。2025年 非水饮料业务增长将保持两位数的强劲势头。 展望未来，农夫山泉已将其即饮茶产品组合从无糖系列扩展至含糖气泡产品，该行认为这将在未来几年 进一步推动销售增长。同时认为即饮果汁、咖啡等其他非水饮料类别将成为新的收入及利润增长驱动 力。 ...

Core Viewpoint - The collaboration between farmers and Nongfu Spring emphasizes quality control and incentivizes farmers to produce high-quality navel oranges, resulting in better income and market trust [1][2][3] Group 1: Quality Control Measures - Farmers must undergo rigorous quality checks, including pesticide residue testing before signing contracts and multiple inspections throughout the harvesting and processing stages [1][2] - The production process includes ten strict selection procedures, ensuring that only the highest quality oranges receive the "17.5°" label [2] - Each orange undergoes extensive processing, including deep cleaning, optical sorting, and multiple quality checks, ensuring uniformity in appearance and taste for consumers [2] Group 2: Incentives and Economic Impact - Nongfu Spring has introduced a new incentive policy that rewards farmers with up to 0.2 yuan per pound based on fruit quality metrics, significantly increasing farmers' income [3] - The company is expected to allocate millions to reward farmers under the "优果高价" policy, with an estimated 80% of farmers benefiting from these incentives [3] - The partnership encourages farmers to focus on quality, leading to a positive feedback loop where better farming practices yield higher quality fruits, enhancing market reputation [3]