以下文章来源于斑马消费 ，作者陈晓京 斑马消费 . 寻找泛消费领域的斑马企业 刚刚过去的饮料旺季，各大品牌竞争激烈，细心的消费者发现，昔日的"老朋友"白砂糖，已悄然回到配料表中。 原因是用户健康认知的升级。 文 ｜ 陈晓京 来源｜ 斑马消费（ID：banmaxiaofei） 封面来源 ｜ unsplash 在互联网上，有一个对配料表排序规则的民间分析：配料含量的多寡，决定了名称的前后位置。 一瓶饮料，排序第一位大多是水，其次是白砂糖，后面的配料，基本是为辅助调整产品口感而存在。 减糖控糖的风口下，无糖茶这几年席卷整个饮料市场，白砂糖几乎一夜之间从配料表中消失。即便在有糖茶中，白砂糖也被赤藓糖醇、三氯蔗糖等代糖替 代，逐渐让出了原有的配料表位置。 但在今年饮料旺季，一批传统饮料企业先后推出新品，白砂糖再次回到配料表中。对白砂糖不再排斥，是消费端对健康的认知升级、对口感的可控需求，以 及传统企业重塑产品，共同促成了这位"老朋友"的回归。 白砂糖重回配料表 2018年，元气森林推出无糖风味气泡水，迅速点燃无糖饮料市场的战火，随着各大品牌及厂商跟进，白砂糖渐渐消失在配料表中。 在赤藓糖醇的"加持"之下，产品口感没有白 ...

11 Nov 2025 10:13:31 ET │ 11 pages Nongfu Spring (9633.HK) Flash | What's New from Citi 2025 China Conference: 25E Sales/Margin Guidance Maintained CITI'S TAKE Nongfu management reiterated its guidance of mid-teen% of group top- line growth YoY with YoY NPM expansion in full-year 25E. Mgt has observed limited impact of price war among freshly-made tea products (subsidized by delivery platforms) on its biz. We expect Nongfu's strong sales growth across biz lines and more diversified group sales mix to fuel i ...

食品饮料月月谈电话会 20251116 摘要 上游奶业持续去产能，预计 2026 年中期或下半年供需格局改善，奶价 有望企稳。10 月奶价环比持平，但上游仍面临亏损，去产能化是关键趋 势。 下游乳制品需求疲软但库存不高，企业经营稳健。上游供需平衡后，上 游盈利弹性及下游报表质量有望提升。新乳业低温产品增长强劲，新渠 道拓展显著，利润率提升目标或提前完成。 蒙牛三季度业绩符合预期，特仑苏降价稳固市场份额，低温业务增长。 预计 2026 年维持收入稳定和利润率提升，估值具弹性，推荐投资。 伊利液态奶外业务实现增长，基础白奶表现优于高端白奶。预计 2026 年液态业务企稳，多元化发展减轻收入压力，具稳健股息和价值投资性 价比。 妙可蓝多 B 端快速增长，C 端新品和新渠道发力，乳制品深加工业务扩 张优化结构，推动盈利改善。优然牧业生鲜乳供应增加，价格稳定支撑 利润，存栏量下降有望进一步提升利润。 Q&A 目前乳制品行业的上游情况如何？未来奶价走势如何？ 根据奶站监测数据，截至 2025 年 10 月，奶牛存栏量约为 595 万头，环比 9 月份减少 1.2 万头。整体去化节奏已连续 12 个月呈现下降态势。纯肉牛存 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The food and beverage industry is experiencing a transformation driven by health-conscious consumer trends, product innovation, and channel expansion, with companies actively enhancing their product offerings and exploring overseas markets [1][9]. - In the liquor segment, the supply side is undergoing continuous changes to seek growth, while the demand side is gradually recovering, highlighting the absolute investment value in the industry [2][3]. - The beverage sector is focusing on product innovation and network expansion to uncover growth potential, with a strong emphasis on health upgrades and premiumization [4][7]. Summary by Relevant Sections Liquor Industry - **Water Well**: The company is optimizing its product matrix and plans to launch a new high-end product in 2025, focusing on brand collaboration and expanding its terminal network [2]. - **Jiu Gui Jiu**: The brand is implementing a strategic focus on brand depth and product line simplification, with expectations for improved sales performance [3]. - **She De Jiu Ye**: The company is maintaining its core strategy while expanding its product offerings, particularly in e-commerce, to drive growth [3]. Beverage Industry - **Kang Shi Fu**: The company is committed to innovation and quality, focusing on expanding its product range to meet diverse consumer needs [4]. - **Unified Enterprises**: The company is experiencing stable performance with a focus on product innovation and market expansion, particularly in the instant noodle and beverage segments [7]. - **Hua Run Beverage**: Short-term performance is under pressure due to competition, but long-term growth prospects remain strong due to the essential nature of its products [7]. Health and Wellness Trends - **Anqi Yeast**: The company is targeting over 10% revenue growth, with a focus on expanding its overseas market presence and maintaining cost advantages [9]. - **Xian Le Health**: The company is advancing its global strategy and product innovation to capture new consumer trends, with a focus on high-margin products [9]. - **Jian Yi Health**: The company is enhancing its probiotic offerings and expanding its product lines to meet evolving consumer demands [10]. Overall Market Trends - The food and beverage industry is witnessing a shift towards healthier products and innovative marketing strategies, with companies adapting to changing consumer preferences and exploring new growth avenues [1][4].

以下文章来源于斑马消费 ，作者陈晓京 斑马消费 . 寻找泛消费领域的斑马企业 在互联网上，有一个对配料表排序规则的民间分析： 配料含量的多寡，决定了名称的前后位置。 一瓶饮料，排序第一位大多是水，其次是白砂糖，后面的配料，基本是为辅助调整产品口感而存在。 减糖控糖的风口下，无糖茶这几年席卷整个饮料市场，白砂糖几乎一夜之间从配料表中消失。即便在有糖茶中，白砂糖也被赤藓糖醇、三氯蔗糖等代糖替代， 逐渐让出了原有的配料表位置。 在赤藓糖醇的"加持"之下，产品口感没有白砂糖那般甜腻，只用一丝丝甜抚慰了控糖人群的焦虑情绪。 不止赤藓糖醇，三氯蔗糖、罗汉果糖等代糖产品借控糖之名，大摇大摆地走进饮料、食品的配料表中 ，成功完成了换防。 但在今年饮料旺季， 一批传统饮料企业先后推出新品，白砂糖再次回到配料表中。 对白砂糖不再排斥，是消费端对健康的认知升级、对口感的可控需求，以 及传统企业重塑产品，共同促成了这位"老朋友"的回归。 白砂糖重回配料表 刚刚过去的饮料旺季，各大品牌竞争激烈，细心的消费者发现，昔日的"老朋友"白砂糖，已悄然回到配料表中。 2018 年，元气森林推出无糖风味气泡水，迅速点燃无糖饮料市场的战火，随着各大 ...

Core Viewpoint - Nongfu Spring (09633) shares rose nearly 4%, reaching a new high of HKD 56.25, the highest since February 2021, with a cumulative increase of 10% over the past five trading days [1] Group 1: Product Launch - On November 5, Nongfu Spring's coffee brand, Tanxi, launched two new products: sugar-free Americano and low-sugar latte, priced at 5 yuan for 400ml PET packaging [1] - The new products continue the "cost-performance" strategy of the 900ml large bottle, targeting the mass market with high quality and competitive pricing [1] Group 2: Market Outlook - Western Securities (002673) research report expresses optimism about the company's strong R&D capabilities, brand recognition, and channel cultivation, which are expected to lead long-term growth in the beverage industry [1] - Guoyuan International indicates that the company's packaged water business is recovering, and the tea beverage segment benefits from health trends, maintaining strong momentum [1] - The new product lineup is anticipated to contribute additional growth [1]

Core Viewpoint - Nongfu Spring (09633) has seen a nearly 4% increase in stock price, reaching a new high of 56.25 HKD since February 2021, with a cumulative rise of 10% over the past five trading days [1] Group 1: Product Launch - On November 5, Nongfu Spring's coffee brand, Tanxi, launched two new products: sugar-free Americano and low-sugar latte, priced at 5 HKD for 400ml PET packaging [1] - The new products continue the "cost-performance" strategy of the 900ml large bottle, targeting the mass market with high quality and competitive pricing [1] Group 2: Market Outlook - Western Securities' research report expresses optimism about the company's strong R&D capabilities, brand recognition, and channel development, which are expected to lead long-term growth in the beverage industry [1] - Guoyuan International indicates that the company's packaged water business is recovering, and the tea beverage segment is benefiting from health trends, maintaining strong momentum [1] - The new product launches are anticipated to contribute additional growth [1]

Core Viewpoint - Nongfu Spring (9633.HK) continues its upward trend, rising 3.5% to HKD 56.1, reaching a recent high and accumulating over 10% increase in the past five days, with a market capitalization of HKD 628.2 billion [1] Group 1: Stock Performance - The stock price of Nongfu Spring reached a high of HKD 56.1, with a trading volume of 4.7969 million shares and a total transaction value of HKD 267 million [2] - The stock has shown a price fluctuation of 3.7% and a price-to-earnings ratio of 48.07, indicating a strong market interest [2] - The market capitalization is reported at HKD 629.24 billion, with a circulating value of HKD 281.69 billion [2] Group 2: New Product Launch - Nongfu Spring's coffee brand, Tanxi, has launched two new products: a sugar-free Americano and a low-sugar latte, priced at HKD 5 for 400ml [2][3] - This product launch is a significant move into the ready-to-drink coffee market, aimed at enhancing the product matrix and reaching a broader consumer base [3] - The pricing strategy for these new products significantly lowers the consumption threshold for high-quality ready-to-drink coffee, potentially reshaping the competitive landscape in this market segment [3]

农夫山泉(9633.HK)延续涨势，现涨3.5%报56.1港元，刷新近期阶段新高，近5日累计涨超10%走出反转行情，市值6282亿港元。 消息上，近日，农夫山泉旗下咖啡品牌炭仌推出无糖美式和低糖拿铁两款新产品，新品定价为5元/400ml。可以说，这两款新品是农夫山泉在即饮咖啡市场 的一次重要布局。据悉，早在10月中旬，这款新品就已经向农夫山泉经销商公布。在面向经销商的宣传资料中，农夫山泉也将这款炭仌新品定位为"高质价 比"。 有分析指出，此次新品在价格策略上实现了显著下探，极大地降低了高品质即饮咖啡的消费门槛。这一举措不仅丰富了炭仌的即饮产品矩阵，使其覆盖更广 泛的消费人群，同时也以的定位，向竞争激烈的即饮咖啡市场发起了一轮强有力的冲击，有望重塑该价格带的竞争格局。 ...

这意味着，这家低调深耕行业20余年的包装企业——农夫山泉、香飘飘、喜茶等快消品牌背后的标签供应商，距离正式登陆资本市场仅差"临门一脚"。 IPO过会细节， 募资总额5.31亿元 成功过会。 又一家不靠VC走向IPO的低调企业。 近日，北京证券交易所上市委员会召开2025年第27次审议会议，结果显示：苏州江天包装科技股份有限公司（以下简称"江天科技"）符合发行条件、上市 条件和信息披露要求，成功过会。 文：韦亚军 摄影：Bob君 江天科技此次冲击北交所IPO，拟公开发行不超过1.7618亿股，募资总额5.31亿元，全部用于"江天研发制造综合基地建设项目"，包括智能化生产线建设和 技术研发中心升级。 值得注意的是，江天科技最初申报的募资规模并不是现在的5.31亿，而是6.11亿元，其中包含8000万元用于补充流动资金。在北交所两轮问询后，公司主 动删减了"补流"部分，募资总额也相应下调。 监管层的质疑焦点在于：公司在报告期内累计分红6614万元，且账面资金充裕，甚至用闲置资金购买理财产品，为何还要募资"补血"？最终，江天科技选 择让步，以减轻市场与监管对其募资合理性的疑虑。 这一点应该是与管理层的经营思维有关—— ...