随着天气逐渐转凉，2025年饮料旺季也渐渐远去，一个无法回避的问题是：无糖茶还火吗？ 先说结论：今年无糖茶的表现，或许不如年初期盼的一样轰轰烈烈，竞争与市场格局正在重新回到理性与秩序中。老牌无糖茶企业诸如农夫山泉东方树 叶、三得利等，不急不躁稳扎稳打，相比2024年的热战更显从容。而对于以无糖茶为核心的新兴品牌与"挑战者们"来说，在品类增速放缓、价格战难以获 得正收益时，则略显疲惫。 在本周，我们将通过2024/2025饮料旺季（4-9月），无糖茶整体及其中部分代表性茶种的市场表现，来回顾2025年无糖茶类目整体的发展。 复盘数据均来自于马上赢品牌CT，马上赢MSY150均衡模型、马上赢全量门店模型，使用的模型在数据图中均有标注。马上赢品牌CT数据覆盖了全国县 级以上各等级城市（不含乡、镇、村），并深度覆盖全国核心城市群，业态覆盖包括大卖场、大超市、小超市、便利店、食杂店。目前，马上赢品牌CT 中的品牌超30万个，商品条码量超过1400万个，年订单数超过50亿笔。 01 无糖茶大盘情况：增速显著放缓 首先是2024/2025年饮料旺季，无糖即饮茶的销售额同比增速变化情况。 可以看到，在刚刚过去的2025年饮料 ...

不过，桌面式净水器的普及率就远不如厨下式净水器了，甚至很多人都不知道还有桌面式RO净水器这种产品，以为RO净水器只能装在厨房等地方。既然厨 下式推不动了，那么接下来就该桌面式上场了，一众净水器品牌已然摩拳擦掌，做好准备。 桌面饮水机为何能火？ 过去几年，净水器市场看似平静，其实早已暗流涌动，小米、美的、海尔等家电品牌的入场，让这个品类的均价开始快速下跌。以主流的厨下净水器为例， 过去一台800G通量以上的RO净水器要价往往会去到两三千，现在已经普遍降到千元。 而且不只是降价，可以看到各个品牌都在卷功能、卷寿命、卷耗材成本，从简单的加热到添加额外的矿物质滤芯让水变得更加清甜等，还有原本一年一换， 要加几百上千的滤芯成本，也逐渐变成了五年不换芯、滤芯只要199元等宣传。 说实话，在各个厂商的营销轰炸下，厨下式净水器的市场增长一度超过30%，不过这也导致市场快速饱和。一份奥唯云网的报告显示，国内的净水器渗透率 已经接近30%，虽然与欧美等发达国家超80%的渗透率还有很大差距，但是已经基本覆盖具有消费能力的一线、二线城市的家庭，剩余的下沉市场短时间内 仍然难以突破。 图源：奥维云网 所以，很多厂商已经发现再卷下去也很 ...

行业点评报告 · 食品饮料行业 更加突出内需作用，食饮关注三大方向 —— "十五五"规划解读 2025 年 10 月 26 日 核心观点 食品饮料行业 推荐 维持评级 分析师 刘光意 ：021-20252650 ：liuguangyi_yj@chinastock.com.cn 分析师登记编码：S0130522070002 研究助理：彭潇颖 ：pengxiaoying_yj@chinastock.com.cn 相对沪深 300 表现图 2025 年 10 月 24 日 -20% -10% 0% 10% 20% 30% 2024/10/28 2024/11/28 2024/12/28 2025/1/28 2025/2/28 2025/3/31 2025/4/30 2025/5/31 2025/6/30 2025/7/31 2025/8/31 2025/9/30 SW食品饮料 沪深300 资料来源：中国银河证券研究院 相关研究 1.【银河食饮】专题报告_秋糖氛围较平淡，关注市 场风格切换 2.【银河食饮】专题报告_国庆中秋弱复苏，关注三 季报业绩 3.【银河食饮】饮料行业 25H1 业绩总结：关注景气 品种与竞争趋 ...

内容概要：近年来，随着国民收入水平和健康意识的不断提升，人们对新鲜、营养、无添加剂的饮品需 求日益增加，NFC果汁凭借其保留水果原有营养成分、无添加剂的特点，逐渐成为市场的新宠，据统 计，2024年我国NFC果汁零售量达1.14亿升，同比增长12.14%；零售额达63.20亿元，同比增长 13.73%。 上市企业：农夫山泉（09633.HK）、沃田集团（832139.NQ）、统一企业中国（00220.HK） 相关企业：杭州味全食品有限公司、杭州乐源饮料有限公司、臻富（福建）果汁食品有限公司、云南实 建褚橙果汁有限公司、广东宝桑园健康食品有限公司、深圳美西西餐饮管理有限公司 关键词：NFC果汁发展历程、NFC果汁市场政策、NFC果汁产业链图谱、NFC果汁销售规模、NFC果 汁竞争格局、NFC果汁发展趋势 一、概述 NFC果汁即"非浓缩还原果汁"，指采用新鲜水果直接榨汁、过滤（部分保留果肉）、杀菌后直接灌装 （或短时冷藏），不经过"浓缩-还原"工艺的果汁。其最大程度保留了水果原有的营养成分、天然风味 和色泽，口感更接近鲜榨果汁。 NFC果汁与FC果汁对比 按杀菌工艺不同，NFC果汁可以分为常温NFC果汁和低温NF ...

Investment Rating - The industry rating is maintained as "Outperform the Market" [6] Core Views - The food and beverage sector showed a slight increase of +0.86% from October 13 to October 17, outperforming the Shanghai Composite Index, which decreased by -1.47%, and the CSI 300 Index, which fell by -2.22% [21] - The report highlights a mixed performance across sub-sectors, with other alcoholic beverages leading with a +3.62% increase, while soft drinks experienced a significant decline of -5.19% [21] - The report emphasizes the importance of performance catalysts in the liquor sector, particularly in the context of the recent Autumn Sugar and Wine Fair, where feedback was relatively subdued [2][13] Summary by Sections Weekly Market Review - The liquor sector, particularly baijiu, showed a +1.78% increase, outperforming the overall food and beverage sector [2][13] - The report notes a cautious sentiment among distributors, with a focus on cost-effective products gaining attention [2][13] Investment Recommendations - For the baijiu sector, three main lines of recommendation include strong beta stocks like JiuGuiJiu and Shuidao, value recovery concepts like YingJiaGongJiu, and strong alpha stocks like Shanxi Fenjiu and Guizhou Moutai [20] - In the broader consumer goods sector, recommended stocks include DongPeng Beverage and NongFu Spring, focusing on performance elasticity and potential cost benefits [20] Sector Performance - The report details the performance of various sub-sectors, with notable increases in other alcoholic beverages and health products, while soft drinks and meat products faced declines [21] - The report also provides insights into the valuation metrics, indicating that the baijiu sector's PE-TTM is at 18.94X, which is considered low compared to historical averages [13][30]

| 合 要闻动态 | 首页 www.baohe.gov.cn | 19 를 走进包河 | 政府信息公开 E | ਮ 政务服务 | 14 政民互动 | | --- | --- | --- | --- | --- | --- | | | | | 请输入关键字 | | O | | | | | 搜索热词：包河 投资 结婚 环境保护 | | | | | | | | 无障碍浏览 | | | 政府信息公开 | | | | | | | 首页 > 包河区市场监督管理局 > 公共监管 > 食品药品安全 > 食品药品监督抽检信息 | | | | | | | 索 引 号 : | 113401110984041331-202510-00006 | 信息分类: | 食品药品监督抽检信息 | | | | 发布机构 : | 包河区市场监督管理局 | 生成日期: | 2025-10-20 | | | | 文 号: | | 有效性: | 有效 | | | | 生效时间: | 有效 | 废止时间: | 暂无 | | | | 名 称: | 合肥市包河区市场监督管理局关于公布2025年第9期食品 监督抽检信息的通告(20251020) | 失效时间: ...

Investment Rating - The report maintains a recommendation for the industry, indicating a focus on sectors with good performance and potential recovery in demand [3]. Core Insights - The liquor sector is experiencing a gradual improvement in sales dynamics, with a continued focus on clearing inventory. The report suggests that when performance no longer declines, it will signal a potential recovery in stock prices [7][13]. - The food sector shows a divergence in performance, with new consumption categories maintaining good momentum while traditional categories face weaker demand. The report emphasizes the importance of monitoring the recovery in traditional consumption [21][31]. Summary by Sections Liquor Sector - Sales dynamics in Q3 improved compared to May-June, but the report anticipates continued inventory clearance with a double-digit year-on-year decline expected. The demand from government and business sectors remains under pressure, while the banquet and mass consumption markets are relatively stable [7][13]. - Major brands like Moutai and Wuliangye are expected to see varied performance, with Moutai projected to achieve a 4% increase in revenue year-on-year, while Wuliangye may experience an 8% decline [14][16]. Food Sector - The overall demand environment in Q3 was relatively weak, with retail sales growth slowing down. However, sectors like snacks and beverages continue to show good performance, while traditional categories like seasonings and beer remain subdued [21][31]. - The report highlights that raw material costs are generally declining, but the trend is slowing down. Packaging prices have increased, impacting profit margins across various segments [24][25]. - Specific companies such as Yili and Mengniu are facing growth pressures, while new dairy companies are expected to maintain strong growth due to structural improvements [31][35]. Investment Strategy - The report recommends focusing on sectors with good performance, such as snacks and beverages, while also keeping an eye on traditional consumption recovery. Specific stock recommendations include West Wheat Foods in the snack sector and leading liquor brands like Shanxi Fenjiu and Luzhou Laojiao [10][11].

Summary of Key Points from Conference Call Records Industry Overview 1. Baijiu Industry - The Baijiu industry experienced a seasonal sales decline of approximately 20% during the Mid-Autumn Festival, with high-end brands like Moutai, Wuliangye, and Fenjiu performing relatively well. Inventory levels have not significantly decreased, and a slight upward trend is expected in the future [1][3][4] - Strong brand power and good sales performance are crucial for companies in this sector, with companies like Moutai and Wuliangye maintaining advantages. Companies with flexible operations, such as Zhenjiu and Laojiao, are also worth monitoring [5] 2. Consumer Goods - The consumer goods sector saw a slowdown in growth during Q3 2025, with beverage and dairy products showing improvement from a low base, while condiments maintained steady growth. Leading companies like Dongpeng, Nongfu Spring, and Yanjing Beer performed well and are recommended for investment [1][6] 3. Beauty Industry - The beauty industry showed overall good performance with no significant slowdown in growth. Some companies even exceeded their Q2 growth rates. High-growth companies like Ruoyuchen and Shanghai Jahwa are recommended for investment [1][7] 4. Gold and Jewelry Sector - Leading companies in the gold and jewelry sector continued to grow rapidly, benefiting from rising gold prices and price increase strategies. Companies like Laofengxiang and Zhouliufu reported impressive growth, with Laofengxiang's single-store revenue reaching up to 200% growth in September [1][8] 5. Trendy Toys and Supermarket Reform - In the trendy toy sector, Pop Mart remains in a high growth phase, while Miniso's Q3 report showed promising data. In the supermarket reform sector, companies like Bubugao and Huijia Times are experiencing performance releases, and ATO's rapid growth in bedding products is noteworthy [1][9] 6. Pork Industry - Pork prices saw a slight decline this week, but demand for secondary fattening is increasing, stabilizing prices at the bottom. Companies with cost advantages, such as Wens Foodstuffs and Muyuan, are expected to seize more opportunities as breeding sow capacity continues to decrease [1][18][17] Home Appliance Sector - The home appliance sector faced challenges in Q3 due to the gradual withdrawal of subsidies, leading to a less optimistic outlook for domestic demand. However, white goods showed stable performance, with leading companies like Haier and Midea expected to achieve near double-digit revenue growth [2][13] Other Notable Trends - The light industry, particularly the paper industry, is expected to see a turning point in Q4, with potential price increases in packaging and cultural paper [14] - The agricultural sector is focusing on the pork industry, with ongoing capacity reduction impacting future supply and price trends [17] - The pet sector is showing strong growth, with companies like Zhongchong and Guibao Pet expected to perform well [20] This summary encapsulates the key insights and trends across various industries as discussed in the conference call records, highlighting potential investment opportunities and risks.

Core Viewpoint - The market capitalization of Nongfu Spring is significantly higher than that of its competitor, China Resources Beverage, with a ratio of approximately 23 times, raising questions about the reasons behind this disparity in valuation [1] Financial Performance - Nongfu Spring reported a gross profit margin of 60.3% in the first half of the year, while China Resources Beverage's gross profit margin was only 46.7% [1] Revenue Composition - Nongfu Spring has established a "water + beverage" dual-engine strategy, with tea beverage revenue accounting for 39.4% of its total revenue, compared to only 15.4% for China Resources Beverage [1] Supply Chain Model - Nongfu Spring operates a fully self-sufficient production model, whereas over half of China Resources Beverage's products rely on outsourcing, incurring approximately 2 billion yuan in annual "cooperative production partner service fees," which compresses profit margins [1] Future Plans - China Resources Beverage has recognized its supply chain issues and plans to increase its own production capacity to over 60% by 2025, although building this capacity will take time [1]

Core Insights - The article discusses the stark valuation differences between two leading bottled water companies in China: Nongfu Spring and China Resources Beverage (Yibao), despite their similar product offerings and pricing [3][4][11]. Group 1: Market Valuation and Performance - Nongfu Spring has a market capitalization of HKD 599.4 billion, while China Resources Beverage is valued at only HKD 26.4 billion, indicating a significant disparity in market perception [3][11]. - From January to October 2023, Nongfu Spring's market value increased by HKD 217.6 billion, while China Resources Beverage's market value decreased by HKD 1.7 billion, highlighting the contrasting trajectories of the two companies [11]. - In the first half of 2025, Nongfu Spring reported revenue of CNY 25.622 billion and a net profit of CNY 7.622 billion, with bottled water contributing CNY 9.443 billion, accounting for 36.9% of total revenue. In contrast, China Resources Beverage had revenue of CNY 6.206 billion and a net profit of only CNY 0.805 billion, with bottled water making up 84.6% of its revenue [12]. Group 2: Profitability and Margins - Nongfu Spring's gross margin has consistently been higher than that of China Resources Beverage, with a gross margin of 60.3% in the first half of 2025 compared to 46.7% for China Resources Beverage [15][32]. - The article emphasizes that higher gross margins provide companies with the financial strength to engage in price wars, which is crucial in a competitive market [16][14]. - The profitability gap is attributed to the operational efficiencies and cost management strategies employed by Nongfu Spring, which has a more robust supply chain and production model [32][29]. Group 3: Product Diversification and Market Strategy - Nongfu Spring has successfully diversified its product offerings beyond bottled water, with tea beverages contributing significantly to its revenue, accounting for 39.4% in the first half of 2025 [19]. - In contrast, China Resources Beverage is still in the process of expanding its beverage portfolio, with only CNY 0.955 billion in beverage revenue, representing 15.4% of its total revenue [20]. - The competition for shelf space in retail outlets is critical, with companies needing to provide a diverse product range to secure prime display locations, which Nongfu Spring has managed effectively [24][27]. Group 4: Supply Chain and Production Models - Nongfu Spring operates a fully self-sufficient production model, controlling its supply chain from water source to bottling, which enhances its cost efficiency and product quality [29][32]. - China Resources Beverage, on the other hand, relies heavily on third-party manufacturers, which adds to its cost structure and reduces its profit margins [35][32]. - The article notes that the trend in the industry is shifting towards self-built production facilities, as companies recognize the importance of controlling their supply chains to improve profitability [54][56].