曾凭借"零添加"概念异军突起的千禾味业食品股份有限公司（简称"千禾味业"，603027.SH），在 经历了一场由检测风波引发的品牌信任危机后，2025年前三季度营收净利双双下滑。 业内人士认为，千禾味业业绩承压不仅是舆情冲击的余波，更折射出行业从高速增长迈向高质量发 展的深刻变革。随着"零添加"标识禁令以及多项新规的出台，调味品行业竞争正从"添加与否"的话语之 争，回归"品质如何"的实质较量。 "零添加"遭质疑 营收净利双双下滑 在今年6月举行的2024年度股东大会上，千禾味业董事长伍超群承认，舆情事件对品牌造成了伤 害。他表示，在快消品行业里，头部企业品牌受舆情影响之后，恢复期在10至12个月之间。 同质化竞争加剧 "零添加"标签将退场 公开资料显示，千禾味业成立于1996年，2016年3月在上海证券交易所上市，主营业务是高品质酱 油、食醋、料酒、蚝油等调味品的研发生产和销售，其中酱油、食醋是其核心业务板块。 2025年3月，千禾味业因旗下"千禾0"系列酱油陷入舆论风波。事件起源于第三方检测机构对13 款"零添加"酱油的抽检，结果显示部分产品含有微量重金属镉，其中千禾"御藏本酿380天"酱油的镉含 量为0. ...

文 | FBIF食品饮料创新 橙子 最激进的可能是渠道。盒马、沃尔玛推出有清洁标签认证的自有品牌产品，叮咚买菜、天猫超市等参与清洁标签团体标准的制定。 图片来源：盒马APP截图 编辑 | Panda 清洁标签正在升温。 成绩已经在销售端体现。12月11日盒马APP数据显示，盒马首款清洁蛋挞5万多人下单。 品牌们也积极跟进清洁标签。有些品牌走在了前面，争取所在品类的第一个清洁标签认证。 伊利旗下品牌伊知牛的安格斯牛肉，是国内首家获得CTI华测检测"一级清洁产品认证"的牛肉产品。伊知牛销售部全国特渠经理武志宇告诉FBIF，对于牛 肉产品，消费者常因缺乏明确的品质判断标准而感到困惑，伊知牛主动申请检测认证，核心是为了回应大家对肉类食品安全的关注，为选择提供可靠依 据。 相关规定正在完善。今年，行业接连发布了4个清洁标签的团体标准——中国标准化协会《清洁标签产品技术要求》、中国食品工业协会《清洁配方食品 技术要求》、上海市食品学会《清洁标签食品通用技术规范》、中国连锁经营协会《清洁标签食品真实性评价指南》。 清洁标签走到台前的背后，是消费者对配料表逐渐重视。 2024年1月，益普索和小红书联合发布的《小红书食品饮料行 ...

质量管控是食品安全的重要保障，千禾味业将这一原则贯穿于生产全链路，构建了大数据品控+供应链全链路管控的完备质量体系。千禾味业智能制造项 目二期2025年5月正式投产，通过现代生物工程技术和现代智能化工业设备，将传统调味品酿造行业"老师傅""眼看、鼻闻、口尝"的把关方式，迭代为标 准化、数字化的全链路智能生产品控。中央控制室通过大数据实时监控每一个生产工序，传感器实时监测氨基酸态氮、总酸、全氮等关键指标，原料检、 过程检、成品检等合计超过2000余项检测，近十年CCP管理0失误。千禾味业与大豆、食盐等核心配料供应商建立战略合作关系，实现了从原料到生产到 销售的全生命周期质量管控，从源头保障产品安全性，实现产品质量的高标准、可追溯，最大程度保障食品安全。 近日，中国质量认证中心2025年度体系认证客户交流会在广东佛山召开。千禾味业（603027）凭借严格的质量管理体系、配料透明化创新及食品安全体系 化建设，获得行业权威认可，荣获"质领标杆恒信奖"，定义调味品行业质量与安全双标杆企业新标准。 中国质量认证中心相关负责人表示，清洁标签产品认证的标准源于欧盟，要求企业建立从原料甄选、生产制作到包装储运的全链条风险管控体 ...

Core Insights - The report from Huatai Securities indicates that the essential consumer sector has entered a favorable left-side layout window, with expectations for a mild recovery in consumption in the second half of 2026 due to stabilizing real estate prices, increased policy stimulus, and the recovery of household balance sheets [1][2]. Industry Overview - The essential consumer sector is currently at historical low valuation levels and public fund allocation ratios, providing a high safety margin and potential upside for investors [1][2]. - Some sub-industries are showing signs of bottoming out, with leading companies shifting focus from price wars to product innovation and adapting to channel changes [1][2][6]. - Structural changes such as the rebalancing of raw milk cycles, recovery in restaurant demand, and stricter regulations on zero additives are optimizing the competitive landscape of the industry [1][2]. Investment Recommendations - The report recommends four categories of stocks: 1. Cyclical high-upside stocks, including Gujing Gongjiu, Luzhou Laojiao, China Resources Beer, Qingdao Beer, Haitian Flavoring, Anjuke Food, and Qianhe Flavoring [2][7]. 2. Companies at fundamental turning points, such as Mengniu Dairy and Master Kong [2][7]. 3. High-dividend blue-chip leaders like Yili and Shuanghui Development [2][7]. 4. Small but promising growth stocks, including Ximai Food, Baoli Food, and Yanjinpuzi [2][7]. Market Trends - The report emphasizes a three-stage market strategy from expectation recovery to performance realization for 2026 [2]. - The essential consumer sector is expected to see a gradual improvement in retail sales growth, projected to reach 4.8% in 2026 [25]. - The consumer confidence index has shown some recovery but remains in a low range, indicating cautious consumer sentiment [26]. Sub-Industry Insights - Specific sub-industries are highlighted: 1. Frozen food is showing signs of bottoming out, with expectations for a reduction in price wars in 2026 [6][10]. 2. The dairy sector is anticipated to see a rebalancing of the raw milk cycle, enhancing domestic substitution logic [6][10]. 3. The beer industry is expected to maintain profit resilience due to rational competition and a diminishing demand dividend [6][10]. 4. Traditional condiment leaders are actively adjusting strategies to capture market share [6][10]. Conclusion - The essential consumer sector is positioned for a potential recovery, with various sub-industries adapting to market changes and focusing on innovation and strategic adjustments to enhance competitiveness [1][2][6].

Investment Rating - The report maintains a positive investment outlook for high-quality companies in the food and beverage sector, indicating that it has entered a strategic allocation period [6][8]. Core Insights - The report highlights a significant decline in revenue for major liquor companies, with high-end liquor prices continuing to drop, leading to a search for a balance between volume and price [6][7]. - It emphasizes the need for patience regarding fundamentals and notes that the performance of individual stocks will vary during this adjustment phase [6][8]. - The report anticipates that stock price returns will primarily come from valuation contributions in the upcoming year, suggesting reasonable expectations for price movements [6][8]. Summary by Sections 1. Weekly Overview of Food and Beverage Sector - The food and beverage sector saw a slight increase of 0.07% last week, with the liquor segment declining by 0.73%, underperforming the broader market by 1.33 percentage points [5]. - The top gainers included Hai Xin Food (up 45.38%), Jia Long Co. (up 16.29%), and Yan Tang Dairy (up 15.25%) [5]. 2. Market Performance of Food and Beverage Segments - The report provides detailed pricing data for major liquor brands, noting that Moutai's bottle price is 1570 RMB, down 80 RMB week-on-week, and Wuliangye's price is approximately 825 RMB, down 5 RMB [7][25]. - It discusses the strategic direction of Moutai, focusing on quality over quantity and maintaining stable cash dividend policies [7]. 3. Industry Indicators and Future Outlook - The report predicts a gradual improvement in the Consumer Price Index (CPI) for 2026, which could lead to a recovery for companies with pricing power in various sub-sectors [8]. - It recommends focusing on sectors such as seasoning, frozen foods, and dairy, highlighting companies like Anjiu Food, Qianhe Flavor, and Yili Group as key players [8]. 4. Valuation Levels - As of November 28, the food and beverage sector has a dynamic PE of 20.59x, with a premium rate of 28%, while the liquor segment has a dynamic PE of 19.35x, with a premium rate of 20% [26].

Group 1: Core Insights - The report indicates that the food and beverage sector is entering a strategic allocation period, particularly for high-quality companies, as the market is expected to reach a predictable bottom in the near future [2][6][8] - Key recommendations for the liquor sector include Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while for consumer goods, the focus is on Yili, Qingdao Beer, Anjui Food, Qianhe Flavor Industry, Tianwei Food, and New Dairy [2][6][8] Group 2: Market Performance - The food and beverage sector saw a slight increase of 0.07% last week, with the liquor segment declining by 0.73%, underperforming the Shanghai Composite Index by 1.33 percentage points [5] - Moutai's bottle price is reported at 1570 RMB, down 80 RMB week-on-week, while the box price is 1580 RMB, down 85 RMB [7][30] Group 3: Industry Trends - The report highlights that the high-end liquor prices are declining, indicating a search for balance between volume and price in the market [6][7] - For the consumer goods sector, the core observation for 2026 is the Consumer Price Index (CPI), which is expected to improve gradually, leading to potential recovery for companies with pricing power [8][31] Group 4: Valuation Metrics - As of November 28, 2025, the food and beverage sector has a dynamic PE of 20.59x, with a premium rate of 28%, while the liquor sector has a dynamic PE of 19.35x, with a premium rate of 20% [31]

Core Insights - The seasoning and fermentation products sector saw a slight increase of 0.22% on November 28, with Anji Food leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Anji Food (603696) closed at 12.96, with a rise of 5.02% and a trading volume of 260,300 shares, amounting to a transaction value of 331 million yuan [1] - Other notable stocks include: - Baoli Food (603170) at 15.01, up 2.04% [1] - Zhu Laoliu (920726) at 21.01, up 1.30% [1] - Hengshun Vinegar (600305) at 7.93, up 1.15% [1] - Anding Yeast (600298) at 41.00, up 0.96% [1] Capital Flow - The seasoning and fermentation products sector experienced a net outflow of 80.487 million yuan from institutional investors, while retail investors saw a net inflow of 42.9313 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Anji Food had a net inflow of 9.449 million yuan from institutional investors, but a net outflow of 10.4815 million yuan from retail investors [3] - Tianwei Food (603317) saw a net inflow of 3.9827 million yuan from institutional investors, but also a net outflow from retail investors [3] - Fuling Pickles (002507) had a net inflow of 3.5402 million yuan from institutional investors, with significant retail outflows [3]

Core Insights - The seasoning and fermentation products sector experienced a decline of 0.4% on November 26, with Baoli Food leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Stock Performance - Zhu Laoliu saw a significant increase of 13.18%, closing at 22.41, with a trading volume of 121,000 shares and a turnover of 258 million [1] - Anji Food and Lianhua Holdings also reported gains of 2.85% and 1.83%, respectively [1] - Baoli Food, on the other hand, declined by 0.87%, closing at 14.80, with a trading volume of 22,700 shares and a turnover of approximately 33.8 million [2] Capital Flow - The seasoning and fermentation products sector had a net inflow of 8.96 million from institutional investors, while retail investors saw a net outflow of 37.35 million [2][3] - Qianhe Flavor Industry had a net inflow of 28.12 million from institutional investors, but a significant outflow of 25.31 million from retail investors [3] - Zhu Laoliu attracted a net inflow of 20.73 million from institutional investors, indicating strong interest despite the overall sector decline [3]

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, highlighting several key companies as investment opportunities [3][4]. Core Insights - The food and beverage industry is experiencing internal rotation in new consumption and improvement at the bottom of traditional consumption. The overall performance in 2025 was weak, primarily due to the adjustment in the liquor sector, but the long-term recovery trend for mass consumer goods remains intact [3][8]. - For 2026, structural opportunities are expected to continue, with new consumption showing internal rotation and traditional consumption gradually recovering from the bottom [3][15]. Summary by Sections Industry Overview - In 2025, the food and beverage sector's revenue grew by only 0.1% year-on-year, while profits fell by 14.6%, underperforming compared to the previous year. The industry index ranked last among 31 sub-industries with a decline of 4.8% [8][11]. - The adjustment in the liquor sector is identified as the main factor for the overall weak performance, while the recovery trend for mass consumer goods is expected to persist [8][11]. Soft Drinks - The beverage industry is projected to benefit from a rebound in travel demand in 2026, with a revenue increase of 6.2% in the first half of 2025 compared to the previous year [42][45]. - Cost advantages from declining prices of raw materials like sugar and PET are expected to continue, enhancing profit margins for beverage companies [45][49]. Snacks - The konjac snack sector is experiencing high growth, with companies like Salted Fish and Wei Long achieving significant revenue increases in 2025 [66][67]. - The competitive landscape for konjac products is expected to remain manageable, with established brands likely to maintain their market positions despite new entrants [70][76]. Dairy Products - The dairy sector is anticipated to see a recovery in supply-demand balance, with raw milk prices expected to stabilize in 2026 due to ongoing supply adjustments [38][39]. - Policies promoting consumption are expected to benefit liquid milk and milk powder sales, driving demand improvements [38][39]. Frozen and Condiment Products - The frozen food sector is expected to see performance improvements as competition stabilizes, with a focus on recovery in demand [38][39]. - The condiment sector is also projected to benefit from a gradual recovery in consumer demand [38][39]. Liquor - The liquor industry is still in an adjustment phase but is gradually approaching a bottoming out stage, with supply clearing expected to continue into 2026 [6][25]. - The report suggests that the long-term value of liquor stocks will become more apparent as the market stabilizes [6][25]. Investment Recommendations - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and Moutai in the beverage sector, as well as Wei Long and Salted Fish in the snack sector [6][8].

Market Overview - The seasoning and fermentation sector experienced a decline of 0.54% on November 20, with Zhu Laoliu leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable stock performances include: - Richen Co., Ltd. (603755) rose by 2.21% to a closing price of 38.42 with a trading volume of 23,400 hands [1] - Zhu Laoliu (920726) fell by 6.88% to a closing price of 20.30 with a trading volume of 63,700 hands [2] - Other significant declines include Anji Food (603696) down 3.93% and Baoli Food (603170) down 2.29% [2] Trading Volume and Capital Flow - The seasoning and fermentation sector saw a net outflow of 135 million yuan from main funds, while retail investors contributed a net inflow of 126 million yuan [2] - The trading volume for key stocks varied, with Richen Co., Ltd. achieving a trading volume of 23,400 hands and Zhu Laoliu at 63,700 hands [1][2]