Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

Company Performance - Haitian Flavor Industry reported a revenue of 26.901 billion yuan for 2024, representing a year-on-year growth of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% year-on-year [1] - In Q4 2024, Haitian's revenue reached 6.502 billion yuan, with a year-on-year increase of 10.03%, and a net profit of 1.529 billion yuan, growing 17.82% year-on-year [1] - The growth in Haitian's performance may be influenced by a decline in average prices, as the company expanded into the catering and lower-tier markets, which pressured prices [1] Product Breakdown - For 2024, revenue from Haitian's soy sauce, seasoning sauce, oyster sauce, and other products was 13.76 billion, 2.67 billion, 4.62 billion, and 4.09 billion yuan respectively, with year-on-year growth rates of 8.9%, 10.0%, 8.6%, and 16.8% [1] - In Q4, the revenue growth for soy sauce, seasoning sauce, oyster sauce, and other products was 13.6%, 13.2%, 15.4%, and 7.1% respectively [1] Margin and Cost Factors - Despite a 2.5% decline in the price per ton of soy sauce, the volume sold increased by 11.6%, indicating a strategic focus on market share over pricing [1] - The gross margin for Haitian improved by 2.3 percentage points to 37.0% due to a decrease in raw material prices and economies of scale [1] Competitive Landscape - In contrast, Qianhe Flavor Industry faced operational pressures, with a revenue of 2.288 billion yuan for the first three quarters of 2024, down 1.85% year-on-year, and a net profit of 0.352 billion yuan, down 9.19% [4] - Qianhe's soy sauce revenue declined by 2.44% to 1.435 billion yuan, attributed to intensified price competition leading to proactive inventory management and price restructuring [4] Market Trends - The performance disparity between Haitian and Qianhe may be more related to the trend of cost-effectiveness rather than public perception [5]

近日，#千禾0商标被指误导消费者零添加#冲上热搜，千禾味业被推上风口浪尖。 今年3月，《消费者报道》杂志对13款宣称"零添加"的酱油进行了检测，结果发现12款检出镉，7款检出总砷。其中，千禾御藏本酿380天酱油中检 测出0.0110mg/kg的镉，这款酱油瓶身上印有"千禾0"字样，但并未明确标注为"零添加"产品。 因此，不少消费者表示，看到千禾酱油瓶身上的"千禾0"字样，自然而然地认为这是"零添加"产品，结果却发现"千禾0"只是一个商标，而非真正 的"零添加"。 而为了平息消费者的"怒火"，3月20日，千禾味业曾发布声明称，"千禾0"商标是其零添加产品的重要标识，不存在误导消费者的行为，但承认让消 费者产生了误会，并对此深表歉意。类似"XX0"的商标还有海天味业、简爱酸奶、壹号土猪肉。据了解，海天味业已成功注册了10个与"海天0"相关 的商标，其中包括6个"海天0"商标和4个"海天0+"商标；"简爱酸奶"将"其他没了"注册为商标，暗示无添加剂；"壹号土猪肉"等均通过拆分商标名 称，让消费者误以为是"土特产"。 有消费者吐槽道，这类操作本质是利用消费者对商标法的认知盲区，通过模糊商品描述与商标的界限，制造信息 ...

深陷争议、业绩失速，千禾味业"零添加"红利还能 吃多久？ 调味品企业千禾味业近期深陷"零添加"争议。针对媒体报道千禾味业"零添加"酱油检出镉并质疑"千禾 0"不是"零添加"产品，千禾味业近日两度作出回应，称相关产品符合国家食品安全标准，使用"千禾 0"商标的相关产品都是"零添加"产品，"千禾0"系列产品仅使用食品原料，不添加食品添加剂。 受"零添加"赛道逐渐拥挤，入局者增加影响，千禾味业2024年前三季度营收、净利双下滑。业内人士指 出，千禾味业此前披露的2024年度经营目标是营收、净利均实现增长超两成，如今看来，这一目标或难 以实现。 随着消费者健康需求上升，千禾味业凭借"零添加"概念逐步受到关注。或是受2022年"海天味业食品添 加剂双标"事件影响，千禾味业2022年、2023年均实现强势增长。2022年实现营收24.36亿元，同比增长 26.55%；实现净利润3.44亿元，同比增长55.35%。2023年营收同比增长31.62%至32.07亿元，净利润同 比增长54.22%至5.30亿元。 进入2024年，海天味业等同行发力"零添加"产品，该赛道逐渐拥挤，千禾味业业绩增长放缓。2024年前 三季度，其营 ...

Core Viewpoint - Qianhe Flavor Industry (千禾味业) has issued a statement regarding the controversy surrounding its "Qianhe 0" trademark, emphasizing that its products meet national standards and contain no harmful additives [3][4]. Group 1: Product Testing and Results - The company announced that the Market Supervision Administration of Meishan City conducted a supervision sampling of 23 batches of its products, confirming that all "Qianhe 0" products met the national standards for brewed soy sauce (GB/T 18186) [3]. - The testing results showed no detection of sodium benzoate, potassium sorbate, sucralose, or acesulfame in the sampled products [3]. - In response to media reports about the detection of cadmium in its soy sauce, the company clarified that the presence of cadmium is due to raw materials, which comply with national safety standards [5][6]. Group 2: Market Performance and Financials - As of March 21, Qianhe Flavor Industry's stock price had fallen for five consecutive days, with a cumulative decline of 8.99%. However, on March 24, the stock showed a slight recovery, increasing by over 2% [3]. - The company reported a revenue of 3.207 billion yuan in 2023, an increase of 771 million yuan year-on-year, with a record net profit of 530 million yuan [6]. - In contrast, the company faced challenges in Q3 2024, with revenue of 2.288 billion yuan, a year-on-year decrease of 1.85%, and a net profit of 352 million yuan, down 9.19% year-on-year [6].

千禾0只是一个商标而不是零添加，董事长喊冤？ 然而，此次 "千禾 0" 被曝出只是一个商标而不是指 0 添加，且产品被检测出镉元素，让千禾味业陷入了舆论的漩涡。 "零添加" 神话破灭？千禾深陷舆论风暴 从品牌形象角度看，千禾长期以 "零添加" 为核心卖点进行宣传，"千禾 0" 商标在消费者心中与 "零添加" 紧密相连。此次事件导致消费者对 "零添加" 概 念的信任度降至冰点，品牌形象严重受损，大量消费者表示不再信任该品牌，甚至不会再购买其产品。在事件曝光后的 3 月 18 日至 21 日，千禾味业股价 连续四日下跌，累计跌幅达 7.3%，市值蒸发超 9.5 亿元。产品退货率飙升，差评如潮，对公司短期业绩造成严重冲击。从长期来看，如果无法恢复消费 者信任，市场份额可能会持续下降，进而影响公司的营收和利润增长。行业竞争层面，海天等竞争对手也在不断布局零添加市场，千禾此次的商标争议事 件，给了竞争对手扩大市场份额的机会，进一步挤压了千禾的生存空间。 公关 "救场" 能否成功？千禾回应遭质疑 在此次舆论危机中，千禾味业采取了一系列公关举措。发布沟通说明、公开道歉承认与消费者沟通不足，还宣布常态化开放工厂参观，推进 " ...

Core Viewpoint - The article discusses the controversy surrounding Qianhe Weiye's "Qianhe 0" soy sauce products, particularly in relation to the "zero additives" claim and the detection of cadmium in some products, emphasizing the company's commitment to transparency and product safety [3][4][6][8]. Group 1: Product and Brand Clarification - "Qianhe 0" is a registered trademark of Qianhe Weiye, indicating products that are free from additives, and the company asserts that all products under this brand are indeed zero-additive [4][14]. - The company acknowledges a communication gap regarding the meaning of "Qianhe 0" and aims to clarify that it is both a brand and a guarantee of zero additives [14][15]. Group 2: Response to Controversy - Following media reports of cadmium detection in soy sauce products, Qianhe Weiye initiated a self-inspection of its products and confirmed that the "Qianhe 0" series complies with production standards and does not contain additives [7][11]. - The company highlighted that the detected cadmium levels were within acceptable limits and attributed the presence of cadmium to raw materials rather than intentional additives [9][10]. Group 3: Regulatory Compliance and Safety Standards - Qianhe Weiye stated that its products meet national safety standards, with cadmium levels in their soy sauce being significantly lower than the limits set by both Chinese and EU regulations [11][12]. - The company emphasized that the cadmium levels found in their products are below the daily intake limits recommended by health organizations [11]. Group 4: Future Actions and Consumer Engagement - Qianhe Weiye plans to enhance consumer trust by inviting more customers to observe the production process, thereby promoting transparency and product safety [16][17]. - The company is committed to maintaining high production standards and has implemented advanced technology in its manufacturing processes to ensure product quality [17].

一、眉山市市场监督管理局已对我公司成品库房、商场超市在售的相关产品 进行监督抽检，共计 23 批次，并于 2025 年 3 月 23 日发布《眉山市市场监督管 理局关于千禾味业食品股份有限公司相关产品监督抽检情况的通告》（详见 https://www.ms.gov.cn/info/5567/1182025.htm）。经检测，结果符合企业标示 的酿造酱油国家标准（GB/T 18186）。本次抽检报告显示，抽检的所有 产品未 检出苯甲酸钠、山梨酸钾、三氯蔗糖、安赛蜜等食品添加剂含量。 证券代码：603027 证券简称：千禾味业 公告编号：临 2025-005 千禾味业食品股份有限公司 关于媒体报道的澄清公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 千禾味业食品股份有限公司（以下简称"千禾味业"或"公司"） 产品被媒 体送检事件受到广泛关注，现将有关情况说明如下： 二、 商标用于区分我公司零添加产品和非零添加产品。凡是使用 商标的 产品都是零添加产品。 系列产品仅使用食品原料，绝不添加食品添加剂。 感谢社会各界对公司的 ...

Core Viewpoint - The article discusses the controversy surrounding Qianhe Flavor Industry's "Qianhe 0" trademark, which has been accused of misleading consumers regarding its "zero additives" claim, leading to significant market volatility and a decline in stock price [1][3][6]. Product Testing Controversy - A report indicated that out of 13 soy sauces claiming to be "zero additives," 12 were found to contain cadmium, and 7 contained total arsenic, with Qianhe's product showing 0.0110 mg/kg of cadmium [2]. - The controversy over product testing and trademark misrepresentation has caused Qianhe's stock to drop by 7.3% over four consecutive days, resulting in a market value loss of 9.5 billion yuan [3]. Company Response - Qianhe Flavor Industry issued a statement clarifying that the detected cadmium in their soy sauce is a result of natural sources in water and soil, and that their ingredients comply with national standards [6][8]. - The company emphasized that the "Qianhe 0" trademark is a registered mark that signifies their zero additive products, which are produced under strict regulations without any food additives [6][8]. Market Performance - Qianhe Flavor Industry, established in 1996 and listed in 2016, saw a significant increase in revenue in 2023, reaching 3.207 billion yuan, up by 771 million yuan from 2022, with a record net profit of 530 million yuan [11]. - However, due to intensified market competition and the widespread adoption of the "zero additives" concept, the company reported a decline in both revenue and net profit in the third quarter of 2024, with revenue at 2.288 billion yuan, down 1.85%, and net profit at 352 million yuan, down 9.19% year-on-year [11].

Core Viewpoint - The article discusses the controversy surrounding Qianhe Flavor Industry's "Qianhe 0" series, which claims to be additive-free, following media reports of cadmium detection in their soy sauce products. The company asserts that the detected cadmium levels are within safety standards and emphasizes its commitment to consumer health and transparency [2][3][4][6][7]. Summary by Sections Product Quality and Safety - Qianhe Flavor Industry's "Qianhe 0" series is marketed as zero-additive products, with no external food additives used during production. The detected cadmium in their soy sauce is attributed to raw materials, as cadmium is naturally present in water, soil, and various agricultural products [3][4][6]. - The company conducted a self-inspection and confirmed that their production processes comply with zero-additive requirements, and all raw materials meet national safety standards [4][6][7]. Regulatory Standards - According to GB2762, there are no specific limits for cadmium in soy sauce, and the detected levels in Qianhe's products (0.0110 mg/kg) are significantly below the limits set for other food categories, such as fish seasoning [6][7]. - The company highlighted that the cadmium levels in their products are far below the safety standards for similar food items, reinforcing their compliance with food safety regulations [6][7]. Consumer Communication and Brand Management - The controversy has led to misunderstandings regarding the "Qianhe 0" trademark, which the company clarifies is intended to signify its zero-additive products and not to mislead consumers [7][8]. - Qianhe Flavor Industry acknowledges the need for better communication with consumers and expresses a commitment to transparency by inviting consumers to observe production processes [8][9].