证券日报网讯 12月8日，养元饮品在互动平台回答投资者提问时表示，截至2025年9月30日，公司股东 总数为32763户。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 12月8日，养元饮品在互动平台回答投资者提问时表示，公司重视与投资者的互动与交 流，对于投资者提出的问题，公司在核实后，将及时回应。 ...

上市企业：养元饮品（603156）,承德露露（000848）,东鹏饮料（605499）,均瑶健康（605388） 2020-2025年1-10月中国饮料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国饮料行业市场运营格局及未来前景分析报告》 根据国家统计局数据显示：2025年10月中国饮料产量为1096万吨，同比下降1.3%；2025年1-10月中国饮 料累计产量为15550.1万吨，累计增长3.4%。 ...

Market Overview - The beverage and dairy sector increased by 1.12% on December 1, with Sunlight Dairy leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Sunlight Dairy (001318) closed at 17.57, up 10.02% with a trading volume of 257,000 shares and a transaction value of 447.1 million [1] - Other notable performers included: - Quan Yang Quan (600189) at 7.54, up 4.72% [1] - Huanle Jia (300997) at 24.39, up 3.39% [1] - Dongpeng Beverage (605499) at 269.03, up 2.04% [1] - Yiming Food (605179) at 22.35, up 1.78% [1] Fund Flow Analysis - The beverage and dairy sector experienced a net outflow of 145 million from institutional investors, while retail investors saw a net inflow of 117 million [2] - The main stocks with significant fund flows included: - Yili Group (600887) with a net outflow of 64.44 million from institutional investors [3] - Sunlight Dairy (001318) with a net inflow of 42.02 million from institutional investors [3] - Chengde Lolo (000848) had a net inflow of 4.49 million from retail investors [3]

Core Insights - The "Six Walnuts" brand from Yangyuan Beverage won the "Annual Consumer Brand Value Award" at the "2025 New Consumption Summit Forum," highlighting its leadership in the plant protein beverage sector [1] Group 1: Industry Leadership - Yangyuan Beverage is a pioneer in the plant protein beverage industry, with an annual production capacity exceeding 2 million tons and an 88% market share in the walnut milk segment, maintaining its industry-leading position [2] - The sales network of "Six Walnuts" covers nearly 1 million retail outlets nationwide and has a strong presence on major e-commerce platforms like Tmall, JD, and Douyin, creating a comprehensive online and offline marketing matrix [2] Group 2: Technological Innovation - "Six Walnuts" has independently drafted the first industry standard for plant protein beverages in China and has actively participated in the formulation of national standards for walnut milk, promoting standardized development in the category [3] - The brand utilizes proprietary technologies such as the 【5·3·28】 process and CET cold extraction technology, achieving over 97% nutrient utilization and transitioning the product from a flavor-based beverage to a functional beverage [3] Group 3: Social Responsibility - "Six Walnuts" has established dedicated procurement bases in key walnut-producing regions, sourcing 100 million kilograms of walnuts annually and supporting over 100,000 farmers through a cooperative model [4] - The company has invested 30 million yuan in the "Six Walnuts·Reading Wisdom" public welfare project, building 1,411 standardized libraries across 18 provinces, benefiting over 770,000 rural students [4] - "Six Walnuts" has also contributed over 30 million yuan in material donations during critical events such as the pandemic and natural disasters, and established a national brain nutrition research fund to promote brain health research [4] Group 4: Brand Value and Future Outlook - Over 28 years, "Six Walnuts" has exemplified the true value of a national brand, using technology to build barriers, strengthening its industrial base, and integrating social responsibility into its business model [5] - The brand's development path serves as a model for consumer brand value growth and injects strong momentum into the transformation from "Made in China" to "Intelligent Manufacturing in China" [5]

Market Overview - The beverage and dairy sector increased by 0.46% compared to the previous trading day, with San Yuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - San Yuan Co., Ltd. (600429) closed at 6.01, up 3.80% with a trading volume of 1.1457 million shares and a turnover of 691 million yuan [1] - Junyuan Health (605388) closed at 7.86, up 2.21% with a trading volume of 211,100 shares and a turnover of 166 million yuan [1] - Panda Dairy (300898) closed at 28.51, up 1.75% with a trading volume of 67,100 shares and a turnover of 191 million yuan [1] - New Dairy (002946) closed at 17.83, up 1.71% with a trading volume of 67,500 shares and a turnover of 119 million yuan [1] - Yangyuan Beverage (603156) closed at 28.27, up 1.58% with a trading volume of 86,900 shares and a turnover of 244 million yuan [1] - Yili Group (600887) closed at 29.58, up 0.20% with a trading volume of 630,400 shares and a turnover of 1.87 billion yuan [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 6.8937 million yuan from institutional investors, while retail investors saw a net inflow of 40.3808 million yuan [2] - The capital flow for key stocks indicates varying trends, with Yili Group seeing a net inflow of 54.2414 million yuan from institutional investors [3] - Yangyuan Beverage had a net outflow of 43.5322 million yuan from retail investors, despite a net inflow of 36.7944 million yuan from institutional investors [3]

Core Insights - Hebei Yangyuan Zhihui Beverage Co., Ltd. has been recognized for its outstanding performance in various areas including quality operations, innovative breakthroughs, service upgrades, brand influence, and corporate social responsibility [1] Group 1: Company Performance - The company successfully made it to the "2025 Annual Enterprise List" by Economic Observer, highlighting its commitment to high-quality development and consumer upgrade [1] - The evaluation focuses on identifying enterprises that actively practice high-quality development concepts and drive innovation in consumer upgrades amidst the new consumption wave [1] Group 2: Industry Impact - The initiative aims to set benchmark examples for the industry, promoting sustainable, healthy, and high-quality development in the new consumption sector [1]

Investment Rating - The report does not explicitly provide an investment rating for the food and beverage industry Core Insights - The food and beverage industry is experiencing significant innovation and market shifts, particularly in health-oriented products and consumer preferences for low-sugar and functional beverages Industry Trends - Japanese market innovation in products like liquid ice cream and gout-relief yogurt highlights the importance of consumer-driven product development and emotional marketing, which can serve as a model for the Chinese market [2] - The Chinese medicinal food industry has surpassed 370 billion yuan, with a total industry valuation exceeding 2 trillion yuan, driven by health awareness and innovative product offerings [2] - The plant-based protein beverage market is seeing improved performance among leading companies, with notable revenue growth reported by Yangyuan Beverage and Chengde Lulu [4] - The emergence of HPP cold brew tea products is gaining traction among young consumers, despite high costs and niche market positioning [4] - A resurgence of sugary beverages is noted, with brands like Yuanqi Forest and Wahaha reintroducing sugar in their products, reflecting consumer preferences for taste alongside health [5] - The bottled water market is shifting from price competition to value competition, with brands like Nongfu Spring leveraging product innovation and channel expansion [6][7] - The market for sugar-free tea is evolving, with a growing demand for flavored and quality products among younger consumers [7] - The pet food market is expanding, with new brands entering the space and established companies diversifying their offerings to include fresh food options [8] - The plant milk market is projected to exceed 100 billion yuan, with B2B channels becoming crucial for growth [9] - New retail strategies are driving beverage innovation, with companies focusing on health, functionality, and emotional engagement [10] Brand Dynamics - Mondelez International reported a 5.9% revenue increase, but faced challenges in the Chinese market due to consumer confidence issues [14] - Xu Fu Ji's sports scene marketing has led to the success of its Meilu energy biscuits, tapping into the growing demand for sports nutrition [15] - Coca-Cola's third-quarter results showed a 5% revenue increase, driven by the popularity of sugar-free products [16] - Yangyuan Beverage is enhancing its leadership in the plant-based protein beverage sector through product innovation and channel restructuring [17] - The introduction of low-sugar snacks by brands like Holley has responded to rising health consciousness among consumers [18] - Mengniu's milk powder business has achieved double-digit growth by addressing diverse consumer needs across different age groups [19] - Chengde Lulu is pivoting towards herbal water products to counteract declining revenues in the plant-based beverage market [20] - New麦食品 is leveraging digital transformation to become a benchmark in the baking industry, focusing on fresh, preservative-free products [21] - The entry of brands like Guozi Shule into the craft beer market reflects a trend of category fusion in the beverage industry [22] - Dongpeng's electrolyte drink brand "Buhua" is rapidly growing, posing competition to established brands like Yuanqi Forest [23]

Group 1 - The food and beverage sector continues to rise, with the Food ETF (515710) showing a maximum intraday increase of 1.28% and currently up 0.64% [1] - Major consumer goods stocks are leading the gains, with notable performances from liquor brands such as Tianwei Food up over 3% and Yangyuan Beverage up over 2% [1] - Guizhou's government has introduced multiple consumption expansion measures related to liquor, aiming to boost production and consumption during peak holiday seasons [2][3] Group 2 - Analysts highlight that Guizhou's consumption expansion policy aims to deeply integrate liquor consumption with industrial upgrades and cultural promotion, rather than just short-term sales boosts [3] - The food and beverage sector is currently at a historical low valuation, with the Food ETF's underlying index PE ratio at 21.21 times, indicating a favorable long-term investment opportunity [3] - Future projections suggest that the liquor industry may see improvements in financial reports by 2026, with a gradual recovery in demand expected as policy impacts diminish [4] Group 3 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in high-end liquor stocks and nearly 40% in other beverage and food segments [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]