智通财经7月10日电，良品铺子(603719.SH)公告称，公司控股股东宁波汉意创业投资合伙企业（有限合 伙）正在筹划重大事项，可能导至公司控制权发生变更。公司股票自2025年7月11日（星期五）上午开 市起停牌，预计停牌时间不超过2个交易日。 良品铺子：控股股东筹划控制权变更事项 股票停牌 ...

Core Viewpoint - The traditional snack giants are facing a survival crisis as they struggle against the rise of low-cost snack brands, leading to significant declines in revenue and profit margins [1][2][20]. Group 1: Performance of Traditional Snack Giants - Laiyifen reported a double-digit decline in both revenue and net profit in its 2024 annual report, marking the largest loss since its IPO [1] - Good Products also experienced its first annual loss since its listing in 2020 [1] - Three squirrels terminated the acquisition of Ailingshi and announced a strategic partnership with Snack Selection, while facing legal challenges from Ailingshi [1][2] Group 2: Rise of Low-Cost Snack Brands - Low-cost snack brands are rapidly gaining market share through a "low-margin, high-volume" model, posing unprecedented challenges to traditional snack companies [2] - Brands like "Very Busy" and "Snack Revolution" have emerged, focusing on price competitiveness and direct factory connections, undermining the brand premium of traditional players [3][4] Group 3: Changing Consumer Behavior - Young consumers are becoming more rational, with a decreasing willingness to pay a premium for brands [4] - The perception of high prices and product homogeneity among traditional brands is leading to a loss of consumer loyalty [3][4] Group 4: Challenges Faced by Traditional Giants - Three Squirrels heavily relies on online channels, with 70% of its revenue still coming from third-party e-commerce platforms in 2024 [5] - The company aimed for a "ten-thousand store plan" by 2024 but only managed to open 333 stores, closing 549 in 2022 alone [6] - Laiyifen's store count decreased by 16.28% from 2023 to 2024, highlighting the struggles of traditional retail models [6] Group 5: Profitability Issues in the Low-Cost Segment - Leading low-cost brands like "Wancheng" and "Mingming Very Busy" have achieved rapid growth but maintain low profit margins of 0.91% and 2.1% respectively [7][8] - The franchise model prevalent in low-cost brands raises concerns about sustainability, as profitability for franchisees is crucial for continued expansion [8] Group 6: Future Directions for Traditional Giants - Traditional snack companies are exploring new product lines and pricing strategies to combat the low-cost competition, with Good Products initiating a significant price reduction across 300 products [14] - However, this price-cutting strategy risks damaging brand value and consumer trust [14] - The need for operational upgrades and a complete supply chain overhaul is emphasized as essential for survival in the evolving market [17][20] Group 7: New Business Models - Three Squirrels has opened its first lifestyle store, expanding beyond snacks to include a variety of products, indicating a shift towards a more comprehensive retail approach [18] - The company is also developing a convenience store model, focusing on a low-margin strategy with a diverse product mix [18] Group 8: Conclusion - The snack industry is undergoing a transformation where traditional high-end branding is losing relevance, and the focus is shifting towards affordability and value [20] - The future of the snack market will favor brands that can deliver genuine value to consumers, necessitating a reevaluation of cost structures and value propositions by traditional giants [20]

Overview - The demand for pistachios in China is increasing due to rising living standards and changing consumer preferences towards healthy snacks. In 2024, the demand for pistachios is projected to reach 235,100 tons, with a market size of 22.711 billion yuan, while the domestic production is only 81,100 tons, necessitating significant imports each year [1][10]. Market Policy - China has implemented a series of stringent food safety policies to regulate the production of pistachios, ensuring product quality and promoting the industry's development towards standardization and high quality. Key policies include guidelines for traditional food production, food safety assessment methods, and measures to enhance food enterprise standard management [4][6]. Industry Chain - The pistachio industry chain includes upstream cultivation, processing equipment, flavoring, and packaging materials. The main cultivation areas are in Xinjiang and Gansu, where the climate is suitable for pistachio growth. Due to insufficient domestic production, China heavily relies on imports. The midstream involves processing, while the downstream includes sales channels such as supermarkets, convenience stores, and e-commerce platforms [8][10]. Development Status - The market for pistachios is experiencing continuous growth, with a projected import volume of 133,700 tons and an import value of approximately 86.9 million USD in 2024. The average import price is 6.50 USD per kilogram, with major suppliers being the United States, Iran, Australia, and Turkey [12][10]. Competitive Landscape - The pistachio industry in China is characterized by a fragmented competitive landscape with numerous participants. Key players include Three Squirrels, Qiaqia Food, and Good Products, among others, with operations spread across various provinces [14][16]. Company Analysis - Three Squirrels has achieved significant sales, with total revenue reaching 10.62 billion yuan in 2024, of which the nut business accounted for 5.366 billion yuan, representing 50.5% of total revenue [16]. Good Products, established in 2006, reported total revenue of 7.159 billion yuan in 2024, with the nut business contributing 1.138 billion yuan, or 15.9% of total revenue [18]. Development Trends - The future demand for pistachios is expected to grow as consumer health awareness increases, leading to a shift towards low-fat, high-protein, and nutrient-rich products. Companies are likely to invest in product diversification and innovation, including new flavors and functional products, as well as deep-processing products like pistachio butter and oil [20].

Group 1 - The Shanghai Composite Index is at 3451.09 points, above the annual line, with a change of 0.19% [1] - A total trading volume of A-shares reached 710.879 billion yuan [1] - 32 A-shares have surpassed the annual line, with notable stocks including Yinbao Shanyin, Blue Arrow Electronics, and Yingjie Electric, showing deviation rates of 7.98%, 7.15%, and 5.01% respectively [1][2] Group 2 - The top three stocks with the highest deviation rates from the annual line are: - Yinbao Shanyin: 9.98% increase, latest price 10.14 yuan, deviation rate 7.98% [2] - Blue Arrow Electronics: 18.15% increase, latest price 27.80 yuan, deviation rate 7.15% [2] - Yingjie Electric: 6.85% increase, latest price 48.99 yuan, deviation rate 5.01% [2] - Other stocks with smaller deviation rates include: - Liangpin Puzi, Jialian Technology, and Guangzhou Port, which have just crossed the annual line [1]

证券代码：603719 证券简称：良品铺子 公告编号：2025-025 根据《企业会计准则第 16 号——政府补助》的相关规定，上述政府补助 2,396.00 万元（数据未经审计）计入当期损益，具体会计处理和最终对公司损益 的影响以会计师年度审计确认后的结果为准，敬请广大投资者注意投资风险。 特此公告。 良品铺子股份有限公司董事会 2025 年 7 月 1 日 良品铺子股份有限公司关于收到政府补助的公告 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法律责任。 一、获得补助的基本情况 2025 年 6 月 27 日，公司获得与收益相关的政府补助资金人民币 2,396.00 万 元（数据未经审计），占公司 2024 年度归属于上市公司股东净利润绝对值的比 例为 51.97%。 二、补助的类型及其对上市公司的影响 ...

Core Viewpoint - The company received a government subsidy of 23.96 million yuan, which significantly impacts its financial performance for the fiscal year 2024 [1] Group 1 - The government subsidy amounts to 23.96 million yuan, which is equivalent to 51.97% of the company's net profit attributable to shareholders for the fiscal year 2024 [1] - This subsidy will be recognized in the current period's profit and loss statement, with the final impact subject to annual audit confirmation by accountants [1]

Core Insights - The "2024 China Chain Top 100" report by the China Chain Store & Franchise Association (CCFA) indicates a sales scale of 2.13 trillion yuan and a total of 257,200 stores for the top 100 chain enterprises, representing a year-on-year growth of 4.9% and 13.5% respectively [1] Group 1: Industry Overview - The top 100 chain enterprises include 46 comprehensive retail companies, 23 supermarkets, 13 convenience stores, and 18 specialty stores, with comprehensive retail facing the greatest growth pressure [1] - Supermarkets are showing signs of recovery, with 12 companies achieving year-on-year sales growth and 6 companies experiencing both sales and store number growth [1] - Convenience stores continue to see dual growth in sales and store numbers, although the growth rate has slowed compared to the previous year [1] - Specialty stores have the best operational performance, achieving double-digit growth in both sales and store numbers [1] Group 2: New Entrants and Performance - The 2024 China Chain Top 100 includes five new companies: Wancheng Biological (SZ300972), Liangpinpuzi (SH603719), Xiyahomei, Juewei Food (SH603517), and Guizhou Helix [1] - The number of companies with sales exceeding 30 billion yuan increased from 21 in 2023 to 24 in 2024 [1] - Ten companies achieved double-digit growth in both sales and store numbers, including "Hema," "Mingming Hen Mang," "Wancheng Biological," "Qiyi Shiyi," "Kaisike," "Shizhu," "Biyoute," "Kudong," "Xinguo Technology," and "Laolinjia" [2] - Walmart (China) maintained its position as the top company in the China Chain Top 100 with sales of 158.845 billion yuan, while Hunan's "Mingming Hen Mang" entered the top 10 for the first time [2]

中国经济网北京6月17日讯上周五收盘后，良品铺子（603719）(603719.SH)被调出中证1000指数样本生 效。 据中证指数有限公司此前公告，根据指数规则，经指数专家委员会审议，中证指数有限公司决定调整沪 深300、中证500、中证1000、中证A50、中证A100、中证A500等指数样本，于2025年6月13日收市后生 效。其中沪深300指数更换7只样本，中证500指数更换50只样本，中证1000指数更换100只样本，中证 A50指数更换4只样本，中证A100指数更换5只样本，中证A500指数更换21只样本。 2025年第一季度，良品铺子实现营业收入17.32亿元，同比下降29.34%；归属于上市公司股东的净利 润-0.36亿元，上年同期为0.62亿元；归属于上市公司股东的扣除非经常性损益的净利润-0.40亿元，上年 同期为0.55亿元；经营活动产生的现金流量净额3.61亿元，上年同期为-0.54亿元。 | | | | 早饭:儿中4:人民日 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 本报告期比上年同 | | | | | 期增减变动幅度(%) | ...

Overview - The demand for boneless chicken feet is increasing as national income levels rise, with consumers focusing more on food quality and taste. This product appeals to a wide range of consumers, especially young people who frequently try new flavors and brands. The market size for boneless chicken feet in China is projected to reach 14.66 billion yuan in 2024, representing a year-on-year growth of 17.75% [1][10]. Market Policies - Recent years have seen stricter food safety regulations in China, with policies aimed at enhancing the standards for raw material procurement, processing techniques, and hygiene standards for boneless chicken feet producers. Notable policies include the "Food Labeling Supervision and Management Measures" and the "Opinions on Further Strengthening Food Safety Supervision" issued in March 2025, which aim to protect consumer rights and ensure food safety [3][5]. Industry Chain - The boneless chicken feet industry consists of an upstream segment that includes raw chicken feet, seasonings, food additives, and packaging materials. The midstream involves the production of boneless chicken feet, while the downstream encompasses various sales channels such as supermarkets, convenience stores, and e-commerce platforms, catering to a diverse consumer base [6][8]. Current Development - The boneless chicken feet market is characterized by a broad consumer demographic, including young adults, office workers, and students. The product's convenience and taste have made it popular across various consumption scenarios, such as family gatherings and office snacks [10]. Competitive Landscape - The boneless chicken feet market has become increasingly competitive since its rise in popularity around 2019, particularly on platforms like Douyin. Key players in the industry include Anhui Zhuoxi Food Co., Ltd., Liangpinpuzi Co., Ltd., and Beijing Wang Xiaolu Network Technology Co., Ltd., among others [12][14]. Industry Representative Companies - Anhui Zhuoxi Food Co., Ltd. operates the brand "Tuoguxia," which focuses on fresh and tasty boneless chicken feet, offering various flavors to meet consumer preferences [15]. - Sichuan Zou Xiaohua Cultural Communication Co., Ltd. emphasizes traditional methods and quality in its products, including boneless chicken feet, and has established a strong online sales presence [17]. Future Trends - The future of the boneless chicken feet market is expected to lean towards healthier options, with products that are low in fat, low in sodium, and high in protein gaining popularity. Companies will likely focus on developing new flavors and using natural ingredients to attract health-conscious consumers [19].

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [5]. Core Insights - The food and beverage sector in A-shares has seen a decline of 2.12% over the past two weeks, underperforming the Shanghai Composite Index by 3.22 percentage points [2][14]. - Within the sector, soft drinks (+9.45%), snacks (+5.48%), and other alcoholic beverages (+4.98%) have shown the highest gains, while dairy products (-3.81%), liquor (-3.64%), and fermented seasoning products (-1.26%) have experienced the largest declines [2][14]. - Notable individual stock performances include Junyao Health (+72.44%), Hainan Coconut Island (+20.26%), and Miaokelando (+19.95%) leading in gains, while Wufangzhai (-10.35%), ST Jiajia (-6.92%), and Shanxi Fenjiu (-5.41%) faced the largest losses [2][14]. Summary by Sections Market Review - The food and beverage industry in A-shares has underperformed compared to major indices, with a year-to-date decline of 2.57% [14]. - The report highlights the performance of various sub-sectors, with soft drinks and snacks showing resilience while liquor and dairy face challenges [2][14]. Key Data Tracking - The report provides pricing data for key products, such as the price of Feitian Moutai at 2,130 RMB for original boxes and 2,050 RMB for bulk, reflecting a decrease of 25 RMB and 50 RMB respectively over two weeks [3][29]. - The average price of fresh milk in major production areas is reported at 3.06 RMB per kilogram, down 8.4% year-on-year [36]. Key Events Tracking - The report notes that the food manufacturing sector's profit increased by 1.1% year-on-year in the first four months of 2025, with total revenue reaching 713.58 billion RMB [4][55]. - Performance in the e-commerce space during the Tmall 618 event shows strong sales for brands like Three Squirrels and Good Products Store [4][55]. Investment Recommendations - For the liquor segment, the report suggests focusing on high-end brands with strong market positions, such as Guizhou Moutai and Wuliangye, while also considering regional leaders with favorable competitive dynamics [10][56]. - In the broader consumer goods category, the report highlights the rising popularity of yellow wine and the seasonal uptick in beer consumption, alongside strong performance in snack foods and energy drinks [10][56].