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。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是√否 桃李面包股份有限公司 2025 年第三季度报告 证券代码：603866 证券简称：桃李面包 桃李面包股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | --- | | 项目 | | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | | 减变动幅度 | | 增减变动幅度 | | | | | (%) | | (%) | | 营业收入 | | 1,437,284,079.59 | -11 ...

格隆汇10月29日｜桃李面包：2025年第三季度实现营业收入14.37亿元，同比下降11.64%；归属于上市 公司股东的净利润9424.87万元，同比下降35.05%。 ...

桃李面包10月29日公告，2025年第三季度实现营业收入14.37亿元，同比下降11.64%；归属于上市公司 股东的净利润9424.87万元，同比下降35.05%；基本每股收益0.0589元。前三季度实现营业收入40.49亿 元，同比下降12.88%；归属于上市公司股东的净利润2.98亿元，同比下降31.49%；基本每股收益0.1863 元。 ...

Core Viewpoint - The financing activities of Taoli Bread (603866) indicate a positive trend with a net buying of 320.61 million yuan on October 27, 2025, and a cumulative net buying of 424.01 million yuan over the last three trading days [1][2]. Financing Summary - On October 27, 2025, Taoli Bread had a financing buy-in of 749.63 million yuan and a financing repayment of 429.02 million yuan, resulting in a financing balance of 2.13 billion yuan [1]. - The financing net buying for the previous trading days was as follows: - October 24: 45.49 million yuan - October 23: 57.91 million yuan - October 22: 105.18 million yuan - October 21: -409.91 million yuan [2]. - The financing balance as a percentage of the circulating market value was 2.43% on October 27, 2025 [2]. Margin Trading Summary - On October 27, 2025, the margin trading saw a sell-off of 1,700 shares and a repayment of 5,600 shares, leading to a net buying of 3,900 shares, with a remaining margin of 21.48 million shares [3]. - The margin trading balance was reported at 2.14 billion yuan, reflecting an increase of 1.51% from the previous day [4]. Overall Margin Balance - The total margin balance on October 27, 2025, was 2.14 billion yuan, with a change of 318.48 million yuan, marking a 1.51% increase [4].

Core Insights - The Z generation is driving a fragmented consumption landscape in the baked goods market, with a focus on convenience, personalization, and situational consumption [1][3] - Tao Li Bread has identified the Z generation's demand for innovative baked products that emphasize aesthetics, taste complexity, and social attributes, leading to the launch of several products tailored to these preferences [1][3] Group 1: Product Innovation - Tao Li Bread has introduced a variety of unique products, such as alkaline water bread, which breaks away from traditional bread monotony, featuring a chewy crust [1] - The bagel product also meets the Z generation's needs for personalized and situational dining, made from high-quality wheat flour and utilizing traditional boiling techniques for a firm crust and soft interior [3] Group 2: Marketing Strategy - To connect deeply with young consumers, Tao Li Bread engages in differentiated content marketing on social platforms like Xiaohongshu and Douyin, featuring authentic product reviews and creative consumption scenarios [3] - The company aims to enhance emotional connections with the Z generation through product innovation and targeted marketing, positioning itself as an essential part of their lifestyle [3]

Group 1 - The core point of the article is the recent changes in the management and capital structure of Quanzhou Taoli Bread Co., Ltd, including a significant increase in registered capital and changes in key personnel [1][1]. Group 2 - Quanzhou Taoli Bread Co., Ltd has undergone a business change where Xu Yingjian has stepped down as the legal representative and manager, with Bai Hongsheng taking over [1]. - Wu Xuequn has transitioned from executive director to director in the company [1]. - The registered capital of the company has increased from 250 million RMB to 460 million RMB, representing an 84% increase [1]. - The company was established in March 2019 and operates in food business, food production, and sales of specialized equipment for agricultural and sideline food processing [1]. - The company is wholly owned by Taoli Bread (603866) [1].

Core Viewpoint - The article discusses the evolving landscape of the baking industry in China, highlighting the shift from high-priced trendy products to affordable, quality options that meet consumer needs and preferences [2][4][20]. Market Overview - The high-end baking segment, exemplified by products like "Panettone," has created a perception of value among consumers, but this trend is limited by the sustainability of high prices and marketing [2]. - The first half of 2025 saw a significant decline in the new consumption sector, with only 44 projects raising approximately 2.8 billion RMB, marking a low point in project numbers and disclosed amounts [4]. - The food and beverage sector experienced a 7.33% decline in stock prices, with revenue and net profit growth rates slowing significantly compared to the previous year [4]. Investment Insights - The food and beverage sector's PE valuation has dropped to 7.26%, indicating a potential "margin of safety" for investors [5]. - The demand for affordable, quality bread remains strong, with short-shelf-life bread showing resilience due to its fresh ingredients and low price point, ensuring stable repurchase rates [5][7]. Consumer Behavior - Consumers are increasingly prioritizing value over novelty, with a shift towards products that offer quality at reasonable prices [7][19]. - The concept of "comfort bread" is gaining traction, as consumers favor familiar, affordable options over high-priced alternatives [10][19]. Company Case Study: 桃李面包 (Tao Li Bread) - 桃李面包 has established itself as a trusted brand in the affordable bread market, leveraging a robust supply chain and consistent product quality to maintain consumer loyalty [11][13]. - The company has a strong cash flow, with a net cash flow from operating activities of 434 million RMB in the first half of 2025, indicating resilience amid industry challenges [13]. - 桃李面包's strategic focus on innovation, efficiency, and trust is driving its transformation to adapt to changing consumer preferences and market dynamics [20][21]. Future Outlook - The baking market is expected to continue growing, with the retail market projected to reach 611.07 billion RMB in 2024 and 859.56 billion RMB by 2029, with affordable bread maintaining over 65% market share [10]. - 桃李面包 is adapting to market changes by expanding its product offerings and exploring new sales channels, ensuring its relevance in a competitive landscape [20][21].

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

Core Viewpoint - The event held by Tao Li Bread Co., Ltd. focuses on the innovation in the baking industry and the future development path under the dual background of "Healthy China" and consumption transformation [1] Industry Summary - The Chinese baking market is substantial and continues to grow, with projections indicating that the retail market size for baked goods will exceed 850 billion yuan by 2029 [1] - Tao Li Bread Co., Ltd. is recognized as a significant force in promoting industry standardization and large-scale development through innovations in short shelf-life technology and supply chain optimization [1] Company Summary - Tao Li Bread Co., Ltd. has evolved from a regional brand, Shenyang Tao Li Food Co., Ltd., into a nationwide baking enterprise over the years [1] - The company identifies eight key consumer demands in the changing market: safety, health, taste, price, greenness, convenience, aesthetics, and emotional connection [1]

Core Viewpoint - The company Tao Li Bread (桃李面包) has launched a new line of yeast bread featuring seven flavors, aiming to provide a satisfying experience for consumers during the autumn season [1] Product Launch - The new product line includes flavors such as sea salt lemon, orange, taro, coconut latte, banana, chocolate, and milk custard [1] - The bread is described as soft, fluffy, and delicately fragrant, with multiple layers of fermentation and rich ingredients [1]