Core Viewpoint - The AD calcium milk market is experiencing a resurgence with both established brands like Wahaha and new entrants such as Lebaishi, Liziyuan, and Three Squirrels, focusing on nostalgia and innovation in their product offerings [1][2][3] Group 1: Market Dynamics - The AD calcium milk category has attracted multiple food and beverage companies, indicating a competitive landscape with brands employing strategies like reduced sugar, lower prices, and collaborations to enhance visibility [2][3] - The market is facing challenges such as declining market share and average prices, prompting a need for innovation and differentiation among new products [1][6] Group 2: Product Innovations - Liziyuan has launched its AD calcium milk with added vitamins A and D, priced at 2.5 yuan per bottle, while Lebaishi has introduced a zero-sugar variant that reduces sugar by 47% and calories by 49% [2][3] - Three Squirrels is focusing on product differentiation with its calcium, iron, and zinc AD calcium milk, priced at 1.25 yuan per bottle, and emphasizes cost leadership through optimized supply chains [3][4] Group 3: Consumer Trends - The nostalgia factor is a significant marketing strategy for brands, aiming to attract consumers from the 80s and 90s demographics by evoking childhood memories associated with AD calcium milk [4][5] - The industry is witnessing a shift towards personalized and health-oriented products, with suggestions for developing customized offerings for different consumer segments [7][8] Group 4: Industry Challenges - The overall dairy beverage market is facing a decline in market share and average prices, with the milk beverage segment growing at 5% while the yogurt drink segment is down by 12% [6][7] - Experts suggest that brands need to rethink their innovation strategies, focusing on substantial upgrades rather than superficial changes, to maintain relevance in a competitive market [8]

AD钙市场从未像现在这么热闹过。 说起AD钙，大多数人第一个想到的就是娃哈哈。畅销近30年的它在市场一直是孤独求败的存在。然而，两年间里，娃哈哈已经迎来了众多挑战者。 01 四面楚歌 继均瑶味动力、乐百氏、盼盼、太子奶、优乐多等品牌之外，越来越多的企业将布局AD钙奶赛道提上了日程。 纳食了解到，近日李子园也推出了AD钙奶，主打世界黄金奶源带以及添加维生素AD+钙。 此外，三只松鼠也推出了钙铁锌AD钙奶，主打儿童智力发育与护眼需求，添加铁、锌及叶黄素酯等营养素，强化功能性。配方上采用低糖设计，同时保 留传统AD钙奶的酸甜口感，兼顾健康与怀旧消费需求。在价格上选择极致低价策略，如220g规格产品售价6.9元/4瓶（单价约1.7元/瓶），低于娃哈哈AD 钙奶（约2元/瓶），抖音等渠道促销时甚至低至9.9元/8瓶（单价约1.2元/瓶）910，价格优势显著。 除了上面做饮料、做食品的推出AD钙奶之外，连做奶粉的也开始做AD钙奶了。据了解，奶粉品牌贝因美也推出了AD钙奶产品，这是其与山东甄沃公司 通过商标授权模式推出即饮乳品系列。根据协议，甄沃公司获得贝因美商标三年使用权，全权负责AD钙奶、乳铁蛋白乳酸菌饮品等四大品类的 ...

Core Viewpoint - The A-share consumer sector strengthened in the afternoon, with retail, airport shipping, and tourism leading the gains, indicating a positive market sentiment towards these industries [1] Group 1: Sector Performance - The retail sector saw significant gains, with companies like Yonghui Supermarket and Liziyuan experiencing an upward trend [1] - The airport and shipping sectors also performed well, highlighted by the strong performance of Hainan Airport [1] - The tourism sector was notably boosted, with companies such as Zhongxin Tourism and Wangfujing reaching their daily limit up [1] Group 2: Notable Companies - Zhongxin Tourism, Hainan Airport, Pinwa Food, China Duty Free Group, and Wangfujing all hit the daily limit up, showcasing strong investor interest [1] - Yonghui Supermarket and Liziyuan were among the companies that followed the upward trend, reflecting broader market confidence in the consumer sector [1]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The revenue of the beverage and tea industry in January-February decreased by 0.4% year-on-year [2] - The overall performance of the food and beverage sector shows a slight increase, with the food and beverage index rising by 0.40% from March 24 to March 28, ranking third among 28 sub-industries [6][7] - The report recommends high-end liquor with stable demand and high growth certainty, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional brands [18] Summary by Sections Industry Performance - From March 24 to March 28, the overall market index increased by 0.07%, while the food and beverage index increased by 0.40% [6][7] - The top-performing sectors were meat products (+2.86%), dairy products (+2.13%), and beer (+2.01%) [6] - Notable stock performances included Miaokelando (+28.66%), Guangming Meat (+13.02%), and Yanjinpuzi (+5.33%) [6] Company Announcements - Shuanghui Development reported a total revenue of 59.561 billion yuan for 2024, down 0.55% year-on-year [21] - Zhujiang Beer reported a total revenue of 5.731 billion yuan for 2024, up 6.56% year-on-year [21] - Sanquan Food reported a total revenue of 3.476 billion yuan for 2024, up 10.41% year-on-year [21] - Three squirrels reported a total revenue of 10.622 billion yuan for 2024, up 49.30% year-on-year [21] Industry News - The 112th National Sugar and Wine Commodity Fair is preparing to sign several major projects with a total investment exceeding 3 billion yuan [23] Consumer Data - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, while the catering retail sales increased by 4.3% [24] - The consumer confidence index for January 2025 was 87.5, down 1.57% year-on-year [24] Alcohol Industry Data - In January-February 2025, the production of liquor, beer, and wine decreased by 11.2%, 4.9%, and 25% year-on-year, respectively [29]

可转债转股结果暨股份变动公告 | 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-008 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 本公司董事会、全体董事及相关股东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。 （二）可转债上市情况 经上海证券交易所自律监管决定书〔2023〕151 号文同意，公司发行的 60,000 万元可转换公司债券于 2023 年 7 月 13 日起在上海证券交易所挂牌交易，债券简 称"李子转债"，债券代码"111014"。 重要内容提示： 累计转股情况：浙江李子园食品股份有限公司向不特定对象发行可转换 公司债券（以下简称"李子转债"）自 2023 年 12 月 28 日起开始转股，截至 2025 年 3 月 31 日，累计共有人民币 51,000 元"李子转债"转换为公司普通股股票， 累计转股股数为 2,636 股，占"李子转债"转股前公司已发行股份总额的 0.0007%。 未转股可转债情况：截至 2025 年 3 ...

证券研究报告·公司点评报告·饮料乳品 ◼ 盈利预测与投资评级：展望 2025 年，主业甜牛奶系列产品升级与渠道 拓展并进，新品维他命水卡位功能饮料赛道，成本红利释放叠加费投精 准投放，盈利仍有提升空间。我们基本维持此前预测，预计 2024-2026 年收入 14.1/15.6/17.2 亿元，同比+0.1%/+10%/10%；归母净利润为 2.3/2.6/2.9 亿元，分别同比-3%、12%、11%，对应估值 21、18、17 倍， 维持"增持"评级。 ◼ 风险提示：食安问题、全国化拓展不及预期、单一品类风险。 李子园（605337） 新品布局功能饮料，供应链持续打磨 2025 年 03 月 28 日 增持（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1404 | 1412 | 1414 | 1555 | 1718 | | 同比（%） | (4.50) | 0.60 | 0.12 | 10.03 | 10.44 | ...

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-007 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司关于 签署投资协议暨设立全资子公司的进展公告 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、对外投资概述 浙江李子园食品股份有限公司（以下称"公司"）于 2025年 3月 21日召开 第三届董事会第二十一次会议，审议通过了《关于拟签署投资协议书暨设立全 资子公司的议案》，同意公司拟以自筹或自有资金在银川市西夏区新设全资子 公司实施"李子园日处理 1,000吨生乳深加工项目"，全资子公司名称为宁夏李 子园食品有限公司（以下简称"宁夏李子园"），具体内容详见公司于 3 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《关于拟签署投资协议暨 设立全资子公司的公告》（公告编号 2025-006）。 二、对外投资的基本情况 （一）对外投资协议情况 3、项目预计投资金额：3.2 亿元。 4、项目地址：银 ...

李子园 20250326 摘要 • 李子园通过调整产品和渠道策略，在含乳饮料市场整体疲软的环境下，基 本稳定了销售额。虽然去年全年收入与利润双双下滑，但四季度有所改善， 全年收入实现正增长且基本持平，利润也有所提升。今年一季度受春节淡 季影响较弱，但 1、2 月份表现同比去年有所增长，净利润增幅预计达到三 位数以上。 • 公司今年对渠道管理进行重大调整，从按区域管理改为按渠道管理，细分 流通渠道、零食量贩、便利店及早餐餐饮等，进行差异化管理以提高效率。 1、2 月份数据显示调整顺利，旨在应对消费疲软及传统流通渠道销售下滑， 通过电商、特通渠道等新兴方式保持销售平稳并逐步改善。 • 公司以华东和西南地区为主要市场，其中浙江、江浙沪、华东相对稳定， 西南市场有个位数增长。外围市场拓展和渠道建设虽努力两年，但收入未 显著增长，整体维持平稳。今年分渠道管理后，许多任务指标已经达成， 但不按照渠道进行考核，因此纯粹按区域来看，与去年相比有一些变化。 • 公司针对不同渠道开发相应产品，包括流通、早餐、餐饮、商务等，并调 整产品结构。果蔬汁系列销售额维持在一亿左右，今年重点推广维生素 C 饮品。电商平台五黑系列去年销售翻倍 ...

Core Viewpoint - The launch of "VitaYoung" vitamin water by Li Ziyuan introduces a new category of health drinks aimed at young consumers, reflecting their increasing health consciousness and preference for healthier beverage options [1][3]. Product Features - "VitaYoung" vitamin water features a unique "Chinese 6 Zero Minimalist Formula" which includes "0 sugar, 0 fat, 0 calories, 0 preservatives, 0 flavoring, and 0 color additives," addressing health concerns and aligning with young consumers' desires for healthy drinks [1][2]. - The product is rich in vitamins, particularly B vitamins and vitamin C, with vitamin C content reaching 200% of the Nutrient Reference Value (NRV), which is essential for maintaining physiological functions, enhancing immunity, and promoting skin health [2]. Market Trends - The health drink market is expected to continue its strong growth, driven by products that meet genuine consumer needs and align with current trends. "VitaYoung" vitamin water is positioned to become a competitive player in the health drink sector, potentially leading new industry trends [3].

天眼查商业履历信息显示，浙江李子园食品股份有限公司，成立于1994年，位于金华市，是一家以从事 食品制造业为主的企业。企业注册资本39443.2143万人民币，实缴资本39443.2041万人民币。公司法定 代表人为李博胜。 通过天眼查大数据分析，浙江李子园食品股份有限公司共对外投资了13家企业，参与招投标项目29次， 知识产权方面有商标信息419条，专利信息287条，此外企业还拥有行政许可31个。 来源：金融界 李子园（605337）3月24日主力资金净流入3654.99 万元 金融界消息 截至2025年3月24日收盘，李子园（605337）报收于13.4元，上涨7.29%，换手率9.15%，成 交量36.10万手，成交金额4.75亿元。 资金流向方面，今日主力资金净流入3654.99万元，占比成交额7.7%。其中，超大单净流入1113.53万 元、占成交额2.35%，大单净流入2541.46万元、占成交额5.35%，中单净流出流出158.63万元、占成交 额0.33%，小单净流出3496.35万元、占成交额7.37%。 李子园最新一期业绩显示，截至2024三季报，公司营业总收入10.64亿元、同比减少0. ...