Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，新品在爬坡期毛利率相对较低，难免会对 综合毛利率带来结构性的摊薄，但除了产品结构之外，综合毛利率还受原材料价格及规模效应等多重因 素的影响。随着公司供应链管理的优化及规模效应的显现，公司预计综合毛利率将持续保持在健康、合 理的范围内。新品前期试销过程中会加大中奖率，拉动尝新，提升品牌认知，增强客户黏性。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，公司未按品类拆分团队。 ...

（编辑 丛可心） 证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，公司持续围绕多品类发展战略，构建1+6产 品矩阵，拓展新客群，探索新渠道；数字化系统深度链接沟通消费者，强化消费者对品牌的认同感；秉 承"以业绩为导向，以动销为指导"的经营方针，长效赋能企业增长。 ...

（编辑 丛可心） 证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，公司需对空中广告的投放场景、覆盖效 率、费用成本等进行综合考量。公司始终秉持"精准投放、高效转化"的营销原则，所有投放决策均会基 于品牌增长需求、市场环境变化及投入回报预期综合判断。 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，公司秉持提质增效原则，平衡规 模增长与盈利质量。各品类达到规模效应后的利润率，核心取决于"赛道选择+成本管控+费用效率"的 协同效应。公司将通过聚焦高潜力细分赛道、持续优化供应链与生产效率、实施精细化费用管理，推动 各品类在规模增长的同时实现盈利稳步提升。 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，公司数字化体系的核心竞争力在 于实现了从生产到消费的全链路数据闭环管理，为业务增长提供精准支撑。依托"五码合一"技术，对产 品生产、流通、终端销售、促销核销等环节进行全程追踪，实时获取渠道库存、动销数据等关键信息， 围绕供应链、生产基地、渠道合作伙伴和终端消费者，公司搭建起全流程、多层次、一体化的数字化运 营体系。该体系赋能运营关键环节，进而驱动销售增长、提高决策精准度和全面降本增效。 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，2026年作为赛事大年，具备丰富 的品牌营销机遇，公司正结合全年赛事周期进行系统性规划。后续品牌费用投入将以"效益优先"为导 向，而非盲目追加预算，核心是研究如何通过多元化的营销形式，实现品牌传播与产品动销的高效转 化。目前，公司正在评估各类赛事的受众匹配度、投入回报率，后续将根据规划稳步推进相关合作，确 保每一笔费用都能精准触达目标消费群体，最大化品牌营销价值。 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，公司长期坚持网点拓展与单点盈 利能力提升并行推进的发展策略。在单点业绩增长层面，近两年公司持续推新，加强渠道布局，多款新 品均收获了超出预期的市场反馈，未来将继续以新品迭代为核心驱动力，为公司业绩增长注入更多活 力。 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，饮料行业新品迭代具有高风险、 高不确定性特征，部分新品未能实现长期市场留存是行业普遍现象。在竞争激烈的饮料市场中，持续的 品类探索与产品创新是公司保持增长活力的核心动力，只有通过不断尝试，才能精准捕捉消费者需求变 化，筛选出具备规模效应、增长潜力与长期发展空间的优质品类。同时，公司将多年积累的核心优势深 度赋能新品推广，依托成熟的渠道网络实现快速铺市，借助品牌沉淀降低消费者认知门槛，通过供应链 协同保障产能与成本优势，再以数字化工具精准洞察消费需求、优化动销策略提升新品存活率，并快速 放量。 ...