行业报告 | 行业研究周报 食品饮料 证券研究报告 市场表现复盘 本周(6 月 9 日-6 月 13 日)，食品饮料板块/沪深 300 涨跌幅分别-4.37%/-0.25%。具体板块来看， 保健品（+2.44%）、烘焙食品(-0.72%）、肉制品(-1.15%)、软饮料(-1.75%)、零食(-1.85%)、乳品 (-2.41%)、预加工食品(-3.00%)、其他酒类(-3.43%)、调味发酵品Ⅲ(-3.57%)、白酒Ⅲ(-5.31%)、啤 酒(-6.61%)。 周观点更新 酒类板块：酒类板块情绪短期承压，看好中期强α布局机会。 白酒方面，本周白酒板块-5.31%，表现弱于食品饮料整体以及沪深 300，我们认为主要系：① 618 临近部分主流白酒大单品批价下降；②"禁酒令"或对白酒部分消费场景产生一定影响。 本周 25 年茅台（原/散）批价分别为 2000 元/1960 元，较上周变动-115 元/-70 元；普五（八 代）批价 930 元，较上周变动-10 元，近期部分白酒单品批价有所松动或主要系需求相对偏淡 之下，618 临近线上渠道补贴对价盘造成阶段扰动。我们认为行业调整期也是优秀酒企破局提 身位的窗口 ...

证券代码：000848 证券简称：承德露露 公告编号：2025-031 承德露露股份公司 关于与金融机构重新签订股票回购贷款合同 并调整专项贷款额度与期限的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或者重大遗漏。 在股票回购增持再贷款具体执行细则进行了相关优化的背景下，公 司与建行进行沟通，将本次回购贷款金额上限由 49,000 万元上调至 余 59,000 万元贷款额度重新签订股票回购贷款合同，贷款期限由 12 个 月变为 36 个月。 二、《股票回购增持贷款合同》的主要内容 特别提示： 为响应党中央、国务院决策部署，根据中国人民银行、金融监管总 局、中国证监会《关于设立股票回购增持再贷款有关事宜的通知》，承 德露露股份公司（以下简称"公司"或"甲方"）于 2024 年 11 月 1 日 披露了《关于收到 <贷款承诺书> 暨获得回购公司股份融资支持的自愿性 信息披露公告》（公告编号：2024-051）。中国建设银行股份有限公司 （以下简称"建行"）承诺将为公司提供 49,000 万元的股票回购增持 贷款资金专项用于股票回购，贷款期限为 12 个月。公司与建行于 ...

证券代码：000848 证券简称：承德露露 公告编号：2025-031 承德露露股份公司 关于与金融机构重新签订股票回购贷款合同 并调整专项贷款额度与期限的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 2 月变为 36 个月。 二、《股票回购增持贷款合同》的主要内容 为响应党中央、国务院决策部署，根据中国人民银行、金融监管总 局、中国证监会《关于设立股票回购增持再贷款有关事宜的通知》，承 德露露股份公司（以下简称"公司"或"甲方"）于 2024 年 11 月 1 日 披露了《关于收到<贷款承诺书>暨获得回购公司股份融资支持的自愿性 信息披露公告》（公告编号：2024-051）。中国建设银行股份有限公司 （以下简称"建行"）承诺将为公司提供 49,000 万元的股票回购增持 贷款资金专项用于股票回购，贷款期限为 12 个月。公司与建行于 2024 年 11 月签署了《股票回购增持贷款合同》。 公司回购实施期间，中国人民银行等有关部门对股票回购增持再贷 款具体执行细则进行了相关优化。公司与建行进行沟通，将本次回购贷 款金额上限由 49,000 ...

Group 1 - The company has signed a new stock repurchase loan agreement with financial institutions, increasing the loan amount from 490 million to 617 million yuan [1] - The loan amount of 266 million yuan already drawn remains unchanged, while the remaining loan amount of 590 million yuan has its term extended from 12 months to 36 months [1] - The company has repurchased a total of 3 million shares, accounting for 0.29% of the total share capital, with a total transaction amount of approximately 25.83 million yuan [1] Group 2 - The special loan is designated for stock repurchase and does not constitute a related party transaction or a major asset restructuring [1] - The adjustments made to the loan will not have a significant impact on the company's operating performance for the current year [1]

Core Viewpoint - As of June 6, 2025, Chengde Lululemon (000848) closed at 9.84 yuan, down 6.99% from the previous week's 10.58 yuan, indicating a decline in stock performance [1] Shareholder Changes - As of May 30, 2025, the number of shareholders for Chengde Lululemon decreased by 2,187, a reduction of 5.35% from the previous period [2][4] - The average number of shares held per shareholder increased from 25,700 shares to 27,200 shares, with an average holding value of 287,700 yuan [2] Company Announcements - Chengde Lululemon announced a share buyback plan on October 24 and November 11, 2024, allowing for the repurchase of 30 million to 60 million shares at a price not exceeding 11.75 yuan per share, with a total buyback amount not exceeding 705 million yuan [2] - As of May 31, 2025, the company had repurchased 3,000,000 shares, representing 0.29% of the total share capital, with a total transaction amount of 25,828,944 yuan [2][4]

"聪明钱"流向曝光！暗盘资金破解主力操盘密码>> 饮料制造板块短线拉升，香飘飘（603711）涨停，品渥食品（300892）、惠泉啤酒（600573）、皇氏集 团（002329）、承德露露（000848）、熊猫乳品（300898）等纷纷走高。 ...

承德露露股份公司（以下简称"公司"）分别于 2024 年 10 月 24 日、2024 年 11 月 11 日召开第八届董事会 2024 年第四次临时会议及 2024 年第三次临时股东大会，审议通过了《关于回购部分社会公众股 份方案的议案》，同意使用公司自有资金或自筹资金，以集中竞价交 易方式，以不超过人民币 11.75 元/股（含）的价格回购本公司部分人 民币普通股 A 股股份，回购的数量不低于 3000 万股（含）且不高于 6000 万股（含），回购的资金额度不超过人民币 70,500 万元（含）， 具体回购数量及回购金额以回购期限届满或回购实施完成时实际回购 的数据为准。回购股份的期限为自公司 2024 年第三次临时股东大会审 议通过本次回购股份方案之日起 12 个月内。 证券代码：000848 证券简称：承德露露 公告编号：2025-030 承德露露股份公司 关于回购股份进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 上述内容具体详见公司分别于 2024 年 10 月 25 日、2024 年 11 月 15 日在《中国证券报》《证券时报 ...

Group 1 - Chengde Lululemon has experienced a decline for four consecutive trading days, with a cumulative drop of -4.71% [1] - Chengde Lululemon Co., Ltd. was established on October 17, 1997, and listed on the Shenzhen Stock Exchange on November 13, 1997, with the stock code "000848" [1] - In the first quarter of this year, the fund "Zhaoshang Core Competitiveness Mixed A" remains one of the top ten shareholders of Chengde Lululemon, with a year-to-date return of 11.96%, ranking 582 out of 4568 in its category [1] Group 2 - The fund manager of Zhaoshang Core Competitiveness Mixed A is Zhu Hongyu, who has a master's degree in engineering from Tsinghua University and has held various positions in the finance industry [4] - Zhu Hongyu has been with Guotou Ruijin Fund Management Co., Ltd. since June 2010 and has served as a fund manager for multiple funds since 2011 [4] - Zhaoshang Fund Management Co., Ltd. was established in December 2002, with major shareholders being China Merchants Bank (55%) and China Merchants Securities (45%) [4]

【风口研报·洞察】无人物流车订单倍数级增长,2025年头 部公司交付量或达万辆级别，渗透率不足可替代市场的 1%，分析师测算远期市场规模有望超过干亿元; 6月红利资 产的逆风效应 风口研报 2025.05.26 21:45 星期一 | | 《风口研报》 05月26日要点 | | | --- | --- | --- | | 行业/公司 评级机构 | | 核心逻辑 | | | | 1海通国际证券冠媛媛跟踪调研潮宏基总部,公司终端增速自2024年四季度开始提升,聚 | | | | 焦年轻消费者效果显现,25-35岁区间为核心人群,占比约60-70%; | | 潮宏基 | | 2025年4月份店均增速约45%,5月初至5月20日增速约为30%,公司将持续强化产品IP属 | | 海通国际 002345 | | 性和情感联结,满足不同年龄层消费者的多元化需求,如情绪价值与文化认同等; | | | | 3公司一季度业绩表现靓眼,收入同比加速,高毛利产品驱动利润高增,实现营收22.52亿 | | | | 元(同比+25.4%），归母净利润1.89亿元(同比+44.4%）。 1消费新常态下,食饮行业加速变革,以白酒为例,茅台的 ...

Core Points - The company has approved a cash dividend distribution plan for the year 2024, where shareholders will receive 3 RMB per 10 shares, totaling approximately 314.87 million RMB, after excluding shares held in the repurchase account [1][2][4] - The total share capital for the dividend distribution is calculated as 1,049,554,074 shares, after deducting 3,000,000 shares held in the repurchase account [2][4] - The record date for the dividend distribution is set for June 3, 2025, and the ex-dividend date is June 4, 2025 [3][4] Dividend Distribution Details - The cash dividend of 3 RMB per 10 shares is inclusive of tax, with different tax treatments for various types of investors [2][4] - The actual cash dividend amount is calculated based on the total share capital minus the repurchased shares, resulting in a cash dividend of 2.991449 RMB per share after the distribution [1][4] - The company will directly transfer the cash dividends to shareholders' accounts through their custodial securities companies on the ex-dividend date [4][5] Adjustments and Calculations - The company will adjust the repurchase price of restricted stock options based on the profit distribution [4] - The ex-dividend price will be calculated using the formula: Ex-dividend reference price = (Previous closing price - Cash dividend) [4]