证券之星消息，11月7日休闲食品板块较上一交易日上涨0.1%，好想你领涨。当日上证指数报收于 3997.56，下跌0.25%。深证成指报收于13404.06，下跌0.36%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002582 | 好想你 | 10.17 | 2.01% | 13.69万 | | 1.39亿 | | 002820 | 桂发祥 | 13.65 | 1.41% | 22.67万 | | 3.10亿 | | 002719 | 麦趣尔 | 696 | 1.04% | 5.84万 | 5636.77万 | | | 001219 | 青岛食品 | 14.78 | 0.82% | 4.10万 | 6051.36万 | | | 300972 | 万辰集团 | 180.68 | 0.68% | 1.94万 | | 3.55 Z | | 603886 | 元祖股份 | 12.84 | 0.55% | 2.77万 | 3544.70万 | | | ...

| 分析师 | 孟斯硕 电话：010-66554041 邮箱：mengssh@dxzq.net.cn | 执业证书编号：S1480520070004 | | --- | --- | --- | | 分析师 | 王洁婷 电话：021-25102900 邮箱：wangjt@dxzq.net.cn | 执业证书编号：S1480520070003 | 投资摘要： 食品饮料行业 2026 年策略：从胜率和赔 率角度看食品饮料行业投资机会 2025 年 11 月 7 日 看好/维持 食品饮料 行业报告 在量化分析中，理论收益期望的公式是，投资期望=胜率×赔率-（1-胜率），其中赔率（风险收益比）主要看估值，衡量 潜在上涨空间与下跌风险；胜率（盈利概率）主要看基本面动能，衡量投资成功的可能性。在实际投资中，我们借用胜率和 赔率的概念，希望通过观察食品饮料行业的胜率和赔率来修正和预期 26 年的投资期望。 一般来说，当市场风格切换的时候，资金不断地从"低赔率"板块流向"高赔率"板块，并在"胜率"提升的过程中享受 收益。我们通过对食品饮料板块的计算和分析，发现食品饮料板块正处于高赔率、低胜率向高胜率转型的象限下，板块能否 提高 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603517 | ST绝味 | 13.64 | -1.52% | 9.16万 | 1.26亿 | | 002847 | 盐津铺子 | 71.33 | -1.38% | 3.05万 | 2.19亿 | | 002695 | 煌上煌 | 12.65 | -1.17% | 5.98万 | 7559.83万 | | 300783 | 三只松鼠 | 23.32 | -1.02% | 6.95万 | 1.62亿 | | 002719 | 麦脚尔 | 9.59 | -0.83% | 6.47万 | 6178.91万 | | 300973 | 立高食品 | 40.84 | -0.80% | 1.65万 | 6713.89万 | | 605339 | 南侨食品 | 17.02 | -0.58% | 6999.0 | 1193.52万 | | 603057 | 紫燕食品 | 18.84 | -0.48% | 2.71万 | 5107.15万 | | 002820 | ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

证券之星消息，11月5日休闲食品板块较上一交易日上涨0.08%，西麦食品领涨。当日上证指数报收于 3969.25，上涨0.23%。深证成指报收于13223.56，上涨0.37%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002956 | 西麦食品 | 22.19 | 2.35% | 4.43万 | 9890.07万 | | 002820 | 桂发祥 | 13.52 | 2.35% | 23.16万 | - 3.13亿 | | 002719 | 麦趣尔 | 9.67 | 1.90% | 9.27万 | 8921.22万 | | 603886 | 元祖股份 | 12.77 | 1.83% | - 4.41万 | 5626.50万 | | 300783 | 三只松鼠 | 23.56 | 1.73% | 11.31万 | 2.67亿 | | 603057 | 紫燕食品 | 18.93 | 1.50% | 3.26万 | 6168.73万 | | 603777 | 来伊 ...

国海证券研报指出，盐津铺子2025Q1-3实现归母净利润6.05亿元，同比+22.63%；2025Q3归母净利润 2.32亿元，同比+33.55%。魔芋延续高势能，盈利能力不断提升，定量流通渠道表现亮眼。展望后续， 收入端，公司目前有三大事业部，辣味事业部以魔芋零食为核心，利用渠道复用优势，带动豆干系列产 品发展。公司以生产制造见长，较强的组织能力赋予公司洞察和把握机遇的能力。渠道端，公司坚持全 渠道战略，拥抱高增渠道及海外渠道；产品端，目前形成三大事业部，产品升级有望提升公司利润水 平。维持"买入"评级。 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2025-059 盐津铺子食品股份有限公司 关于公司股东部分股份解除质押的公告 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、误导性陈述或重大遗漏。 盐津铺子食品股份有限公司（以下简称"公司"）近日收到股东张学文先生 的函告，张学文先生所持有本公司的部分股份办理了解除质押手续，具体事项如 下： 一、股东股份解除质押的基本情况 | 股东 | 是否为控股股东或 第一大股东及一致 | | 本次解除 质押数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 行动人 | （股） | （%） | （%） | | | | | 张学文 | | 是 | 3,500,000 | 9.59 | 1.28 | 2024.11.04 | 2025.11.04 | 云南国际信托 有限公司 | | | 合计 | | 3,500,000 | 9.59 | 1.28 | | | | 1、本次解 ...

南财智讯11月5日电，盐津铺子公告，公司股东张学文先生所持有本公司的部分股份办理了解除质押手 续，本次解除质押数量为3,500,000股，占其所持股份比例的9.59%，占公司总股本比例的1.28%。本次 解除质押后，张学文先生累计质押公司股份7,500,000股，占其所持股份比例的20.54%。 ...

Key Insights - The report highlights a rebound in the electrolyte industry, with significant growth potential in fluorinated liquids, particularly for the company Xinzhou Bang, which reported a revenue of 6.616 billion yuan for the first three quarters of 2025, a year-on-year increase of 16.75% [6][10] - The company achieved a net profit of 748 million yuan, up 6.64% year-on-year, with a sales gross margin of 24.51%, reflecting a decline of 2.58 percentage points [6][10] - The report indicates that the company is well-positioned to benefit from the recovery in the electrolyte market, driven by rising prices of lithium hexafluorophosphate and improved operational efficiency [10][11] Group 1: Xinzhou Bang (Battery) - The company reported a revenue of 2.368 billion yuan in Q3 2025, a year-on-year increase of 13.60% and a quarter-on-quarter increase of 5.45% [7] - The net profit for Q3 2025 was 264 million yuan, down 7.51% year-on-year but up 4.03% quarter-on-quarter, indicating a mixed performance [7][8] - The company is focusing on optimizing its product structure and enhancing operational efficiency, with a stable growth trajectory in its organic fluorine chemicals and electronic information chemicals [9][10] Group 2: Weijian Medical (Personal Care Products) - The company achieved a revenue of 7.897 billion yuan in the first three quarters of 2025, a year-on-year increase of 30.10%, with a net profit of 732 million yuan, up 32.36% [13][14] - The medical segment saw a revenue increase of 44.4%, driven by strong growth in surgical consumables and high-end dressings [14] - The consumer segment also performed well, with a revenue of 4.01 billion yuan, up 19.1%, led by significant growth in the sales of sanitary products [15] Group 3: Longqi Technology (Consumer Electronics) - The company reported a revenue of 31.332 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.28%, but a net profit increase of 17.74% [21] - In Q3 2025, the revenue was 11.424 billion yuan, down 9.62% year-on-year, while the net profit increased by 64.46% [22] - The company is expanding its product portfolio under the "1+2+X" strategy, focusing on smart devices and automotive electronics [23][24] Group 4: Minxin Technology (Semiconductors) - The company reported a revenue of 464 million yuan in the first three quarters of 2025, a year-on-year increase of 37.73%, with a gross margin of 30.28% [25][26] - In Q3 2025, the revenue was 160 million yuan, up 21.9% year-on-year, indicating strong demand for pressure and inertial sensors [25][27] - The company is well-positioned to benefit from the growth of MEMS sensors in the AI era, with a diverse product matrix [26][28] Group 5: Yingly Technology (General Equipment) - The company reported a revenue of 2.121 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.02%, with a net profit of 294 million yuan, up 29.59% [35][36] - The company is expanding its processing and coating capabilities in the blade and casing industry, which is expected to enhance its production capacity [37] - The gross margin for Q3 2025 was 38.03%, reflecting a significant improvement in profitability [38] Group 6: Weichai Power (Automotive Parts) - The company reported a revenue of 170.57 billion yuan for the first three quarters of 2025, a year-on-year increase of 5.3%, with a net profit of 8.88 billion yuan, up 5.7% [44] - In Q3 2025, the revenue was 57.42 billion yuan, up 16.1% year-on-year, driven by strong demand in the heavy truck sector [44] - The company is benefiting from the recovery in the heavy truck market, with significant growth in natural gas and electric vehicle sales [44]

Core Insights - The company achieved revenue of 4.427 billion yuan in Q1-Q3 2025, a year-on-year increase of 14.67%, and a net profit attributable to shareholders of 605 million yuan, up 22.63% year-on-year [1] - In Q3 2025, revenue reached 1.486 billion yuan, a year-on-year increase of 6.05%, with a net profit of 232 million yuan, reflecting a 33.55% year-on-year growth [1] Revenue Growth Drivers - Revenue growth is driven by konjac products, with significant performance in quantitative circulation channels [1] - The company focuses on a big product strategy, enhancing brand momentum and product awareness across all channels, leading to strong growth in konjac products [1] - The quantitative circulation channel continues to show high growth, supported by targeted channel management and improved product displays [1] Profitability and Margin Improvement - In Q3 2025, the net profit margin increased by 3.21 percentage points to 15.60%, while the net profit margin excluding non-recurring items rose by 3.97 percentage points to 14.78% [2] - The gross profit margin for Q3 2025 was 31.63%, up 1.01 percentage points year-on-year, attributed to the reduction of inefficient SKUs and product structure optimization [2] - The company reduced sales expense ratio by 3.54 percentage points year-on-year, indicating improved cost management [2] Product and Category Development - The company operates three main business divisions: spicy snacks centered on konjac, health products including quail eggs, and sweet products with growth potential [2] - The quail egg product has become the industry leader, with new product launches planned to further enhance market presence [2] Future Outlook and Financial Projections - Revenue projections for 2025-2027 are set at 6.025 billion, 7.240 billion, and 8.741 billion yuan, reflecting year-on-year growth rates of 14%, 20%, and 21% respectively [3] - Net profit forecasts for the same period are 846 million, 1.024 billion, and 1.254 billion yuan, with expected growth rates of 32%, 21%, and 23% respectively [3] - The company maintains a "buy" rating based on strong organizational capabilities and a comprehensive channel strategy [3]