Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The report emphasizes that the remaining brands in the sauce liquor sector will thrive, while mass-market products are expected to benefit from the upcoming Spring Festival [2][8]. - The dairy sector is showing signs of improvement, with a potential rebound in raw milk prices and a narrowing supply-demand gap, which could lead to increased demand for processed dairy products [6]. - The beverage and snack categories are experiencing sustained growth, with specific segments like energy drinks and konjac snacks showing remarkable sales increases despite overall declines in the snack market [6]. - The report highlights a significant shift in the sauce liquor industry, where pricing strategies are becoming more pragmatic, with a new growth level emerging around the 200 yuan price point as lower-tier brands face market exit pressures [6][8]. - The report suggests that leading liquor companies should maintain operational stability during this industry downturn, focusing on balanced investments in base liquor to prepare for future market recovery [8]. Summary by Sections Industry Overview - The food and beverage sector consists of 126 listed companies with a total market capitalization of 44,935.30 billion yuan, representing 3.54% of the market [3]. - The circulating market value stands at 43,859.19 billion yuan, accounting for 4.28% of the total market [3]. Performance Metrics - The absolute performance of the industry over the past month is 1.3%, with a relative performance decline of 2.2% compared to the benchmark [4]. - Over the past 12 months, the industry has seen a relative performance decline of 25.2% [4]. Sector-Specific Insights - Dairy products are expected to benefit from a favorable pricing environment and improved supply dynamics, with major companies actively preparing for the Spring Festival [6]. - The beverage sector is witnessing growth in specific categories, with leading brands launching targeted marketing campaigns for the holiday season [6]. - The sauce liquor market is undergoing a consolidation phase, with a focus on brand strength and market share recovery among leading companies [6][8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply-demand structure of raw milk is improving, and the snack food sector continues to show upward momentum. The food and beverage index increased by 2.1% from January 5 to January 9, ranking 24th among 28 sectors, underperforming the CSI 300 by approximately 0.7 percentage points. Sub-sectors such as processed foods (+6.7%), soft drinks (+5.8%), and snacks (+4.5%) performed relatively well [3][10][12]. Summary by Relevant Sections Weekly Insights - The supply-demand dynamics for raw milk are optimizing, and the snack food sector is experiencing sustained growth. The recent policy by the Ministry of Commerce to implement safeguard measures on imported beef is expected to alleviate the impact on domestic industries, leading to a potential increase in beef prices over the next 2-3 years. The domestic dairy sector is facing challenges, with a continuous reduction in dairy cow inventory, which may lead to a widening supply-demand gap post-Spring Festival [10][11]. Market Performance - The food and beverage index rose by 2.1% from January 5 to January 9, ranking 24th out of 28 sectors, and underperformed the CSI 300 by about 0.7 percentage points. Leading individual stocks included Qianwei Yangchun, Anji Food, and Yangyuan Beverage, while stocks like Jiabi You, *ST Chuntian, and Xianle Health saw declines [12][13]. Upstream Data - As of January 6, the GDT auction price for whole milk powder was $3,407 per ton, reflecting a 10.4% year-on-year decrease. The domestic fresh milk price was 3.03 yuan per kilogram, down 2.9% year-on-year. The domestic milk price is expected to remain under pressure in the short to medium term [19][21]. Recommended Stocks - The report recommends focusing on companies that are likely to benefit from the improving raw milk supply-demand balance and the growth in the snack food sector. Notable mentions include: - Yuran Agriculture: Expected to benefit from the recovery in raw milk prices. - Modern Dairy: Anticipated to gain from the overall industry improvement. - Yili Group and Mengniu Dairy: Expected to see positive impacts from the anticipated recovery in milk prices [10][11]. Snack Food Sector - The snack food sector is projected to continue its upward trend, particularly during the Spring Festival season. Companies such as Weilang Delicious, Ganyuan Food, and Yanjin Food are highlighted for their potential growth due to seasonal demand and strategic initiatives [11][12].

Core Viewpoint - Salted Fish intends to focus on long-termism and aims to build a world-class snack brand by concentrating on three strategic segments: "Chinese-flavored snacks," "healthy high-protein snacks," and "healthy sweet snacks" [2] Strategic Segments - The company sees significant potential in the Chinese-flavored snacks segment, particularly with konjac and bean-based snacks, which are expected to drive growth [3] - The "Da Mo Wang" brand, launched in October 2023, has achieved remarkable growth, with projected sales exceeding 1 billion yuan in 2024 [3] - In the healthy high-protein snacks segment, the company has developed brands like "Egg Emperor" quail eggs, with expectations for high-quality egg products to become popular globally [3][4] Core Capabilities - Salted Fish focuses on building four core capabilities centered around product excellence [5] - The company emphasizes deepening its supply chain, leveraging partnerships in regions like Indonesia and Southeast Asia to ensure a stable supply of quality raw materials [6] - The company has established a modern quail egg breeding base in Jiangxi, ensuring rapid processing times from farm to market [6] - Salted Fish is committed to smart manufacturing and innovation, aiming to produce high-quality products that meet consumer trust [7] Global and Domestic Market Strategy - The company benchmarks against international giants like Lays and Mondelez, expanding its global presence with the "Mowon" brand in 25 countries [8] - In the domestic market, Salted Fish aims to build a community with distributors, enhancing their capabilities in product selection and operational efficiency [8] - Recent collaborations, such as with Liu Biju and Nongshim, highlight the company's focus on product innovation and cross-industry integration [8]

Core Viewpoint - Salted Fish is committed to long-termism, focusing on three strategic segments: "Chinese-flavored snacks," "healthy high-protein snacks," and "healthy sweet snacks," aiming to build a world-class snack brand [1] Strategic Segments - The company sees significant potential in the Chinese-flavored snacks segment, particularly with konjac and bean-based snacks, which are expected to drive growth [2] - The "Da Mo Wang" brand, launched in October 2023, achieved remarkable growth, with projected sales exceeding 1 billion yuan in 2024, marking it as the first 10 billion yuan product for Salted Fish [2] - In the healthy high-protein snacks segment, the company has developed brands like "Egg Emperor" quail eggs, with expectations for high-quality egg products to become popular globally [2] - The healthy sweet snacks segment will focus on dried fruits, baked goods, and jellies, promoting health upgrades [3] Core Competencies - Salted Fish emphasizes the importance of product quality, focusing on building four core competencies: supply chain management, smart manufacturing, innovation, and brand building [4] - The company has invested in a robust supply chain, sourcing high-quality raw materials from regions like Indonesia and Southeast Asia, ensuring stability and safety [4] - Smart manufacturing initiatives include the establishment of a modern quail egg breeding base, enabling rapid processing from farm to factory [4] - Continuous innovation in flavor and technology is crucial for transforming traditional ingredients into popular products, enhancing product quality and consumer trust [5] - The company has demonstrated its brand-building capabilities through successful brands like "31 Degree Fresh," "Da Mo Wang," and "Egg Emperor" [5] Global and Domestic Market Strategy - Salted Fish aims to compete with international giants like Lays and Mondelez, leveraging its brand "Mowon" for global market penetration, with products already in 25 countries [6] - In the domestic market, the company seeks to empower distributors through collaboration in branding, product offerings, and services, enhancing their operational capabilities [6] - The company is actively creating a "big ecosystem" for snacks through brand collaborations and cross-industry partnerships, exemplified by its strategic cooperation with Liu Biju and the launch of the "Spicy Tofu" product in collaboration with Nongshim [6]

Market Overview - The leisure food sector increased by 0.3% on January 8, with Ziyan Food leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Individual Stock Performance - Ziyan Food (603057) closed at 24.77, up 7.88% with a trading volume of 144,000 shares and a transaction value of 355 million yuan [1] - Other notable performers include: - Haoxiangni (002582) at 11.96, up 6.22% with a volume of 777,500 shares [1] - Laiyifen (603777) at 14.20, up 4.11% with a volume of 201,900 shares [1] - Maiqu'er (002719) at 8.57, up 2.39% with a volume of 690,100 shares [1] - Qianjin Puzhi (002847) at 72.28, up 1.92% with a volume of 41,200 shares [1] Capital Flow Analysis - The leisure food sector saw a net inflow of 34.22 million yuan from institutional investors, while retail investors experienced a net outflow of 16.18 million yuan [2] - The main capital flow for Ziyan Food showed a net inflow of 15.73 million yuan, while retail investors had a net outflow of 3.07 million yuan [3] - Salted Fish (002847) experienced a significant net outflow of 38.22 million yuan from institutional investors [3]

Core Viewpoint - Salted Fish's stock performance shows a mixed trend with a slight increase in price but a net outflow in financing, indicating potential investor caution amid growth in revenue and profit [1][2]. Group 1: Financial Performance - As of September 30, 2025, Salted Fish achieved a revenue of 4.43 billion yuan, representing a year-on-year growth of 14.67% [2]. - The net profit attributable to the parent company reached 605 million yuan, reflecting a year-on-year increase of 22.63% [2]. Group 2: Shareholder and Financing Information - The number of shareholders increased to 18,000, up by 65.13% compared to the previous period, while the average circulating shares per person decreased by 39.44% to 13,663 shares [2]. - On January 6, 2025, the financing buy-in amount was 11.53 million yuan, with a net financing outflow of 7.54 million yuan, indicating a cautious sentiment among investors [1]. - The total financing and securities lending balance stood at 176 million yuan, with the financing balance accounting for 0.91% of the circulating market value, which is above the 80th percentile of the past year [1]. Group 3: Dividend and Institutional Holdings - Since its A-share listing, Salted Fish has distributed a total of 1.43 billion yuan in dividends, with 1.03 billion yuan paid out in the last three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 6.88 million shares, a decrease of 2.18 million shares from the previous period [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002847 证券简称：盐津铺子 公告编号：2026-002 盐津铺子食品股份有限公司 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 （一）会议召开日期和时间： 现场会议时间为：2026年1月6日下午15:00 网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体时间为：2026年1月6日上午9:15一 9:25，9:30一11:30，下午13:00－15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2026 年1月6日（现场股东会召开当日）上午9:15至当日下午15:00。 （二）现场会议召开地点：湖南省长沙市雨花区长沙大道运达中央广场写字楼A座，盐津铺子食品股份 有限公司总部行政会议室。 2026年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形； （二）现场会议出席情况 参加本次股东会现场会议的股东、股东代表及委托代理人共计12人，代表股份170,197,238股，占公司有 表决权股 ...

关于 2025 年限制性股票激励计划内幕信息知情人员 买卖公司股票情况的自查报告 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， 证券代码：002847 证券简称：盐津铺子 公告编号：2026-004 盐津铺子食品股份有限公司 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"）于 2025 年 12 月 17 日召 开第四届董事会第二十一次会议，审议通过《2025 年限制性股票激励计划（草 案）》（以下简称"激励计划"）及其摘要等相关议案，并于 2025 年 12 月 18 日在巨潮资讯网（www.cninfo.com.cn）披露了相关公告。 根据《中华人民共和国公司法》（以下简称"公司法"）《中华人民共和国 证券法》（以下简称"证券法"）《上市公司股权激励管理办法》（以下简称"管 理办法"）和《深圳证券交易所上市公司自律监管指南第 1 号—业务办理》等有 关法律法规及规范性文件的相关规定，公司针对 2025 年限制性股票激励计划采 取了充分必要的保密措施，同时对本激励计划内幕信息知情人进行了登记管理。 公司就本激励计划内幕信息知情人及激励对象在激励计划草案公告前 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2026-003 公司债权人可持证明债权债务关系存在的合同、协议及其他凭证的原件及复印 件到公司申报债权。债权人为法人的，需同时携带法人营业执照副本原件及复印件、 法定代表人身份证明文件；委托他人申报的，除上述文件外，还需携带法定代表人 授权委托书和代理人有效身份证的原件及复印件。债权人为自然人的，需同时携带 有效身份证的原件及复印件；委托他人申报的，除上述文件外，还需携带授权委托 书和代理人有效身份证件的原件及复印件。 盐津铺子食品股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 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。 一、通知债权人的原因 盐津铺子食品股份有限公司（以下简称"公司"）于2026年1月6日召开2026年 第一次临时股东会，审议通过了《关于回购注销部分2023年第一期和第二期限制性 股票激励计划激励对象已获授但尚未解除限售限制性股票的议案》，拟回购注销部 分已获授但尚未解除限售的限制性股票119,000股（具体内容详见2025年12月18日本 公司指定的信息披露 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2026-002 盐津铺子食品股份有限公司 2026年第一次临时股东会决议公告 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。 特别提示： 2、本次股东会不涉及变更以往股东会已通过的决议。 （三）会议召集人：盐津铺子食品股份有限公司董事会。 （四）会议召开方式：本次股东会采取现场投票与网络投票相结合的方式。 （五）会议主持人：董事长张学武先生。 1、本次股东会未出现否决议案的情形； （一）会议召开日期和时间： 现场会议时间为：2026 年 1 月 6 日下午 15:00 网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2026 年 1 月 6 日上午 9:15—9:25，9:30—11:30，下午 13:00－15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为：2026 年 1 月 6 日（现场股东会召 开当日）上午 9:15 至当日下午 15:00。 （二）现场会议召开地点：湖南省长沙市雨花区长沙大道运达中央广场写字 楼 A 座，盐津铺子食品股份有限公司总部行政会议室。 ...