Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Views - The overall sales of liquor during the recent double festival are weak, with a year-on-year decline of 20%-30%, aligning with previous expectations. High-end brands like Moutai and Wuliangye performed relatively well, while lower-tier brands faced significant pressure [5] - The price stability of liquor during the double festival is noted, with slight increases observed post-festival. The report suggests monitoring price trends as e-commerce promotions begin [5] - The upcoming Sugar and Wine Conference is expected to provide marginal feedback, with the industry showing signs of bottoming out. The report emphasizes the importance of this event for potential recovery opportunities [6][7] Summary by Sections Recent Trends - The food and beverage sector has underperformed the Shanghai Composite Index, with a 0.61% increase compared to the index's 1.80% rise over the past two weeks [14] - The soft drink segment saw the highest increase of 9.98%, while several companies like Zhuangyuan Pasture and Yangyuan Beverage led the gains [14] Key Companies and Earnings Forecast - The report highlights several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao for investment [25] - The report provides a detailed table of key companies, their stock prices, and projected earnings for 2024, 2025, and 2026, indicating a bullish outlook for several firms [25] Investment Strategy - The report suggests that recent policy changes may improve macroeconomic expectations, potentially enhancing both valuation and performance in the food and beverage sector. The overall valuation remains low, justifying the "Recommended" rating [8][23] - Specific recommendations include high-end liquor brands and popular consumer goods, indicating a diversified investment strategy across different segments of the food and beverage industry [8][23]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

（文章来源：证券日报） 证券日报网讯劲仔食品10月10日在互动平台回答投资者提问时表示，公司暂无产品上架山姆会员店，正 在积极推进相关产品合作事宜。 ...

Core Insights - The leisure food sector experienced a rise of 0.66% on September 30, with ST Juewei leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance Summary - ST Juewei (603517) closed at 13.52, with a gain of 4.81% and a trading volume of 288,000 shares, amounting to a transaction value of 383 million [1] - Wanchen Group (300972) closed at 181.50, up 3.82%, with a trading volume of 25,300 shares [1] - Yanjin Puzhou (002847) closed at 70.10, up 1.80%, with a trading volume of 23,000 shares [1] - Other notable performances include Maiqu'er (002719) at 9.24 (+1.20%) and Haoxiangni (002582) at 9.30 (+0.22%) [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 91.41 million from institutional investors, while retail investors contributed a net inflow of 82.63 million [2] - The main capital inflow and outflow for specific stocks include: - Wanchen Group: 11.84 million inflow from main capital, with a net outflow of 15.09 million from speculative capital [3] - Jinzai Food (003000): 3.33 million inflow from main capital, with a net outflow of 3.21 million from speculative capital [3] - Good Products (603719): 2.33 million inflow from main capital, with a net inflow of 1.02 million from speculative capital [3]

Core Viewpoint - The company has completed a share repurchase plan, acquiring a total of 8,063,500 shares at an average price of 12.40 yuan per share, which represents approximately 1.79% of the company's total share capital [2][4]. Summary by Sections Share Repurchase Plan - The company approved a share repurchase plan with a price not exceeding 16 yuan per share and a total fund amount between 50 million yuan and 100 million yuan [1]. - The repurchase period is set for up to 12 months from the board's approval date [1]. Implementation Status - As of the announcement date, the company has completed the share repurchase, with a total expenditure of 99,991,713 yuan (excluding transaction fees) [2]. - The highest transaction price during the repurchase was 12.70 yuan per share, while the lowest was 11.93 yuan per share [2]. Impact on the Company - The repurchased shares are intended for employee stock ownership plans or equity incentive plans, which will enhance the company's long-term incentive mechanisms [2]. - The total assets of the company as of June 30, 2025, were 2.15 billion yuan, with net assets attributable to shareholders of 1.41 billion yuan [2]. - The repurchase amount represents 4.65% of total assets and 7.08% of net assets, indicating a manageable impact on the company's financial health [2]. Compliance and Regulations - The company adhered to relevant laws and regulations during the repurchase process, ensuring no discrepancies between the actual repurchase and the approved plan [2]. - The company did not engage in stock trading by its directors, senior management, or major shareholders during the repurchase period [3]. Future Arrangements - The repurchased shares will be held in a special account and will not have voting rights or profit distribution rights until transferred [7]. - If the shares are not utilized within three years, they will be legally canceled [7].

Group 1 - The company announced a new share repurchase plan amounting to 99.99 million yuan, representing 1.79% of its shares [2] - Since its listing, the company has spent approximately 200 million yuan on share repurchases and has distributed a total of 637 million yuan in dividends, demonstrating a commitment to returning value to investors [2] - The repurchased shares are intended for employee stock ownership plans, which will enhance the long-term incentive mechanism and motivate core personnel [2] Group 2 - The company has conducted three share repurchase rounds since March 2023, with the latest repurchase amount being equal to the sum of the previous two rounds [2] - The company has adopted a dual dividend model starting in 2024, with the mid-year dividend already implemented, and has committed to distributing no less than 20% of distributable profits as cash dividends annually from 2025 to 2027 [2] - The chairman, as the controlling shareholder, has never sold shares since the company's listing and invested 285 million yuan during the market downturn in 2022, reflecting a strong commitment to the company's growth [3] Group 3 - Since its IPO in 2020, the company has focused on healthy product categories such as leisure fish products, poultry products, and bean products, achieving high-quality growth [3] - The company's flagship product, the deep-sea fish, has annual sales exceeding 1.5 billion yuan and has maintained the top sales position in its category for eight consecutive years [3] - Recent product innovations include the launch of a new sesame and konjac product and the upgrade of quail eggs to antibiotic-free, further enriching its health product matrix [3]

Group 1 - The company announced the completion of a new share repurchase plan amounting to 99.99 million yuan, representing 1.79% of its shares [1] - Since its listing, the company has spent approximately 200 million yuan on share repurchases and has distributed a total of 637 million yuan in dividends, demonstrating a commitment to returning value to investors [1] - The repurchased shares are intended for employee stock ownership plans or equity incentives, which will enhance the long-term incentive mechanism and motivate core personnel [1] Group 2 - The company has conducted three share repurchase activities in the past three years, with the latest repurchase amounting to 99.99 million yuan, which is approximately equal to the sum of the previous two repurchases [1] - The company has adopted a dual dividend model starting in 2024, with the mid-year dividend already implemented, and has committed to distributing no less than 20% of distributable profits as cash dividends annually from 2025 to 2027 [1] - The chairman, as the controlling shareholder, has never sold shares since the company's listing and invested 285 million yuan during the market downturn in 2022 to increase his stake, reflecting a strong commitment to the company's growth [2] Group 3 - Since its listing in 2020, the company has focused on healthy product categories such as leisure fish products, poultry products, and bean products, achieving high-quality growth [2] - The company's flagship product, the deep-sea fish, has annual sales exceeding 1.5 billion yuan and has maintained the top sales position in its category for eight consecutive years [2] - Recent product innovations include the launch of a new sesame sauce product and the upgrade of quail eggs to antibiotic-free, further enriching its health product matrix [2]

Group 1 - The company announced a new share repurchase plan amounting to 99.99 million yuan, representing 1.79% of its shares [1] - Since its listing, the company has spent approximately 200 million yuan on share repurchases and has distributed a total of 637 million yuan in dividends, demonstrating a commitment to returning value to investors [1] - The repurchased shares are intended for employee stock ownership plans, which will enhance the long-term incentive mechanism and motivate core personnel [1] Group 2 - The chairman, Zhou Jinsong, has never reduced his holdings since the company's IPO and even increased his stake by 285 million yuan during a market adjustment in 2022 [2] - The company focuses on healthy product categories such as leisure fish products, poultry products, and bean products, achieving high-quality growth with a strong product matrix [2] - The flagship product, Jinzai deep-sea fish, has annual sales exceeding 1.5 billion yuan and has maintained the top sales position in its category for eight consecutive years [2]

Group 1 - The company announced a share repurchase plan amounting to 99.99 million yuan, representing 1.79% of its shares [1] - Since its listing, the company has spent approximately 200 million yuan on share repurchases and has distributed a total of 637 million yuan in dividends, indicating a commitment to returning value to investors [1] - The repurchased shares are intended for employee stock ownership plans, which will enhance the company's long-term incentive mechanisms and motivate key personnel [1] Group 2 - Since its IPO in 2020, the company has focused on healthy product categories such as leisure fish products, poultry products, and bean products, achieving high-quality growth [2] - The company's flagship product, the deep-sea fish, has annual sales exceeding 1.5 billion yuan and has maintained the top sales position in its category for eight consecutive years [2] - Recently, the company launched a new product, sesame sauce konjac, and upgraded its second-largest product, quail eggs, to be antibiotic-free, continuing to provide value to consumers [2]

证券日报网讯9月26日晚间，劲仔食品（003000）发布公告称，截至本公告披露日，公司已完成本次股 份回购。公司通过深圳证券交易所以集中竞价方式累计回购股份8，063，500股，约占公司总股本的 1.79%。 ...