Zheng Quan Zhi Xing·2025-07-04 07:38Market Performance - The Shanghai and Shenzhen 300 Index increased by 1.54%, while the Shenwan Food and Beverage Index rose by 0.31% during the period from June 30 to July 4, 2025 [1] Institutional Insights - New consumption sectors (low-alcohol beverages, drinks, snacks, dairy products) have significantly outperformed traditional consumption sectors (liquor, beer) this year, driven by high growth in channel revenue and expectations for new product launches [2] - The second quarter is expected to show limited profit pressure for food and beverage companies due to low base effects and declining raw material costs, with a focus on revenue marginal changes and product structure [2] Macro Events - The National Health Commission approved the application of nine substances, including aminopeptidase, as new food additives, and five substances, including D-allo-inositol, as new food raw materials [4] Industry News - The Chinese liquor industry faced challenges in sales, with a 7.2% year-on-year decline in production in the first quarter of 2025, attributed to multiple structural issues beyond the "ban on alcohol" [7] - Liquor companies are increasingly targeting younger consumers by introducing low-alcohol products, as traditional high-alcohol beverages face declining interest from younger demographics [8] - High-end liquor prices have shown volatility post-promotions, with major brands like Moutai experiencing price drops, leading to a focus on inventory management and market confidence [9] Company Developments - Langjiu's revenue in the Henan market is projected to exceed 5 billion yuan in 2025, following a significant growth trajectory since 2017 [10] - The Fenjiu Group opened its first "Xinghua Village Restaurant" in Beijing, enhancing brand experience through a combination of tasting, dining, and cultural displays [11] - The CEO of OB Beer Company and nine others were indicted for tax evasion amounting to 16.5 billion won (approximately 86.79 million yuan) [12]