妙可蓝多公告称，公司参股的并购基金及其下属主体为吉林耀禾担保，因债务人逾期未清偿债务，公司 无法收回本金及收益。鉴于承诺人柴琇未履行足额补偿承诺，公司向上海国际仲裁中心提出仲裁申请并 获受理。截至公告披露日，仲裁尚未开庭，结果及对净利润的影响均不确定。此外，公司拟确认对并购 基金出资形成的其他非流动金融资产公允价值变动，预计损失将对净利润造成重大影响。 ...

Core Viewpoint - The beverage manufacturing industry in China is experiencing a decline in export value, with significant year-on-year decreases reported for both December 2025 and the cumulative total for the year [1]. Industry Summary - In December 2025, the export value of the beverage and refined tea manufacturing industry in China was 2.14 billion, representing a year-on-year decrease of 25.1% [1]. - The cumulative export value for the entire year of 2025 was 23.43 billion, showing a slight year-on-year decline of 1.3% [1]. - The data indicates a challenging environment for the beverage sector, with exports not only declining in December but also showing a downward trend over the year [1]. Company Summary - Listed companies in the beverage sector include Chengde Lolo (000848), Sunshine Dairy (001318), Huangshi Group (002329), Beingmate (002570), Western Pastoral (300106), Pinwa Food (300892), Panda Dairy (300898), Sanyuan Foods (600429), Bright Dairy (600597), Miaokelan Duo (600882), Yili Group (600887), and Liziyuan (605337) [1]. - These companies may face challenges due to the overall decline in the industry, impacting their export performance and financial results [1].

公告显示，马苏里拉奶酪应用场景已从传统披萨拓展至沙拉、零食、烘焙、中式菜肴等多元领域，妙可蓝多未来将聚焦原 制化升级与国产化深化两大方向，依托公司长春、金山工厂及蒙牛奶立方项目的产能协同，叠加欧盟反补贴政策带来的替代机 遇，国产马苏里拉奶酪在餐饮加工与家庭消费场景的渗透率将进一步提高，持续巩固品类优势。 本报讯 （记者张文湘 见习记者占健宇）1月23日，上海妙可蓝多食品科技股份有限公司（以下简称"妙可蓝多"）在投资者 关系调研活动中披露，2025年公司B端业务发展超预期，马苏里拉奶酪作为规模最大的核心品类，成为关键增长引擎。 （编辑 郭之宸） ...

AI已经深度扎根电商、零售的具体业务流程，以"数字员工"的形式，切实解决企业问题，带动实体经济提质增效。 消费者的需求正快速变化与升级，他们既要求更专业的解答，也渴望获得情绪共鸣与服务温度。提升服务质量已成为留住客 户、拉高转化的关键。 传统的配置型客服机器人已难以为继，什么才是"更智能的服务"？答案是：精准与温度并存。 AI智能体正是为此而生。它通过强大的知识库与学习能力，确保解答的专业性与一致性，稳定承接绝大部分日常服务，为用户 提供即时满足。更重要的是，它释放了人的精力，让客服人员能专注于更复杂、更需创造力和情感连接的工作，并通过实践不 断优化AI。 AI驱动客服从"成本中心"升级为"四大增长引擎" AI如何将客服从传统"成本中心"转变为"增长引擎"成为本次峰会的核心议题。 推动"AI生产力时代"落地 探迹科技子公司探域科技CTO黄加胜向21世纪经济报道记者表示，探域智能体作为探迹科技的B2C智能体产品，专注为电商与 零售企业提供全流程AI Agent服务，全面覆盖客服、营销、运营、私域等核心业务场景。 黄加胜表示，探域智能体坚持LLM Native技术路线，将传统客服辅助工具升级为具备"思考与行动"能 ...

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With declining birth rates, young people are investing more in pets, leading to a boom in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [11][12][14][15]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand for adult care products in China, with companies like Kexin showing potential for growth [16][17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased sales of sugar-free beverages and functional drinks in both Japan and China, with brands like Suntory and Dongpeng gaining traction [21][22]. - **Beauty Economy**: The demand for beauty products, including collagen supplements and at-home beauty devices, remains strong, with companies like Jinbo Biological achieving significant market valuations [23][25]. - **Outdoor Recreation**: The outdoor equipment market is thriving, with brands like Snow Peak in Japan and various Chinese brands experiencing rapid sales growth, as consumers seek leisure activities despite economic constraints [25][26][27]. - **Emotional Economy**: Brands that provide emotional comfort, such as Labubu and Rio, are gaining popularity, reflecting a consumer willingness to spend on small pleasures even in tough times [28][29][30]. - **Convenience Economy**: The demand for convenience products, such as frozen foods and smart home appliances, is increasing as younger generations prioritize time-saving solutions [33][35][36]. Group 2: Market Trends - The article emphasizes that the current low-desire economic environment does not equate to a lack of opportunities. Instead, it suggests that businesses that can identify and invest in counter-cyclical sectors will emerge as winners [39].

Market Overview - The beverage and dairy sector experienced a decline of 0.18% on January 23, with Miaokelan leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Quanyangquan (code: 681009) with a closing price of 8.37, up 2.45% and a trading volume of 419,500 shares, totaling 351 million yuan [1] - Huanlejia (code: 300997) closed at 24.80, up 2.31% with a trading volume of 98,400 shares, totaling 242 million yuan [1] - Qiaoyuan Beverage (code: 603156) closed at 33.86, up 1.93% with a trading volume of 108,900 shares, totaling 364 million yuan [1] - Conversely, the following stocks saw declines: - Miaokelan (code: 600882) closed at 23.75, down 3.34% with a trading volume of 153,200 shares, totaling 368 million yuan [2] - Weiweijia (code: 600300) closed at 3.71, down 2.11% with a trading volume of 665,200 shares, totaling 248 million yuan [2] - New Dairy (code: 002946) closed at 19.19, down 1.34% with a trading volume of 45,200 shares, totaling 86.94 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 141 million yuan from institutional investors, while retail investors contributed a net inflow of 229 million yuan [2] - Detailed capital flow for selected stocks includes: - Yili Group (code: 600887) with a net inflow of 1.10 billion yuan from institutional investors, but a net outflow of 162.69 million yuan from retail investors [3] - Huangshi Group (code: 002329) had a net inflow of 13.98 million yuan from institutional investors, with a net outflow of 5.66 million yuan from retail investors [3] - Liziyuan (code: 605337) saw a net inflow of 8.75 million yuan from institutional investors, with a net outflow of 1.70 million yuan from retail investors [3]

Core Viewpoint - The recent appreciation of the RMB is expected to benefit the food and beverage sector through reduced import costs, improved domestic demand, and increased foreign investment allocation [1][2]. Group 1: Recent Developments - The RMB has accelerated its appreciation, breaking the 7 mark offshore on December 25 and reaching 6.96 onshore by January 22, indicating enhanced economic momentum and improved export competitiveness [1]. - Historical analysis shows that during previous RMB appreciation cycles (May-November 2020 and November-December 2022), the food and beverage sector outperformed the CSI 300 index by 18% and 12%, respectively [2]. Group 2: Cost, Demand, and Valuation Dynamics - Cost: The appreciation of the RMB reduces the converted prices of imported raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2]. - Demand: The recovery of domestic demand is a fundamental support for the strong RMB, which will further lower companies' restocking costs, shifting the industry from passive destocking to active restocking, thus reinforcing demand resilience [2]. - Valuation: The liquidity remains ample during the RMB appreciation cycle, enhancing the inflow of foreign capital into A-shares, which is expected to bring liquidity premiums to the food and beverage sector, known for its high foreign ownership [2]. Group 3: Investment Recommendations - The report highlights three main lines of focus for investment: 1. Cost benefits, recommending companies such as Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3]. 2. Demand recovery, recommending companies like Anjijia Food, Qianwei Central Kitchen, Youran Dairy, Modern Farming, New Dairy, and Wancheng Group [3]. 3. Valuation recovery, recommending companies including Yili Group, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3].

（企业官方公众号） 在过往十年的发展历程中，儿童人群始终是妙可蓝多业务的"基本盘"。捷捷高作为"可以喝的奶酪"，成 为面向儿童目标人群品类大家族中的又一次深度进化。 1月23日，妙可蓝多官方公众号披露，2025年九月份上市至今，面向儿童及青少年人群主打"高钙+高蛋 白"的捷捷高奶酪小金袋动销火爆，月环比持续增长，表现出极高的成长潜力，成为2025下半年上市新 产品中的"黑马"。 据该推文介绍，捷捷高奶酪小金袋首创"可以喝的奶酪"，以超过65%的干酪添加量成为高营养密度的独 家创新品类。在目标人群画像上，捷捷高更多瞄准3到15岁之间的"大童"人群。 ...

公司已向中国证券登记结算有限责任公司上海分公司（以下简称"中登公司"）提交注销上述股票期权的 申请，经中登公司审核确认，上述170.40万份股票期权注销事宜已于2026年1月22日办理完毕。本次股 票期权注销不会对公司股本造成影响。 特此公告。 上海妙可蓝多食品科技股份有限公司董事会 关于部分股票期权注销完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据上海妙可蓝多食品科技股份有限公司（以下简称"公司"）2020年第五次临时股东大会以及2025年第 一次临时股东大会授权，公司于2026年1月21日召开第十二届董事会第十八次会议，审议通过了《关于 拟注销部分股票期权的议案》。 因公司《2020年股票期权与限制性股票激励计划（修订稿）》（以下简称"《2020年激励计划》"）中第 一个行权期可行权的153.90万份股票期权到期失效前未行权，以及《2025年股票期权激励计划》（以下 简称"《2025年激励计划》"）中5名激励对象已离职（对应16.50万份股票期权），根据《中华人民共和 国公司法》《上市公司股权激励管理办法 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - Recent appreciation of the RMB is expected to continue, enhancing domestic asset attractiveness and improving the competitiveness of export products [1] - Historical analysis shows that during previous RMB appreciation periods, the food and beverage sector outperformed the CSI 300 index by 18% and 12% respectively, indicating strong performance potential in the current cycle [2] - The current RMB appreciation is anticipated to create a triple resonance effect in the sector, leading to cost reduction, increased demand, and valuation recovery [2] Summary by Sections Cost Side - RMB appreciation reduces the import cost of raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2] Demand Side - Domestic demand recovery is a fundamental support for the strengthening RMB. The appreciation will lower inventory replenishment costs for companies, shifting the industry from passive destocking to active replenishment, thus reinforcing domestic demand resilience [2] Capital Side - The liquidity remains ample during the RMB appreciation cycle, increasing foreign capital inflow into A-shares. The food and beverage sector, with a high proportion of foreign holdings, is expected to benefit from valuation recovery driven by increased foreign allocation [2] Investment Recommendations - Focus on three main lines of investment: 1. Cost benefits: Recommended companies include Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3] 2. Demand recovery: Recommended companies include Anjijia Food, Qianwei Central Kitchen, Youran Livestock, Modern Dairy, New Dairy, and Wancheng Group [3] 3. Valuation recovery: Recommended companies include Yili, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3] Earnings Forecast and Valuation - Key companies and their respective ratings, earnings per share (EPS) forecasts, and price-to-earnings (P/E) ratios for the years 2024 to 2027 are provided, indicating a positive outlook for several companies in the sector [7]