作者： Mamo 咖啡市场"烈火烹油"，而作为行业的"待爆咖"，即饮咖啡也已迈入200亿规模的大门[1]。看似风光无 两，但实则暗潮涌动。 同样瞄准外出消费场景，OOH街饮咖啡（Out of Home）市场"妙招"频出，规模增长迅速，2024年已 达到1920.6亿元，同比增长18.3%。[2]但街饮咖啡很卷，以瑞幸为例，仅2024年，瑞幸就推出了119 款新品，合作了20多位"代言人"。[3] 街饮咖啡不断推陈出新，消费者对即饮咖啡的需求也正在发生变化。根据飞瓜数据调研显示，消费者对 即饮咖啡的偏好主要集中在口感、味道和健康成分上。[4]这也对即饮咖啡赛道的玩家们提出了更高的 要求。创新能力，已然成为即饮咖啡品牌们的必答题。而在咖啡这一相对成熟、竞争激烈的赛道中，头 部品牌的动向，往往也意味着行业创新的风向转变。而品牌越大，却也越容易陷入"创新者窘境"，即受 限于成功路径与固有思维，难以灵活回应市场变化。但目前看来，雀巢咖啡并未受困，而是跑出了一条 属于自己的产品与品牌创新路径。 仅在今年前四个月内，雀巢咖啡即饮便接连向行业发出多个变化信号弹，迈出了三大新变化：第一，推 出2款王炸风味奶咖新爆款；第二，焕新 ...

Core Viewpoint - New Meixing (300509) reported significant growth in its 2024 annual results, with total revenue reaching 1.075 billion yuan, a year-on-year increase of 15.78%, and net profit attributable to shareholders soaring by 94.36% to 45.2522 million yuan, driven by continuous innovation and market expansion in the liquid packaging machinery sector [1] Business Expansion and Technological Breakthroughs - New Meixing is a leading enterprise in high-end liquid packaging machinery in China, providing integrated solutions for liquid product factories across five major sectors: beverages, dairy, alcohol, condiments, and daily chemicals, serving over 80 countries and regions with renowned brands like Coca-Cola, Danone, and Nestlé [4] - In 2024, the company launched advanced solutions such as dry sterilization blowing and filling technology and integrated blowing and filling machines, further solidifying its market position [4] - At the CBB2024 exhibition, New Meixing showcased its latest technological achievements, including a fully automatic rotary bottle blowing machine with a capacity of 3,000 bottles per hour and Asia's first integrated blowing and filling machine with a capacity of 108,000 bottles per hour, enhancing product value and global competitiveness [4] Operational Model Optimization and Market Expansion - The company employs a "production based on orders" procurement model and a "sales driven production" model to ensure sufficient raw material supply and high-quality product delivery [5] - New Meixing optimizes its supply chain management and enhances project delivery and R&D capabilities, providing more precise services for customer customization [5] - The company has achieved stable growth in the domestic market and significant breakthroughs in international markets, particularly in Southeast Asia and Europe, by strengthening brand building and improving after-sales service systems [5][6] Human Resources and Internal Management - New Meixing adheres to a "talented team" human resources strategy, regularly attracting and reserving excellent R&D talent through partnerships, platform building, and recruitment [7] - The company has improved its internal management and operational efficiency by enhancing governance, internal control, and management systems, establishing a reasonable evaluation system [7] - In 2024, New Meixing's focus on continuous technological innovation, market expansion, and internal management optimization has laid a solid foundation for sustainable development, reflected in significant growth in revenue and net profit [7]

Group 1: Starbucks and JD Delivery - Starbucks has become the first restaurant brand to integrate its membership system with JD's instant delivery platform, enhancing its delivery coffee ecosystem [1] - The integration allows "Star Club" members to enjoy the same benefits and services on JD's platform as they do through Starbucks' own channels [1] - JD's platform has developed customized features for Starbucks, enabling users to personalize their coffee orders based on preferences such as temperature and flavor [1] Group 2: Tea Export Statistics - In the first quarter of 2025, China's tea exports reached 101,000 tons, generating $350 million, marking a year-on-year increase of 17.1% and 7.0% respectively [3] - Green tea exports accounted for 88,000 tons, while black tea saw the highest growth rate at 24.4% [3] - Major export markets include Morocco, Ghana, and Uzbekistan, with significant increases in exports to Morocco and Côte d'Ivoire [3] Group 3: Kuaishou Spring Tea Campaign - Kuaishou's Spring Tea campaign reported a 55% year-on-year increase in GMV for green tea products [6] - The campaign involved sourcing from key tea-producing regions and featured live-streaming events to promote traditional tea-making techniques [6] - The overall user engagement metrics showed a 42% increase in order volume and a 117% increase in user-generated content [6] Group 4: Nestlé's Coffee Innovations - Nestlé announced the upgrade of its classic 1+2 coffee formula, eliminating trans fats and enhancing coffee content [7] - The company aims to continue localizing its products for the Chinese market, focusing on innovation and empowerment of the Yunnan coffee industry [7] - Nestlé's strategy includes leveraging product innovation to expand its presence in the global coffee market [7]

Core Insights - The report highlights the rapid growth and competitive landscape of the sugar-free tea category, which has become a significant segment in the beverage market, driven by major players and emerging brands [1][2][3] Category Development Status - Sales and market share of ready-to-drink tea, including both sugar-free and sugar-added variants, have shown steady growth, although the pace is changing [3][5] - Sugar-free ready-to-drink tea's market share continues to expand, with significant sales growth observed in 2024 compared to 2023 [6][9] - The market is experiencing a shift from growth to intense competition, with concerns about the sustainability of market growth as sales in March 2025 showed negative year-on-year growth [9][11] City Level Insights - The market share of sugar-free ready-to-drink tea is significantly higher in first-tier and new first-tier cities compared to lower-tier cities, with the former showing stable growth while the latter is experiencing rapid increases [15][21] - Sales growth rates differ across city tiers, with lower-tier cities showing more dynamic growth potential for sugar-free tea products [21] Channel Dynamics - Sugar-free tea has a higher market share in smaller retail formats like convenience stores and grocery stores, which cater to immediate consumption [24][26] - The performance of sugar-free tea in larger retail formats is improving, indicating a structural growth potential in traditional channels [26] Competitive Landscape - The top five companies in the sugar-free ready-to-drink tea category, led by Nongfu Spring, dominate the market with over 70% share, indicating a highly concentrated market [27][29] - The competitive dynamics reveal a clear distinction between leaders, active participants, and challengers, with leaders maintaining a stronghold while challengers are gradually increasing their market presence [30][32] Product Upgrades - The sugar-free tea market is witnessing product upgrades focusing on health-conscious ingredients, with a notable preference for "true zero sugar" products [39][40] - Jasmine tea remains the dominant flavor, but there is growing interest in innovative flavors and combinations, particularly in first-tier cities [50][55] Pricing and Specifications - The trend of increasing product capacity while stabilizing prices is evident, with average bottle sizes rising from approximately 550ml to 620ml, while average prices have only slightly increased [67][69] - The market is seeing a shift towards larger capacity products, with the 650-1000ml segment gaining significant market share [74][75] - A flattening price structure is emerging, with mid-range price segments expanding while high-priced products are losing market share [78][80] Conclusion - The sugar-free ready-to-drink tea market has transitioned from a phase of rapid growth to one of structural competition, with brands focusing on efficiency and market positioning as they navigate a more mature landscape [81][82]

我国保健食品行业"长坡厚雪"，稳健成长 东吴证券发布研报称，新消费浪潮下，关注保健品板块估值切换的可能。传统大类保健食品奠基，新消 费贡献增量，传统的审美体系及估值视角不再适配新周期的研究。重审保健食品行业，建议关注板块估 值切换的可能、以及适配渠道转型、迎合新圈层、发力新品类的优质公司。 东吴证券主要观点如下： 保健食品是一门强品牌、重渠道和高毛利的生意 保健食品从定义而言，介于食品与药品之间，适用于特定人群食用，能调节人体的机能，但不以治疗疾 病为目的。保健食品毛利率较其他细分赛道更高(品牌端毛利率维持在60%-70%)，该行认为归因于其2C 的强品牌属性，以及相对分散的上下游格局。通过正文的分析，该行认为构建品牌及渠道优势是关键， 具备品类优势、品牌价值，把握渠道风向的企业方能源远流长。 (1)新渠道：我国保健食品销售向线上转型已成大势，2010-2024年线上电商零售额占比由3.1%提升至 58%。其中，兴趣电商、跨境电商及私域逐步成为重要的增量渠道：2022/2023/2024年抖音渠道保健品 销售额同比增速分别达227.47%/87.11%/52.54%;2018-2023年保健品进口额CAGR达 ...

这是新消费智库第 2 6 1 9 期文章 2. 水獭吨吨官宣上新春季限定冻干龙井茶 近日，水獭吨吨官宣上新春季限定冻干龙井茶，新品选用杭州龙井茶，采用鲜萃冻干 5.0 技术，低温冻住茶色香味， 0 糖 0 脂 0 卡，最大 程度保留茶叶原本味道，支持热泡冷泡。 （ TOPBRAND ） 3. 空刻冲泡意面口味上新 近日，空刻官宣其冲泡意面系列上新四种新口味。 上新的口味分别是：经典番茄肉酱、黑椒菌菇鸡肉、辣火鸡风味和金枪鱼柠香风味，该款 冲泡意面采用了 2 分钟免煮新技术，冲泡即可食用。 （ FBIF 食品饮料创新） 新消费导读 1.水獭吨吨官宣上新春季限定冻干龙井茶 2.空刻冲泡意面口味上新 3.达美乐中国今年Q1新开门店97家 4.三只羊上线小杨臻选APP 5.雀巢咖啡即饮系列官宣代言人虞书欣 6.凯乐石FUGA新门店或将落户上海新天地 7.王老吉将进入马来西亚市场 8.美国烧酒品牌Hello Soju完成680万美元融资 9.椰子水品牌if拟赴香港上市 10.杭州团家完成3000万元A轮融资 11.LYS美妆完成A轮融资 12.资生堂集团推出首个高端医美品牌 13.橘朵推出首个高性能彩妆副牌 . . . ...

Group 1: Hermès Performance in China - Hermès reported a revenue of €4.129 billion for Q1 2025, with a year-on-year growth of 9% at current exchange rates and 7% at constant exchange rates [1] - The Asian market (excluding Japan) saw only a 1.2% growth to €1.97 billion, primarily due to sluggish luxury goods consumption in China and decreased foot traffic [1] - Japan showed the strongest performance with a 17% increase to €420 million, while other regions like France and the Americas also experienced significant growth [1] Group 2: Liuliu Fruit Garden IPO - Liuliu Fruit Garden has submitted an application for an IPO on the Hong Kong Stock Exchange, focusing on the development, production, and sales of specialty fruit snacks [2] - The company reported total revenues of ¥1.174 billion, ¥1.322 billion, and ¥1.616 billion for 2022 to 2024, with corresponding net profits of approximately ¥68 million, ¥99 million, and ¥148 million [2] - The main products include dried plums and other fruit snacks, with significant marketing and advertising expenditures totaling ¥428 million over three years [2] Group 3: Dongpeng Beverage Growth - Dongpeng Beverage's Q1 2025 revenue reached ¥4.848 billion, marking a year-on-year increase of 39.23%, with net profit at ¥980 million, up 47.62% [3] - Energy drinks remain the core business, contributing ¥3.9 billion, or 80.5% of total revenue, while electrolyte drinks also saw rapid growth [3] - The Guangdong region generated the highest revenue at ¥1.125 billion, followed by North China at ¥746 million [3] Group 4: Erdos Clothing Business - Erdos reported a total revenue of ¥28.403 billion for 2024, a decline of 7.04%, with a net profit of ¥1.847 billion, down 36.39% [4] - The clothing segment achieved a revenue of ¥4.018 billion, reflecting a growth of 6.99% [4] - The company operates four major brands and has a total of 953 stores, including 582 direct-operated and 371 dealer stores [4] Group 5: Wanchen Group's Snack Revenue - Wanchen Group, owner of the Haoxianglai snack brand, reported a revenue of ¥31.79 billion for 2024, a year-on-year increase of 262.94% [5] - The company added 9,776 new stores, ending the period with 14,196 stores after accounting for closures [5] - The company aims to expand into emerging markets while maintaining high sales turnover [5] Group 6: Moncler Performance - Moncler reported a revenue of €829 million for Q1 2025, a year-on-year growth of 1%, driven by strong demand in Asia [6] - The Moncler brand saw a 2% increase in sales to €721.8 million, while Stone Island experienced a 5% decline [6] - The Asian market, particularly Japan, showed significant growth, while other regions faced slight declines [6] Group 7: Nestlé Coffee Innovations - Nestlé Coffee announced the launch of several new products, including an upgraded classic 1+2 formula and various ready-to-drink coffee options [7] Group 8: Keep's Traditional Sports Initiative - Keep launched its first short film series focusing on traditional sports, highlighting the story of a female Wing Chun practitioner [12] - The initiative aims to promote the charm of traditional martial arts and engage the younger generation [12] Group 9: Lawson's Expansion Plans - Lawson plans to double its overseas store count to 14,000 by February 2031, focusing on the Asian market to meet rising middle-class demand [18] - The company aims to achieve this through direct operations and partnerships with local retailers [18]

以下文章来源于摩登消费 ，作者付艳翠 摩登消费 . 潮趣消费指南，摩登生活方式。 作者： 付艳翠 来源：摩登消费 （ID：modengxiaofei ) 在"你旺我旺大家旺""再看，就把你喝掉""三年二班李子明同学"等广告营销下，中国旺旺一度给 80、90后的童年记忆打下了深深烙印。 "我小时候每年过年家里都要买旺旺大礼包，记得有一年买大礼包送游戏光盘，我非常喜欢。它的 名字我现在还记得——《热血躲避球》，之后的日子我将这款游戏打通了一次又一次。"90后辰辰 向「摩登消费」回忆道。 从几年前开始，辰辰购买中国旺旺的频率越来越少。 "现在买旺旺产品的时候不多，就过年时偶尔看见好玩的产品才买。"辰辰表示，不是不喜欢旺旺 了，只是因为几年前她脸上开始长痘，就再不敢买类似的零食了。 当曾经旺旺的忠实粉丝们成长到需要控糖的年纪，中国旺旺终于遇到了"中年危机"。 中国旺旺2024财年上半年（截至2024年9月30日止6个月）业绩显示，其营收为108.77亿元，同 比下滑3.5%。事实上，自2012年旺旺集团营收首次突破200亿元后，旺旺营收至今仍在该数值上 下徘徊，总营收依然未超越2021年时的239.8亿高位。 距离旺 ...

整理 ｜ 李小霞 #Big News# 中国消费者买不动爱马仕 爱马仕在中国市场增长放缓。 4月17日，爱马仕发布2025年第一季度财报，该集团收入达到41.29亿欧元，按当前汇率同比增长 9%，接近双位数增长。按恒定汇率则增长7%。亚洲市场（不含日本）增长仅为1.2%至19.7亿欧 元，主要受中国市场奢侈品消费低迷，人流量下降的影响。 从地区来看，日本市场表现最为强劲，增长17%至4.2亿欧元，法国本土增长14.2%至3.6亿欧元，欧 洲其他地区增长12.7%至5亿欧元，美洲市场增长11%至7亿欧元，中东所在的其他区域增长14.1% 至1.9亿欧元。 按业务来分，皮具与成衣领跑，但腕表与香水承压。皮具与马具依旧是集团收入支柱，同比增长 10%，成衣与配饰增长7.2%，丝绸与纺织品增长4.5%，珠宝与家居等增长6.1%，其他产品类别增 长16.5%，香水与美妆板块基本持平，同比下降0.5%。腕表业务大跌10%，为本季度中唯一出现明 显下滑的板块。 报告期内，溜溜果园营销开支分别为0.7亿元、0.77亿元、0.61亿元；广告开支分别为0.67亿元、 0.74亿元、0.79亿元。经计算，三年间，溜溜果园营销开支、 ...

Key Points - The Chinese central bank will announce the 1/5-year Loan Prime Rate (LPR) on April 21, with the current 1-year LPR at 3.1% and the 5-year LPR at 3.6%, unchanged for five consecutive months [5] - The U.S. and South Korea will initiate tariff negotiations, raising concerns in South Korea about potential negative impacts on national interests [6] - The 2025 Shanghai Auto Show will take place from April 23 to May 2, featuring numerous press conferences and the Global Automotive Leaders Summit [11] - Major companies such as Tesla, Google, and BYD are set to release their earnings reports, with Tesla's stock having retreated 17% since March due to tariff uncertainties [9] - The U.S., Eurozone, and UK will release preliminary manufacturing and services PMI data on April 23, which will reflect the initial impact of tariffs [7] - Huawei will hold a product launch event on April 22 to unveil a new supercharging product, capable of delivering 1.5 megawatts of power [18]