以下文章来源于定焦One ，作者定焦One团队 作者丨王璐 编辑丨魏佳 图源丨Midjourney 中秋的脚步一近，测评博主们的"月饼吐槽大会"准时开演。 往年提起月饼，年轻人满是槽点：动辄标价几百 上千 的天价礼盒，咬一口甜到齁的高糖炸弹，还有 鱼翅、螺蛳粉等创新黑暗馅料，再加上担心暗藏"科技与狠活"，不少人直呼"不敢吃"。 可少了这口圆乎乎的点心，总觉得中秋 节缺点什么。 两难之下，年轻人索性开启"月饼邪修"模式， 买套模具回家，汉堡压一压、披萨裹一裹，连奥利奥、煎饼果子都能摇身一变，成了创意十足的"跨 界月饼"，主打一个吃得放心、玩得开心。 定焦One . 深度影响创新。 来源丨定焦One（ID：dingjiaoone） 而今年， 情况不一样了。 商家们似乎 终于 读懂了年轻人的心思：不是不爱月饼，而是拒绝"花冤枉 钱买不健康 "。以往那些价格虚高、添加剂堆砌的月饼 少了 ，货架上的月饼集体"换了画风"。 最近， 「定焦One」 在北京几家大型超市 走访 发现，礼盒装月饼的价格大多卡在50-300元 之 间，口味 主打 低糖，保质期 也 普遍 缩短到了90天，让用户少了防腐剂的顾虑，多了 几分 安心。 ...

央视网消息：国庆中秋双节临近。记者采访中了解到，今年月饼市场呈现出"传统坚守+潮流创新"的特点，既坚守中秋吃月 饼的节日仪式感，又在口味、造型上有所创新。 平台数据显示，今年中秋市场呈现出轻伴手礼、健康化、实用性等趋势特点。健康成为消费者选购月饼的首选，73%的消费 者关注"成分健康"，低糖、无添加类产品销量显著增长；59%的消费者偏好简约包装，"轻伴手礼"成为市场主流。 上午时分，黑龙江哈尔滨这家老字号刚开门不久，就已聚集了大量消费者，收银台前、礼盒陈列区都排起了长队。 在上海，不少老字号结合当下潮流和消费者口味偏好不断创新，有的店推出了酱烧椰蓉、烧汁火腿等新式口味月饼，还有的 月饼店推出了外形酷似"煤球"的"小煤球"月饼，不仅唤起了不少市民的儿时回忆，还吸引了不少人来尝鲜打卡。 一大早，北京的这家老字号，各式月饼摆在了最醒目的位置，吸引了不少人选购。今年，店里新推出了6款风味各异的现烤 月饼，深受消费者喜爱。 店主告诉记者，这几天店内月饼销量达到了近一个月的高峰，而随着双节的临近销量还在涨。 ...

Group 1: Health-Conscious Products - The demand for "low sugar and low oil" mooncakes has significantly increased, with 96.7% of surveyed consumers prioritizing health when selecting mooncakes [2][4] - Boxed low-sugar mooncake gift sets have increased by 6 varieties compared to last year, reflecting a shift towards healthier options [2] - Various platforms are introducing unique mooncake flavors, such as low GI mooncakes and medicinal ingredient mooncakes, to cater to health-conscious consumers [4] Group 2: Regional Specialty Mooncakes - Sales of regional specialty mooncakes, such as Su-style fresh meat mooncakes, have seen over 100% year-on-year growth [5] - The popularity of Yunnan flower cakes and Guizhou-style mooncakes is rising, indicating a trend towards unique local flavors [5] - Overall, mooncake sales during the holiday period are expected to increase by over 30% compared to last year [5] Group 3: Seasonal Products and Trends - The sales of hairy crabs are projected to increase by 4-5 times during the double holiday period, driven by the demand for family gatherings [6][8] - Various platforms are enhancing their supply chains to ensure stable availability of crabs from different regions [8] - The introduction of seasonal products like fresh-cut duck meat and new rice varieties is also gaining traction, with duck meat sales up by approximately 30% [11][12] Group 4: Local Agricultural Products - Yonghui Supermarket is launching a new line of chestnuts sourced from a recognized geographical area, with a procurement plan of 2,500 tons expected to boost local farmers' income [9][10] - The supermarket employs a rigorous quality control process to ensure product consistency and quality [10]

Investment Rating - The report does not explicitly provide an investment rating for the food and beverage industry Core Insights - The food and beverage industry is experiencing significant trends, including the rise of ready-to-eat meals, the popularity of low-sugar and sparkling beverages, and the emergence of health-focused drinks like bamboo sugar and reed root water [1][2][7] Industry Trends - Consumer acceptance of ready-to-eat meals varies significantly by dining context, with over 50% acceptance in fast food chains and only 8.8% in high-end restaurants [2] - The iced tea market is booming, with brands like Nongfu Spring and Yuanqi Forest entering the space, focusing on sugar reduction and carbonation innovations. The market is expected to grow from 300 billion yuan in 2024 to 350 billion yuan in 2025 [2] - The global top 100 food and beverage companies list for 2025 sees PepsiCo reclaiming the top spot with revenues exceeding $90 billion, driven by product innovation and AI technology [4] - The integration of supermarkets and restaurants is on the rise, with new business models emerging that combine high cost-performance and fresh ingredients [4] - The dairy market in China faces challenges, particularly in liquid milk, while powdered milk and cheese are experiencing growth [5] - The tea beverage industry is shifting towards fast-moving consumer goods, with brands focusing on efficiency and cost reduction [6] - Bamboo sugar and reed root water have become popular health drinks, reflecting the potential of traditional Chinese health beverages [7] - The night economy is becoming a significant growth point for the restaurant industry, with night-time consumption in cities like Shanghai and Chengdu reaching 60% [10] Brand Dynamics - Brands like Kang Shifu are launching successful sugar-free tea products, indicating a shift towards premium and health-oriented offerings in the beverage market [14] - The introduction of new products by brands like Subway, which incorporates local flavors into their offerings, highlights the trend of localization in the food industry [15] - The collaboration between Three Squirrels and JD to establish quality standards for nuts aims to elevate industry standards and meet consumer demand for high-quality products [16] - Wahaha's rebranding to "Wah Xiaozong" under the leadership of Zong Fuli aims to attract younger consumers while addressing compliance issues [17] - Zhou Hei Ya's promotional activities targeting college students reflect efforts to engage younger demographics amid declining sales [20]

文|新消费财研社 | 证券代码:605337 | 证券简称:李子园 公告编号:2025-068 | | --- | --- | | -------------------------- | A BOOK AND THE COLLECT COLLEGION | 近日，以甜牛奶为主业的李子园（605337.SH）发布公告，宣布终止云南子公司2亿元含乳饮料二期项目。这一原本计 划建设3条无菌灌装产线的投资，因"土地规划、产业规划等客观因素"搁浅。 尽管李子园强调"优化资源配置"，但财报数据与行业趋势揭示了更深层的隐忧。在健康消费浪潮下，李子园赖以生存 的高糖含乳饮料正遭遇前所未有的市场寒流，核心产品收入下滑、产能利用率不足、成本压力加剧，这家区域性乳饮 龙头正面临成立30年来最严峻的增长挑战。 健康风潮下核心业务失速，含乳饮料收入连续两年下滑 云南项目的终止标志着李子园产能扩张进入审慎期。截至 2025 年上半年，公司仍有5个在建项目，总预算15.8亿元， 预计2029年产能将达59.26万吨，较2024年增长58%。如何在需求疲软的背景下消化这些产能，已成为李子园管理层的 核心挑战。 李子园的困境始于其过度依赖的 ...

消费是经济增长的重要引擎，是畅通国内大循环的关键环节。为大力提振消费，全方位扩大国内需求， 着力改善民生，从文旅融合到产业升级，从城市商圈到乡村消费，各地正全面开展消费提质增效的多元 实践，努力以高质量供给创造新需求，不断满足人民群众美好生活新需要。 生产决定消费，消费是生产的目的，并为新的生产创造新的需要，二者密切相关，相互促进。当前，增 强消费对经济增长的拉动作用，成为推动经济结构优化、实现高质量发展的重要抓手。今年以来，各地 深入实施提振消费专项行动，创新消费供给，消费潜能加速释放。来自福建、湖北、四川的调研显示， 创新供给能够有力壮大消费市场，盘活文旅资源，并带动城市的产业升级。 创新有多强 活力有多大 高频足疗养生仪通过高频震动活络脚底穴位；按摩椅增加AI语音功能随时听从消费者指令……在福建 省福安市溪潭镇工业园区，荣耀科技公司的多款产品摆成了矩阵。"无论是外观还是功能，均根据客户 需求进行研发和生产，与传统按摩器具相比，其精密度和舒适度均有更大提升。"荣耀科技公司生产部 部长陈黄森说，捕捉到银发经济以及健康消费需求增长的机遇，他们推出50多种产品，年产按摩椅30万 台，2024年实现产值2.59亿 ...

消费是经济增长的重要引擎，是畅通国内大循环的关键环节。为大力提振消费，全方位扩大国内需求， 着力改善民生，从文旅融合到产业升级，从城市商圈到乡村消费，各地正全面开展消费提质增效的多元 实践，努力以高质量供给创造新需求，不断满足人民群众美好生活新需要。 创新有多强活力有多大 高频足疗养生仪通过高频震动活络脚底穴位；按摩椅增加AI语音功能随时听从消费者指令……在福建 省福安市溪潭镇工业园区，荣耀科技公司的多款产品摆成了矩阵。"无论是外观还是功能，均根据客户 需求进行研发和生产，与传统按摩器具相比，其精密度和舒适度均有更大提升。"荣耀科技公司生产部 部长陈黄森说，捕捉到银发经济以及健康消费需求增长的机遇，他们推出50多种产品，年产按摩椅30万 台，2024年实现产值2.59亿元。 福安市工信局副局长王文恒说，截至2024年年底，福安拥有有效状态按摩器具专利授权超2200项，覆盖 智能传感、人机交互、健康数据分析等关键技术，实现"技术攻关—成果转化—市场应用"全链条体系自 主可控。 松滋市委书记汪卫表示："着力培育一批有较强实力的文化企业，推出一批有影响力的文创产品，更好 促进文化与产业融合发展，是省委赋予松滋的责任 ...

Core Insights - The consumer market in China is experiencing steady expansion and improvement, driven by various consumption promotion policies, with a notable resilience in service consumption and growth in new consumption patterns [1] Group 1: Product Consumption - In August, the retail sales of goods increased by 3.6% year-on-year, with key retail enterprises showing an 8.2% growth [3] - Mobile phone sales surged by 17.7%, while smart air conditioner sales rose by 20.7%, and tablet computer sales increased by 8.2% [3] - The retail volume of passenger cars in August saw a year-on-year growth of 4.6% [3] Group 2: Service Consumption - Service consumption maintained rapid growth, driven by concentrated demand for tourism and recreational activities during the summer [5] - The service retail sales increased by 5.1% year-on-year [7] - Popularity in red tourism and summer vacation trips, along with high attendance at well-known IP theme parks, contributed to this growth [8] Group 3: New Consumption Trends - New consumption categories such as digital, green, and health-related consumption are rapidly developing, with online retail sales reaching 9.6 trillion yuan, marking a 10.0% year-on-year increase [11] - Sales of new energy passenger vehicles grew by 55.2%, with a year-on-year increase of 7.5% in retail volume [11] - Sales of sports and entertainment products in large-scale retail units increased by 16.9% [11] Group 4: Inbound Consumption - The expansion of inbound consumption is evident, with the number of tax refund stores exceeding 10,000 by the end of August [17] - The sales of tax refund goods increased by 97.5% in the first eight months, and the number of individuals benefiting from tax refunds grew by 2.5 times [17]

Group 1 - The overall consumption market in China remained stable in August, according to the Ministry of Commerce [1] - Service consumption showed significant growth, with a 5.1% year-on-year increase in service retail sales from January to August, driven by tourism and leisure activities during the summer [3] - The film market was robust, with total box office revenue during the summer season reaching 11.97 billion, a 2.8% year-on-year increase [3] Group 2 - Commodity retail sales grew steadily, with a 3.6% year-on-year increase in August, and sales of products related to trade-in programs saw rapid growth [4] - Key retail enterprises reported significant year-on-year sales increases in tablets (20.7%), smart air conditioners (17.7%), and mobile phones (8.2%) in August [4] - New consumption trends such as digital, green, and health-related consumption are expanding, with inbound consumption also increasing; the number of tax refund stores exceeded 10,000 by the end of August, and tax refund sales grew by 97.5% year-on-year [6]

Core Insights - The Chinese health tea beverage industry is experiencing explosive growth, with the market size reaching 41.16 billion yuan in 2023, a year-on-year increase of 27.3%, and is expected to exceed 100 billion yuan by 2028, reaching 118.95 billion yuan [1][8] - The growth is driven by the revival of traditional Chinese medicine culture, the upgrading of national health demands, and changes in consumer habits [1][2] Industry Development Drivers - Policy support has injected strong momentum into the health tea beverage sector, with the inclusion of nine substances into the "food and medicine homologous" directory by the National Health Commission and the State Administration for Market Regulation [1][21] - The increasing health consciousness among the public has laid a solid foundation for industry growth, with the health product market reaching 328.2 billion yuan in 2023 and expected to exceed 400 billion yuan by 2026 [2][24] Market Characteristics - The industry is characterized by product diversification and a younger consumer demographic, with nearly 50% of consumers preferring health tea beverages [2][10] - The main product categories include bagged tea, solid paste, bottled beverages, powdered drinks, and in-store freshly made tea, with bagged tea being the most favored, accounting for 45.9% of the market [2][19] Consumer Insights - The consumer base for health tea beverages is no longer limited to the elderly, with 37.6% of consumers aged 25-35, and 48.8% of this group indicating an increased willingness to consume in the future [3][14] - Female consumers represent 56.1% of the market, with middle-income earners (monthly income of 5,001-15,000 yuan) being the primary consumer group [3][14] Consumer Preferences - Taste and efficacy are the core concerns for consumers, with 65.2% prioritizing taste when purchasing, followed by consumer reviews (42.6%) and brand recognition (41.7%) [3][10] - The most sought-after health benefits include calming and sleep aid (53.5%) and spleen health (49.7%), with preferences varying by demographic [3][14] Sales Channels - Online platforms have become the primary sales and communication channels for health tea beverages, with 71.2% of consumers purchasing through e-commerce platforms like Taobao and Pinduoduo [3][10] - Short video platforms are significant for information acquisition, with 45.6% of consumers using them for insights [3][10] Future Trends - Product innovation and channel expansion will be key directions for the health tea beverage industry, with consumers showing high interest in increasing vitamin content and organic products [3][10] - Companies need to optimize product formulations through technological upgrades and develop niche products tailored to regional and demographic needs [3][10]