证券日报网讯12月19日，金禾实业（002597）在互动平台回答投资者提问时表示，尽管公司短期市场需 求存在波动，但健康减糖的消费趋势为甜味剂行业的长远发展提供了结构性机遇，公司对核心产品的中 长期前景保持信心。公司将持续优化产品结构、拓展应用场景，提升可持续发展能力，努力为投资者创 造价值。 ...

Core Insights - Yuanqi Forest has achieved a 26% overall growth in performance, with specific product lines such as Alien Electrolyte Water and Vitamin Water showing significant increases of 34% and 128% respectively, indicating strong market demand and effective product strategy [1][4][10] Group 1: Product Performance - Alien Electrolyte Water grew by 34%, Vitamin Water by 128%, and the Ice Tea series by 56%, showcasing a robust product portfolio that exceeds market expectations [1][4] - The company has maintained double-digit growth for three consecutive years, attributed to a diverse product matrix that adapts to changing consumer preferences [1][3][10] Group 2: Strategic Focus - The CEO emphasized a "slow is fast" approach, highlighting the importance of patience and confidence in product development, which has been a key factor in the company's sustained growth [3][5] - Yuanqi Forest's 2026 strategy focuses on product quality and consumer trust, aiming to counter market uncertainties with reliable product offerings [3][10] Group 3: Market Positioning - The company is committed to a long-term strategy that prioritizes product quality over rapid trends, reinforcing its position in a competitive beverage market [6][10] - The emphasis on health-conscious products aligns with consumer trends towards lower sugar and functional beverages, appealing particularly to younger demographics [9][10] Group 4: Distribution and Feedback - The company is enhancing market presence through initiatives like the "Ark" project and a digital management system, which improve market control and product optimization based on consumer feedback [6][10] - Feedback from distributors indicates strong market performance for products like Alien Electrolyte Water and Ice Tea, which resonate well with health-conscious consumers [8][9] Group 5: Future Outlook - Yuanqi Forest plans to expand its product offerings and market reach, with products already available in over 40 countries, indicating a growing international presence [11] - The company aims to continue focusing on product innovation and quality to meet the evolving demands of consumers, ensuring sustainable growth in the beverage sector [10][11]

Core Insights - Yakult will close its first factory in Guangzhou on November 30, 2023, marking a significant shift in its operations in China, where it has been a prominent player since entering the market in 2002 [2][3] - The closure is part of a broader strategic adjustment aimed at enhancing competitiveness and sustainable growth in the Chinese market, despite ongoing challenges in the industry [2][4] Company Performance - Yakult's daily sales in China have declined for three consecutive years, dropping from 625.7 million bottles in 2022 to an estimated 443.9 million bottles in 2024 [3][4] - In Guangzhou, daily sales decreased from 259.6 million bottles in 2022 to 184.6 million bottles in 2024, reflecting a significant contraction in its core market [3] Industry Trends - The traditional yogurt drink market is facing challenges due to rising health consciousness among consumers, leading to a shift towards low-sugar and functional beverages [5][7] - The market for sugar-free beverages in China has grown from 3.12 billion yuan in 2016 to an estimated 19.96 billion yuan in 2022, with projections to reach 61.56 billion yuan by 2025 [5] Strategic Adjustments - The closure of the Guangzhou factory is part of a structural adjustment strategy to improve production efficiency and resource allocation in response to slowing growth, rising costs, and intensified competition [4][6] - Yakult is attempting to innovate its product offerings, introducing new variants such as a high-fiber, high-calcium drink and a sugar-free option to cater to evolving consumer preferences [6][7] Market Challenges - The competitive landscape has intensified, with similar products now offering features like zero sugar and high fiber, which have become standard in the market [6][7] - If Yakult cannot transition from a focus on sweetened probiotic drinks to a more diversified product line that emphasizes low sugar and functional benefits, it risks stagnation or marginalization in the market [7]

Investment Rating - The industry rating is "Outperform the Market" [7][57] Core Views - The report emphasizes that the international environment is turbulent, and domestic demand promotion may be the main theme for the market [3][13] - The SW Baijiu index PE-TTM is currently at 19.97, which is at a very low percentile of 8.93% over the past 10 years, indicating a strong safety margin [3][14] - The report suggests that the white liquor industry is expected to enter a healthier new phase as channel inventory is continuously digested during peak seasons [14] - The report highlights the importance of rational target setting for liquor companies in 2025, which is crucial for the industry's cyclical trends [14] Summary by Sections Baijiu - The report recommends focusing on companies like Moutai and Wuliangye, which have price stabilization and market share enhancement capabilities [3][14] - The report notes that the white liquor sector experienced a slight decline of 0.71% this week, with some companies like Huangtai and Jinhui showing gains [12] Beer - Key recommendations include Qingdao Beer and Yanjing Beer, which are expected to benefit from high-end strategies and efficiency reforms [19][15] - The report anticipates stable beer sales in 2025, with revenue growth driven by structural upgrades [18] Soft Drinks - The report suggests focusing on East Peak Beverage, which is exploring a second growth curve, and Xiangpiaopiao, which has positive fundamentals [20][19] Pre-mixed Drinks - The report identifies Baijun as a leading company in the pre-mixed drinks sector, with a favorable PE ratio and significant growth potential [23][22] Dairy Products - The report recommends Yili, a national dairy giant, focusing on profit-oriented strategies and product structure optimization [24][24] Snacks - The report highlights the snack sector's resilience, suggesting companies like Ximai Foods and Ganyuan Foods as potential investment opportunities [27][29] Condiments & Catering - Key recommendations include Angel Yeast, which is expected to benefit from strong domestic sales and overseas growth [34][35] Baking Supply Chain - The report recommends Lihai Foods and Huirong Technology, which are expected to show strong performance due to market dynamics [39][39] Health Products & Sweeteners - The report emphasizes the growth potential in the health products sector, particularly for companies like Bailong Chuangyuan and Huakang [40][32] Catering - Recommendations include Yum China and other companies that are expected to benefit from supply chain optimization and brand development [41][45] Pet Industry - The report suggests focusing on companies like Zhongchong and Peidi, which are expected to benefit from both domestic and international market dynamics [46][49] Gold & Jewelry - The report recommends companies like Chaohongji and Zhou Dashi, which are expected to perform well amid high gold prices [50][50]