丨2025年10月10日星期五丨 NO.1 山西汾酒：玻汾将继续向清香消费氛围薄弱区域倾斜投放 10月6日，珠江原浆啤酒—苦瓜青瓜味全新上市。据相关介绍，该产品精选美式酒花，融入葡萄柚、柳 橙与柑橘的果香，交织草本植物与木质的香气，焕发清新风味，口感醇厚浓郁，入口微苦、渐转清爽。 值得关注的是，此次五粮液招聘提到了体能考试1000米跑步，主要考察应聘者的身体素质和体能水平， 总分为100分，低于60分视为考核不合格，不进入下一环节。 社会招聘信息中，包装操作工岗位体能考试成绩占比30%，体能考试项目为"男1000米跑步、女800米跑 步"。校园招聘信息中，酿酒操作工体能考试成绩占比30%，项目为1000米跑步。 点评：五粮液在生产岗位招聘中强调体能测试，此举反映了其作为传统酿造企业的核心特质。酿酒、包 装等环节对体力与耐力有天然要求，公司通过量化考核确保一线员工能胜任高强度工作，这是保障产品 品质与生产稳定性的举措。 NO.3 珠江啤酒推苦瓜青瓜味新品 10月9日，山西汾酒召开2025年半年度业绩说明会。对于玻汾未来的市场投放策略，公司副总经理张永 踊表示，2025年上半年，玻汾系列产品仍保持稳健增长态势，未 ...

编辑 | 虞尔湖 出品 | 潮起网「于见专栏」 前段时间罗永浩和西贝的"预制菜大战"响彻全国，这场纠纷近期终于偃旗息鼓。老罗赢得了民意，西贝输了口碑，谁 胜谁负看似一目了然，但实际上争吵的双方都不是赢家，反倒是让老乡鸡意外火出了圈。 在西贝和罗永浩你来我往，互飙金句期间，老乡鸡在后厨搞起了直播，大批网友纷纷涌入。大厨带领云监工们盘点食 材，普及菜品知识。一场直播下来，累计观看人数突破百万，收获好评无数。 俗话说"好事成双"，在获得消费者盛赞的同时，9月12日老乡鸡官宣正式成为2025上海劳力士大师赛的指定供应商。看 来这场突如其来的意外让老乡鸡赚得盆满钵满。不过当流量退潮，老乡鸡还能继续赢下去吗？ 业绩向前上市坎坷 合肥有一句顺口溜"从肥东到肥西，买了一只老母鸡"，肥西母鸡汤不仅是当地一道历史悠久的经典名菜，更是合肥人 民的情感寄托。2003年退伍军人束从轩在合肥舒城路开设了一家名为"肥西老母鸡"的中式快餐店。 在快餐行业小有名气后，老乡鸡也引起了资本的注意，2018年1月获得加华伟业2亿元的独家投资。有了充裕的资金， 同年7月老乡鸡收购了武汉知名连锁餐饮品牌永和，门店数量扩大到600家。 跑出了规模，老乡鸡 ...

东鹏饮料 20250924 摘要 东鹏饮料已发展成行业第二大龙头，销售量超越红牛，占据近 30%市场 份额，完成从广东及两广市场到全国化的扩张，并拓展至能量饮料、运 动饮料、即饮茶和咖啡等多品类。 公司通过数字化手段和扫码红包体系，截至 2024 年底已拥有 400 万个 销售网点，预计 2025 年底将拓展至 450 万个，远超香飘飘、养元等竞 争品牌。 区域方面，西南、华中、华北等地实现 50%以上增长；产品结构上，补 水类产品 2024 年达 15 亿元规模，预计 2025 年翻倍至 32-35 亿元， 新果汁茶全年目标两次上调至 7-8 亿元。 东鹏饮料商业模式类似农夫山泉，通过长生命周期产品培育新品，能量 饮料品类具有高粘性、高生命周期特点，且 ROE、净利润和毛利率较高， 竞争格局良好。 国内市场，2022 年以来单点产出维持 15%左右增速，客群从外卖小哥 拓展至白领，预计 2027 年前后特定品项仍有 15-20%复合增长率，同 时积极拓展东南亚、中东等海外市场。 Q&A 东鹏饮料自上市以来的收入和利润增长情况如何？ 截至 2024 年底，东鹏饮料已拥有 400 万个销售网点，到 2025 年 ...

Core Viewpoint - Tongce Medical (600763.SH) is experiencing slow growth in its operating performance, with a slight increase in revenue and net profit in the first half of 2025 compared to the previous year [1][5]. Financial Performance - In the first half of 2025, Tongce Medical achieved operating revenue of 1.448 billion yuan, a year-on-year increase of 2.68%, and a net profit attributable to shareholders of 321 million yuan, up 3.67% year-on-year [1][5]. - The company's revenue and net profit have shown continuous single-digit growth since mid-2022, indicating a trend of weak growth [2][9]. - The second quarter of 2025 saw a decline in growth momentum, with revenue and net profit lower than the first quarter, and a negative growth in non-recurring net profit [10]. Market Expansion and Acquisitions - Tongce Medical has been actively pursuing acquisitions to expand its market presence, including the acquisition of an ophthalmology management company and investments in dental and clinical information systems [2][11]. - The company is currently in the process of acquiring Shanghai Congji Dental Clinic for 46 million yuan, but its efforts to expand outside Zhejiang province have been slow, with over 90% of revenue still coming from the Zhejiang market [3][16]. - Despite the acquisitions, the performance outside Zhejiang remains poor, with revenue from the province accounting for 91.36% of total revenue in the first half of 2025 [16][19]. Historical Performance Trends - Tongce Medical, known as "Dental Ma," has shown strong growth since its listing in 2007, but growth has slowed significantly since 2022 [6][8]. - From 2022 to 2024, the company reported revenues of 2.719 billion yuan, 2.847 billion yuan, and 2.874 billion yuan, with year-on-year changes of -2.23%, 4.70%, and 0.96% respectively [8]. - The company's stock price has dropped over 80% from its peak of 421.99 yuan per share in June 2021 to 46.74 yuan per share as of August 22, 2025 [17][19].

Core Viewpoint - Baiya Co., Ltd. reported a year-on-year revenue increase of 15.1% in the first half of 2025, reaching 1.764 billion yuan, while net profit attributable to shareholders rose by 4.6% to 188 million yuan. The company faced challenges in the second quarter due to negative public sentiment affecting online sales, but it is expected to recover in the third quarter as operational strategies are optimized [1][2]. Revenue Performance - The company's revenue for the first half of 2025 was 1.764 billion yuan, with a year-on-year increase of 15.1%. The second quarter revenue was 768 million yuan, showing a slight increase of 0.2% year-on-year [1][2]. - The revenue from the "Free Point" sanitary napkin product line reached 1.687 billion yuan in the first half of 2025, reflecting a year-on-year growth of 20.5%. The health product series, including probiotics and organic cotton, is expected to account for over 50% of total revenue, up more than 8 percentage points year-on-year [2]. Channel Performance - Offline sales showed robust growth, with a year-on-year increase of 39.8% in the first half of 2025. Specific regions such as Sichuan-Chongqing, Yunnan-Guizhou-Shaanxi, and surrounding provinces saw revenue growth of 13.1%, 14.7%, and 124.2%, respectively [2]. - Online sales were negatively impacted by public sentiment, resulting in a year-on-year decline of 9.4% in the first half of 2025. However, data indicates that the decline in GMV on platforms like Tmall, JD, and Douyin has narrowed in July, suggesting a potential recovery in the third quarter [2]. Profitability and Cost Management - The company's gross profit margin for the first half of 2025 was 53.2%, a decrease of 1.2 percentage points year-on-year, primarily due to increased logistics and packaging costs in the e-commerce channel. Adjusting for accounting impacts, the gross margin is expected to remain stable year-on-year [3]. - The operating expense ratio for the first half of 2025 was 40.7%, an increase of 0.5 percentage points year-on-year. The sales expense ratio rose by 1.1 percentage points to 36.4%, driven by increased marketing expenditures due to public sentiment challenges [3]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025-2027, projecting net profits of 372 million, 487 million, and 657 million yuan, with year-on-year growth rates of 29%, 31%, and 35%, respectively. Corresponding EPS estimates are 0.87, 1.13, and 1.53 yuan [4]. - Based on a competitive analysis, the company is assigned a target price of 34.8 yuan for 2025, reflecting a 40 times PE ratio, supported by its strong offline channel and anticipated recovery in online sales [4].

Core Viewpoint - Sichuan Jule Food Co., Ltd. (referred to as "Jule") is on the verge of a potential IPO on the Beijing Stock Exchange after a long and challenging journey of seven years and five attempts, marked by multiple failures and regulatory hurdles [1][3]. Company Background - Jule was established in 1985 and entered the dairy industry in 1996, focusing on milk beverages and dairy products, becoming one of the largest dairy companies in Southwest China [4]. - The company has faced significant challenges in its IPO attempts, including failed applications due to incomplete materials, internal control issues, and regulatory warnings [4][5][6]. Recent Developments - Jule's recent announcement of passing the listing guidance acceptance on the Beijing Stock Exchange and quickly disclosing its prospectus marks a significant step forward [3]. - The company has undergone three phases of guidance work in a short time, contrasting with other companies still in compliance work [3]. Financial Performance - Jule's revenue for 2022-2024 is projected to be 14.72 billion, 15.62 billion, and 16.41 billion respectively, with net profits of 1.72 billion, 1.96 billion, and 2.32 billion [11]. - The company has shown improvement in key financial metrics, including gross margin and net profit margin, which are expected to rise from 29.60% to 33.46% and from 11.68% to 13.58% respectively over the same period [11]. Market Position and Challenges - Despite improvements, Jule still lags behind industry giants like Yili and Mengniu, which have revenues in the hundreds of billions [11][12]. - The competitive landscape is intensifying, with major players increasingly focusing on regional markets, putting pressure on local companies like Jule [7][8]. Future Prospects - Jule aims to expand nationally and has made efforts to break regional barriers, including a recent acquisition to establish a presence in Northeast China [8][9]. - The company plans to use IPO proceeds to enhance its production capacity and invest in research and development, particularly focusing on yak milk as a future growth area [10][13]. - The IPO fundraising target has been reduced to 5.52 billion, significantly lower than previous attempts, reflecting the company's evolving financial needs [13].

Core Viewpoint - The article discusses the strategic shift of Laoxiangji from a direct-operated model to a franchise model, highlighting its financial performance and the competitive landscape in the Chinese fast food industry, particularly in the context of its upcoming IPO [1][17]. Financial Data - Laoxiangji's projected revenue for 2024 is 6.288 billion RMB, with a net profit of 409 million RMB [1][15]. - The revenue from independent franchise stores has surpassed 51.1%, indicating a significant shift in the revenue model [1][5]. - The number of direct-operated stores decreased by 3, while franchise stores increased by 88, reflecting a strategic pivot towards franchising [1][2]. Industry Landscape - The Chinese fast food market has a low chain rate of 32.5%, significantly lower than Western fast food's 67.9%, due to challenges in standardization and supply chain complexity [8][9]. - Laoxiangji holds a dominant position in the East China market, with 86% of its stores located in this region, particularly in Anhui [5][11]. - The competitive landscape includes major players like Laoxiangji, Laoniangjiao, and Xiangcunji, with emerging brands like Yuyouzaijiyu and Micunbanfan posing significant challenges [11][13]. Capital Pathways - The trend of IPOs among Chinese fast food companies indicates a shift from regional competition to capital competition, driven by rising operational costs [14][17]. - Laoxiangji aims to become the first publicly listed Chinese fast food company, with an estimated valuation between 15 billion to 20 billion RMB based on its financial performance [15][16]. - The investor structure may include institutional investors seeking stability and retail investors chasing growth, necessitating a balanced approach in marketing and operational transparency [16][17].

Core Viewpoint - The article discusses the rise of the domestic soda brand "Daiyao" in China, its market penetration, and the ongoing rumors of potential acquisition amidst its peak sales performance. Group 1: Market Position and Sales Performance - Daiyao has reportedly achieved annual sales exceeding 30 billion, surpassing competitors like Beibingyang and Ice Peak, and has carved out a niche in the carbonated beverage market dominated by Coca-Cola and Pepsi [1][2] - The brand has successfully penetrated the dining scene, with over 85% of its sales coming from restaurants, and 78.4% of consumers purchasing Daiyao from dining establishments [3][4] - Daiyao's product design, featuring a larger 520ml bottle that appeals to consumer preferences for volume, has contributed to its popularity in the northern dining market [3][4] Group 2: Marketing and Expansion Strategies - A significant marketing campaign launched in early 2022, featuring celebrity endorsements and extensive advertising across various platforms, marked a turning point for Daiyao's national expansion [6] - The company has diversified its product offerings to include healthier options, such as sugar-free teas and various new beverage types, to cater to changing consumer preferences [6][7] - Daiyao aims to establish a comprehensive product matrix, targeting five major categories: carbonated drinks, fruit and vegetable juices, plant-based protein drinks, energy drinks, and tea beverages [7] Group 3: Competitive Landscape and Challenges - Despite its success, Daiyao faces increasing competition from both traditional beverage companies and new entrants in the market, particularly in the dining sector [8][9] - The brand's pricing strategy has led to some consumer dissatisfaction, as restaurant owners sometimes charge above the suggested retail price, impacting customer experience [9] - The overall carbonated beverage market is experiencing stagnation, with new competitors offering lower prices and higher profit margins, posing a challenge for Daiyao's market share [8][9] Group 4: Future Prospects and Capital Considerations - There are ongoing rumors regarding potential acquisition by private equity firms, which reflects the brand's current challenges in breaking through market ceilings and competition pressures [10] - Daiyao's plans for an IPO to raise $500 million have been denied, but the interest from KKR indicates a significant capital interest in the brand's future [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on brand strength and long-term growth potential, with a shift in expenditure from traffic costs to brand-building efforts [6] - The company is accelerating its offline national expansion and expects continued recovery in e-commerce, supported by a proactive management team [6] - The company has effectively responded to public sentiment issues and is on a path to operational recovery [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 3,254 million in 2024 to 7,145 million by 2027, with a compound annual growth rate (CAGR) of approximately 28% [5] - Net profit attributable to the parent company is expected to increase from 288 million in 2024 to 709 million by 2027, reflecting a CAGR of around 31.9% [5] - Earnings per share (EPS) is forecasted to rise from 0.67 in 2024 to 1.65 by 2027 [5] - The company maintains a gross margin of around 53% to 54% over the forecast period [5] Market Expansion and E-commerce Recovery - The company is expanding into peripheral markets such as Guangdong, Hunan, Hubei, Jiangsu, and Hebei, leveraging its probiotic product offerings [6] - E-commerce platforms like Douyin and Tmall are expected to contribute significantly to revenue growth, with a focus on brand promotion and consumer trust recovery [6] - The company has implemented measures to enhance waste management and prevent the illegal recycling of defective products, demonstrating a commitment to consumer protection [9]

Company Overview - The company recently held its annual shareholder meeting to discuss its current operational status [1] Product Line Strategy - The company has developed a comprehensive plan for its four product lines, aiming for each to achieve over 10 billion yuan in revenue. The product lines include Guo Fen, Lao Bai Fen, Qing Hua 20, and Qing Hua 26 and above, with a resource allocation ratio of 1:3:3:3. Guo Fen focuses on quantity control, while Lao Bai Fen has seen rapid growth after establishing brand value. The company plans to upgrade Lao Bai Fen this year, targeting over 10 billion yuan in sales within 2-3 years. Qing Hua 20 is identified as the main growth driver, and the Qing Hua 26+30 combination aims for competitive pricing in the 600-1000 yuan range. The marketing strategy for Qing Hua 26 includes a "1+4+1" model to enhance high-end product development through channel alliances [2] National Expansion Strategy - The company is advancing its nationalization strategy 2.0, focusing on deepening its presence in the Yangtze River Delta and Greater Bay Area, with growth targets exceeding the national average. Strategies include category leadership, innovative drinking scenarios, and cultural empowerment. The "Fen Xiang Li Yu" initiative is enhancing channel management, establishing clear roles and responsibilities for agents and terminals, with 889,000 active terminals currently. Future plans include improving online expense reimbursement for timeliness and traceability [3] Market Outlook - In the short term, market activity is expected to remain subdued in Q2, but the company anticipates maintaining a degree of resilience in its financial reports. The company has been enhancing its sales organization and team, with a focus on local recruitment for business roles. This shift is expected to improve local sales capabilities. Despite external market uncertainties, the company has room for adjustment, prioritizing market health and stable pricing for core products [4] Profit Forecast and Valuation - Due to weak mid-to-high-end liquor consumption during the off-season, the company has revised its profit forecasts for 2025/26 down by 1.8% and 3.7% to 13.1 billion and 13.9 billion yuan, respectively. The target price remains at 228 yuan, corresponding to 21/20 times P/E for 2025/26, while the current price reflects 17/16 times P/E, indicating a 24% upside potential. The company maintains an outperform rating in the industry [5]