以下文章来源于公司价值投资对话 ，作者公司价值投资对话 公司价值投资对话 . 此外，富国消费精选也连续三个季度重仓老铺黄金，一季度加仓后，二季度高位减持兑现了一部分收益。基金经理周文波在二季报中指出，"虽然消 费行业总体依然乏善可陈，但结构性、个股性机会开始逐步涌现。" 熊潇雅管理的南方香港成长已经连续五个季度重仓老铺黄金，自去年二季度将老铺黄金买入前十大后，就一直重仓持有，期间老铺黄金股价持续上 涨，基金经理减持兑现，今年二季度持股数16.37万股，虽然仍在前十大，但是较去年二季度135.17万股的持仓大幅降低。 在业绩说明会现场，徐高明除了谈到老铺黄金的业绩，更多是在分享老铺黄金这家企业的核心价值观，在他看来，企业若是想长期发展，就一定要 有自己的核心价值观，一定要把核心价值观同步传达出去，让市场能够认知、理解和高度认同，这种品牌推广才是可持续的。 优质上市公司的价值发现 在去年的业绩说明会上，老铺黄金创始人、董事长徐高明曾说了一个看似遥远的目标——"我们希望未来老铺的平均店效一定要过10亿，这是我们 的追求。"《 比爱马仕更赚钱！老铺黄金徐高明最新交流：未来平均店效要超过10亿 》 很多人把这理解成徐高 ...

8月22日上午，东鹏饮料召开2025年上半年业绩说明会。 财报显示，公司上半年实现营收107.37亿元，同比增长36.37%；归母净利润23.75亿元，同比增长37.22%，两项指标均创历史新高。 横向对比其他软饮料公司，东鹏饮料的赚钱能力已位列行业第二，仅次于农夫山泉。根据近期Brand Finance发布的《2025全球软饮料品牌价值50强》报 告，东鹏饮料以30.8亿美元的品牌价值首次跻身全球软饮料品牌前十。 东鹏饮料董事长林木勤在业绩会上表示，为助力"补水啦"进一步发展，公司通过立体多矩阵营销场景构建（运动赛事营销、综艺植入、线下广告等）并加 强代言人合作及体育赞助等活动推动其增长。 今年上半年，东鹏饮料销售费用达16.82亿元，同比增长37.27%，其中渠道推广费支出同比增长61.20%，加大了冰柜投入；广告宣传费支出增长34.30%。 东鹏或将继续加快推新品的速度。 《国际金融报》记者注意到，今年东鹏饮料新增多个商标注册申请。其中还出现了一些跨界商标，包括国际分类为方便食品的"东鹏醒脑""来点""至醒"， 啤酒饮料商标"英拉""她能"。 大手笔分红 水芙蓉/摄 核心单品增速放缓 与农夫山泉手握红瓶 ...

Core Viewpoint - Guizhou Moutai holds a significant position in the A-share market, with its stock performance closely linked to overall economic conditions, industry trends, and internal operations [1] Historical Performance Review - Guizhou Moutai's stock price has shown a consistent upward trend over the years, driven by increasing brand recognition and steady operational growth [2] - The stock has repeatedly set record highs, providing substantial returns for long-term investors, despite occasional fluctuations [2] - Moutai demonstrates strong performance in both bull and bear markets, attracting attention from investment firms and individual investors alike [2][3] Impact of Performance on Stock Price - The company's robust operational performance leads to continuous revenue and profit growth, which underpins the stock price's upward trajectory [5] - Positive earnings announcements typically result in stock price increases, while disappointing results may lead to temporary declines [5] Industry Competition Landscape - Despite Moutai's leading position in the liquor market, competition remains fierce, with other companies enhancing product quality and brand appeal [6] - Moutai's strong brand image and historical significance help maintain its top position in the premium liquor segment, although it is exploring new marketing strategies to solidify its market standing [6] Macroeconomic Influences - Overall economic conditions significantly impact Moutai's stock performance, with increased consumer purchasing power during economic upturns leading to higher demand for premium liquor [10] - Economic downturns may reduce sales, affecting profitability and stock prices, while monetary and fiscal policies can influence market capital flow [10] Policy Considerations - National policies regarding the liquor industry, including regulations and tax measures, can affect Moutai's production and sales [11] - Changes in government spending regulations may alter purchasing patterns, but Moutai is adapting by targeting broader consumer segments [13] Future Market Outlook - Moutai's market prospects remain promising, despite challenges such as intensified competition and regulatory adjustments [14] - The brand's strong influence and the anticipated rise in demand for quality liquor due to improving economic conditions provide a favorable market environment [14] - The company is actively pursuing digital innovations to enhance operational efficiency, which could positively impact future performance [14]

Core Insights - The competition among cities has evolved beyond tangible resources, focusing increasingly on intangible assets, particularly brand value, which is becoming a crucial lever in reshaping China's urban landscape [1][2] - The "2025 China Listed Company Brand Value Blue Book" has been released, ranking the brand values of listed companies across various cities, highlighting the importance of brand value in economic development [1][2] Group 1: Brand Value Rankings - The top three cities, Beijing, Shenzhen, and Shanghai, collectively hold a brand value of 17.9 trillion yuan, accounting for 62.8% of the total brand value of the top 100 cities [2][3] - The brand value of the top three cities has increased from 132,951.86 billion yuan in 2022 to 179,245.80 billion yuan in 2025, indicating a significant upward trend [7] - The brand value of Hangzhou, ranked fourth, is close to 3 trillion yuan, largely driven by Alibaba's contribution of over 18,335.42 billion yuan [7][21] Group 2: City Performance and Trends - Cities like Nanjing and Wuhan are facing challenges due to a lack of new listed companies, leading to a decline in brand value [2][15] - Ningde has shown remarkable growth, with its brand value soaring from 287.06 billion yuan in 2022 to 1,876.91 billion yuan in 2025, primarily due to the success of CATL [11][13] - Guangzhou's brand value has stagnated, with a slight increase from 5,751.10 billion yuan in 2022 to 6,059.34 billion yuan in 2025, reflecting a slow growth rate of 5.36% [8][21] Group 3: Industry Insights - The brand value of traditional industries in cities like Wuhan and Nanjing is declining, particularly in sectors such as real estate and retail, which are experiencing significant drops [15][19] - The automotive and pharmaceutical sectors in Wuhan have seen a substantial decrease in brand value, primarily due to the decline of major local companies [19][20] - The shift towards high-value industries such as digital economy and renewable energy is becoming essential for cities to maintain competitive brand value [2][11]

Core Insights - Nongfu Spring has achieved a significant milestone by ranking 3rd in the BrandFinance's "Top 50 Global Soft Drink Brands 2025," marking the first time a Chinese brand has entered the top three, following Coca-Cola and Pepsi [1][5]. Brand Value and Performance - In 2025, Nongfu Spring's brand value reached $11.1 billion, reflecting a year-on-year growth of 33.6% [5]. - The brand strength index (BSI) improved by 3.5 points to 91.1, with the brand strength rating upgraded to the highest AAA+ level, establishing it as a benchmark in the Asian non-alcoholic beverage sector [5]. Product Portfolio and Market Strategy - Nongfu Spring's product matrix spans 10 categories and over 100 SKUs, including bottled water, tea, juice, and functional drinks, creating a synergistic effect where consumers may purchase multiple products [5]. - The brand's health-oriented products, such as the "0 sugar, 0 calorie, 0 artificial flavor" label on its Dongfang Shuye tea, contributed to sales exceeding 12 billion yuan in 2024 [5]. Water Source Development - The company has established 15 major water sources and is accelerating the development of additional projects, reinforcing its commitment to a "natural and healthy" brand philosophy [6]. - The strategic development and protection of high-quality water sources create a significant competitive barrier for Nongfu Spring [6]. International Expansion Goals - Nongfu Spring aims to become a world-class international enterprise, actively exploring overseas market opportunities and leveraging China's biodiversity to promote healthy products globally [7]. - The brand's entry into the top ranks of a list traditionally dominated by international giants like Red Bull and Pepsi is expected to enhance the global dissemination of Chinese water and tea culture [7].

Core Insights - The competition among cities has evolved beyond tangible resources, focusing increasingly on intangible assets like brand value, which is becoming a crucial lever in reshaping China's urban landscape [1][2] - The "2025 China Listed Companies Brand Value Blue Book" has been released, ranking the brand values of listed companies across various cities, highlighting the importance of brand value in economic development [1][2] Group 1: Brand Value Rankings - The top three cities, Beijing, Shenzhen, and Shanghai, collectively hold a brand value of 17.9 trillion yuan, accounting for 62.8% of the total brand value of the listed companies in the top 100 cities [2][3] - The brand value of the top three cities has increased from 132,951.86 billion yuan in 2022 to 179,245.80 billion yuan in 2025, indicating a significant upward trend [7] - The brand value of Hangzhou, ranked fourth, is close to 3 trillion yuan, largely driven by the e-commerce giant Alibaba, which contributes over half of this value [7][20] Group 2: City Performance and Trends - Cities like Nanjing and Wuhan are facing challenges due to a lack of new listed companies, leading to a decline in brand value, with Nanjing's brand value dropping by 11.60% from 2022 to 2025 [14][16] - Ningde has shown remarkable growth, with its brand value skyrocketing from 287.06 million yuan in 2022 to 1,876.91 million yuan in 2025, primarily due to the success of its leading company, CATL [10][12] - Guangzhou's brand value growth has stagnated, with a slight increase from 5,751.10 million yuan in 2022 to 6,059.34 million yuan in 2025, reflecting a broader trend of traditional industries facing challenges [8][20] Group 3: Industry Insights - The brand value of traditional industries in cities like Wuhan and Nanjing has seen significant declines, particularly in sectors such as real estate and retail, which are struggling to maintain their previous levels [18][19] - The automotive and pharmaceutical sectors in Wuhan have lost over 100 billion yuan in brand value, primarily due to declines in major local companies [18] - The shift towards high-value industries such as finance, internet, and high-end manufacturing is evident in the top cities, which are better positioned to leverage brand value for economic growth [5][6]

Core Viewpoint - Starbucks is negotiating to sell its Chinese business, with a valuation between $5 billion to $10 billion, amid increasing competition and pricing pressures in the market [2][25]. Group 1: Business Challenges - Starbucks China faces significant challenges, primarily due to low product value for money, exacerbated by aggressive pricing strategies from competitors like Luckin Coffee and Kudi [5][14]. - The company has officially announced its first price reduction in 25 years, lowering prices on several non-coffee beverages by 2 to 6 yuan, but this may not be sufficient to compete with local brands [8][10][12]. - Despite efforts to innovate and introduce new products, Starbucks struggles to match the popularity of competitors' offerings, such as Luckin's "Fresh Coconut Latte" [20][21]. Group 2: Market Position and Opportunities - Starbucks China operates approximately 8,000 stores, which are considered valuable assets, and the company has not reached a point of large-scale store closures [28][32]. - The brand still holds significant influence in shopping malls, maintaining prime locations and favorable lease agreements, which adds to its market value [39][41]. - The current timing for a sale is seen as optimal, as the company still possesses notable value, and delaying could lead to a decrease in perceived worth [25][26][47]. Group 3: Future Implications - The sale of Starbucks China would not eliminate the brand from the market; rather, it would shift control from Starbucks' U.S. headquarters to investment firms, allowing the brand to continue operating in China [48]. - The evolving market landscape and the rise of domestic brands could pose future risks to Starbucks' market position, especially if consumer preferences shift significantly [44][46].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is experiencing continuous retail growth, with brand value becoming increasingly prominent. The retail segment is driving up average prices, while the engineering segment maintains stable volume and pricing [8][9] - The company is positioned in a recovering paint industry, with a focus on high-margin products and services, which is expected to enhance profitability [9] Financial Performance Summary - For 1H2025, the company reported revenue of 5.816 billion yuan, a year-on-year increase of 0.97%, and a net profit attributable to shareholders of 436 million yuan, up 107.53% year-on-year [9] - The company’s gross margin increased by 3.70 percentage points to 32.35% due to a 13% decrease in raw material costs and an increase in the proportion of high-margin home decoration paint [8][9] - The net profit margin rose by 3.85 percentage points to 7.49%, supported by cost reductions and improved pricing strategies [8][9] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.081 billion, 1.335 billion, and 1.591 billion yuan, respectively, with corresponding EPS of 1.47, 1.81, and 2.16 yuan [7][9] - The projected PE ratios for 2025-2027 are 30.99x, 25.10x, and 21.06x, respectively [9] Market Performance - The company’s stock has shown a significant performance compared to the market, with a 66% increase over the last 12 months, outperforming the Shanghai Composite Index and the construction materials sector [4][9]

Core Insights - BrandFinance's report ranks Nongfu Spring as the 3rd most valuable non-alcoholic beverage brand globally in 2025, marking a significant milestone for the Chinese soft drink industry and indicating a shift in the Western-dominated beverage market [1][4] - Nongfu Spring's brand value reached $11.09 billion in 2025, reflecting a year-on-year growth of 33.6%, with a brand strength index (BSI) increase of 3.5 points to 91.1, achieving the highest AAA+ rating [1][6] - The company's success is attributed to its dual-engine strategy of "water + beverages" and a strong emphasis on health, which has allowed it to maintain a diverse product matrix [1][3] Company Strategy - Nongfu Spring has established 15 major water sources and is actively developing additional projects, reinforcing its commitment to a "natural and healthy" brand philosophy, which creates a significant competitive barrier [3] - The brand's image is enhanced through diverse bottle designs that cater to various consumer needs, combining high-end and localized strategies to sustain its brand value growth [3] Market Position - The company aims to become a world-class international enterprise, exploring overseas market opportunities and leveraging China's biodiversity to introduce more health products globally [4] - Nongfu Spring's consistent presence in the BrandFinance rankings reflects the scientific and sustainable nature of its brand building and business development [6]

Core Insights - BrandFinance's report ranks Nongfu Spring as the 3rd most valuable non-alcoholic beverage brand globally, marking the first time a Chinese brand has entered the top three, following Coca-Cola and Pepsi [1][3] Brand Value and Growth - In 2025, Nongfu Spring's brand value reached $11.09 billion, reflecting a year-on-year growth of 33.6% [3] - The Brand Strength Index (BSI) increased by 3.5 points to 91.1, achieving the highest AAA+ rating, establishing Nongfu Spring as a benchmark in the Asian non-alcoholic beverage sector [3] Product Diversification and Market Strategy - Nongfu Spring has developed a diversified product matrix that includes bottled water, tea, juice, and functional beverages, creating a synergistic effect where consumers may purchase tea alongside water [3] - The brand's "0 sugar, 0 calories, 0 artificial flavors" label for its Oriental Leaf tea has led to continuous market share growth, with a compound annual growth rate exceeding 86% over the past three years [3] Competitive Advantages - Nongfu Spring's brand value growth is closely linked to its strong position in premium water sources, with 15 major water sources and ongoing projects for further development [4] - The company's commitment to a "natural and healthy" brand philosophy has established significant competitive barriers [4] Brand Image and Global Expansion - The diverse aesthetic design of Nongfu Spring's packaging caters to various consumer needs, combining high-end and localized strategies to enhance brand value [4] - The company aims to become a world-class international enterprise, actively exploring overseas market opportunities and leveraging China's biodiversity to introduce more health products globally [4] Brand Evaluation Standards - BrandFinance's evaluation system includes core dimensions such as brand strength index, financial performance, and market competitiveness, making the "Global Soft Drink Brand Value 50" list a gold standard for measuring brand value [5]