行业研究丨深度报告丨食品、饮料与烟草 [Table_Title] 海外龙头巡礼系列报告（一）：獭祭——小而散 市场下的成功突围者 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 獭祭源于山口县曾经的一家小酒厂、旭酒造，1984 年樱井博志接手时，酒厂收入不足 1 亿日 元，2023 年獭祭销售额已达 174 亿日元，且海外销售额占比达 30%，过去 40 年旭酒造实现 突破式的跨越。但过去几十年日本清酒市场持续萎缩，在一个总量较小、集中度较低的赛道中， 獭祭依然实现成功突围，我们总结来看，其成功有赖于以下几点关键原因：①工艺上由传统"酒 师"文化向专业科学进化；②产品上持续创新，追求极致；③渠道上围绕核心市场，重视专业 渠道；④营销上在一些重大时刻获得展示机会，提升全球知名度。 分析师及联系人 [Table_Author] 朱梦兰 董思远 SAC：S0490522050003 SAC：S0490517070016 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579. ...

Core Insights - The article discusses the strategic shift of Japanese companies, particularly Ajinomoto, towards local production and sales to mitigate currency risks and reduce reliance on the US dollar and Japanese yen [5][8]. Group 1: Market Dynamics - Ajinomoto's popular seasoning product "Sazon" has been sold in Brazil for over 30 years, with production and sales primarily conducted in local currency, the Brazilian real [2]. - The proportion of Japan's exports to Asia priced in US dollars has decreased from over 50% a decade ago to 46% by the first half of 2025, while local currencies, especially the Chinese yuan, have increased in significance [5]. Group 2: Financial Strategies - Ajinomoto utilizes 20 to 30 different currencies for transactions, with a global finance department in Tokyo managing currency risks by minimizing discrepancies between foreign currency assets and liabilities [4]. - The company has adopted a "local production for local consumption" model over the past 40 years, which has strengthened its resilience against currency fluctuations [4][8]. Group 3: Historical Context - The strategic shift towards local manufacturing was catalyzed by the Plaza Accord in 1985, which led to a significant appreciation of the yen and a decline in exports, with export revenue dropping from 41.6 billion yen in 1984 to approximately 22.1 billion yen by 1988 [5]. - Japanese companies have learned from past currency volatility, leading to a business model that does not rely on either the US dollar or the Japanese yen [5][8]. Group 4: Local Financing Initiatives - The Japan Bank for International Cooperation (JBIC) has been providing local financing to Japanese companies through partnerships with local banks since 2011, indicating a growing trend of local corporate development [7]. - Mitsubishi UFJ Bank's acquisition of a Thai bank in 2013 exemplifies the move towards establishing local credit mechanisms in emerging markets [7].