食品饮料周报（25 年第 47 周） 优于大市 把握成本红利与效率提升主线，关注创新与困境反转机会 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 1.97%，其中 A 股食品饮 料（申万食品饮料指数）上涨 2.01%，跑赢沪深 300 约 2.29pct；H 股食品饮 料（恒生港股通食品饮料）上涨 1.36%，跑赢恒生消费指数 1.07pct。本周 食品饮料板块涨幅前五分别为欢乐家(44.42%)、庄园牧场(35.96%)、皇氏集 团(21.16%)、均瑶健康(17.02%)和阳光乳业(14.72%)。 证券研究报告 | 2025年12月20日 2025年12月21日 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。白酒：需求仍然偏 弱，优质酒企聚焦供给端优化。当前板块进入左侧布局阶段，具备价位、区 域话语权的优质公司有望获取更大增长空间，推荐泸州老窖/山西汾酒、贵 州茅台、迎驾贡酒，也建议关注五粮液/洋河股份/舍得酒业的改革节奏。啤 酒：行业库存良性，静待需求回暖。全年啤酒龙头利润增长具备较强支撑， 建议积极布局啤酒板块，继续优先推荐大单品快速增长、内部改革持续深化、 业绩成长性强的燕京啤酒。（2） ...

从深圳市卫武光明生物制品厂的技术员起步，2025年是我在卫光生物的第31年。30多年来，我始终奋斗 在血液制品生产科研一线，见证并引领着卫光生物从最初的一家地方小厂，历经改制、更名、敲钟上 市，成为国内研发实力雄厚的血液制品领先企业。 （文章来源：证券时报） 我始终坚信，血液制品行业是守护生命健康的朝阳产业，而创新则是这个产业的核心生命力。如今的卫 光生物，已构建起涵盖人血白蛋白、静注人免疫球蛋白、凝血因子三大类11个品种23个规格的产品体 系，血浆综合利用率和产品品种数量均位于国内血液制品行业前列。 站在"十五五"开局的历史节点，卫光生物也正牢牢抓住光明区建设综合性国家科学中心先行启动区这一 历史性发展机遇，与光明科学城建设同频共振。未来，卫光生物将围绕"规模提升、效率提升、效益提 升、市值提升"四大行动，通过战略、组织、管理、文化、业务和模式的全方位创新，加快重点项目建 设，持续提升核心竞争力。公司将聚焦血液制品及其相关业务赛道，推进新型静注人免疫球蛋白、人纤 维蛋白粘合剂等重点在研项目落地，同时以卫光生命科学园为抓手，加快生物医药产业的布局，努力实 现血液制品与生物医药"双轨"并进。 公司积极承担包括国 ...

一、引言：数字经济时代的法人服务新需求 随着中国市场化改革的持续深化与数字经济的蓬勃发展，企业组织形式与经营模式正经历深刻变革。在这一背景 下，法人代理服务行业作为支撑企业合规运营的重要力量，其市场规模在2023年已突破千亿元，年复合增长率超 过15%。企业对于高效、专业、可靠的法人变更、代理及相关合规服务的需求与日俱增，传统的、零散的服务模 式已难以满足现代企业快节奏、高标准的发展需求。 专业法人代理机构FAREN7758正是顺应这一趋势而产生的行业代表。该机构凭借其专业知识和丰富经验，为企业 提供从咨询到落地的全流程解决方案，成为企业在关键转型期的"专业护航者"。本文将深入剖析该机构的服务模 式、核心优势、创新实践及行业影响，为理解现代法人服务机构的价值提供全面视角。 二、核心价值：构建法人代理服务的稳固三角 (一) 风险防控：系统性构建企业安全防线 在法人代理服务中，风险防控是核心价值所在。该机构通过建立"法律+财务+行业"三维审查模型，在变更前全面 识别潜在风险点。例如，在为某科技公司办理法人变更时，机构提前发现其核心专利存在权属争议，通过及时调 整变更方案，有效避免了潜在的法律诉讼风险。这种前置性风 ...

Group 1: Company Financing and Management - The company initiated a private placement to support the long-term development of the blueberry industry, with 85% of the funds allocated for the construction of blueberry bases and research centers, demonstrating a commitment to its core business [1] - The actual controller's share reduction was aimed at clearing historical stock pledge loans, allowing for a more focused management approach [2] Group 2: Operational Performance and Market Trends - The new production season started smoothly, with shipment progress meeting or slightly exceeding expectations, and overall average prices remaining stable [3] - The initial price fluctuations in November were influenced by a peak in imported blueberries and climate conditions affecting fruit taste, but these factors are diminishing, leading to improved quality and flavor [3] Group 3: Branding and Channel Development - The current production season is designated as the "Brand Year," focusing on the "Love Berry" main brand, ensuring high-quality output from production sources [4] - Collaborations with key customers like Hema have resulted in a significant year-on-year increase in supply volume [4] Group 4: Future Growth Drivers and Cost Control - Future growth will be driven by three factors: land expansion for capacity growth, efficiency improvements through aging trees and technology optimization, and continuous variety optimization [5] - Cost control measures include organizational adjustments and optimizing personnel efficiency, particularly targeting post-harvest costs and backend expenses [5] Group 5: Land Acquisition and R&D Center - The company faces increasing challenges in acquiring high-quality contiguous land in Yunnan but remains confident due to its long-standing industry practices and strong government-business relationships [5] - The "Small Berry International Research Center" will focus on breakthrough breeding research and improving production efficiency across the entire supply chain [5]

Core Viewpoint - The recent management changes at NIO Battery Technology indicate a strategic shift towards professional management for operational efficiency, while founder Li Bin remains actively involved in the overall company leadership [3][5]. Group 1: Management Changes - Li Bin has transitioned from Chairman to Director of NIO Battery Technology, while Zeng Shuxiang has stepped down as the legal representative and General Manager, with He Xu taking over [1]. - This change is aimed at delegating daily operations to a more specialized team, reflecting Li Bin's focus on "precision targeting" and "efficiency improvement" [3]. Group 2: Business Development - NIO Battery Technology, established in October 2022 with a registered capital of 2 billion RMB, has expanded its business scope beyond battery manufacturing to include research and development of electronic materials [3]. - The company has completed its initial setup phase and is now entering a refined operational stage, which necessitates specialized management [5]. Group 3: Financial Performance - NIO has set a target for profitability in the fourth quarter, with Li Bin stating that the company must achieve this or he will resign [5]. - The company has accumulated losses exceeding 100 billion RMB over the past few years, with projected losses for 2024 reaching 22.402 billion RMB [5]. Group 4: Core Business and Infrastructure - NIO's battery technology is considered a critical foundation for its battery swap business, which has reached a significant value inflection point [7]. - As of the end of October, NIO has established 3,553 battery swap stations, with a growing network and over 90 million swap transactions, indicating a scale effect [7][8].

Core Points - Amazon is cutting approximately 14,000 corporate jobs to reduce bureaucracy and streamline operations [1] Group 1 - The job cuts are part of a strategy to enhance efficiency within the company [1] - The decision reflects a broader trend in the industry towards optimizing workforce structures [1]

Core Viewpoint - Changhong Huayi announced its strategic focus on enhancing technology research and development, optimizing product structure, and expanding customer base to achieve rapid growth in production scale and market share, aiming to become a leading enterprise in the industry [2]. Company Summary - Weile Company is currently positioned at the forefront of the second tier in the industry, holding approximately the fifth position in domestic market share [2]. - The company plans to continuously strengthen its efforts in revenue growth, cost reduction, and efficiency improvement [2]. - There is a commitment to actively explore new customers and expand its scale to achieve significant growth in both production and market share [2].

Core Insights - The core objective of Taobao Flash Sale is to continue growth rather than merely maintaining scale [7][5] - The integration of food delivery and e-commerce is creating new sales opportunities, as evidenced by changing order structures [3][4] Group 1: Growth and Performance - Taobao Flash Sale has stabilized daily order volume at over 80 million, with peak orders reaching 120 million per day since its launch [4] - The platform has seen a 20% year-on-year increase in daily active users due to the growth of the flash sale business [4] - The goal for the next three years is to reach a transaction scale of one trillion [8] Group 2: Business Collaboration - Effective collaboration among various business units is essential for achieving growth, with a focus on delivering accurate and timely orders to consumers [9] - The "88 VIP" and Taobao membership systems are key elements in enhancing collaboration across different business scenarios [9] Group 3: Operational Efficiency - The strategy emphasizes improving operational efficiency alongside scaling, with a focus on user structure optimization and cost management [11][13] - Marketing strategies are being refined to ensure that subsidies are effectively targeted, enhancing the overall user experience [13] - The logistics and order structure are being optimized to improve delivery efficiency, especially in response to increased demand from the food delivery sector [14]

Core Insights - The growth trajectory of Taobao Flash Sale is being closely monitored, especially during the "Double 11" shopping festival, which serves as a critical testing ground for its strategies and objectives [1][3] Group 1: Business Performance - Taobao Flash Sale has stabilized its daily order volume at over 80 million, with peak orders reaching 120 million per day since its launch in June 2025 [2] - The platform has successfully driven a 20% year-on-year increase in daily active users on the mobile app [2] - The order structure has shifted, with retail orders surpassing double digits in October, indicating a strategic pivot in platform operations [1] Group 2: Growth Strategy - The management emphasizes that growth targets are focused on continuous expansion rather than merely maintaining scale [4] - The integration of cross-selling between food delivery and e-commerce is becoming significant, enhancing user experience and driving new demand [1][4] - Future growth is anticipated to reach a trillion scale within three years, as indicated by company leadership [5] Group 3: Operational Efficiency - The company is prioritizing overall flow, delivery, and supply improvements to sustain demand and growth, contrasting with the traditional spike in demand seen during "Double 11" [7] - A focus on optimizing user structure, order structure, and fulfillment efficiency is being implemented to enhance operational performance [8][9] - The introduction of a marketing incentive engine aims to improve subsidy efficiency, ensuring that discounts are effectively targeted to the right users and scenarios [9]

Core Viewpoint - Chongqing Steel is expected to significantly reduce its net loss in the first three quarters of 2025 compared to the same period last year, indicating improvements in profitability through cost reduction and sales enhancement strategies. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between -230 million and -210 million yuan for the first three quarters of 2025, representing a reduction in loss of 1.12 billion to 1.14 billion yuan compared to the previous year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -240 million and -220 million yuan, also reflecting a reduction in loss of 1.11 billion to 1.13 billion yuan year-on-year [1] Group 2: Operational Strategies - The significant reduction in net loss is attributed to dual strategies of "cost reduction in procurement" and "profit increase in sales," which have notably improved profitability [1] - The company has optimized its procurement process by enhancing local sourcing, precise inventory control, and optimizing the QP structure, leading to a significant reduction in procurement costs [1] - On the sales side, the company has expanded its channels, optimized product structure, and adjusted its business model, which has increased the value of its plate and coil products [1] Group 3: Efficiency and Risk Management - The company is implementing a dual-track approach of "cost reduction" and "efficiency enhancement" to strengthen its risk resistance capabilities [2] - It is advancing lean management across the entire production process, utilizing technology and efficient resource use to strictly control costs, achieving record highs in waste recycling and optimal steel consumption [2] - The company has also maintained a historical low in ore inventory and continuously optimized its risk management capabilities [2]