本报记者 梁傲男 食品饮料行业作为大消费产业的重要组成部分，依托其满足基本生活需求的刚需属性与独特的商业模式，不仅在经济运行 中发挥着关键作用，更被广泛视为抵御经济周期波动能力较强的行业。 今年上半年，在一系列促消费扩内需政策带动下，国内消费市场发展态势向好。国家统计局数据显示，2025年上半年，我 国社会消费品零售总额24.55万亿元，同比增长5.0%。其中，餐饮收入2.75万亿元，同比增长4.3%。 Wind数据显示，截至8月24日，A股231家食品饮料行业上市公司中已有82家披露2025年上半年业绩。综合来看，上述公司 合计实现营业收入5508.42亿元，同比增长7.12%；实现归属于上市公司股东的净利润821.28亿元，同比增长15.30%，行业整体 呈现收入与利润稳健增长的良好态势。 以创新推动发展 太平洋证券研报显示，从财报数据来看，零食、饮料龙头新品表现持续亮眼。零食量贩、山姆等新渠道渗透率的快速提 升，为板块企业带来新品放量机会，品类创新相应迅速的大单品公司有望率先抓住新渠道风口。 在竞争日趋激烈的背景下，传统食品饮料企业正通过自我革新寻找突破。广东省食品安全保障促进会副会长朱丹蓬表 示："食 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 酒鬼酒 (000799.SZ) 投资评级 无评级 上次评级 [Table_A 赵丹晨 uthor 食品饮料] 行业分析师 执业编号：S1500523080005 邮 箱： zhaodanchen@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 经营筑底，渠道创新 [Table_ReportDate] 2025 年 08 月 24 日 [Table_S 事件：公司公告 ummary]，2025 年上半年实现营收 5.61 亿元，同比减少 43.54%；归母 净利润 0.09 亿元，同比减少 92.6%；销售收现 6.85 亿元，同比减少 40.67%； 经营净现金流-2.34 亿元，同比减少 12.23%；期末合同负债 1.35 亿元，环比减 少 0.44 亿元。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in H1 2025, with revenue reaching 5.705 billion yuan, a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 858 million yuan, up 8.6% year-on-year. The lower profit growth compared to revenue is attributed to a decrease in interest income and other earnings [7] - The company maintains a strong market position with a focus on product upgrades and channel innovation, particularly through the expansion of "super stores" [7] - The financial outlook remains positive, with projected net profits of 1.3 billion, 1.46 billion, and 1.62 billion yuan for 2025, 2026, and 2027 respectively, corresponding to a low valuation with P/E ratios of 9, 8, and 7 [7] Revenue and Profit Forecast - Total revenue is forecasted to grow from 8.518 billion yuan in 2023 to 13.990 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.57% [1] - Net profit attributable to shareholders is expected to increase from 961.43 million yuan in 2023 to 1.616 billion yuan in 2027, reflecting a CAGR of about 10.89% [1] Segment Performance - In terms of product categories, footwear outperformed apparel, with adult and children's footwear showing strong growth. Adult apparel revenue grew by 10.9%, while children's apparel saw a 11.4% increase [7] - Online sales experienced significant growth, increasing by 45.0% year-on-year, while offline sales saw a slight decline of 1.2% [7] Financial Metrics - The gross profit margin slightly increased to 41.5% in H1 2025, while the net profit margin decreased by 0.4 percentage points to 15.0% [7] - Operating cash flow improved significantly, reaching 524 million yuan, a year-on-year increase of 227.2% [7]

Core Insights - The Chinese liquor market is undergoing significant changes, facing challenges such as price inversion, inventory pressure, and channel transformation [2] - The market in 2025 will present both challenges and opportunities, emphasizing the need for distributors to innovate channels and expand product categories [2][3] Market Challenges - The primary issue for distributors is poor product sales, driven by multiple factors including fragmented channels and changing consumer behavior [3] - The rise of instant retail platforms has shifted consumer purchasing behavior towards online channels, leaving traditional distributors reliant on offline sales at a disadvantage [3][4] Instant Retail Impact - Instant retail has emerged as a new battleground for liquor sales, with significant price promotions observed during events like "618" [4] - Distributors must adapt to this trend by integrating with instant retail platforms to maintain market relevance and capture high-frequency consumer interactions [4][5] Regional Opportunities - The Jiangxi market has shown continuous growth, with sales expected to reach 18.5 billion yuan in 2024, highlighting unmet local demand for premium liquor [8] - There is a significant gap in the supply of well-known brands like Moutai in Jiangxi, indicating potential for local distributors to fill this void [8][9] Product Innovation - Low-alcohol beverages and craft beers are gaining traction, particularly among younger consumers and women, presenting new opportunities for distributors [10][11] - Distributors are encouraged to explore these new categories while ensuring they complement rather than replace traditional liquor offerings [10][11] Future Strategies - Distributors should shift from a "price difference" mindset to a "value" approach, focusing on building a multi-channel capability that includes offline experiences, instant retail, and live commerce [12] - Collaborating with manufacturers in a symbiotic relationship will be crucial for navigating the evolving market landscape and maximizing growth opportunities [12]

Group 1 - The core viewpoint is that the white liquor sector is showing significant allocation value, with its commodity attributes being rapidly reshaped, enhancing its fast-moving consumer goods (FMCG) characteristics, which will increasingly highlight the competitive advantages of companies that can adapt to FMCG operational logic [1][2] - The new consumption trend is fundamentally a structural dividend driven by channel and category resonance, with retail efficiency improving and younger demographics gradually generating income, leading to a clear new channel and new category-driven consumption [2] - The white liquor industry is currently in a bottoming cycle, with pricing pressure greater than volume pressure, and most companies' short-term performance increasingly reliant on market share gains in core markets [2][3] Group 2 - The white liquor sector shows significant allocation value from a stock price perspective, with potential for dividends as leading companies have dividend yields close to or greater than 3% [3] - Dynamic valuations have returned to historically low levels, with potential catalysts such as stabilization in housing prices and domestic demand policies [3] - The selection of stocks should prioritize companies with market share logic, as the industry is expected to continue evolving [3]

Core Insights - The company, Qingdao La Gongfang Food Co., Ltd., established the "Huban" brand in 2016, focusing on the research, production, and sales of chili sauces, with a modern automated factory covering 12,000 square meters [1] - Huban aims to differentiate itself in the competitive Chinese condiment market by prioritizing brand building and user-centric product development [3][5] - The brand has successfully penetrated the takeout market by creating small-sized packaging for chili sauces and forming partnerships with major delivery platforms like Meituan and Ele.me [7][9] Brand Development - Huban has built a comprehensive brand strategy that includes a product matrix covering 45 countries and regions, with a brand asset valuation exceeding 1.5 billion yuan [11][13] - The brand has achieved significant recognition, including awards such as "Shandong Famous Trademark" and "Golden Product Award," and has been featured in various media outlets [15] - Huban's marketing strategy targets the younger generation, utilizing cross-industry collaborations and entertainment content to enhance brand visibility [22][24] Market Position - Huban holds a 19.8% market share in the chili sauce category, ranking among the top three brands in China, and has been recognized as "China's Most Satisfied Brand" for five consecutive years [30] - The company has established deep strategic partnerships with major retailers and delivery services, enhancing its market presence and product distribution [30] Innovation and Sustainability - Huban integrates raw material cultivation with flavor development, contributing to agricultural advancement while ensuring high-quality products [17][20] - The company is investing in a chili pepper industrial park to support local agricultural development and aims to create a long-lasting brand with a value of 100 billion yuan [18] Future Outlook - Huban is committed to a strategy of "brand upgrade + product innovation + global layout," focusing on ecological operations and redefining growth logic in the condiment industry [30] - The brand aims to lead the transition from traffic competition to value co-creation in the domestic market while laying the groundwork for future global expansion [30]

Group 1: Research Basic Information - The research object is Qiaqia Food, belonging to the food and beverage industry, and the reception time was on May 16, 2025 [8] - The listed company's reception staff included the chairman and general manager Chen Xianbao, vice - chairman and deputy general manager Chen Qi, etc. [8] - Participating research institutions included Dongxing Securities, CITIC Securities, Tianfeng Securities, etc., as well as some fund management companies and asset management companies [2][9][10] Group 2: Core Views - The company's future development depends on product innovation and product strength, and each double - digit growth is accompanied by the emergence of a new large - scale product series [21] - The company aims to expand sales volume and increase gross profit margin through category innovation, product innovation, and channel sales service innovation, while continuously improving supply chain efficiency [17][19] Group 3: Specific Content Summaries Reasons for the decline in the company's first - quarter gross profit margin - The decline in the first - quarter gross profit margin was mainly due to the increase in sunflower seed raw material costs (affected by continuous rain in Inner Mongolia, the mold rate increased, and the output of qualified raw materials decreased, leading to price increases) and the increase in the purchase price of some nut raw materials. Product structure also had an impact [17] Scale and future plans of Sam's Club and snack retail channels - Sam's Club revenue increased by 50 - 60% last year, and the snack retail channel doubled. The company will increase investment in these channels this year [17] Plans for the third - largest product category - In the short - to - medium term, the company focuses on nuts and melon seeds. The third - largest category, such as peanuts, is in the incubation stage, and the company hopes to become a leading brand in this segment. The fresh - cut fries have achieved revenues of several million yuan in less than a year [17] Overseas development strategy for konjac products - The company first conducts trial sales overseas, leveraging its brand and channel advantages [17] Sales channels for Kui Zhen products - Kui Zhen is sold both online (e.g., its official flagship store) and offline (e.g., Sam's Club and RT - Mart's premium stores), and will continue to expand in these channels [19] Company's competitive points for nuts - The most important thing for products is quality, and for nuts, freshness must be ensured [19] Company's learning from Coca - Cola and农夫山泉 - These two companies are learning examples for Qiaqia Food in terms of products, channels, and brands. Qiaqia Food focuses more on product raw materials due to its high direct raw material cost ratio and is seeking a suitable model for itself [20] Company's view on KA direct - sales channels - The company pays attention to changes in offline retail channels, hopes that each link in the value chain can obtain reasonable profits, and will actively embrace the trend of KA direct - sales and explore a suitable cooperation model with distributors [20] Company's R & D considering population aging - The company has considered population aging in product R & D, such as nut powder products, and will develop specialized deep - processed products for the elderly. It has also launched low - GI nuts for people with sugar - control needs, and health is one of the future R & D directions [21]

Group 1: Financial Performance - The company's gross margin decreased in Q1 due to rising sunflower seed raw material costs and increased procurement prices for certain nut raw materials [1] - Revenue from Sam's Club increased by 50-60%, and the snack wholesale channel saw a doubling in growth [1] - The company aims to enhance sales and gross margin through category innovation, product innovation, and channel sales service innovation [1] Group 2: Product Development and Market Strategy - The company is focusing on nuts and seeds in the short to medium term, with plans to develop a third major category, such as fresh-cut potato strips, which has already generated several million in revenue within a year [2] - The strategy for overseas expansion includes a country-specific approach, leveraging brand and channel advantages [2] - Future innovations will not only focus on flavor but also on packaging and technology to improve gross margin and brand premium [2] Group 3: Competitive Positioning and Consumer Trends - The company emphasizes product quality, particularly freshness, as a key competitive advantage in the nut market [2] - There is a focus on developing products tailored for health-conscious consumers, including low GI nuts for those with sugar control needs [3] - The company is also considering the aging population in its product development, such as nut powder products [3] Group 4: Intellectual Property and Market Trends - The company is advised to strengthen intellectual property protection due to the prevalence of imitation products in the market [2] - The company is committed to promoting nutritional knowledge about nuts to consumers, addressing both nutrition and taste [2] Group 5: Channel Strategy and Collaboration - The company is adapting to changes in offline retail channels and is open to exploring suitable collaboration models with distributors [2] - The trend towards direct sales in key accounts (KA) is acknowledged, and the company aims to embrace this change [2]

Core Viewpoint - The article discusses the increasing trend of Chinese snack brands, represented by Wangwang, expanding into Southeast Asian markets due to the competitive domestic market. The region is seen as a promising opportunity for growth, with a focus on localizing products and distribution channels to cater to consumer preferences [1][2][7]. Group 1: Market Expansion - Wangwang invested RMB 138 million in a business jet to facilitate more frequent travel to overseas markets, highlighting its commitment to international expansion [1]. - In the fiscal year 2023, Wangwang's overseas business grew by double digits, with revenue from the rice snack category reaching RMB 5.977 billion, accounting for approximately 20% of total revenue [1]. - Other Chinese snack brands like Qiaqia, Jinzhai, and Panpan have also established a presence in Southeast Asia, with Qiaqia's Thailand subsidiary contributing RMB 400 million in revenue in 2023 [4][5]. Group 2: Market Characteristics - The Southeast Asian snack market is projected to reach USD 13.1 billion by 2029, with a compound annual growth rate (CAGR) of 10.60% [5]. - Different countries in Southeast Asia exhibit unique market characteristics; for instance, Thailand's snack market was valued at THB 105.2 billion (approximately USD 3.04 billion) in 2023, with a CAGR of 7.16% expected until 2028 [12]. - The Thai health snack market was valued at THB 28.3 billion (approximately USD 850 million) in 2023, showing a growth rate of 11.3% [12]. Group 3: Entry Strategies - Chinese snack brands are adopting varied entry strategies based on market maturity; brands like Xu Fu Ji and Three Squirrels are entering mature markets like Thailand and Singapore, while others like Ganyuan are targeting emerging markets like Vietnam and Indonesia [13]. - The choice of product categories is also strategic, with brands introducing unique offerings such as spicy strips and konjac snacks, which are relatively unfamiliar to local consumers [13][15]. Group 4: Distribution Channels - The article emphasizes the importance of distribution channels, noting that traditional retail channels, such as community stores, play a significant role in Indonesia, where 80% of consumption occurs outside modern retail [25]. - Successful brands like Aice have thrived by innovating their distribution strategies, focusing on community stores rather than competing directly with established international brands in modern retail [20]. - The dominance of convenience stores like 7-Eleven in Thailand and Indomaret in Indonesia highlights the need for brands to navigate local retail landscapes effectively [24][26]. Group 5: Compliance and Localization - Compliance with local regulations is crucial for market entry, with Thailand requiring FDA certification and Indonesia mandating BPOM certification for food products [38]. - Localization of products is also essential, with brands adapting flavors and ingredients to meet local tastes, such as Xu Fu Ji's durian-flavored candies and Qiaqia's coconut-flavored seeds [39][40]. - Establishing local supply chains is necessary for reducing production and transportation costs, as seen with brands like Salted Fish, which has set up multiple processing facilities in Southeast Asia [40].