央广网北京1月6日消息（记者 孙文轩）1月6日上午，根据官方公布的供货时间，记者在i茅台平台尝试抢购飞天53%vol 500ml贵州茅台酒（2026）（即市场 俗称的'飞天茅台'或'普茅'），9:00至9:30期间，页面多次显示"补货中……5分钟后投放"，但始终未能成功下单。9时30分，页面显示"已售罄"。 至此，53%vol 500ml飞天茅台在i茅台常态化上线已进入第六天，仍保持"上架即售罄"的热度。同日，贵州茅台酒（丙午马年）也于每日9时在该平台同步开 售，其经典版（1899元/瓶）和礼盒装（3789元/2瓶）同样迅速售罄。 此前，自1月1日起每日上架飞天茅台的i茅台平台，于1月3日晚宣布调整购买规则：为满足春节前需求，1月4日至春节期间，用户单日购买上限由12瓶调整 为6瓶。平台同时透露，元旦假期三天已有超10万名用户通过平台完成购买。 业内人士认为，核心产品全面上线直销平台，标志着茅台渠道改革与终端管控迈出关键一步。这一举措在直接面向终端消费者的同时，也对传统经销渠道的 价格体系产生了直接影响。市场数据显示，飞天茅台的散瓶批发价一度跌破1499元官方指导价。 1月6日上午9时许，央广网记者数次在i茅 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 在近日召开的贵州茅台全国经销商联谊会上，除了备受关注的茅台价格管控政策外，最引人瞩目的是，企业方面宣布"明年取消分销模式"这一信息。 曾是名酒销售重要构成部分的分销商，为何突然会成为裁撤对象？这背后代表着怎样的一种发展趋势？ 为什么取消？ 对诸多名酒企业而言，因为库存而导致的经销商、分销商"压力山大"，因为销售层级过多而导致的价盘秩序不稳，因为直销和电商平台的冲击······都对传统 分销体系构成了挑战，引发渠道扁平化。 传统的"厂家→一级经销商→二三级分销商→终端"的分销模式，在行业上升期起到了覆盖市场、快速扩张的作用。但是，在如今需求遇冷、库存积压的背景 下，这种分销模式却暴露出明显的弊端：利润空间被不断挤压，由于动销不畅、价格倒挂等问题，渠道利润不足以支撑多级分销体系。 "价格体系的不稳定，也导致了企业倾向于减少经销层级，以稳定价盘。"酒业专家、九度咨询董事长马斐认为，酒业长期推行的多层级逐次加价的模式，在 行业上升期没有问题，但是在酒业价盘不稳的情况下，就更容易导致失序。 以飞天茅台为例，其市场价从高峰期的3000元，到2025年度逼近1499 ...

签约仪式后，双方代表共同参观了翔业集团企业文化展厅，厦门翔炬投科技开发有限公司。厦门翔 炬投是由厦门翔业集团、厦门火炬集团和厦门市政集团三家市属国有企业合资成立。公司作为厦门临空 经济区开发运营主体之一，重点布局生物医药、新能源新材料、空天装备三大战略性新兴产业，通 过"园区开发 + 产业投资 + 科技服务"的三位一体模式，助力厦门市产业升级和创新发展。 此次合作不仅是双方资源互补、优势协同的重要举措，更是得利斯持续推进渠道多元化、市场精细 化战略的关键一步。未来，双方还将在产品定制、营销联动、品牌联合推广等方面持续深化合作，为更 多消费者带来更安全、更营养、更便捷的食品选择，携手书写食品产业区域深耕与渠道融合的新篇章。 编辑：侯隽 双方将围绕区域市场开拓、系统融合、供应链协同、数据驱动等多个维度展开深度合作，万翔网商 将成为得利斯在福建省内B2G、B2B、B2C的全渠道运营平台，未来三年将逐步实现销售目标的阶梯式 跨越；同时，双方将建立常态化市场信息与消费数据共享机制，围绕区域口味偏好、消费场景开展精准 分析，共同研发符合福建市场需求的产品系列，推动从"产销对接"到"需产协同"的转型升级。 签约会上，郑思敏 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產 生或因倚賴該等內 容而引致之任何損失承擔任何責任。 香港，2025 年 11 月 24 日 於本公告日期，本公司執行董事為蔡衍明先生、蔡紹中先生、蔡旺家先生、黃永松先生、朱紀 文先生、蔡明輝先生及黎康儀女士；非執行董事為槇春夫先生及鄭文憲先生；獨立非執行董事 為貝克偉博士、謝天仁先生、李國明先生、潘志強先生及江何佩琼女士。 中國旺旺控股有限公司及其附屬公司截至 2025 年 9 月 30 日止六個月之中期業績演示材料可參 閱以下附件。 ( 於開曼群島註冊成立的有限公司 ) 承董事會命 中國旺旺控股有限公司 董事 黎康儀 (股份代號 ：0151) 截至 2025 年 9 月 30 日止六個月之 中期業績演示材料 截至2025年9月30日 中期業績 2025年11月24日 免責聲明 本演示材料所載資料之用途為僅供閣下個人參考，該等資料如有變更，恕不另行通知。對於本演示材料所載資料的公平性、準確性、完整性或正確性， 我們均無作出任何明示或隱含的聲明或保證，閣 ...

Core Insights - The snack industry in China has entered a "micro-growth era" with a slight decline in market size, down 3.5% year-on-year in 2023, indicating a shift from double-digit growth to single-digit growth [1][13][8] - Channel diversification is a key driver of market transformation, as consumer sensitivity to prices increases, leading to a shift from reliance on single channels to a multi-channel approach [1][3][27] Market Dynamics - The snack industry is characterized by a "large industry, small enterprises" competitive landscape, with the top five companies holding less than 15% market share [1][14] - The rise of discount channels, particularly volume discount stores, has become a significant source of growth, offering lower prices by reducing markup in the supply chain [2][23] - Traditional channels like key account (KA) stores have a markup rate of up to 60%, while volume discount channels maintain a markup of approximately 36% [2] Online Sales Transformation - Content e-commerce platforms like Douyin and Kuaishou are reshaping online sales dynamics, with the live e-commerce market growing by 66% year-on-year in 2023 [2][27] - The sales volume of snack products on Douyin has seen significant growth, although the average transaction value has decreased, reflecting a trend of "exchanging price for volume" [2][27] Structural Adjustments - The snack industry is undergoing profound structural adjustments, driven by channel diversification and rational consumer behavior, leading to a focus on high cost-performance products [3][27] - Brands need to adapt to these channel changes and optimize product structures and supply chain efficiencies to maintain competitive advantages [3][27] Future Outlook - The competition in the snack industry is expected to increasingly emphasize channel innovation and cost control, potentially leading to a market concentration around brands with comprehensive capabilities [3][27]

Core Viewpoint - The stock of Liren Lizhuang (sh605136) reached its daily limit with a price of 12.14 yuan, marking a 9.96% increase, driven by governance improvements, growth in proprietary brands, and diversification of sales channels [2]. Group 1: Company Governance and Performance - Liren Lizhuang has optimized its governance structure by revising 11 core systems, including company bylaws and information disclosure, enhancing operational standards [2]. - The company's proprietary brands, Yuru Chui and Meiyitang, experienced revenue growth exceeding 80%, indicating the effectiveness of its transformation strategy [2]. Group 2: Sales Channel Diversification - The company has made progress in channel diversification, adding emerging platforms such as Dewu and Xiaohongshu, with non-Tmall channel revenue increasing by 99.59% [2]. - Overseas business revenue saw a year-on-year growth of 109.56%, with a gross margin of 52.51% [2]. Group 3: Financial Support and Market Trends - Liren Lizhuang received government subsidies amounting to 22.8 million yuan, which directly contributed to 93.44% of the latest net profit [2]. - The beauty e-commerce sector has shown active performance recently, contributing to a sector-wide momentum, with significant net inflows from major funds into Liren Lizhuang on November 19 [2].

Sales Performance - In Q3 2025, the company achieved a sales revenue of 10.75 billion yuan, representing a year-on-year growth of 15% [2] - The net profit attributable to shareholders was over 77 million yuan, with a year-on-year increase of 14% [2] - Frozen baked goods accounted for approximately 57% of revenue, growing by about 17% year-on-year, while baking raw materials made up about 43%, increasing by approximately 11% [2] Channel Structure - Traditional bakery channels contributed nearly 50% of revenue, remaining stable year-on-year, while supermarket channels exceeded 25%, with a growth of over 30% [2] - Revenue from the catering, tea, and new retail channels approached 25%, with a year-on-year growth of nearly 40% [2] - The company is optimizing its channel structure, with new channels further increasing their revenue share [2] Product Insights - The fluctuation in cream product gross margins is not primarily linked to rising oil costs but is more affected by the procurement prices of imported dairy products [3] - The company is cautiously optimistic about inventory preparations for the upcoming Spring Festival [4] - Changes in the tax rate in the Q3 report were influenced by variations in product structure and the production and tax situations of different subsidiaries [5] New Product Development - The company has successfully launched new products in core supermarket clients, contributing positively to Q3 performance, with plans for 2-3 new products in Q4 [6] - The sales of cream products in Q3 slowed compared to Q2 due to seasonal factors, but a recovery is expected in Q4 [7] - The company is focusing on diversifying its channel investments, with a current revenue structure of approximately 48% from distribution channels, 30% from supermarkets, and 22% from new retail and catering channels [8] Strategic Partnerships - The company is actively enhancing collaborations with various supermarkets, increasing the number of new product samples and improving the match with customer needs [9] - The advantages in the catering and new retail channels are significant, with a focus on food safety standards that align with the stringent requirements of chain restaurants [10] - The company is testing higher-end cream products with key clients, aiming to expand its premium product matrix [12]

Core Viewpoint - Qiaqia Food Co., Ltd. is undergoing transformation amidst industry adjustments and channel changes, focusing on new product launches and channel development to drive growth [1][8]. Financial Performance - In the first three quarters, Qiaqia Food reported revenue of 4.5 billion yuan and a net profit attributable to shareholders of 168 million yuan [1]. New Product Development - Qiaqia Food has launched several innovative product lines, including the "Qiaqia Mountain Wild Series Seeds" and "Qiaqia Ice Cream with Seed Kernels," showcasing strong market potential [3][4][10]. - The company emphasizes the importance of innovation, allowing for failures but not for a lack of innovation [3]. Market Response - The newly launched products, particularly the konjac series, have shown strong sales performance, with konjac products ranking second in sales on Qiaqia's Douyin flagship store [4][7]. - The company is responding to consumer interest by continuously introducing new konjac products [4]. Channel Expansion - Qiaqia Food is actively exploring new sales channels, including e-commerce and membership stores, to diversify its revenue streams [8][9]. - In the first half of 2025, the company reported a 24.79% year-on-year increase in revenue from e-commerce channels, which accounted for 16.38% of total revenue [8]. Brand Recognition - Qiaqia Food's brand value has significantly increased, reaching 56.872 billion yuan, marking its third consecutive inclusion in the Asia Brand 500 list [13][15]. - The company has received multiple awards, including recognition as a "Foreigners' Favorite Chinese Brand" [15]. Strategic Initiatives - Qiaqia Food plans to establish an investment company focused on the leisure food industry, aiming to enhance financial returns and share risks with partners [12]. - The company is committed to optimizing its supply chain and cost management to improve operational efficiency [17].

Core Viewpoint - Vatti's 2025 semi-annual report shows significant growth in revenue and profit, with a focus on high-end kitchen appliances and strong market performance through innovative products and diversified channels [1][3][4]. Financial Performance - In the first half of 2025, Vatti achieved approximately 2.8 billion yuan in revenue and a net profit of about 272 million yuan, with a gross margin increase of 3 percentage points to 44.1% [1]. - The gross margin growth ranks among the top five in the home appliance industry, with Vatti being the most notable in the kitchen appliance sector [1][3]. Product Performance - The gross margins for key product categories, including "smoke, stove, and heat," improved to 48.41%, 48.73%, and 33.98%, respectively, with an overall domestic business gross margin increase of 3.34% [1]. - Sales and revenue for gas water heaters saw year-on-year growth of 63.69% and 74.69%, respectively [1]. Innovation and R&D - As of June 30, 2025, Vatti holds 4,690 national patents, including 835 invention patents, positioning the company at the forefront of the industry in terms of innovation [3]. Channel Strategy - Vatti has implemented a multi-channel strategy, conducting nearly 2,000 promotional events across 26 provinces, enhancing retail transformation for distributors [3][4]. - The company has established over 1,000 new stores across platforms like JD, Tmall, and Suning, with a gross margin of 41.51% in new retail channels [4]. Operational Model - Vatti has developed an operational model combining "platform coupons + in-store shopping + flash sales to home," collaborating with platforms like Douyin and Meituan to enhance local service offerings [3]. Market Positioning - The combination of an extensive online and offline channel network, along with high-end product advantages, provides Vatti with sustained momentum for growth and a solid foundation to navigate industry competition [4].

Group 1 - The frequent changes in the Secretary of the Board at Youyou Food may indicate underlying issues related to company strategy, internal management, governance structure, and competitive pressures in the industry [2][3] - Youyou Food has experienced a decline in net profit for three consecutive years from 2021 to 2023, with revenue also decreasing in 2022 and 2023 [3] - In 2022, Youyou Food's revenue was 1.182 billion yuan, a year-on-year increase of 22.37%, and the net profit attributable to shareholders was 157 million yuan, up 35.44% [3] Group 2 - The gross profit margin of Youyou Food decreased to 28.97% in the previous year and further declined to 27.57% in the first half of this year, a drop of 3.27 percentage points [4] - Accounts receivable for Youyou Food increased significantly, reaching 156.1 million yuan in the first half of this year, a year-on-year growth of 109.72% [4] - The company is advised to diversify its channels and enhance risk resistance while closely monitoring the growth of accounts receivable to reduce bad debt risks [4]