Core Viewpoint - The article discusses the significant downturn in various consumer sectors, particularly the liquor and retail industries, highlighting the challenges and potential opportunities for recovery amidst changing consumer behaviors and market dynamics [2][4][43]. Group 1: Liquor Industry - The liquor sector, especially the white liquor segment, has faced substantial declines, with the overall white liquor market down by 12.44% this year [9][15]. - Major brands like Wuliangye have reported significant drops in revenue and profit, with a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters [17]. - The white liquor industry is experiencing a shift from a growth-driven model to one focused on consumer preferences, with a need for companies to adapt to changing consumption patterns [26][27]. Group 2: Retail Industry - The professional chain sector has seen a dramatic decline of 14.72%, with many traditional retail models struggling to survive [28][30]. - Companies like Renrenle have faced severe financial difficulties, leading to a significant reduction in store numbers and ultimately triggering delisting procedures [34][35]. - The shift towards online shopping and changing consumer preferences have forced traditional retailers to innovate or face extinction [36][39]. Group 3: Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also suffered, with a reported decline of 11.61% this year [40]. - Major players like Budweiser APAC have experienced significant sales drops, with a 9.5% revenue decrease and a 24.4% decline in net profit [46]. - The industry is witnessing a trend of cross-industry competition, with liquor companies diversifying into other beverage categories to adapt to market changes [51][56]. Group 4: Publishing Industry - The publishing sector has faced a 7.22% decline, with the overall market for printed books down by 10.40% [60]. - Despite the downturn, some publishing companies have managed to increase profits through cost control and operational efficiency, with a 14.65% rise in net profit for listed companies [61][62]. - The industry is undergoing significant transformation, moving from traditional sales models to more dynamic content management and IP development strategies [70][71]. Group 5: Seasoning Industry - The seasoning sector has seen a 6.04% decline, with companies like Qianhe Flavor struggling due to a drop in revenue and profit [74]. - The industry is facing challenges from both market saturation and changing consumer preferences, necessitating a shift in strategy for many companies [81]. Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector has experienced a 5.02% decline, with companies like Pian Zai Huang facing significant revenue and profit drops [86]. - The industry is under pressure from regulatory changes and increased competition, pushing companies to innovate and diversify their product offerings [91][92]. Group 7: Digital Media - The digital media sector has reported a 4.95% decline, with traditional advertising models struggling to adapt to new market realities [97][100]. - Companies like Mango TV have seen significant revenue drops, highlighting the challenges of maintaining profitability in a rapidly changing landscape [101][104]. Group 8: Kitchen and Bathroom Appliances - The kitchen and bathroom appliance sector has faced a 4.11% decline, with major players like Boss Electric experiencing revenue drops for the first time in years [112]. - The industry is grappling with reduced demand due to a slowdown in the real estate market, necessitating a shift towards innovation and international expansion [117][118]. Group 9: White Goods - The white goods sector has seen a 2.02% decline, with companies like Gree Electric facing significant challenges due to market saturation and increased competition [126][129]. - The industry is shifting towards a more rational consumer base that prioritizes product quality and brand reputation over traditional growth drivers [133]. Group 10: Hotel and Restaurant Industry - The hotel and restaurant sector has experienced a 1.37% decline, with many businesses struggling to convert increased tourism into profits [140][141]. - The industry is witnessing a shift towards more refined operational models, with companies focusing on member engagement and digital transformation to enhance profitability [142][143].

报告认为，在国家政策护航和多方协同发力下，2025年国内企业声誉整体形势向好，但也存在挑战和压 力。2025年影响企业声誉管理十大负面因素包括生产经营管理中的硬伤、企业家舆情处置能力短 板、"黑公关"手段迭代升级、行业概念定义与阐释不当、"受害者"心态和舆情"零负面"目标、上市公司 混淆信息披露与情况通报、滥用"法务公关"灵药、虚假宣传盲目追求销量转化、年轻一代冲击传统声誉 管理策略、地缘政治博弈激烈等。 具体来看，报告提出，企业声誉攻防战从"明战"转向"暗战"，手段愈加升级。有的粉丝群体搞"饭圈 化"围攻，有的MCN机构和大V充当"黑嘴"，借测评之名拉踩企业，甚至在新品上市节点集中发难。这 种不断突破底线的"黑公关"手段，使企业疲于应付，耗费大量资源，声誉管理陷入"黑洞"。 12月29日，中国传媒大学媒介与公共事务研究院发布《2025-2026年度企业声誉影响因素研究报告》 （以下简称"报告"）。报告通过对国际局势、社会形势、市场走势以及热点舆情事件的持续观察研究， 对企业声誉影响因素进行综合分析，并对2026年影响企业声誉的十大因素作出预测。 此外，地缘政治博弈激烈，加剧企业海外声誉管理复杂性。报告指出， ...

Core Viewpoint - The company Zhongju Gaoxin is experiencing significant operational challenges, with a notable decline in both revenue and net profit, leading to investor dissatisfaction and a sharp drop in stock price [2][3][4]. Financial Performance - In the third quarter, Zhongju Gaoxin reported revenue of 1.025 billion yuan, a year-on-year decrease of 22.84%, and a net profit of 123 million yuan, down 45.66% [3]. - For the first three quarters, the company’s revenue was 3.156 billion yuan, reflecting a 20.01% decline, while net profit fell by 34.07% to 380 million yuan [3][4]. Market Capitalization - The peak market capitalization of Zhongju Gaoxin was over 65 billion yuan in September 2020, but it has since decreased to approximately 13.538 billion yuan as of December 19, 2025, representing an almost 80% loss in value [2][4]. Industry Challenges - The seasoning industry is facing multiple pressures, including changing consumer demand, increased competition, and rising costs, which are contributing to the decline in Zhongju Gaoxin's performance [4]. - All three core product categories—soy sauce, chicken essence, and cooking oil—saw revenue declines in the third quarter, with soy sauce, which accounts for about 60% of revenue, experiencing a 19% drop [4][5]. Strategic Goals - The company has set an ambitious target to achieve 10 billion yuan in revenue and 1.5 billion yuan in operating profit for its subsidiary, Meiwoxian, by 2026, but it is currently far from this goal [5][6]. - Zhongju Gaoxin is pursuing a strategy of mergers and acquisitions to enhance its product offerings and market position, although progress has been slow due to market conditions [6][7]. Brand Positioning - The brand "Chubang" lacks strong core products and effective brand management, which hinders its presence in the health-conscious market segment [5][6]. - The company has been slow to respond to market trends, particularly in health-oriented product lines, which has allowed competitors to gain a foothold [6].

曾凭借"零添加"概念异军突起的千禾味业食品股份有限公司（简称"千禾味业"，603027.SH），在 经历了一场由检测风波引发的品牌信任危机后，2025年前三季度营收净利双双下滑。 业内人士认为，千禾味业业绩承压不仅是舆情冲击的余波，更折射出行业从高速增长迈向高质量发 展的深刻变革。随着"零添加"标识禁令以及多项新规的出台，调味品行业竞争正从"添加与否"的话语之 争，回归"品质如何"的实质较量。 "零添加"遭质疑 营收净利双双下滑 在今年6月举行的2024年度股东大会上，千禾味业董事长伍超群承认，舆情事件对品牌造成了伤 害。他表示，在快消品行业里，头部企业品牌受舆情影响之后，恢复期在10至12个月之间。 同质化竞争加剧 "零添加"标签将退场 公开资料显示，千禾味业成立于1996年，2016年3月在上海证券交易所上市，主营业务是高品质酱 油、食醋、料酒、蚝油等调味品的研发生产和销售，其中酱油、食醋是其核心业务板块。 2025年3月，千禾味业因旗下"千禾0"系列酱油陷入舆论风波。事件起源于第三方检测机构对13 款"零添加"酱油的抽检，结果显示部分产品含有微量重金属镉，其中千禾"御藏本酿380天"酱油的镉含 量为0. ...

"配料表太长、看不懂的，我一般就不买了。"选购商品时，北京消费者黄女士将一款零添加酸奶放入购 物车中。 如今，像她这样偏爱"清洁标签"、优先选"零添加"的消费者越来越多。"零添加"具体指不添加什么？配 料表越短就越安全健康吗？ "零添加"是指什么？ "'零添加'具体是什么意思？是不添加防腐剂、着色剂还是别的什么？"消费者李大爷对着货架上的不同 标注，不由得犯了愁。 12月4日，在北京某商超调料区，不同品牌、不同产品对"零添加"有着不同注释。新华网记者 刘璐 摄 事实上，现行的《食品安全国家标准预包装食品标签通则》(GB7718-2011)中，并未对"零添加"作出明 确定义。 "这种表述并非一个严格术语，准确表述应该为'零添加(具体的添加成分)'。"一位法律界人士告诉记 者，目前我国现行标准中并没有针对"零添加"的统一、强制性国家标准，有关添加剂的相关规定则存在 在各类食品标准中，且多为推荐性要求，给了部分企业"可操作空间"。 安徽农业大学食品与营养学院教师王红燕指出，"零添加"不等于"不含有"。商家宣称的"零添加"，通常 指在生产加工过程中，没有人为额外添加某种食品添加剂。然而，这并不意味着最终产品中完全不含 ...

新华网记者 闫雨昕 游苏杭 "配料表太长、看不懂的，我一般就不买了。"选购商品时，北京消费者黄女士将一款零添加酸奶放入购物车中。 如今，像她这样偏爱"清洁标签"、优先选"零添加"的消费者越来越多。"零添加"具体指不添加什么？配料表越短就越安全健康吗？ "零添加"是指什么？ 新华网北京12月8日电 题："零添加"不等于更健康 合肥工业大学食品与生物工程学院教授陆剑锋也提醒，消费者要警惕"零添加""无添加""纯天然"等模糊化标签。"我国允许使用的食品添加剂都经过严格评 估，'添加'本身不是问题，关键在于是否超量或违规。"他指出，部分"零添加"宣传存在三类误导：偷换概念，如本身不需添加却刻意强调；故意不写全，如 只标"0色素"；暗示健康价值，把"无添加"变成"营养更好""更天然"的卖点，但没有任何科学证据。 食品产业分析师朱丹蓬直言："真正做到完全不添加，技术难度极大，成本也会大幅上升。"在他看来，中国消费者越来越关注食品安全、健康管理、营养管 理及体重管理，但缺乏与之对应的专业知识，部分企业正是利用这种信息差，将"零添加"打造成营销卖点误导消费者。 新标准能否终结乱象？ 针对这一乱象，监管层面已经释放明确规范信号 ...

新华网北京12月8日电 题："零添加"不等于更健康 新华网记者 闫雨昕 游苏杭 "配料表太长、看不懂的，我一般就不买了。"选购商品时，北京消费者黄女士将一款零添加酸奶放入购物车中。 如今，像她这样偏爱"清洁标签"、优先选"零添加"的消费者越来越多。"零添加"具体指不添加什么？配料表越短就越安全健康吗？ "零添加"是指什么？ 记者走进北京市区多家大型超市发现，主打"简单配方"的食品已成消费新宠。在北京某商超乳制品冷柜前，带有"其他没了""自然清甜"等标签的酸奶占 据了显眼位置；烘焙区，"配料表干净"的标语被单独印在面包包装上；调味品区，销售人员不时向顾客强调"配料表只有天然原料"。 "'零添加'具体是什么意思？是不添加防腐剂、着色剂还是别的什么？"消费者李大爷对着货架上的不同标注，不由得犯了愁。 12月4日，在北京某商超调料区，不同品牌、不同产品对"零添加"有着不同注释。新华网记者 刘璐 摄 事实上，现行的《食品安全国家标准预包装食品标签通则》（GB7718-2011）中，并未对"零添加"作出明确定义。 截图来自《食品安全国家标准预包装食品标签通则》（GB7718-2025） 不少消费者对新规表达了期待。"以后 ...

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - In October 2025, five out of eight key consumer goods sectors maintained positive growth, while three sectors experienced negative growth. The sectors with single-digit growth included frozen foods, soft drinks, beer, condiments, and catering services. The declining sectors were mid-to-high-end and premium baijiu, mass-market and lower-tier baijiu, and dairy products. Despite the extended holiday period due to the overlap of National Day and Mid-Autumn festivals, consumer spending remained sluggish, with goods consumption growing by 3.9% and services consumption by 7.6% during the holiday [3][29]. Summary by Sector 1. Mid-to-High-End Baijiu - In October, the revenue for mid-to-high-end baijiu was 27.7 billion yuan, a year-on-year decline of 11.7%. Cumulative revenue from January to October was 325.2 billion yuan, down 5.6% year-on-year. The consumption structure is shifting downwards, with products priced between 100-300 yuan accounting for 60% of sales [4][12]. 2. Mass-Market and Lower-Tier Baijiu - The revenue for mass-market and lower-tier baijiu in October was 16.3 billion yuan, a year-on-year decline of 3.0%. Cumulative revenue from January to October was 162.1 billion yuan, down 9.1% year-on-year. The production of baijiu in September was 306,000 kiloliters, a year-on-year decline of 15.0% [5][14]. 3. Beer - The beer sector reported revenue of 10.3 billion yuan in October, a year-on-year increase of 2.0%. Cumulative revenue from January to October was 152.9 billion yuan, up 0.5% year-on-year. The sector is experiencing a mild recovery, although regional performance varies significantly [6][16]. 4. Condiments - The revenue for the condiment sector in October was 37.6 billion yuan, a year-on-year increase of 1.0%. Cumulative revenue from January to October was 371.1 billion yuan, up 1.3% year-on-year. Demand from the catering sector is gradually recovering, but profitability remains under pressure [7][18]. 5. Dairy Products - The dairy sector's revenue in October was 36.5 billion yuan, a year-on-year decline of 4.2%. Cumulative revenue from January to October was 387.5 billion yuan, down 2.0% year-on-year. Demand remains under pressure, and inventory levels are high post-holiday [8][20]. 6. Frozen Foods - The frozen food sector reported revenue of 7.77 billion yuan in October, a year-on-year increase of 5.0%. Cumulative revenue from January to October was 88.2 billion yuan, up 2.0% year-on-year. Demand is supported by catering recovery and stable growth in customized products [9][22]. 7. Soft Drinks - The soft drink sector's revenue in October was 46.7 billion yuan, a year-on-year increase of 2.6%. Cumulative revenue from January to October was 619.5 billion yuan, up 4.3% year-on-year. The competitive landscape has softened post-peak season [10][24]. 8. Catering - The catering sector reported revenue of 16.2 billion yuan in October, a year-on-year increase of 1.2%. Cumulative revenue from January to October was 148.1 billion yuan, down 0.5% year-on-year. The sector is showing signs of stabilization, benefiting from holiday demand [11][26].

Core Viewpoint - In 2025, the Chinese food industry is undergoing a transformation centered around "clean labels" and the reduction of food additives, driven by new food safety standards and a dual reduction initiative in salt and sugar [1][2]. Industry Developments - The National Market Supervision Administration has introduced multiple policies to guide the seasoning industry towards reducing food additives and promoting the use of natural ingredients, ensuring higher food safety standards [2]. - Qianhe Flavor Industry has become the first company in the Chinese seasoning industry to receive a clean label product level 0 certification, marking a significant milestone in the industry [2][3]. Company Initiatives - Qianhe Flavor Industry has registered "0" as a trademark to signify its zero-additive product line, enhancing consumer recognition of the "zero additives" concept [2]. - The company has upgraded its product packaging to display ingredient lists prominently, addressing consumer concerns about ingredient transparency [2][3]. Market Trends - The demand for clean-label products is increasing, with a report indicating that clean-label soy sauce will become the preferred choice for Chinese households, potentially capturing 63.9% of the premium soy sauce market by 2028 [3]. - The new national standard for soy sauce, effective December 1, 2026, emphasizes quality over mere compliance with additive regulations, pushing the industry towards prioritizing product quality [3]. Financial Performance - Qianhe Flavor Industry reported a revenue of 1.986 billion yuan and a net profit of 259 million yuan for the first three quarters of 2025 [5]. - The company has seen a 3.69% year-on-year increase in offline channel revenue in Q3, with a significant increase in the number of distributors [6]. Market Response - Following the announcement of the clean label certification, Qianhe Flavor Industry's stock price rose by 5.82%, closing at 9.27 yuan per share [6]. - Analysts have expressed positive outlooks on the company's performance, anticipating a recovery in revenue as brand strength and channel capabilities improve [6].

Core Viewpoint - The trademark "Qianhe 0+" has been declared invalid by the National Intellectual Property Administration, reigniting discussions about misleading marketing practices in the food industry [2][5]. Group 1: Trademark and Consumer Perception - The "Qianhe 0" soy sauce was previously criticized for cadmium contamination, leading to debates about the relationship between the "0+" trademark and claims of "zero additives" [3][5]. - Consumers are increasingly aware of the discrepancies between marketing claims of "zero additives" and the actual ingredient lists, which often still contain preservatives and colorants [3][6]. Group 2: Misleading Marketing Practices - Many products use terms like "zero sugar" or "zero additives" to create a false impression of being completely additive-free, while they may only lack specific ingredients [6][8]. - The use of ambiguous terms in branding and packaging is seen as a tactic to mislead consumers, prompting significant backlash and calls for accountability [8][9]. Group 3: Regulatory Response - The National Health Commission and the State Administration for Market Regulation have issued guidelines to standardize food labeling, prohibiting terms like "not added" and "zero added" to prevent misleading claims [8][11]. - Ongoing improvements in legal regulations aim to address gaps in consumer protection, emphasizing the need for companies to adhere to principles of honesty and integrity [11].