刚套现8243万元，来伊份（603777）控股股东又宣布减持股份。 1月8日晚间，有"休闲零食第一股"之称的来伊份发布公告称，公司控股股东爱屋企管因资金需求，拟在1月30日至4月29日通过集中竞价交易、大宗交易等 方式减持合计不超过1003.27万股公司股份，即不超过总股本的3%。 | 股东名称 | 上海爱屋企业管理有限公司 | | --- | --- | | 计划减持数量 | 不超过:10,032,724 股 | | 计划减持比例 | 不超过:3% | | 减持方式及对应减持数 | 集中竞价减持,不超过:3,344,241 股 | | 를 | 大宗交易减持,不超过:6,688,483 股 | | 减持期间 | 2026年1月30日〜2026年4月29日 | | 拟减持股份来源 | IP0 前取得 | | 拟减持原因 | 控股股东资金需求 | 截至公告披露日，爱屋企管持有公司股份1.7亿股，占公司总股本的50.96%。爱屋企管及其一致行动人合计持有公司股份2.03亿股，占公司总股本的 60.80%。 值得一提的是，爱屋企管刚于2025年9月24日至2025年9月30日减持了668.05万股，约占公司总股本的2 ...

作为兼具强心智认知与场景化产品力的休闲零食头部品牌，乐事本身就是终端高动销的保障，其产品的节庆辨识度与品牌的市场声量，已提前 为终端筑起流量入口。 作者：鹤翔 出品：零售商业财经 ID：Retail-Finance 随着年末聚会、假期出游、春运归家、阖家团聚等新年场景需求的增加，乐事也为消费者年末相聚和春节出行备足了"年味方案"。 「零售商业财经」了解到，乐事将在2026年春节期间推出"福乐桶"、"金砖开运"礼盒等新品，同步打造多款自带美好寓意的春节渠道限定新口味。全系列 既适配个人即时消费，也能满足家庭欢聚、节日礼赠等春节核心场景需求。 例如在家庭聚会场景中，乐事新春大礼包与"全家桶"的大容量，能满足多人分享的热闹氛围；走亲访友时，"金砖开运"礼盒和"福乐桶"的吉祥寓意与精致 质感，让礼赠更具心意；春运通勤或假期出游，也有便携装可随身携带，即时享受美味……在这一完整的产品矩阵中，今年的春节限定分享装的包装设计 还引入了《功夫熊猫》IP 联名。通过充满节庆符号的视觉设计，使不同规格的产品在满足多场景需求的同时，也在视觉与情感层面形成统一的年味表 达。 没有复杂的营销概念，只是让产品精准适配每一个节日消费场景， ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - The liquor sector is experiencing a phase of "supply optimization and weak demand recovery," with inventory destocking expected to continue in Q4. Short-term price recovery is anticipated due to Moutai's controlled supply, with attention on Spring Festival sales and inventory turnover [2][5] - Demand for mass consumer goods is expected to show marginal recovery, with January anticipated to see a strong start due to delayed Spring Festival stocking [2][5] - The latest recommended companies include Ganhe Weiye, Guoquan, Anqi Yeast, Babi Foods, Ligao Foods, Wancheng Group, Anjii Foods, Kuaijishan, Shanxi Fenjiu, Yanghe, and Guizhou Moutai [2][5] Summary by Sections Production Data - In November, the industry production data revealed that meat and soft drinks led the growth, with meat production increasing by 16.3% and soft drinks by 0.4%. Other categories, such as alcoholic beverages, continue to face downward pressure [4][16] - Non-alcoholic categories showed stable production growth, with notable increases in fresh and chilled meat production, driven by declining prices of core items like pork, stimulating demand [20] Market Review - Since the beginning of the year, the Food and Beverage (Yangtze) Index has decreased by 4.22%, underperforming compared to the CSI 300. The market has seen significant differentiation, particularly in Q2 and Q3, due to consumption scene restrictions and a trend towards cost-effective consumption preferences [6][28] - In the past week, the restaurant supply chain sector (including food and condiments) has outperformed, while the liquor sector (including beer and wine) has shown relatively weak performance [6][28] Industry Dynamics - Companies in the soft drink sector are focusing on core categories to enhance competitiveness, such as Yuanqi Forest divesting its dairy business to concentrate on tea and sparkling water. Cross-industry innovations are also being explored, with new products like rice whiskey targeting specific dining scenarios [7][34] - Digital transformation and employee incentives are driving channel changes, with integrated online and offline strategies becoming mainstream. Companies like Luckin Coffee and Three Squirrels are rapidly expanding into high-traffic areas [7][34]

战略契合：流量赋能与品质坚守的双向驱动 2025年12月27日，国内休闲零食头部企业来伊份（603777）正式宣布青年演员、歌手文俊辉成为全新品 牌代言人。此次合作正值2026年年货节消费旺季来临之际，被业内视为来伊份深化年轻化战略、抢占年 货市场份额的关键一步，也折射出休闲零食行业在消费升级背景下的品牌竞争新态势。 从商业逻辑来看，来伊份选择文俊辉作为代言人，是一次精准的流量与品牌调性的匹配。文俊辉作为横 跨影视、音乐领域的新生代艺人，在年轻群体中拥有广泛影响力和高人气，其阳光、专业的公众形象， 与来伊份希望传递的"新鲜、品质"品牌理念高度契合。 产品矩阵：全场景布局夯实年货市场竞争力 年货节作为休闲零食行业的重要销售节点，向来是各大品牌的必争之地。来伊份此次围绕"健康好品质 就送来伊份"的核心主张，构建了覆盖日常消费与礼品市场的全场景产品矩阵，以多元化的产品策略应 对激烈的市场竞争。 来伊份方面在接受采访时表示："文俊辉在年轻消费者中的号召力，能够帮助品牌更有效地触达目标客 群，提升品牌在Z世代中的渗透率。同时，他对事业的专注与追求，也与来伊份二十余年坚守品质、持 续创新的企业精神相呼应。" 此次合作，本 ...

公司研究 / 首次覆盖 2025 年 12 月 24 日 证券研究报告 大单品验证产品力，全渠道夯实增长极 ——盐津铺子（002847.SZ）首次覆盖报告 报告原因： 投资要点： 食品饮料 | . I le le mail to the state of the state of the states of the station of the states of the station of the station of the states of the states of the states of the station of | | --- | | 果人(首次评级) | | 市场数据： | 2025 | 年 | 12 月 | 23 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 71.30 | | | 一年内最高/最低（元） | | | 97.71/49.04 | | | | 市净率 | | | | 9.1 | | | 股息率（分红/股价） | | | | | 1.96 | | 流通 A 股市值（百万元） | | | | 17 ...

文｜财华社 今年三季度休闲食品市场的压力依旧没有减弱，多数企业出现营收净利润双降、增收不增利的困境，并且在净利润层面几乎呈现20%以上的同比跌幅。 曾经凭借电商红利崛起的零食巨头们更是深陷转型阵痛，除了外部市场环境的挤压外，企业自身在高速扩张后积累的结构性矛盾相互交织等成为需要跨越的 鸿沟。 消费逻辑变化，流量红利消退 近日多家休闲零食企业披露了三季报，但整体表现却并不乐观，营利双降、增收不增利成普遍状态。 从三季度报数据看，三只松鼠前三季度实现营收77.59亿元，同比增长8.22%，归母净利润仅1.61亿元，大幅下滑52.91%，扣非净利润仅有5713.71万元，更是 同比暴跌78.57%。对于净利润大幅下降品牌表示，前三季度销售费用增长、坚果等原材料价格上涨等因素为主要原因。 身处相似困境的并不是只有这一个品牌，来伊份前三季度营收同比增长了13.12的同时，净亏损同比增加了194.06%至1.25亿元；良品铺子的情况同样严峻， 前三季度营业收入为41.40亿元，同比下降24.45%；归母净利润为-1.22亿元，同比大幅下降730.83%。 回顾这些品牌的崛起之路都离不开流量红利，在电商平台兴起时借助精准的 ...

2026 年食品饮料行业的展望如何？ 展望 2026 年，我们认为经过几年的深度调整后，行业整体的调整周期将逐步 进入尾声，这是行业能否回升的关键转折点。从库存角度来看，大众品自 2024 年底至今已基本完成去库存过程，而白酒从 2025 年二季度开始进入加 静水深流，大象无形 - 食品饮料行业 2026 年度投资策略 20251222 摘要 2026 年食品饮料行业预计将结束深度调整周期，大众品已基本完成去 库存，白酒预计在 2026 年二季度达到新的平衡点，CPI 企稳回升将缓 解价格通缩压力，具备创新或供应链优化能力的企业将脱颖而出。 白酒板块预计明年二季度左右达到新的平衡，呈现前低后高特征，目前 处于筑底过程，中期配置价值值得重视。大众品受益于效率革命和新旧 动能切换，新兴渠道发展和成本红利将持续。 2025 年食品饮料细分板块表现分化，黄酒、软饮料、乳制品和肉制品 涨幅居前，白酒受高端价格下行挤压影响显著，三季度报表下滑，四季 度延续调整。 CPI 和 PPI 剪刀差震荡，涨价预期较弱，未来 CPI 企稳回升将缓解价格 下行压力。白酒价格均值回到较高水平，未来下行空间有限，企业需维 持量价平衡，预计 ...

Group 1 - The core view of the report indicates that the capital market in 2026 will focus on "structural transformation and confidence restoration, with a complete turnaround in external demand" [4] - The report emphasizes that the risk排雷 is not a bearish outlook but aims to enhance long positions through contrarian thinking [6] - The annual strategy highlights the importance of identifying risks in various industries to better understand market misjudgments and challenges [5] Group 2 - In the liquor industry, the report suggests that the valuation is at a bottom range, making it a good time for allocation, especially with the upcoming Spring Festival sales [10] - The investment logic for the liquor sector is based on the expectation that performance expectations have bottomed out, and the price of Moutai has also reached a low point, signaling a potential rebound [10] - The report recommends focusing on leading brands like Kweichow Moutai and Shanxi Fenjiu, as well as other brands with lower valuations and growth potential [10] Group 3 - The beer industry is expected to see stable volume and rising prices, but the cost advantages are diminishing, presenting seasonal investment opportunities [15] - The investment strategy for the beer sector emphasizes the importance of high-end upgrades driving revenue growth, while cost control will enhance profitability [17] - Recommended stocks include Yanjing Beer and Qingdao Beer, with a focus on companies that can leverage high-end market trends [17] Group 4 - The snack food industry is viewed positively, with ongoing reforms expected to yield results, suggesting active investment [21] - The report highlights that growth opportunities in the snack sector will come from category expansion and new channel penetration, supported by supply chain improvements [23] - Recommended stocks include Weilian Meishi and Yanjin Puzhi, with a focus on companies that are actively adjusting and innovating [23] Group 5 - The soft drink industry is characterized by significant differentiation among segments, with profitability continuing to improve [28] - The investment strategy emphasizes the importance of strong product categories and channel capabilities for sustained growth [31] - Recommended stocks include Dongpeng Beverage, with a focus on companies that can capitalize on high-growth segments and enhance channel operations [31] Group 6 - The dairy industry is expected to focus on profitability during the current downturn in raw milk prices, with leading companies likely to see improved margins [40] - The report suggests that the recovery of raw milk supply is crucial for the industry's performance, with a focus on companies like Yili and New Hope Dairy [40] - The key risk is that the supply recovery may not meet expectations, impacting revenue performance [40]

斑马消费 任建新 几个月前，广州和武汉两地国资争抢的良品铺子，却因"一股两卖"，陷入卖身不成的尴尬境地。 持续数月的良品铺子（603719.SH）"一股二卖"风波再现变化。 昨日，公司披露公告，广州轻工变更对控股股东宁波汉意的诉讼请求，要求解除原签署的股权转让相关协议，并要求被告支付违约金、诉讼保全产生的损 失、律师费等合计2073.86万元。 今年10月，武汉国资旗下长江国贸，因协议约定的相关条件未能全部成就，对良品铺子股权收购宣告终止。 这出"闹剧"正在演绎出新变化。此前，广州轻工起诉良品铺子控股股东，要求继续履行股权转让协议。近日，广州轻工变更诉请，已放弃受让股权，只要求 赔偿违约金等各项损失。 武汉国资是否会继续收购良品铺子？是当前投资者心中最大的疑问。这或许也是良品铺子突破当前经营困境的一个关键点。 与此同时，广州轻工向广州中院申请变更财产保全措施，请求法院继续依法查封、扣押、冻结被申请人所有的价值4000万元财产，即宁波汉意所持良品铺子 326.80万股；请求法院依法解除原查封的宁波汉意所持良品铺子7649.60万股。 "卖身风波"再生变 这起诉讼纠纷的种子，是在今年5月种下的。 当时，为化解自身 ...

Core Insights - The food and beverage industry has entered a new normal since the beginning of the year, with an overall weak consumption environment [1] - The industry is focusing on high quality-price ratios, functionality, health, and emotional consumption trends [1] - The demand for the liquor industry continues to show weak prosperity, compounded by new regulations leading to significant adjustments on both supply and demand sides [1] - There is a divergence in performance among consumer goods, with beverages and snacks showing better prosperity [1] - Looking ahead to next year, the industry is expected to continue a weak recovery with strong differentiation, relying more on product innovation, fragmented channel layouts, and expanding consumer demographics [1] - Companies with strong brand power, product innovation capabilities, channel control, and excellent supply chain efficiency will be able to navigate through cycles and achieve high-quality growth [1]