食品丨市场观察 本周看点： -罐头食品如何破"罐"而出? -进一线商圈， 贴身 肉搏奶茶店 ，糖水铺再现 新茶饮神话？ -养生水"熬"出大市场，多品牌入局掀热潮。 行业 环境 1.罐头食品如何破"罐"而出? 关键词： 市场监管总局,罐头食品,国家标准,产品多元化,市场细分化 概要： 市场监管总局近期发布三项罐头食品推荐性国家标准征求意见稿，旨在提升行业标准适 用性和科学性。中国罐头工业协会指出，我国罐头产业虽产品多元、区域集中（福建产量占全 国36%），但整体创新不足，对年轻消费者吸引力较弱。目前罐头价格普遍亲民，部分甚至低 于鲜食，主要得益于规模化生产和工艺进步。行业正通过开发自加热食品、高端品类（如燕窝 罐头）及餐饮定制产品实现升级。针对消费者误区，专家强调罐头因真空密封和高温杀菌工艺 通常无需防腐剂，且营养流失少于日常烹饪，部分营养素（如鱼骨钙、番茄红素）反而更易吸 收。协会呼吁加强创新与品牌建设以推动产业高质量发展。 2.砸90万挤进一线商圈，贴身肉搏奶茶店，糖水铺再现新茶饮神话？ 关键词： 加盟商,糖水铺,新茶饮,商圈,开店速度 概要： 去年以来，糖水铺成为加盟新风口，新锐品牌如麦记牛奶、赵记传承等 ...

在健康消费理念深度渗透的当下，能量饮料行业正经历一场颠覆性变革，无糖化已从细分赛道跃升为行 业核心增长主线，重塑品类竞争格局。年轻消费群体崛起成为变革核心驱动力，Z世代与千禧一代以健 康为导向的消费偏好，正加速推动整个品类向健康转型。 无糖产品的爆发不仅是市场规模的扩容，更标志着健康功能性饮品时代的全面到来，这类产品精准契合 了当代消费者对健康需求的动态升级，成为连接品牌与消费者的核心纽带。 在日趋激烈的市场竞争中，能否抓住无糖化这一核心趋势，直接决定了品牌能否赢得核心消费群体的长 期信任，尤其是在消费决策权日益提升的Z世代与千禧一代中站稳脚跟。 健康养生 政策监管加码 倒逼行业向无糖化转型 除了消费者需求的驱动，全球范围内的政策监管加码正成为无糖化趋势的另一重要推手，倒逼品牌加速 配方升级与产品创新。各国政府与公共卫生组织纷纷出台举措限制糖分摄入，推动食品饮料行业向健康 化转型。 英国2018年实施的《软饮料行业税》，通过推动产品配方改良，已让饮料行业减少超4.5万吨糖分添 加。法国也正计划提高糖税，人工甜味剂也将被纳入征税范围。在中国，2025年出台的食品安全新国标 明确规范"零添加"等误导性表述，强化糖 ...

自1993年天丝集团创始人许书标在海南成立国内首家红牛工厂起，红牛品牌深耕中国市场已三十余载。 作为全球红牛品牌的创始者及"红牛"商标所有者，天丝集团不仅见证了中国知识产权保护力度的持续提 升，更以自身实践参与其中，成为这一进程的受益者，其商标保护案例还入选最高人民法院"2020年度 知识产权十大案例"。 本报讯(记者张文湘)2026年1月16日，由北京商标协会主办的"首届北京商标品牌盛典"在北京隆重举 行。天丝集团(TCPGroup)受邀出席，旗下红牛品牌凭借在中国商标保护与品牌发展中的突出实践和引 领作用，成功入选2025年"北京重点商标保护名录"。 搭乘中国经济高质量发展的"快车"，天丝集团全程见证了中国消费市场的蓬勃成长。"十四五"以来，红 牛品牌持续深化在华布局，累计投资已达43.6亿元。与此同时，作为能量饮料行业的先行者，天丝集团 不仅带来成熟产品，更着力培育健康活力的消费生态。 ...

转自：扬子晚报 随着国内食品饮料行业发展迅速，商标作为重要的知识产权之一，也逐渐成为市场竞争的关键因素。自 1993年天丝集团创始人许书标在海南成立国内首家红牛工厂起，红牛品牌深耕中国市场已经三十余载。 作为全球红牛品牌及"红牛"商标的创始者和所有者，天丝集团已逐渐成为中国知识产权保护力度不断提 升的见证者、参与者和受益者。 近年来，随着《知识产权强国建设纲要（2021－2035 年）》的深入实施，中国正加速构建司法保护、 行政执法与平台治理协同发力的全链条商标保护体系，通过完善法律法规、加强商标注册和管理、严厉 打击侵权行为、推动商标品牌建设等重要举措，为包括天丝集团在内的跨国企业打造法治化、国际化、 便利化的营商环境。 2020年12月21日，最高人民法院就"红牛"商标权属案做出终审判决，明确天丝集团对"红牛系列商标"享 有独立完整的所有权。2021年4月，最高人民法院将"红牛"商标权属案评为2020年度知识产权十大案 例，该案厘清了商标转让与商标许可使用的法律界限，为我国保护知识产权和外商投资者合法权利、打 造良好营商环境树立了重要典范。2021年10月21日，最高人民法院向全国人大的专项报告里特别提出 ...

Group 1 - Goldman Sachs analyst Bonnie Herzog recommends investors to buy stocks in nicotine, energy drinks, candy, and beauty sectors as consumer fundamentals improve significantly heading into 2026 [1] - Herzog notes that after a poor performance of essential consumer goods in 2025, the market logic is shifting, with a more constructive consumer environment expected in 2026 driven by real income growth, job growth, tax cuts, and easing inflation from tariffs [1][3] - Despite potential pressures on essential consumer goods in the coming year, Herzog encourages investors to focus on attractive stocks with growth potential, particularly in energy drinks, nicotine, candy, and beauty products [1] Group 2 - The beer industry is highlighted as a key area of focus, with predictions that 2026 will be the "year of beer stocks" due to diminishing headwinds and several favorable factors [4] - Key events such as the FIFA World Cup, the Olympic Games, and the 250th anniversary of the United States are expected to significantly boost beer consumption and sales [4][2] - October's strong core retail sales indicate that consumer conditions remain robust, despite ongoing concerns about a "K-shaped" economic recovery [2]

Core Viewpoint - The energy drink industry is transitioning from a rigid demand for energy replenishment to a focus on health and scenario segmentation, with Dongpeng Beverage (605499.SH) positioned as a leading brand by introducing sugar-free products to meet core consumer needs [1] Group 1: Industry Development Overview - By 2025, the Chinese energy drink market is expected to reach a scale of 62.785 billion yuan, with a year-on-year growth of 4.3%, and a sales volume of 4.1899 million kiloliters, reflecting a stable growth trend [1] - Dongpeng Beverage holds a market share of 39.87% in the first half of 2025, leading the industry amid intensified competition and ongoing low-price promotions [1] - The average price in the industry is projected to decrease by 1.89% year-on-year to 14.98 yuan per liter, with Dongpeng's pricing strategy focusing on low prices and large packaging [1] Group 2: Underlying Logic of Industry Development - Domestic demand for energy drinks is driven by social competition and the need for energy replenishment, with the consumer base expanding to include "new blue-collar" workers, white-collar professionals, and students [2] - In the overseas market, the energy drink industry is evolving from a focus on basic functionality to health-oriented, differentiated functions, and diverse flavors, as evidenced by Celsius's market share growth from 1.7% to 13.7% between 2021 and 2025 [2] Group 3: Main Raw Materials - Taurine prices are expected to remain low due to overcapacity, with the beverage industry being the largest application market, accounting for 45% of global taurine consumption [3] - Sugar prices are under pressure due to supply and demand changes, with China's sugar production projected at 11.7 million tons for the 2025/26 season, leading to a market shift from destocking to inventory accumulation [3] Group 4: Development Trends - Health has become a core product trend, with 67.87% of consumers expressing a need to control sugar intake, prompting Dongpeng to launch a sugar-free energy drink by 2025 [4] - Consumption scenarios are shifting from high-intensity physical exertion to more frequent, lighter cognitive demands, with Dongpeng's sugar-free version incorporating new ingredients to address brain fatigue [4]

Group 1 - The pre-prepared food market is experiencing a paradox of consumer trust issues and capital enthusiasm, driven by urbanization and the demand for convenient dining [3][4]. - The "zero additives" concept is being phased out in favor of "clean label" standards, emphasizing ingredient transparency and natural prioritization [5][6]. - The energy drink industry is undergoing rapid transformation with ingredient innovation and scene segmentation, focusing on health trends and diverse flavors [7][8]. Group 2 - The nut import market in China is projected to reach $2.386 billion in 2024, with a significant increase in demand for high-end varieties like pistachios [10]. - The beverage market is facing a downturn, with sales declining due to the rise of on-demand drink services and aggressive pricing strategies [14][15]. - The convenience food industry in China is shifting towards value creation, with a market size expected to grow from 673.6 billion yuan in 2023 to 960.3 billion yuan by 2026 [18]. Group 3 - The dairy industry is seeing a shift from ambient milk to fresh milk, with companies like Bright Dairy exploring new growth areas in the pet food market [20]. - Wangwang is facing challenges in the milk market, prompting the company to diversify into AD calcium milk to regain market share [21]. - The plant-based food sector is experiencing a downturn, with companies focusing on technological innovation and localization to meet market demands [17]. Group 4 - JD.com is enhancing its pre-prepared food strategy, aiming to strengthen its supply chain and align with the growing demand for ready-to-eat meals [31]. - China Resources Beverage is entering the ready-to-drink coffee market, competing against established brands like Nestlé and Starbucks [32]. - Wanglaoji is diversifying into the functional beverage market by acquiring distribution rights for Red Bull in southern China, aiming for significant sales growth [33].

Core Viewpoint - Phorm Energy, an energy drink that excludes taurine, has achieved record sales in the US 7-Eleven stores within two months of its launch, indicating a shift in consumer preferences towards natural ingredients in energy drinks [3][5]. Product Innovation - Phorm Energy is developed by Anheuser-Busch in collaboration with 1st Phorm International, and it aims to redefine energy drinks by removing taurine and using natural caffeine sourced solely from green tea extract [5][6]. - The drink contains 200mg of natural caffeine per 16 ounces, which is higher than many leading brands that include taurine [11][14]. - Phorm Energy also incorporates electrolytes, combining the functions of energy drinks and electrolyte beverages, which is uncommon in the market [16][17]. Market Dynamics - The energy drink market is dominated by traditional brands like Red Bull and Monster, which hold a combined market share of 91.7% as of 2024 [24][8]. - Phorm Energy's entry into the market, backed by a major beverage company, highlights a trend towards healthier, more natural formulations in energy drinks [22][36]. Competitive Landscape - Previous attempts to create energy drinks without taurine, such as Rowdy Energy, faced challenges despite initial success, indicating the difficulty of competing against established brands [30][33]. - Phorm Energy's unique selling proposition of using only green tea extract for caffeine positions it as a potential disruptor in a market that has traditionally relied on synthetic ingredients [22][36]. Consumer Trends - There is a growing consumer demand for healthier and more natural ingredients in energy drinks, as evidenced by the success of Phorm Energy and the increasing popularity of green tea extract as a caffeine source [29][36]. - The shift towards natural ingredients reflects broader health trends among consumers, who are increasingly concerned about the quality and source of their food and beverages [36][30].

Group 1 - Southeast Asia's beverage market is experiencing significant growth, particularly in the energy drink sector, which is projected to reach a retail value of approximately 306 billion yuan by 2024, with a CAGR of 6.0% from 2014 to 2024 [23][15][24] - Vietnam and Cambodia are identified as the fastest-growing markets for energy drinks, with Vietnam leading in market size and growth rate, expected to reach 107.5 billion yuan by 2024, with a CAGR of 12.0% [25][24][23] - The overall retail value of soft drinks in Southeast Asia is estimated at 287.2 billion yuan for 2024, with a CAGR of 2.2% from 2014 to 2024, indicating a slower growth compared to energy drinks [15][19] Group 2 - The demographic profile of Southeast Asia is characterized by a young population, with a median age around 30 years in key markets like Indonesia, the Philippines, and Vietnam, which supports the demand for energy drinks [3][6][10] - The region's labor force is predominantly engaged in industrial and service sectors, creating a strong demand for energy-boosting beverages [10][12] - E-commerce is rapidly growing in Southeast Asia, with online sales channels experiencing a CAGR of over 30% from 2018 to 2023, although traditional retail remains dominant [12][14] Group 3 - Local and global brands dominate the soft drink market in Southeast Asia, with major players like Coca-Cola and PepsiCo holding significant market shares [20][21] - The energy drink market is highly concentrated, particularly in Vietnam, where Red Bull holds a market share of 42.3%, while local brands like Number 1 are gaining traction [27][24] - In Indonesia, the energy drink market is still developing, with a market size of only 18.4 billion yuan in 2024, indicating potential for growth [29][35] Group 4 - The energy drink sector in Cambodia is particularly strong, with energy drinks accounting for 50% of the soft drink market, and a projected CAGR of 9.3% from 2014 to 2024 [47][46] - The market dynamics in Thailand show a stable competitive landscape with three major players controlling 83.8% of the market share, indicating limited growth potential [40][41] - The potential for East Peak Beverage to expand in Southeast Asia is significant, with projected revenues of 5 billion yuan, primarily driven by growth in Vietnam and Cambodia [54][53]

Summary of Conference Call on Energy Drink Industry Industry Overview - The energy drink industry is experiencing significant growth, with the company achieving a sales revenue of 20.0213 billion yuan in the fiscal year 2025, close to the challenge target of 21.5 billion yuan [1][3] - The fiscal year 2026 sales targets are set at a basic target of 27.1 billion yuan, an execution target of 28 billion yuan, and a challenge target of 29 billion yuan, requiring a growth rate of 34.7% [1][5] Key Product Categories Energy Drinks - Sales for energy drinks reached 16.553 billion yuan in fiscal year 2025, with targets for 2026 set at 20 billion yuan (basic), 20.4 billion yuan (execution), and 21 billion yuan (challenge) [1][7] - The strategy focuses on single-point increments, promoting a 12-pack of 250 ml gift boxes, and shifting channel focus from rural to high-end locations such as offices and gyms [1][6] Hydration Products - Hydration products performed well, achieving 2.932 billion yuan in sales for fiscal year 2025, with targets for 2026 set at 4 billion yuan (basic), 4.3 billion yuan (execution), and 4.6 billion yuan (challenge) [1][8] - The company plans to expand its network from 3.42 million to 4 million points in 2026, with an overall target of 4.95 million points [1][8] Juice Tea - Juice tea, launched in February, generated 503 million yuan in sales by October, with 2026 targets of 700 million yuan (basic), 800 million yuan (execution), and 1 billion yuan (challenge) [1][9] - Currently, only energy drinks, hydration products, and juice tea have surpassed the 500 million yuan sales threshold [1][9] Strategic Initiatives - The company plans to increase its own freezer deployment to 60,000 units in 2026, despite facing competitive market pressures [1][13] - The focus will be on channel construction, particularly in campuses, office buildings, and breakfast/afternoon tea markets, promoting zero-sugar and zero-calorie products to attract white-collar and fitness consumers [2][6] Financial Management - The company expects a decrease in expense ratio by 0.3 percentage points in fiscal year 2026, despite increased terminal construction costs and high costs for self-owned freezers [4][14] - As of October, the overall inventory coefficient was 2.6, corresponding to approximately 78 days of inventory, which is stable compared to the previous year [4][18] Market Dynamics - The energy drink market holds nearly 80% market share, followed by hydration products and juice tea [10] - Seasonal impacts are noted, with energy drinks performing well overall, while other categories like hydration products showed declines in October [21][22] Organizational Adjustments - The company is restructuring its organization to enhance operational efficiency, particularly in larger regions, by dividing them into smaller management units [16][17] Conclusion - The energy drink industry is poised for growth with ambitious targets for 2026, focusing on product innovation, strategic channel development, and effective inventory management to navigate competitive pressures and seasonal fluctuations [1][2][10]