白酒市场面临多重挑战，包括线下零售盈利性不佳以及终端店库存压力大。例 如，一瓶茅台的利润仅为 50 至 80 元，五粮液为 50 至 70 元，而剑南春则为 食饮-中秋国庆渠道跟踪总结 20251007 摘要 商务和礼品需求下降，大众消费成主要驱动，白酒、大闸蟹、月饼等受 影响。2025 年中秋月饼销售不佳反映商务需求疲软。 线上渠道占比提升，2024 年白酒线上消费约 15%，预计 2025 年达 20%，茅台等品牌线上销售占比或超 30%在重要节点。 白酒市场面临线下零售盈利难、库存压力大等挑战。茅台利润仅 50-80 元，经销商减少备货，线上分流线下销售。 中秋期间飞天茅台动销好于预期，上海、浙江、苏南及华东地区表现良 好，总体动销量下降约 10%-20%。 东部白酒市场稳定，中西部增长乏力，陕西、山西下滑。飞天茅台大众 需求增加，价格敏感度高，线上销售提升，价格触底。 2025 年中秋白酒市场符合预期，江苏超预期。双节动销总量同比降 15%-20%，优于其他品类，大众宴席预定提升，商务宴请下降。 高端白酒市场在华东区域表现良好，茅台终端动销增长约 20%，五粮液 反馈积极，经济活跃地区各价位白酒均有改 ...

来源：红餐智库 作者：红餐产业研究院 近年来，随着全国餐饮收入增速出现了明显放缓，当下餐饮行业正经历着从"增量" 迈向 "存量" 的关键转型期。在人力、租金、食材等成本持续上涨，叠 加餐饮人均消费价格不断下滑等压力下，餐饮品牌纷纷将"降本增效、差异化突围"作为核心目标。在此背景下，餐饮供应链作为支撑行业发展的幕后"英 雄"，其重要性愈发凸显。 那么，如今的餐饮供应链呈现出怎样的态势？又有哪些新趋势、新动向正在重塑行业格局？为此，红餐产业研究院发布了《餐饮供应链趋势发展报告 2025》。以下为报告的部分内容展示。 餐饮供应链日益完善，企业的角色正从支持者转变为驱动者 据国家统计局数据，2024年全国餐饮收入近5.6万亿元，同比增长5.3%。2025年1—8月，全国餐饮收入超过3.6万亿元，同比增长3.6%，增速出现了明显放 缓。 近年来，我国餐饮行业的连锁化率持续提升，行业集中度与标准化程度不断提高。美团数据显示，全国餐饮连锁化率从2020年的15%稳步上升至2024年的 23%。未来，中国餐饮连锁化率仍然有较大提升空间。 随着餐饮连锁化率的提升，连锁品牌对食材品质、食品安全、供应稳定性、产品创新等提出了更高的 ...

文｜红餐网 近年来，随着全国餐饮收入增速出现了明显放缓，当下餐饮行业正经历着从"增量" 迈向 "存量" 的关键转型期。在人力、租金、食材等成本持续上涨，叠 加餐饮人均消费价格不断下滑等压力下，餐饮品牌纷纷将"降本增效、差异化突围"作为核心目标。在此背景下，餐饮供应链作为支撑行业发展的幕后"英 雄"，其重要性愈发凸显。 那么，如今的餐饮供应链呈现出怎样的态势？又有哪些新趋势、新动向正在重塑行业格局？为此，红餐产业研究院发布了《餐饮供应链趋势发展报告 2025》。 餐饮供应链日益完善，企业的角色正从支持者转变为驱动者 据国家统计局数据，2024年全国餐饮收入近5.6万亿元，同比增长5.3%。2025年1—8月，全国餐饮收入超过3.6万亿元，同比增长3.6%，增速出现了明显放 缓。 近年来，我国餐饮行业的连锁化率持续提升，行业集中度与标准化程度不断提高。美团数据显示，全国餐饮连锁化率从2020年的15%稳步上升至2024年的 23%。未来，中国餐饮连锁化率仍然有较大提升空间。 随着餐饮连锁化率的提升，连锁品牌对食材品质、食品安全、供应稳定性、产品创新等提出了更高的要求，推动着餐饮供应链向更标准化、专业化的方向 发展 ...

Group 1 - Southbound funds reduced their holdings in China National Nuclear Power Co., Ltd. by 418,000 shares on September 19, 2025, representing a decrease of 0.64% [1][2] - Over the past five trading days, there were three days of net increases in holdings by southbound funds, totaling a net increase of 1,395,000 shares [1][2] - In the last 20 trading days, there were 15 days of net increases, with a cumulative net increase of 15,258,000 shares [1][2] Group 2 - As of now, southbound funds hold 64,673,000 shares of China National Nuclear Power Co., Ltd., accounting for 1.52% of the company's total issued ordinary shares [1][2] - The company operates through five business segments, including renewable energy and engineering, green building, health and medical, food supply chain, and smart energy management services [2]

Market Overview - The market showed a downward trend today, with the ChiNext Index dropping over 5% and the Shanghai Composite Index closing down 1.25% [1] - The Consumption ETF (159928) managed to gain 0.12% at the end of the trading session, with a trading volume exceeding 700 million yuan [1] - There was a significant shift in capital flow, with the Consumption ETF receiving a net subscription of over 10 million units and a financing balance soaring to 530 million yuan [1] Policy Initiatives - High-level officials announced plans to introduce several policies in September aimed at expanding service consumption, utilizing fiscal and financial measures to enhance service supply capabilities [3] - Local policies in Shaoxing, Zhejiang, include subsidies for hosting banquets in hotels, with a maximum subsidy of 5,000 yuan for events meeting specific criteria [6][7] - The "2025 Shaoxing City Consumption Promotion Policy" will focus on three areas: integration of culture, commerce, and tourism; expansion of new consumption scenarios; and distribution of consumption vouchers [3] Company Performance - In the first half of the year, Mao Geping achieved revenue of 2.588 billion yuan, a year-on-year increase of 31.28%, and a net profit of 670 million yuan, up 36.11% year-on-year [5] - Analysts are optimistic about Mao Geping's high-end positioning and the scarcity of Eastern aesthetics, indicating significant growth potential [5] Sector Outlook - Financial analysts are optimistic about cyclical sectors due to the anticipated policies, particularly recommending investments in the liquor and restaurant chains [6] - The consumption policies in Shaoxing are expected to directly stimulate demand for liquor, especially during the upcoming Mid-Autumn Festival and National Day holidays [6][7] - The restaurant supply industry is currently recovering from a cyclical low, with increasing competition but positive expectations for demand recovery due to ongoing policy support [7] ETF Insights - The Consumption ETF (159928) is characterized by its resilience through economic cycles, with the top ten constituent stocks accounting for over 68% of its weight [10] - The ETF includes major liquor brands, which collectively represent 32% of its weight, indicating a strong focus on the beverage sector [10][11] - The Hong Kong Stock Connect Consumption 50 ETF (159268) is highlighted as an efficient investment vehicle for the new consumption landscape, supporting T+0 trading and not occupying QDII quotas [10]

Core Insights - Qianwei Yangchu, known as the "first stock in the catering supply chain," reported a nearly 40% year-on-year decline in net profit for the first half of 2025 [1] - The number of distributors for the company decreased by 18.54% year-on-year [1] - The company's stock performance has been weak over the past two years, reflecting poor financial results [1] Financial Performance - The net profit for the first half of 2025 saw a significant drop of close to 40% compared to the previous year [1] - The decline in the number of distributors indicates potential challenges in the company's market reach and sales channels [1] Share Buyback Plan - In May 2025, the company announced a share buyback plan, but as of August 31, 2025, no shares have been repurchased [1] - The current stock price is significantly below the buyback price ceiling of 43.21 yuan per share, yet the progress on the buyback has been notably slow compared to 2024 [1] - A representative from the company's securities department stated that they are adhering to the regulations set by the stock exchange and the securities regulatory commission regarding the buyback execution [1]

Investment Rating - The industry rating is maintained as "Increase" [6] Core Views - The food and beverage industry is experiencing revenue recovery, but performance is differentiated across segments [1][2][3][4] - The restaurant supply chain shows a slight revenue improvement but faces profit pressure due to raw material costs and competitive promotions [1] - The seasoning industry benefits from cost advantages, leading to steady gross margin improvement despite increased expenses due to competition [2] - The dairy industry shows revenue recovery and profit improvement, with a notable increase in net profit in Q2 [3] - The health supplement sector is characterized by brand differentiation and profit improvement, with a significant increase in online sales [4] Summary by Sections Restaurant Supply Chain - Total revenue for H1 2025 was 23.67 billion yuan, down 0.6% year-on-year, with a net profit of 1.66 billion yuan, down 16.5% [1] - Q2 2025 revenue was 12.17 billion yuan, up 1.8% year-on-year, with a net profit of 0.82 billion yuan, down 22.6% [1] - Gross margin was 23.2%, down 1.8 percentage points year-on-year, and net margin was 7.0%, down 1.4 percentage points [1] Seasoning Industry - H1 2025 revenue reached 34.57 billion yuan, up 4.9% year-on-year, with a net profit of 6.32 billion yuan, up 7.4% [2] - Q2 2025 revenue was 16.50 billion yuan, up 6.0% year-on-year, with a net profit of 2.77 billion yuan, up 7.7% [2] - Gross margin was 36.1%, up 2.2 percentage points year-on-year, and net margin was 18.5%, up 0.4 percentage points [2] Dairy Industry - H1 2025 revenue was 93.72 billion yuan, up 1.3% year-on-year, with a net profit of 8.29 billion yuan, down 0.3% [3] - Q2 2025 revenue reached 45.05 billion yuan, up 2.9% year-on-year, with a net profit of 2.97 billion yuan, up 48.5% [3] - Gross margin improved to 32.1%, up 1.0 percentage point year-on-year, while net margin was 8.9%, down 0.1 percentage point [3] Health Supplement Industry - H1 2025 revenue was 11.67 billion yuan, down 7.6% year-on-year, with a net profit of 1.62 billion yuan, down 0.6% [4] - Q2 2025 revenue was 5.97 billion yuan, down 1.7% year-on-year, with a net profit of 0.75 billion yuan, up 36.0% [4] - Gross margin was 44.6%, down 1.3 percentage points year-on-year, and net margin was 13.7%, up 1.1 percentage points [4]

Market Overview - The market showed strong performance on September 1, with a total trading volume of 2.8 trillion yuan, and the Shanghai Composite Index rose by 0.46% [1] - The ChiNext Index increased by over 2%, and the STAR 50 Index rose by over 1%, marking a positive start for September [1] Fund Performance - The Consumption ETF (159928) experienced a slight decline of 0.23%, with a trading volume exceeding 1.1 billion yuan [1] - The fund saw a significant net subscription of 570 million units, indicating a strong demand, with a cumulative "capital absorption" of over 3.2 billion yuan in the last ten days [1] Economic Indicators - China's economic sentiment continues to expand, with the official manufacturing PMI at 49.4%, non-manufacturing PMI at 50.3%, and composite PMI at 50.5%, showing slight month-on-month increases [5] - Industries such as general equipment and aerospace are showing strong production expectations, with indices above 58% [5] Consumer Sector Insights - The consumer sector is experiencing a recovery in demand supported by liquidity, with the large consumption sector outperforming the broader market [6] - The liquor industry, particularly leading brands, has shown resilience despite market pressures, with Moutai reporting a 7% growth rate, outperforming the industry [6][7] - The China Securities White Liquor Index rose by 11.22% in August, indicating positive market feedback on liquor performance [6] Sector Differentiation - Within the consumer sector, there is a notable divergence among sub-sectors, with functional beverages and snacks showing high growth potential [7] - The dairy sector is expected to improve as raw milk prices decline, leading to a potential recovery in profitability for leading dairy companies [7] - The restaurant supply chain is stabilizing, with sectors like condiments and frozen foods beginning to recover from previous lows [7] New Consumption Trends - The consumer landscape is evolving with new demands for emotional and personalized products, particularly in categories like trendy toys and beauty products [8] - Domestic brands are leveraging innovative business models and channel efficiencies to build strong user ecosystems [8] ETF Composition - The Consumption ETF (159928) has a significant allocation to leading liquor stocks, which account for 32% of the top ten holdings, alongside major players in the agricultural and food sectors [10]

Core Viewpoint - The article emphasizes the importance of food safety and balanced nutrition as foundational elements for public health and economic development, highlighting COFCO Catering's role in promoting high-quality development in the catering industry through customized research and services tailored to different demographic groups [1][3]. Group 1: Customized Research and Services - COFCO Catering has developed customized products to meet the nutritional needs of students, office workers, and the elderly, addressing the significant differences in their physiological functions and dietary requirements [3][10]. - The "Healthy China 2030" plan outlines the need for a national nutrition plan and dietary guidelines tailored to different population characteristics, aiming to promote healthy eating habits [3][5]. Group 2: Food Safety and Regulatory Compliance - In response to food safety concerns, the government has implemented stricter regulations for centralized dining services, including a comprehensive set of measures to ensure food safety from production to consumption [5][6]. - The newly approved national standard for campus catering services will take effect on December 1, 2025, focusing on key aspects such as food safety responsibilities and procurement practices [8][9]. Group 3: Quality Control and Innovation - COFCO Catering employs a rigorous quality management system that spans the entire lifecycle of its products, ensuring the provision of nutritious, healthy, and safe food [10][11]. - The company is committed to continuous innovation in customized product development, leveraging its resources, including research institutes and culinary experts, to meet diverse nutritional needs [11].

Core Insights - The establishment of the Lian Cai Network's national fresh produce group buying platform in the Su-Xi-Chang region marks the first extension of a nationwide fresh produce group buying network to this area, aiming to enhance the regional catering supply chain and promote collaborative development in the catering market [1] Group 1: Market Context - The Su-Xi-Chang region is a densely populated area for the catering industry in the Yangtze River Delta, with over 100,000 small and medium-sized catering enterprises facing challenges such as multiple intermediaries and price opacity in ingredient procurement [1] Group 2: Platform Features - The platform aims to address procurement issues by integrating dispersed demand through "collective procurement bidding," lowering procurement thresholds with "popular group buying," and reducing food waste with "special price clearance" [1] Group 3: Regional Integration - The launch of the Su-Xi-Chang platform is expected to accelerate resource sharing in the catering supply chain among the three cities, contributing to the deepening of "Su-Xi-Chang integration" in the field of public services [1] Group 4: Initial Offerings and Projections - The platform will introduce 50 categories of fresh produce for group buying in its first month, covering core categories such as vegetables, meat, and seafood, with an expected transaction scale exceeding 30 million yuan in the first month [1] Group 5: Future Plans - The chairman of Lian Cai Network indicated that the Su-Xi-Chang platform will serve as a "benchmark outside the province" for the national network, with plans to replicate this model to promote the integration of the catering supply chain in the Yangtze River Delta [1]