零食，功能上是一种膳食的补充，如今也是一种生活方式。 十分亮堂的零食店一到晚上就聚集了许多年轻人，王佳乐下了班没事也会去逛逛。他爱去买泡面，一些爱吃的老品牌方便面，价格比外面的普遍便宜一 些，遇到促销，还能更划算。 小小一袋零食，过去大家会认为贵的就是好的，但如今人们在鸣鸣很忙这样的零食量贩店，吃出了消费的最新理念——质价比才是最好；也吃出了孤独时 代的情绪价值，一袋美味的零食是人们陪伴和褒奖自己的情绪能量棒。 事实上，质价比并非零食行业独一家的趋势，而几乎是这几年中国消费行业普遍存在的一股潮流。各行各业的"鸣鸣很忙们"涌现，例如蜜雪冰城、瑞幸 等，它们都通过质价比的产品、万店连锁业态让一二线城市与县城的人们享受同样的消费品质。 质价比本身也是一种社会学意义上的价值观——安全、理性、合适。人们选择基于这种价值观打造的商品和品牌，本质也映射着自己的内心：在不确定时 代，通过打捞确定锚点，来获得一种秩序和安全感。 01 为何大家会去鸣鸣很忙 "我不爱吃零食，但现在村里开了三家以上零食店，种类特别眼花缭乱，每天下了班就爱顺便去逛逛。" 王佳乐是一名25岁的打工人，从小出生在农村的他，大学毕业后留在西安，但还是选择了 ...

报 告 正 文 4 月制造业 PMI 回落至线下，供需两端均有走弱。服务业和建筑业商务活动指数均线上回落。 PMI 表现如何？ 4 月 全国制造业 PMI 录得 49.0% ，较上月下降 1.5 个百分点。各分项均较上月下降，其中 需求相对供给继续增强，内需相对外需大幅增强，大中小企业均落至线下运行，原材料价格和产成品价格双双 回落。 为何本月制造业 PMI 大幅下降？ 主要原因有三： 一是 前期"抢出口"影响下，制造业较快增长，导致 前期基数较高； 二是 外部环境急剧变化， 4 月 2 日美国对全球贸易伙伴强加关税压制抢出口； 三是 季节转 淡，存在一定的季节性影响。当前主要经济体制造业景气度普遍位于收缩区间， 3 月份美国制造业 PMI 为 49.0% ， 4 月份欧元区、英国、日本制造业 PMI 初值均低于临界点。 此外，有三点值得关注 ： 一是外部环境变化影响下，行业表现分化。 高技术制造业和部分内销为主的行业表 现相对稳定， 4 月高技术制造业 PMI 为 51.5% ，明显高于制造业总体水平；农副食品、酒饮料茶、医药等行 业的生产和新订单指数均位于 53.0% 及以上；服务业和建筑业商务活动预期指 ...

食品及酒饮料精制茶、汽车、铁路船舶航空航天设备等行业生产经营活动预期指数均位于58.0%及以上 较高景气区间。 张立群表示，要加紧实施更加积极有为的宏观经济政策，特别要显著加大政府公共产品投资力度，显著 扩大市场需求，增加企业订单；带动企业生产投资活跃，就业形势改善，居民收入增长加快。依靠政府 公共产品、公共服务投资力度显著加大，使企业投资和居民消费显著回暖，带动超大规模国内市场需求 持续回升，着力巩固增强经济回升向好的基础和动能。 东方金诚首席宏观分析师王青第一财经分析表示，4月制造业PMI下行背后的主要原因有两个：一是季 节性因素，每年3月都是制造业旺季，4月制造业景气度都会有季节性下行；二是外部经贸环境变化，对 美出口会有较大幅度下行，进而带动外需放缓。 从生产端来看，4月份制造业生产端较上月略有下降，生产指数为49.8%，较上月下降2.8个百分点。装 备制造业、高技术制造业、基础原材料行业和消费品制造业这四大行业以及大、中、小企业的生产指数 较上月都有一定的下降。 从需求端来看，新订单指数为49.2%，比上月下降2.6个百分点。新出口订单指数为44.7%，较上月下降 4.3个百分点。 价格方面，原材料 ...

4月份制造业采购经理指数有所回落 （四）预期指数保持扩张。生产经营活动预期指数为52.1%，继续位于扩张区间。部分行业企业对近期 发展信心较强，其中食品及酒饮料精制茶、汽车、铁路船舶航空航天设备等行业生产经营活动预期指数 均位于58.0%及以上较高景气区间。 非制造业商务活动指数继续保持扩张 ——国家统计局服务业调查中心高级统计师赵庆河解读2025年4月中国采购经理指数 2025年4月30日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心高级统计师赵庆河进行了解读。 4月份，制造业采购经理指数为49.0%，比上月下降1.5个百分点；非制造业商务活动指数和综合PMI产 出指数分别为50.4%和50.2%，继续保持在扩张区间。 一、制造业采购经理指数有所回落 4月份，受前期制造业较快增长形成较高基数叠加外部环境急剧变化等因素影响，制造业PMI为49.0%， 回落至临界点以下。 （一）产需两端均有放缓。生产指数和新订单指数分别为49.8%和49.2%，比上月下降2.8和2.6个百分 点，制造业生产和市场需求均有所回落。从行业看，农副食品加工、食品及酒饮料精制茶、 ...

| 阶段涨幅 | 李度涨幅 | 年度涨幅 | | [] 下载天天基金手机版,随时查 | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | -3.28% | -5.98% | 3.17% | -7.78% | -3.38% | | 同类平均0 | -0.25% | -4.29% | 0.80% | -2.50% | -1.17% | | 沪深300 | -0.23% | -3.58% | -1.10% | -3.81% | -4.06% | | 跟踪标的? | -3.42% | -6.23% | 3.44% | -8.97% | -4.49% | | 同类排名 3 | | 3336 3430 2470 3388 707 3242 2371 2855 | | | 2064 3161 | | | | | | 图片来源:天天基金网 2025/4/29 | | | ○ 基金经理:侯昊 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | - ...

Group 1 - The company has approved a profit distribution plan for 2024, proposing a cash dividend of 23.17 yuan per 10 shares, totaling approximately 3.49 billion yuan [15][16][67] - The company operates primarily in the production and sale of liquor, utilizing solid-state fermentation for production and both offline distribution and online direct sales for marketing [2][4] - The company has maintained its business model and has not undergone significant changes in its operations during the reporting period [2] Group 2 - The company reported a 31.92% decrease in operating revenue compared to the previous period, attributed to market conditions affecting liquor sales [75] - The company’s operating costs also decreased by 30.67%, reflecting the decline in sales revenue [75] - Research and development expenses increased by 246.35%, indicating a focus on enhancing product development [75] Group 3 - The company has a history of consistent cash dividends since its listing in 2009, with a total cash dividend amounting to 52.85 billion yuan (including the mid-2024 dividend) [67] - The company has implemented a "Quality Return Double Improvement" action plan to enhance operational quality and investor confidence [64][67] - The company has received an A rating for its information disclosure for twelve consecutive years, reflecting its commitment to transparency [68]

Core Viewpoint - The recent controversial notice from Nayuki's Tea, suggesting that consumers should drink milk tea instead of water, has sparked significant backlash and raised concerns about misleading consumer behavior [2][4][6]. Group 1: Company Actions and Reactions - Nayuki's Tea (Jiu Long Mao Store) posted a notice on social media stating, "If you can drink milk tea, don't drink water," which was intended as a humorous take but was perceived as misleading [2][6]. - The notice was displayed for a few days before being removed following a directive from the regional manager, indicating internal disapproval of the content [6]. - The store manager explained that the notice was a playful imitation of popular online trends, not meant to mislead consumers [6]. Group 2: Industry Context and Financial Performance - Nayuki's Tea reported a revenue of 4.921 billion yuan for the fiscal year 2024, reflecting a year-on-year decline of 4.7% [8]. - The adjusted net profit shifted from a profit of 20.9 million yuan in 2023 to a loss of 919 million yuan in 2024, attributed to a weak consumer market and increased competition in the ready-to-drink tea industry [9]. - As of December 31, 2024, Nayuki's Tea expanded its store count to 1,798, with plans to explore new store formats to enhance market share in 2025 [9].

Group 1 - The company "沪上阿姨" has officially launched its IPO, planning to globally offer 2.41134 million H-shares, with a price range of HKD 95.57 to HKD 113.12 per share, and is expected to list on the Hong Kong Stock Exchange on May 8 [1][3] - The company has introduced two cornerstone investors, with a total subscription amount of approximately USD 9.2155 million (around HKD 71.49 million) [3] - As of the end of 2023, "沪上阿姨" ranks fourth in China's ready-to-drink tea industry with 9,176 stores, and is the leading mid-priced tea brand in northern China, with 99.7% of its stores being franchise operations [3] Group 2 - The company focuses on lower-tier markets, with nearly half of its stores located in third-tier cities and below, which are expected to see the fastest GMV growth from 2023 to 2028 [3] - The projected GMV for 2024 is CNY 10.7 billion, a 10% increase year-on-year, despite a decline in average GMV per store from CNY 1.6 million in 2023 to CNY 1.4 million [3] - The gross profit margin is expected to improve from 30.4% to 31.3% due to economies of scale [3] Group 3 - Analysts predict that the price war in the tea beverage industry will ease by 2025, allowing leading brands to expand while weaker brands may face closure risks [3] - "沪上阿姨" is expected to leverage its first-mover advantage in lower-tier markets and its supply chain integration capabilities to navigate industry differentiation [3] - The company plans to invest further in digital tools and smart manufacturing equipment to enhance supply chain efficiency and product quality [3]

4月28日，内地现制茶饮公司沪上阿姨（上海）实业股份有限公司（简称"沪上阿姨"）开启招 股。 根据公告，沪上阿姨拟全球发售241.134万股H股，其中香港发售股份24.114万股，国际发售股 份217.02万股，另有15%的超额配股权。发售价区间为95.57港元/股至113.12港元/股，每手30 股。 据招股书披露的时间表，沪上阿姨预计将于5月8日在港交所上市。届时，公司将成为继古 茗、蜜雪冰城、霸王茶姬后，今年第四家新茶饮上市公司。 此次IPO，沪上阿姨共引入2名基石投资者，包括盈峰集团旗下的盈峰控股和华宝股份旗下的 华置，合计认购921.55万美元股份（约合7149万港元）。 聚焦下沉市场 规模快速扩张 2013年，首家沪上阿姨门店在上海人民广场开业，开创"现煮五谷茶"，茶饮品牌"沪上阿姨"就 此诞生。 12年过去，沪上阿姨成为中国现制饮品行业头部企业之一。根据灼识咨询资料，以截至2023 年12月31日的门店总数计算，沪上阿姨在国内北方中价现制茶饮店品牌中排名第一，在国内 中价现制茶饮店品牌中排名第三，在国内现制茶饮店行业排名第四。 截至2024年末，沪上阿姨门店网络共有9176家门店。门店网络的扩张 ...