2025.05. 29 本文字数：731，阅读时长大约2分钟 近日，"白象方便面价盘失守"的消息引发关注。据红星新闻，对比白象方便面线下经销商批发价和 线上、线下售价发现，白象方便面线上折扣售价远低于线下终端售价，几乎与线下销售端的进货价一 致，使得线下渠道的白象方便面更加不占优势。 微信编辑 | 雨林 推荐阅读 美团公布骑手保障进展 从线下进货渠道看，一位来自山东的供货商表示，白象汤好喝方便面的批发价为55元一箱（24袋 装），约合2.29元/袋，桶装的是4元一桶。一名成都地区的经销商表示，袋装汤好喝方便面的批发 价为66元一箱（30袋装），约合2.20元/袋；桶装汤好喝方便面的价格为46元一箱（12桶装），约 合3.83元/桶。 从线上渠道，在淘宝百亿补贴频道，5袋汤好喝方便面的价格为11.9元，约合2.38元/袋；10桶白象 汤好喝方便面的到手价为38.3元，约合3.83元/桶。关于线上渠道的价格会否造成压力？有经销商表 示："他们是特通渠道拿货，就比较便宜。"他还提到，线上的低价会对地方经销商造成一定的影 响。 爱企查App显示，白象食品股份有限公司成立于1997年11月，法定代表人为姚忠良，注册资本 ...

Core Viewpoint - The instant noodle industry is shifting from price competition to value competition, focusing on innovation, quality, and emotional resonance to meet evolving consumer demands [1][2]. Group 1: Market Trends - The Chinese instant noodle market has surpassed 150 billion yuan in 2023, with high-end products growing over 20%, significantly outpacing traditional categories [2]. - 67% of consumers are willing to pay a 20%-30% premium for healthier, higher-quality instant noodles, indicating a shift in consumer preferences towards comprehensive value rather than just price [2]. - Traditional low-priced instant noodle sales have declined for three consecutive years, while high-end products priced above 8 yuan have seen a 15% growth, highlighting market segmentation [2]. Group 2: Company Strategies - Leading companies like Master Kong are adopting a three-dimensional innovation strategy, focusing on multiple price points, diverse scenarios, and high quality to break free from industry stagnation [2]. - Master Kong's "Yupin Shengyan" series targets the high-end market, while the "Xian Q Mian" product utilizes non-fried technology to enter the health segment, achieving over one million boxes sold in its first month with a 35% repurchase rate [2][4]. Group 3: Product Innovation - The revival of classic products, such as the upgraded black and white pepper noodles, reflects a strategic shift from price wars to value wars, tapping into consumer nostalgia and enhancing brand loyalty [5][7]. - Master Kong's product upgrades in 2024 include enhancements to classic bucket and bag products, utilizing higher quality ingredients to fill gaps in the 3 yuan and 5 yuan price segments [4]. Group 4: Quality and Technology - Quality upgrades are becoming a key competitive barrier in the instant noodle industry, with companies leveraging advanced technology for systemic improvements [8]. - Master Kong has partnered with China's aerospace sector to adopt stringent standards in raw material selection, production processes, and quality control, enhancing product stability and consumer trust [10][11]. Group 5: Social Responsibility and Brand Value - Companies are increasingly focusing on social responsibility, with Master Kong's "Everything Has a Source" project enhancing agricultural practices and supporting local farmers, which has garnered recognition for its ESG efforts [12][14]. - Research indicates that companies with strong ESG performance can achieve a 15%-20% higher product premium, reinforcing the idea that social values can enhance commercial value [14]. Group 6: Future Outlook - The future of the instant noodle industry will belong to companies that can redefine product value and reshape industry ecosystems, emphasizing quality, innovation, and long-term commitment to consumer needs [12][14].

Core Viewpoint - The recent announcement by Wahaha regarding its partnership with Jinmailang for bottled water production has sparked significant interest in the market, highlighting the operational dynamics and challenges within the beverage industry [1][2]. Group 1: Partnership and Production - Wahaha has confirmed a contract manufacturing relationship with Jinmailang, which has produced over 1.2 billion bottles of water for Wahaha since their collaboration began [2]. - Jinmailang's chairman stated that the partnership was established to meet the increasing demand for Wahaha's bottled water, leveraging Jinmailang's extensive production capabilities across 26 factories [2][3]. Group 2: Market Position and Competition - The beverage industry is characterized by high standardization, making outsourcing a common practice for brands facing capacity constraints [2]. - Jinmailang's market share in the instant noodle sector has declined, with its position dropping to fourth place in the industry as of 2023, while competitors like White Elephant have gained market share [4][5]. - The bottled water market is highly concentrated, with leading companies like Nongfu Spring and China Resources Beverage holding over 40% of the market share [5]. Group 3: Financial Performance - Jinmailang's revenue has seen a decline, with reported figures of 218.5 billion yuan in 2019, 240.4 billion yuan in 2020, and a drop to 165.7 billion yuan in 2023 [6][7]. - The company has faced challenges in its capital market endeavors, with multiple attempts to go public failing to materialize [7]. Group 4: Strategic Insights - Industry experts suggest that despite current challenges, Jinmailang has opportunities to capture market share through product innovation and strategic positioning [8]. - The operational strategy of merging food and beverage segments, as seen with competitors, could serve as a model for Jinmailang to enhance efficiency and drive growth [8].

Investment Rating - The report provides investment ratings for various companies in the consumer staples sector, with "Outperform" ratings for companies like Haidilao, China Feihe, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights a mixed trend in the cost indices of six categories of consumer goods, with spot cost indices for beer, frozen food, dairy products, seasonings, instant noodles, and soft drinks showing changes of +2.69%, +1.67%, +1.09%, -0.12%, -0.18%, and -1.58% respectively, while futures cost indices showed changes of -3.78%, +1.38%, +0.46%, -1.64%, -1.64%, and -2.61% respectively [36]. Summary by Category Beer - The spot cost index for beer increased by 2.69% compared to last month, while the futures index decreased by 3.78%. Year-to-date, the spot index has changed by -0.08% and the futures index by -5.24% [12][37]. Seasonings - The spot cost index for seasonings decreased by 0.12%, and the futures index decreased by 1.64%. The price of soybeans has been rising due to limited domestic supply and decreased imports [16][38]. Dairy Products - The spot cost index for dairy products increased by 1.09%, and the futures index increased by 0.46%. Fresh milk prices have stabilized at 3.08 yuan per kilogram, with oversupply continuing to pressure prices [19][39]. Instant Noodles - The spot cost index for instant noodles decreased by 0.18%, and the futures index decreased by 1.64%. Palm oil prices have fallen due to increased production and inventory accumulation [24][40]. Frozen Food - The spot cost index for frozen food increased by 1.67%, and the futures index increased by 1.38%. Vegetable prices have decreased significantly due to increased supply [28][41]. Soft Drinks - The spot cost index for soft drinks decreased by 1.58%, and the futures index decreased by 2.61%. Prices are under pressure due to weak demand and capacity expansion [32][42].

Core Insights - The instant noodle market has seen the rise of "Fire Noodles," a product developed by South Korea's Samyang Foods in 2012, which has gained immense popularity globally, particularly in China due to the growth of content and live-streaming e-commerce [1][6] - Fire Noodles have established a significant market presence, accounting for approximately 5% to 7% of the instant noodle category, with a noticeable upward trend in market share [3][11] - Major traditional instant noodle brands like Master Kong, Bai Xiang, and Jin Mai Lang have entered the Fire Noodles competition, leveraging their distribution advantages to increase market penetration [5][11] Group 1: Reasons for Popularity - Fire Noodles' success can be attributed to their addictive spicy flavor, which appeals to consumers' desire for challenges and social engagement, especially in the context of content-driven marketing [6][7] - The rise of social media and e-commerce has facilitated the rapid growth of Fire Noodles, allowing for effective marketing strategies that capitalize on consumer curiosity and social currency [7][12] Group 2: Competitive Landscape - The competition in the Fire Noodles segment is intensifying as established players enter the market, leading to a more competitive environment [11][12] - Market share data indicates that Fire Noodles are gaining traction across various city tiers, with higher penetration in lower-tier cities compared to first-tier cities [15][18] Group 3: Pricing and Market Dynamics - Local brands like Bai Xiang and Jin Mai Lang are offering Fire Noodles at approximately 50% lower prices than Samyang, which may influence consumer choices as the market matures [27][25] - The shift towards lower-tier markets and the increasing importance of price-performance ratios are expected to shape the future dynamics of the Fire Noodles category [27][34] Group 4: Future Opportunities - Samyang Foods is exploring diversification beyond instant noodles into the condiment market, leveraging the unique flavor profile of its Fire Noodles to create new product lines [29][30] - The potential for collaboration with other food brands, such as the partnership with Lele Tea to launch a Fire Noodle-flavored bagel, indicates opportunities for expanding the brand's reach [34]

编辑：竺天 审核： Single 来源：新消费智库 新消费导读 "方便面鼻祖"入华40年后"水土不服"。 这是新消费智库第 2 6 2 0 期文章 作者 ： l y y 日清，号称 "泡面鼻祖"， 它曾 在中国市场把 一杯泡面 打造成了 " 精致速食 " 。 早在 1984 年便进入香港开展业务， 1994 年开始在 内地扩张，在广东顺德建厂。几十年来，日清凭借让中国消费者耳目一新的产品体验，受到消费者的青睐，营收一度超过 40 多亿港元， 却 又在短短三年间， 尽显颓势 。 被称为 "泡面鼻祖"的日清食品近期发布的 2024 财年年报 显示， 2024 年 1 月 1 日 -2024 年 12 月 31 日 ，日清食品 实现营业收入 38.12 亿港元，同比下降 0.56% 。 这是日清食品自 2022 年实现 40.25 亿港元营收之后，连续第二年收入下滑。 尽管报告期内日清食品毛利率小幅提升至 34.4% ，但净利润大幅下滑了 39.1% ，仅为 2.01 亿港元，净利润率下滑至 5.3% 。 在报告期内，日清食品报告期内，公司计提了约 1.359 亿港元的非现金减值，其中包括中国内地及香港长寿面、非油 ...