天眼查App显示，近日，阳江市百方饮料有限公司成立，注册资本100万人民币，经营范围为许可项 目：现制现售饮用水；天然水收集与分配；饮料生产；生活美容服务。（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：厨具卫 具及日用杂品批发；食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食品）；日用品 批发；日用品销售；日用百货销售；农副产品销售；五金产品批发；五金产品零售；塑料制品销售；塑 料制品制造；工艺美术品及收藏品零售（象牙及其制品除外）；户外用品销售；办公用品销售；建筑陶 瓷制品销售；新型陶瓷材料销售；国内贸易代理；家用电器销售；金属工具制造；金属工具销售；日用 木制品销售；橡胶制品销售；货物进出口；互联网销售（除销售需要许可的商品）。（除依法须经批准 的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，万安水饮产业投资有限公司成立，法定代表人为彭永葵，注册资本15000万人 民币，经营范围为许可项目：饮料生产，食品用塑料包装容器工具制品生产（依法须经批准的项目，经 相关部门批准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许 可证件为准）一般项目：食品用塑料包装容器工具制品销售，食品销售（仅销售预包装食品），国内贸 易代理，食品互联网销售（仅销售预包装食品），普通货物仓储服务（不含危险化学品等需许可审批的 项目），销售代理（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - The beverage market is witnessing a resurgence of iced tea, particularly carbonated iced tea, which was previously labeled as "low-end" but is now regaining popularity among consumers, especially the younger generation [1][4][10] - Major brands like Master Kong, Uni-President, and Wahaha are re-entering the iced tea market with new product launches and flavor innovations, revitalizing this classic category [1][3][10] Market Dynamics - Master Kong's beverage segment reported revenue of 51.621 billion yuan in 2024, with the tea beverage sector contributing 21.7 billion yuan, marking an 8.2% year-on-year growth [3][14] - The iced tea market size reached 30 billion yuan in 2024 and is projected to grow to 35 billion yuan in 2025, indicating a strong recovery and increasing consumer interest [3][17] Consumer Trends - Young consumers are increasingly drawn to iced tea for its affordability and refreshing taste, with prices ranging from 3.5 to 5 yuan for 550ml to 1L bottles [4][10][19] - The resurgence of iced tea is attributed to its adaptability in various consumption scenarios, from casual settings to social events, appealing to a wide demographic [9][20] Competitive Landscape - The competition in the iced tea market is intensifying, with new entrants like Nongfu Spring and Yuanqi Forest launching innovative products, including carbonated iced tea and low-sugar options [3][16][19] - Brands are focusing on health trends, with 71.4% of consumers prioritizing "low-sugar/no sugar" labels when selecting iced tea, prompting companies to reformulate their products accordingly [17][19] Product Innovation - Master Kong has introduced several new iced tea flavors, including low-sugar and high-fiber options, to cater to health-conscious consumers [13][20] - Uni-President is also innovating with products like "cola iced tea" and collaborating with popular platforms to attract younger audiences [14][20] Financial Performance - Master Kong's revenue for the first half of 2025 was 40.092 billion yuan, with a 20.5% increase in net profit, largely driven by its beverage segment [10][12] - Uni-President reported a total revenue of approximately 17.087 billion yuan in the first half of 2025, with a 10.6% year-on-year growth, highlighting the importance of iced tea in their product lineup [14][20]

（来源：领盛Optivest） 基本面总结： 主要能源基础设施企业，如拥有苏格兰和南方电力网络的国家电网与SSE集团，均对决定表示欢迎，认为其认可了电力运输量翻倍所需的大规模投资。同 时，消除燃料贫困联盟的活动人士虽承认确保可靠能源供应的重要性，但呼吁监管不应给网络公司"开空白支票"，需兼顾家庭负担与可再生能源普及的效 益。 3．担忧预算案税收调整，英国股票基金遭遇历史性持续抛售。 根据基金网络Calastone于12月4日发布的数据，由于市场担忧政府可能在新预算案中削减投资税收优惠，英国投资者在11月份连续第六个月净卖出股票基 金，创下持续时间最长的抛售纪录。 1．英国企业调查显示：涨价预期微升，就业前景趋缓。 根据英国央行于11月7日至21日对两千余家企业开展的调查，英国企业预计在未来一年内将平均提价3.7个百分点，较上月预期略增0.1个百分点。与此同 时，企业对未来一年的就业预期有所减弱，截至11月的三个月内下降0.1个百分点至-0.2%，表明企业计划适度减少员工规模。 调查还显示，企业对未来一年消费者价格通胀的预期维持在3.4%，与上月持平。而10月份英国实际消费者价格通胀已降至3.6%，英国央行认为 ...

Summary of Industry and Company Insights from Conference Call Industry Overview - **Dairy Products Market**: The dairy market shows significant differentiation, with the ambient milk segment experiencing a decline, though the rate of decline is narrowing. Yili shows signs of bottoming out, while Mengniu is affected by internal management issues. The low-temperature milk segment is primarily driven by fresh milk growth, with Junlebao and New Hope performing well due to regional expansion and product innovation, posing challenges to Yili and Mengniu [1][5][12]. - **Channel Transformation**: Traditional supermarket channels are in decline due to store closures and high costs. New retail channels, such as O2O platforms, are rapidly emerging, with dairy product sales exceeding 20% and maintaining high growth, significantly impacting traditional channels [1][7][8]. - **Brand Competition**: The beverage market is highly competitive, with brands investing heavily to capture large outlets. Nongfu Spring benefits from the Wahaha incident and market recovery, showing significant performance improvement, while China Resources Beverage faces a decline due to strategic missteps [1][15][17]. Key Company Insights - **Yili and Mengniu Performance**: Both companies are in a declining state in the ambient liquid milk segment, with Yili's decline around 6-7% year-on-year and Mengniu's around 10%. However, Yili shows signs of recovery, and both companies face intense price competition and rising raw material costs [5][12]. - **Ice Cream and Other Dairy Products**: Yili's ice cream and milk powder segments are growing, with ice cream increasing by over 10% and milk powder by around 10%. Mengniu also shows positive performance in its milk powder business [6]. - **Sales Channels**: The performance of sales channels varies, with traditional supermarkets declining significantly. New retail channels are growing, with Nongfu Spring achieving a 20% e-commerce sales ratio [7][23]. Market Trends and Future Outlook - **Sales Growth**: The overall dairy product sales growth is projected at 20-30% for 2025, with low-temperature milk growing by 30% and ambient milk showing no significant growth [10][11]. - **Future Projections for Major Brands**: Yili aims for a 2-3% growth in ambient products and 10% in low-temperature products, while Mengniu targets stability or slight growth in ambient products and 8-10% in low-temperature products [12]. - **Emerging Competitors**: Junlebao and New Hope are gaining market share due to effective marketing and regional expansion strategies, posing a threat to established players like Yili and Mengniu [13]. Beverage Market Dynamics - **Nongfu Spring's Strategy**: Nongfu Spring has adopted a strategy of inventory reduction and reduced pressure on annual targets, leading to strong performance in both water and sugar-free tea segments, with overall growth exceeding 15% [16]. - **Competitive Landscape**: The beverage industry is highly competitive, with brands increasing spending to secure market share. This has led to significant shifts in market dynamics, particularly in the restaurant and special channel sectors [15][18]. - **Market Challenges**: Traditional channels continue to face challenges, with small supermarkets and convenience stores struggling due to economic downturns and reduced consumer purchasing power [11][22]. Conclusion The dairy and beverage industries are undergoing significant transformations, with emerging competitors and changing consumer preferences shaping the market landscape. Companies like Yili and Mengniu are adapting to these changes, while new players like Junlebao and Nongfu Spring are capitalizing on growth opportunities. The future outlook remains cautiously optimistic, with potential for recovery and growth in specific segments.

站在2025年的末尾预判明年走势，酷爱用天气做比喻的可口可乐公司董事会主席兼首席执行官詹鲲杰（James Quincey）形容说，宏观经济晴雨状况预测 显示，"雨势会持续加大而不是减小"。 "无论宏观经济形势带来怎样的利好或不利因素，我们都非常专注于我们能够掌控的方方面面，从市场营销到创新、执行和定价。"他提到，得益于做出了 一些有效的调整，可口可乐公司今年9月的业绩就明显比7月和8月要好。 小食代留意到，昨天，詹鲲杰出席了摩根士丹利全球消费及零售大会，他在会上不仅给出了2026年的展望，还谈到了这家全球最大软饮料公司的应对之 策，以及当下对收购的最新想法、热门AI话题，并回应了关于CEO接班人计划等提问。 下面，小食代就带大家一起来关注下现场消息。 值得注意的是，詹鲲杰指出，在当前形势下，可口可乐能够主动掌控的、非常重要的一点就是——细分管理（segmentation），特别是按购买力进行细 分。 "虽然消费者面临压力，那并不是所有人、所有地方、所有时间都会如此。所以，关键在于弄清楚：哪些人面临压力？从消费者行为洞察的角度来看，他 们的特征是什么？这将有助于精准营销，确定营销信息的内容，以及应该在哪些平台上 ...

(编辑：王璨 林辰)关键字： 饮料 香飘飘 12月3日，香飘飘发布投资者关系活动记录表。当中披露，关于杭州新设门店的情况及未来的规划，香 飘飘表示，公司近期在杭州开设了两家线下茶饮门店，主要目的是将其作为公司主营业务冲泡、即饮产 品的品牌宣传窗口，核心定位是为消费者提供品牌体验与互动交流的空间，传递公司年轻、健康化的产 品特点与品牌定位；同时更直接地收集市场反馈，赋能产品研发与创新。目前仍处于试点探索阶段，暂 无开设新店及扩大规模的计划。 （企业公告） ...

| | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 15,839 | 21,006 | 26,624 | 32,658 | | 收入增长率% | 40.63 | 32.62 | 26.74 | 22.67 | | 归母净利润(百万元) | 3,327 | 4,604 | 5,774 | 7,096 | | 利润增长率% | 63.09 | 38.39 | 25.41 | 22.90 | | 毛利率% | 44.81 | 45.50 | 45.69 | 45.40 | | 摊薄 EPS(元) | 6.40 | 8.85 | 11.10 | 13.65 | | PE | 41.59 | 30.05 | 23.97 | 19.50 | 公司点评 · 食品饮料行业 H 股发行获证监会备案，步入长线价值区间 —— 公告点评 2025 年 12 月 03 日 核心观点 主要财务指标预测 资料来源：公司公告，中国银河证券研究院 东鹏饮料（股票代码：605499） 推荐 维持评级 分析师 刘光意 ：021-2025 ...

清华大学校务委员会副主任、清华大学可持续社会价值研究院院长杨斌在主旨发言中指出，面对AI等 技术快速发展引发的"技能过时"挑战，企业应发挥其在技术、场景与资源方面的优势，主动推进社会性 的"技能再造"，这既是民众所需、政府所望，也是企业贡献社会价值、助力平稳转型的关键路径。腾讯 公司高级副总裁、首席人才官奚丹也表示："人工智能让我们更强大，但需要人文价值作出校正，以人 的价值为本、以服务社会为目标。我们应该对此保持清醒。" 北京商报讯（记者 魏蔚）12月3日，全球行动者共聚2025可持续社会价值创新大会（以下简称"S大 会"）在北京召开，由联合国驻华协调员办公室（UNRCO)、中国企业改革与发展研究会、清华大学可 持续社会价值研究院、腾讯可持续社会价值事业部（SSV）共同主办。腾讯"碳寻制 造"（CarbonXmade）项目正式发布首批6款落地低碳产品，包括HAY的Mags固碳沙发、Tims天好咖啡 的环保吸管、好望水的环保瓶、迪卡侬的守护地球运动场志愿衫等日常用品。这些产品制造的原材料源 自于从工业排放中捕集并利用的二氧化碳。 ...

智通财经记者 | 卢奕贝 智通财经编辑 | 牙韩翔 "补水啦"卖爆后，东鹏饮料正在尝试翻开新的牌面。 在近日于全国多地陆续举办的经销商会议上，东鹏披露了2026年将主推的"1+6"产品矩阵。其中能量饮料"东鹏特饮"仍为其基本盘，而电解质饮料"补水 啦"、有糖茶"果之茶"、椰汁饮料"海岛椰"、即饮奶茶"港氏奶茶"、无糖茶饮料"上茶"和咖啡饮料"大咖"则为东鹏押注的6大潜力品类。 值得注意的是，果之茶、港式奶茶分别于今年2月、10月推出，目前它们已站上"1+6"矩阵的C位，取代了此前矩阵中的植物饮料"菊花蜜"、预调鸡尾 酒"VIVI"。 东鹏饮料方面告诉智通财经，在产品品类方面，公司目前无糖茶、咖啡、椰奶、果汁茶等都有涉及，在市场有需求的情况下，公司发展多品类，可借助现有 渠道资源实现快速铺货。销售上果汁茶终端反馈是不错的，港式奶茶才刚刚推出，暂无数据披露。 上图为此前产品矩阵，2026年果之茶、港式奶茶取代了菊花蜜、鸡尾酒 图片来源：东鹏官网 有糖即饮茶，是饮料领域大品类的低调王者，是国内市场规模超过150亿元的超级赛道。马上赢数据显示，同样是在饮料类目中，有糖茶的规模在202307- 202506始终高于无糖 ...