Group 1: Dongpeng Beverage - Dongpeng Beverage reported a revenue of 61 billion yuan in Q3, a year-on-year increase of 30.4%, and a net profit of 13.9 billion yuan, up 41.9% [1] - For the first three quarters, the total revenue reached 168.4 billion yuan, growing by 34%, with a net profit of 37.6 billion yuan, an increase of 38.9% [1] - The company anticipates achieving an annual revenue of 158.4 billion yuan in 2024, representing a 40.6% growth, and a net profit of 33.3 billion yuan [1] - Energy drinks generated 4.2 billion yuan in revenue, a 15% increase, while electrolyte drinks saw a significant 84% growth, reaching 1.35 billion yuan [1] Group 2: Coca-Cola - Coca-Cola's Q3 revenue reached 12.455 billion USD, a 5% increase, surpassing market expectations [3] - The net profit for the quarter was 3.683 billion USD, reflecting a 29% growth [3] - Global single-serve sales increased by 1%, with flagship Coca-Cola brand sales growing by 1% driven by markets in Europe, the Middle East, Africa, and Asia-Pacific [3] - The company reaffirmed its 2025 earnings guidance, expecting an 8% growth in comparable currency-neutral earnings per share [4] Group 3: Deckers Brands - Deckers Brands reported a net sales increase of 9.1% in Q2, reaching 1.431 billion USD [4] - HOKA brand sales grew by 11.1% to 630 million USD, while UGG brand sales increased by 10.1% to 760 million USD [5] - The company expects full-year net sales to be around 5.35 billion USD, slightly below analyst expectations [5] Group 4: Adidas - Adidas reported a 12% revenue growth in Q3, reaching 6.63 billion euros, driven by double-digit growth across markets and product categories [7] - The gross margin improved by 0.5 percentage points to 51.8%, with operating profit significantly increasing to 736 million euros [7] - The company raised its full-year operating profit forecast to approximately 2 billion euros [7] Group 5: Wanchen Group - Wanchen Group announced a revenue of 36.562 billion yuan for the first three quarters, a 77.37% year-on-year increase, with a net profit of 855 million yuan, up 917.04% [16] - The growth was attributed to the continuous development of the bulk snack business [16] Group 6: Baima Tea - Baima Tea's IPO was oversubscribed nearly 1900 times, with subscription amounts reaching at least 853 billion yuan [17] Group 7: Wumart Group - Wumart Group's founder expressed optimism about the development of the hard discount model, aiming to adjust AI new retail to 100 stores by year-end [18] Group 8: Jinzhai Food - Jinzhai Food reported a Q3 revenue of 685 million yuan, a 6.55% increase, but a net profit decline of 14.77% [19] Group 9: Sushi Industry - Japan's largest conveyor sushi manufacturer plans to invest approximately 300 million yen to expand its factory, increasing production capacity by 20% [20]

Core Viewpoint - The plan to replace the "Wahaha" brand with "Wawa Xiaozong" has been reversed after only 41 days, leading to a decision to continue using the "Wahaha" brand for sales in 2026 [4][11]. Brand Strategy - On October 23, 2023, it was confirmed that distributors received notifications to continue selling "Wahaha" products, ending a period of uncertainty for Shandong distributors [5][11]. - The initial plan to switch to "Wawa Xiaozong" was met with resistance, as the "Wahaha" brand has a long-standing market recognition that is difficult to replace [11][12]. Corporate Structure - Despite resigning from her positions at Wahaha Group, Zong Fuli continues to control Hongsheng Beverage Group, which operates independently but is linked to Wahaha [12][14]. - Hongsheng has expanded its business into high-end equipment manufacturing, raw material research, and has over 40 subsidiaries and 100 production lines, indicating a robust operational capacity [12][14]. Market Competition - The emergence of "Wawa Xiaozong" and "Wawa Xiaozhi" indicates increased competition within the Zong family, with both brands vying for market share [9][19]. - The competitive landscape is further complicated by the fact that "Wawa Xiaozhi" is also being promoted by Zong Zehou, Zong Fuli's uncle, suggesting a family rivalry in the beverage market [19]. Brand Development - "Wawa Xiaozong" had begun to establish its brand identity with multiple trademark applications, but the recent decision to revert to "Wahaha" has rendered these efforts moot [16][18]. - The anticipated product offerings under "Wawa Xiaozong" are now unlikely to reach consumers, indicating a significant setback for the brand [18].

Core Points - The total cash dividends from 320 companies in the Shanghai market have exceeded 278 billion yuan as of October 24, with over 90 companies set to distribute an additional 280 billion yuan in cash dividends [1][2] - A record high of 414 companies have announced profit distribution plans, totaling over 560 billion yuan in cash dividends [1] - Major companies such as China Mobile and China Telecom have completed their cash distributions, amounting to 54.1 billion yuan and 16.6 billion yuan respectively, while the "Big Three" oil companies have distributed approximately 82.5 billion yuan in total [1] Company-Specific Summaries - China Petroleum has announced a cash dividend of 2.2 yuan per share, totaling 40.265 billion yuan, with 35.623 billion yuan allocated to A-share dividends [1] - Jagex has declared a cash dividend of 6.6 yuan per share, amounting to 474 million yuan, which represents 73.46% of its net profit for the period [2] - Guotai Junan plans to distribute 0.15 yuan per share, totaling 2.627 billion yuan, making it one of the leading brokerages in terms of dividend distribution [2] - Guodian Power intends to distribute 1 yuan per share, totaling 1.784 billion yuan, which is 48.38% of its net profit for the period [2] Upcoming Distributions - From October 27 to October 31, 20 companies will distribute a total of 9 billion yuan in cash dividends, including 京沪高铁 (19 billion yuan), 国泰海通 (26 billion yuan), and 国电电力 (18 billion yuan) [1][2] - There are still 74 companies that have not yet announced their dividend distribution plans, with a total amount exceeding 275 billion yuan expected to be distributed in the future [2]

娃哈哈的"分家"闹剧，突然出现大反转。 据智通财经报道，10月23日，宏胜系销售各分公司接到通知，2026年继续使用娃哈哈品牌，不会出现其 他品牌。 据第一财经报道，有山东娃哈哈经销商证实，已经接到宗馥莉所控股的宏胜系业务员通知，要求经销商 打款缴纳保证金，明年继续销售"娃哈哈"品牌产品。 这意味着，宗馥莉于9月辞职后推出的"娃小宗"品牌暂时"退场"。 宗馥莉已回娃哈哈上班 以宏胜饮料集团总裁的身份行事 娃小宗的诞生源于娃哈哈集团内部矛盾。宗馥莉出任娃哈哈董事长和总经理之后，对组织架构和管理规 章制度进行了一系列的调整。此举引发不可调和的矛盾：宗馥莉手下的宏胜系公司掌握娃哈哈的生产与 销售，但"娃哈哈"商标属于娃哈哈集团。 10月23日，一位娃哈哈集团内部人士告诉记者，宗馥莉已回来上班，但因此前辞去娃哈哈集团董事长及 总经理，她现在是以宏胜饮料集团总裁的身份行事。 宗馥莉 （资料图） 此外，有知情人士告诉记者，宏胜集团高管严学峰岗位恢复，祝丽丹岗位依然显示"待定"，此前，严学 峰职位是"生产中心总监兼讯尔公司总经理"，祝丽丹职位是"管理中心总监兼人力资源部部长"。严学 峰、祝丽丹，被外界认为是宗馥莉的"心腹" ...

10月26日，宗馥莉回归娃哈哈后的首个周末，其叔叔宗泽后旗下宗盛系品牌"娃小智"启动全国招商。在 这场"娃哈哈"商标风波下，"娃小宗"暂缓推出，"娃小智"激进招商，叔侄的较量愈演愈烈。保证金回 款、联销体协议签订、新客户签约……宏胜系下达销售任务的通知也印证着拿回"娃哈哈"授权的宗馥 莉，尽管宏胜系有多年积累的家底，但面临多线作战，在年终业绩冲刺的压力下也稍显疲态。手握"真 金白银"的经销商表示，正在"娃小智"和"娃哈哈"间犹豫。更何况，农夫山泉、怡宝等竞争对手已经虎 视眈眈。2024年娃哈哈有过高光时刻，今年能否达到500亿元营收，需要打个问号。 "娃小宗"暂缓推出 被宣布启用41天后，新品牌"娃小宗"就被叫停。近日，据多家媒体从娃哈哈不同区域经销商处证实，宗 馥莉所控股的宏胜系要求经销商打款缴纳保证金的同时，还明确明年继续销售"娃哈哈"品牌产品。 宗馥莉已辞去娃哈哈集团法定代表人、董事及董事长等职务，仍继承父亲宗庆后留下的29.4%股份，为 公司第二大股东，在娃哈哈集团内部有相当的话语权，现在是以宏胜饮料集团总裁的身份行事。 种种迹象表明，宗馥莉的请辞或因商标使用"不合规"，因此想另立门户，经营"娃小宗" ...

10月26日，宗馥莉回归娃哈哈后的第一个周末，其叔叔宗泽后旗下宗盛系品牌"娃小智"启动全国招商。在这场"娃哈哈"商标风波 下，"娃小宗"暂缓推出，"娃小智"激进招商，叔侄的较量愈演愈烈。保证金回款、联销体协议签订、新客户签约……宏胜系下达销售 任务的通知也印证着，拿回"娃哈哈"授权的宗馥莉，尽管宏胜系有多年积累的家底，但面临多线作战，在年终业绩冲刺的压力下也稍 显疲态。手握"真金白银"的经销商表示，正在"娃小智"和"娃哈哈"间犹豫。更何况，农夫山泉、怡宝等竞争对手已经虎视眈眈。2024 年娃哈哈有过高光时刻，今年能否达到500亿元营收，需要打个问号。 各退一步：宏胜系"娃小宗"暂缓推出 在被宣布启用仅41天后，新品牌"娃小宗"就被叫停。 近日，多家媒体从娃哈哈不同区域经销商处证实，宗馥莉所控股的宏胜系要求经销商打款缴纳保证金的同时，还明确明年继续销售"娃 哈哈"品牌产品。 宗馥莉已经辞去娃哈哈集团法定代表人、董事及董事长等职务，仍继承父亲宗庆后留下的29.4%股份，为公司第二大股东，在娃哈哈 集团内部有相当的话语权，现在是以宏胜饮料集团总裁的身份行事。 种种迹象表明，宗馥莉的请辞，或因商标使用"不合规"，因此 ...

Investment Rating - The report maintains an "Outperform" rating for Dongpeng Beverage [1][6] Core Views - Dongpeng Beverage's revenue continues to grow significantly, with a reported total revenue of 16.844 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 34.13%. The net profit attributable to the parent company reached 3.761 billion yuan, up 38.91% year-on-year [6] - The company is expected to achieve net profits of 4.505 billion yuan, 5.610 billion yuan, and 6.758 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 35.4%, 24.5%, and 20.5% respectively [6] - The energy drink segment continues to expand nationally, with significant growth in the electrolyte drink category, which saw a revenue increase of 134.78% year-on-year [6] Financial Data and Profit Forecast - Total revenue projections for Dongpeng Beverage are as follows: 20.578 billion yuan for 2025, 25.617 billion yuan for 2026, and 30.856 billion yuan for 2027, with corresponding year-on-year growth rates of 29.9%, 24.5%, and 20.5% [5][8] - The gross profit margin is expected to improve gradually, reaching 46.1% by 2027, while the return on equity (ROE) is projected to be 38.8% in the same year [5][6] - The company reported a gross margin of 45.17% for the first three quarters of 2025, with a net profit margin of 22.33%, indicating a slight improvement due to economies of scale [6]

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Insights - The quarterly performance continues to show differentiation, with a recommendation to strengthen positions during the bottom cycle. The food and beverage index declined by 0.9% from October 20 to October 24, ranking 27th among primary sub-industries, underperforming the CSI 300 by approximately 4.2 percentage points. Sub-industries such as processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5%) performed relatively well. The traditional consumption sector continues to face significant performance pressure, particularly in the liquor segment, where business demand remains under pressure. Although there has been a slight improvement in terminal consumption demand, the overall market demand remains weak. It is anticipated that the liquor sector will experience a further slowdown in performance growth for the third quarter [3][12][14]. Summary by Sections Market Performance - The food and beverage index experienced a decline of 0.9%, ranking 27th out of 28 sectors, and underperformed the CSI 300 by about 4.2 percentage points. Leading sub-industries included processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5) [12][14]. Upstream Data - Some upstream raw material prices have decreased. For instance, the price of fresh milk was 3.0 yuan per kilogram, down 2.9% year-on-year. The price of pork was 17.7 yuan per kilogram, down 28.4% year-on-year [21][26]. Policy Insights - The 20th Central Committee's Fourth Plenary Session emphasized expanding domestic demand and building a strong domestic market, which is expected to inject clear policy dividends into the food and beverage industry. The core driver for long-term industry growth is the boost in domestic demand, which will directly stimulate market consumption and upgrade potential [4][13]. Recommended Stocks - The report recommends focusing on two types of stocks: first, leading companies with low valuations and national layout capabilities; second, growth companies that align with new consumption trends. Specific recommendations include Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Weilong, and Bairun [5][56].

证券研究报告 | 行业周报 gszqdatemark 2025 10 26 年 月 日 食品饮料 周观点：三季报窗口期，关注绩优成长与边际改善 分析师 李梓语 执业证书编号：S0680524120001 邮箱：liziyu1@gszq.com 分析师 陈熠 执业证书编号：S0680523080003 邮箱：chenyi5@gszq.com 食品：三季报陆续披露，关注成长弹性机会。本周三季报陆续披露，零食板块，量 贩等新兴渠道成长依然亮眼，但传统渠道相对承压，叠加部分原材料扰动，部分零 食品牌方面临利润压力。万辰集团 25Q3 营收同比+44.2%，扩店成长显著，且伴 随门店规模效应的释放，量贩加回股权激励费用后净利率提升至 5.3%。劲仔食品 25Q3 营收同比+6.5%至 6.8 亿元重回增长通道，归母净利润同比-14.8%至 0.6 亿 元，预计与渠道结构调整相关。洽洽食品 25Q3 营收同比-5.9%至 17.5 亿元，归 母净利润同比-72.6%至 0.8 亿元，受瓜子成本影响明显，当前进入新采购季，若 瓜子成本下行有望释放公司利润弹性。乳制品行业当前供需错配压力，上游牧业 去化持续进行，下游更加关注 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][18]. Core Views - The food and beverage sector is expected to benefit from low base effects, low inventory, and low expectations, making it susceptible to price increases from any changes in supply and demand [4]. - The report highlights a divergence in the fundamentals of different categories, with beverages outperforming food and alcohol [3]. - The report emphasizes the importance of strategic recommendations for companies with strong growth potential and market positioning, particularly in the liquor and beverage segments [3][4]. Summary by Relevant Sections Liquor - The liquor industry is currently experiencing a bottoming out phase, with expectations for accelerated performance disclosures in the upcoming quarterly reports. The report recommends focusing on companies like Luzhou Laojiao and Kweichow Moutai, which have strategic advantages and potential for value reassessment [3][12]. - The report notes that the overall performance of liquor companies is expected to reflect supply-demand imbalances, with a focus on destocking and improving channel profitability [12]. Beer - The beer sector is characterized by healthy inventory levels, with expectations for demand recovery. The report recommends leading companies such as Yanjing Beer and China Resources Beer, which are expected to benefit from internal reforms and strong growth potential [3][13]. Dairy Products - The dairy sector is showing signs of steady recovery in demand, with supply gradually being cleared. The report recommends focusing on leading dairy companies like Yili, which are expected to benefit from improved supply-demand dynamics by 2025 [3][16]. Snacks - The snack sector is advised to focus on companies with strong growth certainty, particularly in the konjac snack category. Leading companies like Weilong and Yanjinpuzi are highlighted for their competitive advantages and growth potential [3][14]. Restaurant Supply Chain - The restaurant supply chain is currently stable, with companies entering a peak observation phase. The report recommends leading companies in the seasoning sector, such as Haitian Flavoring and Yihai International, which are expected to benefit from improved demand and channel expansion [3][15][16]. Beverages - The beverage sector continues to show strong performance, with leading companies like Nongfu Spring and Dongpeng Beverage expected to outperform due to accelerated operations and national expansion strategies [3][17].