它 细 长 如 棍 ， 外 脆 里 嫩 ； 它 是 法 国 街 头 最 常 见 的 风 景 ， 也 是 面 包 中 的 " 国 家 象 征 "—— 它 就 是 Baguette，法棍。 每一个烘焙师入行，它都是基础课程。但你是否想过，这根在全世界都广为人知的法式面包，是如 何变成现在这个样子的？它为何细长？用什么做成？要通过怎样的"考核"才能称之为真正的"法 棍"？ 今天就来揭开这根面包的奥秘。 因为从老师那里学习的就是细长的啊 ...(bushi ) 其实这并不是一个能随口回答出来的问题不是吗？当顾客提出该问题时，你是否有自信给出答案？ 实际上，面包师、店员或店长可能会给出 "因为......所以要卷起来" 等模糊回答。然而，面包行业的 专业书籍中却未详细解释为何法棍要烤成细长形状。仔细思考会发现，世界上几乎只有法国面包是 这种独特形状，这背后的原因值得探究。 网络给出很多解释，比如： " 为了夹火腿更方便 "" 是为了加快烘焙时间 " ， 甚至还有 " 因为法律规 定面包师晚上不能工作所以才这样做了 " 的说法。 但这些都只是"部分真相"甚至"误解"。如果我们从 历史、消费逻辑、技术发展与文化心理 几个角 ...

Core Insights - The article emphasizes the increasing consumer demand for high-quality food products amid consumption upgrades, highlighting the focus on finding trustworthy options in a complex food market [1][6] - Taoli Bread has effectively captured market demand by prioritizing "simplicity" and "freshness" in its product offerings, establishing a competitive edge in the traditional baking industry [1][3] Group 1: Competitive Advantages - Taoli Bread's core competitiveness stems from its precise understanding of the pain points in the traditional baking industry, particularly the limitations of fresh bread availability due to production capacity and distribution radius in the 1990s [1] - The company's "central factory + wholesale" model significantly reduces costs through large-scale production, creating a cost advantage and competitive moat while ensuring high product quality [3] - The implementation of digital technology enhances transparency and visibility throughout the production process, allowing for real-time tracking of raw material procurement, production, quality control, and product traceability [3][6] Group 2: Supply Chain Efficiency - Taoli Bread has developed a highly efficient and precise logistics system, which is a core competitive advantage, featuring a two-tier logistics system that supports a fast-moving consumer goods supply chain [5] - The first-tier logistics primarily utilizes the company's own transportation fleet to manage the distribution from factories to large supermarkets, ensuring timely delivery and product freshness [5] - The company's extensive network of over 20 production bases and efficient supply chain further establishes a new benchmark in health and efficiency within the baking industry [6]

但别被"家常"气质带偏了。这家接地气的面包店，其实出品相当专业。 它背后由一对从央视退休的老夫妻和法国留学、蓝带进修的学霸儿子一家人一起打理，不但凭借经 典法棍打动法国面包节的评委，还在没有任何主动营销的情况下，凭借可颂、中式洛代夫、豆浆辫 子等"不标准"的欧包，悄悄成了北京面包脑袋的"宝藏店铺"。 东京烘焙职业人原创《中国烘焙匠人店》系列已开启。来 # 听创始人说，说他们精彩的创业故事。 我们希望能够从创始人、主理人的经历中，去记录、去观察、去思考开店这件不容易的事情，我们 相信，这是一种值得探索的事。 【独家采访 · 第 162 家】 /// 在北京有一家面包品牌的店名听起来不像品牌，更像你家邻居—— 【熊叔熊婶面包房】 。第一次听 说这家店，大多数人会以为这是某对夫妻退休后玩票开的手作铺子。没错，某种意义上，它还真是 这样开始的。 这不是一间追风口的店，也不是一个完美规划的创业故事。它更像是一个发酵了十年的家庭兴趣在 偶然间发芽成长，最后落地成为一块只属于北京、也只属于北京街坊邻居们自己的"欧包领地"。 目前主要负责打理店铺日常工作的是90后主理人"小熊"。这位年轻的主理人在法国留学多年，异域 生活让他 ...

Investment Rating - The report indicates a positive investment outlook for the restaurant industry, with a significant increase in the national restaurant prosperity index from 94.7 in April to 104.2 in May 2025, reflecting a 10% month-on-month growth [7][8]. Core Insights - The restaurant industry is experiencing a robust recovery driven by holiday consumption, with increased foot traffic and sales during May due to various celebrations [6][7]. - New product launches are thriving, particularly in Western fast food and tea beverages, showcasing regional flavors and innovative ingredients [12][22]. - The expansion of restaurant brands is notable, with both domestic growth and international market entries being actively pursued [41][45]. - Investment activities are stabilizing, with several financing events and IPOs occurring in the restaurant sector, indicating a healthy investment climate [48][52]. Summary by Sections 1. Restaurant Industry Prosperity Index - The national restaurant prosperity index rose to 104.2 in May 2025, a 10% increase from April, driven by holiday spending and seasonal demand [7][8][9]. 2. New Product Launches - In May, 45 Western fast food brands launched 121 new products, an 8% increase from the previous month, with a focus on regional flavors [13][14]. - The tea beverage sector saw 64 brands introduce 242 new products, with fruit tea leading the market and a notable increase in health-oriented ingredients [22][23]. - The bakery segment introduced 237 new products, with cakes being the most popular category, driven by Mother's Day and the upcoming Dragon Boat Festival [31][32]. 3. Opening Situations - Domestic brands are actively expanding, with notable openings such as Luckin Coffee's Brazilian coffee-themed store and Haidilao's first crispy fish-themed restaurant [45][46]. - International expansions include the opening of tea brands in Europe and Southeast Asia, indicating a strategic move towards global markets [45][46]. 4. Investment, Mergers, and IPOs - The report recorded four financing events in May, with a focus on downstream restaurant brands, and three companies indicating IPO plans [48][49]. - Notable IPOs include the successful listing of沪上阿姨 and海天味业, highlighting the growing interest in the restaurant sector [52][54]. 5. Major Events in the Restaurant Industry - Key developments include McDonald's stable performance in China, the launch of new themed stores by various brands, and strategic partnerships aimed at expanding market reach [57][61]. - Regulatory updates are also noted, with new legislation aimed at enhancing food safety and protecting traditional dining cultures [61]. 6. Red Restaurant Index Top 100 - The top three brands in the Red Restaurant Index for May 2025 are Haidilao, KFC (China), and Luckin Coffee, reflecting their strong market positions [66][70].

以下文章来源于上海圣熙品牌策划设计运营 ，作者XTN 上海圣熙品牌策划设计运营 . 上海圣熙深耕烘焙领域，以专业策划设计团队、资深运营导师与产品研发智囊团为核心，从品牌顶层规 划到视觉呈现，从产品构思到终端落地，全链路实战护航，助力烘焙品牌破局突围，打造差异化商业增 长引擎。 一、全球烘焙市场的王者地位 二、从墨西哥小店到跨国巨头的 80 年征途 1945 年，会计师洛伦佐 · 塞尔维特赫（ Lor e n zo Se r v itj e ）在墨西哥城 Mi x coa c 街一座石砌厂 房里，用父亲抵押面包房换来的 3000 比索创立宾堡（ Bi m bo ）。 起步时仅有 34 名员工、 5 辆 二手货车和 4 款基础产品（法棍、甜面包、饼干和糕点），日均产量不足 1 吨。早期困境重重：炎热 的天气让面包隔夜即变质，竞争对手嘲笑其 " 工业面包没有灵魂 " 。但创始人团队以两大创新破局： 包装革命 （ 1948 年） 引入墨西哥首个玻璃纸包装产线，将面包保质期从 8 小时延长至 72 小时，并印上红色小熊 Logo 塑造品牌认知。到 1953 年，该技术让宾堡面包货架期增至 5 天，彻底改写烘焙品流通规则 ...

傍晚的上海B&C门前，荧光绿纸袋依旧是最醒目的社交货币。但与两年前不同的是，队伍里的年轻 人不再只为打卡拍照，而是熟练地点评着"咕咕霍夫糖油比控制得刚好"、"酵种风味更醇了"。在广 州UH祐禾，刚出炉的枫糖核桃吐司被抢购一空，顾客讨论的是"28元够全家当早餐，比网红蛋糕 值"。 这些品牌的客单价并不便宜，但年轻人在这里却似乎失去了"价格敏感度"。从全网声讨"面包刺 客"到精打细算后的主动选择，贵价面包的回归，映射着年轻人消费哲学的微妙转向——他们拒绝为 虚名买单，却甘愿为"可感知的价值厚度"支付溢价。 烘焙市场正经历一场关于"值不值"的深刻重构，当年轻人开始按冰箱囤购优质面包、跑几条街只为 买一口优质的生吐司，这不是简单的消费升级，而是一场关于价值认同的无声革命。 2023年"10元面包投票"的民意浪潮犹在眼前，但批判的矛头从未单纯指向价格本身。消费者真正抵 触的是 "价值黑箱" —— 一个用料普通、口感平庸的面包，仅因日式装修或网红标签就标价30元。 这种信息不对称造就了"刺客感"。 而如今烘焙市场的转变， 本质是 "价值透明化"推动的认知升级 。 消费者开始用专业眼光拆解面包：有的面包店将酵母瓶子摆在货架 ...

跟随皇室成员，品尝巴黎最古老的面包店—— 「Pâ tiss e r i e St ohr e r」 。 曾被英国女皇伊丽莎白二世翻牌，它的历史可以追溯到1 8世纪…… 创始人 尼古拉斯·斯托雷尔（Ni c o l a s St ohr e r） 来自法国东部的阿尔萨斯，曾为波兰国王工作。 波兰公主玛丽·莱什琴斯卡与法国路易十五结婚后，这位新娘把他父亲的御用糕点师Ni c o l a s St o h r e r带到了凡尔赛。 1 7 3 0年，St o h r e r获得了路易十五的准许，在巴黎蒙托格伊街开了这家面包店，自那之后就开始正式服务皇室。 英国女皇伊丽莎白二世 还曾在 2 0 0 4年访问法国时来过这里。当然这里也很欢迎普通老百姓。 店内装潢由1 9世纪旅居巴黎的法国画家 Paul Baudr y 设计，整体采用了巴洛克风格，光是看着就是一场视觉享受。 店里蓝色马赛克上镶嵌的St o h r e r几个大字和上方王冠的设计暗示着这里由王室御用甜点师创办。 1 9 9 2 年，巴黎市政府在希拉克总统时期下令为市内7 6 7 个古迹设立 「巴黎历史」立牌 ，用文字介绍过去史实，强化地景印象，St o h ...

Core Insights - The baking industry in China is undergoing a transformation towards healthier products, driven by changing consumer preferences for nutritional value and ingredient transparency [1][4][7] Group 1: Market Growth and Consumer Demand - The global baking market reached a size of $248.8 billion in 2022 and is projected to grow to $394.3 billion by 2032, indicating significant growth potential [2] - China's baking market is expected to reach approximately 859.56 billion yuan by 2029, reflecting increasing consumer demand [2] - The primary consumers of baked goods in China are women, particularly those born in the 1980s and 1990s, with a significant portion of consumers located in new first-tier and second-tier cities [2] Group 2: Industry Trends and Innovations - The baking industry is shifting from traditional high-sugar and high-fat products to healthier options with lower sugar, fat, and salt content, as well as higher fiber [4][5] - Companies are increasingly focusing on clean label products, with over 25% of consumers recognizing the importance of clean label foods for healthy eating [6][7] - The trend towards clean labels is prompting many baking companies to adjust their product formulations to meet consumer demands for transparency and natural ingredients [7] Group 3: Challenges and Strategic Focus - Despite the growth in health-oriented products, the baking industry faces challenges such as increased costs and technical difficulties in transitioning to healthier options [5] - Companies are investing significantly in research and development for health-focused innovations, with 33.3% of firms allocating over 20% of their R&D resources to this area [5] - The successful transformation of the industry relies on enhancing technological innovation capabilities and improving consumer education regarding health benefits [5]

Industry Overview - The baking industry in China is undergoing rapid transformation, with a variety of products emerging and consumer preferences shifting continuously. The market size for baked goods reached 561.42 billion yuan in 2023, growing by 9.2% year-on-year, and is expected to reach 859.56 billion yuan by 2029 [1] - The industry remains fragmented, with the top nine listed companies accounting for less than 6% of the market share as of 2022, indicating significant growth potential [1] Company Profile: 如慕令 - 如慕令, founded in late 2024, focuses on reinterpreting mousse cakes within a Chinese cultural context, integrating elements from traditional poetry and architecture into its designs, appealing to local consumer sentiments [5][9] - The brand targets younger consumers who view cakes as emotional products, emphasizing the importance of aesthetic appeal and cultural significance in their offerings [5][8] Product Strategy - 如慕令's cakes are designed with cultural symbols that convey specific meanings, such as "prosperity" and "peace," making them more relatable and meaningful to consumers [8][9] - The company emphasizes health by offering "0-calorie" options using sugar substitutes like erythritol, catering to health-conscious consumers who seek both taste and lower calorie intake [9] Business Model Innovation - The company utilizes a "cold chain" logistics model, allowing for standardized production in a central kitchen and consistent quality across locations, which is a departure from traditional baking methods that rely heavily on skilled labor [10][11] - 如慕令 adopts a "S2B2C" model, partnering with local bakeries to distribute its products, thus creating a network of small stores that can offer standardized cakes without extensive training or investment [11][12] Market Potential and Growth Plans - The cold baking market in China has significant growth potential, with only 10% penetration as of 2020, compared to higher rates in Japan and North America [10] - 如慕令 plans to expand rapidly, aiming to open 100 stores within two years and achieve monthly revenues exceeding 8 million yuan, with a current goal of raising 2.5 million yuan in angel funding [13]

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 食饮行情延续，多数子板块表现优异 ——食品饮料行业 5 月月报 发布日期：2025 年 06 月 06 日 证券研究报告-行业月报 同步大市(维持) 食品饮料相对沪深 300 指数表现 相关报告 《食品饮料行业月报：食饮行情延续，零食、 乳品领衔》 2025-05-14 《食品饮料行业月报：食饮行情回暖，要素价 格延续回落态势——食品饮料行业 3 月月报》 2025-04-09 《食品饮料行业点评报告：提振消费政策有望 持续催化板块行情》 2025-03-18 联系人：李智 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共15页 投资要点： -23% -17% -11% -5% 1% 7% 13% 18% 2024.06 2024.10 2025.02 2025.06 食品饮料 沪深300 资料来源：中原证券 ⚫ 食品饮料板块微涨，受白酒拖累较大。主力资金净流出，小单资金净流入。成 交量有所回落，但仍高上年同期。2025 年 5 月， ...