Core Viewpoint - The acquisition of Hunan Ailing Snack Technology Co., Ltd. by Three Squirrels has been terminated after eight months of negotiations due to disagreements on core terms, marking a setback in the company's offline expansion strategy [1][4]. Group 1: Acquisition Details - Three Squirrels planned three acquisitions in 2024, with the largest being the proposed acquisition of Ailing Snack for up to 200 million yuan, part of a total investment of no more than 360 million yuan across all three deals [2][5]. - The acquisition aimed to leverage Ailing Snack's extensive network of over 2,000 stores to strengthen Three Squirrels' offline presence and tap into new market segments [2][5]. - Ailing Snack has been actively expanding, having acquired several snack brands and increasing its store count from approximately 1,800 to over 2,000 in 2023 [3][5]. Group 2: Strategic Implications - The failure of the acquisition is seen as a significant obstacle to Three Squirrels' goal of balancing its revenue structure from 70% online to 50% offline over the next 2-3 years [4][5]. - The company has been facing declining revenues since 2019, with a notable recovery in 2024, achieving a revenue of 10.622 billion yuan, a 49.3% increase year-on-year [5][6]. - Three Squirrels is now seeking alternative opportunities to pursue its offline strategy, although it has not disclosed plans for new acquisition targets [6][7]. Group 3: New Strategic Direction - Three Squirrels has shifted its strategic focus from solely snacks to a broader "all-category, all-channel" approach, aiming to provide high-quality products across various categories [7][8]. - The company has recently entered the beverage market and plans to open all-category lifestyle stores and convenience shops, indicating a significant shift in its business model [7][8]. - The founder has positioned 2025 as a "year of rebirth" for the company, suggesting a transformative phase ahead [9].

出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 来伊份控股股东爱屋企管再度抛出减持计划，拟在未来三个月内最高减持3%的股份。值得一提的是， 来伊份刚刚完成股份回购。 控股股东"迫切"减持背后，是来伊份持续下滑的业绩，去年公司首次陷入亏损，今年一季度营业收入继 续下滑。 前几年公司试图通过加盟商扩张带动增长，但是门店增长并没有带动收入增长，近几年大量关店，收入 减少的同时，盈利能力也承受着很大压力。 来伊份控股股东拟最高减持3%股份 6月9日，来伊份披露了控股股东减持计划，控股股东上海爱屋企业管理有限公司（以下简称"爱屋企 管"）拟在未来三个月内（2025年7月1日~2025年10月1日）通过包括但不限于集中竞价交易、大宗交易 等方式减持其持有的公司股份合计不超过10，032，724股，即不超过公司总股本的3%。 目前爱屋企管持有来伊份52.96%的股份，加上一致行动人合计持有公司股份62.79%的股份。 控股股东"急于"减持套现，与公司不断下滑的业绩，以及休闲零食行业日益增加的竞争有很大关系。 2025年1月，来伊份主动提前终止第二期员工持股计划，主因是员工持股计划业绩考核目标为"以公司 2023年营业 ...

食品饮料 2025 年 06 月 17 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-06 2024-10 2025-02 食品饮料 沪深300 相关研究报告 5 月社零增速稳步上行，内需动力进一步修复 ——行业点评报告 张宇光（分析师） 张恒玮（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhanghengwei@kysec.cn 证书编号：S0790122020008 投资建议：社零数据增速好于预期，消费需求保持温和复苏 2025 年 5 月社零数据增速环比回升，主要系"618"活动提前开启及"以旧换新" 政策效果持续。展望 2025 年随着促经济政策落地，中长期来看宏观经济环境将 呈现改善趋势，居民收入和消费意愿有望改善，食品饮料板块有望受益。细分板 块看，白酒行业目前仍处于逐步筑底阶段，后续随着估值低位和股息率提升，白 酒作为低配板块有望迎来资金关注。大众品板块建议积极关注新消费板块标的， 一方面看好具有新渠道、新品类或新市场扩张的逻辑，主要是零食以及部分小食 品公司为主， ...

Group 1: Company News - Leonard A. Lauder, the honorary chairman of Estée Lauder, passed away at the age of 92, having played a crucial role in transforming the company from a single brand to a multi-brand cosmetics group [1] - The company is expected to experience limited direct impact on stock prices in the short term, with investors focusing more on current performance and business progress [1] Group 2: Industry Impact - The price of lemons, particularly Anju lemons, has surged to 7.5 to 10 yuan per jin, nearly tripling from the previous price of 3 to 4 yuan per jin, due to reduced production caused by drought conditions [2] - Rising raw material costs may lead tea beverage brands, especially smaller ones, to adjust their supply chain strategies and product pricing capabilities [2] - The exit of Huan Niu Cake from the market due to cost increases, competition, and management issues highlights the importance of cost control and operational management in the baking industry [3] - The termination of the acquisition of Hunan Ailing Food Technology by Three Squirrels indicates disagreements on core terms, potentially affecting the pace of expansion in the snack food sector [4]

Industry Insights - Wang Changtian, chairman of Light Media, emphasizes the need to change the profit distribution structure in the film industry, advocating for a shift that favors producers [1] - The film market is moving towards a stagnant phase, making survival difficult for producers, as evidenced by a 51.1% year-on-year decline in the box office for the May Day holiday, totaling 747 million yuan [2] - The overall losses in the film industry exceed 10 billion yuan annually, with many productions facing funding shortages during filming [3] Financial Implications - The lack of external funding has led to a 10% to 20% annual decline in net capital within the industry, as companies rely solely on box office revenues [4] - The box office revenue sharing model heavily favors cinemas, with 52.27% of the box office from "Nezha 2" going to cinemas, highlighting the challenges in adjusting profit-sharing ratios [4] Cinema Performance - Cinemas are also struggling, with average earnings per venue dropping by 47.8% to 325.7 yuan during the May Day holiday, and daily earnings per cinema falling by 52% to 12,000 yuan [5] - The survival of cinemas is crucial for maintaining stable box office revenues, indicating a complex interdependence between producers and cinemas [6] Market Challenges - Wang Changtian's proposal to redistribute profits in the film industry faces significant challenges, as both producers and cinemas are experiencing financial difficulties [7]

Market Performance - On June 16, 2025, A-shares experienced a slight rebound with the Shanghai Composite Index closing at 3388.73 points, up 0.35% [1] - The Shenzhen Component Index closed at 10163.55 points, up 0.41%, while the ChiNext Index closed at 2057.32 points, up 0.66% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day [1] - Hong Kong stocks opened lower but closed higher, with the Hang Seng Index rising 0.7% to 24060.99 points and a total trading volume of 229.24 billion HKD [1] - The Hang Seng China Enterprises Index increased by 0.86% to 8729.99 points, and the Hang Seng Tech Index rose by 1.15% to 5299.91 points [1] - In the US market, all three major indices closed higher, with the S&P 500 up 0.94% to 6033.11 points, the Nasdaq Composite up 1.52% to 19701.21 points, and the Dow Jones Industrial Average up 0.75% to 42515.09 points [1] Policy Update - The Ministry of Finance announced that starting from July 1, 2025, Dalian and Hubei will implement a tax refund policy for overseas travelers shopping [3] - This policy is based on various regulations and has been approved by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration [3]

食品饮料周报 白酒持续调整，关注高景气大众 品 证券研究报告 请务必阅读正文后免责条款 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年6月16日 食品饮料周报-观点 白酒行业 食品行业 风险提示：1）宏观经济疲软的风险；2）行业竞争加剧风险；3）重大食品安全事件的风险。 资料来源：Wind，平安证券研究所 本周白酒指数（中信）累计涨跌幅-5.31%。涨跌幅前三的个股为：金种子酒（-1.28%）、顺鑫农业（-1.60%）、伊力特（- 2.09%）；涨跌幅后三的个股为金徽酒（-8.33%）、今世缘（-8.80%）、古井贡酒（-9.78%）。 观点：白酒持续调整，期待后续改善。白酒板块持续调整，上周白酒指数下跌5.31%。据今日 ...

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【金工】短期利空因素影响有限 从4月中旬至今A股处于反弹的趋势中，而6-13在地缘的利空因素影响下出现单日放量下跌，万得微盘股指 数和北证50下跌幅度较大。 尽管市场短期回落但本轮反弹过程中，场内融资余额并未发生显著上涨，风险 指数显示当前A股主要指数所隐含的风险并未处于高位，我们认为短期利空因素所引发的调整幅度有限。 >>以上内容节选自国泰海通证券6月16日已经发布的研究报告 ： 短期利空因素影响有限 具体分析内容（包括风险提示等） 请详见完 整版 报告。 【美护】新消费时代——化妆品行业跟踪报告 看好美护板块引领新消费，零食品类裂变与新渠道共振。 新消费核心在产品焕新营造情绪价值消费。 我们认为，与2016-2021的流量红利驱动下的新消费浪潮不 同，本轮新消费更多体现在渠道红利消失后结构性的产品焕新，典型如美妆领域重组胶原成分持续迭代， 日化领域功能及情绪价值升级（如绽家香氛洗衣液，冷酸灵医研牙膏修复牙釉质），零食魔芋品类健康低 卡大受欢迎。我们认为，随中国经济增长、居民物质需求日益满足，情绪消费开始爆发，满足更细分、更 进阶需求的特色产 ...

Core Viewpoint - The company, Three Squirrels, announced the termination of its acquisition plan for Hunan Ailingshi Technology Co., Ltd. due to failure to reach agreement on key terms of the deal [1][5]. Acquisition Details - Three Squirrels' wholly-owned subsidiary, Anhui Yijianshi Entrepreneurship Investment Co., Ltd., intended to acquire Hunan Ailingshi for no more than 200 million yuan [4]. - The initial investment intention agreement was signed, and the parties were in discussions to finalize the deal, but ultimately could not agree on core terms [1][5]. Financial Performance - Despite the termination of the acquisition, Three Squirrels reported a significant increase in revenue, with 2024 revenue reaching 10.62 billion yuan, a year-on-year growth of 49.30% [7][8]. - The net profit attributable to shareholders was 408 million yuan, up 85.51% year-on-year, while the net profit excluding non-recurring items surged by 214.33% to 319 million yuan [7][8]. Business Expansion - The company continues to expand its business, having completed the acquisition of a 60% stake in Future Coming (Tianjin) Enterprise Management Co., Ltd. for 114 million yuan and a 20% stake in Anhui Three Squirrels Zhenyang Beverage Co., Ltd. for approximately 12.96 million yuan [6][7]. - Three Squirrels is actively incubating 33 sub-brands, aiming to become a leading all-category, all-channel manufacturing retail brand in China [7]. Market Presence - Hunan Ailingshi Technology Co., Ltd. operates over 1,800 stores across 13 provinces and regions in China, indicating a strong market presence in the snack food sector [5].

每经记者｜范芊芊 每经编辑｜杨夏 量贩零食行业备受关注的一笔并购"戛然而止"。 按照三只松鼠此前的说法，这笔收购是为了共同拓展线下市场。据爱零食披露的数据，截至2024年10 月，其在全国已有超过1800家门店，覆盖13个省市自治区。对于三只松鼠而言，线下市场一直是其弱 项。而就在不久前，三只松鼠也宣布了"一分利便利店"和"三只松鼠生活馆"两大线下渠道新业态。 对于爱零食而言，竞争对手鸣鸣很忙已经递交了港股招股书，好想来母公司万辰集团也是一家A股上市 公司，在量贩零食行业竞争越来越激烈，并购越来越频繁的当下，爱零食失去了三只松鼠，未来是否会 寻找其他的资本助力，将是市场关注的重点。 6月16日，记者也试图就此事采访三只松鼠，但截至发稿，未获得有效回应。 6月16日，三只松鼠公告称，与湖南爱零食科技有限公司（以下简称爱零食）创始人唐光亮签订的《投 资意向协议》终止。三只松鼠表示，双方就本次交易的部分核心条款未达成一致，经公司充分讨论和审 慎研究，决定终止本次收购事项。 （封面图片来源：每日经济新闻 资料图） 去年10月底，三只松鼠披露，子公司安徽一件事创业投资有限公司拟以不超过2亿元收购湖南爱零食科 技有限公司 ...