证券研究报告：食品饮料|行业周报 发布时间：2025-05-19 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18105.47 | | 52 周最高 | 19832.49 | | 52 周最低 | 14118.56 | 行业相对指数表现 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《白酒主动降速减压、提高分红率，大 众品关注新渠道/新品类机会》 - 2025.05.12 食品饮 ...

食酒盛市｜积极求变，开拓新章——近期调研反馈 20250518 摘要 • 白酒行业正逐步探底，权重龙头企业配置价值提升，估值和股息率具吸引 力。推荐关注茅台、五粮液、汾酒、古井，以及区域受益标的今世缘和黄 酒领域的老窖、水井坊、舍得。 • 海天味业核心品类保持增长，通过产品迭代和新品类开发拓展渠道。重点 发力柔性化生产线改造，使用国产非转基因大豆，整体费用率预计平稳可 控，海外市场布局系统化。 • 统一企业中国无糖茶饮赛道回归理性增长，计划推出低糖无糖系列产品， 保持高个位数增速。调整红烧牛肉面及汤达人系列产品，实现双位数增长。 预期费用率下降，中长期净利率保持在 5%左右。 • 安德利果汁苹果汁成本在下游比例较低，涨价传导能力强。美国出口比例 高，全球需求刚性。行业格局良好，CR2 由安德利和国投中鲁主导，安德 利盈利能力突出。苹果价格持续上涨，资源紧缺带来更高溢价。 • 好想你主业红枣礼赠稳步推进，重点打造大单品如黑金枣，有望对标红枣 派。公司产品和渠道端成长性得到印证。目前估值基于资产定价，高分红 属性。重点发展大单品，推进沙漠渠道进驻门店，开发新产品。 Q&A 当前大众品行业有哪些值得关注的投资方向？ ...

• 麦角硫因价格构成中，品牌端到消费端利润最高，毛利率可达 70%- 90%。掌握高纯度原料并降低成本是核心竞争力。企业通过提高纯度降低 成本，使终端价格更具竞争力。 • 生物合成技术降低麦角硫因价格，两条链纯度定价约 8,500-9,500 元/公 斤，四条链 10 万元以上。华睿和景山生物口碑较好，毛利率至少 50%。 发酵规模扩大后，蛋白类产品成本将显著下降。 保健品代工行业是否存在技术壁垒？ 麦角硫因产业链解构专家电话会 20250518 摘要 • 国内麦角硫因生产受限，依赖跨境电商，但假货问题突出。品牌方、原料 方和渠道方需联合行动，提高消费者认知，确保产品功效，并引导消费者 通过专业渠道购买，以应对市场乱象。 • 保健品代工行业存在技术壁垒，头部代工厂如仙乐和百合通过包埋技术和 调香提升产品价值。行业内企业对法规持观望态度，头部企业通过升级产 品规格和联合推广提高消费者认知。 • 麦角硫因产品毛利率高，集中在生产端，高纯度是核心竞争力。景山生物 等公司纯度达 99.99%，影响代工厂利润空间。化学合成可能引入重金属， 质检和工艺质检至关重要。 • 抗衰市场热度增加，麦角硫因作为天然抗氧化剂，直接作 ...

每经记者｜赵李南 每经编辑｜魏官红 "从2011年上市到现在，对于市值管理，说实在话，我的初心很简单，把企业做好，扎扎实实做好。你有好的产品、好的市场，获得好的利润回报，回报股 东、回报社会、回报员工，我认为（这就是）最好的市值管理。"金达威董事长江斌说道。 2024年和今年一季度，金达威（002626.SZ，股价19.18元，市值116.99亿元）分别实现归母净利润约3.4亿元和1.2亿元，同比增长约23.6%和72%。 江斌解释称，一季度之所以能够取得这样的业绩，最主要的因素源于企业规模效应及管理效率的提升。 2025年一季度，金达威的整体销售毛利率约41.7%。2024年，金达威的维生素A、辅酶Q10和营养保健品的毛利率分别达到了32.8%、48.2%和35.2%。 "传统的鱼油市场本身已达百万吨级规模，但通过微藻生物制造的藻油（EPA/DHA）Omega-3，成本有望比鱼油（EPA/DHA）Omega-3更低，这个市场容量 非常巨大，以百万吨级来计。藻油有几个优势，一是可再生，只需要有钱投发酵罐；二是通过微藻异养无溶剂提纯，属植物源性产品，避免了海鲜过敏问 题；三是绿色环保，不涉及海洋资源过度捕捞和重 ...

Core Viewpoint - The advertisement featuring the 75-year-old chairman of Kelun Pharmaceutical, Liu Gexin, showcasing his muscular physique has sparked discussions about the authenticity of the advertisement, the efficacy of the endorsed product, and the development of the anti-aging industry [2][3]. Group 1: Advertisement Impact - The advertisement represents a bold and innovative attempt to capture attention in a traffic-driven era, leveraging Liu's impressive physique to convey a positive message about health and vitality at an older age [2]. - Liu's display of health challenges the notion that age is a barrier to pursuing a healthy lifestyle, serving as an inspirational example for younger generations [2]. Group 2: Product Pricing and Market Demand - The endorsed product, Ergothioneine capsules, priced at 1499 yuan for 60 capsules, raises concerns about its value proposition, especially since it is more expensive in China than in Japan [3]. - Despite the high price, the anti-aging product market is growing due to the increasing demand driven by an aging population, indicating a significant market potential [3]. Group 3: Industry Challenges - There is currently no widely recognized anti-aging product with proven efficacy, leading to a proliferation of exaggerated claims and false advertising in the market [3][4]. - The anti-aging industry requires substantial technological innovation and research investment to advance, emphasizing the need for companies to focus on improving product quality and efficacy [4]. Group 4: Consumer Education and Expectations - The anti-aging sector must prioritize consumer education to combat misinformation and enhance understanding of product capabilities, while also managing consumer expectations regarding the efficacy of these products [4][5]. - The advertisement serves as a deeper discussion about health, aging, and entrepreneurial spirit, highlighting the importance of product effectiveness beyond mere promotional tactics [4].

Core Viewpoint - The article emphasizes the importance of protecting the legal rights of the elderly by cracking down on false advertising, price violations, and food safety issues related to health products in Urumqi City, Xinjiang Uygur Autonomous Region [1] Group 1: Regulatory Actions - The Urumqi City Market Supervision Administration is conducting special inspections focusing on false advertising and promotion of drugs and health products targeted at the elderly [1] - Inspections are being carried out in health and wellness centers, therapy centers, pharmacies, and food businesses, utilizing both online and offline methods to verify the legality of sales channels and compliance with labeling requirements [2] Group 2: Legal Compliance and Education - The administration is enforcing strict measures against exaggerated claims regarding health products and illegal promotional practices aimed at attracting elderly customers [2] - Educational efforts are being made to inform merchants about relevant laws such as the Food Safety Law, Advertising Law, Price Law, and Anti-Unfair Competition Law, enhancing legal awareness among both consumers and business operators [2] Group 3: Future Initiatives - The Urumqi City Market Supervision Administration plans to strengthen public awareness campaigns, publish typical case warnings, and encourage community participation in reporting issues related to false advertising of health products for the elderly [2]

Core Viewpoint - The company, Hangzhou Tianmu Mountain Pharmaceutical Co., Ltd., reported significant growth in its health product business, with a revenue increase of 321.62% year-on-year, driven by new product launches and a high gross margin of 74.25% [1][2]. Health Product Business - The health product business generated revenue of 68 million yuan in 2024, contributing to a total annual revenue of 217 million yuan [1]. - The main products include iron skin maple fruit, Zhen Ting prepared wine, and white flower snake grass water, with the latter showing a gross margin of 54.71% [10][11]. - The company has established a strong customer base, primarily in Qingdao, with significant sales to local construction companies [12][13]. Supplier and Customer Transactions - The top ten suppliers for the health product business had a total transaction amount of 26.90 million yuan, with no prepayment balances at year-end [4][5]. - The top ten customers contributed to a total transaction amount of 25.72 million yuan, with a significant portion being related to the company's controlling shareholder [5][6]. Gross Margin Comparison - The gross margin for the company's iron skin maple fruit products is 84.55%, which is higher than the industry average of 70.14% [5][6]. - The gross margin for Zhen Ting prepared wine is 66.88%, which is lower than the industry average of 74.23% but higher than some competitors [8][9]. Sales Channel Development - The company has developed a robust sales network, focusing on direct sales and establishing long-term relationships with distributors [12][13]. - The addition of numerous Qingdao construction company clients is justified by the local industry's growth and demand for health products [13][14]. Service Business Growth - The company reported a 285.70% increase in service business revenue, amounting to 42.89 million yuan, primarily from a contract with the Qingdao Health Commission [20]. - The service business has a gross margin of 71.46%, indicating strong profitability [20]. Audit and Compliance - The company has undergone thorough audits regarding its health product business, confirming the accuracy of its financial disclosures and compliance with accounting standards [19][20].

1、行业背景与市场发展 2、产品特性与功效 3、市场竞争格局 4、消费者分析 5、市场前景与投资要点 Q&A Q：麦角硫因行业及市场目前在国内和海外的发展情况。 发现与产地：麦角硫因最早由法国药剂师发现，是一种需从外界获取的成分，主要集中在菌类。日本北海道及中国东北部麦角硫因含 量高，当地工厂和供应链较多，无论是国内还是国外，麦角硫因的生产往往集中在这些区域。 合成方式：麦角硫因可通过化学合成或生物合成，目前国内宣传及主流添加渠道以化学合成为主，但考虑规模化生产需预估产量。同 时，中国人对化学合成存在固有观念，认为是药三分毒，可能影响产品接受度，未来生物合成与化学合成共同组成产品是发展趋势。 法规与市场：国内法律法规尚未对麦角硫因像 NAD+等特殊品类一样给予合法合规地位，当前国内市场主要靠海外旗舰店及菜鸟仓产 品支撑，整体市场存在空白。预计 2026 年左右，麦角硫因在国内法律法规上会像 NMN 产品类一样，逐渐获得市场。2022 年麦 角硫因市场规模 4.63 亿，2025 年预计超 8 亿，中国市场占有率约 23% ，未来增长潜力大。 功效多样：麦角硫因具有抗氧化功效，能抗老抗衰、抗炎症、保护神经心血管 ...

方正证券主要观点如下： 2)新趋势：功效多元化、剂型零食化，对供给端的研发能力提出更高的要求。功效方面，当前"悦己经 济"蓬勃发展，消费者对功效的期待变得更加具体且个性化，比如单个产品开发复合功效，这要求供给 端具备市场洞察捕捉各类群体的隐蔽健康痛点，同时也要具备开发循证有效产品的研发能力;剂型方 面，软糖、饮品等新兴剂型兼具适口性与便利性，有利于培养消费者的日常服用习惯，根据灼识咨询， 22-24年软糖/饮品剂型CAGR分别约为40%/30%，剂型增速领先，这要求供给端具有充足的新剂型产能 及出色的研发能力。 方正证券发布研报称，当前中国营养保健食品市场处于重要变革期，新消费驱动下行业呈现渠道多元 化、产品创新化、人群全龄化三大特征。该行重视积极把握新消费变革趋势的头部B端企业，新消费驱 动业绩增长，或有望带来板块的估值切换。建议关注积极布局新消费赛道的头部企业，推荐聚焦高价值 客户拓展的仙乐健康（300791）(300791.SZ)及布局跨境与宠物营养的百合股份（603102） (603102.SH)。该行预计，未来行业将保持中高个位数复合增长，头部企业集中度有望加速提升。 当前中国营养保健食品市场处于重 ...

康宝莱2024年年报显示，截至2024年12月31日的年度，中国地区的净销售额为2.976亿美元。与2023年 同期相比，截至2024年12月31日的年度净销售额下降了2980万美元，降幅为9.1%。以当地货币计算， 截至2024年12月31日的年度净销售额与2023年同期相比下降了7.5%。截至2024年12月31日的年度净销 售额下降9.1%主要是由于销量下降，销量点数下降6.5%，销售组合的不利影响2.5%，以及外汇汇率波 动的不利影响1.6%。 此前的2023年年报显示，截至2023年12月31日的财年净销售额为3.274亿美元。与2022年同期相比，截 至2023年12月31日的年度净销售额下降了6360万美元，降幅为16.3%。以当地货币计算，截至2023年12 月31日的年度净销售额与2022年同期相比下降了11.8%。截至2023年12月31日止年度的净销售额下降 16.3%，主要是由于销售量下降，表现为销售量下降9.1%，外汇汇率波动的不利影响4.5%，销售组合的 不利影响3.1%，但价格上涨带来的2.6%的有利影响部分抵消了这一下降。 商务部WTO研究会营商环境研究专委会主任胡远江认为，康 ...