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团结孤岛门店,「如慕令」用新玩法重构蛋糕生意 | 早期项目
3 6 Ke· 2025-06-08 07:07
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]
食品饮料行业5月月报:食饮行情延续,多数子板块表现优异
Zhongyuan Securities· 2025-06-06 12:33
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, ...
一周上新!趁热集合、泸溪河、读酥世家...海内外新品资讯抢先看|全球职人情报站
东京烘焙职业人· 2025-06-06 10:07
东京烘焙职业人每周准时摘取烘焙行业最重要的、最有价值的新品信息、品牌资讯,行业热文和海 外信息,一切你想知道的,都在这里。 在这里不需要恰饭,只需要更新鲜的资讯! 大家好~ 6月10日我们将会和斯顿一起 在视频号为大家开启一场直播, 关于烘焙届的"变形金刚"—— 卡仕达预拌粉的创意应用 做馅料、做挞液、做蛋糕、做甜点... 新手一秒变大师! 直播现场还有精彩互动与抽奖活动, 快点击下方二维码预约~ 1、 红跑车蛋糕hpcbakery【椰奶大砖】 2、趁热集合 HOT CRUSH【七种口味冰蛋挞】 3、米旗【冰面包/冰泡芙】 4、面包工坊【黑金黄芝士布里奥斯】 5、欢牛【牛奶布丁】 6、意诺Uknow【冰面包】 7、全家FamilyMart【心太软软面包】 8、 85度C 【冰镇西瓜超级杯】 9、读酥世家新烘焙【提拉米酥】 10、 泸溪河【牛乳绿豆冰糕】 11、詹记【冰淇淋脆皮泡芙】 12、B&C【法式雪山奶油蛋糕】 13、 廣蓮申 【光明奶油小方】 14、崎本的店【椰风吐司】 15、甜星star【杨梅吐气】 16、石头先生的烤炉【冰面包】 17、 叮咚买菜 【爆馅蛋糕(西番莲芒果+牛乳芭乐)】 1、I Fan ...
中国烘焙工厂系列⑨ · 江苏味林食品 | 万平智造,年均推出20款新品,以硬核实力领跑健康烘焙赛道!
东京烘焙职业人· 2025-06-06 10:06
大家好~ 6月10日我们将会和斯顿一起 在视频号为大家开启一场直播, 关于烘焙届的"变形金刚"—— 卡仕达 预拌 粉的创意应用 做馅料、做挞液、做蛋糕、做甜点... 新手一秒变大师! 直播现场还有精彩互动与抽奖活动, 快点击下方二维码预约~ 为了中国烘焙市场信息更加透明流通,方便上下游资源更快速的链接,东京烘焙职业人开通栏目 " 中 国烘焙工厂 " ,和大家一起了解更多关于 OEM/ODM 加工企业的深度信息,洞察头部企业的发展布 局,快速精准匹配需求。 同时欢迎更多优质的 OEM/ODM 企业 与我们联系! 有需求联系相关代工企业或寻求代工相关资源的 品牌方 请添加联系方式,会有专人对接。 【中国烘焙工厂·第 9 家】 /// 近年来,随着消费者对健康饮食的关注日益升温,烘焙行业正经历一场从"美味至上"到"健康与美味 并重"的深刻变革。低糖、低脂、无添加的产品需求激增,而兼具创新力与品质保障的企业正在这一 浪潮中脱颖而出。 江苏味林食品有限公司(下文简称味林食品) ,正是这样一家以技术为驱动的烘 焙行业新锐力量。 从爆款单品"牛乳布丁麻薯""奇亚籽莓果玫瑰燕麦杯",到专为健身人群打造的"零添加蔗糖碱水 棒" ...
谁杀死了面包第一股?一场由山姆、711、三只松鼠们发动的绞杀
创业邦· 2025-06-06 09:47
Core Viewpoint - The article highlights the significant decline of the once-dominant bakery brand, Tao Li Bread, reflecting a broader crisis in the traditional packaged bread industry as it struggles to adapt to changing consumer preferences and competitive pressures from new entrants and alternative products [3][10][19]. Financial Performance - In Q1 2025, Tao Li Bread's revenue fell by 14.2% year-on-year to 1.201 billion yuan, while net profit dropped by 27.07% to 84.04 million yuan, marking the worst quarterly performance since its listing [3][4]. - From 2021 to 2024, revenue growth rates decreased from 6.24% to -9.93%, with net profit declining for four consecutive years [4][10]. Market Dynamics - The bakery market is experiencing a shift from large-scale production to precise operations, with Tao Li's struggles mirroring the challenges faced by other traditional brands like Man Ke Dun and Da Li, which have also seen declines or exits from the market [10][19]. - The market is becoming increasingly fragmented, with new brands like Xiao Bai Xin Li Ruan and Hao Shi gaining traction, while established brands face challenges from convenience stores and fresh-baked alternatives [6][10][33]. Competitive Landscape - The top five companies in China's baking industry include Da Li Yuan, Tao Li Bread, Pan Pan, Oreo, and Xu Fu Ji, with a highly dispersed competitive landscape where the top three companies hold only 9.2% market share [6][10]. - The rise of convenience stores offering fresh sandwiches and baked goods is significantly impacting traditional brands, as they cater to immediate consumer needs [10][12]. Consumer Preferences - Consumer perceptions are shifting, with a growing acceptance of medium and long shelf-life products, challenging the traditional notion that short shelf-life equals freshness [29][30]. - New brands are leveraging innovative marketing and product differentiation to capture market share, while traditional brands struggle with product innovation and adapting to new consumer demands [30][42]. Industry Transformation - The article emphasizes that the challenges faced by Tao Li Bread are indicative of a larger transformation in the industry, where traditional brands must navigate a landscape increasingly dominated by new entrants and changing consumer behaviors [13][46]. - The competition is no longer just among similar brands but also includes a variety of channels and formats, such as convenience stores and online platforms, which are reshaping consumer purchasing habits [46][60].
玉米蛋挞收割流量,烘焙圈期待品质、性价比兼顾单品
Cai Jing Wang· 2025-06-06 06:40
Core Insights - The emergence of corn egg tarts has sparked significant attention due to their high price point, with some brands pricing them at 48 yuan each, leading to discussions about value for money and market positioning [1][3][4] - The market for baked goods is experiencing dynamic changes, with a high rate of new store openings and closures, indicating a competitive landscape where both premium and budget brands are vying for consumer attention [7][8] Pricing and Consumer Behavior - The pricing of corn egg tarts has become a hot topic, with some consumers finding the 48 yuan price tag excessive, while others appreciate the taste despite the cost [3][4] - Online platforms show a wide range of prices for corn egg tarts, with many stores offering them between 9 to 20 yuan, indicating a shift towards more affordable options [4][5] Market Trends and Innovations - The corn egg tart's success is attributed to its unique flavor profile and the novelty it brings to the traditional tart market, appealing to consumers' desire for new experiences [5][6] - Social media has played a crucial role in amplifying the popularity of corn egg tarts, with platforms like Douyin and Xiaohongshu driving consumer interest and engagement [5][6] Industry Growth and Future Outlook - The baking industry is projected to grow, with estimates suggesting a market size of 1,160 billion yuan by 2025, driven by increasing consumer demand for baked goods as part of emotional wellness [7][8] - The competitive landscape is characterized by a "pyramid pricing structure," where premium brands coexist with budget-friendly options, catering to diverse consumer needs [8][9] Brand Strategies and Consumer Preferences - Brands are focusing on balancing quality and price to attract consumers, with high-end brands needing to enhance their unique selling propositions while budget brands must ensure consistent quality [9][10] - Digital capabilities are identified as a common area for improvement across both high-end and budget brands, emphasizing the need for better data-driven operations and customer engagement strategies [10]
传统包装面包,日子不好过
虎嗅APP· 2025-06-05 14:24
以下文章来源于剁椒Spicy ,作者剁椒团队 剁椒Spicy . 专注于电商、营销、流量生态,以及消费者洞察的全新商业自媒体 本文来自微信公众号: 剁椒Spicy ,作者:Mia,原文标题:《谁杀死了面包第一股?一场由山姆、 711、三只松鼠们发动的绞杀》,头图来自:AI生成 2025年第一季度财报犹如一记重锤。数据显示,桃李面包营收同比暴跌14.2%至12.01亿元,归母净 利润更是雪崩式下滑27.07%,仅剩8403.72万元,毛利率与净利率也双双跳水,创下上市以来最惨烈 单季表现。 | 单位: | | --- | | 元 币种: | | 人民币 | | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 增减变动幅度(%) | | --- | --- | --- | --- | | 营业收入 | 1, 201, 171, 488. 40 | 1, 400, 002, 318. 86 | -14. 20 | | 归属于上市公司股东的净利润 | 84, 037, 214. 32 | 115, 230, 925. 14 | -27.07 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 79, ...
71岁老汉开餐厅,赚下13亿美元家底
3 6 Ke· 2025-06-05 10:28
26岁那年,罗纳德·沙伊克(Ron Shaich)开了自己的第一家面包店。此后的几十年间,他以"餐饮预言家"的身份点石成金,先后发掘并培育出多个美国头 部餐饮品牌。现在,让我们看看他眼中的下一个餐饮业风口。 在安提瓜海岸外的私人岛屿琼比湾度假别墅里,这位71岁的亿万富豪、餐饮大亨正悠闲地靠在别墅的书房里,侃侃而谈他最钟爱的话题:美国餐饮业这 个"赢者通吃"的江湖。 "做餐饮就像在泥土里淘金,"他直言不讳道,绝大多数时候你只能挖到烂泥,但只要你能发现那个特别的东西,就能掘出真金。"我最享受的,就是比所 有人都早一步发现机会的那种感觉。" 01 对Cava的投资无疑是沙伊克商业生涯中最成功的一次押注。 2023年,这家地中海风味快餐连锁以近50亿美元估值成功上市,如今市值已飙升至94亿美元。尽管Cava的门店数量仅为潘娜拉当年被售给JAB时的五分之 一,但市值却已超越当年潘娜拉的成交价。作为上市时的最大股东兼现任董事会主席,沙伊克通过这次IPO成功跻身亿万富豪行列。 据《福布斯》最新估计,这位餐饮大亨在上市后减持6.4亿美元(税前)股票,保留了4%的股份,当前身家已达13亿美元。 如此辉煌的战绩,或许足以让大多数 ...
传统包装面包,日子不好过
Hu Xiu· 2025-06-05 04:06
Core Insights - The article highlights the unprecedented challenges faced by the once-dominant bakery brand, Tao Li Bread, indicating a significant decline in its market position and financial performance [1][11][10]. Financial Performance - In Q1 2025, Tao Li Bread reported a revenue drop of 14.2% year-on-year to 1.201 billion yuan, with net profit plummeting by 27.07% to 84.04 million yuan, marking the worst quarterly performance since its listing [2][3]. - From 2021 to 2024, the company's revenue growth rate fell from 6.24% to -9.93%, and net profit has been declining for four consecutive years [3][12]. Market Dynamics - The traditional packaged bread market is experiencing a "mid-life crisis," with Tao Li's struggles reflecting broader industry challenges, including competition from fresh-baked goods and convenience store offerings [10][8]. - The market is becoming increasingly fragmented, with new brands like A1 Snack Research Institute and Xiao Bai Xin Li Ruan gaining traction, while established brands like Dali and Man Ke Dun are facing significant setbacks [26][19][4]. Competitive Landscape - The competitive landscape is shifting, with convenience stores and new entrants offering fresh products that appeal to consumers, thereby eroding the market share of traditional brands like Tao Li [8][36]. - Tao Li's reliance on traditional supermarket channels is becoming a liability, as evidenced by a net loss of 144 distributors in 2024, highlighting the need for adaptation to new market realities [15][14]. Consumer Preferences - Consumer perceptions are changing, with a growing acceptance of medium and long-shelf-life products, challenging the traditional notion that "short shelf-life equals freshness" [27][20]. - New brands are leveraging innovative marketing and product differentiation to capture market share, while traditional brands struggle with product innovation and adaptation [30][29]. Industry Trends - The industry is witnessing a shift from industrialized production to scenario-based competition, necessitating traditional brands to rethink their strategies to survive [10][39]. - The rise of self-branded products in convenience stores and supermarkets is further intensifying competition, as these products often offer better pricing and perceived value [32][34]. Future Directions - The article suggests that the future of the packaged bread industry lies in exploring new consumer scenarios and adapting to changing market dynamics, rather than relying solely on traditional distribution channels [46][51]. - Brands are encouraged to innovate in product offerings and marketing strategies to better align with consumer needs and preferences in a rapidly evolving market [47][50].
ESG解读|一致行动协议终止后,桃李面包董事会首现反对票;家族双核治理直面业绩考验
Sou Hu Cai Jing· 2025-06-05 03:12
Core Viewpoint - The article discusses the governance structure and recent developments at Tao Li Bread, highlighting the shift from a unified family control to a more decentralized decision-making process within the board of directors [5][6]. Shareholding Structure - Tao Li Bread exhibits a typical family-controlled structure, with four family shareholders holding a combined 56.36% of shares, led by Wu Xuequn with 24.99% and Wu Xueliang with 15.71% [3][4]. - The family has a diversified shareholding, preventing any single shareholder from having absolute control, despite the concentration of shares within the family [4]. Recent Governance Issues - A recent board meeting revealed a dissenting vote from Wu Xueliang against a proposal to increase credit limits, indicating potential governance issues within the family [5][6]. - The company has 24 production bases with a capacity of 49.35 million tons, but production has decreased by 11.03% compared to 2023 [5]. Historical Context - The shareholding evolution of Tao Li Bread can be divided into three phases: initial family control, consolidation during growth, and governance adjustments post-IPO [7][10]. - The company was founded in 1997 by Wu Zhigang and his second son, Wu Xuequn, and has undergone several ownership changes and expansions since then [10][11]. Financial Performance - The company has faced declining financial performance, with a revenue drop of 14.2% in Q1 2025 and a net profit decline of 27.1% [19]. - In 2024, revenue was 6.09 billion yuan, down 9.9% year-on-year, with net profit at 520 million yuan, a decrease of 9.1% [19]. ESG Disclosure - Tao Li Bread currently holds a B rating in ESG assessments, with governance scores being higher than social and environmental scores [21][23]. - The company has faced criticism for its lack of transparency in social and environmental responsibility disclosures, particularly regarding employee turnover and product quality complaints [25][27]. Information Disclosure - The company has maintained a cash dividend policy, with a planned payout ratio of 76.6% for 2024, aligning with regulatory expectations [28]. - Despite having a comprehensive information disclosure system, the quality of disclosures still requires improvement, as evidenced by a consistent B rating from the stock exchange over the past three years [28].