登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 据受访人士分析，这意味着上市公司分红意识显著增强。其背后，既与监管层对上市公司分红的反复引 导相关联，又与针对分红力度不足公司的约束性措施密切相关。此前，证监会明确，对有盈利且有盈 余，但不分红或分红比例偏低的公司实施风险警示（即ST），这一措施倒逼上市公司提高分红水平。 加大分红频次与分红力度，构建"中期+年度"双分红体系，这是监管层对上市公司的分红新要求。在此 要求下，新一波分红潮提前爆发。 按照往年惯例，8月中下旬才是上市公司中期分红的高峰期。然而，截至7月31日，发布2025年中期分红 计划的上市公司已经多达数十家。其中，至少9家为上市以来首次进行中期分红。 药明康德即是典型案例。日前，这家公司推出的2025年中期利润分配方案，拟每手（最小持股单位，1 手等于100股）派息35元。这也是其首次中期分红。 与此同时，大手笔分红亦在增加。在东鹏饮料日前推出的2025年中期分红计划中，每手分红规模达到 250元。 另一个值得关注的信号是，高成长公司也可以带来高回报。典型如宁德时代，其2 ...

公司首次回购股份的时间、回购股份的数量、回购股份的价格及集中竞价交易的委托时段符合《深圳证 券交易所上市公司自律监管指引第9号一一回购股份》的相关规定，具体如下： 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 承德露露股份公司（以下简称"公司"）分别于2024年10月24日、2024年11月11日召开第八届董事会2024 年第四次临时会议及2024年第三次临时股东大会，审议通过了《关于回购部分社会公众股份方案的议 案》，同意使用公司自有资金或自筹资金，以集中竞价交易方式，以不超过人民币11.75元/股（含）的 价格回购本公司部分人民币普通股A股股份，回购的数量不低于3000万股（含）且不高于6000万股 （含），回购的资金额度不超过人民币70,500万元（含），具体回购数量及回购金额以回购期限届满或 回购实施完成时实际回购的数据为准。回购股份的期限为自公司2024年第三次临时股东大会审议通过本 次回购股份方案之日起12个月内。 上述内容具体详见公司分别于2024年10月25日、2024年11月15日在《中国证券报》《证券时报》《证券 日报》及巨潮资讯网（ww ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others [1]. Core Insights - The report highlights that most baijiu wholesale prices have stabilized, with specific price changes noted for various brands. For instance, the price of Feitian Moutai (case) is 1915 yuan, down by 35 yuan from the previous month, and down 665 yuan year-on-year [3][9]. - Discounts on liquid milk and beer have decreased compared to previous months, indicating a shift in pricing strategies within the consumer goods market [5][22]. Summary by Sections Baijiu Pricing - Guizhou Moutai's prices for different products have shown a decline, with Feitian Moutai (case) at 1915 yuan, down 35 yuan month-on-month and 665 yuan year-on-year [3][9]. - Wuliangye's eighth-generation price is 930 yuan, stable compared to last month and unchanged year-on-year [4][9]. - Luzhou Laojiao's Guojiao 1573 remains at 860 yuan, unchanged from last month and down 40 yuan year-on-year [4][9]. Consumer Goods Discounts - The average discount rate for liquid milk has decreased to 79.1% from 73.8% at the end of June, while the median discount rate increased to 80.3% [5][22]. - Beer discounts have also seen a slight increase, with average and median rates at 83.6% and 87.0%, respectively, compared to 81.1% and 84.6% in late June [5][22]. - Discounts for infant formula and instant foods have remained stable, with average rates at 93.0% and 94.3%, respectively [7][22].

Core Viewpoint - The valuation of Nongfu Spring has experienced fluctuations due to public sentiment, but it has actively responded, leading to a recovery in valuation to above 30x. The company's long-term growth potential and excellent business model are the main reasons for its valuation premium [2]. Group 1: Company Overview - Nongfu Spring, established in 1996, is a rare platform enterprise in the soft drink sector in China, with a comprehensive product layout including packaged water, tea, and juice [4]. - In 2024, the company is projected to generate revenue of 42.9 billion and a net profit of 12.1 billion, with a net profit margin of 28%, leading the industry in both revenue scale and profitability [4]. - The company adheres to a long-termism philosophy, aiming to create products that last a century rather than just achieving short-term revenue goals [4]. Group 2: Market Position and Strategy - The company has a highly concentrated shareholding structure, with founder Zhong Shanshan holding 84% of the shares, allowing for stable and efficient management [6]. - Nongfu Spring has a deep involvement in the upstream supply chain, including tea and fruit cultivation, positioning itself as a vertically integrated enterprise [6]. - The management team has extensive experience in the beverage industry, contributing to effective operational mechanisms and industry-leading incentives [6]. Group 3: Industry Dynamics - The packaged water market in China is expected to reach 247 billion in 2024, with a forecasted medium single-digit growth rate, driven by large and bulk packaging [14]. - The industry has experienced a shift from low-cost "one yuan" water to "two yuan" water, with Nongfu Spring successfully increasing its market share during this transition [18]. - The packaged water sector is characterized by a long lifecycle and continuous growth, benefiting from trends towards health and convenience [11][12]. Group 4: Competitive Landscape - The packaged water industry has seen a concentration of market share among leading brands, with Nongfu Spring significantly widening the gap with competitors [15]. - The competitive landscape has evolved through three phases: product-centric, channel-centric, and brand-centric, with Nongfu Spring emerging as a leader in the brand-centric phase [16][18]. - The company has effectively navigated challenges, including public sentiment issues, by focusing on rational pricing strategies and enhancing brand strength [18].

25Q2 经销商同比+297 家至3279 家；覆盖420 万家终端网点；2）经销商质量：25Q2 平均经销商规模同 比+22%至179 万元/家。 毛利率基本稳健，费用投放有所增加。1）25Q2 公司毛利率/净利率分别同-0.35/-0.61pct 至 45.70%/23.68%；毛利率基本稳健。2）销售费用率/管理费用率/财务费用率分别同比 +0.50/+0.29/+0.57pct 至14.82%/2.35%/-0.78%；销售费用率增长主要系宣传费用支出以及加大冰柜投入 和薪酬支出；管理费用率增加系薪酬/信息服务费/折旧摊销等支出增加；财务费用率增加系存款利息收 入下降。3）净利率仍受公允价值变动净收益（占营收比重同比+1.26pct）/其他收益（占营收比重同比 +0.48pct）影响。4）现金流方面，25Q2 经营活动现金流净额同比-21%至11 亿元（主要系24 年期末预 收款较多同时支付各项税费增加），销售回款同比+30%至62 亿元，合同负债同比/环比分别+47%/-5% 至36.67 亿元。 事件：25H1 实现收入/归母净利润107.37/23.75 亿元，同比+36.37%/37.22%； ...

Investment Rating - The report assigns an "Outperform" rating to several companies in the essential consumer goods sector, including Haidilao, Youran Dairy, Jiumaojiu, Modern Farming, Dasheng Holdings, Yihai International, Aoyou, and China Feihe, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights a general decline in spot cost indices for six categories of consumer goods, while futures indices primarily increased [38]. - The spot cost indices for dairy products, soft drinks, frozen foods, beer, instant noodles, and condiments changed by -2.92%, -2.46%, -1.88%, -1.78%, -1.58%, and -1.29%, respectively, while the futures cost indices changed by -1.52%/+1.64%/-1.77%/+3.57%/+0.84%/+2.89% [38]. Summary by Category Beer - The spot cost index decreased by 1.78% month-on-month, while the futures index increased by 3.57% [39]. - Year-to-date, the spot and futures indices have changed by -4.54% and -5.08%, respectively [39]. Seasonings - The spot cost index decreased by 1.29% month-on-month, while the futures index increased by 2.89% [40]. - Year-to-date, the spot and futures indices have changed by -1.7% and -3.2%, respectively [40]. Dairy Products - The spot cost index decreased by 2.92% month-on-month, and the futures index decreased by 1.52% [41]. - Year-to-date, the spot and futures indices have changed by -3.87% and -1.08%, respectively [41]. Instant Noodles - The spot cost index decreased by 1.58% month-on-month, while the futures index increased by 0.84% [42]. - Year-to-date, the spot and futures indices have changed by -4.43% and -3.07%, respectively [42]. Frozen Foods - The spot cost index decreased by 1.88% month-on-month, and the futures index decreased by 1.77% [43]. - Year-to-date, the spot and futures indices have changed by -2.95% and -3.6%, respectively [43]. Soft Drinks - The spot cost index decreased by 2.46% month-on-month, while the futures index increased by 1.64% [44]. - Year-to-date, the spot and futures indices have changed by -5.91% and -5%, respectively [44].

谁能想到，买瓶娃哈哈矿泉水都能踩进"连环大戏"？ 本来想着点点手指，水就送到家。 谁知道今年7月，老天猫店说没就没，店名一换，老板也变了。 跟换脸似的。 这事闹得沸沸扬扬，谁还不多嘴两句？ 都说活久见，难不成网上买水还得抓紧？ 这场面搁十年前都不敢想。 原来的"娃哈哈官方旗舰店"，一查，居然变成了啥"同源康食品专营店"。 新出来的那个"娃哈哈旗舰店"，后台又是另一家公司。 看着眼熟，实际上跟你半毛钱关系都没有。 你说说，大家都买了那么多年水，怎么突然就人去楼空？ 有细心的网友不信邪，扒拉工商信息。 发现以前这个旗舰店背后的运营公司，是同源康电子商务（杭州）有限公司。 成立了十几年，老板杜建英，持股75%。 这公司当初可不简单，2010年代初就帮娃哈哈插上了"电商的翅膀"，一手带娃哈哈打开了网络的门。 说白了，少了他们，娃哈哈线上的钱哪那么好赚？ 换下场的杭州恒意电子商务有限公司，注册资本才100万。 成立不过四年。 可架不住董事名字有分量，写的就是宗馥莉。 哎，这下大家都懂了。 娃哈哈家里的事，终于轮到自己人掌舵。 宗馥莉这几年折腾得可欢，无论是新口味还是渠道，非得自个来。 第三方的公司，再能干，毕竟不是自家 ...

国浩律师（杭州）事务 所 法律意见书 国浩律师（杭州）事务所 香飘飘食品股份有限公司 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师 楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年七月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 法律意见书 致：香飘飘食品股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受香飘飘食品股份有限公 司（以下简称"公司"）委托，指派律师出席公司 2025 年第一次临时股东会（以 下简称"本次股东会"），并依据《中华人民共和国公司法》 （以下简称"《公司 法》"）、《中 ...

Group 1 - The report highlights the importance of the "15th Five-Year Plan" in shaping China's economic direction amidst complex changes in the development environment, emphasizing the need for a balance between quality and quantity in economic growth [4][5][6] - The macroeconomic policy is expected to maintain stability and continuity, with a focus on implementing existing policies rather than introducing new ones, aiming for a GDP growth target of around 5% for the year [5][6][7] - Consumer spending is a key area of focus, with potential support policies for service consumption being considered, as well as measures to improve living standards and expand consumption demand [5][6][11] Group 2 - The report indicates that investment in infrastructure projects will continue to be a priority, with a focus on optimizing fiscal spending and avoiding new hidden debts [6][7][10] - Monetary policy is expected to utilize structural tools to support key sectors such as technology innovation and small enterprises, while maintaining liquidity in the market [7][11][12] - The report notes a shift in the approach to "anti-involution," with a focus on managing competition in key industries rather than solely addressing low-price competition [8][10][15] Group 3 - The report suggests that the capital market's attractiveness and inclusivity will be enhanced, with a focus on stabilizing and boosting market confidence [17][20] - It emphasizes the need for effective release of domestic demand and boosting consumer confidence, particularly through targeted actions to stimulate consumption [18][20] - The report discusses the importance of institutional reforms and further opening up, particularly in promoting technological innovation and integrating industry and innovation [19][20] Group 4 - The beverage industry is highlighted for its competitive dynamics, particularly regarding the strategic placement of ice cabinets to enhance product visibility and sales performance [24][25][26] - The report notes that leading brands are leveraging early investments in ice cabinet placements to create channel barriers and improve inventory management [24][25][26] - It suggests that the competitive advantage in the beverage sector will increasingly depend on effective operational strategies and the ability to adapt to market demands [25][26]

Investment Rating - The industry investment rating is "Increase Holding" [4] Core Viewpoints - The report emphasizes that leading brands are increasing their investment in freezer displays to create channel barriers and enhance product visibility, which is crucial for instant consumption [6][10] - The rapid increase in freezer numbers by major brands like Nongfu Spring and Dongpeng has significantly boosted their sales performance, indicating a strong correlation between freezer investment and revenue growth [6][18] - The report suggests that the competitive landscape is shifting towards channel optimization and single-point sales enhancement rather than mere expansion of distribution networks [13][14] Summary by Sections Freezer Display and Instant Consumption - Freezer displays are driving instant consumption, with brands like Nongfu Spring increasing their freezer count from 360,000 in 2019 to approximately 800,000 in 2022, leading to substantial revenue growth in their ready-to-drink tea products [6][18] - Dongpeng's freezer count is projected to rise from 74,000 in 2022 to 300,000 by 2024, with corresponding sales revenue expected to increase by 32.42% and 40.63% in 2023 and 2024 respectively [6][18] Market Dynamics and Inventory Management - The report highlights that freezer displays facilitate inventory front-loading, allowing brands to manage stock more efficiently and reduce supply chain response times [6][23] - Each 100,000 freezers can hold inventory worth approximately 200 million yuan, which aids in rapid stock turnover and enhances sales dynamics [6][23] Competitive Landscape and Brand Strategies - Leading brands have established a stronghold in key terminal freezer points, making it challenging for new entrants to penetrate the market [37] - The report notes that major brands like Coca-Cola and Nongfu Spring have already secured significant market shares in urban areas, creating a competitive barrier for latecomers [37] Financial Implications and Accounting Practices - The report discusses two accounting methods for freezer expenses: Nongfu Spring uses a depreciation model, while Dongpeng accounts for these costs as current sales expenses [36][40] - The financial impact of freezer investments is evident, with Nongfu Spring's depreciation and amortization costs rising from 1.2% of total revenue in 2018 to 1.6% in 2019 due to increased freezer deployment [40] Investment Recommendations - The report recommends focusing on companies with early investments and substantial existing freezer stocks, specifically Nongfu Spring, Master Kong, and Dongpeng Beverage, which have shown significant results from their freezer strategies [38]