（文章来源：中国新闻网） 雀巢公司还表示，目前尚未收到与该产品相关的确诊病例报告，但出于谨慎考虑，仍决定召回相关产 品。(完) 中新网1月6日电据BBC报道，因部分婴儿配方奶粉产品可能含有引发食物中毒的毒素，雀巢公司已发布 全球召回令。 雀巢公司表示，其特定批次的SMA婴儿配方奶粉及后续配方奶粉不适合喂养婴儿，这些批次产品销往 全球各地，或含有摄入后会引发恶心、呕吐症状的物质。 ...

Group 1 - The company, Grandpa's Farm International Holdings Limited, submitted a listing application to the Hong Kong Stock Exchange on January 5, with CMB International as the exclusive sponsor [1] - According to the company's prospectus, it achieved operating revenue of 780 million RMB and a profit of 87.42 million RMB in the first three quarters of 2025 [3] - Revenue is projected to grow from 622 million RMB in 2023 to 875 million RMB in 2024, with a gross profit of 514 million RMB in 2024 [3] Group 2 - Market research firm Frost & Sullivan indicates that the company ranks second in the Chinese infant and toddler complementary food market by transaction value for 2024, achieving the highest compound annual growth rate of 42.6% among the top five companies from 2022 to 2024 [3] - The company leads the organic infant complementary food segment by transaction value [3] - The company's business encompasses two main areas: infant complementary food and family food, with a product line that includes oils, seasonings, cereals, juices, liquid milk, convenience foods, and rice products [3] Group 3 - As of September 30, 2025, the company's product SKU count has increased to 269 [3] - The funds raised from the listing are intended to enhance product development and innovation capabilities, invest in supply chain development, strengthen production capacity, improve brand building and marketing, and expand domestic sales networks while developing overseas markets [3]

（央视财经《正点财经》）记者从上交所、深交所和北交所三大证券交易所了解到，A股上市公司2025年分红超2.6万亿元，创历史新高。 从分红规模来看，银行、石油石化、大消费等行业是分红大户。此外，科技类上市公司积极分红，显示出企业盈利能力稳步提升。 数据显示：上交所上市公司中有六个行业分红超千亿元。其中，银行业上市公司分红8032亿元，石油石化行业分红1863亿元，食品饮料行业分红 1098亿元。 科技类上市公司积极分红。数据显示：深交所创业板945家公司累计实施现金分红1374.52亿元，分红金额同比增长8.41%，分红增速较快。 上交所科创板383家公司实施现金分红，板块覆盖率超六成，分红落地实施金额合计382亿元。99家科创板公司披露中期分红方案，金额合计72亿 元。 上海金融与发展实验室主任 曾刚：科技类企业分红增长明显是行业成熟度提升的重要信号。早期科技企业往往将利润投入研发扩张，较少分红。当 前分红增加，说明这些企业进入稳定盈利的阶段，现金流管理更加成熟。这既反映了中国科技产业向盈利驱动的转型，也体现了企业治理水平的提 高以及对股东回报的重视。 转载请注明央视财经 编辑：潘煦 ...

Core Viewpoint - Japanese companies are facing significant challenges in the Chinese market, leading to closures and exits from various sectors, but they are simultaneously increasing investments in high-end technology and local operations in China [4][22][29]. Group 1: Company Closures and Exits - Canon has closed its printer production base in Zhongshan, which was once a major manufacturing hub, reflecting a significant decline in its market presence [5]. - Nissan announced the closure of its Wuhan factory, which had a low production utilization rate of only 3%, leading to its acquisition by another company [6]. - Mitsubishi has completely exited the Chinese automotive market after over 40 years of operation, ceasing its vehicle production [6]. - Sony has officially withdrawn its Xperia smartphone business from China, indicating a strategic retreat from the market [6]. - Yakult closed its first factory in Guangzhou after experiencing a drastic drop in sales, with daily sales nearly halving compared to previous years [6]. Group 2: Market Dynamics and Competition - The decline of Japanese brands in China is attributed to the rapid advancement of domestic brands, which have overtaken their Japanese counterparts in various sectors [11][12]. - Japanese companies have been slow to adapt to market changes, relying heavily on their brand reputation and quality, which has diminished due to various scandals [14][17]. - The local adaptation of Japanese companies has lagged, with many failing to incorporate local consumer preferences into their product offerings [19][20]. Group 3: Strategic Shifts and Investments - Despite the closures, Japanese investment in China has surged, with a 55.5% year-on-year increase in the first three quarters of this year, leading all countries [23]. - Companies like Toyota are making significant investments in high-end technology, such as establishing a wholly-owned electric vehicle company in Shanghai [24]. - Panasonic is investing in semiconductor packaging materials in Shanghai, indicating a strategic focus on critical supply chains amid global competition [28]. - The overall trend shows a "K-shaped differentiation," where low-end capacities are exiting while high-end investments are increasing, reflecting a strategic shift in how Japanese companies view the Chinese market [29].

Core Viewpoint - Grandpa's Farm International Holdings Limited has submitted its IPO application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor. The company is positioned in the organic baby food market, showing significant growth potential and a strong market presence in China [1][8]. Business Overview - The company operates under the control of Aspire Enterprises Limited and focuses on importing baby food products. It has exclusive distribution rights for the Dutch brand "Grandpa's Farm" in China since 2018 [1]. - Grandpa's Farm ranks second in the overall baby food market in China and first in the organic baby food segment, with a projected GMV of approximately 500 million yuan in 2024, capturing a market share of 23.2% [1][8]. Revenue and Growth - The company has shown a compound annual growth rate (CAGR) of 42.6% from 2022 to 2024, leading among the top five companies in the GMV category [1]. - Revenue figures indicate continuous growth, with 622.39 million yuan in 2023, increasing to 875.35 million yuan in 2024, representing a year-on-year growth of 40.6%. For the first three quarters of 2025, revenue reached 778 million yuan, a 23.2% increase compared to the same period in 2024 [4][5]. Product Segmentation - The baby food segment includes various products such as oils, seasonings, cereals, juices, and snacks, contributing 88% to total revenue in 2024, with an expected income of 770 million yuan [3]. - The family food segment, which includes liquid milk and convenience foods, is projected to generate 105 million yuan in 2024, reflecting a 144.7% increase year-on-year [3]. Financial Performance - Gross profit for the company was 345.13 million yuan in 2023, 514.39 million yuan in 2024, and 446.63 million yuan in the first three quarters of 2025, with gross margins of 55.5%, 58.8%, and 57.3% respectively [5][6]. - Adjusted net profit figures were 75.64 million yuan, 102.61 million yuan, and 78.01 million yuan for the respective periods, with adjusted net profit margins of 12.1%, 11.7%, and 12.3% [5]. Investment and Strategy - The IPO proceeds will be allocated to enhancing product development, strengthening supply chain capabilities, brand building, expanding sales networks, and general corporate purposes [7]. - The term "organic" appears 140 times in the prospectus, highlighting its significance in the company's strategy and brand identity, as modern parents prioritize food safety and nutrition for their children [8]. Market Position and Challenges - The Chinese baby food market remains fragmented, with the top five companies holding only about 14.2% of the market share in 2024. While Grandpa's Farm has established a differentiated brand through its organic positioning, it faces challenges in converting this concept into a sustainable competitive advantage and gaining long-term recognition in the capital market [8].

记者丨 郑青亭 编辑丨和佳 据新华社，1月5日，正在对华进行正式访问的爱尔兰总理马丁在北京对中国媒体表示，爱尔兰 高度重视发展对华关系，愿同中方一道持续深化政治互信，拓展经贸、人文等领域务实合作， 共同推动欧中关系不断改善，特别是在贸易领域坚持开放贸易原则，营造公平竞争的市场环 境。 马丁在5日的发布会上透露，当天上午他同中方领导人举行了"热情而富有建设性的会晤"。双 方一致重申致力于建设稳固的中爱互惠战略伙伴关系，并同意共同推动欧盟—中国关系朝着更 加稳定、建设性的方向发展，尤其是在贸易领域推进开放、公平和基于规则的合作。 马丁表示，中国市场对爱尔兰企业和产品具有至关重要的意义，尤其是在食品和饮料产业领 域。爱尔兰在牛肉、乳制品和婴幼儿配方奶粉等方面拥有全球领先的质量和安全标准，农业及 食品饮料产业已成为中爱经贸关系的重要支柱，希望在可持续基础上持续保持对中国市场的准 入。 与此同时，生命科学和科技产业仍将是双边合作的重要组成部分。随着两国经济数字化进程不 断加快，技术、知识和经验的交流愈发关键，加强研发合作尤为重要。 他举例称，当天见证的一项围绕糖尿病肾病开展的中爱科研合作，充分体现了双方在相互尊重 基础 ...

Investment Rating - The industry investment rating is "in line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [90]. Core Insights - The food and beverage sector experienced a significant decline of 4.05% in December 2025, with traditional categories like liquor, beer, and meat products suffering losses, while emerging categories such as snacks, soft drinks, and health products showed growth [5][6]. - For the entire year of 2025, the food and beverage sector recorded a cumulative decline of 3.73%, underperforming the CSI 300 index, which rose by 17.75% [10][12]. - The valuation of the food and beverage sector is at a relative low point historically, with a current valuation of 19.28 times earnings, which is lower than the ten-year average [18][23]. - Investment opportunities are recommended in sectors such as soft drinks, health products, baking, and snacks, with specific stock picks including Baoli Food, Lihigh Food, and Dongpeng Beverage [84][87]. Summary by Sections 1. Market Performance - The food and beverage sector's performance in December 2025 was marked by a 4.05% drop, with traditional categories declining while emerging categories maintained upward trends [5][6]. - The cumulative performance for 2025 showed a decline of 3.73%, with the sector ranking last among 31 primary industries [12][10]. - Emerging categories like snacks and health products outperformed traditional categories, which faced significant declines [10][12]. 2. Valuation - The food and beverage sector's valuation is at a ten-year low, currently at 19.28 times earnings, with the liquor sector valued at 17.6 times [18][23]. - The sector's valuation is lower than 21 other industries, ranking second to last among consumer sectors [23]. 3. Individual Stock Performance - In December 2025, 23% of individual stocks in the sector rose, while 77% fell, indicating a challenging market environment [26]. - Notable performers included pre-made food and health product stocks, while liquor stocks saw a comprehensive decline [29][32]. 4. Investment Trends - Investment in the food and beverage manufacturing sector continued to grow in 2025, although there was a decline in growth rates in the latter part of the year [37]. - The production of traditional products like liquor and dairy continued to shrink, while fresh meat and edible oil production showed growth [41][43]. 5. Price Trends - Prices for raw materials such as milk and canned goods are experiencing downward trends, while vegetable prices have surged significantly [64][66]. - The price of pork has stabilized, with a notable increase in the price of live pigs [66][67]. 6. Investment Strategy - The report suggests focusing on sectors like soft drinks, health products, and snacks for investment opportunities, highlighting the resilience of these categories in a challenging market [84][87].

Investment Rating - The report indicates a positive outlook for the consumer service industry on the Beijing Stock Exchange, highlighting investment opportunities driven by policy support and emerging consumption trends [1][22]. Core Insights - The consumer market in China has shown signs of recovery, with the Consumer Price Index (CPI) reaching a year-high growth of 0.7% in November 2025, while the Producer Price Index (PPI) has shown marginal improvement [2][5]. - The report identifies several consumption hotspots, including policy-driven consumption, emotional economy, health consumption, silver economy, national trend economy, and experience economy [2][12]. - The median market capitalization growth for 41 consumer service companies on the Beijing Stock Exchange was +30.92% in 2025, with 36 companies (88%) experiencing an increase [13][15]. - The median Price-to-Earnings (PE) ratio for consumer service companies was reported at 46.3x, indicating relatively low valuations and potential investment opportunities in 2026 [19][22]. Summary by Sections Domestic Consumption Market Trends - In 2025, the CPI showed a gradual recovery, with November's growth at 0.7%, marking the highest point of the year [5]. - The retail sales growth varied across categories, with strong performance in communication equipment, home appliances, and furniture, while traditional consumer goods like tobacco, clothing, and beverages lagged [6][8]. Market Performance - The median market capitalization change for consumer service stocks was -2.39% in the last week of December 2025, with notable performers including Thunder God Technology (+10.10%) and Vision Intelligence (+3.14%) [12][15]. - The overall market capitalization for consumer service companies decreased from 115.18 billion to 109.71 billion yuan, with a median market cap drop from 1.906 billion to 1.873 billion yuan [12][15]. Valuation Metrics - The median PE ratio for the broader consumer industry was reported at 49.3x, reflecting a slight decrease from previous periods [19][22]. - Specific sectors such as food and beverage, and agriculture showed median PE ratios of 49.5x, indicating stable valuations despite market fluctuations [19][22]. Company Highlights - Key companies in the consumer service sector include Gai Shi Food, Oufu Egg Industry, and Biowave, with significant market capitalization growth and diverse product offerings [22][26]. - The report emphasizes the potential of companies in the pet food, cosmetics, and agricultural sectors, with a robust pipeline of companies poised for listing on the Beijing Stock Exchange [22][27].

雀巢公司在其网站发布声明说，已对可能受影响的产品进行了花生四烯酸(ARA)油脂及相关油脂混合物检测。截至目前，尚未接到因食用该配方奶粉导致 不适或患病的报告。 瑞士食品巨头雀巢公司1月5日宣布，因供应商提供的某一种原料存在"质量问题"，在德国、奥地利、丹麦、意大利、瑞典等欧洲国家预防性召回一批婴儿 配方奶粉。 ↓↓↓ 届时商报君将私信收集领奖地址。 数量有限，抓紧时间! END 编辑吴怡漪责编黎莉校审宋华 商报君精选 该公司同时公布了召回产品的图片和批次编号。这款奶粉在不同国家的商品名有所不同。 雀巢方面表示，已与涉事国家的相关主管部门取得联系，"以采取必要应对举措"。"我们正在采取行动，包括在必要时召回特定产品。" ...

（原标题：禾赛科技激光雷达主体外观专利获授权，可用于自动驾驶等领域） 企查查APP显示，近日，上海禾赛科技有限公司"激光雷达的主体（33）"专利获授权。企查查专利摘要显示，本外观设计产品是用于自动驾驶、 通讯、无人机、智能机器人、能源安全检测、资源勘探等领域的激光雷达，其设计要点在于形状。 游戏ETF (产品代码：159869) ★ 跟踪：中证动漫游戏指数 相关ETF 食品饮料ETF (产品代码: 515170) ★ 跟踪：中证细分食品饮料产业主题指数 近五日涨跌: -1.06% 市盈率： 20.24倍 资金流向: 最新份额为103.4亿份,减 少了1350.0万份,净申 赎-740.1万元。 估值分位:19.16% 近五日涨跌:4.00% 近五日涨跌: - 0.06% 市盈率： 37.26倍 资金流向: 最新份额为87.6亿份, 增加 了0.0份,净申赎0.0元。 估值分位:55.98% 科创50ETF (产品代码: 588000) ★ 跟踪：上证科创板50成份指数 市盈率：167.30倍 资金流向: 最新份额为537.1亿份, 增 加了6.2亿份, 净申赎8.8亿 元。 估值分位: 96.90% 云计算5 ...