一度被广泛关注的"千禾0+"商标，近日又现身国家知识产权局商标局宣告的无效名单之列，相关话题再度被送上热搜榜单。 此前，商标为"千禾0"的一款酱油被检测出镉，就已经"打翻"过一次网络舆论场，引发网民对商标"0+"和产品"添加零"的持续讨论。 如今，国家知识产权局商标局宣告一批商标无效，其中就包括"千禾0+"等商标。官方的处理结果，完全契合消费者预期。 相关企业回应，只是部分防御性商标被宣告无效，注册号为46717423的"千禾0"商标仍合法有效。但不少消费者认为，这是继续"在商标上打擦边球""让消费 者交智商税"。 消费者的眼睛是雪亮的。如果商家想玩弄文字，利用商标欺骗公众，既难逃有关部门查处，也会被消费者踢出"购物车"。 商标是产品的"脸面"。通过似是而非的文字游戏，把含"0+"的商标标识往产品内容的"零添加"上引导，这样的小机灵小把戏，看似赚了一点蝇头小利，实则 是透支自己的品牌信誉，无异于杀鸡取卵、竭泽而渔。 早在今年上半年，一款商标为"千禾0"的酱油，因镉超标而牵引出商标"0"和产品配料"零添加""无添加"之间关系的网络争论。 许多消费者认为，商标"0""0+"，就意味着产品是"零添加"。但客服的回应 ...

Core Insights - The launch of the smart trading platform for spices in Yang'an Town, Shandong Province, aims to enhance the digitalization of spice trading and improve supply chain efficiency [1] Industry Overview - Yang'an Town is recognized as the largest distribution center for condiments in China, holding over 40% market share in compound spices and exporting to more than 70 countries and regions globally [1] - The smart trading platform integrates the entire process of sales, procurement, warehousing, logistics, and testing, utilizing IoT, blockchain, and AI technologies [1] Company Developments - The platform is a collaboration between Yang'an Town Condiment Group and the Yellow River Commodity Exchange, introducing an innovative "electronic warehouse receipt + fund supervision" mechanism [1] - To ensure efficient supply chain operations, the platform has established nine delivery warehouses across the country, including those of Yang'an Town Condiment Group and Guangxi Guiwu Logistics, facilitating seamless online and offline connections [1] - Since its trial run in June, the platform has registered over 200 trading companies, achieving a transaction volume of 58 million yuan [1]

Core Viewpoint - The condiment industry is undergoing a structural transformation, with companies like Baili Food making significant progress towards IPOs to alleviate financial pressures and support capacity expansion and internationalization efforts [1][5][6] Company Overview - Baili Food, established in November 2012, focuses on the research, production, and sales of Western-style compound condiments, primarily leading with sauces like salad dressing and tomato sauce, while also offering products like breadcrumbs and seasoning powders [2][3] - The company has a diverse customer base, including chain restaurants, baking, retail terminals, and e-commerce [2] Financial Performance - Baili Food's revenue for 2023 and 2024 is projected to be 1.61 billion yuan and 1.91 billion yuan, reflecting year-on-year growth of 27.4% and 19.1% respectively; net profit attributable to shareholders is expected to be 220 million yuan and 280 million yuan, with growth rates of 41.7% and 24.1% [2] - In the first half of 2025, the company reported revenue of 1.039 billion yuan, a year-on-year increase of 9.34%, and a net profit of 155 million yuan, up 11.26% [2] IPO Progress - Baili Food has successfully passed the IPO guidance for the Beijing Stock Exchange, with plans to issue up to 54 million shares to raise approximately 1.164 billion yuan, allocating funds for headquarters construction, a smart factory project, and R&D center upgrades [3][4] Industry Trends - The condiment industry is witnessing a shift as the growth of basic condiments slows, while the compound condiment market is expanding, driven by technological advancements and customization capabilities [1][6] - The market size for China's condiment industry is projected to reach 498.1 billion yuan by 2024, with the compound condiment market growing from 85.7 billion yuan in 2019 to 126.5 billion yuan in 2024, reflecting a compound annual growth rate of 10.2% [6] Competitive Landscape - Baili Food is among the few domestic companies competing with international brands like Kewpie, McCormick, Kraft Heinz, and Hellmann's in the Western-style compound condiment sector [2] - Other companies in the condiment sector, such as Yao Mazi and Tianwei Food, are also pursuing IPOs, indicating a collective movement towards capital market engagement [5][6]

Core Viewpoint - The condiment industry is undergoing a structural transformation, with companies like Baili Foods pursuing IPOs to alleviate financial pressures and support capacity expansion and internationalization efforts [1][6]. Company Summary - Baili Foods, established in November 2012 and headquartered in Dongguan, Guangdong, specializes in the research, production, and sales of Western-style compound condiments, primarily focusing on sauces like salad dressing and tomato sauce, with a secondary growth line in powdered products [3]. - The company reported revenues of 1.61 billion yuan and 1.91 billion yuan for 2023 and 2024, respectively, reflecting year-on-year growth of 27.4% and 19.1%. Net profits for the same years were 220 million yuan and 280 million yuan, with growth rates of 41.7% and 24.1% [3]. - In the first half of 2025, Baili Foods achieved revenue of 1.039 billion yuan, a year-on-year increase of 9.34%, and a net profit of 155 million yuan, growing by 11.26% [3]. IPO Progress - Baili Foods has successfully completed IPO counseling with the help of China Merchants Securities, marking a significant step in its listing process on the Beijing Stock Exchange [1][4]. - The company plans to issue up to 54 million shares, aiming to raise approximately 1.164 billion yuan, with funds allocated for national headquarters construction, a smart factory project, and R&D center upgrades [4]. Industry Trends - The condiment industry is witnessing a surge in companies seeking to go public, with several firms like Tianwei Foods and Yao Mazi also making IPO progress [6]. - The market for compound condiments is growing, with a projected increase from 85.7 billion yuan in 2019 to 126.5 billion yuan by 2024, reflecting a compound annual growth rate of 10.2% [7]. - The traditional condiment market is experiencing slower growth, with a market size increase from 322.4 billion yuan in 2019 to 371.6 billion yuan in 2024, indicating a saturation point and a shift towards "stock optimization" [7]. Strategic Insights - Experts suggest that listing on the Beijing Stock Exchange can enhance corporate governance and management standards for companies like Baili Foods, facilitating a transition from B-end services to the household consumer market, thereby increasing brand value and competitiveness against foreign brands [5].

Group 1 - The company Jialong Co., Ltd. responded to investor inquiries on September 22, indicating that its soy sauce has a rich and thick flavor with natural amino acid umami [2]

证券研究报告 食品饮料 报告日期：2025 年 09 月 22 日 白酒深度调整，大众品关注低估值的行业龙头 ——食品饮料行业周报 投资评级：推荐（维持） 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 相关阅读 饮料行业周报》2025.09.09 《中报圆满收官，关注基本面稳健的标 的—食品饮料行业周报》2025.09.01 《白酒持续出清，关注成长板块估值修 复—食品饮料行业周报》2025.08.26 华龙证券研究所 摘要： 盐津铺子、百润股份、海天味业、安琪酵母。 风险提示：食品安全风险；消费复苏不及预期；成本上行；业绩 增速不及预期；行业竞争加剧；宏观经济政策出台和落地不及预 期的风险；第三方数据统计偏差风险。 | 股票代码 | 股票简称 | 2025/09/19 | | | EPS（元） | | | | PE | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股价（元） | 2024A | 2025E | 2026 ...

Group 1 - Unilever is accelerating its investment in soy sauce production in China, particularly in its South China production base, which includes a new production line with an annual capacity of 30,000 tons [1] - The first phase of the soy sauce production line will produce 25,000 tons of fresh soy sauce and 5,000 tons of high-salt soy sauce, indicating a significant commitment to the soy sauce category [1] - The total investment for the South China production base project is 1.6 billion RMB, marking it as Unilever's first all-category production base in the country [1] Group 2 - Unilever's food business in China, particularly through its brand Knorr, has launched a soy sauce specifically designed for professional chefs, addressing a gap in the market for differentiated products [2] - The company's food brands, Heinz and Knorr, account for 60% of its food business, with nearly 30% of its restaurant service revenue coming from China, despite a relatively flat performance in this segment this year [2] - The domestic soy sauce market is becoming increasingly competitive, with local brands like Haitian and Lianhua also focusing on health and premium products [2][3] Group 3 - Haitian's soy sauce sales revenue increased by 9.1% year-on-year to 7.928 billion RMB in the first half of 2025, driven by the growth of health-oriented products [2] - Lianhua Holdings reported over 100% year-on-year revenue growth for new products, including premium soy sauce and compound seasonings, indicating strong market performance [3] - Other companies, such as Qianhe and Jialong, are also investing in soy sauce product development, with plans for new product launches and marketing strategies to capture market share [3]

Core Viewpoint - The company has acknowledged the absence of its soy sauce products on the JD platform and plans to enhance its online marketing efforts to boost sales [1] Group 1 - The company responded to investor inquiries regarding the lack of soy sauce sales on JD, both self-operated and third-party [1] - The company intends to increase promotion of online channels and explore new marketing avenues to improve product sales [1]

Group 1 - The company is considering major capital operations by evaluating market prospects, investment returns, and synergies with the company [1] - The company has been actively exploring new market opportunities and seeking new growth points, such as the plan to develop a soy sauce business [1]

Group 1: Key Insights on Baijiu Industry - Demand for banquets has been released in July and August, with a focus on business hospitality and gift-giving ahead of the Mid-Autumn Festival and National Day [1][2] - External risk events have had a decreasing impact on baijiu consumption scenarios, but overall consumption sentiment remains lower compared to the same period last year, leading to an estimated 20% year-on-year decline in sales [2][3] - The baijiu sector is expected to stabilize and recover as consumer sentiment improves, supported by ongoing consumption promotion policies and a gradual recovery in demand [2][3] Group 2: Investment Recommendations - The report suggests focusing on high-end baijiu brands with strong market positions, such as Kweichow Moutai and Wuliangye, as well as Shanxi Fenjiu, which is benefiting from upward channel momentum [3] - Potential cyclical recovery candidates include national brands like Gujing Gongjiu and Luzhou Laojiao, along with innovative companies like Zhenjiu Lidu and Shede Liquor [3] Group 3: Insights on Other Alcoholic Beverages - Beer demand is recovering steadily, with companies diversifying into non-drinking channels and soft drinks, indicating a positive outlook for the sector [4] - The yellow wine sector is expected to see improved competitive dynamics due to price increases among leading brands, with potential for marginal catalysts as the peak season approaches [4] Group 4: Insights on Non-Alcoholic Beverages and Snacks - The soft drink sector is experiencing growth in high-demand segments like energy drinks and sugar-free tea, while traditional categories face some pressure [5] - The snack industry is seeing an increase in store openings and revenue recovery, with specific products like nut gift boxes expected to see improved demand ahead of the holidays [4][5]