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]

Core Insights - The white birch juice market is rapidly expanding, driven by increasing consumer interest and marketing efforts, particularly through online platforms and live streaming [1][4][12] - Major beverage companies, including Nongfu Spring and Huiyuan, are entering the white birch juice sector, indicating its potential as a lucrative niche market [1][13] - The lack of standardized regulations across the industry raises concerns about product quality and authenticity, as many brands may dilute their products or use additives [12][14] Market Dynamics - Sales of white birch juice are booming both online and offline, with live streamers promoting it as a trendy health drink [2][4] - The price of white birch juice is significantly higher than that of imported coconut water, with a reported price of approximately 21.6 yuan per liter, which is about 50% more expensive [12] - The primary harvesting season for white birch juice is from April to May, with a current annual harvesting capacity of around 580 million tons in Heilongjiang province [16][12] Consumer Perception - Consumers are drawn to white birch juice due to its unique taste and purported health benefits, although many claims regarding its medicinal properties remain unverified [6][10] - The marketing of white birch juice as "liquid gold" has contributed to its appeal, but there are concerns about the authenticity of these claims [6][12] Regulatory Environment - There is currently no national standard specifically for white birch juice, leading to inconsistencies in product quality and labeling [12][14] - A new group standard for natural white birch juice has been proposed, which aims to ensure that products contain no additives and retain their natural properties [13] Environmental Concerns - The sustainability of white birch resources is under scrutiny due to climate change, which poses risks to the long-term viability of harvesting practices [15][21] - Recent regulations in Heilongjiang province aim to manage the collection of birch sap to prevent overharvesting and ensure sustainable practices [21]

Core Viewpoint - The report from Zhongtai Securities highlights the importance of freezer displays in driving instant consumption of soft drinks, emphasizing that product exposure and taste are key factors for consumers [1][3]. Group 1: Freezer Impact on Consumption - Freezer displays enhance instant consumption by improving product exposure and maintaining taste quality, leading to increased sales for brands like Nongfu Spring, which saw a rise in freezer numbers from 360,000 in 2019 to approximately 800,000 in 2022, correlating with significant revenue growth in ready-to-drink tea products [1][2]. - Dongpeng has also prioritized freezer investments, planning to increase its freezer count from 74,000 in 2022 to 300,000 by 2024, with projected sales revenue growth of 32.42% and 140.63% for 2023 and 2024, respectively [2]. Group 2: Inventory Management and New Product Launches - Freezer displays facilitate inventory pre-positioning, with an estimated inventory value of 200 million yuan for every 100,000 freezers, allowing traditional brands to quickly replenish stock and shorten supply chain response times [3]. - The strategic placement of new products in freezers helps avoid promotional pressure, enhancing their sales and survival rates through effective resource planning [3]. Group 3: Competitive Landscape and Brand Strategies - Leading brands like Nongfu Spring and Coca-Cola dominate core freezer locations in first- and second-tier cities, creating barriers for newer entrants [4]. - Nongfu Spring employs a strategy of using multi-door freezers to secure prime locations, allowing for a mix of its products and those of other brands, thereby enhancing channel profitability and brand loyalty [4]. Group 4: Accounting Practices for Freezer Investments - There are two main accounting methods for freezer costs: Nongfu Spring uses a depreciation model, while Dongpeng records these costs as current sales expenses [5][6]. - Nongfu Spring's depreciation and amortization expenses increased from 1.2% of total revenue in 2018 to 1.6% in 2019, alongside a rise in deposit income from 574 million yuan to 789 million yuan, a 37.46% increase [5]. Group 5: Investment Recommendations - The report suggests focusing on companies with early investments and substantial freezer inventories, such as Nongfu Spring and Master Kong, as well as Dongpeng, which has aggressively expanded its freezer presence with notable results [7].

东莞证券研报指出，东鹏饮料2025H1实现归母净利润23.75亿元，同比增长37.22%。分季度看，公司今 年二季度加大冰柜的陈列力度，除核心大单品外，补水啦与果之茶亦稳步推进，带动Q2收入维持较高 增速。2025Q2，公司营业总收入为58.89亿元，同比增长34.10%；实现归母净利润13.95亿元，同比增长 30.75%。多点发力，全国化布局稳步推进。截至2025年上半年，公司在全国渠道网点已超过420万家。 作为软饮料龙头，公司进一步优化产品与渠道结构，经营有望行稳致远。给予公司"买入"评级。 ...

Investment Rating - The report maintains a rating of "Buy" for the industry, expecting a relative increase of over 15% in stock prices within the next 6 to 12 months [57]. Core Insights - The report highlights that leading brands are increasing their investment in freezer displays to create channel barriers and enhance product visibility, which is crucial for instant consumption in the soft drink industry [1][7]. - The investment in freezers is seen as a strategic move to boost sales and improve inventory management, with significant sales growth reported by brands like Nongfu Spring and Dongpeng Beverage due to increased freezer deployment [7][27]. - The competitive landscape is shifting towards channel optimization, with established brands leveraging their first-mover advantage to secure prime display locations in retail outlets [46][50]. Summary by Sections Freezer Display and Instant Consumption - Freezer displays significantly enhance product exposure and consumer access, leading to increased sales [7][19]. - Brands like Nongfu Spring have rapidly increased their freezer count from 360,000 in 2019 to approximately 800,000 by 2022, correlating with substantial revenue growth in their ready-to-drink tea segment [27][24]. Sales Growth Driven by Freezer Investment - Dongpeng Beverage plans to increase its freezer count from 74,000 in 2022 to 300,000 by 2024, with projected sales growth of 32.42% and 40.63% for 2023 and 2024, respectively [27][24]. - The report estimates that each 100,000 freezers can hold inventory worth approximately 200 million yuan, facilitating quicker inventory turnover and enhancing sales performance [7][34]. Strategic Importance of Freezer Investment - The report emphasizes that freezer investment is a core strategic initiative for both traditional giants and emerging brands, with Coca-Cola and Nongfu Spring leading in freezer deployment [28][30]. - The competitive advantage gained through early freezer investments creates significant barriers for new entrants in the market [50][46]. Accounting Treatment of Freezer Costs - Two accounting methods for freezer costs are identified: Nongfu Spring uses a depreciation model, while Dongpeng Beverage accounts for these costs as current sales expenses [6][51]. - The report notes that Nongfu Spring's depreciation and amortization as a percentage of total revenue increased from 1.2% in 2018 to 1.6% in 2019 due to increased freezer investments [6][51]. Investment Recommendations - The report suggests focusing on companies with early freezer deployment and significant existing freezer stock, particularly Nongfu Spring, Master Kong, and Dongpeng Beverage, which have shown effective results from their aggressive freezer strategies [53].

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [4] Core Viewpoints - The liquor sector is showing signs of recovery as companies actively launch new products to adapt to changing consumer demands. The current PE-TTM for the Shenwan liquor index is 18.51X, which is at a reasonable low level compared to the past decade [2][11] - The beverage sector, particularly beer and soft drinks, is expected to benefit from upcoming consumption promotion policies and adjustments to alcohol bans, which will drive sales recovery [3][12] - The pre-processed food and seasoning sectors are leading the market, with a focus on companies that can enhance efficiency and market share through cost reduction and product diversification [13][19] Summary by Sections Market Performance Review - From July 21 to July 25, the food and beverage sector increased by 0.74%, while the Shanghai Composite Index rose by 1.69%. Notable increases were seen in pre-processed foods (+1.97%) and health products (+1.88%) [1][20] Liquor Sector Insights - The liquor sector increased by 0.94%, outperforming the overall food and beverage sector. Key players like Tianyoude Liquor saw significant gains, potentially linked to local infrastructure investments [2][11] - Recommendations include strong alpha companies such as Shanxi Fenjiu and Guizhou Moutai, as well as beta companies like Luzhou Laojiao and Wuliangye [2][19] Beer and Beverage Sector Insights - The beer sector rose by 1.06%, with Budweiser Asia and Chongqing Beer leading the gains. Management changes at Zhujiang Beer are expected to positively impact the company [3][12] - The soft drink sector also performed well, with notable increases from brands like Nongfu Spring (+8.1%) [3][14] Investment Recommendations - For the liquor sector, strong alpha companies benefiting from market concentration include Shanxi Fenjiu and Guizhou Moutai [19] - In the consumer goods sector, companies that align with cost reduction and market share enhancement strategies are recommended, including Dongpeng Beverage and Nongfu Spring [19] Sector and Individual Stock Performance - The food and beverage sector's dynamic PE ratio is 21.1X, ranking it 21st among primary industries. The highest valuations are seen in other liquor (55.83X) and health products (48.77X) [26][27]

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 7月29日，好想你在投资者互动平台回答投资者提问称， 公司已在电商和专卖店渠道推出啤酒相关产品，主要是红枣口味，还有毛尖绿茶口味、茉莉花茶口味及 樱花蜜桃口味，满足消费者多口味需求。同时，我们邀请您品鉴，为我们多提宝贵的建议。线上购买方 式：淘宝APP搜索："好想你啤酒"，好想你官方旗舰店、好想你喜枣旗舰店均可以选购相关产品。 ...