产业景气前瞻-大众品全品类专家交流 20251130 摘要 2025 年前 10 月，整体食品饮料行业增长乏力，复合调味料负增长约 5-6%，但休闲食品表现超预期，增长超 20%，主要受益于小 B 客户向 大 C 客户转移，即时零售渠道订单增加。 禁酒令对餐饮业产生影响，3 月至 10 月餐饮消费频率和客单价下降，夜 市和中小型中餐馆需求增加，但复合调料需求减少。华中地区复合调料 需求下降明显，华东地区相对稳定。 海天味业 1-11 月总体增长约 6%，表现稳健，四季度预计保持增长态势。 厨邦 1-11 月负增长，全年返利存在不确定性。千禾 1-11 月负增长约 9%，电商渠道增长未能扭转整体下滑趋势。 颐海国际火锅底料 1-11 月负增长约 4%，天味整体销售额较小，波动较 大。华东地区表现尚可，华中地区下滑约 15%。 速冻食品市场进入旺季复苏状态，安井食品预计全年增长 5%，主要增 量来自新产品。三全食品 1-11 月销售额同比下降约 3%，思念食品增长 约 4%，湾仔码头下降约 2%。 Q&A 请介绍一下 2024 年和 2025 年度的销售情况及产业趋势。 2024 年，我们负责的华东和华中区域总销 ...

Group 1 - Canon's printer factory in Zhongshan has ceased operations and is currently settling accounts with employees and suppliers [5] - The first batch of frozen durians imported from Indonesia has arrived in China, with expected prices ranging from 40 to 50 yuan per pound [7] - The film "Zootopia 2" has surpassed 1.9 billion yuan in box office revenue [8] - Shanghai Lego Park has welcomed over one million visitors and plans to initiate a second phase of expansion [8] Group 2 - Under Armour has experienced a decline in sales for eight consecutive quarters, with a market value drop of 140 billion yuan over the past decade [9] - The bond market in October issued a total of 63,574.6 billion yuan in various bonds, including government and corporate bonds [9] - The number of one-person households in South Korea has surpassed 36%, reaching 8.045 million households [10] Group 3 - Spain's pork exports are hindered due to the discovery of African swine fever cases, affecting about one-third of export licenses [11] - Yushun Technology has completed its IPO counseling, indicating readiness for IPO application [12] - Dongpeng Beverage has received approval for its overseas listing, planning to issue up to 66.446 million shares [12] Group 4 - Micron plans to invest 9.6 billion USD in Japan for the production of AI memory chips [12] - The iPhone 17e design has been leaked, expected to launch in the first half of next year [13]

Group 1 - The new regulation allows for simplified measures for cash withdrawals over 50,000 yuan, depending on risk assessment, eliminating the previous requirement for all individuals to register the source of funds [4] - The heir of Hermes, Nicolas Piesch, claims to have lost approximately 15 billion USD in Hermes shares due to betrayal by a long-time wealth manager, who recently died under suspicious circumstances [5][6] - The Canon printer factory in Zhongshan has ceased operations and is currently settling accounts with employees and suppliers [9] Group 2 - The Airbus company has ordered a global recall of about 6,000 A320 aircraft due to a software defect related to solar radiation, which has caused safety concerns [10] - Beyond Meat, known as the first public company in the plant-based meat sector, has closed its flagship store on Tmall and is currently selling off existing inventory [11] - The first batch of frozen durians imported from Indonesia has arrived in China, with expected prices between 40 to 50 yuan per pound [12] Group 3 - Under Armour has reported a continuous decline in sales for eight consecutive quarters, with a market value drop of 14 billion USD over the past decade [13] - The People's Bank of China reported that the bond market issued a total of 63,574.6 billion yuan in October, with various types of bonds contributing to this figure [14] - The proportion of one-person households in South Korea has surpassed 36%, indicating a significant demographic shift [14]

Core Points - The company is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the Hong Kong Stock Exchange [1][2] - The company has received a filing notice from the China Securities Regulatory Commission (CSRC) regarding the overseas issuance and listing [1] - The company intends to issue no more than 66,446,000 overseas listed ordinary shares [1] Summary by Sections - **Filing Notice Details** - The filing notice confirms the company's intention to issue H-shares and lists the maximum number of shares to be issued [1] - The company must report any significant events to the CSRC during the period from the issuance of the filing notice until the completion of the overseas issuance [2] - **Regulatory Compliance** - The company is required to report the issuance and listing status within 15 working days after the completion of the overseas issuance [2] - The company must adhere to relevant laws, regulations, and rules during the overseas issuance process [2] - **Future Actions and Uncertainties** - If the company does not complete the overseas issuance within 12 months from the issuance of the filing notice, it must update its filing materials [3] - The filing notice does not imply any judgment or guarantee from the CSRC regarding the investment value of the company's securities [3] - The company still needs to obtain approvals from the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating uncertainties in the process [3]

Core Viewpoint - The departure of Zong Fuli from Wahaha Group marks the end of an era led by the Zong family, with a strategic shift towards new beginnings under the leadership of Xu Simin, who is now the chairman and general manager [1][4]. Group 1: Leadership Transition - Xu Simin, at 31 years old, has taken over as chairman and general manager of Wahaha Group, indicating a generational shift in leadership [1]. - Zong Fuli's journey of succession has been tumultuous, characterized by a series of resignations and returns, culminating in her final departure [1][2]. - The power struggle within the company has led to significant changes, including management reshuffles and strategic reforms initiated by Zong Fuli [1][4]. Group 2: Strategic Challenges - Zong Fuli's resignation is accompanied by challenges such as brand fragmentation, equity disputes, and the need for corporate restructuring [1][3]. - The trademark rights dispute has reached a stalemate, with major shareholders blocking the transfer of the "Wahaha" trademark to the Hongsheng Group [3]. - Family inheritance disputes have intensified, with Zong Fuli facing lawsuits from half-siblings over a $2.2 billion trust, complicating her position [3][4]. Group 3: Shift in Business Focus - Zong Fuli has transitioned from being an "inheritor" to an "entrepreneur," focusing on developing her own business empire through Hongsheng Group [4][5]. - The strategic decision to move away from the Wahaha brand signifies a bold gamble, as the brand's value is estimated in the hundreds of billions [4][5]. - Zong Fuli retains a 29.4% stake in Wahaha Group, maintaining some influence despite her departure [4]. Group 4: Industry Implications - The departure of Zong Fuli signals the onset of a "professional manager era" for Wahaha Group, while she embarks on her own entrepreneurial journey [5]. - The dynamics of the beverage industry in China are poised for change as Zong Fuli's decisions reshape the competitive landscape [5].

沃伦 ・ 巴菲特已正式宣告一个时代的终结。这位 95 岁的 " 奥马哈先知 " 本月早些时候向 伯克希尔 - 哈撒 韦 公司 （ Berkshire Hathaway ） 股东发了一封信，简述了其辞去首席执行官一职以及停止撰写其传奇年度报告的决定，此举标志着他历史性任职生涯 的结束。如今，当全美各地的家庭齐聚一堂，共享火鸡，表达感恩之时，投资界却在消化一份特殊的大餐——这位最受赞誉的传奇 人物最终选择 " 归于沉寂 " 。 图片来源：Daniel Zuchnik—WireImage 巴菲特在信中写道："我将不再撰写伯克希尔的年度报告，也不会在年度股东大会上滔滔不绝。用英国人的话说，我要'归于沉寂'了，算 是吧。" 这封日期为11月10日的信函证实，巴菲特长久以来的副手格雷格・阿贝尔将在年底接任首席执行官一职。不过，最令人感慨的变化在于 巴菲特的沟通方式。数十年来，他的年度股东信一直是投资者的"圣经"，既融合了朴实的智慧，又不乏敏锐的财务洞察力与坦诚的态 度。如今，他表示这一传统将画上句号。 这种"算是吧"是典型的巴菲特式委婉表达。尽管他将从管理这家万亿市值集团的繁重职责中退居二线，但仍计划保留一条独特的沟通渠 ...

Core Insights - The official launch of the Guangzhou Wanglaoji (Lanzhou) production base marks a significant milestone in promoting the "Belt and Road" initiative for the health industry [1][2] - The project represents a total investment of 350 million yuan, covering an area of approximately 100 acres, with an annual production capacity of about 6.5 million standard boxes [1] - The Lanzhou base will serve as a key hub for the health industry in the northwest region, connecting the Guangdong-Hong Kong-Macao Greater Bay Area with "Belt and Road" countries [1] Group 1 - The Lanzhou production base is the fourth self-owned production facility of Wanglaoji, enhancing the company's domestic and international supply chain [1] - The project is expected to create over 100 local jobs and will eventually initiate a second production line to further boost the local economy [1] - Wanglaoji has established four self-owned production bases and over 50 processing plants, ensuring national production capacity [1] Group 2 - The chairman of Guangzhou Pharmaceutical Group emphasized the commitment to deepen east-west industrial collaboration and strengthen industry engines through partnerships with leading universities and research institutions [2] - Wanglaoji and Baosteel Packaging announced a strategic cooperation to enhance their collaboration in Lanzhou, contributing to the construction of a modern industrial system in China [2] - Wanglaoji's products are now available in over 100 countries and regions, maintaining the top position in global natural plant beverage sales for five consecutive years [2]

北京商报讯（记者 孔文燮）11 月 30 日，东鹏饮料发布公告称，公司正在进行申请发行境外上市股份 （H股）股票并在香港联合交易所主板上市的相关工作。公司于近日收到中国证监会出具的备案通知 书，拟发行不超过6645万股境外上市普通股。东鹏饮料表示，本次境外发行上市尚需取得香港证券及期 货事务监察委员会和香港联合交易所等相关监管机构、证券交易所的批准、核准，该事项仍存在不确定 性。公司将根据该事项的进展情况依法及时履行信息披露义务。 ...

Core Viewpoint - Dongpeng Beverage (605499.SH) is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The company has recently received a notice from the China Securities Regulatory Commission regarding the filing for overseas issuance and listing [1] - Dongpeng Beverage intends to issue no more than 66.446 million overseas listed ordinary shares [1] - The listing will take place on the Hong Kong Stock Exchange [1]

东鹏饮料公告显示，公司正在进行申请发行境外上市股份（H股）股票并在香港联合交易所有限公司主 板上市的相关工作。公司于近日收到中国证券监督管理委员会出具的《关于东鹏饮料（集团）股份有限 公司境外发行上市备案通知书》（国合函〔2025〕2128号）。公司拟发行不超过66,446,000股境外上市 普通股并在香港联合交易所上市。 ...