Z世代零食消费 偏好：口味创新 与包装社交属性 千禧研究 目录 Z世代——零食 消费主力军 01 Z世代零食口味 偏好趋势 02 零食口味创新案 例 03 Z世代对零食包 装的要求 04 零食包装的社交 属性体现 05 目录 包装创新案例 06 Z世代零食消费场 景与口味、包装 适配 07 零食品牌迎合Z 世代的策略 08 Z世代零食消费 未来趋势 09 总结与启示 10 Z世代——零食消 费主力军 01 Z世代人口规模 与消费能力 消费市场提供了广阔的基础。 庞大的人口规模 中国90/00后人口规模达3.4亿人，约占总人口 的1/4，Z世代在人口数量上占据相当比例，为 Z世代消费对零 食行业的影响 里斯战略定位咨询调查数据显示，Z世代月均可 支配收入比全国平均值高出49.36%，具备较强 的消费潜力。 较高的可支配收入 全国80%以上的Z世代群体，每月零食饮料花费在400元以上，即日均消费在10元以上。其中，一二线城 市Z世代群体里有40%每月零食饮料花费在800元以上，有21%每月在食品饮料上的开销达1000元及以 上。 零食饮料消费支出高 Z世代成为零食消费主力军，促使新品 牌有机会打破既有领导品牌主导 ...

当部分传统品牌增长乏力之际，一批"新锐"消费品牌却逆势创出新高，业绩持续超预期。 2025年，新消费企业在资本市场异军突起。其中，泡泡玛特、蜜雪集团、老铺黄金三家公司市值均已突破千亿港元，被业内冠以"新消费三朵金花"之称， 股价年涨幅均超100%，分别引领了IP潮玩、平价茶饮、古法黄金三大消费热潮。 差异化、提供情绪价值、性价比高成为这批新消费赛道黑马异军突起的密码。但是，要想从现象级爆款成为"百年老店"，还需跨越多重门槛。 现象： 蜜雪冰城的走红更是堪称意外。数据显示，截至2024年底，其全球门店数量已超4万家，日售饮品近2500万杯，全年终端零售额高达583亿元。 当市场还在热议"消费降级"、探讨年轻人把钱花向何处时，一批具备新消费特质的国产品牌已然突围，成为消费者追捧的"新宠"。 新消费品牌引发消费者抢购 "根本抢不到！"作为泡泡玛特的忠实粉丝，刘雨婷每天紧盯社群里的 LABUBU搪胶毛绒玩偶放货通知。一旦收到不定期的"上新"提醒，她便会立刻放下 手头所有事，疯狂刷新购物页面，只为等待"购买"按钮亮起的那一刻。然而即便如此，成功抢到 LABUBU 依然难如登天。在局外人看来，这样的抢购近 乎"疯狂"，但 ...

Group 1 - The Hong Kong IPO market has seen a significant increase in activity, with total fundraising exceeding 760 billion HKD this year, a more than sevenfold increase compared to the same period last year [1][2] - Notable companies such as CATL and Heng Rui Pharmaceutical have completed their listings in May, contributing to a record high in fundraising since March 2021 [2] - As of May 31, 2023, the Hong Kong Stock Exchange welcomed 28 new listings, raising a total of 773.6 billion HKD, surpassing the total fundraising amount for the entire previous year [2] Group 2 - Three core factors driving the recovery of the Hong Kong IPO market include advancements in AI technology, improved liquidity due to foreign capital inflows, and a more pronounced profit-making effect from IPOs attracting both institutional and retail investors [3] - The Hong Kong Stock Exchange has implemented reforms to attract more quality companies, such as lowering the market capitalization threshold for specialized technology companies and optimizing the IPO pricing process [4] - There is a rich pipeline of IPO projects, with 156 companies having submitted applications to the Hong Kong Stock Exchange, including over 40 A-share companies [4] Group 3 - Investment firms are actively recommending their portfolio companies to pursue listings in Hong Kong, anticipating a sustained trend in IPO activity for at least the next 12 months [5][6] - The current market environment provides a relatively quick liquidity exit for companies, although there may be significant variations in expected returns depending on the sector and company performance [6]

Company Overview - Mingming Hen Mang Commercial Chain Co., Ltd. reported a retail revenue of 55.5 billion RMB and an annual revenue of 39.3 billion RMB, with over 14,394 stores as of April 28, 2024, indicating strong growth potential in a challenging market [2] - The company emerged from the merger of "Zero Snack Busy" and "Zhao Yiming Snacks" in 2024, combining strengths in market penetration and product selection [10] Market Insights - The Chinese snack retail market is projected to reach 1.3596 trillion RMB by 2025, showing steady growth [3] - Consumer demand for snacks is increasingly diverse, focusing on health, taste, convenience, and cost-effectiveness, leading to the rise of various new brands [7] Business Model and Strategy - Mingming Hen Mang operates on a low-price, high-quality model, with over 1,800 SKUs per store and a significant number of new products launched monthly [14] - The company maintains a strict supply chain management system, collaborating with 2,300 factories to reduce costs to 54%-70% of industry averages [14] - The company has established 36 warehouses nationwide, ensuring efficient logistics and fresh product delivery within 24 hours [15] Franchise and Expansion - The franchise model includes free franchise opportunities and comprehensive support for franchisees, enhancing profitability and brand cohesion [16] - 58% of the stores are located in lower-tier cities, demonstrating a strategic focus on market penetration across various demographics [16] Sales Channels and Marketing - Mingming Hen Mang employs a multi-channel sales strategy, including its own website, major e-commerce platforms, and delivery services, achieving an average delivery time of under 2 hours [17] - The brand utilizes social media and content marketing to connect with younger consumers, enhancing brand loyalty and influence [19] Industry Trends - The retail industry is shifting from a reliance on traffic-driven models to a focus on supply chain efficiency, with Mingming Hen Mang exemplifying this trend through its integrated supply chain approach [25] - The perception of lower-tier markets is evolving; they are seen as opportunities for diverse consumer needs rather than merely low-cost competition [25]

Group 1 - The core viewpoint of the articles highlights the rapid growth and potential of the marine economy in China, driven by deep-sea technology and emerging industries [9][10]. - The Guangdong province has introduced regulations to promote high-quality development of the marine economy, aiming to build a "new Guangdong at sea" by optimizing spatial layout and supporting emerging marine industries [8]. - The marine economy's output value is projected to exceed 13 trillion yuan by 2025, with deep-sea technology-related industries expected to account for over 25% of this market [9]. Group 2 - Wanchen Group has emerged as a leading player in the consumer sector, with its stock price increasing over tenfold in the past year, reaching a market capitalization of over 35 billion yuan [3][6]. - The company reported a total revenue of 32.33 billion yuan for 2024, a year-on-year increase of 247.86%, and a net profit of 294 million yuan, marking a significant turnaround [6]. - Wanchen Group operates a vast network of 14,200 retail stores across 29 provinces, with its snack brand becoming a nationally recognized chain [5]. Group 3 - The marine economy concept stocks have experienced significant volatility, with many seeing a pullback of over 20% from their peak values [11]. - Companies like China International Marine Containers and Tianeng Holding have low price-to-book ratios, indicating potential investment opportunities in the marine economy sector [12].

[Table_Reportdate] 2025年06月03日 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn -30% -20% -10% 0% 10% 20% 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 2025-05 食品饮料(申万) 沪深300 [相关研究 table_product] 1.龙头酒企保持战略定力，期待需求 修 复 — — 食 品 饮 料 行 业 周 报 （2025/5/19-2025/5/25） 2.产能加快调整，2025年奶价有望企 稳——乳制品行业深度报告 3.白酒底部区间，大众品关注高成长 性赛道 — — 食 品 饮 料 行 业 周 报 （2025/5/12-2025/5/18） [Table_NewTitle 白酒持续筑底 ] ，重视新消费趋势 ——食品饮料行业周报（2025/5/26-2025/6/1） [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP://WWW.LO ...

｜2025年6月3日星期二｜ NO.1天风证券：市场交易情绪依然处于阶段性低位 天风证券（601162）研报表示，5月交易类指标环比持续下滑，表明市场交易情绪依然处于阶段性低 位，同时资产联动指标、市场配置指标指向市场向上的潜在空间依然较大，另外在投资者行为方面，回 购规模环比持续大幅上升，产业资本净减持幅度则大幅走阔，资金主体指标整体出现小幅回落迹象。 NO.2中金：综合内外部因素，市场或维持震荡格局 中金公司（601995）研报称，综合内外部因素，市场或维持震荡格局。风格层面，得益于流动性充裕与 科技叙事催化，中小盘成长股表现相对占优；利率下行背景下高股息资产吸引力相对提升但配置仍偏结 构性。配置层面：1.持续关注并购重组、破净修复等政策支持领域。2.景气回升并且受关税影响不大的 领域，例如AI产业链中的云计算、算力等基础设施环节，再到机器人、智能驾驶等应用环节，我们认 为仍是重要主线。此外，部分对美敞口不高的出口链，如工程机械、电网设备、商用车等也值得关注。 3.现金流优质、与外需关联度不高的红利板块，例如水电、电信运营商、食品饮料、银行等行业的龙头 公司。 NO.3中信建投：啤酒销量反弹，关注旺季改善 ...

以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 作者 | 陈梓洁 来源 | 表里表外 (ID: excel-ers) "没有零食店业务撑着，我早就转行了。"商铺转让中介李曦，万分感谢零食店老板。 这 两 年 ， 他 的 生 意 肉 眼 可 见 地 难 做 ， 求 转 让 的 餐 馆 、 奶 茶 店 商 家 一 月 比 一 月 多 ， 但 某 音 、 某 书 一 通 推 广 猛 如 虎 ， 一 看 评 论 全 是 " 奸 商" "别想割我韭菜"的清醒发言。 幸好有零食集合店，能让他躺着赚钱：江浙乡镇店，53万打包，1天之内转让成功；10 0万整转的二线城市店，客户连夜打高铁去考 察…… 在加盟被祛魅、击鼓传花玩不动的年代里，持续创造着"年流水600W" "赚人生第一个千万"造富神话的量贩零食行业，仍吸引无数开店 人前赴后继。 2022- 2024年，量贩零食两大巨头鸣鸣很忙和万辰集团（好想来母公司），以近200%的营收年复合增长率，向市场演绎"暴力崛起"。 即将登陆港股的前者，去年更是血赚8亿，同比大增284%。 哪怕"转让潮"已经来袭，李曦不少客户也没放在心上，甚至反向抄底："上一 ...

今天分享的是：2025年零食饮料趋势白皮书-Flywheel飞未 零食饮料从"饱腹"转向"悦己"，社交属性与情感寄托成为卖点。联名款（如六神花露水味产品）通过话题营销引发关注，谐音梗、人格化包装（如"一整 根"概念）契合年轻群体情绪表达需求，社媒互动量同比增长72%。 3. 场景多元化 报告共计：90页 《2025年零食饮料趋势白皮书》由Flywheel发布，聚焦零食饮料行业趋势、市场洞察及创新解决方案，核心内容如下： 一、行业趋势解析：四大核心方向凸显 1. 全效健康化 健康成为核心诉求，消费者关注成分天然与功能属性。例如，A2-β酪蛋白、冻干果茶等成分因营养价值受青睐；无添加、低糖概念产品增长显著，2024年 健康概念相关零食销售额同比提升，消费者愿为"轻负担"产品买单。 2. 情绪价值驱动 产品适配多场景需求：野餐、办公室场景推动便携包装零食增长，2024年相关品类销售额同比提升；即饮饮料向"健康餐替"延伸，满足"无需烹饪、随时随 地"的便捷需求。 4. 文化融合创新 国潮元素与地域特色成为创新亮点。鲁菜经典口味、天津特色风味被融入零食饮料，结合传统文化营销（如节日限定包装），推动社媒总浏览量同比增长 ...

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [4]. Core Viewpoints - The new consumption trend continues, focusing on low-priced/undervalued stocks with potential catalysts, particularly in the food sector, new retail channels, and health products [2][29]. - The report highlights the need to pay attention to the white liquor sector, which may face pressure in the second quarter, suggesting a focus on leading brands with strong market positions [16][29]. Summary by Sections White Liquor Sector - The white liquor sector is currently under pressure, with a recommendation to prioritize leading brands such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu for mid-term investments [16][29]. - Recent policies regarding public receptions may impact white liquor consumption, but the overall effect is expected to be limited due to a shift from government to business consumption since 2016 [7][16]. - The report notes that the white liquor sector is still in a bottoming phase, with opportunities for mid-term positioning in leading brands [4][16]. Consumer Goods Sector - The consumer goods sector shows a continuation of the new consumption trend, with a focus on potential catalysts in food categories, new retail channels, and health products [2][29]. - Recommended stocks in this sector include Jin Zai Foods, New Dairy, Anji Foods, and others, with a focus on companies that can leverage new retail opportunities [2][29]. Market Performance - From May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while non-dairy beverages and other liquor categories saw gains of 8.96% and 7.93%, respectively, with white liquor declining by 2.80% [2][35]. - Specific stocks such as Tianyoude Liquor and Huazhi Liquor showed positive performance, while others like Luzhou Laojiao and Shanxi Fenjiu experienced declines [3][39]. Price Trends - The report provides insights into the pricing trends of key white liquor brands, indicating stable prices for Guizhou Moutai and Wuliangye, with slight fluctuations noted [15][55].