4月16日，溜溜果园集团股份有限公司（以下简称：溜溜果园）向港交所递交招股书，拟主板挂牌上市，中信 证券和国元证券担任联席保荐人。这是继2019年撤回A股上市申请后，溜溜果园再次冲击资本市场。 结合公开报道来看，溜溜果园2019年披露A股招股书后，市场普遍对其产品结构单一、销售渠道依赖经销商等 的情形表示担忧。此次递表，其存在的经营风险是否已经缓解呢？从招股书我们或可以窥探一二。 业绩连增三年背后 主力产品毛利率三连降 招股书显示，据招股书，溜溜果园是中国果类零食的领军企业及梅产品领导者。根据弗若斯特沙利文的资料， 于2024年，该公司在中国果类零食行业的零售额排名第一，市场份额达4.9%，在中国天然果冻行业(按零售额 计)排名第一，市场份额为45.7%。 出色的市场排名，也带来了良好的业绩表现。2022年至2024年，溜溜果园收入分别约为11.74亿元（单位：人民 币，下同）、13.22亿元、16.16亿元;同期，年内利润及其他全面收益约为6843.2万元、9923.1万元、1.48亿元。 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2022年 | ...

以下文章来源于摩登消费 ，作者付艳翠 摩登消费 . 潮趣消费指南，摩登生活方式。 作者： 付艳翠 来源：摩登消费 （ID：modengxiaofei ) 在"你旺我旺大家旺""再看，就把你喝掉""三年二班李子明同学"等广告营销下，中国旺旺一度给 80、90后的童年记忆打下了深深烙印。 "我小时候每年过年家里都要买旺旺大礼包，记得有一年买大礼包送游戏光盘，我非常喜欢。它的 名字我现在还记得——《热血躲避球》，之后的日子我将这款游戏打通了一次又一次。"90后辰辰 向「摩登消费」回忆道。 从几年前开始，辰辰购买中国旺旺的频率越来越少。 "现在买旺旺产品的时候不多，就过年时偶尔看见好玩的产品才买。"辰辰表示，不是不喜欢旺旺 了，只是因为几年前她脸上开始长痘，就再不敢买类似的零食了。 当曾经旺旺的忠实粉丝们成长到需要控糖的年纪，中国旺旺终于遇到了"中年危机"。 中国旺旺2024财年上半年（截至2024年9月30日止6个月）业绩显示，其营收为108.77亿元，同 比下滑3.5%。事实上，自2012年旺旺集团营收首次突破200亿元后，旺旺营收至今仍在该数值上 下徘徊，总营收依然未超越2021年时的239.8亿高位。 距离旺 ...

日前，休闲零食溜溜梅母公司溜溜果园集团股份有限公司（以下简称"溜溜果园"）正式递表港交所。早在2019年6月，溜溜果园就已提交了在深交所上市的 申请，后于同年12月撤回申请。 根据弗若斯特沙利文的资料，2024年，溜溜果园在中国天然果冻行业（按零售额计）排名第一，市场份额为45.7%。招股书披露，梅冻的毛利率颇高，近 三年毛利率分别为36.2%、49.2%、47.8%。 红星资本局注意到，溜溜果园比较依赖青梅类产品，梅干零食在近三年贡献了超6成营收，其第二增长曲线梅冻目前在总营收的占比仅为25%左右。另外， 青梅受自然环境影响，会产生质量和数量的不稳定，溜溜果园业绩受原材料波动的影响较大。 4月17日，红星资本局就相关问题致电溜溜果园，截至发稿时间，未有回复。 01 去年营收16亿元，超6成收入来自青梅类产品 溜溜果园成立于1999年，2001年推出溜溜梅产品，后因"没事就吃溜溜梅"的广告语迅速提升知名度。目前产品包括四类：梅干零食（包含青梅、李梅、杨 梅）、西梅产品、梅冻、其他梅产品（如梅精软糖、梅茶茶汤等）。 招股书披露，根据弗若斯特沙利文的资料，按零售额计算，溜溜果园2024年在中国果类零食行业排名第一 ...

智通财经APP获悉，中信证券发布研报称，虽然魔芋食品行业规模过去10年都保持年复合20%+的增 长，但是目前国内人均魔芋消费金额依然偏低，该行测算魔芋终端行业规模269亿元，国内魔芋爽渗透 网点及有效渗透率仍有较大提升空间；魔芋后续有较大产品形态及口味创新空间，该行仍然看好魔芋休 食行业规模未来存在1~2倍增量空间，未来5年魔芋素食零食行业有望保持20%CAGR增长。 中信证券主要观点如下： 魔芋：超级食材、健康美味，应用领域广阔。 魔芋富含可溶性、宝贵的膳食纤维葡甘聚糖，其赋予魔芋良好的可溶性、凝胶性、增稠性，同时具有碱 盐诱导下形成不可逆凝胶的特性，因此魔芋兼具健康属性和良好的食品加工延展性，是一种超级食材。 魔芋产业链上游为魔芋种植环节、中游为魔芋粉初/深加工环节，下游则为魔芋应用领域，包括食品、 医学、纺织、化妆、环保、军工、石油开采，目前魔芋主要应用领域是食品加工，且以休闲零食为主。 风险因素： 行业规模：该行估算魔芋食品行业规模过去10年维持CAGR 20%+良好成长性，2024年魔芋终端商品市 场规模为269亿元，其中魔芋休食行业规模183亿。魔芋休食行业又可以细分为魔芋爽/魔芋素食素毛肚 (市 ...

Core Viewpoint - The company is committed to a health-focused product strategy, emphasizing the growth of its key products and plans for shareholder returns [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.412 billion yuan, a year-on-year increase of 16.79% [1] - The net profit attributable to shareholders reached 291 million yuan, up 39.01% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 261 million yuan, reflecting a 39.91% increase [1] Strategic Focus - The company is implementing a health-oriented "big single product" strategy, which has led to significant sales growth and market recognition [1][2] - The company has launched multiple innovative products in 2024, supported by various research platforms to enhance product competitiveness [1] Market Positioning - The company has established partnerships with over 100 snack specialty channels, covering more than 35,000 terminal stores, with this channel's revenue growing over 100% year-on-year [2] - The company emphasizes the importance of product quality and consumer education in driving sales and market growth [2] Shareholder Returns - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 179 million yuan, which is 61% of the net profit attributable to shareholders [2] - The company has a three-year dividend return plan, committing to distribute at least 20% of the annual distributable profit in cash if conditions allow [3] - Since its IPO, the company has distributed over 590 million yuan in dividends, significantly exceeding its initial fundraising amount [3]

平安证券指出，随着促进消费政策的不断推出，以及居民收入和信心的逐步恢复，消费复苏将呈现前低 后高的节奏，年内建议关注零食和餐饮产业链的投资机会。休闲零食：零食的渠道红利和产品红利仍 在，一方面新渠道红利尚未结束，另一方面制造型企业不断推出新品抢占消费者心智，行业整体维持高 景气。餐饮产业链：餐饮行业景气度处于底部企稳阶段，预判年内餐饮可能会有小幅度复苏。餐饮相关 产业链如啤酒、调味品、速冻食品等行业可适当关注。 （文章来源：证券时报网） 此外，近日，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，提出改革完善促进消费 体制机制，健全和用好宏观政策取向一致性评估工作机制，加强财税、金融、产业、投资等政策与消费 政策的协同，促进同向发力、形成合力，构建更加有利于促消费的政策体系。 机构认为，随着一揽子政策的有序出台，内需有望迎来改善契机。 食品饮料板块15日盘中发力走高，截至发稿，一致魔芋涨超25%，盘中创出新高；欢乐家20%涨停，嘉 必优涨超10%，劲仔食品、安记食品、麦趣尔均涨停，骑士乳业涨超9%。 消息面上，商务部等六部门近日联合印发《关于组织开展"购在中国"系列活动的通知》，部署各地聚焦 首发经 ...

Group 1 - The report highlights that in 2024, the total demand in the food and beverage industry is under pressure, with a year-on-year growth of 3.5% in social retail consumption, reflecting a significant slowdown compared to previous years [3][12] - The report anticipates that the food and beverage sector will see steady progress in 2025, supported by three main factors: increased consumer subsidies, potential valuation recovery, and accelerated industry innovation [3][4] - The report emphasizes that the food and beverage industry is expected to benefit from a combination of internal and external factors, leading to a more resilient market outlook [3][36] Group 2 - The report identifies that the performance of the food and beverage sector has been mixed, with essential goods showing resilience while discretionary spending remains volatile [12][30] - It notes that the liquor segment may see a strategic shift, with a focus on demand cultivation as the key to future growth [4][31] - The report suggests that the condiment sector could benefit from the recovery of the restaurant industry and the acceleration of chain operations, leading to increased market concentration [4][31] Group 3 - The report indicates that the dairy sector is poised for growth driven by strong domestic demand and a focus on product upgrades, presenting opportunities for domestic replacements and demand expansion [4][31] - It highlights that the snack food market remains fragmented, with supply chain advantages becoming more pronounced, and emphasizes the importance of revenue growth following scale expansion [4][31] - The beer segment is noted for its stable production but faces pressure on sales volume and pricing, with a focus on innovation and structural upgrades [4][31] Group 4 - The report discusses the overall market performance, indicating that the food and beverage sector experienced a cumulative decline of 8% in 2024, ranking it among the lowest in the industry [23][30] - It mentions that the food and beverage sector's revenue growth has been primarily driven by supply-side optimization, with demand remaining weak [30][31] - The report provides insights into the performance of various sub-sectors, with soft drinks and snacks showing double-digit growth, while liquor and processed foods faced declines [30][31]

Investment Rating - The industry rating is "Outperform" (maintained) [7] Core Views - The 2025 target set by Moutai establishes a stable growth baseline for the industry, with a focus on domestic consumption trends [2] - The overall performance of the liquor sector is currently weak, primarily due to base pressure and lack of significant demand recovery in the off-season [2] - The snack sector is experiencing strong growth, particularly in konjac products, which are expected to continue benefiting from high growth in the market [4] Summary by Sections 1. Weekly Market Performance - The food and beverage sector saw a slight increase of +0.07%, while the Shanghai Composite Index decreased by -0.28% and the CSI 300 Index fell by -1.37% [23] - Notable sector performances include snacks (+7.17%), soft drinks (+6.48%), and beer (+3.56%), while white liquor experienced a decline of -0.71% [23] 2. Liquor Sector Insights - Moutai's 2024 revenue and net profit are projected at 170.90 billion and 86.23 billion yuan, respectively, with year-on-year growth of +15.71% and +15.38% [2] - The liquor sector is expected to see valuation recovery driven by policy catalysts, with the current PE-TTM for the liquor index at 20X, which is relatively low compared to historical averages [2][14] 3. Beer and Beverage Sector Insights - The beer sector is showing signs of improvement with a +3.6% increase, driven by rising temperatures and upcoming peak season demand [3] - Qingdao Beer reported a revenue of 32.14 billion yuan for 2024, a decrease of -5.49% year-on-year, while Chongqing Beer reported a revenue of 14.64 billion yuan, down -1.1% [3][15] 4. Consumer Goods Sector Insights - The snack sector is leading in growth, particularly with konjac products, which have seen sales exceed 100 million yuan in March [4][16] - The overall consumer goods market is expected to benefit from domestic consumption growth amid trade tensions, with a focus on three investment themes: dining, overseas expansion, and dairy supply chain [4][16] 5. Investment Recommendations - Recommended stocks in the liquor sector include strong alpha leaders like Moutai and Shunxin Agriculture, as well as cyclical beta stocks like Luzhou Laojiao and Jiangsu Yanghe [21] - In the consumer goods sector, focus on dairy products and snack companies such as Yili, Mengniu, and Salted Fish [22]

休闲零食 市场简析报告 商业合作/内容转载/更多报告 版权归属 上海嘉世营销咨询有限公司 01. 休闲零食：满足休闲场景需求 休闲零食是指人们在正餐之外的闲暇时间食用的食品，其主要功能并非充饥，而是通过强化消费场景，满足消费者在健康、功能、情绪等多维度的需求。与传统零食相比，休闲零食的目标人群更加精 准，包装设计更为精美，应用场景主要在家庭、办公室、户外运动、社交场合 旅行途中、节日赠礼等。 休闲零食主要消费场景一览 家庭消费 办公室小憩 户外活动 社交场合 旅行途中 节日赠礼 数据来源：公开数据整理；嘉世咨询研究结论；图源网络 02. 休闲零食种类丰富，糖果坚果最受欢迎 休闲零食市场产品丰富多样休闲零食行业涵盖了谷物类休闲食品糖果蜜饯坚果炒货、膨化食品、烘焙类、休闲卤味等多种产品，品类丰富多。其中，糖果蜜饯类零食在市场中占据最大份额。2024年糖 果蜜饯销售占比达到23.29%；其次是坚果炒货，占比18.33%；膨化食品占比11.4%。这三大品类的市场份额合计已超过50%。 | 糖果蜜饯 | 坚果炒货 | 膨化食品 | | --- | --- | --- | | 糖巧蜜饯类是一类以糖为主要调 | 坚果炒货是 ...

Core Viewpoint - Three Squirrels has successfully returned to the 10 billion revenue mark in 2024, achieving a 49% revenue growth and an 85% increase in net profit, driven by a comprehensive category and multi-brand strategy while expanding into new areas like warehousing stores and instant retail [2][4]. Financial Performance - In 2024, the company reported revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, marking its return to the 10 billion revenue club after three years [2] - Net profit reached 408 million yuan, up 85.5% year-on-year, with operating cash flow increasing by 80.1% to 602 million yuan [2] - The net profit margin improved from 3.09% in 2023 to 3.84% in 2024, indicating enhanced profitability through supply chain optimization and cost control [2] Product and Category Analysis - The revenue share of nut products decreased from 53.59% to 50.52%, while comprehensive products (gift boxes, combination packs) grew by 85.1% to 2.017 billion yuan, reflecting diverse consumer demand [3] - The company achieved a record quarterly revenue of 3.453 billion yuan in Q4, validating its successful inventory strategy for the New Year festival [3] Sales Channels and Distribution - Online sales accounted for 69.7% of total revenue, slightly down from 2023, while offline distribution revenue grew over 80% to 2.641 billion yuan [3] - The number of national snack stores increased from 149 to 296, with offline channel contribution rising from 30.4% to 33.85% [3] - Revenue from Douyin channel reached 2.188 billion yuan, up 81.7%, contributing 20.6% to total revenue [3] Strategic Initiatives - The company has implemented a "high-end cost-performance" strategy, establishing direct procurement partnerships with global suppliers, resulting in an 8% reduction in raw material costs [4] - The proportion of self-produced nuts increased from 35% in 2022 to 62% in 2024, leading to a gross margin increase of 1.2 percentage points to 24.25% [4] New Brand Development - The children's snack brand, Xiao Lu Lan Lan, generated 794 million yuan in sales, contributing 7.48% to total revenue and achieving profitability [5] - The company plans to pilot warehouse-style membership stores in the Yangtze River Delta, aiming to enhance customer spending and differentiate from competitors [5] Market Trends and Competitive Landscape - The snack market in China is projected to exceed 400 billion yuan in 2024, growing over 30%, with intense competition from low-price strategies of emerging brands [6][8] - Three Squirrels aims to leverage its scale advantage in lower-tier markets while establishing differentiated barriers in new retail formats [8] - The growth rate of snack consumption in third- and fourth-tier cities reached 45%, significantly outpacing first- and second-tier cities [7]