天眼查App显示，近日，赣州经济技术开发区香满满卤味坊（个体工商户）成立，法定代表人为罗娟， 注册资本5万人民币，经营范围为许可项目：小餐饮、小食杂、食品小作坊经营，食品销售（依法须经 批准的项目，经相关部门批准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部 门批准文件或许可证件为准）一般项目：外卖递送服务（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动）。 ...

Core Insights - Mondelez International reported Q3 2025 earnings that met adjusted profit expectations but fell short on revenue, leaving investors underwhelmed [1] Financial Performance - The company's earnings met adjusted profit expectations, indicating a stable profit performance despite revenue challenges [1] - Revenue figures were below expectations, which contributed to a negative sentiment among investors [1]

Core Viewpoint - The company, Orkla India, is planning an IPO to raise ₹1,668 crore, appealing to long-term investors with a high-risk appetite due to its revenue and profitability growth over the past three years [1][10]. Business Overview - Incorporated in 1996, Orkla India is a subsidiary of Norway-listed Orkla ASA, specializing in spices and convenience foods, exporting to 45 countries [3][10]. - The company holds a significant market position in South India, contributing 70% of its revenue, with a market share of 41.8% in Kerala, 31.2% in Karnataka, and 15.2% in Andhra Pradesh and Telangana [10]. - The company operates nine manufacturing units and additional contract manufacturing facilities in the UAE, Thailand, and Malaysia, with a combined installed capacity of 180,000 tonnes per annum and a capacity utilization of 46% [5][10]. Financial Performance - Revenue and operating profit (EBITDA) grew by 5% and 12.6% annually, reaching ₹2,394.7 crore and ₹396.4 crore, respectively, in FY23-25 [6][10]. - The EBITDA margin improved to 16.6% in FY25 from 14.4% in FY23, despite slower revenue growth in FY25 due to lower price realization in key spices [6][10]. - Profit before tax increased by 17.6% to ₹355 crore, while net profit decreased to ₹255.7 crore from ₹339.1 crore due to deferred tax adjustments related to the Eastern Condiments merger [7][10]. - Operating cash flow improved significantly to ₹391.7 crore in FY25 from ₹190.4 crore in FY23 [8][10]. - In the June 2025 quarter, revenue and net profit rose by 6% and 10% year-on-year, reaching ₹597 crore and ₹78.9 crore, respectively [8][10]. Valuation - The company is expected to demand a price-earnings (P/E) multiple of up to 39 based on post-IPO equity and net profit for FY25, with no direct publicly listed peers in the spices-to-food-products sector [9][10]. Investment Activity - Orkla India has raised approximately ₹500 crore from anchor investors ahead of its IPO, with notable investors including Nippon India MF, Aditya Birla Sun Life MF, and others [10].

Core Insights - Mondelez reported $9.74 billion in revenue for the quarter ended September 2025, marking a year-over-year increase of 5.9% and a surprise of +0.07% over the Zacks Consensus Estimate [1] - The EPS for the same period was $0.73, down from $0.99 a year ago, with an EPS surprise of +1.39% compared to the consensus estimate of $0.72 [1] Revenue Performance - North America revenue was $2.82 billion, slightly above the $2.77 billion estimate, reflecting a year-over-year decline of -0.4% [4] - Europe revenue reached $3.67 billion, slightly below the $3.68 billion estimate, but showed a significant year-over-year increase of +10.6% [4] - AMEA revenue was reported at $2.02 billion, close to the $2.04 billion estimate, with a year-over-year growth of +9% [4] - Latin America revenue stood at $1.24 billion, just below the $1.25 billion estimate, representing a year-over-year increase of +2.8% [4] Stock Performance - Mondelez shares have returned -1.6% over the past month, underperforming the Zacks S&P 500 composite, which increased by +3.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Financial Data and Key Metrics Changes - The company reported a decline in volume in North America by 4% compared to a 2.8% average year-to-date, indicating a slowdown in the market [20] - The guidance for Q4 implies a step up in organic net revenue growth of more than 4%, with an expected improvement in EBIT growth compared to the previous year [13][46] - Cocoa prices have been a significant factor, with a 30% price increase impacting the chocolate segment, but the company expects significant improvement moving forward [5][9] Business Line Data and Key Metrics Changes - In Europe, the biscuits, cakes, pastries, and meals business are performing well with share growth and volume mix growth, while the chocolate category is generally in line with expectations despite some pressure [5][6] - The U.S. biscuit category is facing challenges, with consumers focusing on essentials and shifting towards smaller packs and promotions [20][21] - Emerging markets showed a volume decline of 4.7%, primarily affected by Argentina's hyperinflation and economic conditions, but India and Brazil are performing better with mid-single-digit and double-digit growth respectively [39][41] Market Data and Key Metrics Changes - Consumer confidence in Europe remains stable, but the U.S. market is experiencing a decline in consumer spending and basket size, affecting overall sales [5][20] - Price elasticity in Europe is currently around 0.7 to 0.8, higher than the historical range of 0.4 to 0.5, indicating a need for price adjustments in certain product lines [8][34] - Emerging markets are showing varied performance, with China experiencing low single-digit growth and Argentina significantly impacting overall volume [40][41] Company Strategy and Development Direction - The company is focusing on optimizing pricing strategies and promotional effectiveness to drive growth, particularly in the U.S. market [12][24] - There is a clear strategy to invest in emerging markets and adjacencies like cakes and pastries, with a goal of high single-digit EPS growth for 2026 [15][29] - The company plans to enhance its supply chain efficiency and reduce costs through automation and better logistics management [48][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential despite current challenges, emphasizing the importance of adapting to consumer behavior and market conditions [15][68] - The company anticipates a rebound in Europe driven by seasonal activations and improved pricing strategies, while the U.S. market is expected to stabilize with better promotional strategies [46][48] - Cocoa prices are expected to be deflationary in 2026, which will positively impact margins and allow for further investments [15][14] Other Important Information - The company is implementing a multi-year North America supply chain program aimed at addressing cost structures and improving service levels [48][50] - There is a focus on health and wellness trends, with plans to expand product offerings in better-for-you segments [25][68] Q&A Session Summary Question: Insights on European market pricing and elasticity - Management noted that the current price elasticity in Europe is around 0.7 to 0.8, which is higher than expected, and adjustments are being made to better align with consumer acceptance [34][58] Question: U.S. market growth strategy - The company is focusing on optimizing pricing and promotional strategies to regain growth, with a shift towards value offerings and better-for-you products [20][68] Question: Future investments and spending - Management confirmed that Q4 plans for investments are locked in, with a focus on continuous brand support and activation at point of sale [71][72]

Core Insights - Hormel Foods Corporation and Forward Consumer Partners have signed a definitive agreement to establish a strategic partnership, allowing the Justin's® brand to become a standalone company, with Forward owning 51% and Hormel Foods owning 49% [1][3] Company Overview - Justin's® brand was founded in 2004 by Justin Gold, starting with handcrafted almond butters sold at the Boulder Farmers Market, and has since grown into a recognized brand in nut butters and organic snacks [2][5] - Hormel Foods acquired Justin's® in 2016 and has since expanded its product offerings, including various nut butters and confectionery items [3][5] Leadership Changes - Justin Gold will return as a strategic advisor and board member, while Peter Burns will resume his role as CEO, bringing extensive experience from previous leadership positions in the food and beverage industry [3][4] Strategic Goals - The partnership aims to leverage the strong brand equity of Justin's® and unlock its growth potential, reflecting Hormel Foods' broader strategy to enhance the value of its brands [3][4] Financial Context - Forward Consumer Partners manages $425 million in committed capital through its debut fund, which closed in 2023, indicating a strong financial backing for the new partnership [6]

Core Insights - Mondelez International has forecasted a steeper decline in annual profit due to reduced consumer spending on its premium chocolates and snacks in North America [1] - The company is facing increased costs for key ingredients, which is impacting its profitability [1] Company Summary - Mondelez International is experiencing a downturn in sales as consumers are cutting back on purchases of its higher-priced products [1] - The forecast indicates a significant challenge for the company in maintaining profit margins amid rising costs [1] Industry Summary - The snack and confectionery industry is witnessing shifts in consumer behavior, particularly in North America, where price sensitivity is increasing [1] - Higher ingredient costs are a common challenge across the industry, affecting profitability for major players like Mondelez [1]

A federal judge dismissed a proposed class action lawsuit accusing Mondelez International of deceiving consumers into overpaying for Clif bars that were labeled "climate neutral certified." ...

Core Insights - Keurig Dr Pepper Inc. (KDP) reported a strong performance in Q3 2025, with both sales and earnings improving year over year, leading to a 7.6% increase in share price following the announcement [1][10]. Financial Performance - KDP's net sales reached $4.31 billion, a 10.7% increase year over year, surpassing the Zacks Consensus Estimate of $4.14 billion [4][10]. - Adjusted earnings per share (EPS) were 54 cents, reflecting a 5.9% year-over-year growth, driven by higher adjusted operating income and gains from minority investments [5][10]. - Adjusted gross profit rose 7.9% to $2.35 billion, while the adjusted gross margin decreased by 100 basis points to 55% [5][10]. - Adjusted operating income increased by 3.9% to $1.09 billion, with an adjusted operating margin of 25.3%, down 170 basis points year over year [6][10]. Segment Performance - U.S. Refreshment Beverages segment net sales grew 14.4% to $2.73 billion, supported by market share gains in carbonated soft drinks, energy drinks, and sports hydration [7][10]. - U.S. Coffee segment net sales increased 1.5% to $991 million, primarily due to favorable pricing, despite a 4% decline in volume/mix [9][10]. - International segment net sales rose 10.5% to $580 million, driven by strong performance in mineral water in Mexico and single-serve coffee in Canada [12][10]. Strategic Outlook - KDP is focused on strengthening its core business and preparing for transformation, including the acquisition of JDE Peet's and a planned separation into two pure-play companies [3][10]. - The company raised its 2025 net sales outlook to high-single-digit growth, while maintaining its EPS guidance in the same range [16][10].

Core Viewpoint - Orkla India has successfully raised approximately Rs 500 crore from anchor investors ahead of its initial public offering (IPO), which is set to open for subscription on October 29, 2025 [1][5]. Group 1: IPO Details - The IPO is valued at Rs 1,667 crore and will be available for public subscription from October 29 to October 31, 2025, with a price band set between Rs 695 and Rs 730 per share [5]. - Orkla India is conducting a complete offer for sale (OFS) of 2.28 crore equity shares by promoters and other shareholders, with no fresh issue component [7][8]. - The company will not receive any proceeds from the IPO, as the funds will go entirely to the selling shareholders [9]. Group 2: Investor Participation - A diverse group of prominent domestic and global institutional investors participated in the anchor allotment, including Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, and Government Pension Fund Global [2]. - A total of 6,843,900 equity shares were allotted to anchor investors at a price of Rs 730 per share, raising Rs 499.6 crore [4]. Group 3: Company Background - Orkla India, formerly known as MTR Foods, is a multi-category Indian food company that produces a variety of products, including spices, ready-to-eat meals, and breakfast mixes under well-known brands such as MTR and Eastern [9]. - The company is primarily owned by Orkla Asia Pacific Pte. Ltd and Orkla ASA, holding a combined 90% stake, while the Meeran family holds 5% each [8].