规格是食品饮料重要的产品策略之一。 我们分析过东方树叶的产品规格策略，通过三次产品规格的升级（330ml、900ml和1.5L装），不断巩固自己在无糖茶市场的龙头地位。我们也写过，即饮 咖啡近一年走红的9.9元/1升的产品，是通过包装和价格的性价比优势，来争夺过去被外卖抢走的咖啡消费市场份额。 饮料规格很多都是越变越大，相反的是，冰淇淋却越来越"迷你"了。不仅越卖越小，小雪糕还在努力地"成团"，经常以"mini多支装"的组合出现，吸引消 费者的注意。 "变小"不只是在冰淇淋行业，货架上的薯片、啤酒、方便面也悄悄加入，和大瓶装饮料的性价比不同，小包装的食品正在卷起行业另外一种"精致萌"的潮 流。 一、"小"趋势从何而来？ 伊利旗下的巧乐兹，在2019年推出了mini的巧乐兹小V筒，开始布局迷你类冰品的细分市场。而甜筒冰淇淋的代表可爱多，推出迷你版的时间更早，在 2017年就已经推出。 根据我们的观察，更多品牌的加入是在最近几年，单支份量显著缩小，取而代之的是多支装的组合产品。 梦龙在2023年4月推出迷你梦龙，将单支雪糕的克重从65g减少为42g左右，一上市便受到欢迎。随后，和路雪旗下品牌千层雪，也加入"迷你家 ...

百威亚太(01876)发布截至2025年6月30日止6个月业绩，该集团期内取得总销量43.63亿公升，同比减少 6.1%;收入31.36亿美元，同比减少5.6%;百威亚太股权持有人应占溢利4.09亿美元，同比减少24.4%;正常 化每股盈利3.59美分。 于2025年第二季度，由于集团的主要运营地区及渠道疲弱，集团在中国的销量表现低于行业水平。尽管 表现疲弱，集团仍在中国实现除息税折旧摊销前盈利率扩张。在韩国，集团的销量受到提前发货安排所 影响，但集团在即饮及非即饮渠道中的表现持续优于行业水平。在印度，由于集团持续引领该市场的高 端化发展，集团加速了增长动能。 ...

Core Viewpoint - Budweiser APAC reported a decline in total sales and revenue for the six months ending June 30, 2025, indicating challenges in key markets, particularly in China and Korea, while showing growth potential in India [1] Financial Performance - Total sales volume reached 4.363 billion liters, a year-on-year decrease of 6.1% [1] - Revenue amounted to $3.136 billion, reflecting a year-on-year decline of 5.6% [1] - Profit attributable to equity holders was $409 million, down 24.4% year-on-year [1] - Normalized earnings per share were 3.59 cents [1] Regional Performance - In China, sales performance was below industry levels due to weak operational regions and channels, although the company achieved an expansion in EBITDA margin [1] - In Korea, sales were impacted by pre-shipment arrangements, but the company outperformed the industry in both ready-to-drink and non-ready-to-drink channels [1] - In India, the company accelerated growth momentum by leading the market's premiumization efforts [1]

Core Viewpoint - Budweiser APAC reported a decline in total sales volume and revenue for the first half of 2025, primarily due to challenges in its operations in China, although performance in India partially offset these declines [1] Sales Performance - Total sales volume decreased by 6.1% to 4,362.8 million liters in the first half of 2025 [1] - Revenue fell by 5.6% to $3.136 billion in the same period [1] - Revenue per hectoliter increased by 0.5%, driven by positive impacts from the brand portfolio in the Asia-Pacific region and revenue management measures in Eastern Asia [1] Profitability - Normalized profit attributable to equity holders decreased from $552 million in the first half of 2024 to $474 million in the first half of 2025 [1] - Profit attributable to equity holders decreased from $541 million in the first half of 2024 to $409 million in the first half of 2025, impacted by non-core income tax effects from internal restructuring [1] Management Commentary - The CEO emphasized a focused approach and disciplined execution in investing in flagship brands to address current challenges and drive long-term growth [1] - The business in China was affected by regional layout and weak ready-to-drink channels, while performance in South Korea exceeded industry levels despite overall industry weakness [1] - Growth momentum in India continued to accelerate, with Budweiser brand growth outpacing the industry [1]

Group 1 - The core revenue for Budweiser APAC in Q2 was $1.68 billion, slightly below the expected $1.69 billion [1] - Adjusted EBITDA for Q2 was $498 million, exceeding the expected $495.2 million [2] - The net profit for Q2 was $175 million, which fell short of the expected $237.1 million [2]

Core Viewpoint - The National Market Supervision Administration (NMSA) has reported multiple cases of food safety violations, emphasizing the need for stricter regulations and internal reporting mechanisms to enhance food safety oversight [1][2][6]. Group 1: Food Safety Supervision and Enforcement - In the first half of 2025, the NMSA completed 2.639 million batches of food safety supervision and inspection, resulting in the removal, sealing, or recall of 69,000 batches of non-compliant products [2]. - A total of 181,000 food safety violation cases were investigated, with fines and confiscations amounting to 740 million yuan, and 653 cases were referred to judicial authorities [2][5]. - The NMSA is implementing a series of measures including the revision of the Food Safety Law and the establishment of a food safety management system in schools [2][3]. Group 2: Specific Violations and Cases - Notable cases include the addition of excessive water-retaining agents in frozen shrimp labeled as "zero additives," leading to fines of 7.4943 million yuan and the revocation of production licenses for four companies [4][5]. - A beer product was found to contain a substance similar to Viagra, resulting in the confiscation of 67 boxes and a fine of 150,000 yuan for the involved company [5]. - Other cases highlighted include toxic candy sold through live streaming and vinegar that did not meet safety standards, indicating a broader issue of negligence among food producers [5][6]. Group 3: Internal Reporting System - The NMSA has launched a "National Food Safety Internal Informant Reporting System" to facilitate the reporting of food safety violations by employees and related personnel [6]. - This system allows production units to register and manage internal reports, aiming to enhance the internal oversight of food safety [6]. - The initiative encourages collaboration between food production units and knowledgeable insiders to strengthen food safety defenses [6]. Group 4: Focus on Food Additives - The NMSA has intensified efforts to combat the misuse of food additives, conducting comprehensive inspections across various food categories [7]. - In the first half of 2025, 12,000 batches of food were found to exceed permissible limits for additives, leading to penalties for 4,727 companies and the suspension of operations for 65 [7]. - The NMSA plans to continue enhancing monitoring and enforcement regarding food additives to ensure compliance and protect public health [7].

责任编辑：何俊熹 7月30日，近日第35届青岛国际啤酒节正在举行。新浪财经《酒业内参》实地探访发现，在节日上，"酒 王争霸赛"如火如荼的进行，"14冠王"任光超现身现场展示了真正"硬实力"。 据了解，任光超此次参加的项目是用吸管品饮3升啤酒，30秒内品饮最快者胜。现场，任光超30秒内品 饮了2.8升啤酒，引得现场观众一阵惊呼，"酒王不愧是酒王！" ...

Core Insights - The 35th Qingdao International Beer Festival is currently taking place, featuring a new "Beer Exchange" that has gained significant attention from both local and out-of-town visitors [1] - The "Beer Exchange" operates like a mini stock exchange, with over 20 beer taps offering up to 10 different fresh beers daily, allowing customers to "trade" based on price fluctuations limited to 20% [1] - The festival has introduced smart service innovations, including robotic arms for precise beer dispensing and interactive experiences with robots and robotic dogs [1] Group 1 - The "Beer Exchange" concept has attracted a large number of visitors, creating a unique experience likened to stock trading [1] - Customers can experience emotional value as they witness the price changes of beers they have purchased, enhancing the overall enjoyment of the festival [1] - The festival features a variety of interactive technologies, including robots that provide welcoming services and engage visitors in activities like "virtual toasts" [1]

Core Viewpoint - Hong Kong's San Miguel Brewery (00236) has experienced a significant stock price surge due to a strong performance report, indicating a recovery in revenue and profit growth after a challenging 2024 [1][2]. Financial Performance - For the first half of 2025, the company reported revenue of approximately HKD 390 million, a year-on-year increase of 3.22%, and a profit attributable to equity holders of HKD 49.64 million, up 31.97% [1]. - In contrast, the 2024 full-year performance showed a decline in revenue to HKD 711 million, down 4.1%, and a net loss of HKD 18.91 million, primarily due to decreased export volumes and a non-cash impairment loss of HKD 90 million [2]. Sales Dynamics - The local sales volume in Hong Kong decreased by 4% in the first half of 2025, aligning with the overall industry decline, but total sales increased by 14% due to a significant rise in export volumes [1][4]. - In 2024, the overall beer industry in Hong Kong saw a 3.3% decline, with San Miguel's local sales down by 6% [2][8]. Strategic Initiatives - The company has successfully adjusted its export strategy, optimizing pricing and expanding into new markets, which has significantly improved export profits and offset local sales declines [4]. - Marketing efforts have evolved, with the introduction of new advertising campaigns and collaborations aimed at engaging younger consumers, resulting in a gross margin increase to 39.9% in the first half of 2025, up from 36.9% in 2024 [5]. Market Trends - The beer industry is facing saturation, with a shift towards premiumization and international expansion as key strategies for growth [6][7]. - The high-end beer market in China is projected to reach HKD 280 billion in 2024, accounting for 40% of the overall market, indicating a growing trend towards premium products [7]. Competitive Landscape - The Hong Kong beer market is experiencing increased competition, with major players like China Resources Beer and Qingdao Beer intensifying their focus on the high-end segment [8]. - San Miguel Brewery is leveraging its local brand recognition and differentiated product strategies to find new growth opportunities, particularly in Southeast Asia [9].

Core Viewpoint - Hong Kong San Miguel Brewery's stock surged due to a significant improvement in its financial performance, with revenue and profit both showing growth in the first half of 2025, marking a turnaround from the previous year's decline [1][2]. Financial Performance - In the first half of 2025, Hong Kong San Miguel Brewery reported revenue of approximately HKD 390 million, a year-on-year increase of 3.22%, and a profit attributable to equity holders of HKD 49.64 million, up 31.97% [1]. - In contrast, the full-year performance for 2024 showed a total revenue of HKD 711 million, a decline of 4.1%, and a net loss of HKD 18.91 million due to decreased export volumes and non-cash impairment losses [2]. Sales Dynamics - The local sales volume in Hong Kong decreased by 4% in the first half of 2025, consistent with the overall beer industry decline, but total sales increased by 14% due to a significant rise in export volumes [1][4]. - In 2024, the overall beer industry in Hong Kong saw a 3.3% decline, with Hong Kong San Miguel's local sales down by 6% [2][8]. Strategic Initiatives - The company has successfully adjusted its export strategy, optimizing pricing and expanding into new markets, which has significantly improved export profits and offset local sales declines [4]. - Marketing efforts have evolved, with the introduction of new advertising campaigns and collaborations aimed at younger consumers, contributing to a rise in gross margin to 39.9% in the first half of 2025, up from 36.9% in the same period of 2024 [5]. Market Trends - The beer industry is experiencing saturation, with a clear trend towards premiumization and international expansion as key strategies for growth [6][7]. - The high-end beer market in China is projected to reach HKD 280 billion in 2024, accounting for 40% of the overall market, indicating a shift in consumer preferences towards higher quality products [7]. Competitive Landscape - The Hong Kong beer market is facing increased competition, with traditional giants and emerging craft brands vying for market share, particularly in the high-end segment [8][9]. - Hong Kong San Miguel Brewery is leveraging its local brand recognition and differentiated product strategies to find new growth opportunities, particularly in Southeast Asia [9].