12月16日，良品铺子发布的诉讼进展公告引发市场广泛关注。广州轻工工贸集团有限公司（下称 "广州 轻工"）变更诉讼请求，彻底放弃受让良品铺子股份的诉求，转而要求解除股权转让协议并索赔2073.86 万元。 这一反转不仅标志着两地国资对良品铺子控股权的争夺落幕，更将这家休闲零食头部企业的经营困境与 股权僵局推向台前。 股权纠纷进展：广州轻工撤回收购诉求 索赔额缩减 这场股权纠纷的源头始于宁波汉意的债务化解需求。2025 年 5 月，良品铺子控股股东宁波汉意创业投 资合伙企业（有限合伙）（下称 "宁波汉意"）为缓解债务压力，与广州轻工签署股权转让协议书，约 定后者以12.42 元/ 股的价格受让 7976.40 万股股份，交易价款 9.91 亿元，广州轻工借此谋求对良品铺 子的控制权。良品铺子实际控制人杨红春等人已确认协议内容并出具承诺函。 广州轻工撤回收购诉求后，良品铺子的股权结构暂时稳定，但经营层面的深层次问题仍未解决。短期 内，公司需加快低效门店优化节奏，提升单店运营效率，同时推进产品结构升级，迎合健康化消费趋 势。长期来看，如何化解资金周转压力、重构渠道优势、重塑市场竞争力， 是摆在管理层面前的核心课题。 ...

传统品牌加速扩张，新玩家跨界入局，产品形态从现炒到冰栗、从奶茶到蛋糕疯狂衍生。这不再是一场 简单的时令品推广，而是供应链、产品创新与消费体验的立体战争，折射出中国消费市场深层次的逻辑 变迁。 战局：从秋冬限定到全年生意 栗子的突围，首先是一场对"时间"的战争。曾经，它的销售周期被严格限定在凉风乍起的几个月。如 今，技术破除了"季节限定"的标签。 炒锅翻动，栗壳的噼啪声在街头响起。消费者在"粒上皇"的队伍里等待一份热乎的糖炒栗子，与此同 时，外卖骑手的保温箱里，一杯"栗子可可奶茶"刚刚完成签收。 这颗曾深藏于秋冬街角的小小果实，已悄然登上消费舞台的C位。从零食巨头到商超、茶饮、烘焙乃至 快餐品牌，一场围绕栗子的"暗战"正全面打响。 盒马鲜生将栗子融入"预制菜"大军，开发出南瓜板栗糕、栗子大福等产品，使其从零食变为餐桌食材； 茶饮品牌更是推波助澜，沪上阿姨、乐乐茶等推出的栗子奶茶，让栗子以"饮品形态"渗透进日常； KUMOKUMO"栗子焦糖芝士蛋糕"、the Roll'ING海盐焦糖栗子瑞士卷等烘焙产品也备受青睐。 | 盖马烘焙 栗子芝士蛋料 | | | | --- | --- | --- | | 320g | ...

Group 1 - The leisure snack industry is undergoing a significant transformation driven by changes in consumer demand and channel dynamics, moving from a reliance on single-channel growth to a focus on supply chain efficiency [1][4] - The industry has experienced three phases of change: the supermarket era, the e-commerce boom, and the current phase characterized by diversification and a demand for high cost-performance products [9][10] - Key players in the market are adapting to these changes by either enhancing supply chain capabilities or focusing on brand strength to navigate the evolving landscape [3][4] Group 2 - Offline discount snack stores and online platforms like Douyin are emerging as significant channels, offering high cost-performance options and driving competition beyond just price [2][4] - The competition among brands has shifted from price wars to a comprehensive evaluation of store experience, supply chain responsiveness, and franchise support [2][3] - The current market environment emphasizes the need for companies to build long-term competitive advantages through either supply chain optimization or brand loyalty [4][10] Group 3 - The industry consensus is that a multi-channel approach and moderate category focus are essential strategies for success, with companies differentiating their responses based on their core competencies [3][4] - "Traffic-oriented" companies like Salted Fish and Three Squirrels are transitioning to strengthen their internal capabilities, while "big product" companies like Qiaqia and Jin Zai Foods are focusing on reinforcing their brand recognition [3][4] - The transformation in the snack industry reflects broader consumer trends, indicating that companies must adapt to changing market conditions to maintain competitiveness [4][10]

Core Viewpoint - The leisure snack industry is facing significant challenges, including declining gross margins and increasing pressure on net profit due to rising raw material costs and market competition [1][5]. Group 1: Financial Performance - Salted Fish's half-year report shows revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit of 373 million yuan, up 16.7%, but growth momentum is weakening compared to previous years [3]. - The gross margin for Salted Fish has decreased from 32.53% to 29.66%, marking a continuous decline over five years with a cumulative drop of over 12 percentage points [3]. - Other brands like Yummy and Three Squirrels also reported declines in gross margins, with Yummy's margin down 9.16% to 31.58% and Three Squirrels down 0.70 percentage points to 25.27% [4]. Group 2: Industry Challenges - The overall consumption capacity and willingness are declining, making the leisure snack industry, a non-essential category, face more severe challenges [5]. - The industry is expected to grow, with the market size projected to exceed 1.6 trillion yuan by 2025, maintaining an annual growth rate of about 6%-8% [5]. - Brands are advised to focus on upgrading supply chains and product innovation rather than relying on marketing for short-term performance [5]. Group 3: Raw Material Costs - Rising raw material costs are a direct pressure source, with some brands reporting cost increases of over 30% for key ingredients [6]. - For example, a brand's operating costs rose by 24.67% to 2.068 billion yuan due to increased prices of core raw materials [6]. - Many brands are struggling with the inability to control raw material procurement effectively, leading to increased costs and reduced profit margins [7]. Group 4: Channel Transformation - New emerging channels like snack wholesale stores and Douyin interest e-commerce are rapidly changing the growth path of traditional snack brands [8]. - Traditional channels are expected to shrink to 50% of market share by 2025, down from 80% in 2015, leading to significant revenue declines for brands reliant on these channels [8]. - Brands that adapt to new channels have seen success, with some reporting significant revenue growth through strategic partnerships [8]. Group 5: Scale vs. Profitability - Brands are expanding market scale through various strategies, but this often leads to increased costs without corresponding profit growth [10]. - Sales expenses are rising faster than revenue, with brands spending heavily on marketing to maintain competitive positions in new channels [11]. - The contradiction between scale and profitability is becoming more pronounced, necessitating a reevaluation of growth strategies and cost structures [11]. Group 6: Product Differentiation - Many brands rely on OEM models, leading to high product similarity and increased competition, which compresses profit margins [13]. - Some brands recognize the need for differentiation but face challenges in investing in R&D and production capabilities [14]. - Successful brands are investing in supply chain integration and product innovation to enhance competitiveness and profitability [15][16]. Group 7: Multi-Dimensional Strategies - Brands need to explore multiple dimensions for breakthroughs, including increasing R&D investment and innovating product offerings to meet consumer demands [17]. - There is a growing need for brands to adopt a user-centric approach, building emotional connections with consumers through storytelling and sustainable practices [18]. - The industry must achieve systematic breakthroughs in product strength, channel efficiency, and brand value to overcome current challenges [18].

Investment Rating - The industry is rated as "Outperform" compared to the market [1][33] Core Insights - The liquor industry is entering a phase of rapid performance clearing, with demand expected to show weak recovery as policy pressures ease. The industry is currently at a low valuation, and pessimistic expectations are fully priced in. The top liquor companies are stabilizing prices and increasing dividends, making them attractive for investment [4] - In the consumer goods sector, there are high-growth opportunities, with some segments benefiting from new products and channels. The market is likely to give a valuation premium to "scarce" growth stocks, such as Wancheng Group and Dongpeng Beverage, which are showing good growth trends [4] Summary by Sections Industry Performance - The food and beverage industry underperformed the Shanghai Composite Index, with a weekly decline of 1.63% compared to the index's decline of 0.34%, ranking 22nd among 31 sub-industries [5][6] - Within the food and beverage sub-sectors, the highest to lowest performance was as follows: dairy (-1.05%), beer (-1.31%), seasoning and fermentation products (-1.35%), liquor (-1.50%), snacks (-1.77%), soft drinks (-2.16%), meat products (-2.34%), other alcoholic beverages (-3.26%), pre-processed foods (-3.45%), health products (-3.67%), and baked goods (-4.48%) [5] Company-Specific Insights - Guizhou Moutai has implemented a volume control policy, leading to a rapid recovery in product prices. The price of Feitian Moutai rebounded from a low of 1499 yuan to 1590 yuan as of December 14, 2025, following a temporary halt in product distribution to dealers [5] - Salted Fish has clarified its focus on major product strategies during its dealer conference, emphasizing category upgrades and channel transformations to solidify growth foundations. The company aims to focus on "Chinese-flavored snacks," "healthy high-protein snacks," and "healthy sweet snacks" [5]

在健康饮食浪潮的推动下，魔芋这一曾默默无闻的食材，正经历着从火锅配菜到零食"流量明星"的转身。 12月10日，"健康零食新主张 超级食材魔芋爽"发布会在云南西双版纳召开。本次活动汇聚了营养专家、行业协会代表、产业链企业代表卫龙及媒体代表 等多方力量，共同解码魔芋产业的转型路径与未来机遇。 作为关键推动者，卫龙凭借敏锐的市场洞察力与持续创新能力，不仅引领魔芋零食行业从"拓荒"走向"引领"，更推动魔芋产业从"小产业"迈向"大集群"， 为国民健康食品发展注入新动能。 01 从"拓荒者"到"引领者" 我国现有魔芋加工企业200多家，其中国家级农业产业化龙头企业10余家、规模以上企业150余家，主要集中在四川、湖北、陕西、云南等原料主产区，形 成"原料企业（供应精粉/干片）—制品企业（生产终端食品）—产业集群（区域协同）"企业格局。 在种植端，我国已成为全球魔芋第一大国。中国园艺协会魔芋分会发布的数据显示，中国魔芋产量占全球的65%，魔芋种植面积约为240万亩。 02 从"试验田"到"增长极" 从火锅配菜，到走入零食赛道，魔芋以其独有的"健康密码"，成为"流量明星"。卫龙是这一蜕变的关键推动者，也成功将魔芋从"试验田" ...

Core Viewpoint - The company is facing significant challenges with store closures, declining revenue, and increasing losses, indicating a deteriorating financial situation [1][7]. Financial Performance - In Q3, the company reported revenue of 1.311 billion yuan, a year-on-year decrease of 17.72% [1]. - The net profit attributable to shareholders was -28.77 million yuan, reflecting a worsening loss situation [1]. - For the first three quarters, total revenue was 4.14 billion yuan, down 24.45% year-on-year, with a net loss of 122 million yuan, a drastic decline of 730.83% compared to the previous year [1]. Store Operations - The company closed 283 stores while only opening 65, resulting in a net reduction of 218 stores, leaving a total of 2,227 stores as of September 30 [3]. - The management stated that the significant drop in profit was primarily due to the elimination of inefficient stores and increased online channel costs [3]. Sales Channel Performance - All sales channels experienced declines, with franchise sales down 25.58% to 377 million yuan and direct retail sales down 19.83% to 374 million yuan [5]. - E-commerce and group purchase sales also fell, with declines of 14.02% and 3.58%, respectively [5]. - The overall gross margin decreased by 1.88 percentage points to 24.96% for the first three quarters [5]. Regional Sales Decline - Sales in key regions such as East China, Southwest, North China, and Northwest all saw declines exceeding 30%, with East China experiencing the largest drop at 36.33% [5]. Inventory Management - The company’s inventory turnover efficiency has declined, with inventory amounting to 394 million yuan, and turnover days increasing from 35.13 to 45.97 days [5]. Shareholder Disputes - The company attempted to sell a 21% stake to Changjiang Guomao, which would have made it a controlling shareholder, but the deal fell through due to legal disputes with Guangzhou Light Industry [7]. - The unresolved equity litigation has created uncertainty for the company's future development [7].

12月11日，盐津铺子（002847）食品股份有限公司（以下简称"盐津铺子"）在长沙举办"大魔王战略发 布会暨渠道经销商大会"。大会以"百亿征程 魔王领航"为主题，汇聚了战略伙伴、行业专家、投资人及 全球经销商代表，共同探讨休闲零食行业穿越周期、实现可持续增长的战略路径。 大会同时展示了公司在战略合作与产品力根基上的持续夯实。盐津铺子与百年老字号六必居确认深化为 期十年的战略合作，确保核心风味原料的优质供应。此外，公司与农心的联名新品及全新"辛辣豆腐"产 品正式亮相，展现了强大的跨界整合与创新能力。这些动作背后，是公司持续的研发高投入、超过200 人的研发团队，以及在印尼等地布局原料工厂，从源头保障产品"超级质价比"的供应链实力。 布局全球与共建生态，践行长期主义打造"盐津样本" 盐津铺子以国际休闲零食巨头为对标，旗下"大魔王"品牌自创立之初便具备全球化视野，产品目前已进 入全球25个国家和地区，与泰国7-11、新加坡思家客、美国99大华超市等主流渠道合作，践行全球本土 化运营。面向国内市场，盐津铺子提出与经销商共建"命运共同体"，通过品牌、产品、政策、服务四大 维度进行赋能，并呼吁经销商伙伴提升选品、终端运 ...

Core Insights - The event "New Propositions for Healthy Snacks: Superfood Konjac" held in Xishuangbanna, Yunnan, highlighted the transformation and future opportunities of the konjac industry in China, marking a new phase of standardized and value-driven development [1][2]. Industry Overview - China is the world's largest producer and consumer of konjac, accounting for over 60% of global planting area and production, with Yunnan, Sichuan, Hubei, and Shaanxi as the four core production regions [1]. - The konjac industry has evolved from traditional products to a diverse range of offerings, including snacks, meal replacements, and plant-based foods, with the entire industry chain exceeding 100 billion yuan [7]. Policy and Market Dynamics - The "China Food and Nutrition Development Outline (2025-2030)" emphasizes increasing the supply of konjac and other fiber-rich foods, driving the industry's growth [2]. - The demand for low-fat, high-fiber konjac products in markets like Japan and Europe is growing at an annual rate of 15% [7]. Company Innovations - Weidong, a leading company in the konjac snack sector, holds a 61% market share since launching its first konjac product in 2014 and has established the first industry standard for konjac ready-to-eat foods [4]. - The company is focusing on product innovation, upgrading the supply chain, and enhancing quality management to support the high-quality transformation of the konjac industry [4][17]. Nutritional Value and Health Trends - Konjac is recognized for its low energy, high fiber, and low glycemic index properties, making it beneficial for health, especially in addressing obesity and related chronic diseases [9][10]. - The consumption of konjac products is shifting from niche markets to a broader audience, characterized by trends of health consciousness, youth appeal, and convenience [10][12]. Future Directions - The konjac industry is expected to expand its applications beyond food into medical, daily chemical, and green packaging sectors, necessitating technological advancements and a comprehensive standard system [17]. - The recent report aims to provide valuable insights for the high-quality development of the konjac industry, focusing on the synergy of policy support, technological progress, and consumer upgrades [12].

Core Insights - The event titled "Big Demon King Strategy Release Conference and Channel Dealer Conference" was successfully held by Yanjinpuzi Food Co., Ltd. in Changsha, focusing on the transformation and upgrading path of the Chinese snack food industry [1] Company Strategy - Yanjinpuzi's Chairman, Zhang Xuewu, outlined the company's future core strategies, emphasizing three key product categories: Chinese-flavored snacks represented by konjac snacks and bean snacks, health-oriented high-protein snacks centered on egg products, and healthy sweet snacks featuring dried mango [3] - The company aims to build four core capabilities: deepening the source supply chain, establishing a benchmark for intelligent manufacturing, adhering to innovation-driven strategies, and successfully building a brand [3] Market Positioning - Yanjinpuzi's Executive Vice President, Lan Bo, discussed the company's strategy to "return to supermarkets," highlighting the retail transformation driven by examples like "Fat Donglai," which is bringing supermarkets back to the market mainstream [3] - The company believes that supermarkets hold irreplaceable value in consumer experience, trust endorsement, and scalability, and has planned four supporting measures: stabilizing big products, enhancing innovative products, coordinating customized products, and empowering strong promotions [3] Product Innovation and Performance - The event showcased significant collaborative achievements, including a deepened ten-year strategic partnership with Beijing Liubiju Food Co., Ltd. and the launch of a new product "Spicy Tofu" in collaboration with South Korea's Nongshim Group, demonstrating Yanjinpuzi's strength in product innovation and cross-industry integration [5] - Since the launch of the "Big Demon King" brand in October 2023, it achieved remarkable growth, with sales exceeding 1 billion yuan in 2024, marking it as Yanjinpuzi's first 1 billion-level product. The "Big Demon King" sesame-flavored vegetarian tripe reached over 100 million yuan in monthly sales within just 16 months [5] - In the first half of 2025, the "Big Demon King" series of konjac snacks generated revenue of 791 million yuan, making it the fastest-growing and highest-contributing core category for Yanjinpuzi [5]