摘要 白酒板块展现较强韧性，其他酒类如啤酒、黄酒、预调酒毛利率较高。 白酒受禁酒令及线上活动影响批价震荡，但龙头企业通过渠道话语权和 政策调控稳定供需，保持价格稳定。关注白酒边际基本面变化。 乳制品行业受疫情影响，走亲访友需求减少，消费场景缺失。上游奶牛 存栏量扩张导致供给过剩，小品牌低价抢占市场，龙头乳企因社会责任 无法压低收奶价格，价格战加剧，牛奶价格下行，品牌溢价减少。关注 奶价格回升预期下伊利等利润率提升。 零食行业中，线下零食连锁和线上抖音渠道崛起带来新机会，但消费者 对价格敏感，品牌忠诚度不高。工业效率高、成本低的企业通过性价比 路线抢占市场份额，如盐津铺子和三只松鼠。头部公司在单一品类中仍 享有较高溢价，如卫龙、盐津铺子、有友食品。 卤味行业受包装类休闲零食冲击，龙头企业积极转型，如周黑鸭涉足副 业务，绝味食品探索新店型。保健品行业客户相对愿意支付溢价，但竞 争激烈，需新剂型和突出营销能力。汤臣倍健等传统品牌溢价空间较弱。 Q&A 在食品饮料行业中，悦己消费和悦人消费分别有哪些细分赛道？ 食品饮料行业可以分为酒类和非酒类两大块。酒类方面，白酒板块市值占比较 大，主要以悦己消费为主。此外，啤酒、预 ...

Core Insights - The brand "Sun Lu Jiang" has successfully launched its sub-brand "Pepper Salt Pork Knuckle," which won the championship title in the pork knuckle category at the 2025 China New Ingredients/Seasonings Expo, setting a benchmark for the innovation and upgrade of traditional marinated flavors [1][4]. Group 1: Product Innovation - The creation of "Pepper Salt Pork Knuckle" stems from a deep understanding of traditional marinating techniques and modern consumer demands, addressing issues such as homogenization in traditional marinated flavors and the rising health and convenience needs of younger consumers [4]. - The product employs a unique "first marinate, then fry" technique, involving a 68-hour secret dry brining process, followed by 90 minutes of steaming in-store to lock in moisture and nutrition, and finally high-temperature frying to achieve a crispy exterior and tender interior [4]. Group 2: Market Strategy - "Pepper Salt Pork Knuckle" has successfully entered multiple cities, including Changzhou, Wuhu, and Shanghai, with its "freshly steamed and fried" model catering to consumer demands for freshness, health, and taste, suitable for various occasions such as family gatherings and outdoor camping [7]. - The brand's trendy packaging and youthful marketing strategies have contributed to its rapid rise as a "viral product" on social media platforms [7]. Group 3: Brand Philosophy and Future Plans - The core value philosophy of "Sun Lu Jiang" focuses on ensuring consumer safety and taste, providing comprehensive support for partners, and fostering employee confidence and achievement [7]. - The recent championship title is a strong affirmation of the brand's innovation and market performance, with plans to continue developing the "freshly steamed and fried" technique and introduce more innovative flavors, aiming to become a leader in the fried marinated product category in China [7]. Group 4: Operational Support - The strong backing of "Five Spice Residence" includes a leading domestic 100,000-level GMP purification workshop ensuring safety and sterility, a 150 million yuan investment in an agricultural industrialization base for source control, and collaboration with Jiangnan University to establish a food research institute for continuous product innovation [8].

Core Insights - Ziyuan Baiwei Chicken has launched a "Consumer Coupon" campaign to provide consumers with cost-effective food options, creating a consumption boom nationwide [1][3] - The campaign employs an "omni-channel coverage + long-cycle operation" strategy, utilizing both paper and online coupons to reach various consumer scenarios [1][3] Group 1: Campaign Details - The paper coupons include "35 yuan off for purchases over 6 yuan" and "45 yuan off for purchases over 8 yuan," valid at all stores from May 1 to December 31, covering major consumption peaks [1] - Online group purchase vouchers have been introduced on platforms like Douyin, creating a closed-loop of "online coupon acquisition + offline consumption" to lower consumer spending thresholds [1][3] Group 2: Impact and Execution - The online promotion since April 26 has significantly increased store traffic, showcasing consumer recognition of the coupon campaign [3] - The success of the coupon initiative relies on the deep cooperation of the national distributor system, which has been involved in material distribution, staff training, and optimizing the redemption process [3][5] Group 3: Future Strategy - Ziyuan Baiwei Chicken plans to continue its precise empowerment strategy, focusing on marketing innovation and operational support [5] - The brand aims to elevate short-term consumption stimulation to long-term capability building through collaboration with distributors, ensuring sustainable growth in the competitive retail sector [5]

5月29日，百果园集团发布公告称，董事会欣然宣布，公司已于2025年5月29日就建议实行H股全流通向中国证监会提 交申请，以将合共85,448,554股非上市股份（约占公司截至H股全流通公告日期的已发行股本总额5.5510%）按一比一 的基准转换为H股。于完成所有备案要求（包括向中国证监会备案）并取得所有相关批准（包括联交所的批准）及符 合所有适用法律、法规及规则后，该等非上市股份将转换为H股，并将于联交所上市及买卖。公司将向联交所申请批 准该等H股于联交所主板上市及买卖。 西王食品：将持续改善运动营养业务经营状况 近日，西王食品在投资者互动平台针对提问表示，受原材料价格波动等多重因素影响，运动营养业务业绩近年虽未达 预期，但在长期具有较大的行业市场潜力，且公司已积累了一定的品牌知名度和市场份额，待市场环境改善、业务模 式优化后提升盈利水平。此外，西王食品还谈到，公司将持续改善运动营养业务的经营状况，提升业绩。 五芳斋：决定向股东赠送粽子礼盒产品，并征集意见或建议 近日，五芳斋发布公告称，公司为传承和弘扬中华传统文化，也便于股东更好地了解公司和产品，提高产品的认知度 和影响力，同时使产品精益求精，更好地服务消 ...

近年来，"卤味产品价格过高"等话题频繁受到消费者的热议，加上其他赛道品牌跨界入局，卤味赛道正面临前所未有的压力。为了探索卤味赛 道的破局思路，红餐产业研究院发布了《卤味品类发展报告2025》。 随着卤味赛道的竞争愈发激烈，卤味头部品牌承压前行。它们通过多种策略来积极应对行业变局。如，绝味鸭脖推出了"AI点单·小火鸭智体"，意在拉近 品牌与年轻消费群体的距离；紫燕百味鸡开启出海新举措，其美国首店在纽约开业…… 当下，卤味的发展现状到底如何？有哪些破局思路？未来的发展又面临哪些挑战？ 卤味赛道参与者众多，但近年来市场规模增速有所放缓 当前，卤味赛道的参与主体呈现出多元化的竞争格局，大到头部连锁品牌，小到夫妻店、路边摊，均在售卖卤味产品。此外，其他赛道的餐饮品牌、零食 品牌、生鲜电商、商超、预制菜企业等，也是卤味赛道的重要参与者。 根据不同的消费场景，卤味赛道又可进一步细分为休闲卤味、佐餐卤味和热卤三大细分赛道。其中，休闲卤味多为消费者在闲暇时享用的卤制产品；佐餐 卤味通常是餐桌上的凉菜和配菜；热卤则以现捞现拌、热食为特色，主打"逛吃"或快餐场景。 地区的门店数量占到全国的13.7%，位列第三。 近年来，随着入局者 ...

Core Insights - The 30th anniversary celebration of Zhou Hei Ya showcased its journey from a small shop to a national brand, launching a global brand renewal strategy aimed at a century-long vision for the braised food industry [1][11] - Zhou Hei Ya has evolved from a local delicacy to a national leisure food benchmark, with significant milestones including its listing on the Hong Kong Stock Exchange in 2016 as the first brand in the braised food industry [5][6] Company Development - Zhou Hei Ya was founded in 1995 by Zhou Fuyou, who introduced a unique sweet and spicy flavor, gradually gaining recognition in Wuhan [3] - In 2004, the brand began its formal branding process by opening its first commercial store in Wuhan International Plaza, leading to a decade of innovations in packaging and production [5] - By the end of 2024, Zhou Hei Ya plans to have over 3,000 stores across more than 300 cities in China [6] Brand Strategy - The brand renewal includes a new visual identity with three core colors and a youthful IP character "Xiao Zhou Zhou," reflecting a commitment to modernization and consumer engagement [8][10] - Zhou Hei Ya aims to become a "creator of global flavors," focusing on building a strategic ecosystem with international partners and promoting "Chinese flavors" worldwide [10][11]

Core Insights - The core message of the news is the celebration of the 30th anniversary of Zhou Hei Ya, highlighting its brand renewal strategy and commitment to quality as it aims to expand globally [1][8]. Group 1: Brand Development and Quality Control - Zhou Hei Ya has evolved from a street vendor to a national brand, emphasizing a vision of becoming "the creator of deliciousness for the world" while maintaining a quality-first approach [1]. - The company has implemented rigorous quality control measures, including advanced equipment to ensure a 99.9% impurity removal rate in its pepper sourcing, reflecting its commitment to high standards [2][3]. - Zhou Hei Ya's products have received multiple industry awards, including the iSEE Delicious Award, reinforcing its reputation for quality [4]. Group 2: Market Adaptation and Product Innovation - The company has adapted its store formats and product offerings to meet changing consumer preferences, including the introduction of new product lines such as spicy chicken and collaborations with other brands [5][6]. - Zhou Hei Ya has expanded its store count to over 3,000 across more than 300 cities in China, utilizing a dual model of direct sales and franchising to enhance market presence [5]. Group 3: Strategic Expansion and Globalization - Zhou Hei Ya is actively pursuing global market opportunities, starting with Southeast Asia, and aims to promote Chinese marinated food culture internationally [8]. - The company has diversified its distribution channels, including partnerships with major retailers and e-commerce platforms, resulting in a 75% increase in customer transactions [7]. - The introduction of new beverage products and collaborations in the seasoning sector indicates a strategic move towards creating new consumption scenarios [7].

Core Insights - The article highlights the 30th anniversary of Zhou Hei Ya, showcasing its journey from a small shop to a national brand and the launch of its global brand renewal strategy [2][3][4] Company Development - Zhou Hei Ya was founded in 1995 by Zhou Fuyou in Wuhan, starting with a small shop and introducing a unique "sweet and spicy" flavor that disrupted traditional practices [2] - The brand transitioned to a more formalized business model in 2004 by opening its first commercial store, marking the beginning of its branding process [2] - By 2024, Zhou Hei Ya plans to have over 3,000 stores across more than 300 cities in China [2] Quality Control and Supply Chain - The company adheres to GMP standards to ensure product quality and has significantly upgraded its supply chain, leading to the development of industry benchmarks among its partners [3] - Zhou Hei Ya's innovative processing techniques, such as a highly automated processing line, achieve a 99.9% impurity removal rate [3] Brand Strategy and Innovation - The brand is implementing a dual strategy of "classic + innovation," maintaining its signature flavors while introducing new product lines and visual branding elements [3] - Zhou Hei Ya's new branding includes a recognizable IP character "Xiao Zhou Zhou" and modern packaging designs that enhance consumer engagement [3] Future Vision - The company aims to build a "steel team" focused on quality improvement and to deepen the cultural interpretation of "Chinese Zhou Hei Ya" while expanding into global markets [4] - Zhou Hei Ya plans to create a strategic ecosystem with international partners, emphasizing continuous improvement and market penetration beyond snacks into dining experiences [4]

Core Insights - The article highlights the 30-year journey of Zhou Hei Ya, emphasizing its transformation from a workshop-style operation to a standardized brand-driven model in the marinated food industry [1][4] - Zhou Hei Ya's founder, Zhou Fuyou, is credited with leading the company through economic fluctuations and consumer preference changes, driving innovation and adapting business models to meet market demands [1][5] Company Achievements - Zhou Hei Ya has established itself as a national culinary symbol, with its brand becoming widely recognized and respected in the industry [1][5] - The company has implemented a standardized model across various dimensions, including procurement, production, logistics, and consumer engagement, which has significantly contributed to the industry's upgrade [6][12] Industry Leadership - Zhou Hei Ya has been awarded the title of "China's Consumer Quality Trusted Marinated Food Leader" by a third-party authority, reflecting its excellence in product quality and brand building [7] - The company has pioneered several industry standards, including the introduction of modified atmosphere packaging in 2012, which has transformed the market from bulk and vacuum packaging to a more standardized approach [6][12] Product Innovation - Zhou Hei Ya focuses on catering to younger consumers by launching diverse products and refreshing its brand image, ensuring it remains relevant in a competitive market [8][10] - The company has developed a dual-driven product strategy of "classic + innovation," enhancing its product matrix with unique flavors and offerings that resonate with consumer preferences [10][12] Channel Expansion - Zhou Hei Ya has strategically expanded its offline and online channels, establishing over 3,000 stores and leveraging e-commerce platforms like Douyin to enhance brand recognition and market penetration [11][13] - The company is set to embark on an international expansion journey, starting with Southeast Asia in 2024, aiming to become a global leader in the marinated food sector [11][14] Future Vision - Zhou Hei Ya aims to become a global representative of Chinese marinated food, with a focus on continuous innovation in product development and supply chain management [14] - The company is committed to building a strong team and establishing a strategic ecosystem with international partners, positioning itself as a pioneer in global marinated food culture [14]

食品丨市场观察 本周看点： -植物蛋白饮料巨头陷转型困局； -从计划经济到全球化：中国调味品TOP企业的进阶之路； -这届年轻人爱上"水替式"养生，用"减负"来"加码健康"。 行业 环境 1.植物蛋白饮 料巨 头陷转型困局 关键词：植物蛋白饮料,市场竞争加剧,营收净利润变化,大单品增长乏力,渠道品牌壁垒 概要：20 24年植物蛋白饮料行业呈现分化趋势，四家上市公司业绩各异：养元饮品净 利润增 长但营收略降，维维股份优化渠道后利润翻倍，承德露露双增，欢乐家双降。业内人士指出， 传统植物饮料受场景限制、淡旺季影响明显，且面临新兴品类竞争与同质化挑战。不过，健康 属性产品和新型植物奶需求上升，国际市场提供新机遇，企业需通过差异化创新满足年轻消费 者需求，推动行业发展。 2.从计划经济到全球化：中国调味品TOP企业的进阶之路 关键词：调味品行业,全球化,标准创新,出口创汇,现代化生产 概要：中国调味品行业结合传统工艺与标准创新，以海天味业、李锦记、珠江桥牌等企业为代 表，从计划经济时代的"出口创汇"到改革开放后的技术升级，逐步成为全球行业规则制定者。 珠江桥牌通过高新技术实现"智造"转型，推动南派酱油走向国际。行业从 ...