洽洽食品今年以来股价涨6.15%，近5个交易日涨3.10%，近20日涨8.61%，近60日涨8.00%。 1月12日，洽洽食品盘中上涨2.00%，截至13:14，报22.95元/股，成交9935.84万元，换手率0.87%，总市 值116.09亿元。 资金流向方面，主力资金净流入663.10万元，特大单买入0.00元，占比0.00%，卖出337.07万元，占比 3.39%；大单买入2193.54万元，占比22.08%，卖出1193.38万元，占比12.01%。 截至9月30日，洽洽食品股东户数5.43万，较上期减少5.84%；人均流通股9297股，较上期增加6.20%。 2025年1月-9月，洽洽食品实现营业收入45.01亿元，同比减少5.38%；归母净利润1.68亿元，同比减少 73.17%。 分红方面，洽洽食品A股上市后累计派现46.93亿元。近三年，累计派现16.54亿元。 机构持仓方面，截止2025年9月30日，洽洽食品十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股398.11万股，相比上期减少1599.15万股。易方达裕鑫债券A（003133）位居第四大流通股 东，持股396.71万 ...

Core Viewpoint - The stock price of Haoxiangni has shown significant growth, with a year-to-date increase of 20.00% and a recent surge of 45.24% over the past 60 days, indicating strong market interest and performance [2]. Financial Performance - For the period from January to September 2025, Haoxiangni reported a revenue of 1.062 billion yuan, reflecting a year-on-year decrease of 9.77%. However, the net profit attributable to shareholders was -4.7088 million yuan, which represents a substantial year-on-year increase of 92.24% [2]. - The company has distributed a total of 1.638 billion yuan in dividends since its A-share listing, with 921 million yuan distributed over the past three years [3]. Stock Market Activity - On January 12, Haoxiangni's stock rose by 4.57%, reaching 13.26 yuan per share, with a trading volume of 83.708 million yuan and a turnover rate of 1.86%, resulting in a total market capitalization of 5.937 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent instance on January 7, where it recorded a net buy of -49.7474 million yuan [2]. Shareholder Structure - As of September 30, 2025, Haoxiangni had 46,300 shareholders, a decrease of 20.94% from the previous period, with an average of 7,432 circulating shares per shareholder, an increase of 26.49% [2]. - The top shareholders include various funds, with notable positions held by Xingquan Commercial Model Mixed Fund and others, indicating a diverse institutional interest [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply-demand structure of raw milk is improving, and the snack food sector continues to show upward momentum. The food and beverage index increased by 2.1% from January 5 to January 9, ranking 24th among 28 sectors, underperforming the CSI 300 by approximately 0.7 percentage points. Sub-sectors such as processed foods (+6.7%), soft drinks (+5.8%), and snacks (+4.5%) performed relatively well [3][10][12]. Summary by Relevant Sections Weekly Insights - The supply-demand dynamics for raw milk are optimizing, and the snack food sector is experiencing sustained growth. The recent policy by the Ministry of Commerce to implement safeguard measures on imported beef is expected to alleviate the impact on domestic industries, leading to a potential increase in beef prices over the next 2-3 years. The domestic dairy sector is facing challenges, with a continuous reduction in dairy cow inventory, which may lead to a widening supply-demand gap post-Spring Festival [10][11]. Market Performance - The food and beverage index rose by 2.1% from January 5 to January 9, ranking 24th out of 28 sectors, and underperformed the CSI 300 by about 0.7 percentage points. Leading individual stocks included Qianwei Yangchun, Anji Food, and Yangyuan Beverage, while stocks like Jiabi You, *ST Chuntian, and Xianle Health saw declines [12][13]. Upstream Data - As of January 6, the GDT auction price for whole milk powder was $3,407 per ton, reflecting a 10.4% year-on-year decrease. The domestic fresh milk price was 3.03 yuan per kilogram, down 2.9% year-on-year. The domestic milk price is expected to remain under pressure in the short to medium term [19][21]. Recommended Stocks - The report recommends focusing on companies that are likely to benefit from the improving raw milk supply-demand balance and the growth in the snack food sector. Notable mentions include: - Yuran Agriculture: Expected to benefit from the recovery in raw milk prices. - Modern Dairy: Anticipated to gain from the overall industry improvement. - Yili Group and Mengniu Dairy: Expected to see positive impacts from the anticipated recovery in milk prices [10][11]. Snack Food Sector - The snack food sector is projected to continue its upward trend, particularly during the Spring Festival season. Companies such as Weilang Delicious, Ganyuan Food, and Yanjin Food are highlighted for their potential growth due to seasonal demand and strategic initiatives [11][12].

Investment Rating - The report suggests a positive outlook for the liquor sector, with a recommendation to invest in specific companies based on supply and demand improvements expected in 2026 [1] Core Insights - The snack industry is showing signs of recovery, with companies entering the critical phase of preparing for the Spring Festival, which is expected to boost performance in Q1 2026 due to low base effects and seasonal demand [2] - Companies are adjusting their channel operations and product priorities in response to evolving market demands, leading to gradual improvements in their performance [2] - Specific companies like 甘源食品 (Ganyuan Food) and 劲仔食品 (Jinzai Food) are highlighted for their strategic adjustments and potential for recovery in 2026 [3][4] Summary by Sections Liquor Sector - The liquor market is expected to see a dual improvement in supply and demand by 2026, with short-term sales showing signs of recovery [1] - Recommended companies for investment include 泸州老窖 (Luzhou Laojiao), 古井贡酒 (Guojingongjiu), and 贵州茅台 (Kweichow Moutai) among others [1] Snack Industry - The snack sector is entering a critical preparation phase for the Spring Festival, with companies like 甘源食品 (Ganyuan Food) and 劲仔食品 (Jinzai Food) making strategic adjustments to improve their market positions [2][3][4] - 甘源食品 is expected to recover from a significant revenue decline by leveraging new product launches and channel improvements [3] - 劲仔食品 is shifting focus to new product categories to drive growth, despite facing some revenue pressures [4] Market Trends - The overall food and beverage sector is projected to experience a rebound, with specific attention on the performance of major brands and their strategic responses to market changes [1][2]

你平时喜欢吃零食吗？ 阅读就像一座随身携带的加油站，随时随地给你提供温暖和能量。中国商报特别栏目"阅"见商道来了，每期挑选一部书籍伴您航行商海。 近日，港交所网站显示， 湖南鸣鸣很忙商业连锁股份有限公司已通过港交所上市聆讯，即将成为港股"量贩零食第一股"。【此前报道：】 1月5日，婴童辅食赛道头部公司 爷爷的农场国际控股有限公司向港交所递交了上市申报文件，拟在主板挂牌上市。 递表港交所或已成为零食巨头们的"默契"。2025年以来，量贩零食赛道掀起"赴港上市潮"， 头部玩家们一边冲刺资本舞台，一边在门店、供应链、产品 端全方位发力，行业格局正被重新定义。 2025年9月，好想来的母公司万辰集团递表港交所，计划将募集资金用于门店网络扩张升级、产品组合丰富等；2025年4月，三只松鼠向港交所递交上市申 请，募集资金将投向供应链强化、销售网络拓展等方向。 但一系列动作的背后，是零食行业的竞争已经进入"深水区"。2025年三只松鼠A股股价跌超30%，财报显示，2025年前三季度其归母净利润同比下降 52.9%，扣非归母净利润同比下降78.57%。与此同时，"鼠名"文化也引发网友热议。【此前报道：】 当企业扩张遭遇瓶颈、 ...

Core Insights - The report from iiMedia Consulting indicates that 78% of consumers value the emotional significance of Spring Festival gifts, while 63% focus on cultural elements, suggesting that snack gift boxes should combine sentiment and traditional flavors [1] Group 1: Challenges in Spring Festival Gifting - Emotional expression is often vague, with most snack gift boxes only meeting the criteria of being "tasty and presentable," lacking unique emotional narratives, which diminishes the potential for lasting memories [2] - The understanding of "cultural flavor" is superficial, limited to red packaging, and fails to deeply explore traditional customs, thus not conveying the cultural memory of the Spring Festival [2] - There is a universal anxiety regarding gift selection for recipients of different ages and backgrounds, making it difficult to choose gifts that are both universally acceptable and meaningful [2] Group 2: Core Solutions of Wangwang Gift Box - The gift box serves as an emotional carrier with a zero-explanation cost for emotional consensus, as the name "Wangwang" embodies auspicious and celebratory meanings recognized by society [4] - It connects collective memories through classic products like Xianbei and Snow Cakes, evoking taste memories across generations, thus linking the past and present [4] - The brand's positive image and transparent pricing make it suitable for gifting to various relationships, balancing intimacy and distance [4] Group 3: Cultural Integration in the Gift Box - The visual design of the 918g zodiac-themed gift box centers on the horse, incorporating elements like magnolia and couplets, symbolizing prosperity and good fortune, making it a "readable" micro-painting of the Spring Festival [5] - The independent packaging design fits various Spring Festival scenarios, promoting sharing and joy, thus acting as a "social catalyst" for family gatherings [5] - The gift box has dual attributes, serving as both family reserves and direct New Year gifts, aligning perfectly with the social structure of the Spring Festival [5] Group 4: Product Assurance and Quality - The gift box includes a variety of flavors such as savory rice snacks, sweet candies, and creamy drinks, ensuring broad appeal across different age preferences [7] - Core products like Snow Cakes and Xianbei utilize baking methods rather than frying, addressing modern health concerns and enhancing the gift box's thoughtful nature [7] - Independent packaging enhances hygiene and convenience, while the "one pack at a time" concept aligns with the beautiful notion of "steady flow" during the Spring Festival [7] Group 5: Deeper Value of Choosing Wangwang Gift Box - The strong brand consensus and emotional memories ensure clear communication of sentiments, reducing transmission loss [9] - The transformation of rich traditions into shareable experiences allows for natural integration of cultural elements into the 2026 Spring Festival [9] - The gift box combines cultural depth, emotional warmth, and broad acceptance, making it a comfortable choice for both givers and receivers [9] Group 6: Practical Gifting Recommendations - Select themes based on relationships, such as the 918g zodiac-themed box for close relatives and the 650g classic box for casual friends, ensuring appropriateness for the 2026 Spring Festival [10] - Include cultural annotations when gifting, such as explaining the design's auspicious meaning, to enhance the cultural significance and thoughtfulness of the gift [10] - Personalize the gift by pairing it with items like tea or honey, creating a unique "customized New Year gift" that emphasizes the emotional and cultural aspects of the gift box [10]

2 0 26农历马年新春脚步日渐临近。在长达9天的2026年春节假期中，消费者的年货购买 需求将集中释放，一波庞大的岁末消费热潮正在袭来。 据尼尔森IQ数据，2 0 2 5年春节，全渠道销售额同比增长8.7%；而马年春节消费意愿继 续上涨，消费者假期消费意愿同比提升11%。在此背景下，品牌纷纷抓住春节消费机遇 展开布局。其中，乐事围绕新春的产品打造和营销布局堪称范本。 春节好兆头，零食有乐事 回看202 5年，中国消费市场一个明显的变化是，"情绪消费"开始走到台前。"性价比"不 再是消费决策最关键的因素，而情绪价值则成为越来越多消费者关注的核心需求。 一方面，带有热门IP元素的商品更容易引发年轻群体的关注与购买，成为社交平台的传 播热点；另一方面，消费者愈发青睐能传递欢乐、营造氛围的产品，零食礼盒成为家庭 聚会、走亲访友的刚需之选。据尼尔森IQ数据，从品类看，2025年春节全国线下全品类 平均价格较平日上涨1 3 . 8%。其中，零食凭借礼盒经济和社交场景实现价涨量增。 这说明，品牌想要抓住春节窗口，需要让消费者感知到独特的情绪价值。 近 期 ， 乐 事 推 出 十 余 款 新 春 限 定 系 列 产 品 ， ...

与此同时，河南品牌亦在积极走向全球。近期，蜜雪冰城门店开进洛杉矶好莱坞，以极致性价比将"河南味道"推向美洲市场。河南人王宁创立的泡泡玛特 旗下Labubu风靡海外，体现了河南企业家在潮玩赛道的全球视野。 不同于沿海地区依托外贸红利与资本助推的发展路径， 河南品牌的成长根植于本土产业根基、适配大众消费需求，形成了独具特色的 "中原生长模式" 。 全世界都逃不过河南品牌？ 提及来自河南的消费品牌，很多人首先想到的是遍布街头、以极致性价比著称的蜜雪冰城，但这仅是河南消费品牌矩阵中的冰山一角。 口渴时喝一杯蜜雪冰城的柠檬水，忙了饿了泡一碗白象方便面、配根双汇火腿肠，居家吃火锅就到锅圈食汇选食材，看剧时顺手开包卫龙辣条解馋。懒得 下厨的日子，囤上几袋三全水饺便足以应对不时之需。 从正餐到零食，河南品牌以最贴近民生的姿态，深度嵌入国人的饮食日常。 还有不少河南品牌，即便你未曾亲身体验，也一定有所耳闻。比如胖东来，其至今未走出河南，却凭极致的服务与信任，成为全国零售行业的学习样本。 截至2025年12月7日，直营巴奴门店网络已覆盖全国46个城市。据弗若斯特沙利文数据，按收入计，巴奴火锅在2024年中国火锅市场中的排名位列第 ...

Core Viewpoint - The company Wei Long, known for its spicy strips, is facing a decline in its core business as revenue from seasoned flour products has dropped, leading to a shift in its market position and reliance on other product lines like vegetable products [1][7][11]. Group 1: Business Performance - In the first half of 2025, revenue from seasoned flour products (spicy strips) decreased by 3.25% to RMB 1.31 billion, accounting for 37.6% of total revenue, down from 46.1% in 2024 [2][7]. - The vegetable products segment, led by konjac products, saw a significant increase in revenue, reaching RMB 2.11 billion, a year-on-year growth of 44.31%, and now represents 60.5% of total revenue [2][11]. - Overall revenue for the first half of 2025 was RMB 3.48 billion, compared to RMB 2.94 billion in the same period of 2024, marking an 18.5% increase [2][11]. Group 2: Management Changes - The departure of key executives, including the CEO and CFO, has led to a family takeover of management positions, with all core roles now held by members of the Liu family [3][13]. - This shift towards a family-run governance structure raises concerns about transparency and market adaptability [18][20]. Group 3: Market Challenges - The spicy strip segment is experiencing intense competition, with many new entrants leading to market share erosion for Wei Long [10][11]. - Consumer preferences are shifting away from spicy strips, with healthier options like konjac products gaining popularity [9][10]. - The company's heavy reliance on offline sales channels, which accounted for 90.4% of revenue in the first half of 2025, limits its ability to adapt to the growing e-commerce market [23][24]. Group 4: Future Outlook - The company's growth is increasingly dependent on the vegetable products segment, which poses risks if this growth slows down due to rising raw material costs and intensified competition [11][12]. - Wei Long's product innovation has stagnated, with other product lines, such as bean-based products, showing a 48% decline in revenue [25]. - To regain its market position, Wei Long must overcome its family-centric governance and embrace market-driven management and innovation strategies [25][26].

Group 1: Core Insights - The report from Guosheng Securities indicates that the liquor industry is expected to fully release risks by 2025, with improvements in supply and demand anticipated in 2026, characterized by a "supply-first, demand-gradual" recovery [1] - Current market conditions show a triple bottom in sales, pricing, and financial reports, with short-term improvements in sales expected during the Spring Festival, and mid-term recovery in sales, pricing, and financial reports anticipated [1] Group 2: Consumer Trends - The overall consumption landscape is stabilizing, but prices are under pressure, with structural growth changes continuing; the food and beverage sector saw a cumulative decline of 4% in 2025, with liquor significantly impacted, down 7% year-to-date [1] - High-end consumption is recovering first, with experiential consumption leading the way; product life cycles are shortening, and there is a clear trend towards health-oriented products and improved trust in channels [1] Group 3: Liquor Industry Analysis - The supply side is clearing, with leading companies like Kweichow Moutai and Wuliangye stabilizing prices and boosting channel confidence; the industry is expected to prioritize volume over price and focus on sales and market share in 2026 [2] - Demand is gradually recovering, with sales showing signs of improvement; the peak sales period around the Spring Festival is expected to see continued recovery, particularly for leading brands [2] Group 4: Beer and Beverage Sector - The beer sector is anticipated to benefit from restaurant recovery, with expectations for volume and price performance to exceed forecasts; key stocks include Beijing Beer and China Resources Beer [3] - The beverage industry is expanding steadily, with segments like sugar-free tea and energy drinks leading growth; companies with strong brand and channel capabilities are likely to stand out in a competitive landscape [3] Group 5: Food Sector Insights - The restaurant supply chain is seeing a recovery in demand, with price wars easing; leading companies like Anjijia are expected to navigate price pressures effectively [4] - The snack sector is focusing on retail transformation and product-driven growth, with opportunities for standout products; the dairy sector is expected to see a turning point in raw milk cycles in the second half of 2026 [4] - The health supplement market in China is still in a growth phase, with new ingredients and effects presenting explosive opportunities; companies like H&H International Holdings are highlighted for their resilience [4]