2026年1月5日，爷爷的农场国际控股有限公司（以下简称"爷爷的农场"）正式向港交所递交招股说明 书，拟主板挂牌上市，招银国际担任独家保荐人。 婴童辅食品牌爷爷的农场正冲击港股IPO。 这家成立仅十年的品牌凭借"有机""进口"标签迅速崛起，2024年以40.6%的高增速跻身中国婴童零辅食 市场第二名，有机品类更位列第一。然而，亮眼业绩背后，其"荷兰进口"身份与代工模式频遭质疑，多 次因食品安全问题被处罚，且营销费用居高不下。 此番上市，爷爷的农场能否在资本市场的审视下平衡增长与质量，成为行业关注的焦点。 产品已涵盖269个SKU 一年营收超8亿元 招股书显示，成立于2015年的爷爷的农场于2018年推出首款婴童辅食产品，后于2021年战略性进军家庭 食品赛道。其中，婴童零辅食领域的产品包括食用油、调味品、谷物类辅食、果汁、果泥和果泥酸奶产 品以及零食；家庭食品领域的产品则包括液态奶产品、方便食品、大米产品、调味品以及食用油。 招股书提到，截至2025年9月30日，爷爷的农场的产品组合已涵盖269个SKU，覆盖不同细分市场。截至 同期，爷爷的农场约三分之一的SKU获得有机销售许可与"有机"标识资质，其中部分产品 ...

Core Insights - Sichuan's industrial development has shown strong momentum, with significant achievements in various sectors over the past 40 years, particularly in manufacturing and digital economy [8][9][21] Industrial Growth and Achievements - From 1978 to 2017, Sichuan's total industrial output value expanded by 194 times, with an average annual growth rate of 12.1%, outpacing the national growth rate by 1.6 percentage points [9][10] - The province's industrial investment increased by 645.6 times during the same period, with a total industrial investment of 9,181 billion yuan in 2017 [12][13] - Sichuan has established a complete industrial system with 41 major industries, employing 3.19 million people in large-scale industrial enterprises [10][11] Strategic Initiatives - Sichuan is focusing on developing a "5+1" modern industrial system to enhance industrial quality and efficiency, with specific emphasis on digital economy and high-tech industries [6][15][25] - The province has launched initiatives to optimize regional industrial layouts, promoting collaborative development across five economic zones [15][18] Technological Advancements - Sichuan has made significant strides in technological innovation, with over 4,000 high-tech enterprises and more than 1,000 provincial-level technology centers established [22] - The digital economy in Sichuan surpassed 1 trillion yuan in scale, with advancements in smart manufacturing and internet integration in the industrial sector [17][21] Export and Investment - By the end of 2017, Sichuan had over 230 industrial enterprises investing abroad, with a focus on high-end equipment and emerging sectors [24] - The province has attracted 189 Fortune 500 companies, maintaining its position as the leading region in Western China for foreign investment [24]

（文章来源：中国新闻网） 雀巢公司还表示，目前尚未收到与该产品相关的确诊病例报告，但出于谨慎考虑，仍决定召回相关产 品。(完) 中新网1月6日电据BBC报道，因部分婴儿配方奶粉产品可能含有引发食物中毒的毒素，雀巢公司已发布 全球召回令。 雀巢公司表示，其特定批次的SMA婴儿配方奶粉及后续配方奶粉不适合喂养婴儿，这些批次产品销往 全球各地，或含有摄入后会引发恶心、呕吐症状的物质。 ...

Group 1 - The company, Grandpa's Farm International Holdings Limited, submitted a listing application to the Hong Kong Stock Exchange on January 5, with CMB International as the exclusive sponsor [1] - According to the company's prospectus, it achieved operating revenue of 780 million RMB and a profit of 87.42 million RMB in the first three quarters of 2025 [3] - Revenue is projected to grow from 622 million RMB in 2023 to 875 million RMB in 2024, with a gross profit of 514 million RMB in 2024 [3] Group 2 - Market research firm Frost & Sullivan indicates that the company ranks second in the Chinese infant and toddler complementary food market by transaction value for 2024, achieving the highest compound annual growth rate of 42.6% among the top five companies from 2022 to 2024 [3] - The company leads the organic infant complementary food segment by transaction value [3] - The company's business encompasses two main areas: infant complementary food and family food, with a product line that includes oils, seasonings, cereals, juices, liquid milk, convenience foods, and rice products [3] Group 3 - As of September 30, 2025, the company's product SKU count has increased to 269 [3] - The funds raised from the listing are intended to enhance product development and innovation capabilities, invest in supply chain development, strengthen production capacity, improve brand building and marketing, and expand domestic sales networks while developing overseas markets [3]

（央视财经《正点财经》）记者从上交所、深交所和北交所三大证券交易所了解到，A股上市公司2025年分红超2.6万亿元，创历史新高。 从分红规模来看，银行、石油石化、大消费等行业是分红大户。此外，科技类上市公司积极分红，显示出企业盈利能力稳步提升。 数据显示：上交所上市公司中有六个行业分红超千亿元。其中，银行业上市公司分红8032亿元，石油石化行业分红1863亿元，食品饮料行业分红 1098亿元。 科技类上市公司积极分红。数据显示：深交所创业板945家公司累计实施现金分红1374.52亿元，分红金额同比增长8.41%，分红增速较快。 上交所科创板383家公司实施现金分红，板块覆盖率超六成，分红落地实施金额合计382亿元。99家科创板公司披露中期分红方案，金额合计72亿 元。 上海金融与发展实验室主任 曾刚：科技类企业分红增长明显是行业成熟度提升的重要信号。早期科技企业往往将利润投入研发扩张，较少分红。当 前分红增加，说明这些企业进入稳定盈利的阶段，现金流管理更加成熟。这既反映了中国科技产业向盈利驱动的转型，也体现了企业治理水平的提 高以及对股东回报的重视。 转载请注明央视财经 编辑：潘煦 ...

Core Viewpoint - Japanese companies are facing significant challenges in the Chinese market, leading to closures and exits from various sectors, but they are simultaneously increasing investments in high-end technology and local operations in China [4][22][29]. Group 1: Company Closures and Exits - Canon has closed its printer production base in Zhongshan, which was once a major manufacturing hub, reflecting a significant decline in its market presence [5]. - Nissan announced the closure of its Wuhan factory, which had a low production utilization rate of only 3%, leading to its acquisition by another company [6]. - Mitsubishi has completely exited the Chinese automotive market after over 40 years of operation, ceasing its vehicle production [6]. - Sony has officially withdrawn its Xperia smartphone business from China, indicating a strategic retreat from the market [6]. - Yakult closed its first factory in Guangzhou after experiencing a drastic drop in sales, with daily sales nearly halving compared to previous years [6]. Group 2: Market Dynamics and Competition - The decline of Japanese brands in China is attributed to the rapid advancement of domestic brands, which have overtaken their Japanese counterparts in various sectors [11][12]. - Japanese companies have been slow to adapt to market changes, relying heavily on their brand reputation and quality, which has diminished due to various scandals [14][17]. - The local adaptation of Japanese companies has lagged, with many failing to incorporate local consumer preferences into their product offerings [19][20]. Group 3: Strategic Shifts and Investments - Despite the closures, Japanese investment in China has surged, with a 55.5% year-on-year increase in the first three quarters of this year, leading all countries [23]. - Companies like Toyota are making significant investments in high-end technology, such as establishing a wholly-owned electric vehicle company in Shanghai [24]. - Panasonic is investing in semiconductor packaging materials in Shanghai, indicating a strategic focus on critical supply chains amid global competition [28]. - The overall trend shows a "K-shaped differentiation," where low-end capacities are exiting while high-end investments are increasing, reflecting a strategic shift in how Japanese companies view the Chinese market [29].

爷爷的农场由艾斯普瑞企业有限公司（中国香港）控股，通过艾斯普瑞（广州）食品有限公司开展中国 内地业务。艾斯普瑞主营业务为进口婴幼儿食品，2018年与荷兰母婴品牌"爷爷的农场"签约，取得该品 牌中国区总经销权。 根据弗若斯特沙利文提供的数据，以2024年商品交易总额（GMV）为统计口径，该公司在中国婴童零 辅食市场排名第二，在有机婴童零辅食细分市场中位列第一。2022年至2024年，公司复合年增长率为 42.6%，在GMV前五的企业中处于该增速水平首位。2024年，其有机婴童零辅食GMV约5亿元，对应市 场份额为23.2%。 爷爷的农场目前已形成"婴童零辅食+家庭食品"双业务布局。 图源："爷爷的农场"官网 1月5日晚，爷爷的农场国际控股有限公司（下称"爷爷的农场"）向港交所递交上市申请，招银国际为独 家保荐人。 财务数据方面，2023年至2025年前三季度，爷爷的农场营收呈连续增长态势。2023年营收6.22亿元， 2024年增至8.75亿元，同比增加40.6%。2025年前三季度营收为7.80亿元，较上年同期增长23.2%。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | ...

记者丨 郑青亭 编辑丨和佳 据新华社，1月5日，正在对华进行正式访问的爱尔兰总理马丁在北京对中国媒体表示，爱尔兰 高度重视发展对华关系，愿同中方一道持续深化政治互信，拓展经贸、人文等领域务实合作， 共同推动欧中关系不断改善，特别是在贸易领域坚持开放贸易原则，营造公平竞争的市场环 境。 马丁在5日的发布会上透露，当天上午他同中方领导人举行了"热情而富有建设性的会晤"。双 方一致重申致力于建设稳固的中爱互惠战略伙伴关系，并同意共同推动欧盟—中国关系朝着更 加稳定、建设性的方向发展，尤其是在贸易领域推进开放、公平和基于规则的合作。 马丁表示，中国市场对爱尔兰企业和产品具有至关重要的意义，尤其是在食品和饮料产业领 域。爱尔兰在牛肉、乳制品和婴幼儿配方奶粉等方面拥有全球领先的质量和安全标准，农业及 食品饮料产业已成为中爱经贸关系的重要支柱，希望在可持续基础上持续保持对中国市场的准 入。 与此同时，生命科学和科技产业仍将是双边合作的重要组成部分。随着两国经济数字化进程不 断加快，技术、知识和经验的交流愈发关键，加强研发合作尤为重要。 他举例称，当天见证的一项围绕糖尿病肾病开展的中爱科研合作，充分体现了双方在相互尊重 基础 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 证券研究报告-行业月报 同步大市(维持) 食品饮料相对沪深 300 指数表现 -5% 0% 4% 8% 13% 17% 22% 26% 2025.01 2025.05 2025.09 2026.01 食品饮料 沪深300 资料来源：中原证券 liuran@ccnew.com 021-50586281 生猪价格环比跳涨，白酒供给持续收缩 ——食品饮料行业 2026 年 1 月月报 发布日期：2026 年 01 月 06 日 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共21页 投资要点： 相关报告 《食品饮料行业月报：节气将近，白酒、预制 食品反弹》 2025-12-10 《食品饮料行业年度策略：海日生残夜，江春 入旧年》 2025-11-28 《食品饮料行业分析报告：成本红利消退，收 入加速下行》 2025-11-20 联系人：李智 食品饮料板块大跌 4.05%。其中，白酒、其它酒、啤酒、肉制品和乳制品等传统品类下跌， 零食、软饮料、烘焙、保健品等新兴品类仍保持涨势。 2025 年 12 月 ...

证券研究报告 北交所定期报告 hyzqdatemark 2026 年 01 月 06 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 年国内消费市场热点涌现，11 月 CPI 同比增速达到年内高点。2025 年 1-11 月，CPI 同比增速整体呈低位波动后逐渐回升的趋势，11 月 CPI 同比增长 0.7%， 增速提升，达到年内高点。2025 年 1-11 月，PPI 同比增速整体为负，但边际好转， 工业品价格通缩压力略微得到缓解。2025 年 1-11 月主要商品零售品类呈现分化， 其中通讯器材类、家用电器和音像器材、家具类等受政策补贴增长强劲，体育、娱 乐用品、金银珠宝类增速也较高，烟酒、服装、饮料、建筑及装潢材料类等传统消 费品行业表现偏弱。2025 年中国消费市场涌现出一系列消费热点，如政策驱动类、 情感经济类、健康消费类、银发经济类、国潮经济类、体验经济类等消费热点。梳 理北 ...