大摩闭门会-中国消费动态："新旧、快慢" 有轮转吗？ 20250606 摘要 大消费市场整体疲弱，通缩压力明显，618 促销火爆反映需求不足，端 午节需求增速未见显著改善，人均消费额较疫情前下降约 12%。 选股策略维持困境反转、新兴高成长及估值合理运营优秀公司。推荐乳 业（蒙牛、伊利）、珠宝（周大福）、新兴消费（泡泡玛特、巨子生 物）、运动品牌（百胜中国、安踏）及波司登。 零食品类收入增长显著，受益于新渠道和健康意识，卫龙魔芋产品增速 超预期。企业需关注创新能力、原材料效率及海外市场拓展。 运动板块 4 月销售受影响，5 月因促销活动有所改善，但折扣加深。李 宁、安踏等品牌折扣增加，宝胜库存上涨，销售下跌，库存周转天数增 加。 Lululemon 中国区保持 30%以上增长，高端小众品牌增长较快。安踏 集团多品牌布局成功，Amer Sports 业绩提升，对安踏权益收入有显著 帮助，预计 2025 年保持 10%-15%收入增长。 Q&A 今年以来港股中高成长的新消费业态和行业表现如何？传统大消费板块的表现 又如何？ 今年以来，港股中代表新消费业态和行业的股票表现非常强劲，从年初至今整 体上涨接近 150% ...

Group 1 - Jialong Co. expects its soy sauce products to be launched in the second half of the year, with progress on the business proceeding smoothly [1] - Babi Foods reports that the median order amount for stores in East China has turned positive year-on-year for April and May, with a stable closure rate [2] - Muyuan Foods announces a sales revenue of 12.258 billion yuan from commodity pigs in May, reflecting a year-on-year increase of 26.93% [3] Group 2 - Haitian Flavor Industry's board has approved the global offering of H-shares and listing on the Hong Kong Stock Exchange [4] - Wens Foodstuff Group has undergone a change in actual controllers, with a new agreement signed by ten individuals, holding a combined 11.94% of the total share capital [5] - White Elephant Foods clarifies that its "Duoban" products are larger versions of existing products and will adjust packaging to avoid consumer confusion [6] Group 3 - Juzhi Biotechnology confirms that its recombinant collagen products contain real added collagen, with testing results showing content greater than 0.1% [7][8] - *ST Renle announces that its stock will enter a delisting arrangement period starting June 13, 2025, with the last trading day expected to be July 3, 2025 [9] - The involved blogger in the "Red Underwear" case related to Pang Donglai has issued an apology video, complying with the court's judgment [10]

Core Insights - In 2024, China's total retail sales of consumer goods reached 48.79 trillion yuan, growing by 3.5%, marking the first time it fell below the GDP growth rate of 5% [1] - The fast-moving consumer goods (FMCG) industry is transitioning into a phase dominated by "stock competition," focusing on efficiency improvement, brand optimization, and structural adjustments [1] FMCG Company Performance - **Master Kong**: Achieved revenue of 806.51 billion yuan, a slight increase of 0.30%, with net profit rising by 19.80% to 37.34 billion yuan [2][6] - **Nongfu Spring**: Reported revenue of 428.96 billion yuan, up by 0.50%, and net profit of 121.23 billion yuan, a marginal increase of 0.40% [2][6] - **Uni-President**: Generated revenue of 303.32 billion yuan, a growth of 6.09%, with net profit of 18.49 billion yuan, increasing by 10.90% [2][6] - **China Foods**: Recorded revenue of 214.92 billion yuan, up by 0.20%, and net profit of 8.61 billion yuan, a growth of 3.40% [2][6] - **Eastroc Beverage**: Achieved significant growth with revenue of 158.39 billion yuan, up by 40.63%, and net profit of 33.27 billion yuan, increasing by 63.09% [2][6] - **Three Squirrels**: Reported revenue of 106.22 billion yuan, a substantial increase of 49.30%, with net profit rising by 85.51% to 4.08 billion yuan [2][6] Industry Trends - The FMCG sector is experiencing a shift towards efficiency and brand optimization as the era of rapid market growth driven by demographic dividends comes to an end [1] - Companies are adapting to market changes through product innovation, structural optimization, and brand rejuvenation to establish new growth curves and core competitiveness [13] - The beverage segment is seeing strong performance from Nongfu Spring's tea drinks, which have become a major revenue source despite challenges in the bottled water segment [8][13] - The snack segment is witnessing varied performance, with companies like Qinqin Foods achieving profitability through export and OEM manufacturing, while others like Liuyifei face challenges due to strategic adjustments [13] Dairy Industry Performance - **Yili Group**: Maintained its position as Asia's leading dairy company with revenue of 1,157.80 billion yuan, despite a decline of 8.24% [15][16] - **Mengniu Dairy**: Experienced a revenue drop of 10.09% to 886.75 billion yuan, with net profit significantly declining by 97.83% [15][16] - **Bright Dairy**: Reported revenue of 242.78 billion yuan, down by 8.33%, and net profit of 7.22 billion yuan, a decrease of 25.36% [15][16] - The dairy industry is facing challenges with supply-demand imbalances and declining consumer demand, leading to revenue declines for many traditional dairy giants [18]

超配（维持） 食品饮料行业双周报（2025/05/23-2025/06/05） 白酒动销平淡，关注啤酒等旺季消费 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 周 报 行 业 资料来源：同花顺,东莞证券研究所 相关报告 证 券 研 究 报 告 食品饮料行业 2025 年 6 月 6 日 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料（申万）指数走势 行 业 研 究 ◼ 行情回顾：2025年5月23日-2025年6月5日，SW食品饮料行业指数整体下 跌1.83%，板块涨幅位居申万一级行业第二十六位，跑输同期沪深300指 数约0.90个百分 ...

Core Points - The announcement from Kunming Market Supervision Administration details the first food safety supervision and sampling inspection information for 2025, focusing on various food products including agricultural products, grain processing products, dairy products, condiments, and beverages [3]. Group 1: Inspection Standards and Criteria - The sampling inspections are based on national food safety standards such as GB 2760-2024 for food additives, GB 2762-2022 for contaminants, and GB 2763-2021 for pesticide residues [3]. - The inspection items include indicators like lead (Pb), benzoic acid and its sodium salt, sorbic acid and its potassium salt, aflatoxin B1, sodium saccharin, cyclamate, total bacterial count, and coliforms [3]. Group 2: Non-compliance and Compliance Statistics - A table lists non-compliant samples, including details such as sampling number, product name, production date, and the specific non-compliance item [4][5]. - Another table provides information on compliant samples, including the name of the production enterprise, product specifications, and purchase dates [5][6].

证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-030 重庆市涪陵榨菜集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）第五届董事会第二十九 次会议通知于2025年6月4日以书面、电子邮件及电话确认等方式向全体董事发出，会 议于2025年6月6日上午10:00以通讯方式召开。本次会议由公司董事长高翔先生召集 和主持，本次会议应出席董事（含独立董事）10人，实际出席董事9人，董事赖波先 生因个人原因缺席本次会议。公司全体监事及高级管理人员列席了本次会议，会议的 召集、召开与表决程序符合《中华人民共和国公司法》等法律法规和《公司章程》的 有关规定。 二、董事会会议审议情况 年第一次临时股东会的议案》。 根据《公司章程》相关规定，公司第五届董事会第二十九次会议审议的相关事项 需要提请公司股东会审议并表决，现提请于2025年6月23日召开公司2025年第一次临 时股东会。具体内容详见公司同日刊登于《证券时报》《中国证券报》《证券日报》 《上海证券报》和中国证监会指 ...

Group 1: Market Performance and Trends - The IPO market in Hong Kong has shown a significant increase in profitability for new stocks in 2025, with 59% of the 27 new stocks listed from January to May experiencing price increases on their first trading day, and an average gain of 11.15% [1] - Notably, the IPO of CATL on May 20, 2025, raised HKD 41 billion, marking the largest global IPO of the year, with a first-day surge of 28.14% and a subsequent premium rate of 13%, challenging the traditional perception of H-shares being discounted [1] - Leading companies in the consumer and pharmaceutical sectors have demonstrated the potential for A+H share premium, with notable examples including Mixue Group and Hengrui Medicine, which saw first-day gains of 43.21% and 25.8% respectively [1] Group 2: Company Overview of Haitian Flavoring - Haitian Flavoring, a "Chinese Time-honored Brand" with over 400 years of history, has developed a comprehensive product matrix with over 1,000 SKUs, including soy sauce, oyster sauce, and vinegar [2] - According to Frost & Sullivan, Haitian is the absolute leader in China's seasoning industry, holding more than double the market share of its closest competitor and has been the largest seasoning company in China for 27 consecutive years [3] - The company has established a nationwide sales network that covers nearly 100% of city-level and 90% of county-level markets in China, ensuring effective management and communication with distributors [4] Group 3: Production and Standards - Haitian operates four major production bases in Guangdong, Jiangsu, Guangxi, and Hubei, and actively participates in the formulation of national and industry standards, having contributed to 49 standards as of September 30, 2024 [5]

转自：大众报业·齐鲁壹点 由贵州省商务厅、中国烹饪协会指导，中国食品发酵工业研究院、贵州省酒文化研究会发起，联合利华 饮食策划承办的"黔酒中国行"之"传承酱香共酿味来"暨2025中餐黔酒融合发展交流活动在贵州茅台镇隆 重召开。活动汇聚行业权威、菜系泰斗及全国百余家中餐品牌代表。贵州省商务厅二级巡视员宋光辉、 中国烹饪协会特邀副会长霍海梅、中国食品发酵工业研究院院长郭新光、贵州省酒文化研究会会长梁 正、联合利华食品北亚总经理周莹洁、贵州大学酿酒与食品工程学院原院长邱树毅以及贵州茅台学院常 务副校长张春林等悉数到场，共同探讨酱香文化与餐酒协同的融合创新，亲历"一粒粮到一滴酱"的匠艺 之旅。 本次"传承酱香 共酿味来"活动以交流、探访、品鉴等多元形式展开，聚焦"酱香文化溯源""深度产业解 码""赋能中餐创新融合"三大核心主题，深入探索酱香风味的传承与创新，成功打造了一场推动产业链 协同的标杆性事件。 破圈联动 溯源酱香共筑餐酒融合新生态 酱油与酱酒承载着中国饮食文化的深厚内涵，是传统酿造工艺与现代烹饪理念的融合传承。此次活动， 联合利华饮食策划携手全国知名餐饮企业，走进酱香白酒发源地贵州茅台镇，与贵州酱香酒企业共同 ...

Core Insights - Haitian Flavor Industry's products have won the 2025 "Top Taste Medal" awarded by the International Flavor Evaluation Institute, highlighting the company's strong capabilities in seasoning product development and production [1][5][8] Product Recognition - Four products from Haitian, including low-salt fish sauce, shrimp head extract, low-salt soybean sauce, and low-salt oyster sauce, received the prestigious award, which is considered the "Oscar" of the global food industry [1][5] Evaluation Process - The evaluation panel consists of over 200 experts from more than 20 countries, including Michelin chefs and international tasting experts, ensuring a rigorous and objective selection process with a blind tasting elimination rate exceeding 70% [5] Quality and Innovation - Haitian's success in winning the award is attributed to its outstanding performance in taste, flavor, production techniques, and innovation, utilizing high-quality raw materials and integrating modern technology with traditional brewing methods [5][6] Health Trends - The company has focused on developing health-oriented products for decades, launching a range of options that include organic, low-sugar, low-salt, and low-fat products, achieving a comprehensive coverage of nutritional health product lines [6] Salt Reduction Technology - Haitian has innovated a "reduce salt without sacrificing flavor" approach, successfully lowering salt content by over 25% in its award-winning products without compromising taste [6] Brand Expansion - The award enhances Haitian's brand reputation globally and supports its international expansion, especially after the successful certification of its factory as the world's first "Lighthouse Factory" for soy sauce production [8] Internationalization - Following its recent approval from the Hong Kong Stock Exchange, Haitian is set to embark on an international journey, transitioning from a national brand to a world-class food enterprise [8]

6月1日，位于胶州市胶西街道的青岛灯塔味业有限公司，来了500余名社会各界代表、市民及慕名而来 的游客，共同开启沉浸式工业旅游新体验。当天，提振消费工业旅游推介会暨青岛灯塔博物苑•调味品 科普园开园仪式在这里举行。 大家穿梭于承载百年历史的灯塔博物苑，探秘古法酿造工艺，感受岁月沉淀的品牌魅力；在调味品科普 园里，通过趣味互动装置解锁调味品的"神奇密码"，见证一粒黄豆到醇香酱料的华丽蜕变。这场以"工 业+文旅"为特色的盛宴，不仅是百年老字号灯塔味业的焕新启航，更为胶西街道工业旅游发展注入全 新活力。 青岛灯塔博物苑•调味品科普园系青岛灯塔味业有限公司2025年企业文化宣传重点工程，承载120年历史 与文化传承重任，在弘扬传统酿造文化的同时推动文旅深度融合，成为展示地方产业特色、传播非遗技 艺的重要窗口，为区域经济社会高质量发展注入新动能，也为市民提供了集生态观光、文化体验、休闲 度假于一体的全新目的地。据悉，为践行公益发展理念，履行社会责任，园区对胶西街道中小学师生及 60周岁以上老年人实行免票入园政策。 为贯彻落实关于大力提振消费，全方位扩大内需的部署要求，胶西街道系统谋划全年提振消费工作，充 分发挥一二三产 ...