❑ 资金：周二沪深两市总成交额为 11697 亿元，南下资金净流入 63.3 亿港元。 重要推荐 证券研究报告 | 浙商早知道 报告日期：2025 年 05 月 21 日 浙商早知道 2025 年 05 月 21 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周二上证指数上涨 0.4%，沪深 300 上涨 0.5%，科创 50 上涨 0.2%，中证 1000 上涨 0.8%，创业板指上涨 0.8%，恒生指数上涨 1.49%。 ❑ 行业：周二表现最好的行业分别是美容护理（+2.5%)、综合（+2.1%)、传媒（+2.0%)、家用电器（+1.7%)、医药 生物（+1.6%)，表现最差的行业分别是国防军工（-0.5%)、煤炭（-0.3%)、钢铁（-0.1%)、房地产（-0.1%)、建筑 材料（+0.1%)。 ❑ 【浙商食饮 杨骥/杜宛泽】劲仔食品（003000）公司更新：新渠道助力成长，潜力品类空间较大— ...

专家(折扣零食专家)-线上小范围 20250520 摘要 • 不同城市加盟成本和回本周期存在差异：深圳投资 80-100 万，回本两年 以上；下沉市场投资 50-60 万，回本一年半左右。 • 门店营收受城市级别影响显著：四五线城市日均营收约 1 万元，年营收 360-400 万；一线城市日均营收 2 万元以上，年营收 800 万元左右。广 州 150 平米门店净利润约 40-50 万，两年内可回本。 • 加盟商筛选侧重经验和经济实力，有美甲或便利店经验者优先，以缩短培 养期并确保盈利能力。 • 2025 年计划新增门店 2000 家，较去年保守，因区域保护政策。1-4 月广 州新增近 200 家，预计旺季可再开 700-800 家，年底达 1,700-1,800 家。 • 单店模型显示，日均销售额约 2 万元，月销售额 60 万元，毛利率约 7%， 每月毛利 4 万多元（已扣除租金和人工）。公司通过活动预算和区域保护 政策稳定销售额。 • 公司通过增加高单价 SKU 和自主研发新品提升竞争力，SKU 数量已从 3-4 千个增至 6 千多个。省钱超市模式尚在尝试阶段，投入成本更高，回本周 期更长，但日销可增长 ...

Core Viewpoint - Liuliu Guoyuan is attempting to relaunch its IPO in Hong Kong after a six-year hiatus, driven by cash flow pressures and the need to address significant financial obligations to investors [20][24]. Group 1: Company Background and Market Position - Founded in 2006, Liuliu Guoyuan initially focused on traditional pastries but pivoted to specialize in plum products, capitalizing on a gap in the domestic market for plum snacks [5][6]. - The company has built a "plum empire" with the help of celebrity endorsements, notably from Yang Mi, which significantly boosted its market presence [3][11]. - The current snack market is highly competitive, with rapid innovation and new brands emerging, posing challenges for Liuliu Guoyuan to maintain its market share [4][11]. Group 2: Product Development and Financial Performance - Liuliu Guoyuan has been expanding its product line to mitigate reliance on plum products, which accounted for 87.57% of total revenue in 2018. New products like "plum jelly" have shown strong revenue growth, contributing 25.4% of total revenue by 2024 [5][7][10]. - Despite the introduction of new products, the company remains heavily dependent on plum raw materials, which are vulnerable to climate impacts, leading to rising raw material costs from 41.7% to 47.7% of revenue from 2022 to 2024 [8][10]. - The company's revenue figures show a steady increase, with total revenue projected to rise from 1.174 billion RMB in 2022 to 1.616 billion RMB in 2024 [10][19]. Group 3: Marketing and Brand Strategy - Liuliu Guoyuan has heavily invested in marketing, with sales and distribution expenses exceeding net profits, indicating a potential imbalance between marketing and product development [9][13]. - The company has shifted its marketing strategy to include storytelling and brand building, aiming to create deeper emotional connections with consumers [12][14]. - The reliance on celebrity endorsements for marketing may not be sustainable for long-term brand value, as consumer preferences shift towards product quality [10][14]. Group 4: Financial Challenges and IPO Necessity - The urgency for the IPO is driven by a looming cash flow crisis, exacerbated by a redemption clause from investors requiring a significant payout if the company fails to go public [20][21]. - Liuliu Guoyuan's cash reserves are critically low, with only 51 million RMB available against current liabilities of 958 million RMB, highlighting the financial strain [21][24]. - The upcoming IPO is seen as a crucial opportunity for the company to secure funding and stabilize its financial situation amidst increasing operational challenges [25][26].

据记者不完全统计，在最近10天左右的时间内，就有华福证券、中信建投、国金证券等多家券商举办了消费行业主题策略会。 而这些消费主题策略会的规格参考大型策略会，主论坛、上市公司交流一应俱全。据了解，投资者参会热情较为踊跃。 每经记者｜王海慜 每经编辑｜肖芮冬 宠物、零食、保健品、潮玩、美容个护……今年A股新消费板块热点层出不穷。 据《每日经济新闻》记者不完全统计，在最近10天左右的时间内，华福证券、中信建投、国金证券等多家券商举办了消费行业主题策略会。火爆场面和两年 前部分券商策略会消费分论坛惊现"零"观众的场景，形成鲜明反差。 有券商首席向记者反馈称，新消费行情趋热，甚至吸引了一些新能源、科技行业分析师来"蹭热度"。 各类消费主题策略会密集举办 近期，消费从科技手中接过行情的接力棒，这也让各大券商研究所纷纷把线下活动策划的主题转向消费领域。 新消费正主导消费行情 值得关注的是，与以往消费一旦有行情就言必称白酒不同的是，今年新消费扛起了消费板块的大旗。 图片来源：网络 值得一提的是，此前在消费行业备受冷落之际，券商研究所对举办消费主题的投研活动也缺乏热情。大约两年前，华创证券中期策略会出现的尴尬一幕曾在 网络平台 ...

E-commerce Industry Overview - The report highlights significant growth in the lingerie, snack, and health supplement industries in Q1 2025, driven by node marketing, category innovation, and consumption upgrades [1][3]. Lingerie Industry - The lingerie sector experienced a steady GMV growth, with a notable spike in sales during the March 8 promotion, achieving monthly sales exceeding 7.5 billion yuan [1][10]. - Women's lingerie remains the core category, generating sales between 5 billion to 7.5 billion yuan, with an average transaction price of 85.87 yuan, capturing 28% market share [1][15]. - Other categories such as sleepwear, underwear, and socks also performed well, each generating sales between 2.5 billion to 5 billion yuan, with socks being a necessity item due to its low price and high volume [1][15]. Snack Industry - The snack industry saw growth primarily driven by the January New Year festival, with core categories like nuts, jerky, and pastries each achieving sales between 2.5 billion to 5 billion yuan [2][18]. - The average transaction price for these snacks ranged from 10 to 50 yuan, benefiting from holiday stocking demands [2][21]. - Local specialties experienced the fastest growth, with a year-on-year increase of 129.16%, while chocolate sales declined by 12.35% due to a shift towards low-sugar health trends [2][23]. Health Supplement Industry - The health supplement sector showed strong year-on-year growth, with March promotions significantly boosting monthly sales, reaching between 5 billion to 7.5 billion yuan for ordinary dietary nutrition products and 5 billion to 7.5 billion yuan for overseas dietary supplements [2][26]. - The average transaction price for domestic products was 131.84 yuan, while overseas products commanded a higher average price of 236.32 yuan, indicating a clear premium positioning [2][30]. - New brands entering the market have driven category innovation, particularly in functional and convenient products [2][26]. Overall Market Trends - Each industry exhibits a trend of "head category concentration and diversified niche tracks," with Douyin's interest e-commerce attributes amplifying trends towards health, scenario-based, and quality consumption [3].

以下文章来源于36氪财经 ，作者范亮 丁卯 IPO，雪中送炭。 文 ｜ 范亮 编辑 ｜ 丁卯 来源｜ 36氪财经（ID: krfinance） 封面来源 ｜ 视觉中国 4月16日，"溜溜梅"（溜溜果园）向港交所交招股说明书。 36氪财经 . 这并不是溜溜果园第一次冲刺IPO。2019年，溜溜果园曾试图在深交所创业板上市，但却当年底宣布终止IPO。 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 那么，溜溜果园为何要选在此时上市？ 抓住线下零食店红利 溜溜果园共有三大类产品，分别是 梅干零食、西梅产品、梅冻 。梅干零食包括使用溜溜梅品牌的清梅、青梅、话梅、乌梅、梅饼，以及 山姆超市定制的皇 梅 等；西梅产品包括使用溜溜梅品牌的西梅干，以及使用西梅纤生品牌的去核西梅；梅冻则主要包括使用溜溜梅品牌的梅冻。 2024年，溜溜果园累计实现营业收入16.16亿元，其中梅干零食9.74亿元、西梅产品2.24亿元、梅冻4.1亿元。 西梅和梅冻贡献了公司主要的业绩增速 ， 2022-2024年，溜溜果园营收复合增速17.32％，其中梅干零食复合增速9.79%、西梅产品35.5%、梅冻33.51%。 从逐年业绩增速看， ...

Core Insights - The core challenge for brands in the snack industry, particularly in the nut category, is to integrate nuts into daily life beyond festive occasions, which is being addressed by Baicaowei through continuous product innovation and scenario-based design [1][4]. Group 1: Multi-Scenario Snack Solutions - Baicaowei focuses on small packaging and functional innovation to meet the diverse needs of consumers in daily scenarios such as offices and campuses, exemplified by the "Daily Nuts" series with independent small bag designs for convenience and scientific portion control [2][5]. - The brand has introduced products like "Chatty Fried Snacks" and "Fortune Bags" that combine fun design with practical functionality, enhancing the experience during family gatherings and festive moments [2][5]. - For outdoor activities like camping and fitness, Baicaowei has launched canned nuts and low-GI whole nut series, addressing consumer demands for portability and energy density while ensuring nutritional health [2][4]. Group 2: High-Quality Product Specifications - Baicaowei is committed to creating a new snack consumption ecosystem through scenario-based innovation and quality assurance, offering a diverse range of product specifications to enhance consumer experience [4][5]. - In family settings, the brand has introduced large-capacity canned nuts with moisture-proof designs for long-term storage and easy access, making them a popular choice for gatherings [4][5]. - The "Original Flavor Selection" series features a 75:25 ratio of nuts to dried fruits, aligning with the Chinese Dietary Guidelines for daily nut intake, thus meeting health requirements through scientific portioning [5]. Group 3: Brand Leadership and Market Position - Baicaowei has maintained its position as an industry leader, with its New Year nut gift boxes, dried fruits, and mango slices ranking first in online sales for seven consecutive years, as reported by CBNData [5]. - The brand's continuous innovation and stringent quality control have created a differentiated nut consumption ecosystem, providing consumers with a variety of snack options suitable for different scenarios [5].

Group 1: Company Developments - Proya is considering overseas acquisitions to fill gaps in its product lines, including baby care, perfumes, and men's skincare, with plans to introduce new brands to the domestic market [1] - Warner Bros. has appointed Sirena Liu as the General Manager of its China Film Division, indicating a potential increase in content investment in China and exploration of new collaboration models [2] - Good Products has undergone significant management changes, with Cheng Hong taking over as Chairman and Yang Hongchun as Manager, signaling a shift towards a professional management structure amid increasing competition in the snack industry [4] Group 2: Industry Trends - The construction of a new Spider-Man themed area at Shanghai Disneyland marks a significant milestone in the park's expansion, aimed at attracting younger families and enhancing visitor engagement through diverse offerings [3] - The expansion reflects ongoing optimism in the Chinese market and suggests a new growth cycle driven by content in the cultural tourism industry [3]

证券研究报告 | 2025年05月19日 食品饮料周报（25 年第 20 周） 优于大市 白酒淡季特征明显，啤酒、饮料步入旺季 本周（2025 年 5 月 12 日至 2025 年 5 月 16 日）食品饮料板块上涨 0.53%， 跑输上证指数 0.23pct。本周食品饮料板块涨幅前五分别为 ST 交昂 (35.59%)、仙乐健康(19.57%)、安德利(18.04%)、有友食品(14.95%)和百合 股份(12.13%) 白酒：本周资本市场低波龙头受益，消费需求仍然偏淡。根据国家统计局， 4 月食品烟酒类价格同比+0.3%，环比+0.2%；其中酒类价格同比-2%，环比持 平；1-4 月酒类价格同比-2%；整体消费需求延续压力。根据中国酒业协会， 2025 年第一季度白酒产量 103.24 万千升/同比-7.22%，销售额 1963.04 亿元 /同比-0.38%，利润 580.07 亿元/同比-0.73%；显示价格压力和出清趋势仍 在延续。茅台酱香酒公司 5 月 13 日公示美团、饿了么及抖音入选主题终端 店的运营商，此前茅台 1935 推出两项宴席新政策，宴席购酒退瓶盖返现及 婚宴送蜜月之旅等；茅台持续以 ...

证券研究报告：食品饮料|行业周报 发布时间：2025-05-19 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《白酒主动降速减压、提高分红率，大 众品关注新渠道/新品类机会》 - 2025.05.12 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18105.47 | | 52 周最高 | 19832.49 | | 52 周最低 | 14118.56 | 行业相对指数表现 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 食品饮 ...