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 ...

调味、酒水复购经销研究 目录 01 调味品行业复购策略 02 酒水行业复购策略 03 调味品行业市场现状 04 酒水行业市场现状 目录 05 复购策略的实施要点 06 案例分析 07 结论与展望 调味品行业复购策略 01 一物一码技术在调味品复购中的应用 1 一物一码技术为每个调味品产品赋予唯一二维码，消费 者扫码即可验证真伪，还能了解产品生产全过程，包括 来源、生产日期、质量检测等信息。如北京二脉科技为 调味品提供该技术，有效防止假冒伪劣，增强消费者对 品牌的信任和忠诚度。 防伪溯源功能 2 通过扫码领奖机制，消费者有机会获得"再来一瓶"、 微信现金红包、优惠券等，刺激购买欲望。还能根据大 数据分析，推送定制化营销信息和产品推荐，结合趣味 互动游戏，如大转盘抽奖、集字卡换奖等，提升用户体 验和品牌忠诚度。 精准营销与用户互动 借助一物一码技术的上述功能，吸引消费者购买并持续使用调味品，使家庭 厨房成为稳定的复购阵地，提高产品的复购率。 将家庭厨房转化为复购阵地 随着移动互联网发展，扫码成日常一部分。调味品行业引入一物一码扫码领红包活动，能提 升品牌形象，增强消费者黏性，促进产品销售。该系统可提高产品可追溯性 ...

Key Points - The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors [1] Company News - Sanhua Intelligent Control has passed the main board listing hearing at the Hong Kong Stock Exchange [2] - Haitian Flavoring and Food Company has approved the global offering of H-shares and related matters for listing on the Hong Kong Stock Exchange [2] - According to the China Passenger Car Association, BYD's sales in May are estimated to reach 376,930 units [2] - China State Construction International's subsidiary is investing 7.491 billion yuan in a real estate project in Beijing [2] - Chow Tai Fook Jewellery has passed the listing hearing at the Hong Kong Stock Exchange and is reportedly conducting a pre-roadshow, planning to raise up to 1.57 billion HKD [2] - Gemdale Properties' cumulative contract sales for the first five months are approximately 4.139 billion yuan, a year-on-year decrease of 44.83% [2] - Sincere Watch International's cumulative net operating revenue for the first five months is approximately 6.657 billion HKD, a year-on-year decrease of about 8.4% [2] - Agile Group's contract sales in May amounted to 930 million yuan, with cumulative contract sales from January to May reaching 4.24 billion yuan [2] - Contemporary Amperex Technology Co., Ltd. has reached a strategic cooperation with A.P. Moller-Maersk to accelerate the electrification of container handling equipment using high-performance batteries and system-level solutions [2]

Core Insights - The Ministry of Industry and Information Technology (MIIT) has announced the first batch of key cultivation lists for traditional advantageous food production areas and local specialty food industries, with Zhenjiang vinegar being the only selected item from the province [1][2] Group 1: Industry Development - Zhenjiang vinegar is recognized as a historical classic industry and a significant support for the economic and social development of the city [1] - The city holds the title of "China's Vinegar Capital," with a geographical indication product protection demonstration area covering the entire city, and the brand value reaching 45.892 billion [1] - There are currently 27 vinegar production enterprises and nearly 50 supporting enterprises in the city, with an annual vinegar production capacity of 700,000 tons, which has increased by 200,000 tons compared to 2020 [1] - Zhenjiang vinegar ranks first in the national industry for export volume, accounting for approximately 60% of the national export market share [1] Group 2: Future Plans - The local government emphasizes the importance of developing the vinegar industry, focusing on nurturing leading enterprises and strengthening cluster development [2] - Plans are in place to enhance the "China's Vinegar Capital - Zhenjiang" brand, aiming to create the largest intelligent vinegar production base in the country and a world-class healthy vinegar production area [2] - The goal is to accelerate the high-quality and high-energy development of the Zhenjiang vinegar industry [2]

General Provisions - The company aims to protect the legal rights of shareholders and creditors, and to regulate its organization and behavior according to relevant laws and regulations [1][3] - The company was established as a joint-stock company and registered with the local market supervision authority, obtaining a business license [3] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 74.85 million shares on January 14, 2014, and was listed on the Shanghai Stock Exchange on February 11, 2014 [3] Business Objectives and Scope - The company's business objective is to enhance product quality, develop new products, and improve economic efficiency while maintaining international competitiveness [4] - The registered business scope includes the production and operation of condiments, soy products, food, beverages, packaging materials, and other related services [4] Shares - The company issues shares with a par value of RMB 1 each, with A shares listed on the Shanghai Stock Exchange and H shares on the Hong Kong Stock Exchange [6][7] - The total number of shares is specified, with a structure consisting solely of ordinary shares, without preferred shares [5] Shareholder Rights and Responsibilities - Shareholders holding more than 3% of the company's shares for over 180 days can request to inspect the company's accounting books [11] - Shareholders have rights to dividends, participate in shareholder meetings, supervise company operations, and transfer their shares [33][12] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [43][44] - Shareholders can propose agenda items for meetings, and the company must provide adequate notice of the meeting details [30][28] Management and Governance - The company establishes a board of directors and a supervisory board, with specific roles and responsibilities outlined for each [41][36] - The chairman of the board serves as the legal representative of the company, and the company must appoint a new legal representative within 30 days if the chairman resigns [3][8] Capital Increase and Decrease - The company can increase its capital through various methods, including public offerings and bonus shares, subject to shareholder approval [8][22] - The company may also reduce its registered capital following legal procedures [8][22]

Investment Focus - The report emphasizes the strategy of investing in stocks with high dividends and improved fundamentals, particularly in the essential consumer sector [1][6] - Key stocks recommended for investment include Kweichow Moutai, Wuliangye, and Yili, all rated as "Outperform" [1] Industry Overview - In May 2025, six out of eight tracked industries maintained positive growth, with the restaurant sector growing by 3.7%, beer by 3.3%, and soft drinks by 3.1% [3][8] - The industries experiencing negative growth include mass-market and above mid-range liquor, with declines of 13.0% and 2.5% respectively [3][8] Price Trends - In May, the price of Moutai continued to decline, while high-end products like Wuliangye stabilized [4] - The overall price trend in the liquor market showed more declines than increases, particularly in the mid-range segment [4][10] Cost Analysis - The cost index for soft drinks, seasonings, and other categories showed slight increases, while beer and instant noodles experienced declines [4] - Packaging material prices have decreased significantly compared to last year, with aluminum can prices up by 12.01% [4] Fund Flows - As of the end of May, net inflows into Hong Kong Stock Connect amounted to 41.99 billion yuan, with the essential consumer sector's market capitalization share at 5.65% [5] - The food additives sector saw an increase in market share, while the dairy sector experienced a slight decrease [5] Valuation Metrics - The PE historical percentile for A-share food and beverage stocks was 19% (21.5x), a decrease from the previous month [5] - H-share essential consumer sector PE historical percentile increased to 34% (18.8x), reflecting a rise in valuation [5] Recommendations - The report suggests waiting for opportunities or buying high-dividend stocks, as the current fundamentals lack catalysts for growth [6] - Key stocks with high dividend yields include Master Kong, Uni-President, and China Feihe, among others [6]

Core Insights - Yang'an Town is preparing for the "6.18 Mid-Year Promotion," with e-commerce sales increasing significantly, and the smart cloud warehouse is expected to reach a peak in sorting volume [1] - The establishment of the smart cloud warehouse aims to address high logistics costs and storage pressure during peak order times, with 15 companies currently collaborating with the warehouse [1][2] Group 1: E-commerce Growth - Yang'an Town has 280 condiment enterprises, with over half opening e-commerce channels, resulting in an annual express delivery volume of nearly 150 million orders [1] - The smart cloud warehouse processes around 50,000 orders daily during off-peak seasons and over 100,000 orders during peak seasons like "Double 11" and "New Year Festival" [1] Group 2: Operational Efficiency - The smart cloud warehouse features a 200-meter long automated sorting system, integrating storage, operations, packaging, customer service, and delivery into a digital system [2] - The warehouse's operational model allows for a 0.2 yuan reduction in transportation costs per order due to the "zero short-haul" strategy, enhancing delivery speed and efficiency [2] Group 3: Competitive Advantage - The smart cloud warehouse extends order acceptance time until 9 PM, allowing for faster processing and improved logistics ratings, which benefits e-commerce sales [2] - The initiative is seen as a platform for shared development and cost reduction, positioning the companies in Yang'an Town to better compete in the increasingly fierce e-commerce market [2]

行业报告 | 行业研究周报 大众品：看好四大主题逻辑。5 月 26 日-5 月 30 日大众品中保健品仍延续良好态势（前期持 续推荐），而零食/乳制品则表现相对平稳，大众品方面目前我们重点推荐四条主线：①降本控 费逻辑；②新消费逻辑；③具备强α&Q2 存潜在业绩弹性标的；④主题性预期标的（乳制品/ 食品连锁等）。 板块投资建议 【首推】软饮料&低酒精"新品+低基数+即将迎来旺季+成本红利"下的投资机会：李子园/ 承德露露/东鹏饮料/百润股份/香飘飘等。 【港股食饮】建议关注：青啤 H、华润啤酒、百威、蒙牛乳业、卫龙美味、悠然牧业、康师傅、 统一等。 【白酒板块】推荐强α&持续享受集中度提升红利的白酒龙头酒企：山西汾酒/贵州茅台等。 【大众品】建议关注：①降本控费逻辑：西麦食品/五芳斋/李子园/立高食品等；②新消费逻辑 （市场空间大/有渠道或品类红利）：H&H/仙乐健康/康比特/百龙创园/卫龙美味/盐津铺子/甘 源食品等。③具备强 α/Q2 存潜在业绩弹性标的（结合基数）：三只松鼠/农夫山泉/青岛啤酒/ 燕京啤酒等；④ 主题性预期标的（乳制品/食品连锁等)：伊利股份/新乳业/周黑鸭/巴比食品 等。 食品饮料 证 ...

"酱油千年老二"中炬高新（600872）(600872.SH)经营、股价双承压。 二级市场上，自2020年9月3日高点以来，中炬高新股价累计下跌约77%(前复权后)。 2024年4月的业绩说明会上，中炬高新董事长余健华高调宣布，未来三年将"再造一个新厨邦"，到2026 年，旗下子公司美味鲜公司营收将达百亿元。 而2024年，美味鲜公司营业收入为50.75亿元，同比增长仅2.9%。据此，市场质疑百亿营收梦为画饼。 2024年，余健华薪酬为268万元，较2023年增长36.39%(按可比年度计算)。 内斗风波尚未彻底平息，董事会换届再度延期，中炬高新如何突围？ 净利一降再降股价下跌 中炬高新的经营业绩明显低于市场预期。 根据一季报，今年前三个月，中炬高新实现的营业收入为11.02亿元，同比下降25.81%；归母净利润为 1.81亿元，同比下降24.24%。 与归母净利润相关的经营现金流净额为1.18亿元，同比下降幅度高达70.75%。 今年一季度，中炬高新实现的营业收入、归属于母公司股东的净利润(简称"归母净利润")分别约为11亿 元、1.8亿元，同比下降约26%、24%。2024年，其营业收入增逾7%，归母净利 ...