过年倒计时半个月，盼放假的网友已经纷纷总结起年货清单了。 毕竟一年到头，只有此时可以理直气壮地"每逢佳节胖三斤"。零食水果、饮料礼盒放开了买，既要备妥走亲访友的体 面，又要犒劳辛苦了一整年的自己。有人在山姆买进口货，有人锁定各大奶茶品牌的新年周边，可乐、旺仔牛奶、王 老吉等气氛组的老朋友也不会被忘记。 但热闹之中，却少了另一款童年经典的身影——营养快线。这多少有些令人意外，因为就在一年多以前，它乘着怀旧 情绪的风狠狠翻红过一次，还有成分党发掘出了营养快线的代餐价值，一度把它捧为"液断神器"。 当然，县城走亲访友时，依然有人买上一两箱营养快线当作礼品。但在一众年货之中，它可能被转手多次，也可能被 遗忘直到过期。偶见社交媒体上讨论"营养快线为什么不火了"，点赞最多的回答往往是："小时候信了广告说的有营 养，长大后不好骗了。" 承载着童年回忆的营养快线，似乎被人淡忘了。（图/《北上广依然相信爱情》） 华泰证券研报显示，营养快线巅峰时期的2013年，其销售额超200 亿元。而在它翻红的2024年，这个数字已经不足20 亿元，萎缩了超过九成。 "热闹是别人的，冷清是自己的。"或许没人比如今的营养快线更懂，那个仅凭营养混 ...

图为1月23日，工人在生产线上忙碌。 贵阳日报融媒体记者 石照昌 摄 （《开足马力 保订单》由贵阳日报为您提供，转载请注明来源，未经书面授权许可，不得转载或镜 像。） 连日来，位于贵安新区的中粮可口可乐饮料（贵州）有限公司生产车间内，自动化生产线全速运转，操 作人员在各岗位上有序巡视、密切协作，一瓶瓶饮品在密闭流水线上快速完成灌注、封盖、贴标、检测 等工序，现场繁忙而高效。 为全力保障2026年春节销售旺季的市场供应，该公司生产线持续保持高负荷运转，一线员工主动加班加 点，确保订单及时交付。据悉，目前公司接到的生产订单已排至今年4月，产销态势持续向好。 转自：贵州日报 ...

Core Viewpoint - The dining culture during the Chinese New Year is undergoing a subtle transformation led by younger generations who are embracing a new health consciousness while still valuing traditional flavors [1][2]. Group 1: Evolution of Health Perspectives - The younger generation, once advocates of a "punk health" philosophy, are now shifting towards a more pragmatic approach to health, especially during family gatherings [2]. - They seek to balance enjoyment of food and family with the responsibility of ensuring their loved ones' health, leading to a demand for healthier beverage options during festive meals [2][3]. Group 2: The Role of Hawthorn Beverage - The hawthorn beverage, particularly the "Hawthorn Tree Under" brand from Tianjin Guanfang Group, has emerged as a popular choice that meets the health needs of all family members [2][3]. - This beverage is perceived as a familiar and wise choice by older generations, while also aligning with the younger generation's preference for clean labels and health benefits [3][4]. Group 3: Family Dynamics and Health Management - The introduction of healthier drink options signifies a deeper shift in family dynamics, with younger individuals taking on roles as health managers and contributors to family well-being [5][6]. - This change reflects a move from a top-down approach to health care within families to a more collaborative and informed model, where younger members actively participate in promoting health [5][6]. Group 4: Cultural Significance of the New Beverage - The hawthorn beverage serves as a symbol of modern family values, promoting health and shared enjoyment during festive occasions, thus becoming a new cultural norm [6]. - It represents a gentle yet significant shift in how families interact and care for one another, fostering a new understanding of love and health within the family unit [4][6].

Core Insights - Dongpeng Beverage is officially entering the countdown phase for its Hong Kong stock listing, marking a significant milestone in its "A+H" layout strategy, showcasing its transformation from a near-bankrupt small factory to a market giant with a valuation exceeding 100 billion yuan [1][6] Company Background - The founder, Lin Muqin, has dedicated nearly 40 years to the beverage industry, leading the company through various market challenges and establishing a resilient national brand [1][6] - Lin Muqin's journey began at the age of 20 in Shenzhen, where he gained extensive experience across various departments in the beverage sector, laying a solid foundation for his entrepreneurial path [3][4] Key Developments - In 1997, Lin joined Dongpeng Beverage as Vice General Manager, where he faced significant challenges due to outdated equipment and a limited product range [3] - The launch of Dongpeng Special Drink in 1997 marked a pivotal moment, driven by extensive research and development of functional beverage ingredients [3][4] Market Strategy - Initially, Dongpeng faced fierce competition from foreign brands like Red Bull, which dominated the market. Lin identified a gap in the market for energy drinks targeted at price-sensitive consumers [4] - The introduction of bottled Dongpeng Special Drink in 2009, featuring innovative packaging and a competitive price point, allowed the brand to quickly establish a foothold in the market [4][6] Digital Innovation - In 2015, the company launched a "one code for one product" marketing system, enhancing direct communication with consumers and later upgraded to a comprehensive data management system in 2019 [6] - These digital initiatives contributed to a significant increase in market share, with Dongpeng's share rising from 15% in 2017 to 32% in 2020 [6] Financial Performance - Dongpeng Beverage successfully listed on the Shanghai Stock Exchange in May 2021, becoming the first publicly traded functional beverage company in China, with a market valuation surpassing 100 billion yuan [6] - Projections for 2025 indicate expected revenue between 20.76 billion and 21.12 billion yuan, with net profits anticipated between 4.34 billion and 4.59 billion yuan, reflecting over 30% growth year-on-year [6] Future Outlook - The company is expanding its product line with the introduction of new categories, including electrolyte drinks and sugar-free options, to adapt to health trends [6] - Dongpeng aims to enhance its global presence, with plans to export to over 30 countries and establish production capabilities in Indonesia and Vietnam [6]

Core Viewpoint - *ST Lanhuang is at a critical juncture for "shell protection" as it faces the risk of being delisted if it fails to meet financial performance criteria in 2025, following three consecutive years of losses from 2022 to 2024 [1][5]. Financial Performance Summary - The company forecasts a revenue of 400 million to 460 million yuan for 2025, with a net profit attributable to shareholders expected to be between -62 million and -90 million yuan, indicating a year-on-year increase of 9.88% to 37.92% in losses [2][5]. - The expected revenue for 2025 represents a significant increase, with a projected doubling of revenue compared to previous years, driven by a strong performance in the fourth quarter [2][4]. - In the first three quarters of 2025, the company achieved approximately 219 million yuan in revenue, suggesting that the fourth quarter could see revenue between 181 million and 241 million yuan, reflecting a year-on-year increase of over 455% [3][4]. Industry Context - The fourth quarter is typically a low season for the beer industry, making the projected revenue growth for *ST Lanhuang particularly noteworthy [4]. - The company has been actively expanding its beer and beverage business beyond the Northwest region, increasing brand promotion and online sales, which has contributed to revenue growth despite rising sales expenses [4][7]. - The beverage sector has become increasingly competitive, with major players like Qingdao Beer and Yanjing Beer also entering the beverage market, making it a challenging environment for *ST Lanhuang's strategy of "beverage transformation" [7]. Historical Performance - From 2022 to 2024, the company's revenues were approximately 266 million, 241 million, and 211 million yuan, all below the 300 million yuan threshold, with cumulative losses of about 176 million yuan [5][6]. - The beverage business accounted for a relatively low percentage of total revenue during this period, with fluctuations in its contribution [7]. Strategic Moves - To counteract declining performance, *ST Lanhuang has made strategic investments in beverage companies, including the establishment of Lanzhou Yellow River (Chongqing) Beverage Co., Ltd. and acquiring a stake in Wuzhong Yiwang Juice Co., Ltd. [6][7].

Core Viewpoint - The A-share market is currently characterized by speculative behaviors focused on small, new, and conceptual stocks, which may involve regulatory violations. The emphasis should be on identifying monopolistic companies that can sustain profitability over time [1] Group 1: Investment Philosophy - The focus should be on "monopolistic companies" as innovation cannot be monopolized. While sectors like artificial intelligence and robotics will grow, they will eventually lead to oversupply and intense competition, resulting in minimal profits [2] - Consumer staples are preferred investments due to their stable demand, regardless of economic fluctuations. This is why the focus is on "mouth economy," which includes fast-moving consumer goods [2] Group 2: Characteristics of Good Companies - A good company is defined by its ability to generate consistent profits, even if it experiences short-term performance fluctuations. Such companies can adjust production based on market demand [3] - Historical data shows that consumer-related sectors like food, beverages, and pharmaceuticals account for approximately 70% of industrial profits, while revolutionary sectors like technology and energy only account for about 30% [3] Group 3: Current Market Opportunities - Traditional industries are viewed as attractive investment opportunities due to their low valuations and high dividend yields. The current market conditions are seen as favorable for investing in these sectors [3] - The aging population in China is identified as a significant investment theme, with the elderly population expected to grow from 32 million to over 320 million in 25 years, leading to increased demand in healthcare and related services [3] Group 4: Investor Mindset - Investors may experience anxiety when their chosen assets do not perform while others do. The suggested approach to overcoming this is patience, with the belief that value will eventually return to the market [4]

Group 1 - CMB International maintains a "Buy" rating for Anta Sports with a target price of HKD 108.70, noting a low single-digit decline in Q4 revenue for the Anta brand, while FILA and other brands show resilience with a growth of 35%-40% [1] - CMB International also maintains a "Buy" rating for China Resources Beverage with a target price of HKD 11.87, indicating that 2025 will be a year of pressure release, with stable market share in packaged water and potential improvements in sales incentives [1] Group 2 - CMB International maintains a "Buy" rating for Hutchison China MediTech, highlighting the significant superiority of Savolitinib combination therapy over chemotherapy in MET amplified NSCLC, with global sales peak potential exceeding USD 1.8 billion [2] - CMB International maintains a "Buy" rating for China Resources Power with a target price of HKD 21.05, projecting a 6.7% increase in core profit for 2025, with a 9.8% decrease in thermal coal fuel costs partially offsetting coal price rebounds [3] Group 3 - CITIC Securities maintains a "Buy" rating for Geek+, setting a target price of HKD 53.00, with a significant upward revision of order growth from 30% to 40% for 2026, and successful penetration into North American key accounts [4] - CITIC Securities maintains a "Buy" rating for Jiangnan Buyi, noting excellent performance in FY1H26 and a fundraising of HKD 270 million to enhance brand development, with expected high single-digit to double-digit growth in revenue and profit [5] Group 4 - CITIC Securities maintains a "Buy" rating for Xaircraft with a target price of HKD 87.00, emphasizing its leading position in general aviation and private aviation, with current valuations not reflecting its brand potential and scarcity [6] - CITIC Jiantou maintains a "Buy" rating for Xtep International, indicating flat revenue for the main brand in Q4 2025, with bright performance in running categories and successful adjustments in e-commerce [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [25]. Core Insights - The report highlights a shift in mineral water consumption from "basic hydration" to "health empowerment," with consumers increasingly prioritizing water quality, mineral content, and source traceability [5][15][18]. - The company, Quan Yang Quan, is positioned to benefit from the growing health awareness among consumers, with a focus on high-quality natural mineral water sourced from the Changbai Mountain region, which is recognized as one of the world's top three mineral water sources [11][12]. - The report projects steady growth in the bottled water industry, with expected revenues for Quan Yang Quan of 1.274 billion yuan in 2025, 1.450 billion yuan in 2026, and 1.722 billion yuan in 2027, reflecting year-on-year growth rates of 6%, 14%, and 19% respectively [2][23]. Company Financial Forecasts - Revenue and profit forecasts indicate a recovery from previous losses, with net profit expected to reach 15 million yuan in 2025, 20 million yuan in 2026, and 30 million yuan in 2027, representing significant year-on-year growth of 137%, 40%, and 47% respectively [2][23]. - Earnings per share (EPS) are projected to be 0.02 yuan in 2025, 0.03 yuan in 2026, and 0.04 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 346, 247, and 168 [2][23]. Industry Overview - The mineral water market in China is expected to reach a scale of 73.63 billion yuan by 2025, with a year-on-year growth of 2.5% and a sales volume of 7.969 billion liters, reflecting a slight decrease in average price due to industry price wars [13][15]. - The report emphasizes the geographical concentration of mineral water resources, particularly in the Changbai Mountain area, which boasts superior water quality and a high concentration of mineral content, making it a prime location for high-end mineral water brands [11][12][10].

1 月 26 日，东鹏饮料发布公告称，公司本次发行的 H 股预计于 2026 年 2 月 3 日在香港联交所挂牌并开始上市交易。这意味着，东鹏饮料将正式完 成"A+H"双资本布局，成为国内首家登录A+H两市的功能饮料企业。 据相关公告，东鹏本次全球发售H股最大发行股数为4702.33万股，发行价格最高不超过每股248港元。包括Huang River Investment、摩根大通资管等在内 的多家知名机构已签订基石投资协议，总认购金额约6.4亿美元。 招股书显示，东鹏饮料是中国功能饮料龙头企业，2021年起连续四年位居中国功能饮料销量市场第一，2024年以23.0%的零售份额位列行业第二。 根据公告，公司2023年度、2024年度、2025年前三季度截至9月30日止，净利润分别为20.40亿元、33.27亿元、37.61亿元，同比变动幅度为41.60%、 63.09%、38.91%。 来源：企业公告 据悉，此次东鹏IPO所募资金将主要用于产能布局与供应链升级、品牌建设、海外市场拓展、全国化渠道运营、数字化建设、产品品类拓展及营运资金等 方面。 ...

上市企业：养元饮品（603156）,承德露露（000848）,东鹏饮料（605499）,均瑶健康（605388） 2020-2025年中国饮料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国饮料行业市场运营格局及未来前景分析报告》 根据国家统计局数据显示：2025年12月中国饮料产量为1342万吨，同比增长1.1%；2025年中国饮料累 计产量为17925.3万吨，累计增长3%。 ...