Core Insights - The founder of Yuanqi Forest, Tang Binsen, announced a significant strategic adjustment during the 2025 dealer conference, which involves the separation of the dairy brand Beihai Pasture from the main group to operate independently [1] - Beihai Pasture will focus on low-temperature yogurt and enhance research and development to provide better functional yogurt experiences for consumers [1] - Yuanqi Forest will concentrate its resources on its core beverage categories, including sparkling water, Alien Electrolyte Water, and iced tea, while increasing investment in product development [1] Company Strategy - The decision to split Beihai Pasture is part of Yuanqi Forest's strategy to strengthen its core beverage market competitiveness after exploring multiple product categories [1] - The focus on "focusing on the main track and strengthening productism" is seen as a crucial direction for consumer goods companies to enhance operational certainty [1] - Yuanqi Forest is expected to maintain double-digit growth in 2025, driven by its relentless pursuit of product quality and deep resonance with young consumers regarding health, functionality, and emotional value [1]

Core Insights - The founder of Yuanqi Forest, Tang Binsen, announced a significant strategic adjustment during the 2025 dealer conference, which involves the independent separation of the dairy brand Beihai Pasture from the main group [1] - Beihai Pasture will focus on low-temperature yogurt and enhance research and development to provide better functional yogurt experiences for consumers [1] - Yuanqi Forest will concentrate its resources on core beverage categories such as sparkling water, Alien electrolyte water, and iced tea, while increasing product development investments [1] Company Strategy - The separation of Beihai Pasture is seen as a key step for Yuanqi Forest to strengthen its competitiveness in the core beverage market after exploring multiple product categories [1] - The company aims to enhance operational certainty by focusing on its main beverage track and reinforcing product-centric strategies [1] - Yuanqi Forest is projected to maintain double-digit year-on-year revenue growth in 2025, driven by its relentless pursuit of product quality and deep resonance with young consumers regarding health, functionality, and emotional value [1]

2025年11月17日，珠海召开的元气森林全国经销商大会上，一组亮眼数据引发行业关注：在快消行业整体增速仅4.8%的背景下，元气森林实现连续三年双 位数增长，2025年整体增速达行业平均水平的4倍，其中维生素水同比暴涨128%，冰茶系列增长56%，气泡水核心口味增长52%。创始人唐彬森以"慢即是 快"的产品哲学，揭开了这份稳健增长的密码："做饮料是个慢活，唯有沉下心打磨好产品，才能穿越市场周期，给中国人创造真正有爱的饮品。" 以 "慢"立根：产品主义穿越行业周期 如今的元气森林，早已摆脱"气泡水单品依赖"，成长为产品矩阵日趋成熟的稳健型品牌。经销商大会上，唐彬森用"产品组合更加稳健、产品结构更加有前 景、产品储备更加有信心"三个"更加"，诠释了品牌的成长底气。这份底气，源于对"什么火就做什么"的行业浮躁心态的拒绝，更源于对"有爱产品六原 则"的长期坚守。 这六项原则，构成了元气森林的产品底色："加一点"有益成分让饮水更具价值，"减一点"负担成分契合健康需求；以对待家人的细致精打细算做产品，以长 期陪伴的心态深耕用户体验；追求接近手工现做的原生口感，打造兼具美感与时代符号的包装设计。那些当初看似"缓慢"的决策— ...

Core Insights - The company achieved a remarkable 26% year-on-year growth in 2025, marking three consecutive years of double-digit growth in the competitive beverage industry [1] - The founder emphasized a patient and confident approach to product development, highlighting the importance of creating quality products for consumers [1] Product Strategy - The company has developed a diverse product matrix that includes sparkling water, electrolyte water, reduced-sugar tea, and traditional Chinese wellness drinks, aligning with the health and functional consumption trends [1] - Specific product performance includes a 128% increase in vitamin water, a 56% increase in the iced tea series, and a 52% increase in certain flavored sparkling waters [1][2] Product Development - The company has invested in over 500 technical innovations to enhance the sparkling water experience and utilized advanced techniques like -196°C liquid nitrogen for the iced tea series to maintain flavor while reducing sugar [2] - The product lineup includes differentiated offerings such as 0-sugar and low-sugar versions of electrolyte water, catering to various hydration needs [2] Channel Strategy - The company views distributors as partners and has committed to stabilizing market prices and enhancing customer profits, ensuring long-term benefits for channel partners [3] - Digital empowerment initiatives include upgrading the "Ark" project for market expansion and implementing a comprehensive management system for better market control [3] Distributor Success Stories - Distributors have shared positive experiences, with one achieving profitability after initial losses due to the strong market potential of the company's products [4] - Another distributor noted a significant market share for the company's products in a challenging region, demonstrating the brand's growth and acceptance [4] Future Outlook - The company aims to continue its focus on product quality and innovation, believing in the potential of the beverage market and the Chinese consumer [5] - Plans for 2026 include further product upgrades and the introduction of new categories, with a commitment to expanding both domestic and international markets [5][6]

Core Insights - In 2025, Yuanqi Forest achieved a remarkable performance with a 26% year-on-year growth, maintaining double-digit growth for three consecutive years, significantly outpacing the fast-moving consumer goods (FMCG) industry average growth rate of 4.8% [1] - The company's success is attributed to its diverse product categories, including sparkling water, electrolyte water, vitamin water, traditional Chinese health drinks, and reduced-sugar tea, which align with the rising health consciousness among consumers [1] Group 1: Strategic Focus - Yuanqi Forest emphasizes a "slow is fast" approach, focusing on product quality and long-term vision, which has been a fundamental principle behind its continuous growth [3] - The founder, Tang Binsen, advocates for a product philosophy that prioritizes meaningful ingredients and a careful, family-like approach to product development [3] Group 2: Product Innovation - The company is transitioning from a "single hit" product strategy to a "full product matrix," maintaining its commitment to innovation across various aspects, including concepts, processes, and systems [4] - Yuanqi Forest defines "good products" not only by taste but also by functionality and health benefits, leading to differentiated innovation [4] - The company has invested in extensive iterations and technological advancements to enhance its sparkling water offerings, while its Alien electrolyte water has established a strong presence in the functional beverage market [4][5] Group 3: Channel Empowerment - Yuanqi Forest has outlined a clear strategic direction for channel development, focusing on four core commitments to strengthen market foundations and enhance customer profitability [8] - The company is leveraging digital management systems to optimize market control and product offerings based on consumer preferences [8] Group 4: Market Feedback - Distributors have observed significant market potential for products like Alien electrolyte water and iced tea, which resonate well with health-conscious consumers [9] - The brand's growth and product acceptance have instilled confidence among distributors, leading to increased market share and loyalty [10] Group 5: Global Expansion - Since 2019, Yuanqi Forest has actively promoted its products internationally, now available in over 40 countries, gaining recognition and popularity among global consumers [11] - The brand's commitment to quality and innovation has positioned it as a symbol of Chinese brand strength on the international stage [11]

Core Insights - Yuanqi Forest has achieved a 26% overall growth in performance, with specific product lines such as Alien Electrolyte Water and Vitamin Water showing significant increases of 34% and 128% respectively, indicating strong market demand and effective product strategy [1][4][10] Group 1: Product Performance - Alien Electrolyte Water grew by 34%, Vitamin Water by 128%, and the Ice Tea series by 56%, showcasing a robust product portfolio that exceeds market expectations [1][4] - The company has maintained double-digit growth for three consecutive years, attributed to a diverse product matrix that adapts to changing consumer preferences [1][3][10] Group 2: Strategic Focus - The CEO emphasized a "slow is fast" approach, highlighting the importance of patience and confidence in product development, which has been a key factor in the company's sustained growth [3][5] - Yuanqi Forest's 2026 strategy focuses on product quality and consumer trust, aiming to counter market uncertainties with reliable product offerings [3][10] Group 3: Market Positioning - The company is committed to a long-term strategy that prioritizes product quality over rapid trends, reinforcing its position in a competitive beverage market [6][10] - The emphasis on health-conscious products aligns with consumer trends towards lower sugar and functional beverages, appealing particularly to younger demographics [9][10] Group 4: Distribution and Feedback - The company is enhancing market presence through initiatives like the "Ark" project and a digital management system, which improve market control and product optimization based on consumer feedback [6][10] - Feedback from distributors indicates strong market performance for products like Alien Electrolyte Water and Ice Tea, which resonate well with health-conscious consumers [8][9] Group 5: Future Outlook - Yuanqi Forest plans to expand its product offerings and market reach, with products already available in over 40 countries, indicating a growing international presence [11] - The company aims to continue focusing on product innovation and quality to meet the evolving demands of consumers, ensuring sustainable growth in the beverage sector [10][11]

Core Points - Zhu Lidan has resigned from three companies: Chengdu Hongsheng Hengze Beverage Co., Ltd., Chengdu Hongsheng Hengfeng Beverage Co., Ltd., and Chengdu Hongsheng Hengze Food Co., Ltd. [1] - The current general manager and legal representative of these three companies is Ke Mingjun. [1] Company Changes - Zhu Lidan's resignation includes the positions of general manager and legal representative in the aforementioned companies [1] - Ke Mingjun has taken over as the general manager and legal representative for all three companies [1]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][68]. Core Views - The food and beverage sector is expected to benefit from a gradual recovery in consumer scenarios and improvements in the restaurant supply chain [1][3]. - The report highlights a differentiated performance across categories, with beverages outperforming food and alcoholic beverages [2][3]. - The outlook for 2026 is optimistic, with expectations of continued demand recovery and valuation expansion [3][16]. Summary by Relevant Sections Market Performance - The food and beverage sector saw a cumulative increase of 2.93% this week, with A-shares rising by 2.83% and H-shares by 4.33% [1]. - The top five performers in the sector included companies like Huanlejia and Sanyuan [1]. Alcoholic Beverages - The report suggests a focus on high-quality companies in the liquor sector, particularly as the industry enters a bottoming phase [2][11]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with an emphasis on the upcoming December liquor distributor conference [2][11]. Beverages - The beverage sector is experiencing a positive trend, with stable demand recovery in dairy products and strong performance from leading companies like Nongfu Spring and Dongpeng Beverage [2][15]. - The report recommends focusing on companies with strong growth potential and ongoing internal reforms [2][15]. Snacks - The report emphasizes the importance of selecting alpha-type stocks in the snack category, particularly those benefiting from the growth of konjac snacks [2][12]. - Leading companies in this space, such as Weilong and Yanjinpuzi, are highlighted for their competitive advantages [2][12]. Restaurant Supply Chain - The report indicates that the restaurant supply chain is showing signs of stabilization, with major companies optimizing their expense management [13]. - Recommendations include Yihai International and Haitian Flavoring, which are expected to perform well as the industry recovers [13]. Dairy Products - The dairy sector is projected to see a gradual recovery in demand, with leading companies like Yili expected to benefit from improved margins [14][15]. - The report suggests a focus on companies with a safety margin in valuations [14][15]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Baba Foods, Dongpeng Beverage, Weilong, and Luzhou Laojiao, with an average increase of 4.24% [16]. - The report anticipates continued growth in the beverage sector, particularly for energy drinks and tea products [15][16].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][68]. Core Views - The food and beverage sector is expected to benefit from a gradual recovery in consumer scenarios and improvements in the restaurant supply chain [1][3]. - The report highlights a differentiated performance among categories, with beverages outperforming food and alcoholic beverages [2][3]. - The investment outlook for 2026 is optimistic, with expectations of valuation recovery and a focus on health innovation and digital supply chains [3][16]. Summary by Sections Market Overview - The food and beverage sector saw a cumulative increase of 2.93% this week, with A-shares rising by 2.83% and H-shares by 4.33% [1]. - The top five performers in the food and beverage sector this week included companies like Huanlejia and Sanyuan [1]. Alcoholic Beverages - The report indicates that the liquor sector is in a bottoming phase, with a focus on identifying quality companies ahead of the December liquor distributor conference [2][11]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with a focus on companies with pricing power and regional influence [2][11]. Beverages - The beverage sector is experiencing a favorable environment, with stable demand recovery and leading companies outperforming [2][15]. - Key recommendations include Nongfu Spring and Dongpeng Beverage, which are expanding their national presence and platform capabilities [2][15]. Food - The snack segment is advised to focus on strong alpha stocks, particularly in the konjac snack category, where companies like Weilong and Yanjinpuzi are highlighted for their competitive advantages [2][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [2][13]. Key Companies and Earnings Forecasts - Guizhou Moutai is projected to have revenues of CNY 183.52 billion in 2025, with a net profit of CNY 90.59 billion, maintaining an "Outperform the Market" rating [4][16]. - Dongpeng Beverage is expected to achieve revenues of CNY 20.9 billion in 2026, with a net profit of CNY 5.8 billion, also rated as "Outperform the Market" [4][16]. - WeLong is forecasted to have revenues of CNY 7.53 billion in 2025, with a net profit of CNY 1.47 billion, maintaining an "Outperform the Market" rating [4][16].

截至本公告披露日，戴斯觉未直接持有公司股份，通过北京永裕投资管理有限公司持有公司29,508,653 股股票,占公司总股本的7.75%，戴斯觉为公司实际控制人之一。 11月17日，保龄宝发布公告称，公司董事会于2025年11月17日收到公司董事长戴斯觉的书面辞职报告。 戴斯觉因个人原因申请辞去公司董事长、董事、董事会战略委员会主任委员职务。戴斯觉辞职后 仍 担 任 公 司 全 资 孙公 司 BLB INTERNATIONAL DEVELOPMENT(SINGAPORE) PTE.ITD.、BLB BIO- TECH USA INC董事职务。 根据《公司章程》、《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》的有 关规定，戴斯觉的辞职不会导致公司董事会成员低于法定最低人数，不会影响公司董事会的正常运行及 公司正常生产经营工作，戴斯觉的辞职报告自送达公司董事会时生效。鉴于新任董事长的选举工作尚需 经过相应的法定程序，公司将按照法定程序尽快完成公司董事长的补选等相关工作，并及时履行信息披 露义务。 （企业公告） (编辑：王璨 林辰)关键字： 饮料 ...