针对"粽子中吃出疑似带血创可贴"的消费者投诉，来伊份（603777）与产品代工企业五芳斋（603237） 自5月12日以来接连发文回应。其中，来伊份两度回应本次食品安全事件。 5月10日，江苏一名消费者苏女士发视频投诉称在来伊份的粽子中吃出异物。该消费者在视频中表示， 给小孩喂粽子，在里面发现了异物，"（为）创可贴……这个地方明显是血"，并要求来伊份官方给一个 明确的回应。 该消费者还在评论区表示，该产品生产工厂与五芳斋是同一家。涉事蜜枣粽产品来自来伊份的"高粽"系 列，其委托单位为"上海来伊份股份有限公司"，受委托单位为"浙江五芳斋实业股份有限公司"。 对于此事，证券时报·e公司记者多次联系五芳斋，公司负责人称以公司后续发布的情况说明为准。 五芳斋在5月12日深夜发布情况说明表示，关注到合作品牌方来伊份的蜜枣粽产品的网络舆情，高度重 视上述网络舆情，第一时间成立专项工作小组，对生产流程进行深入排查。 来伊份在5月13日的最新回应中表示，已对相关批次产品进行了下架封存处理，并在市场监督管理部门 的积极协调下，先行与消费者达成和解。 来伊份涉事蜜枣粽产品已下架 来伊份5月12日早间发布公告称，公司关注到公司蜜枣 ...

来源 | 贝多财经 撰稿 | 多客 曾经的网红零食品牌三只松鼠（SZ:300783），在港股上市推进的同时，也开始进入多事之秋。 4月29日，三只松鼠发布了2025年一季度报告，虽然营业收入小幅上升，但是净利润却仅为2.39亿元，同比下滑22.46%，扣 非净利润更是大幅下降高达38.31%，暴露出三只松鼠增收不增利的现状。 这给其港股上市的前景蒙上了一层"阴影"。尽管三只松鼠2024年营收重回百亿，但一季度净利润和产品质量问题高发，引 发了市场对其"高端性价比"战略可持续性的担忧。一季报发布后，三只松鼠A股市场连续下跌。 同时，根据三只松鼠的港股招股书显示，三只松鼠的饿线下门店数量，已经从2020年的1043家锐减至2024年的333家，线下 收入占比不足30%，和竞争对手良品铺子超过2700家门店形成鲜明的对比。 在这种情形之下，三只松鼠的港股上市前景能是一片光明吗？ 一、"高端性价比"战略濒临破产 如果单看三只松鼠的2024年年报，表面上看十分亮眼。2024年，三只松鼠的营业收入为106.22 亿元，同比增长49.30%，归 母净利润为4.08 亿元，同比增长85.51%。 | | 2022年 | | ...

如何看待零食量贩行业的变化与机遇？20250512 摘要 • 零食量贩行业经历了三个发展阶段：2010-2019 年为模式探索期，2020- 2022 年为模式革新期，供应链和门店标准化及全国扩张是关键，2023 年 至今为快速开店和收并购整合期，以零食很忙和万辰集团为代表。 • 零食量贩业态相较传统零售业，毛利率和费用率较低，但周转效率高，与 上游合作关系平等，账期短，如万辰控股存货周转天数在 10-20 天，应付 账款周转期也较短，这些特点使其能更好地管理账期，与品牌方建立长期 合作。 • 行业开店空间预计为 7-8 万家门店，目前已逐步验证，单店收入维持稳定， 加盟商投资回报期未因门店密度增加而显著延长，表明该预测仍具参考价 值，未来市场潜力巨大。 • 鸣鸣很忙集团是中国最大的休闲食品饮料零售商，通过快速扩张，截至 2024 年底门店数量超过 14,000 家，成为连锁加盟业态中开店增速最快 的公司，募资主要用于提升供应链能力、升级门店类型和扩充品类。 • 零食量贩行业正从单一品类向全品类折扣超市演变，以提高单店收入及消 费者粘性，如三只松鼠推出爱折扣、万辰试点来优品全品类折扣超市，都 显示出这一趋势。 ...

Company Developments - Luckin Coffee has launched a new round of franchise recruitment, targeting over 800 specific locations across 186 cities in China, with more than 500 locations already approved and over 400 stores opened as of April this year [1] - Three Squirrels has acknowledged a reduction in the number of distributors, with a 20% decrease over the past two years, and plans to optimize distributor management services to enhance cooperation and satisfaction [3] - BR Foods from Brazil plans to open a factory in China on May 15, focusing on producing hamburgers, chicken nuggets, and bacon using Brazilian meat [4] - Qingdao Beer Group will integrate its beverage business after merging with Qingdao Beverage Group, ensuring no competition among similar products [4] - Kweichow Moutai has stated there are currently no plans for a Hong Kong stock listing [5] - Anheuser-Busch announced a $300 million investment plan in its U.S. factories, equivalent to approximately 2.1 billion RMB, as part of a broader strategy to enhance operations and meet consumer demands [5] Industry Trends - The Chinese beverage industry is undergoing significant changes, with five major shifts identified: global upheaval, China's rise, a new industrial cycle, technological advancements, and changes in the new generation [3][4] - Nestlé Italy is focusing on the silver economy, with 35%-38% of sales coming from consumers aged 50-65, and plans to invest 1.5%-2% of revenue in R&D to improve product quality for older consumers [6] - Ferrero North America is set to launch its largest innovation initiative, introducing new square-shaped Ferrero Rocher chocolates and a new peanut flavor of Nutella [6] Regulatory and Economic Developments - The U.S. and China have made significant progress in trade talks, with the U.S. canceling 91% of tariffs and China reciprocating, which is expected to benefit producers and consumers in both countries [8]

Core Viewpoint - Recent food safety incident involving a consumer finding a suspected blood-stained band-aid in a product from Laiyifen has raised significant public concern about food safety and quality control within the company [1][2] Group 1: Incident and Response - Laiyifen has initiated a full investigation and has removed the affected batch of products from the market following the incident [1] - The company has stated that the involved products have been sealed and that they reached a settlement with the consumer, with no non-compliant products found by market supervision authorities [1] Group 2: Business Model and Challenges - Laiyifen's business model heavily relies on OEM (Original Equipment Manufacturer) production, with over 1,500 OEM products across 13 core categories, which can lead to challenges in food safety and quality control [1] - The company has faced over 400 consumer complaints related to food safety issues, indicating a significant erosion of consumer trust [2] - The rise of new retail formats and brands has intensified competition, leading to a 15.25% decline in revenue to 3.37 billion yuan and a net loss of 75.27 million yuan, a 231.94% increase in losses year-on-year [2] Group 3: Recommendations for Improvement - The company must prioritize strengthening food safety and quality control risk management to ensure product safety and quality [3] - There is a need for Laiyifen to reassess its quality control processes under the OEM model, enhancing the selection, supervision, and assessment of OEM factories [3] - The company should accelerate innovation and explore new business paths, focusing on diversification, product service innovation, and channel development [3]

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1]. Core Insights - The report highlights a positive outlook for the dairy sector driven by favorable policies related to fertility, which are expected to boost demand. The supply-demand balance for raw milk is anticipated to improve, leading to stabilization in milk prices [4]. - In the liquor segment, the focus is on high-end products and regional leaders, with specific recommendations for companies like Kweichow Moutai and Wuliangye. The report notes that the white liquor sector is currently experiencing a bottoming out in valuations, with expectations for demand recovery supported by policy measures [4]. - The snack food sector continues to show high growth potential, with recommendations for companies such as Yanjinpuzi and Ganyuan Food. The report also emphasizes the resilience of the restaurant supply chain, suggesting investments in companies like Anjifood and Qianwei Yangchun [4]. Summary by Sections 1. Market Performance - The food and beverage sector rose by 1.76% last week, underperforming the CSI 300 index by 0.24 percentage points, ranking 20th among 31 sectors [5][10]. - The best-performing sub-sectors included health products and baked goods, which increased by 5.09% and 4.25%, respectively [10]. 2. Key Consumption and Raw Material Prices - The report provides detailed pricing data for key liquor products, noting that the price of the 2024 Moutai original bottle is 2,190 yuan, reflecting a slight increase from the previous week [20]. - In the beer sector, production for March 2025 reached 312.8 million hectoliters, a year-on-year increase of 1.9% [25]. 3. Industry Dynamics - The report notes a 2% year-on-year decline in liquor prices as of April, with overall food and beverage prices showing a slight increase [55]. 4. Core Company Updates - Qingdao Beer plans to acquire 100% equity of Jimo Huangjiu from Xinhua Jin Group and Lujin Group for 666 million yuan [56]. - Baba Foods announced a cash dividend of 0.80 yuan per share, totaling 192 million yuan [56].

当消费主力军逐渐向年轻化倾斜,如何在激烈的市场竞争中抓住年轻人的目光,成为众多品牌亟待攻克的 难题。作为休闲零食行业的头部品牌,百草味近年来凭借持续的产品创新,频频打造爆款零食,在行业内屡 获殊荣的同时,更是在年轻群体中成功"出圈"。那么,它究竟是如何做到的呢? 锚定健康赛道,与年轻人的消费理念同频共振 自2022年战略转型为坚果果干健康零食品牌,百草味始终将"健康"二字贯穿于产品全生命周期,以敏锐的 市场洞察力,持续推出契合年轻消费者健康诉求的爆款产品。 在原料把控上,百草味的专业团队足迹遍布全球优质坚果产地,从源头严格筛选每一颗坚果,确保品质上 乘。加工过程中,坚持原味零添加原则,最大程度保留坚果的天然风味与营养成分。以本味甄果纯坚果低 GI款为例,该产品成功实现低升糖指数的突破,为关注血糖健康却又不愿舍弃美味的消费者提供了全新选 择,精准回应了市场对健康零食日益增长的需求。 在配料方面,百草味秉持极简健康理念,拒绝多余添加,用最纯粹的食材组合,为年轻人打造营养与美味兼具 的零食。工艺创新上,品牌不惜投入大量资源,采用先进的低温烘焙技术,既锁住坚果营养,又赋予其酥脆口 感;对于果干蜜饯,则运用独特的自然风 ...

将投中网设为"星标⭐"，第一时间收获最新推送 "消费投资之王"一出手就创下鞋类行业迄今为止最高并购交易纪录。 作者丨 王满华 如果此次交易完成，也就意味着，这家老牌"鞋王"将结束长达 26 年的上市之旅，正式完成私有化。 本次交易的买方 3G 资本同样看点十足。全球最大啤酒制造商百威英博、汉堡王、亨氏卡夫这些耳熟能详的品牌背后，都有 3G 资本的资本运作，其创始人豪尔赫·保罗·雷曼更是连续 7 年稳坐巴西首富。 来源丨 投中网 消费行业再现一笔巨额收购。 近日，美国鞋业巨头斯凯奇宣布， 3G 资本将以每股 63 美元的现金价格收购公司全部已发行股本，交易价格约为 94 亿美元 （约合人民币 680 亿元），预计将于今年三季度完成交易。 斯凯奇成立于 1992 年，主打运动休闲且平价，因此也被称为"鞋中老头乐"。 1999 年，公司成功在纽交所上市。去年，斯 凯奇全球销售额高达 89.7 亿美元，是仅次于耐克和阿迪达斯的全球第三大运动品牌。 近年来 3G 资本颇为低调，最近一次公开动作还是 2023 年四季度彻底清仓了卡夫亨氏。不过"消费投资之王"不鸣则已，一 出手就创下鞋类行业迄今为止最高并购交易纪录。 关税 ...

5月12日凌晨，来伊份发布公告回应"粽子中吃出带血创可贴"一事，称已全面下架本批次蜜枣粽产品， 将对相关问题进行全面调查。公告称公司深知产品品质与消费者体验是重中之重。5月12日，记者进入 来伊份天猫旗舰店，已无法搜索到"粽子"相关产品，来伊份"618粽子预售"销量为零。 据了解，来伊份1999年创立于上海，2016年在上海证券交易所主板上市，主营休闲零食，被称作"零食 第一股"，有超过3600家门店遍布全国百余座大中城市，旗下拥有嗨吃无骨、伊天益袋等近千款零食。 （文章来源：深圳商报） 【深圳商报讯】（记者周良成）端午佳节临近，粽子消费进入旺季。然而，近日一名江苏消费者在社交 媒体上发布视频，称在给小孩喂食来伊份粽子时，发现馅料中夹杂着疑似带血的创可贴。由于涉及食品 安全问题，相关话题"来伊份粽子被指吃出带血创可贴"登上微博热搜。 值得注意的是，来伊份的蜜枣粽产品被指由浙江五芳斋实业股份有限公司代工生产。5月12日，五芳斋 相关负责人表示，企业已经关注到相关情况，正在核实中。负责代工的五芳斋旗下公司位于浙江嘉兴。 5月12日，嘉兴市市场监督管理局相关负责人表示，市监局已经关注到此事，会持续跟进，有相关的消 ...

Core Insights - "Ming Ming Hen Mang" has achieved a remarkable GMV of 55.5 billion RMB, establishing a strong presence in the lower-tier market with extensive coverage across 1,224 counties and 58% of its stores located in county and town areas [4][6] - Despite impressive growth, the company faces significant challenges, including a contradiction between growth and profit, intense competition, and limitations of its business model [2][16] - The company’s low profit margin, with an adjusted net profit margin of only 2.1%, highlights the risks associated with its low-price strategy aimed at expanding market share [7][10] Business Model and Market Position - The "rural encirclement of cities" strategy has proven successful for "Ming Ming Hen Mang," allowing it to build a solid scale barrier in the lower-tier market [4] - The company leverages centralized procurement to reduce costs, achieving a gross margin of 7.5% through high-volume purchasing, which enhances its bargaining power with suppliers [4][6] - The reliance on franchise sales for 99.5% of its revenue creates a vulnerability, as profit margins are squeezed by both upstream suppliers and downstream franchisees [7][11] Financial Performance - Revenue figures for 2022, 2023, and 2024 are projected at 4.29 billion RMB, 10.30 billion RMB, and 39.34 billion RMB respectively, with adjusted net profits of 0.81 billion RMB, 2.35 billion RMB, and 9.13 billion RMB [6] - The company’s financials indicate a significant increase in sales costs, which outpace revenue growth, leading to a challenging profit landscape [6][10] Competitive Landscape - The competition with "Hao Xiang Lai" has intensified, with both companies rapidly expanding their store counts, leading to a "store arms race" that increases operational costs and risks market saturation [7][11] - Marketing expenses have tripled over three years, contributing to a challenging environment where both companies struggle to maintain profitability [7][11] Strategic Initiatives - The potential IPO could provide "Ming Ming Hen Mang" with capital to strengthen its market position, particularly in cold chain logistics and digitalization, which are crucial for operational efficiency [5][16] - Developing private label products could enhance profit margins by allowing better control over costs and quality, drawing inspiration from successful models like Miniso [8][10] - The company is exploring a dual revenue model by adopting a membership system similar to Costco, which could diversify income sources and enhance customer loyalty [15] Challenges and Risks - The low acceptance of brand premiums among lower-tier market consumers poses a challenge for the company in balancing quality and price [10] - Significant investments in cold chain logistics for fresh produce could strain cash flow, necessitating careful financial planning to avoid operational disruptions [10][16] - The company must navigate the risks associated with its single revenue model and the potential for market saturation, which could jeopardize its business model [11][16]