Group 1: Core Insights - The report from CITIC Securities highlights the importance of boosting consumption as a key driver for economic growth, with the food and beverage sector expected to benefit significantly from this focus on domestic demand [1] - The white liquor sector is projected to achieve total revenue of 441.94 billion yuan in 2024, representing a year-on-year growth of 7.66%, with net profit expected to reach 166.85 billion yuan, also up 7.60% [1] - The beer segment is showing signs of recovery, with sales and profit margins improving, indicating that it may have entered a growth phase [19] Group 2: Sector Analysis - **White Liquor**: The industry is currently facing a deep adjustment period, with sales pressures due to weak demand in gifting and banquet consumption, but leading companies are expected to strengthen their market positions through brand and operational advantages [1][6] - **Pre-processed Foods**: The sector is experiencing weak performance due to sluggish B-end restaurant demand, but is expected to benefit from a recovery in the C-end market, particularly in pre-prepared dishes [17] - **Dairy Products**: The dairy sector's revenue for 2024 is projected at 292.5 billion yuan, down 7.7% year-on-year, with net profit declining by 38.5% to 12.92 billion yuan [21][22] - **Snack Foods**: The sector is thriving, particularly with the popularity of konjac products, and companies are adapting to new retail formats like discount stores [24] - **Soft Drinks**: The functional beverage market continues to expand, with a notable increase in demand for sugar-free tea and functional drinks [26] - **Yellow Wine**: Leading companies in the yellow wine sector are expanding their advantages and driving the industry's high-end development [30]

Group 1 - The core viewpoint of the article highlights the rise of new consumption brands and the structural opportunities within the consumer sector, which has attracted significant investment attention since the second half of last year [2][3] - The consumer sector is not a single-direction track but encompasses various styles of assets, including cyclical, defensive, and growth categories, with new consumption brands emerging rapidly [2] - The year 2025 is anticipated to be a turning point for the consumer sector, as structural opportunities have begun to surface this year after a prolonged downturn since February 2021 [2] Group 2 - New consumption is defined as new brands rather than new channels or supply chains, with breakthroughs occurring when new consumer habits form or brand influence expands [2] - Fund managers who recognized the trend early have seen substantial returns, with some funds achieving returns of 54.63% and 27.79% year-to-date as of May 8 [3] - The rise of new consumption brands is attributed to the emergence of a younger generation of consumers who prioritize individual expression and are willing to pay a premium for products that align with their tastes [4] Group 3 - The current consumer market is experiencing a new long cycle, driven by younger demographics that value personal satisfaction and have a higher willingness to pay [4] - Companies that demonstrate strong product capabilities in niche markets, such as trendy toys, gold jewelry, and pet products, are expected to seize broader opportunities in the global market [4]

相关研究报告 《内需提振预期强化，关注政策改善 可期—行业投资策略》-2025.5.8 《一季报白酒稳健增长，零食新品红 利表现突出—行业周报》-2025.5.5 《基金持仓更加集中，零食板块表现 较好—行业周报》-2025.4.27 白酒底部建议加配，大众品三条思路选股 ——行业周报 食品饮料 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 食品饮料 沪深300 zhangsimin@kysec.cn 证书编号：S0790123070080 核心观点：承压基调下的边际改善 5 月 5 日-5 月 9 日，食品饮料指数涨幅为 1.8%，一级子行业排名第 19，跑输沪 深 300 约 0.2pct，子行业中保健品（+5.1%）、烘焙食品（+4.2%）、预加工食品 （+2.5%）表现相对领先。上市公司财报披露结束后，市场进入业绩真空期，市 场风险偏好提升，食品饮料跑输大盘。往 2025 年全年展望，食品饮料行业主线 仍是消费复苏。2025 年我们更多期望经济活跃度提升带来商务消 ...

4 月 28 日，鸣鸣很忙集团向港交所提交上市申请资料，公司作为万店零食量贩龙头值得重点关注。本周专题我们复盘 零食量贩业态行业发展历程、对比零食量贩和其他传统零售业态的差异，讨论未来行业发展空间。从渠道视角出发， 丰富我们对休闲零食行业的研究。 公司基本情况：鸣鸣很忙是中国规模最大的休闲食品饮料零售商，2024 年 GMV 达 555 亿元，市占率 1.5%。公司的定 位是为消费者提供高质价比、品类丰富和高频上新的各类休闲食品饮料（主要为零食），旗下拥有"零食很忙"和"赵 一鸣零食"两个品牌，主要通过加盟店的形式在三线及以下城市运营，近年二线城市的门店占比逐年提升。24 年公司 营收/净利润分别为 393.4 亿元/8.3 亿元，同比+282.2%/283.4%，24 年末门店为 14394 家。公司的股权结构集中，实 控人投票权合计 62%，管理层均为品牌创立时的原班底。计划将募集资金主要用于完善供应链，以及提高产品开发能 力，具体用途为建立更多仓库、搭建冷链物流系统、增加更多产品品类和 SKU，例如冷藏冷冻产品以及自有品牌。 零食量贩行业复盘：梳理行业发展历程并划分为三个阶段，激烈市场竞争下逐步形成双足 ...

将投中网设为"星标⭐"，第一时间收获最新推送 拟冲刺"量贩零食第一股"。 2019年，赵定在江西宜春以儿子之名创立"赵一鸣零食"，凭借炒货供应链优势快速铺开千店。 二者品牌定位相似，均在打破"便宜没好货"魔咒，也都锚定了下沉市场。另外，二者也都通过资本融资以扩大规模快速抢占市 场。在路径上，零食很忙主要以规模制胜，而赵一鸣零食则深耕供应链。 作者丨黎曼 来源丨 投中网 县城街头，亮黄色的招牌、琳琅满目的货架和"好零食，很便宜"的标语，构成了中国下沉市场最鲜活的商业图景。 2025年4月28日，由"零食很忙"与"赵一鸣零食"合并而成的湖南鸣鸣很忙商业连锁股份有限公司（下称"鸣鸣很忙"）正式向港 交所递交上市申请，拟冲刺"量贩零食第一股"。 "零食很忙"与"赵一鸣零食"创始人晏周与赵定均是85后，前者是房地产营销策划出身的"跨界玩家"，后者是深耕炒货的"草根 商人"，两人从区域缠斗到全国联手，打造出了万店零食帝国。 资本市场早已为这场"下沉奇迹"按下加速键。红杉中国、高榕资本、黑蚁资本、启承资本、明越资本、五源资本等知名机构争 相押注，盐津铺子、好想你等产业资本躬身入局，估值超百亿元的鸣鸣很忙，交出了16亿成交单 ...

以下文章来源于Gooods 好味司 ，作者海枫 Gooods 好味司 . 专业、独特、有趣的食品饮料产品媒体，连接好产品与美好生活。 在溜溜梅2019年冲击深交所创业板折戟后，时隔6年再度冲击上市，不同的是这次溜溜梅将目标放到了 港交所。 时间线推回到2018年，溜溜梅的年营收还未过10亿，据招股书披露，2018年公司的营收为8.73亿，净 利润5603万。六年后，溜溜梅营收接近翻倍，2024年公司营收为16.16亿，净利润为1.48亿，净利润 是原来的2.6倍左右。（文中货币单位均为人民币） 从零食行业来看，溜溜梅的营收规模属于中大型公司，在溜溜梅之前有一些营收超过50亿元的零食公 司，少数超过百亿规模。但在梅果类零食当中，溜溜梅属于中国市场当之无愧的第一名。 甚至 招股书 图片来源：微博@溜溜梅 中弗若斯特沙利文报告称，溜溜梅还属于中国果类零食的第一名（这里果类零食包括了果干、冻干水 果、加工水果零食以及水果为基础的棒状或块状零食）。 溜溜梅是中国特色零食的典型代表，为本土零食提供非常重要的参考样本。 这篇文章我们一起来看看， 6年后再次冲击上市，"溜溜梅"的产品迭代藏着哪些门道？ 另一方面是对于得到市场 ...

Core Viewpoint - After four consecutive years of revenue decline, Three Squirrels is set to return to the "100 billion club" in 2024, bolstered by its upcoming IPO in Hong Kong, which would make it the first Chinese snack company to achieve dual listing in A+H shares [1][3]. Financial Performance - Three Squirrels reported revenues of approximately 72.93 billion RMB, 71.15 billion RMB, and 106.22 billion RMB for the years 2022, 2023, and 2024, respectively, with corresponding net profits of approximately 1.29 billion RMB, 2.2 billion RMB, and 4.07 billion RMB [1][2]. - The overall gross margins for the years 2022, 2023, and 2024 were 26.2%, 22.7%, and 23.8%, respectively, with a noted decline in 2023 attributed to rising raw material and logistics costs, while a recovery is expected in 2024 due to supply chain optimization [6][12]. Market Position - In the Chinese snack market, Three Squirrels ranked fourth in sales last year, trailing behind international giants Mars, Mondelez, and Pepsi, while being the top domestic snack brand [2][3]. - The company has diversified its product offerings, with nuts accounting for 50.5% of revenue in 2024, followed by fast-growing categories like comprehensive snacks, which increased from 12% in 2022 to 19% in 2024 [5][6]. Strategic Transformation - The company has undergone a strategic transformation under founder Zhang Liaoyuan, focusing on high-end cost performance and a "full-channel + full-category" operational model, which includes restructuring the supply chain and entering new sales channels [3][12]. - Three Squirrels is shifting from an OEM model to a self-owned brand model, enhancing control over product quality and cost management, which is expected to improve profitability [12][13]. Channel Strategy - The company has implemented a "D+N" strategy, combining short video platforms with traditional e-commerce, resulting in significant revenue growth from platforms like Douyin, which saw a compound annual growth rate of 99.27% from 2022 to 2024 [14][16]. - Despite challenges in offline retail, Three Squirrels aims to increase its presence in physical stores, planning to adjust its revenue structure from a 7:3 online-to-offline ratio to a 5:5 ratio over the next 2-3 years [21][22]. Future Outlook - The upcoming IPO is expected to provide the necessary capital for further expansion and to strengthen the company's supply chain and offline presence, as well as to explore new product categories such as beverages and pet food [11][23]. - The company plans to build new processing plants across various regions in China and Southeast Asia, aiming to enhance production capacity significantly [11][12].

以下文章来源于盐财经 ，作者张来 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | | | | (人民幣千元) | | | 收入 | 4,285,745 | 10,295,318 | 39.343.511 | | 銷售成本. | (3,966,394) | (9,522,979) | (36,344,463) | | 毛利 | 319,351 | 772,339 | 2,999,048 | | 其他收入及收益及其他開支 | 1,824 | 5,645 | 23,190 | | 銷售及營銷開支 . | (159,138) | (325,209) | (1,476,110) | | 行政開支 | (59,951) | (117,660) | (391,058) | | 金融資產減值虧損淨額 | (125) | 116 | (123) | | 財務費用 | (2,159) | (2,899) | (7,006) | | 應佔聯營公司利潤及虧損 | | (7,726) | 4,293 | | 除税前利潤 | 99,8 ...

Core Viewpoint - The two major players in the snack retail industry are expected to fully enter the capital market, with Mingming Hen Mang officially submitting its prospectus for a Hong Kong listing, potentially positioning itself alongside Wancheng Group as a leading snack giant in both the Hong Kong and A-share markets [2][8]. Group 1: Company Performance and Market Position - Mingming Hen Mang's revenue projections for 2022 to 2024 are 4.28 billion, 10.29 billion, and 39.34 billion RMB, respectively, with a compound annual growth rate of 203.0% [2]. - By the end of 2024, Mingming Hen Mang is expected to have 14,400 stores and 120 million members, with a total GMV exceeding 55.5 billion RMB [2]. - The market share of Mingming Hen Mang in the leisure food and beverage sector has surpassed Walmart, reaching 1.5% [3]. - The company has achieved a significant increase in store efficiency, with average daily sales per store rising from 38,800 RMB to 45,200 RMB, and daily sales exceeding 15,000 RMB [12]. Group 2: Industry Dynamics and Competition - The snack retail sector has rapidly expanded, with the number of snack retail stores in China increasing from approximately 2,500 at the end of 2021 to 37,500 in just three years [5]. - The merger between "Zero Snacks Very Busy" and "Zhao Yiming Snacks" is seen as a strategic move to counter competition, especially as Wancheng Group has been acquiring multiple snack brands [8][10]. - The competitive landscape is intensifying, with both Mingming Hen Mang and Wancheng Group achieving a combined market share of over 70% by the end of 2024 [28]. Group 3: Financial Metrics and Operational Efficiency - In 2024, Mingming Hen Mang's adjusted net profit is projected to reach 910 million RMB, with an adjusted net profit margin of 2.3% [31]. - The company maintains a stable gross margin of 7.5% to 7.6%, while its net profit margin has improved from 1.7% to 2.1% [23]. - The average inventory turnover days for Mingming Hen Mang is 11.6 days, consistent with two years prior [27]. Group 4: Strategic Initiatives and Future Outlook - Mingming Hen Mang is diversifying its product offerings by introducing a new store model that includes daily necessities, aiming to increase customer frequency and average transaction value [39]. - The company has launched several self-branded products, maintaining a focus on cost-effectiveness [40]. - Marketing efforts have intensified, with partnerships with celebrities and the introduction of innovative store concepts to enhance brand recognition [45][46].

分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 分析师：黄冬祎 超配（维持） 食品饮料行业双周报（2025/04/25-2025/05/08） 业绩表现分化，关注景气细分 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 2025 年 5 月 9 日 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 证 券 研 究 报 告 食品饮料行业 行 业 周 报 食品饮料（申万）指数走势 资料来源：同花顺,东莞证券研究所 相关报告 ◼ 行情回顾：2025年4月25日-2025年5月8日，SW食品饮料行业指数整体上 涨0.64%，板块涨幅位居申万一级行业第二十六位，跑输同期沪深300指 数约1.17个百分点。 ◼ 行业周观点：业绩表现分化，关注景气细分。受外围市场扰动，提振内 需将成为推动国内经济增长的重要一 ...