金十数据5月27日讯，A股三大指数早盘低开低走集体调整，深证成指一度跌穿10000点关口，截止午盘 收盘，沪指跌0.33%，深成指跌0.87%，创业板指跌0.98%，北证50指数跌0.09%。板块题材上，大消费 板块再度爆发，饮料、休闲食品、IP经济等多个方向表现不俗；机器人概念、汽车整车、CPO概念等跌 幅居前。两市超3300只个股下跌，半日成交额超6100亿元。 A股午评：创业板指午前跌约1% 大消费板块再度爆发 ...

Group 1 - The SIAL International Food Exhibition recently held in Shanghai attracted over 5,000 exhibitors from 75 countries and regions, showcasing the latest trends and products in the food and beverage industry [1] - Salted Fish, a leading domestic snack food company, presented several new sweet products at the exhibition, including collaborations with various brands [1] - The Chinese baking market is expected to see a trend towards combining health and taste by 2025, with a shift from "delicious" to "healthy eating" [1] Group 2 - The new products showcased by Salted Fish incorporate multiple technological innovations, such as a new generation of toast production lines and upgraded equipment to enhance flavor and texture [2] - In 2023, Salted Fish initiated a category brand strategy, establishing three business units focused on spicy, sweet, and healthy products, resulting in significant revenue growth [4] - The company achieved a revenue of 5.304 billion yuan in 2024, representing a year-on-year increase of 28.89%, and reported a revenue of 1.537 billion yuan in the first quarter of 2025, a 25.69% increase compared to the same period last year [4]

Core Viewpoint - Guangzhou Restaurant (603043) has shown a positive stock performance, with a closing price of 16.24 yuan as of May 23, 2025, reflecting a 2.65% increase from the previous week [1] Company Announcements - The company announced a cash dividend of 0.48 yuan per share, with the record date set for May 26, 2025, and the ex-dividend date and payment date on May 27, 2025 [1] - The total cash dividend distribution amounts to 273,009,986.40 yuan, approved during the annual shareholders' meeting on April 22, 2025 [1] - For individual shareholders and securities investment funds holding unrestricted circulating A-shares, the actual cash dividend per share is 0.48 yuan [1] - Qualified Foreign Institutional Investors (QFII) and Hong Kong market investors will receive a net cash dividend of 0.432 yuan per share after a 10% withholding tax [1] - Institutional investors and corporate shareholders will receive the full cash dividend of 0.48 yuan per share [1]

Group 1: Consumption Trends - Consumption has led the market since April and year-to-date, with personal care products, animal health, feed, snacks, and cosmetics showing the highest gains[1] - Recommended consumption sectors include apparel, automobiles (including two-wheeled electric vehicles), retail, food, beauty care, aquaculture, feed, and snacks since the Spring Strategy Outlook on February 12[1] Group 2: Fiscal Impact on Consumption - Retail sales growth is highly elastic to fiscal spending cycles, with elasticity increasing during fiscal expansion periods[2] - The expected fiscal deficit rate for 2025 is around 4%, up from approximately 3% in 2024, indicating a significant increase in central government spending[21] - Local government debt pressures have historically suppressed consumption, but debt relief efforts are expected to drive internal recovery in consumption, particularly in high-debt provinces[2] Group 3: Investment Strategy - The investment strategy suggests focusing on domestic consumption sectors, technology growth, cost improvement drivers, and structural opportunities abroad[32] - Recommended sectors include domestic consumption (apparel, automobiles, retail, food, beauty care), technology (AI, robotics, semiconductors), and cost-driven sectors (aquaculture, energy metals)[32]

一方面，国家卫生健康委员会表示，将实施"体重管理年"3年行动，普及健康生活方式。慢性病防控已 上升为国家战略，这也推动了食品行业加速向 "轻负担"方向迭代。另一方面，亿滋国际发布的《2024 年全球零食现状报告》显示，在这个健康化趋势明显的时代，还有73%的人"宁愿吃一小份令人愉悦的 零食，也不愿吃一大份低脂/低糖的替代品。" 近日，在接受第一财经记者采访时，荷美尔亚太区总裁顾海江表示："疫情前后的市场环境是完全不同 的。疫情前只要有新亮点，消费者就愿意买单。但是疫情后消费者的要求变高了，不但要有品质、有品 牌，还要有好的价格。所以我认为，疫情以后，更需要拿出更贴近当下消费者的一些新的产品，消费者 才愿意买单。" 在好吃和健康之间找平衡点并不容易。 从基础原料到配方设计，休闲食品行业正与健康理念展开全面较量，特别是后疫情时代，消费者的需求 在不断变化，变得"既要又要"，在想要味蕾满足的同时还能保持健康，因此，当下零食品牌们的生意不 是那么好做。 "要找到中间一个点，且不断地去打磨这个点，然后让消费者能够感受到这个产品的确是比之前其他产 品更健康一点。"顾海江举例，"比如说我们的鸡肉单片午餐肉，此前一般午餐肉基 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expanding its product categories and distribution channels, aiming to break boundaries and achieve comprehensive growth [1][2] - The company has successfully returned to a revenue scale of 12 billion yuan within three years, focusing on supply chain efficiency and network organization [1] - The company is diversifying its product offerings beyond nuts and snacks to include beverages, daily necessities, baby products, pet food, and fresh produce [2] - The company is leveraging its success on e-commerce platforms like Douyin to enhance its offline distribution and explore new retail formats [3] Financial Projections - Revenue is projected to grow from 10.6 billion yuan in 2024 to 19.9 billion yuan in 2027, with year-on-year growth rates of 25.2%, 24.9%, and 19.7% respectively [3][5] - Net profit is expected to increase from 449 million yuan in 2025 to 751 million yuan in 2027, with growth rates of 10.2%, 33.3%, and 25.5% respectively [3][5] - The company’s earnings per share (EPS) is forecasted to rise from 1.12 yuan in 2025 to 1.87 yuan in 2027 [5] Market Performance - The company achieved a revenue of 5.37 billion yuan from nuts in 2024, accounting for 50.5% of total revenue, indicating strong market positioning in the nut category [2] - The Douyin channel generated 2.19 billion yuan in revenue in 2024, reflecting an 81.7% year-on-year increase, contributing significantly to overall revenue growth [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company aims to break boundaries and expand its ecosystem, focusing on a comprehensive supply chain integration of manufacturing, branding, and retail [1] - The company has successfully returned to a revenue of 12 billion yuan within three years, indicating significant growth potential [1] - The company is diversifying its product categories beyond nuts and snacks to include beverages, daily necessities, baby products, pet food, and fresh produce [2] - The company is leveraging its online success, particularly through platforms like Douyin, to enhance its offline distribution and retail presence [3] - Revenue projections for 2025-2027 are optimistic, with expected growth rates of 25.2%, 24.9%, and 19.7% respectively, alongside net profit growth [3] Financial Summary - The company reported a revenue of 7,115 million yuan in 2023, with a projected increase to 13,303 million yuan by 2025, reflecting a year-on-year growth rate of 25.2% [5] - The net profit for 2023 was 220 million yuan, expected to rise to 449 million yuan by 2025, with a growth rate of 10.2% [5] - The earnings per share (EPS) is projected to increase from 0.55 yuan in 2023 to 1.12 yuan in 2025 [5] - The company’s return on equity (ROE) is expected to improve from 8.7% in 2023 to 14.2% in 2025 [5]

Core Insights - The company has evolved from a nut-focused brand to a comprehensive snack and beverage provider, expanding its product categories and sales channels [1][2] - The founder emphasized a significant transformation over the past year, indicating a revival and a clear strategic direction for the future [1] - The company plans to enhance its competitive edge in the snack sector by investing in new production facilities and launching over 1,000 new SKUs in 2024 [1][3] Product and Brand Expansion - The company has introduced multiple new sub-brands, including those focused on convenience foods, health snacks, and traditional Chinese supplements, creating a diverse brand matrix [2] - New alcoholic beverage brands targeting younger consumers have been launched, including craft beer, fruit wine, and red wine, with plans for further expansion into various alcoholic products [2] - The company is also venturing into personal care products with a new brand, planning to offer items such as sanitary napkins and laundry detergent [2] Strategic Initiatives - The company is implementing a "manufacturing, branding, and retail" integrated strategy, with plans for over 30 factories to enhance production efficiency [3] - The founder highlighted the importance of digital transformation in reshaping business models, focusing on shortening the supply chain from production to delivery [3] - New retail formats, including a lifestyle store and a convenience store, have been introduced to provide comprehensive solutions for community retailers and entrepreneurs [2]

Core Insights - Aojinqi has been awarded the titles of "National Sales Champion of Meat Strips" and "Top Brand of Meat Strips in China" by iiMedia Research, a leading third-party data mining and analysis agency in the new economy sector [1][5]. Group 1: Market Position and Recognition - Aojinqi's recognition is based on rigorous research and statistical confirmation of the meat strip market in China, utilizing iiMedia Research's CMDAS big data system [5]. - iiMedia Research operates a global real-time data network covering over 135 countries and regions, monitoring more than 3,000 core business indicators [5]. Group 2: Product Innovation and Quality - Aojinqi's success in the competitive meat snack market is attributed to its commitment to quality and innovation, particularly with its flagship product, the "Big Strip Meat Strip," which contains 80% meat and offers a unique texture [6]. - The product is available in various flavors and packaging sizes to cater to diverse consumer preferences and occasions [6]. Group 3: Brand Development and Market Strategy - Aojinqi has expanded its product range and brand presence since its establishment in 2014, producing over 10,000 tons of products daily and achieving significant market penetration across various regions in China [12][13]. - The company has established a robust distribution network with over a thousand signed distributors and partnerships with major retail chains and e-commerce platforms [13]. Group 4: Future Outlook - Aojinqi aims to continue its innovative approach and consumer demand exploration to launch more high-quality products, solidifying its leading position in the leisure meat product market [14].

Core Viewpoint - Liumei, the parent company of Liumei Fruit Garden, has reinitiated its IPO application after previously withdrawing it in 2019, indicating a strategic shift and growth in financial performance despite challenges in profit margins [1][5]. Financial Performance - Liumei Fruit Garden's projected total revenues for 2022, 2023, and 2024 are 1.174 billion yuan, 1.322 billion yuan, and 1.616 billion yuan respectively, with net profits of 68 million yuan, 99 million yuan, and 148 million yuan [1]. - The gross profit margin has been declining, with raw material costs increasing from 489 million yuan to 771 million yuan, rising from 41.7% to 47.7% of total revenue from 2022 to 2024 [1]. Marketing Strategy - The company heavily relies on celebrity endorsements for marketing, with 71% of net profit allocated to celebrity endorsement expenses in 2024 [2]. - Marketing expenses for sales and distribution were 280 million yuan, 310 million yuan, and 310 million yuan for 2022, 2023, and 2024, respectively, constituting 24.1%, 23.4%, and 19.2% of total revenue [3]. Channel Transformation - The company is focusing on channel transformation, emphasizing membership stores like Sam's Club and Costco, which have shown significant sales growth [4]. - Direct sales revenue increased from 300 million yuan in 2022 to 957 million yuan in 2024, rising from 25.5% to 59.2% of total revenue, while distribution channel revenue decreased from 874 million yuan to 659 million yuan [4]. Product Matrix Evolution - The product portfolio has diversified beyond just green plums, with dried plum snacks generating 973 million yuan (60.3% of revenue), and other products like western plums and plum jelly contributing significantly to revenue growth [5]. - The company has experienced a compound annual growth rate (CAGR) of 17.32% in revenue from 2022 to 2024, with dried plum snacks growing at 9.79%, western plums at 35.5%, and plum jelly at 33.51% [5]. Investment and Future Outlook - In 2024, Liumei Fruit Garden repurchased all shares held by Sequoia Capital, ending a nearly 10-year investment relationship, with the company's valuation increasing from 900 million yuan in 2015 to 2.2 billion yuan in 2024 [5]. - The company secured 75 million yuan in external funding from Huashan Fund and Xingnong Fund, with a buyback agreement in place if the IPO is not completed by the end of 2025 [6].