2010年后雨润大规模跨界扩张，从主业食品加工急速切入地产、物流等七大领域，过度多元化让雨 润埋下了债务隐患。据证券之星、时代周报等媒体报道，2015年起，公司因创始人法律纠纷、地产 业务资金链断裂等问题陷入危机，负债一度达到千亿规模。 作者 | 宁晓敏 来源 | 鳌头财经 导 语：自2019年从父亲祝义财手中接棒后，祝媛执掌的雨润食品仍未摆脱亏损困境？ 据极目新闻等媒体报道，雨润集团旗下成都濛阳批发市场水果批发商户反映，近期接到市场管理方通 知，要求一次性缴纳3年租金，让 商户们倍 感压力。 尽管市场方面回应称"不是强制要求"，但这家市场的很多老商户都还记得十年前那场租金风波。据 中新社等媒体报道，成都濛阳农副产品综合批发交易市场有限责任公司是雨润四川国际农产品交易中 心的管理方，由雨润集团投资管理。2015年，因该农产品交易中心单方面要求蔬菜批发商将15年租 期改为20年，并要求一次性缴纳20年摊位租金，引起 商 贩不满，62名商贩集体诉讼。 雨润旗下两大上市平台的财务数据显示：中央商场近5年总资产缩水23亿元，多数资产为三四线城市房 地产，部分项目停工逾期；资产负债率常年超92%，短期偿债覆盖率很差，2 ...

茶颜悦色出海了。 跟喜茶、蜜雪冰城等布局海外线下门店的做法不同，茶颜悦色采用"0门店+纯电商"的模式出海，目前在亚马逊、Shopify独立站、亚马逊、TikTok Shop、沃尔玛、亚米、weee等，开了线上商店，希望将国内的"文化+零食"的模式，移植到北美市场。 近年来，中国食品出海，遇到了许多阻碍和壁垒，茶颜悦色的出海模式，能否实现新的突破？中国食品出海，在合规、本地化方面遇到了哪些挑 战？ 01.茶颜悦色的纯电商出海模式 茶颜悦色创立于2013年，在其最火爆的时候，顾客们愿意排队几个小时，以等候一杯奶茶。黄牛会经常会买走一些爆款商品，然后以每杯200到500 元人民币（约合28到70美元）的价格，转卖获利。 如今，这个曾经红极一时的茶饮品牌，开始踏上出海之路。 在亚马逊上，茶颜悦色上架了薯条、辣条、面包丁、茶具等产品。由于上架时间不长，大部分产品还看不出明显的销量。不过，其一款玻璃茶杯， 已经在"茶杯"类目排到了2530名，另一款奶香面包丁，也进入零食类目的畅销榜前列。 | $ 1250 ($2.50 / count) | | | --- | --- | | Apply now and get a $8 ...

瑞财经 刘治颖 近日，中粮福临门股份有限公司（以下简称：中粮福临门）披露关于首次公开发行股票并上市辅导工作进展情况报告（第十六期），中金公 司为辅导机构。 据瑞财社查阅，中粮福临门于2021年7月28日启动IPO辅导。本期辅导的辅导期间为2025年4月至2025年6月。 本辅导期间，中粮福临门召开第二届董事会第一次会议及2024年年度股东会，审议通过了《关于选举公司第二届董事会董事长的议案》《关于提名公司第二 届董事会独立董事候选人的议案》以及《关于选举公司第二届董事会独立董事的议案》。其中，徐光洪被选举为董事长，李丹被增选为独立董事。变更后中 粮福临门董事及高管情况如下： | 序号 | 姓名 | 在公司任职 | | --- | --- | --- | | 1 | 徐光洪 | 董事长 | | 2 | 董巍 | 董事、总经理 | | 3 | 朱来宾 | 董事 | | 4 | 华简 | 董事、 副总经理 | | 5 | 曾宪锋 | 董事、总会计师 | | 6 | 杨桦楠 | 董事 | | 7 | 穆国新 | 董事 | | 8 | 张海峰 | 董事 | | 9 | 刘宏举 | 独立董事 | | 10 | 李丹 | ...

Core Viewpoint - The A-share market experienced an overall upward trend on July 18, with major indices showing slight increases, but there was a significant outflow of funds from the market, indicating potential concerns among investors [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3534.48 points, up 0.5%; the Shenzhen Component Index closed at 10913.84 points, up 0.37%; and the ChiNext Index closed at 2277.15 points, up 0.34% [1]. - The total trading volume of both markets reached 15710.43 billion yuan, an increase of 316.74 billion yuan compared to the previous trading day [1]. Group 2: Fund Flow Analysis - The net outflow of main funds from the two markets exceeded 250 billion yuan, with a total net outflow of 256.41 billion yuan for the day [2][3]. - The net outflow of main funds from the CSI 300 was 35.7 billion yuan, while the ChiNext saw a net outflow of 121 billion yuan [4]. Group 3: Sector Performance - The sectors with the highest net inflow of funds included: - Non-ferrous metals: 64.11 billion yuan, with notable inflow into Northern Rare Earth [6]. - Banks: 27.70 billion yuan, with significant inflow into Agricultural Bank of China [6]. - Defense and military industry: 22.13 billion yuan, with inflow into Hongdu Aviation [6]. - The sectors with the highest net outflow of funds included: - Electronics: -167.96 billion yuan, with significant outflow from Shenghong Technology [6]. - Machinery: -77.52 billion yuan, with notable outflow from Nanxing Shares [6]. - Electric power equipment: -73.50 billion yuan, with outflow from Mate Meter [6]. Group 4: Institutional Activity - The top stocks with net institutional buying included: - Lisheng Pharmaceutical: 6301.15 million yuan, up 4.68% [9]. - Huaxin Environmental: 5471.91 million yuan, up 15.05% [9]. - Wanyuantong: 4142.40 million yuan, up 11.00% [9]. - The stocks with significant institutional selling included: - Chunfeng Power: -19649.37 million yuan, down 7.46% [9]. Group 5: Institutional Focus - Recent institutional ratings and target prices for selected stocks include: - Hangzhou Bank: Buy rating with a target price of 17.5 yuan, current price 17.25 yuan, potential upside of 1.45% [10]. - Xiaoshangcheng: Buy rating with a target price of 21.64 yuan, current price 21.05 yuan, potential upside of 2.80% [10]. - Zhejiang Longsheng: Buy rating with a target price of 12 yuan, current price 10.28 yuan, potential upside of 16.73% [10].

良品铺子：控股股东协议转让5.1%公司股份 智通财经7月18日电，良品铺子(603719.SH)公告称，公司控股股东宁波汉意与武汉网谷创新投资有限公 司签署股份转让协议，宁波汉意拟以12.42元/股的价格向网谷创投协议转让其持有的公司20,451,000股 股份，占上市公司股份总数的5.10%。此外，广州轻工工贸集团有限公司就股权转让纠纷对宁波汉意提 起了诉讼，并申请了财产保全，冻结宁波汉意所持公司79,763,962股股份。网谷创投作为武汉临空港经 济技术开发区下属国资企业，其购买武汉市东西湖区内的上市公司股权，旨在加强对区内上市公司的扶 持力度、推动区内食品大健康产业高质量发展。 ...

良品铺子在公告中表示，本次股权转让前，公司控股股东宁波汉意及其一致行动人良品投资合计持 有上市公司股份总数的38.22%。经交易各方协商一致，拟引入长江国贸成为公司控股股东，其与 公司具备产业协同性，能充分发挥长江国贸在供应链综合服务、国际及国内贸易、现代仓储物流等 方面的先进经验和行业资源优势，为公司转型发展全面赋能，形成公司"一品一链一园"的全链条产 业生态体系，助力公司实现高质量可持续发展。 公 告 显 示 ， 本 次 交 易 总 额 约 10.46 亿 元 ， 宁 波 汉 意 拟 向 长 江 国 贸 协 议 转 让 其 持 有 的 良 品 铺 子 72239880股股份，占上市公司股份总数的18.01%；良品投资拟向长江国贸协议转让其持有的良品 铺子11970120股股份，占上市公司股份总数的2.99%。本次权益变动不触及要约收购。转让双方不 存在关联关系。若本次交易顺利完成，将导致良品铺子控股股东及实际控制人发生变化，公司控股 股东将由宁波汉意变更为长江国贸，实际控制人将由杨红春、杨银芬、张国强、潘继红变更为武汉 市人民政府国有资产监督管理委员会。 对接需求请扫码 每日｜荐读 榜单： 「2025投资 ...

Group 1 - The A-share market showed positive performance on July 18, with the Consumer ETF (159928) rising nearly 1% and achieving a trading volume exceeding 260 million yuan, marking a net inflow of over 85 million yuan over the past four days [1][3] - The Consumer ETF (159928) has a total scale exceeding 12.2 billion yuan, leading its peers significantly [1] - Key stocks within the Consumer ETF saw gains, including Luzhou Laojiao and Xin Nuo Wei rising over 3%, Shanxi Fenjiu over 2%, and Guizhou Moutai and Muyuan Foods over 1% [3] Group 2 - The external environment for the food delivery market is evolving, with a significant increase in competition among major players, leading to a surge in daily orders [8] - The online food delivery market has expanded rapidly, with online dining accounting for nearly 25% of total dining consumption, while dining revenue constitutes about 11.2% of total retail sales [5] - The impact of delivery subsidies is expected to drive a substantial increase in overall dining revenue, with projections indicating a 48.6% year-on-year growth in food delivery revenue for July [11]

Group 1 - The core viewpoint of the news is the significant growth in China's industrial and information technology sectors in the first half of 2025, with a focus on digital technology advancements and manufacturing performance [1] - In the first half of 2025, the industrial added value of large-scale enterprises in China increased by 6.4% year-on-year, with the manufacturing sector accounting for 25.7% of GDP [1] - The number of large-scale industrial enterprises reached 520,000, and profits in the manufacturing sector grew by 5.4% year-on-year [1] - The digital industry saw a business revenue increase of 9.3% year-on-year, with a growth rate improvement of 3.4 percentage points compared to the previous year [1] - Significant advancements in technology and industry integration were noted, including the certification of the AG600 amphibious firefighting aircraft and the rapid application of humanoid robots across various fields [1] - The production of industrial robots and service robots increased by 35.6% and 25.5% year-on-year, respectively [1] - The equipment manufacturing sector accounted for 35.5% of the total industrial added value, demonstrating its role as a stabilizer in industrial development [1] - Fixed asset investments in key manufacturing sectors such as railways, shipbuilding, aerospace, and automobiles achieved double-digit growth [1] - Investment in equipment and tools increased by 17.3% year-on-year, contributing 86% to the overall investment growth [1] Group 2 - In the automotive industry, production and sales reached 15.621 million and 15.653 million units, respectively, with year-on-year growth of 12.5% and 11.4% [2] - New energy vehicles saw production and sales of 6.968 million and 6.937 million units, with year-on-year growth of 41.4% and 40.3%, respectively, making up 44.3% of new car sales [2] - The Ministry of Industry and Information Technology plans to ensure stable industrial economic operations and promote the integration of technological and industrial innovation [2] - Upcoming growth stabilization plans for key industries such as steel, non-ferrous metals, petrochemicals, and building materials are expected to be released [2] - The Ministry will also issue digital transformation plans for various industries, focusing on 82 typical scenarios for intelligent upgrades [2] - Future industry innovations will include the development of humanoid robots, the metaverse, and brain-computer interfaces, aiming to cultivate new industries and drive new growth [2]

农林牧渔 zhangmz@ccnew.com 13681931564 市场需求疲软，畜禽价格低迷 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 《农林牧渔行业月报：畜禽价格低迷，宠物 食品 618 消费表现亮眼》 2025-06-23 《农林牧渔行业半年度策略：周期掘金，向 新而行》 2025-06-18 《农林牧渔行业月报：指数表现强势，宠物 出口数据维持快速增长》 2025-05-20 联系人：李智 投资要点： 风险提示：畜禽价格大幅波动，粮价大幅波动，动物疫病的发生；我 国生物育种商业化应用不及预期；食品安全问题，自然灾害事件。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共15页 盈利预测和投资评级 | 公司简称 | 24EPS 25EPS | | 25PE | 评级 | | --- | --- | --- | --- | --- | | 牧原股份 | 3.30 | 3.76 | 10.26 | 增持 | | 普莱柯 | 0.27 | 0.52 | 26.60 | 增持 | | 秋乐种业 | 0.31 | 0.33 | 58.8 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 食饮行情回落，保健品表现突出 ——食品饮料行业 6 月月报 证券研究报告-行业月报 同步大市(维持) 发布日期：2025 年 07 月 18 日 食品饮料相对沪深 300 指数表现 -16% -10% -5% 0% 5% 10% 16% 21% 2024.07 2024.11 2025.03 2025.07 食品饮料 沪深300 11730 《食品饮料行业深度分析：渠道与产品创新带 来新一轮增长》 2025-07-15 《食品饮料行业年度策略：成长中枢下沉，渠 道和产品创新推动发展》 2025-06-20 《食品饮料行业月报：食饮行情延续，多数子 板块表现优异》 2025-06-06 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共15页 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 2025 年 6 月，食品饮 ...