Investment Rating - The report maintains a cautious outlook for the food and beverage industry in 2025, with a focus on growth sectors such as beverages, snacks, and pet food, while highlighting the stable performance of high-end liquor and regional leaders [1][15]. Core Insights - The financial reporting season has concluded, showing a mixed performance across the industry, with high-end liquor under pressure and a stable overall sales performance for mass-market products in April [1][15]. - Key companies are expected to see improvements in Q2, particularly in dairy and snack sectors, while the liquor segment continues to face challenges [1][15]. - The report emphasizes the importance of shareholder meetings as potential catalysts for positive changes within companies [15]. Summary by Sections Core Company Tracking - Shede Liquor is experiencing significant pressure in Q2, with a notable increase in demand for its main products in banquet settings, but still facing challenges in business scenarios [2][10]. - Water Well is also under pressure in Q2, with a clear decline in seasonal demand, but is expanding its store network significantly [2][10]. - Yili Group is showing signs of improvement in Q2, driven by strong sales in infant and adult milk powder products [2][11]. - Zhongchong Co. is maintaining high growth in its proprietary brands and expanding overseas production capacity [3][11]. - Ximai Foods is achieving rapid online growth and improving gross margins, with a focus on maintaining double-digit growth offline [3][12]. - New Dairy is performing well in the low-temperature segment, with a strong growth trajectory expected [3][13]. - Morning Light Bio is seeing a recovery in core products and is focusing on diversified development strategies [3][14]. Investment Recommendations - The report suggests focusing on growth sectors, particularly in liquor, dairy, snacks, and pet food, with specific recommendations for companies like Guizhou Moutai and Yili Group [7][16]. - It highlights the potential for improved sales and structural changes in Qingdao Beer and emphasizes the importance of seasonal demand recovery for brands like Nongfu Spring [7][16]. - The report also recommends strong players in the seasoning sector, such as Haitian Flavoring, and suggests monitoring companies like Zhongchong Co. for their overseas expansion capabilities [7][16].

Summary of Key Points from Conference Call Records Industry Overview - **New Consumption Sector**: Companies like Yicheng, Zhengkang Oral Care, and Jingbo Bio are highlighted for their ability to drive growth through new product launches, achieving over 30% growth. Stable growth companies such as Runben, Perfect Diary, Mao Ge Ping, and Juzi Bio are also noted for their resilient stock performance [1][2] - **Food and Beverage Sector**: Key companies to watch include Bailong Chuangyuan (food additives), Yanjinpuzi (konjac products), and Three Squirrels. Traditional growth stocks like Dongpeng Special Drink, Yanjing Beer, and strong performers like Qingdao Beer and Nongfu Spring are also recommended. The liquor sector is expected to bottom out gradually from late 2025 to mid-2026, with limited downside risk [1][4] - **High School Education Sector**: Investment opportunities are identified due to policy changes increasing high school enrollment ratios. Companies like Tianli International Holdings and Xueda Education are noted for their low valuations and significant investment potential [5] - **Emotional Value Consumption**: Focus on trendy toys and gold jewelry, with domestic gold jewelry growth exceeding market expectations. These sectors are seen as having good investment value despite their valuations being comparable to general growth companies [6] Core Insights and Arguments - **New Consumption Trends**: The beauty and snack sectors are expected to thrive, with 2025 being a pivotal year for beauty products. Companies with strong product launch capabilities are emphasized for their stock resilience [2] - **Traditional Retail Adjustments**: Opportunities arise from adjustments in traditional retail, with a focus on companies with high dividends and reliable performance, such as Chongqing Department Store and Dashang Group [3][8] - **Home Appliance Sector**: The small appliance market, particularly robotic vacuum cleaners, is anticipated to see significant breakthroughs by early 2026. Traditional appliance companies like Midea, Gree, and Haier are highlighted for their overseas expansion strategies [9][11] - **Textile and Apparel Sector**: Investment recommendations include Anta Sports and Xtep International, focusing on outdoor and high-end apparel segments. Companies like Hailan Home and Luolai Life are noted for their stable operations [17] Additional Important Insights - **Emerging Product Trends**: New products in emerging sectors such as millet products, AI glasses, AR glasses, and electronic cigarettes are gaining traction, indicating strong industry trends [14] - **Pet Market Growth**: The pet market in China is thriving, with significant growth in the number of exhibitors at the Shanghai Pet Expo. Domestic brands like Guobao Pet and Zhongchong Co. are recognized for their innovative products [25] - **Export Market Expectations**: The export market is showing weak expectations but strong realities, with companies like Zhejiang Ziran and Gongchuang Turf performing well in Europe [15] This summary encapsulates the key insights and investment opportunities across various sectors as discussed in the conference call records.

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 ...

Core Viewpoint - Liu Liu Mei is making a second attempt to go public, this time targeting the Hong Kong Stock Exchange after a failed attempt in 2019, with significant growth in revenue and profit over the past six years [1][2]. Group 1: Financial Performance - In 2018, Liu Liu Mei's revenue was 873 million RMB with a net profit of 56.03 million RMB. By 2024, revenue has nearly doubled to 1.616 billion RMB, and net profit increased to 148 million RMB, approximately 2.6 times the original [1][2]. - Liu Liu Mei is recognized as the leading brand in the fruit snack segment in China, with a revenue scale that positions it as a mid-to-large company in the snack industry [2][3]. Group 2: Product Line Adjustments - The company has streamlined its product offerings, focusing on three core product lines: traditional dried plums, jelly products represented by plum jelly, and nutrient-rich prune products [6][9]. - The revenue structure in 2024 shows a significant shift: dried plums generated 974 million RMB (60.3%), prunes 223 million RMB (13.8%), and jelly products 410 million RMB (25.4%) [9][11]. Group 3: Jelly Product Line Growth - The jelly product line, introduced in 2019, has become a major revenue contributor, generating over 400 million RMB in 2024, accounting for more than a quarter of total revenue [11][13]. - The jelly product line has shown a remarkable growth trajectory, with revenues increasing from 230 million RMB in 2022 to 410 million RMB in 2024 [14][16]. Group 4: Market Position and Strategy - Liu Liu Mei has established itself as the market leader in the konjac jelly segment in China, benefiting from the health trend and the growing popularity of low-GI snacks [20][21]. - The company has expanded its distribution channels significantly, with key clients contributing 422 million RMB in revenue in 2024, a substantial increase from 80 million RMB in 2023 [23][24]. Group 5: Future Growth Potential - The company is exploring new flavor profiles for its dried plum snacks and aims to leverage the jelly product line as a second growth curve, potentially reaching a revenue level of 1 billion RMB [26]. - Despite the growth in the jelly segment, the overall market for dried plums and prunes remains relatively small, indicating that future growth may heavily rely on the jelly product line [26].

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].

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 ...

2025年5月8日，FBIF2025食品创新展（FBIF超级选品会）在国家会展中心（上海）火热开场，作为亚太地区颇 具行业影响力的⻝品盛会之一，FBIF云集了全球知名食品企业携最新主推产品现场展示，其中最"膨"湃的展位 当属旺旺集团旗下的四大新锐品牌——卡兹脆、浪味、Got Rice、摸鱼了没。耳目一新的"椰林海岸"视觉主线 Chill十足，结合产品创新力与年轻化交互设计，开展首日即吸引了数千人次驻足，用户自发传播内容刷屏各大 社交媒体，成为2025FBIF流量断层展商之一。 为什么是他们火出圈？ 零食界的新流量 更是产品说话的实力派 新时代的零食创新，要求多面的强者，风味的究极、感官的刺激、情绪的共鸣、细分赛道的标签……拥有更多 能瞬间击穿消费者记忆点的产品内核，就拥有了更多被看见、被讨论、被分享的出圈可能。 1）卡兹脆作为携奖参展的C位的C位，其新品粟米球洋葱乳酪味上市即获奖，以iSEE全球食品创新奖"第七届创 新品牌百强"的实力背书，首次亮相FBIF即收获一批粉丝。针对儿童打造的"酥脆不腻"的奶香体验，同样受到 了现场大朋友们的喜欢。卡兹脆粟米条、粟米球以产品革新驱动全链路升级，通过非油炸工艺、原料把控 ...

食品饮料行业 2025 年 5 月 9 日 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 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 超配 （维持） 内部分化，复苏在途 食品饮料行业 2024 年与 2025 年一季度业绩综述 食品饮料（申万）指数走势 资料来源：东莞证券研究所，同花顺 相关报告 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。 业 绩 综 述 行 业 研 究 证 券 研 究 报 告 ◼ 食品饮料行业2024年业绩增速放缓，2025Q1业绩微增。2024年SW食品饮料 行业实现营业总收入10915.80亿元，同比增长3.92%，增速同比下降3.95个 百分点；实现归母净利润2171.12亿元，同比增长5.51%，增速同比下降 11.74个百分点。今年一季度，食品饮料行业整体 ...

Core Viewpoint - The rising popularity of konjac products, particularly "konjac snacks," has significantly impacted the stock prices of several listed companies, driven by consumer demand for low-calorie snacks [1][2][3] Group 1: Market Dynamics - The price of konjac has surged dramatically, with raw material prices increasing more than gold, reflecting a growing demand in the market [1] - The price of white konjac rose from 6000 yuan/ton to 9500 yuan/ton, a 58% increase, indicating a supply-demand imbalance [3][7] - The planting area for konjac has shrunk by 23% over the past three years, compounded by a 15% reduction in yield due to drought, leading to a significant shortage of raw materials [7][22] Group 2: Company Performance - Companies like Weilong and Yanjinpuzi have seen substantial stock price increases due to their konjac product lines, with Weilon's stock rising 142% and Yanjinpuzi's by 39% [2] - Yizhi Konjac, a smaller player in the konjac processing sector, experienced a staggering 742% increase in stock price, highlighting the potential for smaller companies in this niche market [2][11] - The revenue from konjac products for Weilon reached 3.371 billion yuan in 2024, a 59.1% year-on-year growth, marking a significant shift in their product portfolio [9][11] Group 3: Consumer Trends - The demand for konjac snacks has been fueled by health-conscious consumers seeking low-calorie options, with the retail sales of konjac snacks in China surpassing 12 billion yuan in 2024, growing over 20% year-on-year [22][25] - Other snack brands are also capitalizing on the konjac trend, with Yanjinpuzi reporting an 76% increase in revenue from konjac products [11][12] - The introduction of konjac in various forms, such as jelly and tea drinks, has further expanded its market presence, appealing to a broader consumer base [15][18] Group 4: Quality Concerns - There are concerns regarding the quality of konjac products, with reports of inferior ingredients being used to cut costs, potentially harming consumer perception and market growth [23][24] - The high sodium content in many konjac snacks has raised health concerns, as some products exceed recommended daily sodium intake levels [18][21] - The industry faces challenges in maintaining quality standards, as the rapid growth has led to a proliferation of lower-quality products that could undermine the market's reputation [22][25]