11月14日，香飘飘盘中上涨2.17%，截至10:35，报14.60元/股，成交5437.98万元，换手率0.92%，总市 值60.28亿元。 香飘飘所属申万行业为：食品饮料-饮料乳品-软饮料。所属概念板块包括：小盘、休闲食品、社区团 购、增持回购等。 截至9月30日，香飘飘股东户数2.05万，较上期减少12.23%；人均流通股20158股，较上期增加13.93%。 2025年1月-9月，香飘飘实现营业收入16.84亿元，同比减少13.12%；归母净利润-8920.72万元，同比减 少603.07%。 分红方面，香飘飘A股上市后累计派现7.57亿元。近三年，累计派现3.13亿元。 机构持仓方面，截止2025年9月30日，香飘飘十大流通股东中，香港中央结算有限公司退出十大流通股 东之列。 责任编辑：小浪快报 资金流向方面，主力资金净流入560.83万元，特大单买入301.21万元，占比5.54%，卖出0.00元，占比 0.00%；大单买入1080.02万元，占比19.86%，卖出820.39万元，占比15.09%。 香飘飘今年以来股价跌9.60%，近5个交易日涨5.04%，近20日涨14.15%，近60日涨7. ...

本报讯 （记者刘晓一）11月13日，在中国公司治理研究院（以下简称"研究会"）指导下，由深圳市公 司治理研究会主办，东鹏饮料（集团）股份有限公司、邮储银行西丽支行支持的第九届中国（深圳）公 司治理高峰论坛在深圳顺利举行。本次高峰论坛主题为"治理筑基市值焕新"，会议紧扣强监管、防风 险、促高质量发展的主线，为湾区企业治理升级锚定方向。 论坛现场，研究会轮值会长、深圳华大基因股份有限公司副总经理、总法律顾问、董事会秘书徐茜表 示，新一轮科技革命和产业变革深入发展，全球产业链、供应链加速重构，企业面临的经营环境日趋复 杂。公司治理作为现代企业制度的核心，既是企业应对风险挑战的"压舱石"，也是激发创新活力的"动 力源"。面向"十五五"，要读懂中国发展时代方位、认清国内外形势深刻变化、把握未来发展战略路 径，在百年变局中把握先机，在国际竞争中赢得主动，在市场发展中占据优势。 南开大学讲席教授、研究院院长李维安发布《2025大湾区上市公司治理评价报告》。报告显示，大湾区 803家上市公司治理水平总体上较高，治理指数平均值为65.17，比全国平均水平（64.94）高出0.23。从 六大维度来看，大湾区上市公司股东治理、利益 ...

Core Viewpoint - Nongfu Spring (9633.HK) continues its upward trend, rising 3.5% to HKD 56.1, reaching a recent high and accumulating over 10% increase in the past five days, with a market capitalization of HKD 628.2 billion [1] Group 1: Stock Performance - The stock price of Nongfu Spring reached a high of HKD 56.1, with a trading volume of 4.7969 million shares and a total transaction value of HKD 267 million [2] - The stock has shown a price fluctuation of 3.7% and a price-to-earnings ratio of 48.07, indicating a strong market interest [2] - The market capitalization is reported at HKD 629.24 billion, with a circulating value of HKD 281.69 billion [2] Group 2: New Product Launch - Nongfu Spring's coffee brand, Tanxi, has launched two new products: a sugar-free Americano and a low-sugar latte, priced at HKD 5 for 400ml [2][3] - This product launch is a significant move into the ready-to-drink coffee market, aimed at enhancing the product matrix and reaching a broader consumer base [3] - The pricing strategy for these new products significantly lowers the consumption threshold for high-quality ready-to-drink coffee, potentially reshaping the competitive landscape in this market segment [3]

Core Viewpoint - Nongfu Spring (9633.HK) continues its upward trend, currently up 3.5% at HKD 56.1, reaching a recent high and accumulating over 10% increase in the past five days, with a market capitalization of HKD 628.2 billion [1] Product Launch - Recently, Nongfu Spring's coffee brand, Tanxi, launched two new products: a sugar-free Americano and a low-sugar latte, priced at HKD 5 for 400ml [1] - This product launch marks an important move for Nongfu Spring in the ready-to-drink coffee market, with the new products announced to distributors in mid-October [1] Market Strategy - The new products are positioned as "high cost-performance" in promotional materials aimed at distributors [1] - Analysts note that the pricing strategy significantly lowers the consumption threshold for high-quality ready-to-drink coffee, broadening the consumer base for Tanxi [1] - This strategic move aims to create a strong impact in the competitive ready-to-drink coffee market, potentially reshaping the competitive landscape within this price segment [1]

11月12日，泉阳泉盘中上涨2.00%，截至10:00，报7.65元/股，成交6997.47万元，换手率1.29%，总市值 54.71亿元。 资金流向方面，主力资金净流入815.19万元，特大单买入483.66万元，占比6.91%，卖出222.07万元，占 比3.17%；大单买入1637.34万元，占比23.40%，卖出1083.74万元，占比15.49%。 机构持仓方面，截止2025年9月30日，泉阳泉十大流通股东中，香港中央结算有限公司退出十大流通股 东之列。 责任编辑：小浪快报 截至9月30日，泉阳泉股东户数4.00万，较上期减少6.64%；人均流通股17864股，较上期增加7.12%。 2025年1月-9月，泉阳泉实现营业收入10.22亿元，同比增长13.68%；归母净利润2467.38万元，同比增长 15.20%。 分红方面，泉阳泉A股上市后累计派现8.00亿元。近三年，累计派现0.00元。 泉阳泉今年以来股价涨6.10%，近5个交易日涨3.10%，近20日涨6.69%，近60日涨4.79%。 资料显示，吉林泉阳泉股份有限公司位于吉林省长春市朝阳区延安大街1399号，成立日期1998年9月29 日， ...

Core Viewpoint - The company is committed to optimizing its product structure and sales channels based on market demand and competitive landscape to meet diverse consumer needs [1] Group 1 - The company will continue to monitor market dynamics and actively respond to industry competition [1] - The company aims to drive sustainable business development through product innovation, market expansion, and brand building [1]

Core Insights - The leading companies in the mass-market segment are stabilizing, while the liquor industry is experiencing accelerated pressure release, reinforcing market share logic [4][10][19] - The food and beverage industry is expected to show stable overall volume with structural differentiation by 2025, with Q1/Q2/Q3 revenues growing by +2.5%/+2.4%/-4.77% year-on-year, and net profits declining by +0.3%/-2.1%/-14.6% [4][12] - The liquor sector is entering an adjustment phase, with a consensus on deceleration in 2024, as most companies face declining performance in Q3 [4][19][39] Liquor Sector - In Q3 2025, the liquor sector's revenue and net profit declines are widening, with total revenue of 3,202 billion yuan, down 5.8% year-on-year, and net profit of 1,126 billion yuan, down 6.9% year-on-year [19][35] - The Q3 revenue for the liquor sector dropped to 787.2 billion yuan, a year-on-year decline of 18.4%, with net profit at 280.1 billion yuan, down 22.2% [19][39] - Major liquor companies are experiencing cash flow pressures, with a significant drop in sales receipts, indicating a slowdown in operational pace [40] Mass-Market Segment - The mass-market segment is benefiting from proactive inventory reduction and macro policy support, leading to improved operations for leading companies in 2025 [4][12] - Specific high-demand categories such as sugar-free tea, functional beverages, and bulk snacks are showing strong growth, with leading companies like Nongfu Spring and Dongpeng Beverage achieving significant revenue increases [4][12] - The snack sector reported a Q3 revenue growth of 22.4% year-on-year, despite rising costs from raw materials [4][12] Investment Recommendations - The report suggests focusing on liquor and restaurant supply chains, particularly companies like Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, which are expected to benefit from policy sensitivity [4][12] - Stronger companies in the mass-market segment, such as Nongfu Spring and Yanjing Beer, are also recommended for investment due to their robust performance [4][12] Financial Performance - The Q3 2025 financial performance of major liquor companies shows a significant decline in net profit margins, with only Kweichow Moutai recording a slight improvement in net profit margin due to better gross margin management [35][39] - The overall gross margin for the liquor sector has decreased, reflecting intensified competition and a shift in product mix towards lower-priced offerings [31][33]

Core Viewpoint - The company plans to develop new products with different packaging formats based on product positioning and consumer scenarios to meet diverse consumer needs [2] Group 1 - The company is actively engaging with investors through interactive platforms [2] - The focus is on research and development to cater to varying consumer demands [2]

Investment Rating - The industry investment rating is "Outperform the Market" [22] Core Viewpoints - The overall performance of the liquor industry has significantly declined, entering a rapid clearing phase, but demand is expected to show weak recovery as policy pressures ease [3] - The industry is currently at a low valuation level, with pessimistic expectations fully priced in, indicating a clearer direction for future industry clearing [3] - The introduction of new tax policies in the gold sector is expected to benefit companies with brand and channel advantages, leading to a concentration of demand towards leading enterprises [4] Summary by Sections Industry Performance - The food and beverage industry index decreased by 0.56%, underperforming the Shanghai Composite Index, which increased by 1.08% [4][6] - Among the sub-sectors, pre-processed foods led with a gain of 2.26%, while soft drinks saw the largest decline at -1.20% [4][9] Liquor Sector Insights - Guizhou Moutai announced a mid-term dividend of approximately 30 billion yuan and a buyback plan of 15-30 billion yuan, enhancing shareholder returns [4] - Guizhou is promoting a shift in the liquor industry from "selling liquor" to "selling lifestyle," aiming to upgrade the industry from traditional manufacturing to cultural experience [4] Gold Sector Developments - The new tax policy for gold sales, effective from November 1, is expected to increase costs for non-member companies, potentially shifting demand towards leading firms with membership qualifications [4] Consumer Goods Focus - The report suggests focusing on high-growth consumer goods companies, such as Wancheng Group and Dongpeng Beverage, which are expected to receive valuation premiums due to their growth trajectories [5]

Investment Rating - Investment advice favors growth targets in beverages, food ingredients, and snacks, while revising expectations for Chinese baijiu [6][18]. Core Insights - The report highlights a focus on low valuation and high dividend yielding stocks within the soft drink sector, indicating potential for fundamental and valuation recovery as competition eases and consumer power improves [10][18]. - Chinese baijiu sector shows a significant decline in Q3, with revenues down 18% year-on-year and net profits down 22%, indicating a need for destocking and potential for market stabilization [7][18]. - The report emphasizes the importance of innovative supply and channel strategies among liquor companies to seek growth despite demand pressures [8][18]. Summary by Sections Investment Recommendations - Focus on flexible targets in Chinese baijiu such as ZJLD, Shede Spirits, and Luzhou Laojiao, while mid-term stable targets include Wuliangye and Kweichow Moutai [6][18]. - In the beverage sector, key growth targets include Eastroc Beverage and Nongfu Spring, alongside high dividend, low valuation options like Uni-President China and Want Want China Holdings [6][18]. - Snack and food ingredient growth targets include Three Squirrels and Guilin Seamild Foods, while beer targets include Tsingtao Brewery and China Resources Beer Holdings [6][18]. Baijiu Sector Analysis - Q3 reports indicate a significant revenue decline for the baijiu sector, with Moutai emphasizing high-quality growth and announcing a new dividend and buyback plan to boost market confidence [7][8][18]. - The report notes that the industry is still in a destocking phase, with potential for capital markets to bottom out early despite ongoing demand pressures [7][18]. Consumer Goods Sector Insights - The soft drink sector is highlighted for its high return on equity (ROE) and good cash flow characteristics, making it a quality dividend asset [10][18]. - Recent performance of Uni-President China shows a profit of RMB 2.01 billion for Q3, marking a 23.06% year-on-year increase, indicating strong growth potential [11][18].