这是新消费智库第 2 7 2 6 期文章 一鸣谈品牌 . 新消费导读 中式养生水，卖的是"水"还是"药"？ 作者 ：胡一鸣 以下文章来源于一鸣谈品牌 ，作者胡一鸣 胡一鸣，数一数二品牌战略咨询创始人，专注品牌战略及品牌营销实战21年，助力多个品类领先品牌，与你一起探讨品牌战略、品牌定位及营销原则。 来源：一鸣谈品牌 近两年， "中式养生水"这个赛道非常热。有不少创始人带着自家产品找到我，有黑芝麻的、枸杞的、桑葚的，都想杀进"中式养生水"这个赛 道。 毕竟，这个赛道看起来，市场够大，利润也很好。一整根人参水火过，好自在的红豆薏米水也卖得还不错。 但每次，我都会问他们同一个问题： 你的产品，到底是 "水"，还是"药"？ 这个问题看似简单，实则暗藏中式养生水这个赛道的陷阱。只有破解了这个陷阱，你的品牌才能找到真正的破局之道。 中式养生水卖的是 "水"，还是"药"？ 为什么先问这个问题？ 因为我发现，绝大多数中式养生水品牌，都死在了一个关键的战略问题上： 它们陷入了 "身份危机"，到底卖的是"水"，还是"药"？ 当你把 "功效"拉满，把它做得如此像一剂"猛药"或"补品"时，消费者会在什么时候喝它？ 答案是： 在需要 ...

Group 1 - Chengdu Rongjiu plans to acquire Jiangkou Chun and Xiao Jiao Lou to save "Little Golden Flower" [1] - PepsiCo undergoes significant strategic adjustments, including factory closures, layoffs, product line reductions, and price cuts [1] - Coca-Cola announces a leadership change, with James Quincey stepping down as CEO and replacing him with Beverages President, Bai Ruikai [1] Group 2 - Heytea closes over 650 stores in a year, with more than half of its affiliated branches being deregistered [1] - Xijiu and China National Petroleum Corporation establish the first joint venture company [1]

| | | 全球主要股票指数 | | | | --- | --- | --- | --- | --- | | 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | 欧美 | 道琼斯工业平均 | 48704.01 | 646.26 | 1.34% | | | 纳斯达克 | 23593.86 | -60.3 | -0.25% | | | 标普500 | 10669 | 14.32 | 0.21% | | | 欧洲斯托克50 | 5753.96 | 45.84 | 0.80% | | | 英国富时100 | 9703.16 | 47.63 | 0.49% | | | 法国CAC40 | 8085.76 Z | 63.07 | 0.79% | | | reformation 德国DAX | 24294.61 | www.gogudata.com 164.47 | 0.68% | | | 俄罗斯RTS | 1091.47 | -8.75 | -0.80% | | | 上证指数 | 3873.32 | -27.18 | -0.70% | | | 深证成指 | 13147.39 | -169.03 | -1.27% | ...

Group 1: Coca-Cola CEO Succession Plan - Coca-Cola announced its CEO succession plan, with Henrique Braun set to become CEO on March 31, 2026, while current CEO James Quincey will transition to Executive Chairman [1] - The succession plan reflects Coca-Cola's mature talent pipeline, with Braun's global operational experience being crucial for the company's strategic positioning in the Asia-Pacific market [1] Group 2: Domestic Hotel Bookings Surge - Data from Qunar indicates that hotel bookings in popular domestic cities for the New Year holiday in 2026 have increased by over three times year-on-year [2] - The surge is significantly driven by the concert economy, with hotel bookings in Nanning, where concerts by Hu Xia and Hua Chenyu are held, increasing by 17 times [2] - Shanghai Disneyland ticket bookings rose by 5.2 times, while Beijing Universal Resort saw nearly a threefold increase in ticket reservations [2] Group 3: Nova Coffee Store Expansion - Nova Coffee announced that its global store count has surpassed 10,000, covering over 300 cities in China and expanding into Australia and Southeast Asia [3] - The company views the 10,000-store milestone as a starting point, focusing on supporting partners and franchisees for business and profit growth [3] - The competitive landscape includes established players like Luckin and Koolearn, making it essential for Nova to solidify its single-store profitability and customer loyalty [3] Group 4: Wu Yue Joins Pop Mart Board - Wu Yue has been appointed as a non-executive director of Pop Mart, following the resignation of He Yu due to other work commitments [4] - Wu Yue's extensive experience with LVMH and Sony in the Chinese market positions Pop Mart to leverage LVMH's resources to enhance its consumer base and brand influence [4] - This collaboration offers Pop Mart insights into young consumer trends, while LVMH can better predict future consumption patterns through this partnership [4]

天眼查App显示，近日，沧州蓝悦饮料有限公司成立，法定代表人为黄明明，注册资本50万人民币，经 营范围为一般项目：食品互联网销售（仅销售预包装食品）;食品添加剂销售;食用农产品批发;食用农产 品零售;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;保健食品（预包装）销售;日 用百货销售;食品销售（仅销售预包装食品）;水产品零售;食品进出口（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）许可项目：食品销售（依法须经批准的项目，经相关部门批准后方可开 展经营活动，具体经营项目以批准文件或许可证件为准）。 ...

Core Insights - Coca-Cola has appointed Henrique Braun as the new CEO, effective March 31, 2026, succeeding James Quincey, who will become the executive chairman after nearly nine years as CEO [1] - Braun has extensive experience within Coca-Cola, having joined in 1996 and held various positions across different regions, including a significant role in the Greater China and Korean markets [1][2] - Under Quincey's leadership, Coca-Cola optimized its brand portfolio by eliminating over 200 underperforming brands and introducing more than 10 billion-dollar brands, resulting in a total of 30 billion-dollar brands currently [2] Company Strategy and Market Position - Coca-Cola is focusing on the Chinese market, which is its third-largest globally, and Braun's familiarity with this market may lead to continued emphasis on local innovation [2][3] - The company reported a 1% increase in global case volume and a 5% revenue growth to $12.455 billion in Q3, with a net profit of $3.683 billion, reflecting a 29% increase [3] - Despite overall growth, Coca-Cola faces challenges in the Asia-Pacific region, where case volumes have declined due to weakened consumer spending and increased competition [3][4] Challenges in the Chinese Market - Coca-Cola's Costa Coffee has seen a significant reduction in store numbers, dropping to approximately 334 locations, with only 11 new stores planned for 2025, far below the previously set target of 1,000 stores by 2025 [3] - The brand's market share in China is projected to be only 12.3% in 2024, less than half of Starbucks' share, indicating intense competition from local brands and other beverage categories [3][4] - Analysts suggest that despite Coca-Cola's investments in production capacity and product innovation, the current product offerings and marketing strategies have not yet effectively driven sales growth in the face of changing consumer preferences and competition [4]

时隔九年，可口可乐再迎新帅。12月11日，可口可乐宣布，首席运营官柏瑞凯（Henrique Braun）将于2026年3月31日起接替詹鲲杰（James Quincey）出任 首席执行官。詹鲲杰结束首席执行官九年任期后，将转任董事会执行主席。新老交接后，可口可乐还将面临行业竞争加剧、亚太市场销量下滑等问题。 新老交接已定 可口可乐在公告中称，董事会已选举柏瑞凯为新任首席执行官，任期自2026年3月31日起生效。詹鲲杰在担任首席执行官九年后，将转任执行董事长一职。 董事会还计划提名柏瑞凯为公司2026年年度股东大会的董事候选人。 在中国市场，以可口可乐旗下COSTA为例，其门店数量近年来显著减少。根据窄门餐眼数据，截至12月11日，COSTA在营门店数量已降至约334家，主要 集中在一线城市如北京和上海。2025年，COSTA新开门店仅11家，而2023年为92家。这一数字远低于其2022年提出的2025年千店目标，且自2020年以来门 店规模长期徘徊在400家左右，净关店趋势明显。尽管可口可乐推出了COSTA瓶装咖啡，但在中国市场被星巴克、农夫山泉等挤压，2024年市占率仅 12.3%，不足星巴克的一半。 被 ...

不过，在昆西卸任首席执行官之际，可口可乐正面临诸多挑战，包括其产品在美国和欧洲市场需求疲 软，以及消费者对其配料的关注度日益提升。今年夏天，在美国前总统唐纳德・特朗普的提议下，可口 可乐宣布将推出一款使用蔗糖而非高果糖玉米糖浆的经典可乐版本。 可口可乐公司（KO）于周三宣布，其首席运营官将在 2026 年第一季度接任公司下一任首席执行官。 这家总部位于亚特兰大的饮料巨头表示，董事会已选举恩里克・布劳恩担任首席执行官，任期自 3 月 31 日起生效。现任董事长兼首席执行官詹姆斯・昆西将转任公司执行董事长。 57 岁的布劳恩已在可口可乐供职 30 年。今年早些时候出任首席运营官之前，他曾负责巴西、拉丁美 洲、大中华区以及韩国的业务运营。他还曾担任过多个岗位，分管可口可乐的供应链、新业务拓展、市 场营销、创新研发、综合管理以及瓶装业务等领域。 布劳恩出生于美国加利福尼亚州，在巴西长大。他拥有里约热内卢联邦大学农业工程学士学位、密歇根 州立大学理学硕士学位以及佐治亚州立大学工商管理硕士学位。 可口可乐独立董事首席代表戴维・温伯格称，60 岁的昆西是一位 "具有变革性的领导者"，未来仍将积 极参与公司业务。 在昆西担任 ...

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [1][4][5] Core Viewpoints - The food and beverage sector is experiencing a transformation driven by diverse consumer demands and supply upgrades, with structural opportunities expected to persist in 2026 despite a moderate recovery in overall demand [2][29] - The report highlights the importance of adapting to new retail channels and consumer preferences, emphasizing the need for product differentiation and quality enhancement [2][29] Summary by Sections Review of 2025 - The overall industry performance was weak, with a decline of 5.3% in the food and beverage sector, underperforming the CSI 300 index by 19.4 percentage points [1][25] - Consumer confidence remained low, with urban residents' disposable income growth slowing to 4.4% year-on-year [1][12] - The soft drink sector maintained relative strength, while the snack industry showed mixed results, with leading companies continuing to expand [1][20] Outlook for 2026 - Structural opportunities are anticipated, with a focus on channel diversification and supply upgrades [2][29] - The report predicts a shift in consumer preferences towards high-quality, reasonably priced products, with an emphasis on additional value attributes such as convenience and health [2][29] - The beverage sector is expected to benefit from the development of non-traditional channels and the introduction of differentiated products [33][47] Investment Recommendations - The report suggests focusing on companies that enhance product quality and service, such as Baba Foods and Wanchen Group [3][4] - It highlights high-growth categories with health attributes, recommending companies like Dongpeng Beverage and Nongfu Spring [3][4] - The report also identifies companies with strong performance recovery potential, such as Anjijia Foods and Yihai International [3][4] Key Company Earnings Forecasts and Investment Ratings - Companies such as Yanjing Beer, Weilong Delicious, and Yili Group are rated as "Outperform" with projected earnings per share (EPS) growth [4][5] - The report provides detailed earnings forecasts and price-to-earnings (PE) ratios for various companies, indicating a generally positive outlook for the sector [4][5]

居民健康意识提升，饮用水行业稳步扩容 国投证券发布研报称，华润饮料(02460)是纯净水龙头企业，怡宝作为头部品牌行业地位稳固。作为刚 需产品，包装水从长期来看需求较为稳定，同时公司饮料业务覆盖茶饮、果汁、运动功能三大热门类 别，持续推进包装水、饮料双轮驱动战略，长期竞争力较强。参考可比公司25年平均估值，给予买入- A投资评级，对应22x，6个月目标价13.86元人民币。(汇率：1CNY=1.1004HKD)。 投资建议：下半年公司计划增设2家工厂，其中自建的浙江工厂预计于Q4投产，生产效率有望得到提 升。该行预计公司2025年-2027年的收入增速分别为-11.97%、6.61%、8.64%，净利润的增速分别 为-7.10%、9.32%、5.49%。25年可比公司估值均值为21.49X。 国投证券主要观点如下： 风险提示：需求复苏不及预期风险，新品拓展不及预期风险，行业竞争加剧风险。 包装水是人们日常生活中的刚需产品，随着我国居民健康意识提升，中大规格瓶装水及桶装水在家庭和 户外出行等场景中的使用逐渐增加，小规格瓶装水凭借其灵活的优势，在体育运动等场景中也获得更加 广泛使用。据欧睿统计，24年我国瓶装水市 ...