Core Insights - Diageo plc reported net sales of $4.4 billion for Q3 fiscal 2025, reflecting a year-over-year increase of 2.9% driven by organic growth, despite foreign exchange challenges and disposals [1] - Organic net sales rose by 5.9% year-over-year, with significant contributions from various regions, particularly Latin America and the Caribbean, which saw a 29% increase [2][3] Sales Performance - Organic volumes increased by 2.8% and price/mix improved by 3.1%, with phasing gains contributing nearly 4% to organic net sales growth [2] - Regional performance varied, with North America up 6%, Asia Pacific up 2%, Latin America and the Caribbean up 29%, Africa up 10%, while Europe remained flat [2] Tariff Impact - The company faces a 10% tariff on U.K. and European imports into the U.S., with an estimated annual impact of C$150 million [5] - Tariffs between the U.S. and China are not expected to materially affect the business, with management aiming to mitigate nearly half of the operating profit impact [6] Strategic Initiatives - Diageo has launched the first phase of its Accelerate program, focusing on cash delivery goals and operational excellence, aiming for a more agile global operating model [7] - The company forecasts sustainable free cash flow of C$3 billion per year starting fiscal 2026, supported by C$500 million in cost savings over three years [8] Financial Guidance - Diageo anticipates a sequential improvement in organic net sales growth in the second half of fiscal 2025, despite a slight drop in organic operating profit compared to the previous year [10][12] - The effective tax rate for fiscal 2025 is projected to be around 25%, consistent with the previous year [13] Capital Expenditure - The company expects capital expenditure to be at the upper end of its previously guided range of $1.3-$1.5 billion for fiscal 2025 [14]

Core Viewpoint - The article discusses the increasing trend of Chinese snack brands, represented by Wangwang, expanding into Southeast Asian markets due to the competitive domestic market. The region is seen as a promising opportunity for growth, with a focus on localizing products and distribution channels to cater to consumer preferences [1][2][7]. Group 1: Market Expansion - Wangwang invested RMB 138 million in a business jet to facilitate more frequent travel to overseas markets, highlighting its commitment to international expansion [1]. - In the fiscal year 2023, Wangwang's overseas business grew by double digits, with revenue from the rice snack category reaching RMB 5.977 billion, accounting for approximately 20% of total revenue [1]. - Other Chinese snack brands like Qiaqia, Jinzhai, and Panpan have also established a presence in Southeast Asia, with Qiaqia's Thailand subsidiary contributing RMB 400 million in revenue in 2023 [4][5]. Group 2: Market Characteristics - The Southeast Asian snack market is projected to reach USD 13.1 billion by 2029, with a compound annual growth rate (CAGR) of 10.60% [5]. - Different countries in Southeast Asia exhibit unique market characteristics; for instance, Thailand's snack market was valued at THB 105.2 billion (approximately USD 3.04 billion) in 2023, with a CAGR of 7.16% expected until 2028 [12]. - The Thai health snack market was valued at THB 28.3 billion (approximately USD 850 million) in 2023, showing a growth rate of 11.3% [12]. Group 3: Entry Strategies - Chinese snack brands are adopting varied entry strategies based on market maturity; brands like Xu Fu Ji and Three Squirrels are entering mature markets like Thailand and Singapore, while others like Ganyuan are targeting emerging markets like Vietnam and Indonesia [13]. - The choice of product categories is also strategic, with brands introducing unique offerings such as spicy strips and konjac snacks, which are relatively unfamiliar to local consumers [13][15]. Group 4: Distribution Channels - The article emphasizes the importance of distribution channels, noting that traditional retail channels, such as community stores, play a significant role in Indonesia, where 80% of consumption occurs outside modern retail [25]. - Successful brands like Aice have thrived by innovating their distribution strategies, focusing on community stores rather than competing directly with established international brands in modern retail [20]. - The dominance of convenience stores like 7-Eleven in Thailand and Indomaret in Indonesia highlights the need for brands to navigate local retail landscapes effectively [24][26]. Group 5: Compliance and Localization - Compliance with local regulations is crucial for market entry, with Thailand requiring FDA certification and Indonesia mandating BPOM certification for food products [38]. - Localization of products is also essential, with brands adapting flavors and ingredients to meet local tastes, such as Xu Fu Ji's durian-flavored candies and Qiaqia's coconut-flavored seeds [39][40]. - Establishing local supply chains is necessary for reducing production and transportation costs, as seen with brands like Salted Fish, which has set up multiple processing facilities in Southeast Asia [40].

Core Viewpoint - Konjac has emerged as a new favorite in the snack industry, surpassing traditional snacks like spicy strips, with brands like Wei Long leading the charge in this transformation [1][6][7]. Group 1: Market Dynamics - Konjac snacks have gained immense popularity, with products like konjac jelly and konjac strips becoming mainstream, even entering the beverage sector [1]. - Wei Long's 2024 annual report indicates that konjac products now account for 53.8% of its revenue, surpassing the 42.6% from its traditional spicy strips [1][7]. - Other brands such as Yan Jin Pu Zi, Jin Zai, and Bai Cao Wei have also entered the konjac market, launching their own products [2][9]. Group 2: Consumer Trends - Young consumers are increasingly drawn to konjac snacks, with significant engagement on platforms like Xiaohongshu, where the hashtag Konjac has nearly 400 million views [5]. - Health consciousness is driving the shift towards konjac, as consumers seek snacks that offer health benefits alongside taste [13]. - The rise of the Z generation as a major consumer group emphasizes a preference for low-calorie, low-fat snacks, making konjac an ideal choice due to its high fiber and low-calorie content [15]. Group 3: Product Development and Innovation - The transformation of konjac from a common ingredient to a popular snack is attributed to advancements in food technology that enhance its texture and flavor [13]. - Brands are innovating with various flavors and forms, such as spicy, sesame, and barbecue, to cater to diverse consumer preferences [13]. - Wei Long's introduction of new konjac products, like "Little Witch," and Yan Jin Pu Zi's "Big Demon King," reflects the competitive landscape in the konjac snack market [9][11]. Group 4: Nutritional Aspects - Konjac is marketed as a low-calorie food, with only 9 calories per 100 grams, making it appealing for weight-conscious consumers [17]. - However, many konjac snacks contain added seasonings and oils, which can significantly increase their caloric content, leading to potential misconceptions about their health benefits [20][22]. - Experts caution against excessive consumption of konjac snacks, highlighting that they should not replace regular meals and may cause digestive issues if overconsumed [23].

Core Insights - AB InBev is focused on investments to drive growth and diversify its portfolio of global, international, and craft specialty premium brands [1] - The company plans to invest $300 million in its U.S. manufacturing operations in 2025 to enhance training, recruitment, and local production [2] - This investment follows a nearly $2 billion investment in U.S. facilities over the past five years, aimed at boosting the economy and sustaining jobs [3] Investment and Operations - The investments are intended to improve internal systems at U.S. manufacturing facilities, enhancing brewery efficiency and economic prosperity [4] - AB InBev reported mixed first-quarter 2025 results, with strong earnings performance but soft sales, driven by diversified operations and demand for megabrands [5] - Revenues from megabrands increased by 4.4%, particularly benefiting from the strong performance of the Corona brand [5] Digital Transformation - The company has been rapidly growing its digital platforms, with B2B digital platforms contributing approximately 72% to revenues in Q1 2025 [6] - The omnichannel ecosystem generated $275 million in revenues during the same period [6] Beyond Beer Portfolio - AB InBev's Beyond Beer portfolio saw a revenue increase of 16.6%, driven by double-digit growth in brands like Cutwater and Nütrl in the U.S. and Beats in Brazil [7] Stock Performance - Over the past three months, AB InBev's shares have increased by 25.5%, outperforming the industry growth of 18.9% [8]

以下文章来源于智象出海 ，作者王玮 智象出海 . 深度研究新经济出海。 来源丨智象出海（ID：zxchuhai） 作者丨王玮 2024年9月，旺旺豪掷人民币1.38亿元，买下了一架商务机。对于这架商务机的用途，官方解释称，除了方便管理层国内往返，也需要"更频密往返不同的海外地 区"。 2023财年，旺旺海外业务增幅达到双位数，受益于海外市场及新兴渠道的增长，米果大类收益同比增长2.3%，收入达59.77亿元。其中，海外市场占比约20%。旺 旺称，"要把海外市场当未来的中国市场来做"。 "剑走偏锋"，插入东南亚 若论最早的中国零食品牌出海，当属洽洽食品和晋江系产品，2000年左右，它们就已经开始了出海之路。 但那个年代的出海都相对被动，比如洽洽出海的故事是：一位中国香港的代理商在北京参加海外华人华侨新年恳谈会时吃到了洽洽瓜子，觉得很好吃，又勾起了 思乡之情，于是就成为了洽洽出海合作的第一位代理商。洽洽在马来西亚的早期代理，也基本是同样的路线，海外华人成为洽洽出海初期的代理商网络。 晋江系产品早期出海也主要是借助海外华人的力量，他们委托晋江本地的亲戚"组货"，再凭借自身的货运渠道将产品运往世界各地。 东南亚的吸引 ...

Financial Data and Key Metrics Changes - The company reported flat overall retail sales while achieving 3% organic sales growth in the quarter, attributed to strength in untracked channels and improved throughput from the new Rice Distribution Center [8][9] - The management indicated that there was no revenue pulled forward in the quarter, and they are pleased with the volume response [9] Business Line Data and Key Metrics Changes - The company experienced volume share gains in core markets, supported by bonus packs and incremental distribution in brands like Boulder Canyon and On the Border [10][11] - The bonus pack program contributed approximately 300 basis points to price impact, with 60 basis points attributed to true price cap investments [19][44] Market Data and Key Metrics Changes - Boulder Canyon has shown strong performance in untracked channels and is gaining retail distribution in traditional channels, with new product launches contributing to growth [22][25] - The company noted that the natural and organic segments are performing well, with Boulder Canyon being a significant growth driver [49][51] Company Strategy and Development Direction - The company aims to maintain share in core markets while expanding in new geographies, focusing on distribution gains and innovation [10][72] - Management emphasized the importance of balancing volume and value, particularly as bonus packs wind down [11][41] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about household penetration reaching an all-time high of 49%, indicating strong consumer resonance with the brand [83] - They acknowledged the need to adapt to consumer behavior and market conditions, particularly regarding value-seeking trends [75][76] Other Important Information - The company is transitioning its bonus pack program as it approaches summer, with plans to support innovation and marketing efforts [43][90] - There are ongoing efforts to improve performance in convenience stores, focusing on distribution, innovation, and collaboration with retailers [88] Q&A Session Summary Question: Difference between flat overall retail sales and 3% organic sales growth - Management explained that the difference is due to strength in untracked channels and improved distribution efficiency [8][9] Question: Impact of bonus packs on price and mix - Management confirmed that most price impacts were related to bonus packs, with a small portion from true price cap investments [19] Question: Early reception of new products in Boulder Canyon - Management reported positive consumer reception and ongoing distribution gains, with expectations for continued growth [22][25] Question: Outlook for non-branded partner brands - Management expects continued decline in partner brands but not as negative as before, focusing on growing their own brands [32][33] Question: Future of the bonus pack program - Management indicated that the program is winding down and will be evaluated based on market conditions [41][43] Question: Distribution gains in Boulder Canyon - Management confirmed significant distribution gains and ongoing opportunities in both natural and conventional channels [63] Question: Performance in convenience stores - Management highlighted the need for improved distribution and innovation in convenience stores to drive growth [88][89]

Group 1 - Wangwang invested RMB 138 million in a business jet to facilitate management's domestic and international travel, with a focus on expanding overseas operations [1] - In the fiscal year 2023, Wangwang's overseas business grew by double digits, with snack revenue reaching RMB 5.977 billion, accounting for approximately 20% of total revenue [1] - Southeast Asia has become a primary target for Chinese snack brands due to its large population and cultural similarities, with many brands already establishing a presence in the region [2][5] Group 2 - Companies like Qiaqia, Jinzhai, and Panpan have successfully penetrated the Southeast Asian market, with Qiaqia's Thailand subsidiary contributing RMB 400 million in revenue and nearly RMB 90 million in net profit in 2023 [2] - The Southeast Asian snack market is projected to reach USD 13.1 billion by 2029, with a compound annual growth rate of 10.60% [3] Group 3 - Salted snacks and other unique Chinese products are gaining traction in Southeast Asia, with brands like Yanjin and Qiaqia focusing on local market education to introduce their products [11][12] - The entry strategies of Chinese snack brands vary by country, with some targeting mature markets like Thailand and Singapore, while others focus on emerging markets like Vietnam and Indonesia [11] Group 4 - The retail landscape in Southeast Asia is diverse, with traditional community stores still dominating in Indonesia, where 80% of consumption occurs outside modern retail channels [17] - Successful market entry often relies on innovative channel strategies, as demonstrated by the ice cream brand Aice, which focused on community stores rather than traditional retail [14] Group 5 - Compliance with local regulations is crucial for market entry, with specific requirements for product certification and labeling in countries like Thailand and Indonesia [27] - Localization of products and supply chains is essential for success, with brands adapting flavors and ingredients to meet local preferences [28][31]

以下文章来源于天下网商 ，作者天下网商 如今，溜溜梅要冲上市了。 天下网商 . 记录互联网商业的人物和故事。 垂直赛道"偏科生"，再战港股IPO。 "你没事儿吧，没事儿就吃溜溜梅！"12年前的夏天，杨幂在各大卫视黄金档刷频的这句魔性广告语， 让溜溜梅的名字被无数人记住。而品牌和品类的强绑定，则让其快速成为梅子零食大王。 图片来源：微博@溜溜梅 4月16日，溜溜梅背后的溜溜果园集团股份有限公司（下文简称"溜溜梅"），向港交所递交了招股书， 拟冲击港股IPO。此前在2019年，溜溜果园曾向深交所提交过上市申请，不过在当年12月撤单。 今年55岁的安徽商人杨帆，白手起家创立了这个梅子零食第一品牌。如今，溜溜梅不只做青梅的生 意，还将西梅、果冻、软糖等产品装进了消费者的购物车。 招股书显示，2024年，按零售额计，溜溜果园在中国梅产品行业排名第一，市场份额为7%。2021年 —2024年，公司在青梅果类零食行业、西梅果类零食行业连续四年排名第一。 聚焦财务数据，2022年—2024年，溜溜果园实现的总收入分别为11.74亿元、13.22亿元及16.16亿 元；对应的净利润分别约为0.68亿元、0.99亿元、1.48亿 ...

Core Viewpoint - Ganyuan Food's Q1 2025 financial results showed a significant decline in revenue and net profit, attributed to high base effects from the previous year and a contraction in traditional supermarket business [1][3]. Financial Performance - Q1 2025 revenue was 504 million yuan, a year-on-year decrease of 13.99% - Net profit attributable to shareholders was 52.76 million yuan, down 42.21% year-on-year [1]. - The sales net profit margin dropped to 10.47% from around 15% in previous years, with the non-recurring net profit margin falling to 9.09% [4]. Reasons for Performance Decline - Revenue decline was influenced by a significant reduction in low-priced gift box live-streaming during the Spring Festival and a decrease in traditional supermarket business scale [3]. - Increased procurement costs for key raw materials, such as palm oil, led to a gross margin reduction of 1.08% [3]. - Sales expense ratio increased by 4.24 percentage points, and management expense ratio rose by 1.56 percentage points [3]. Market Expansion and New Channels - Ganyuan Food is focusing on expanding into Southeast Asian markets and has initiated a strategy to enhance its export capabilities [4]. - The company has established stable partnerships with various snack retail systems, which include a range of products [5]. - New channels, particularly snack retail stores, are seen as crucial for driving growth, although traditional channels are experiencing a decline [6]. Industry Context - The Chinese snack food market reached a size of 1,124.7 billion yuan in 2023, maintaining rapid growth but facing intense competition [7]. - Competitors like Liuyin Pupu and Three Squirrels have begun price reductions to enhance competitiveness, indicating a challenging market environment [7].

"你没事吧、你没事吧、没事就吃溜溜梅"，早年间杨幂的一句代言广告台词，让溜溜果园乘上流量东风。曾先后 聘请杨幂、肖战、时代少年团做代言人，不缺话题的溜溜梅要赴港上市了。 4月16日，知名零食品牌溜溜梅的母公司溜溜果园正式向港交所递交招股书，拟在香港主板上市。此次IPO由中信 证券和国元国际联席保荐，标志着溜溜果园在经历2019年A股上市折戟后，再次向资本市场发起冲击。 尽管其2024年营收突破16亿元、净利润达1.48亿元，但其过度依赖单一品类、食安与环保问题频发、以及高额营 销，也让资本市场对其长期价值提出关注。 梅干零食贡献超六成营收 核心品类毛利率下滑 由创始人杨帆于1999年创立，溜溜果园的核心产品，是以青梅为代表的梅类休闲食品。 招股书披露的财务数据显示，2022年至2024年，溜溜果园的营收分别为11.74亿元、13.22亿元和16.16亿元；同期 的毛利分别为4.53亿元、5.30亿元和5.83亿元；同期的净利润则为分别0.68亿元、0.99亿元和1.48亿元。 然而，在营收持续增长的同时，核心产品毛利率却呈现持续下滑态势。比如，占营收超60%的梅干零食，该梅干 零食类的毛利率从2022年的39 ...