中邮消费升级灵活配置混合型发起式 证券投资基金 基金管理人：中邮创业基金管理股份有限公司 基金托管人：兴业银行股份有限公司 报告送出日期：2025 年 7 月 21 日 中邮消费升级灵活配置混合 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人兴业银行股份有限公司根据本基金合同规定，于 2025 年 07 月 18 日复核了本报告 中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或 者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在做出投资决策前应仔细阅读本 基金的招募说明书。 本季度报告的财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 基金主代码 003513 基金运作方式 契约型开放式 基金简称 中邮消费升级灵活配置混合 基金合同生效日 2016 年 12 月 15 日 ...

Investment Rating - The report assigns an "Outperform" rating to several companies including Nike, Midea Group, JD Group, Gree Electric, Anta Sports, Haier Smart Home, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - The report highlights that high-expectation, high-valuation new consumption stocks are under pressure, leading to a rotation towards low-valuation, low-expectation consumption stocks [4][5]. - The performance of various sectors shows that overseas cosmetics, domestic sportswear, and luxury goods are among the top performers, while sectors like gold jewelry and gaming are experiencing declines [11][12]. Sector Performance Overview - The report indicates that most covered sectors continued to experience a pullback, particularly new consumption sectors due to previously high market expectations and valuations [5][13]. - The weekly performance of sectors shows overseas cosmetics leading with a 2.5% increase, while gold jewelry saw an average decline of 4.8% [11][12]. - Year-to-date performance highlights gold jewelry, domestic cosmetics, and overseas cosmetics as outperformers, with respective increases of 161.6%, 49.3%, and 42.4% [11][12]. Valuation Analysis - The report provides a detailed valuation analysis, indicating that most sectors are still below their average valuations over the past five years. For instance, the expected PE for the overseas sportswear sector in 2025 is 34.5 times, which is 55% of its five-year average [9][16]. - The expected PE for the domestic sportswear sector is 12.9 times, representing 74% of its historical average, while the gold jewelry sector is at 27.2 times, which is 48% of its average [9][16].

Investment Rating - The report maintains a recommendation for the industry, indicating a positive outlook for the sector as a whole [5]. Core Insights - The actual demand in the liquor industry has significantly decreased in Q2 2025, with companies like Water Well and Jiu Gui Jiu showing early indicators of industry performance through their earnings forecasts [1][18]. - Moutai's establishment of a joint venture and Jiu Gui Jiu's collaboration with Pang Dong Lai for product launches reflect the multi-faceted strategies employed by major liquor companies to mitigate industry pressures and enhance annual performance [1][18]. - The beverage sector is expected to see leading water companies continue to capture market share, with Farmer Spring's market share rapidly recovering, leading to potential upward revisions in profit forecasts [1][18]. - The snack sector is facing short-term challenges due to rising costs and increased expenses, with a focus on new product launches and net profit margin improvements in the second half of the year [1][18]. - The pet sector presents a buying opportunity following recent corrections, with a focus on valuation shifts in the second half of the year [1][18]. Summary by Sections Core Company Tracking - Moutai is forming platform companies with provincial distributors to develop local cultural Moutai products, which is expected to stabilize pricing and support annual targets while alleviating pressure on the main product's volume growth [12]. - Water Well reported a 13% decline in revenue and a 57% drop in net profit for H1 2025, with significant Q2 revenue declines attributed to inventory reduction pressures and policy impacts [13]. - Jiu Gui Jiu's net profit for H1 2025 is expected to drop by 90%-93%, with a 43% revenue decline, as the company increases sales expenses and new product promotion efforts [14]. - Hai Tian Wei Ye anticipates rapid overseas growth and is enhancing its market share through localized strategies and channel expansion [15]. - Qia Qia Food's net profit is projected to decrease by 71%-76% in H1 2025, with expectations for improvement in H2 as costs normalize [16]. - Gan Yuan Food's net profit is expected to decline by 55%-56% in H1 2025, with plans to strengthen sales of new and core products in H2 [17]. Investment Recommendations - The report suggests focusing on liquor companies that are adjusting their strategies in response to market pressures, particularly those with a safety margin in valuations [18][19]. - In the beverage sector, companies like Farmer Spring and Uni-President China are expected to perform well, while traditional consumer stocks like Moutai and Lu Zhou Lao Jiao are recommended for their recovery potential [19]. - The report highlights opportunities in the snack sector with companies like Qia Qia and Gan Yuan, emphasizing the importance of new product launches and margin improvements [19].

Group 1: Bubble Mart Performance - Bubble Mart's revenue for the first half of the year is expected to grow by no less than 200%, with net profit expected to increase by no less than 350% compared to the previous year [2] - In the first half of last year, Bubble Mart achieved revenue of 4.558 billion yuan, a year-on-year increase of 62%, and a net profit of 921 million yuan, a year-on-year increase of 93.32% [2] - The board attributes the significant performance increase to enhanced brand recognition, diversified product categories, and improved cost management [2] Group 2: International Expansion - The founder of Bubble Mart indicated that overseas business growth is faster than expected, with the possibility of overseas revenue surpassing domestic revenue this year [3] - The company anticipates a sales growth rate of over 50% in 2025, with overseas and Hong Kong-Macau-Taiwan business potentially growing by over 100% [3] Group 3: Good Products' Acquisition - Good Products announced a plan to transfer a total of 21% of its shares to Wuhan Yangtze International Trade Group for a total price of 1.046 billion yuan [6] - If the transaction is completed, the controlling shareholder will change from Ningbo Hanyi to Wuhan Yangtze, with the actual controller changing to the State-owned Assets Supervision and Administration Commission of Wuhan [6] Group 4: Good Products' Financial Struggles - Good Products has faced declining performance, with net profit dropping significantly from 2020 to 2024, including a projected net loss of 105 million to 75 million yuan for the first half of 2025 [7][8] - The company attempted a turnaround by shifting its focus from high-end to more affordable products, but results have been minimal [8] Group 5: Sam's Club's Product Selection Issues - Sam's Club has faced criticism regarding the quality of newly launched products, leading to a decline in shopping experience [4][5] - The company has acknowledged customer feedback and is committed to improving product quality and service [5] Group 6: Financial Performance of Other Companies - Yonghui Supermarket expects a net loss of 240 million yuan for the first half of 2025 due to store adjustments and supply chain reforms [18] - PepsiCo reported a net sales revenue of 22.7 billion USD for Q2 2025, with stable growth in its food and beverage business in China [19] - Zhou Hei Ya anticipates a profit of approximately 100 million yuan for the first half of the year, driven by store optimization and improved operational quality [20]

Core Viewpoint - The acquisition of Liangpinpuzi by Wuhan State-owned Assets marks the end of the founder era, indicating a significant shift in the company's control and future direction [2][5][11]. Group 1: Transaction Details - The total transaction price for the acquisition is 1.046 billion yuan, with Wuhan Changjiang International Trade Group acquiring 21% of Liangpinpuzi's shares [3]. - Following the share transfer, if both agreements are executed, Changjiang Guomao will hold 29.99% of Liangpinpuzi's total shares, totaling 1.2 billion shares [3][4]. - Prior to the transaction, Liangpinpuzi's stock price was 13.71 yuan, with a market capitalization of 5.5 billion yuan, which slightly decreased to 13.69 yuan and 5.49 billion yuan after resumption of trading [5]. Group 2: Company Background and Challenges - Liangpinpuzi has faced significant operational challenges, with a projected net loss of 75 million to 105 million yuan for the first half of 2025, marking its worst performance since going public [9][10]. - The company has transitioned from being a leading snack brand to seeking survival, highlighting the pressures it faces in a competitive market [6][10]. - The acquisition by a state-owned enterprise is seen as a potential lifeline, given Changjiang Guomao's resources in finance and logistics, which could enhance Liangpinpuzi's supply chain efficiency [11]. Group 3: Historical Performance and Strategic Shifts - Liangpinpuzi's development can be divided into three phases: rapid growth in the first decade, a successful IPO and high-end positioning from 2017 to 2022, and a recent decline in performance and strategic confusion [18][19]. - The company has experienced a significant drop in revenue, with a 15% decline in 2023, marking the first revenue decrease in a decade [23]. - Strategic missteps, including a lack of innovation and failure to adapt to market trends, have contributed to its current struggles, as seen in its inability to effectively compete with low-cost snack brands [29][31]. Group 4: Industry Trends and Future Outlook - The snack industry is witnessing a shift towards health-oriented products, with Liangpinpuzi attempting to pivot towards "natural healthy snacks" as part of its strategy [39]. - The rise of bulk snack brands poses a significant challenge to traditional players like Liangpinpuzi, which have not kept pace with changing consumer demands [37][39]. - The future success of Liangpinpuzi will depend on its ability to implement effective changes and leverage the support from its new state-owned parent company [39].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [1]. Core Viewpoints - The internal structure of the industry is showing differentiation, with a focus on mid-year performance feedback. The report highlights that the liquor sector, particularly high-end brands like Kweichow Moutai, is expected to recover in demand in the second half of the year, while the snack sector is underperforming [2][50]. - The report indicates that all sub-sectors within the food and beverage industry underperformed compared to the CSI 300 index during the review period, with the snack sector experiencing the largest decline of -3.25% [2][13]. - Approximately 55% of stocks in the industry recorded positive returns during the review period, with notable gainers including Huangshi Group (+26.17%) and Huan Shang Huan (+14.18%) [16]. - The overall price-to-earnings (PE) ratio for the food and beverage industry is approximately 20.35 times, which is below the five-year average of 34 times, indicating potential undervaluation [17][19]. Summary by Sections Market Review - From July 4 to July 17, 2025, the SW food and beverage industry index rose by 0.92%, ranking 22nd among Shenwan's primary industries, underperforming the CSI 300 index by about 0.75 percentage points [12]. - All sub-sectors underperformed the CSI 300 index, with the liquor sector showing the highest increase of 1.56% [13]. Key Data Tracking Liquor Sector - The price of Feitian Moutai increased to 1870 RMB per bottle, while the price of Wuliangye decreased to 900 RMB per bottle [22]. Seasonality and Demand - The beer and soft drink sectors are entering a consumption peak season, which is expected to boost demand [50]. Dairy Sector - The average price of fresh milk remained stable at 3.04 RMB per kilogram [36]. Meat Products - The average wholesale price of pork increased to 20.63 RMB per kilogram, reflecting a month-on-month growth of 1.98% [37]. Important News - The Ministry of Commerce announced a final ruling on anti-dumping investigations related to imported brandy from the EU, confirming a dumping margin of 27.7%-34.9% [40]. - In June, the price of alcoholic beverages decreased by 1.7% year-on-year, indicating a potential challenge for the liquor sector [41]. Company Announcements - Water Well announced a forecast for a 12.84% decline in revenue for the first half of 2025, while the company expects a 14.54% increase in sales volume [46]. - Yanjing Beer projected a 40%-50% increase in net profit for the first half of 2025, reflecting strong performance in the beer sector [48]. Investment Recommendations - The report suggests focusing on high-certainty stocks such as Kweichow Moutai (600519) and Hai Tian Wei Ye (603288), as well as Qingdao Beer (600600) and Yili Group (600887) for potential growth [51][52].

Core Viewpoint - The acquisition of Liangpinpuzi by Changjiang International Trade Group marks a significant shift in the company's ownership structure, transitioning from a founder-led model to a state-owned enterprise, amidst ongoing financial struggles and a challenging market environment [1][4][10]. Group 1: Transaction Details - The total transaction price for the share transfer agreements is 1.046 billion yuan, with Changjiang Guomao set to hold 21% of Liangpinpuzi's shares post-transfer [2][3]. - If both agreements are executed successfully, Changjiang Guomao will directly hold 120,259,900 shares, representing 29.99% of the total share capital, for a total price of 1.485 billion yuan [4]. - Prior to the transaction, the shareholding structure included Ningbo Hanyi with 35.23% and Dayong with 18.16%, which will change significantly post-acquisition [5]. Group 2: Financial Performance - Liangpinpuzi's stock price was 13.71 yuan before suspension, with a market capitalization of 5.5 billion yuan. After resuming trading, the stock price slightly decreased to 13.69 yuan, with a market cap of 5.49 billion yuan [6]. - The company is expected to report a net loss of 75 million to 105 million yuan for the first half of 2025, marking its worst performance since going public [9]. Group 3: Market Context and Challenges - Liangpinpuzi has faced significant operational challenges, transitioning from a leading snack brand to a company seeking survival, with questions about the value of the acquisition [7][10]. - The acquisition by a state-owned entity is seen as a potential lifeline, given the financial backing and logistical support from Changjiang Guomao, which operates in various financial and logistics sectors [12][13]. - The company has struggled with strategic direction, experiencing a decline in revenue for the first time in a decade, with 2023 revenue dropping to 8.046 billion yuan, a nearly 15% decrease year-on-year [28]. Group 4: Historical Performance and Strategic Shifts - Liangpinpuzi's history can be divided into three phases: rapid growth from 2006 to 2016, a high-end positioning strategy from 2017 to 2022, and a recent phase of strategic ambiguity and performance decline since 2023 [22][24][26]. - The company has attempted to pivot from high-end snacks to a focus on natural and healthy snacks, launching new products under the "natural health new snacks" concept [53][55]. - Despite these efforts, the company has faced criticism for lacking innovation and failing to effectively compete with emerging low-cost snack brands [38][40].

Core Viewpoint - Chayan Yuesheng has officially entered the North American market by launching its snack products online rather than opening physical stores [1][2]. Group 1: Market Entry Strategy - Chayan Yuesheng's entry into North America involves selling over 40 snack and cultural products through platforms like Shopify, Amazon, TikTok, Walmart, Weee, and Yami [2][3]. - The company has experienced varied success on different platforms, with a wider range of products available on Asian-focused platforms like Weee and Yami, while general platforms like Walmart feature mostly cultural products and coffee-related items [3][5]. Group 2: Pricing and Sales Performance - The pricing of Chayan Yuesheng's products has significantly increased in the North American market, with some items priced over five times higher than in China [10]. - Popular products on Weee include snacks that have sales exceeding 50 units each within a week of launch, indicating strong demand [9]. Group 3: Business Logic and Growth Potential - The decision to focus on retail snacks rather than traditional tea shops is seen as a strategic move to expand market reach without the complexities of physical store operations [12]. - The revenue split between snacks and tea drinks is currently 3:7, with snacks emerging as a significant growth area for the company [12]. Group 4: Industry Context and Challenges - The North American snack market is projected to reach $133.4 billion in 2023, with a compound annual growth rate of 4.57% from 2023 to 2028, presenting a lucrative opportunity for Chayan Yuesheng [13]. - The company faces challenges such as counterfeit products and competition from established snack brands, which may impact its brand image and market penetration [13][15]. Group 5: Future Outlook - The trend of tea brands entering the retail space is becoming common, with companies like Nayuki and Heytea also expanding their product offerings beyond beverages [16]. - The integration of snack sales with tea products is expected to enhance customer experience and increase overall sales, as both categories can complement each other [16].

Core Viewpoint - The article discusses the competition between state-owned enterprises in Guangzhou and Wuhan for acquiring shares of the snack company, Liangpinpuzi, highlighting the complexities and uncertainties surrounding the ownership transfer process [4]. Group 1: Background of the Acquisition - Liangpinpuzi announced two separate agreements regarding share transfers, one with Wuhan's Changjiang International Trade Group and another with Guangzhou's Light Industry and Trade Group, raising questions about potential conflicts and "double selling" [3][6]. - The competition between the two state-owned enterprises is unusual in the context of A-share mergers and acquisitions [4]. Group 2: Legal and Procedural Issues - Guangzhou Light Industry insists on proceeding with the previously signed agreement, which includes a priority clause, while also pursuing legal action against Ningbo Hanyi for breach of contract [6]. - The agreement with Guangzhou stipulates that if they wish to proceed with the transaction, Ningbo Hanyi must cooperate without delay, indicating a structured process for share transfer [8][9]. Group 3: Uncertainties in Control Transfer - There are concerns about whether Changjiang International can successfully take control of Liangpinpuzi, given the ongoing litigation and share freezes affecting Ningbo Hanyi's holdings [13]. - The frozen shares represent 56.46% of Ningbo Hanyi's holdings in Liangpinpuzi, equating to 19.89% of the total shares of the company, complicating the control transfer process [13]. Group 4: Management Dynamics - The management structure of Liangpinpuzi has undergone significant changes, with key figures like Yang Hongchun and Yang Yinfen experiencing communication breakdowns, which has affected the company's governance and strategic direction [15][16]. - The shift from seeking strategic investors to self-rescue indicates a reactive approach to the company's challenges, raising questions about future leadership and operational strategies [15][17].

以下文章来源于并购最前线 ，作者杨文静 并购最前线 . 投资界（PEdaily.cn）旗下，专注并购动态 欢迎加入投资界读者群 先 看 主 体 部 分 —— 良 品 铺 子 的 控 股 股 东 宁 波 汉 意 创 业 投 资 合 伙 企 业 （ 有 限 合 伙 ） （ 简 称"宁波汉意"）、及其一致行动人宁波良品投资管理有限公司（简称"良品投资"）。 20 25 年7月1 7日，双方分别与长江国贸签署了股份转让协议： 宁波汉意及其一致行动人 良品投资拟向长江国贸协议转让持有的 72, 239, 88 0 股和 11, 970,120 股股份，分别占上市 公司股份总数的 18.01% 和 2. 99% 。 消费并购火爆。 作者 I 杨文静 报道 I 投资界-并购最前线 良品铺子也卖了。 昨日（7月17日）晚间，良品铺子发布公告，宣布引入武汉金控旗下武汉长江国际贸易集 团有限公司（简称"长江国贸"），后者与三大股东签署协议，最终以总价14.9亿元拿下 良品铺子29 .99%股权，成为公司新的控股股东。 同时，身后陪跑10余年的今日资本则在此次交易中出手所持有的8.99%股份，套现4 .45 亿元。 良品铺子卖身 ...