日前，休闲零食溜溜梅母公司溜溜果园集团股份有限公司（以下简称"溜溜果园"）正式递表港交所。早在2019年6月，溜溜果园就已提交了在深交所上市的 申请，后于同年12月撤回申请。 根据弗若斯特沙利文的资料，2024年，溜溜果园在中国天然果冻行业（按零售额计）排名第一，市场份额为45.7%。招股书披露，梅冻的毛利率颇高，近 三年毛利率分别为36.2%、49.2%、47.8%。 红星资本局注意到，溜溜果园比较依赖青梅类产品，梅干零食在近三年贡献了超6成营收，其第二增长曲线梅冻目前在总营收的占比仅为25%左右。另外， 青梅受自然环境影响，会产生质量和数量的不稳定，溜溜果园业绩受原材料波动的影响较大。 4月17日，红星资本局就相关问题致电溜溜果园，截至发稿时间，未有回复。 01 去年营收16亿元，超6成收入来自青梅类产品 溜溜果园成立于1999年，2001年推出溜溜梅产品，后因"没事就吃溜溜梅"的广告语迅速提升知名度。目前产品包括四类：梅干零食（包含青梅、李梅、杨 梅）、西梅产品、梅冻、其他梅产品（如梅精软糖、梅茶茶汤等）。 招股书披露，根据弗若斯特沙利文的资料，按零售额计算，溜溜果园2024年在中国果类零食行业排名第一 ...

继上月完成超千万增资后，湖南鸣鸣很忙商业连锁股份有限公司（简称"鸣鸣很忙"）于近日再获资本大 手笔加持，其频繁的增资举措也进一步引发了市场对其上市计划的广泛猜测。 工商信息显示，鸣鸣很忙注册资本由4000万增加至2亿元，同时，其投资总额同步发生变更，由 4943.2756万元增至6亿元。 事实上，就在上月17日，鸣鸣很忙完成了成立以来的首笔超千万增资，注册资本由2471.63万元增至 4000万元，结合此番增资，增资幅度已达709.2%。 两天后，市场监管局再次披露一则关于18批次食品不合格情况的通告，其中再次出现了赵一鸣零食店的 身影。 此外，今年1月，鸣鸣很忙突遭市场监管总局反垄断罚款175万元。当月3日，市场监管总局对鸣鸣很忙 收购宜春赵一鸣食品科技有限公司股权违法实施经营者集中案作出行政处罚决定。这是新修订的反垄断 法施行后，总局公布的第四例违法实施经营者集中案件的处罚决定。 除增资之外，近两个月时间，鸣鸣很忙动作频频。3月中旬，其同步完成了公司更名及重要人事调整。 记者看到，其公司名称由湖南鸣鸣很忙商业连锁有限公司变更为湖南鸣鸣很忙商业连锁股份有限公司， 企业类型由有限责任公司（港澳台投资、非独资） ...

门店人员操作不规范，设备安全隐患难以被发现，标准化执行难，总部门店两张皮，巡查人员人效低， 忙而无功等诸多问题是连锁实体企业在门店管理上经常会碰到的问题。 如今，不断成熟的生成式AI技术，正在给AI连锁实体企业的门店管理带来新的解题思路。然而聚焦连 锁实体终端，AI究竟能够带来何等程度的效率提升与业绩增长？其实际应用成效又如何？ 针对上述问题，4月24日（下周四）晚7点，虎嗅智库将邀请库迪咖啡CTO孙宇鹏、鸣鸣很忙CIO孙浩与 通义实验室高级产品运营专家，围绕"AI时代，如何借助大模型，做好线下实体门店管理？"主题展开线 上闭门研讨。 虎嗅智库希望通过头部咖啡、零食品牌业务实践案例及大模型AI业务负责人现身说法，展现AI落地案 例的关键解题思路和案例细节，从而为线下实体企业门店终端的AI业务实践提供有效决策参考。 研讨会上，通义实验室业务负责人将带来主题为"大模型如何助力连锁实体终端管理，重构"人-货- 场"安全与效率边界？"的分享，从AI技术代际跃迁看大模型底层技术能力及路径演进、通义大模型对线 下实体终端管理场景痛点理解、聚焦智能门店管理尤其是巡店场景下AI 应用roadmap及实践案例。 库迪咖啡CTO ...

Core Insights - The report from Kaiyuan Securities indicates a rebound in the growth rate of social retail sales in March 2025, primarily driven by the expansion of the "old-for-new" policy and the recovery of consumer confidence [1] - The outlook for 2025 suggests that domestic consumption demand is expected to be significantly boosted by further expansionary policies, particularly benefiting the food and beverage sector [1] - The liquor industry is positioned at the bottom of its cycle, with a high probability of a stable upward trend in the medium to long term [1] Monthly Observation - In March 2025, the total retail sales of consumer goods increased by 5.9% year-on-year, with a month-on-month growth rate improvement of 1.9 percentage points compared to January-February [1] - The restaurant and retail sectors saw a notable increase in growth rates, with restaurant income rising by 5.6% year-on-year and 6.8% for large-scale restaurants, reflecting a recovery in dining consumption [1] - Specific categories such as grain and oil food, beverages, and tobacco and alcohol saw year-on-year growth rates of 13.8%, 4.4%, and 8.5%, respectively, indicating a steady increase in essential consumption [1] Quarterly Observation - In Q1 2025, the total retail sales of consumer goods grew by 4.6% year-on-year, with a quarter-on-quarter increase of 0.6 percentage points compared to Q4 2024, indicating ongoing improvement in consumer spending [2] - Restaurant income for Q1 2025 also increased by 4.7% year-on-year, benefiting from improved consumer demand [2] - The grain and oil food category maintained a high growth rate of 12.2% year-on-year, while beverages and tobacco and alcohol categories showed improvements in growth rates compared to Q4 2024 [2] Industry Observation - Major liquor companies are adjusting their targets and managing channel pressures to ensure a smooth transition, with expectations of stable performance in Q1 2025 [3] - The snack food sector is anticipated to experience a gradual acceleration in performance in Q2 2025, supported by channel reforms and category expansion [3] - The overall industry is expected to maintain a high level of prosperity, driven by favorable growth logic in the snack food segment [3]

未来还将在调味品领域推出梅味调味品。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 成立于 1999年的溜溜果园基于「梅+」产品开发 战略，现已打造了 涵盖 梅干零食、西 梅产品 和创 新型梅冻的梅产品矩 阵 。 根据弗若斯特沙利文的资料，按零售额 计算， 溜溜果园 2024年 在中国果类零食行业排名第一，市 场份额 为 4.9% ； 在中国梅产品行业排名第一，市场份额为 7.0% ；同样 按零售额计 算， 2021 年至2024年在青梅果类零食行业及西梅果类零食行业连续四年排名第一。 值得注意的是， 除梅 干 零食 和 西梅产品外，溜溜果园的梅冻 是其 产品创新策略的里程碑事件， 标志 着其 成功扩展至注重健康的消费者的天然零食选择 —— 根据弗若斯特沙利文的资料， 按零售 额计算， 溜溜果园 是 2024年 中国果冻行业的主要参与者，市场份额为 2.9% ，并 在中国天然果冻 行业排名第一，市场份额为 45.7%。 此外， 溜溜果园 还 于 2025年推出「打梅打」梅精软糖， 以 持续拓展零食行业的不同领域， 并 为 注重健康的消费者带来创新零食。 另根据 溜溜 ...

Group 1: Domestic Consumption and Investment Opportunities - The report from Tianfeng Securities emphasizes the ongoing focus on domestic consumption trends and identifies three major investment opportunities in a cyclical context [1] - In the dairy sector, continuous policies such as fertility and milk powder subsidies, rising upstream beef prices, and potential turning points in raw milk prices are expected to stimulate the performance of dairy products [1] - For the snack sector, a relatively low base in Q2 2024, coupled with the acceleration of traditional retail channel adjustments and new channel developments, is anticipated to enable snack companies to achieve double-digit growth [1] Group 2: Rare Earth Sector Dynamics - CITIC Securities highlights the recent export control measures on seven types of heavy rare earth elements, which are expected to boost downstream demand and purchasing activity, leading to a slight price increase [2] - China holds approximately 70% of global rare earth mines and 90% of refining and separation capacity, providing a strong countermeasure against U.S. tariff policies [2] - The demand for rare earth materials is projected to surge, particularly in high-performance applications such as humanoid robots, which could significantly exceed the demand from electric vehicles [2] Group 3: AI in Healthcare - Huatai Securities reports that the FDA's recent announcement to reduce or replace animal testing in drug development with AI-based models is set to transform the pharmaceutical landscape [3] - The policy is expected to accelerate the integration of AI in drug discovery and clinical trials, leading to significant advancements in the "AI + healthcare" sector by 2025 [3] - Investment opportunities in innovative drug companies that leverage AI platforms for drug discovery are emphasized as critical [3]

Core Viewpoint - The company emphasizes the importance of healthy competition in the industry and aims to strengthen brand barriers, enhance R&D innovation, and accelerate international expansion [1][3]. Financial Performance - In 2024, the company's total revenue reached 2.412 billion, representing a year-on-year growth of 16.79%, while the net profit attributable to shareholders was 291 million, up 39.01% [3][5]. - The company plans to distribute a cash dividend of 0.3 per share, which exceeds 60% of its net profit, higher than the industry average [7]. Market Competition - The chairman noted that the market for quail eggs is becoming increasingly competitive, with many companies entering the sector, leading to price competition [3]. - The company intends to combat high-similarity products through legal means and has successfully handled related cases recently [3]. Product Development - The company plans to launch a new brand of soybean products by May 2025 to further diversify its product matrix [3]. - The company has established a technical barrier in producing soft-boiled quail eggs, a capability that is currently unmatched globally [3]. International Expansion - In 2024, the company's overseas revenue nearly doubled, surpassing 30 million, with a focus on Southeast Asia, Japan, South Korea, and Europe [7]. - The company anticipates that the growth rate of its overseas market will exceed that of the domestic market by 2025 [8].

从3月4日到今天，盐津铺子涨幅59.17%。 尽管盐津铺子在资本市场表现抢眼，但其产品质量问题仍未得到根本解决。在黑猫投诉平台上，盐津铺子累计投诉量达445条，虽然相比三只松鼠的2548 条、良品铺子的2065条要少，但消费者反映的产品发霉变质等问题仍然存在。即便在2025年4月9日，仍有消费者投诉盐津铺子食品发霉变质、异味明显，这 表明公司在食品安全管控方面仍有待加强。信心动摇"的质疑。 在零食行业中，盐津铺子（002847）股价一路高歌猛进，今日(2025年4月15日)盘中创下历史新高89.85元，市值接近240亿元。与此同时，良品铺子 （603719）、三只松鼠（300783）等竞争对手却未走出如此行情。 业绩增长推动股价攀升 盐津铺子近年来业绩表现亮眼，2024年前三季度净利润已达4.93亿元，预计全年净利润有望突破6亿元，较2023年的5.06亿元继续增长。在中国休闲食品市场 规模突破万亿的背景下，盐津铺子营收规模从2020年的19.59亿元增长至2023年的41.15亿元，净利润实现连续三年创历史新高。 在股价创新高的同时，盐津铺子高管减持套现现象引人关注。2025年3月4日，包括副总经理兰波、杨 ...

平安证券指出，随着促进消费政策的不断推出，以及居民收入和信心的逐步恢复，消费复苏将呈现前低 后高的节奏，年内建议关注零食和餐饮产业链的投资机会。休闲零食：零食的渠道红利和产品红利仍 在，一方面新渠道红利尚未结束，另一方面制造型企业不断推出新品抢占消费者心智，行业整体维持高 景气。餐饮产业链：餐饮行业景气度处于底部企稳阶段，预判年内餐饮可能会有小幅度复苏。餐饮相关 产业链如啤酒、调味品、速冻食品等行业可适当关注。 （文章来源：证券时报网） 此外，近日，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，提出改革完善促进消费 体制机制，健全和用好宏观政策取向一致性评估工作机制，加强财税、金融、产业、投资等政策与消费 政策的协同，促进同向发力、形成合力，构建更加有利于促消费的政策体系。 机构认为，随着一揽子政策的有序出台，内需有望迎来改善契机。 食品饮料板块15日盘中发力走高，截至发稿，一致魔芋涨超25%，盘中创出新高；欢乐家20%涨停，嘉 必优涨超10%，劲仔食品、安记食品、麦趣尔均涨停，骑士乳业涨超9%。 消息面上，商务部等六部门近日联合印发《关于组织开展"购在中国"系列活动的通知》，部署各地聚焦 首发经 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]