编辑｜王秀清 这轮加码烘焙业务的茶饮品牌，主要分为两种模式。 文｜红餐网 卢子言 产品创新乏力、价格低到不能再低后，茶饮品牌集体卖起了烘焙。 为了快速开店，过去几年茶饮品牌纷纷砍掉烘焙业务，把开店门槛一降再降。如今烘焙再次成为茶饮品牌的座上宾，是"熹贵妃回宫"，还是又一阵"短平 快"的风？ 01.从店中店到主题店，茶饮品牌又开始扎堆卖烘焙了 一是谨慎试水，通过"店中店"的形式进行品类补充。 比如，手打柠檬茶品牌林里LINLEE在其首家3.0升级形象店中试点推出了"林里点心铺"。 目前该店产品线较精简，仅有脆脆花边蛋挞、爆汁肠仔酥、草莓慕斯大福以及两种尺寸的林里鸭慕斯蛋糕共5款产品，价格在4.8元-16.8元之间。据红餐网 观察，门店现场不少顾客表示出愿意尝鲜的兴趣。 2025年7月，茶颜悦色同样以店中店的模式推出新中式烘焙坊"茶颜饼坊"。其产品种类较为为丰富，涵盖西式面包、蛋挞、可颂、中式酥饼、其他面点等 超20个SKU，主打高性价比，产品价格主要集中在3-5元，最贵的欧芹沙拉牛肉面包也不超过10元。 茶颜悦色小程序显示，如今茶颜饼坊已开出8家门店，在社交平台上收获了不少好评。 2024年，霸王茶姬曾在部分门 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2][3] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3][4] Summary by Sections Liquor Sector - The liquor market is entering the Spring Festival sales peak, with Moutai expected to lead improvements. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Beer remains in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to cater to consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving expansion in both domestic and international markets [4]

Core Viewpoint - Yuanzi Co., Ltd. (元祖股份) is facing significant challenges, with a projected decline in net profit for 2025, indicating a need for strategic adjustments to diversify its revenue streams and enhance competitiveness in the baking industry [2]. Group 1: Financial Performance - The company expects a net profit of 119 million to 143 million yuan for 2025, representing a year-on-year decline of 52% to 43% [2]. - The net profit excluding non-recurring items is projected to be between 95 million and 114 million yuan, down 59% to 51% year-on-year [2]. - In Q3 2025, the company's revenue decreased by 23.63% year-on-year, marking the largest decline in its historical performance for that period [2][8]. Group 2: Revenue Dependence and Market Dynamics - Yuanzi's revenue heavily relies on gift boxes and traditional festivals, with revenue from Chinese and Western pastry gift boxes reaching 1.45 billion yuan and 1.212 billion yuan in 2023 and 2024, respectively, accounting for over 50% of total revenue [6]. - The third quarter typically contributes about 41% of annual revenue, with net profit from this quarter accounting for 88.7% to 91.7% of the annual total, indicating a high dependency on Mid-Autumn Festival sales [6]. - Despite the overall baking market in China projected to grow by 8.8% to 611.07 billion yuan in 2024, Yuanzi's revenue declined by 12.99%, highlighting a disconnect between the company's growth and industry trends [6]. Group 3: Channel Performance - In 2024, online sales increased by 11.55% year-on-year, while offline sales faced significant pressure, declining by 32.79% in the first three quarters [6]. - For the first three quarters of 2025, total revenue fell by 19.10%, with offline sales down 36.29% and online sales down 7.13% compared to the same period in 2024 [8]. Group 4: Store Expansion and Cost Structure - Yuanzi is expanding its store network, with a net increase of over 20 stores in 2025, focusing on both mature and potential markets [9]. - Despite the increase in store numbers, profitability has declined due to high fixed costs associated with new store openings and the initial phase of market cultivation [9]. - The company's sales expense ratio has remained high at around 40% from 2022 to 2024, driven by costs related to direct store operations [9][11]. Group 5: Strategic Adjustments - The company aims to balance traditional seasonal products with innovation, enhancing brand visibility through multi-channel marketing [11]. - The reliance on a direct sales model has resulted in a high-cost structure, which could lead to challenges in achieving effective revenue growth without corresponding profit increases [11].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

东京烘焙职业人为方便大家及时了解行业内的最新动态，包括：供应商产品资讯、服务商动向、教培动态、行业及周边行业活动、相关赛事进 程等，特开设周六行业资讯分享特别板块，定期为大家更新上述相关内容，帮助大家快速了解行业一手信息。 我们探寻烘焙行业更多不同细分领域的元素，只为更好地推动烘焙行业的发展。 烘焙设备 烘焙原材料 1、 金城制冷高端精品食材展示柜 2、 韩焙科技®——BRESSO®90㎡解决方案 3、 三能【提篮式塑料托盘】 4、 上海丸菱 【 桌上型石磨磨粉机 】 5、迈思达【生态旋转炉】 6、速易冷【液氮速冻机】 7、玉程机械【草莓奶油大福生产线】 8、MIWE【旋转烤炉】 1、斯顿【TopBake Purisimo Active C德之焙®麦醒 酸面团专用改良剂】 2、嘉吉【焙芙®发酵黄油】 3、南顺【 金像牌精研日式面包粉 】 4、中焙蛋挞【樱有尽有新年主题蛋挞】 5、AVOSMILE旗下冷冻牛油果品牌"燃轻派"2026年正式进军中国市场 6、 七星【T55法式面包粉】 7、广禧食品【冷冻草莓浆】 8、芝士堡乳品【芝贝嘉淡味发酵片油】 9、巧芝意【入炉巧克力条】 10、安德鲁【专业餐饮颗粒果酱系列包 ...

Core Viewpoint - Nanchao Foods (605339.SH), a leader in the baking industry, is experiencing stagnation in revenue growth and a significant decline in profits, with projected net profits for 2025 expected to drop by 78.39% to 81.99% compared to the previous year [1][3][4]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 36.26 million and 43.52 million yuan for 2025, a decrease of 158 million to 165 million yuan year-on-year [3][4]. - The expected net profit excluding non-recurring items is projected to be between 30.88 million and 37.05 million yuan, reflecting a year-on-year decline of 79.71% to 83.09% [1][3]. - Revenue for 2025 is estimated at 3.065 billion yuan, down approximately 3% from 3.159 billion yuan in the previous year [1][8]. Cost and Margin Pressures - The decline in profitability is attributed to rising prices of key raw materials, leading to increased production costs and a drop in overall gross margin [4][6]. - The gross margin for the first three quarters of 2025 was 19.01%, down from 24.47% in the same period last year, with a record low of 17.05% in the third quarter [5][6]. Market Strategy and Future Outlook - Nanchao Foods plans to enhance its marketing strategy by focusing on the retail and catering sectors, aiming to build a broader market network [1][16]. - The company is increasing efforts to penetrate lower-tier markets and expand its distributor channels, with a reported 471 distributors as of mid-2025, a 9.79% increase year-on-year [8][16]. - Future initiatives include product innovation and a dual approach of deepening market layout while enhancing operational efficiency through improved production processes and supply chain management [16][17].

Industry Environment - The emergence of diverse business formats such as fresh food restaurants, smart products, and health management is noted, with the pet economy driving demand for quality and refined consumption [3][4] - The Chinese baking market has expanded to 365,000 stores, with a focus on health-conscious options and social experiences, while pet baking is growing rapidly with a year-on-year growth rate of 51.43% [5] - A report by Hema outlines five consumer trends for 2025, including the rise of night economy, increased demand for health products, and the popularity of new Chinese-style products among young consumers [6] - The ready-to-drink coffee market is being reshaped by local brands like Dongpeng and Nongfu Spring, with a sales growth of 50.49% and a shift towards affordable pricing and innovative flavors [7] Key Brand Dynamics - The acquisition of yogurt brand Suan Nai Guan by Mo Yogurt reflects a trend of consolidation in the ready-to-drink tea and coffee industry, as brands adapt to a competitive landscape [25] - Yili is engaging in significant capital operations, including repaying 36 billion yuan in short-term debt and establishing five investment subsidiaries, amidst a challenging dairy market [26][27] - Huabin Group is revitalizing its "War Horse" brand to compete with Dongpeng, launching new sugar-free products to align with health trends [28] - The retail market in Shanghai is witnessing a shift from traditional hypermarkets to new hybrid formats that integrate supermarkets, markets, and restaurants, emphasizing supply chain integration [29] Emerging Trends - The market for sugar-free beverages is expected to double in the next five years, driven by rising health awareness, with a projected market size of 22.74 billion yuan by 2025 [21] - The new trend of "lazy health" is emerging, with new Chinese health drinks gaining popularity, indicating a shift towards convenient health solutions [11][12] - The rise of community bakeries is characterized by precise targeting and emotional connections with customers, enhancing loyalty and operational efficiency [10]

Core Viewpoint - Nanchao Foods (605339.SH), a leader in the baking industry, is experiencing stagnation in revenue growth and a significant decline in profits, with projected net profits for 2025 expected to drop by 78.39% to 81.99% compared to the previous year [2][3][5]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 36.26 million and 43.52 million yuan for 2025, a decrease of approximately 158 million to 165 million yuan year-on-year [3][5]. - The expected net profit excluding non-recurring items is projected to be between 30.88 million and 37.05 million yuan, reflecting a year-on-year decline of 79.71% to 83.09% [2][3]. - Revenue for 2025 is estimated at 3.065 billion yuan, down about 3% from 3.159 billion yuan in the previous year [8]. Profitability Challenges - The decline in profitability is attributed to rising prices of key raw materials, which have increased production costs and led to a decrease in overall gross and net profit margins [5][6]. - The gross margin for the first three quarters of 2025 was 19.01%, down from 24.47% in the same period last year, with a record low of 17.05% in the third quarter [5][6]. Market Strategy - To address these challenges, the company plans to enhance its marketing strategy by focusing on the retail and catering sectors, as well as deepening its penetration into lower-tier markets [2][8][16]. - Nanchao Foods aims to expand its dealer network, having increased the number of dealers to 471 by mid-2025, a year-on-year increase of 9.79% [8]. Historical Performance - The company's net profits from 2022 to 2024 were 161 million, 232 million, and 201 million yuan, with significant fluctuations in growth rates [7]. - Revenue growth has consistently fallen short of expectations, with only one year (2021) meeting the performance targets set in its stock incentive plan [10][13]. Future Outlook - Nanchao Foods plans to adapt its procurement strategies based on raw material price trends and improve operational efficiency through enhanced production processes and supply chain management [15][16]. - The company is committed to product innovation and expanding its product range to meet diverse consumer needs, particularly in the baking and dairy sectors [16].

（来源：中国妇女报） 转自：中国妇女报 □ 中国妇女报全媒体记者 王江平 1月20日，清晨6点，新疆伊犁河畔的六星街还未完全苏醒，但街角一家小店已燃起炉火。 烤箱"叮"的一声轻响，一炉金黄酥脆的俄罗斯列巴缓缓出炉。麦香裹着果木烟火气，在清冷的空气中弥 漫开来，唤醒了整条街巷。 这家名为"柳芭列巴"（"柳芭"意为"爱"）的面包房，是新疆维吾尔自治区伊宁市六星街热门打卡地之 一。它的主人叫冯晓莉，俄罗斯族，俄语名字莉莉娅，意为"百合花"。这家主营俄罗斯风味面包的面包 房，吸收了当地十余名不同民族的妇女就业。店铺生意红火，大家每天围着烤炉忙活不停，用勤劳的双 手创造美好生活。 "铸牢中华民族共同体意识，推进中华民族共同体建设"是党的二十届四中全会审议通过的《中共中央关 于制定国民经济和社会发展第十五个五年规划的建议》作出的重要部署。在冯晓莉的面包房里，15名不 同民族的女性相互扶持、共同成长，谱写出了一曲文化传承与民族团结的动人交响。 四代女性的"麦香"接力 在冯晓莉的记忆里，面包从来不只是食物，更是家的温度，是血脉的延续。 她的外曾祖母是20世纪30年代从白俄罗斯迁徙到伊犁的移民。那时的列巴，是慰藉乡愁的故乡味， ...

Core Viewpoint - The sudden closure of the local bakery brand "Bali Sweet" reflects the survival challenges faced by traditional baking industries in a rapidly changing market environment [3][28]. Group 1: Company Background and Growth - Bali Sweet was founded in 1992 in Hefei, initially named "Cai Die Xuan," and quickly gained popularity by breaking traditional bakery norms with innovative branding and product offerings [10][12]. - The brand's growth strategy involved a "community penetration" approach, expanding alongside urban development, which helped establish a strong emotional connection with local consumers [12][14]. - At its peak, Bali Sweet operated nearly 300 stores across East China, becoming one of the most influential bakery brands in the region [12][16]. Group 2: Decline and Challenges - The decline of Bali Sweet was not sudden but resulted from accumulated issues that became apparent between 2024 and 2025, including declining product quality and increased competition from new brands [18][19]. - By 2025, the brand faced severe financial strain, exacerbated by the failure of its new sub-brand "Feng Die Lai," which failed to differentiate itself and drained resources [23][25]. - In November 2025, the brand's crisis escalated, leading to widespread store closures and consumer panic regarding prepaid cards, ultimately resulting in a significant loss of consumer trust [25][27]. Group 3: Key Factors in Success and Failure - Bali Sweet's initial success was attributed to its ability to capitalize on early market opportunities, establish a robust supply chain, and create deep emotional ties with the local community [28][29]. - The brand's downfall can be traced to four critical pitfalls: blind expansion strategies, outdated product offerings, failed diversification efforts, and ineffective crisis management [31][32][34]. - The bakery industry faces a broader challenge of adapting to rapid consumer changes and increasing competition, highlighting the need for innovation and strategic transformation [37][41].