一、对化妆品制造或销售、医药制造和饮料制造（不含酒类制造）企业发生的广告费和业务宣传费支 出，不超过当年销售（营业）收入30%的部分，准予扣除；超过部分，准予在以后纳税年度结转扣除。 二、对签订广告费和业务宣传费分摊协议（以下简称分摊协议）的关联企业，其中一方发生的不超过当 年销售（营业）收入税前扣除限额比例内的广告费和业务宣传费支出可以在本企业扣除，也可以将其中 的部分或全部按照分摊协议归集至另一方扣除。另一方在计算本企业广告费和业务宣传费支出企业所得 税税前扣除限额时，可将按照上述办法归集至本企业的广告费和业务宣传费不计算在内。 财政部 税务总局公告2025年第16号 根据《中华人民共和国企业所得税法》及其实施条例，现就广告费和业务宣传费支出税前扣除有关事项 公告如下： 财政部、税务总局发布《关于广告费和业务宣传费支出税前扣除有关事项的公告》提出，对化妆品制造 或销售、医药制造和饮料制造（不含酒类制造）企业发生的广告费和业务宣传费支出，不超过当年销售 （营业）收入30%的部分，准予扣除；超过部分，准予在以后纳税年度结转扣除。 对签订广告费和业 务宣传费分摊协议（以下简称分摊协议）的关联企业，其中一方发生的 ...

财政部、税务总局现就广告费和业务宣传费支出税前扣除有关事项公告如下：一、对 化妆品制造或销 售、医药制造和 饮料制造（不含酒类制造）企业发生的广告费和业务宣传费支出，不超过当年销售 （营业）收入30%的部分，准予扣除；超过部分，准予在以后纳税年度结转扣除。 二、对签订广告费 和业务宣传费分摊协议（以下简称分摊协议）的关联企业，其中一方发生的不超过当年销售（营业）收 入税前扣除限额比例内的广告费和业务宣传费支出可以在本企业扣除，也可以将其中的部分或全部按照 分摊协议归集至另一方扣除。另一方在计算本企业广告费和业务宣传费支出企业所得税税前扣除限额 时，可将按照上述办法归集至本企业的广告费和业务宣传费不计算在内。 三、烟草企业的烟草广告费 和业务宣传费支出，一律不得在计算应纳税所得额时扣除。 四、本公告自2026年1月1日起至2027年12 月31日止执行。《财政部 税务总局关于广告费和业务宣传费支出税前扣除有关事项的公告》（财政部 税务总局公告2020年第43号）自2026年1月1日起废止。 ...

（文章来源：新华财经） 新华财经北京12月29日电财政部、税务总局发布关于广告费和业务宣传费支出税前扣除有关事项的公 告。其中提到，对化妆品制造或销售、医药制造和饮料制造（不含酒类制造）企业发生的广告费和业务 宣传费支出，不超过当年销售（营业）收入30%的部分，准予扣除；超过部分，准予在以后纳税年度结 转扣除。对签订广告费和业务宣传费分摊协议的关联企业，其中一方发生的不超过当年销售（营业）收 入税前扣除限额比例内的广告费和业务宣传费支出可以在本企业扣除，也可以将其中的部分或全部按照 分摊协议归集至另一方扣除。另一方在计算本企业广告费和业务宣传费支出企业所得税税前扣除限额 时，可将按照上述办法归集至本企业的广告费和业务宣传费不计算在内。烟草企业的烟草广告费和业务 宣传费支出，一律不得在计算应纳税所得额时扣除。本公告自2026年1月1日起至2027年12月31日止执 行。 ...

人民财讯12月29日电，财政部、税务总局发布关于广告费和业务宣传费支出税前扣除有关事项的公告， 一、对化妆品制造或销售、医药制造和饮料制造(不含酒类制造)企业发生的广告费和业务宣传费支出， 不超过当年销售(营业)收入30%的部分，准予扣除；超过部分，准予在以后纳税年度结转扣除。 三、烟草企业的烟草广告费和业务宣传费支出，一律不得在计算应纳税所得额时扣除。 四、本公告自2026年1月1日起至2027年12月31日止执行。《财政部税务总局关于广告费和业务宣传费支 出税前扣除有关事项的公告》(财政部税务总局公告2020年第43号)自2026年1月1日起废止。 二、对签订广告费和业务宣传费分摊协议(以下简称分摊协议)的关联企业，其中一方发生的不超过当年 销售(营业)收入税前扣除限额比例内的广告费和业务宣传费支出可以在本企业扣除，也可以将其中的部 分或全部按照分摊协议归集至另一方扣除。另一方在计算本企业广告费和业务宣传费支出企业所得税税 前扣除限额时，可将按照上述办法归集至本企业的广告费和业务宣传费不计算在内。 ...

Core Viewpoint - IFBH has seen a significant increase in stock price, rising nearly 6% towards the end of trading, with a current price of 15.48 HKD and a trading volume of 40.99 million HKD [1] Company Overview - IFBH focuses on coconut-based beverages, primarily owning the brands if and Innococo [1] - According to a report by Zhi Shi Consulting, IFBH has maintained the top position in the coconut water beverage market in mainland China for five consecutive years since 2020, with a market share of approximately 34% in 2024, surpassing its second-largest competitor by more than seven times [1] Shareholder Information - The lock-up period for IFBH's cornerstone investors is nearing its end, with the final date for compliance being December 29, 2025 [1] - A total of 11 shareholders will have their shares unlocked, amounting to 11.15 million shares [1]

Core Insights - Suntory, a Japanese beverage giant, is facing unprecedented challenges in the Chinese market, with a 9.2% year-on-year decline in operating profit for Q3 2025, despite revenue reaching 1,278.1 billion yen [1][2] - The company's market share in the sugar-free tea segment has been significantly eroded, with competitors like Nongfu Spring capturing over 70% of the market, while Suntory's share has dropped to 8.7% [1][3] Financial Performance - Suntory's operating profit for the first three quarters of 2025 was 126.5 billion yen, down 9.2% year-on-year, with Q3 profit at 91.7 billion yen, reflecting a 9.9% decline [2] - The only region showing growth in both revenue and profit is Europe, while the Asia-Pacific region, including China, has seen double-digit profit declines [2] Market Dynamics - The sugar-free tea market is experiencing a slowdown, with sales growth dropping from over 127% in early 2023 to just 8.09% by Q4 2024 [2][8] - Suntory's market share in the sugar-free tea segment fell from 21.12% in 2024 to 12.04% in 2025, indicating a continuous downward trend [2] Competitive Landscape - Nongfu Spring's market share in the sugar-free tea segment increased by 10.94 percentage points to 79.36% by June 2025, while Suntory's share decreased by 6.96 percentage points [3] - Local brands have established extensive distribution networks, posing challenges for Suntory, which relies heavily on convenience stores and large supermarkets [4] Channel Strategy - Suntory has recognized the need for channel adjustments and is restructuring its sales regions to better align with market characteristics [5] - The company is facing limitations in penetrating lower-tier cities, where local brands have a stronger presence [4] Product Innovation - Suntory has been slow in product innovation, focusing primarily on oolong tea, while competitors have diversified their offerings across various tea types [6] - In 2025, Suntory announced nearly 10 new products, including new flavors and a new brand focused on differentiated sugar-free tea [6][7] Consumer Trends - The sugar-free tea market is shifting from a growth phase to a competitive phase, with increasing market concentration among leading brands [8] - Consumer preferences are evolving, with a growing demand for products that provide emotional value rather than just hydration [8] Future Outlook - Suntory remains optimistic about the long-term potential of the sugar-free tea market in China, driven by a trend towards healthier lifestyles [9] - The company is aware that it needs to undergo significant transformation, not just in product innovation but also in channel penetration and brand communication [9]

Core Viewpoint - Dongpeng Beverage has transformed from a near-bankrupt company to a market leader in the functional beverage sector, achieving over 10 billion yuan in annual sales through continuous innovation and market segmentation [1][2]. Group 1: Market Position and Growth - The functional beverage market in China has surpassed 100 billion yuan, with Dongpeng's flagship product, Dongpeng Special Drink, leading the market [2]. - Dongpeng Beverage reported revenue of 16.844 billion yuan and a net profit of 3.761 billion yuan for the first three quarters of 2025, marking year-on-year growth of 34.13% and 38.91% respectively [4]. Group 2: Product Development and Innovation - Dongpeng Special Drink was launched in 1997 after extensive research on ingredient ratios, focusing on high-quality and cost-effective domestic functional beverages [2]. - The introduction of a PET bottle with a dust-proof cap in 2009 significantly increased market share by enhancing consumer trust and convenience [3]. - The company has developed a new sugar-free version of Dongpeng Special Drink, incorporating L-α-glycerylphosphorylcholine to cater to health-conscious consumers [9][10]. Group 3: Competitive Strategy - Dongpeng Beverage has adopted a digital marketing strategy by implementing a coding system for each bottle, allowing for better tracking of sales and inventory [6][7]. - The company emphasizes consumer feedback in product development, leading to the successful launch of the 500ml "Big Gold Bottle," which has become a best-seller [8]. Group 4: Future Expansion Plans - Dongpeng Beverage aims to increase its international presence, with plans to expand into over 20 countries and regions by 2026, marking 2025 as its "outbound year" [12]. - The company aspires to elevate its brand to a global level, similar to Coca-Cola, by increasing its overseas revenue share [12].

Core Insights - Dongpeng Beverage has transformed from a near-bankrupt company to a market leader in the functional beverage sector, achieving over 10 billion yuan in annual sales [1] - The functional beverage market in China has surpassed 100 billion yuan, with Dongpeng's flagship product, Dongpeng Special Drink, leading the market [1] Company Development - Dongpeng Beverage was founded in 1988 by Lin Muqin, who recognized the potential of the beverage industry in Shenzhen [1] - The company faced bankruptcy in 2003 but chose to invest in its brand and production capabilities, leading to a successful turnaround [1] - Dongpeng's revenue for the first three quarters of 2025 reached 16.844 billion yuan, with a net profit of 3.761 billion yuan, marking a year-on-year growth of 34.13% and 38.91% respectively [1] Product Innovation - Dongpeng Special Drink was launched in 1997, featuring a unique blend of taurine, B vitamins, and other ingredients that enhance energy and reduce fatigue [1] - The introduction of a PET bottle with a dust-proof cap in 2009 significantly increased market share by improving hygiene and convenience [1] - The company has developed a new sugar-free version of Dongpeng Special Drink, which includes L-α-glycerylphosphorylcholine to help alleviate brain fatigue, catering to the growing health-conscious consumer base [2] Market Strategy - Dongpeng Beverage employs a digital marketing strategy that includes product coding for better tracking and consumer engagement [1] - The company is expanding its product line to include electrolyte drinks and tea-based beverages, aiming to diversify its offerings and reach more consumers [1][2] - Dongpeng is targeting international markets, with plans to increase its overseas revenue, having already exported products to over 20 countries [2]

Core Viewpoint - Shanghai is implementing a beverage "nutritional choice" grading system, marking a nationwide first in China, aimed at reducing sugar consumption among residents [1][2]. Group 1: Grading System Overview - The grading system categorizes beverages into four levels: A, B, C, and D, with A being the healthiest and D the least healthy [1][2]. - Manufacturers are required to label C and D grade beverages, effectively informing consumers about their health risks [2][5]. - The grading is based on three main criteria: sugar content, saturated fat content, and the presence of non-sugar sweeteners [2][5]. Group 2: Specific Criteria for Grading - A grade beverages must have sugar content ≤ 1g/100ml and saturated fat ≤ 0.7g/100ml, with no added sweeteners [5]. - D grade beverages have sugar content > 10g/100ml and saturated fat > 2.8g/100ml, and face advertising bans with fines for violations [5][6]. - The grading applies broadly to packaged drinks, including water, milk, plant-based milk, meal replacements, and even some infant formulas [5][6]. Group 3: Comparison with Singapore - Singapore has already implemented a similar grading system, which has been described as the strictest in history, requiring manufacturers to label drinks based on sugar content [1][2]. - The Singaporean system has expanded to include freshly made drinks like milk tea and fruit juices, indicating a trend towards stricter regulations on sugary beverages [1][2]. Group 4: Health Implications - The average sugar intake in Singapore is significantly higher than recommended levels, with many residents consuming around 60g of sugar daily, primarily from sugary drinks [18]. - In China, the average daily sugar intake is lower at 21g, but there are concerns about the rising health issues related to sugary beverage consumption, including a 95% increase in deaths from related diseases from 1990 to 2019 [22][26]. - The grading system could serve as a model for China to address its own rising health concerns linked to sugar consumption [19][22].

Core Viewpoint - The recent leadership change at Dayao, with founder Wang Qingdong stepping down and Dai Cheng taking over, signals a significant shift towards capitalizing the company, likely involving a deal with KKR, a major US private equity firm [1][3][4]. Company Dynamics - Wang Qingdong, the founder, previously stated a firm refusal to accept foreign investment, emphasizing Dayao's independence [3]. - KKR is reported to have acquired 85% of the shares in Yuanjing International, which is likely the overseas holding entity for Dayao, indicating a strategic move towards international investment [4]. - Dai Cheng, who has a background in international private equity, is expected to play a crucial role in the company's management, although his exact relationship with Dayao remains somewhat unclear [5]. Financial Performance - Dayao's sales for 2023 reached 3.2 billion yuan, significantly outperforming competitors like Beibingyang and Bingfeng, with projections to exceed 5 billion yuan in 2024 [9]. - The company boasts a high profit margin, with a gross profit of over 3 yuan per bottle, which is notably higher than international brands like Coca-Cola [9]. Market Position and Strategy - Dayao's sales are primarily driven by the food and beverage sector, with 70%-80% of sales coming from barbecue stalls, hot pot restaurants, and street vendors, creating a strong customer loyalty with an 80% repurchase rate [9]. - Despite its stronghold in northern markets, Dayao faces challenges in expanding into southern markets, indicating a need for strategic adjustments to support nationwide growth [9][11]. - The entry of external capital and management expertise is seen as a necessary step to address the company's limitations in market expansion and operational management [11].