食品饮料行业 超配（维持） 食品饮料行业双周报（2026/01/30-2026/02/12） 预制菜国标公开征求意见，关注春节需求表现 2026 年 02 月 13 日 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn ◼ 行情回顾：1月30日-2月12日，SW食品饮料行业指数整体下跌0.95%，板 块涨幅位居申万一级行业第二十四位，跑输同期沪深300指数约0.23个 百分点。细分板块中，多数细分板块跑输沪深300指数。其中，调味品板 块上涨0.64%，板块涨幅最大；其他酒类板块跌幅最大，为6.40%。 ◼ 行业周观点：预制菜国标公开征求意见，关注春节需求表现。白酒板块： 受房地产政策、飞天动销、市场风格切换等因 ...

2025年，是中国调味品行业风起云涌、格局重塑的关键一年。未来的行业竞争，将是综合实力领先的"舰队"与区域性或细分领 域"快艇"并存，龙头企业对产业发展的引领作用将愈发关键。海天味业作为调味品行业的龙头企业，凭借规模壁垒、渠道优势 与品牌价值的深厚积淀，尽显强者愈强之势，其发展轨迹正勾勒出产业未来图景。 新调味盘点了海天味业在2025年的十大核心突破，并尝试从中解读可能影响行业未来的十个趋势。 1. "A+H"双上市：开启资本国际化布局 核心突破：2025年6月，海天味业登陆港交所主板，成为国内首家"A+H"上市的调味品企业，募资净额约101亿港元，为全球化 战略提供了坚实的资本引擎。 未来趋势：龙头企业资本运作走向国际。海天味业港股上市，不仅是融资行为，更是搭建全球资本平台、优化公司治理的重要 一步。这也预示着，中国调味品企业的全球化，正从过去的"产品外贸"，升级为依托国际资本市场，进行品牌并购、技术合作 和本土化生产的"系统性作战"。利用国际资本构建全球资源调配能力，正成为海天味业等头部企业与国际巨头同台竞技的入场 券。 2. 入选酱油"灯塔工厂"：智能制造推进产业升级 核心突破：2025年，海天味业获评 ...

Group 1 - The 49th Hengshun Sauce and Vinegar Cultural Carnival was held in Suzhou, themed "Happy New Year, Everything Goes Well," marking a shift from a single main venue to a multi-location format across the province [1] - Hengshun Group aims to integrate its century-old flavor from Zhenjiang with Suzhou's rich cultural heritage, promoting traditional brewing techniques in modern life [1] - The event attracted a diverse crowd, including young people and children, who participated in traditional activities, reflecting a nostalgic connection to their heritage [1] Group 2 - Various stalls showcased a wide range of Hengshun products, including classic vinegar and soy sauce, as well as innovative snacks and gift boxes, appealing to many attendees [2] - The presence of calligraphers creating auspicious spring couplets and characters added a cultural touch to the event, enhancing the festive atmosphere [2]

Group 1 - The core viewpoint of the article highlights that Fuling Zhacai announced new product offerings at the 8th Zhaobohui, including items such as Old Chongqing Mixed Sauce, Minced Meat with Cowpea, Pickled Vegetable Crisps, and Pickled Vegetable Shredded Noodles [2] - The company reported that it signed contracts exceeding 100 million yuan, which includes both old and new products, with the final sales amount to be determined based on actual shipments [2]

Group 1 - The company, Fuling Zhacai, primarily engages in the production, manufacturing, and sales of pickled vegetables and other side dishes [2] - The company does not participate in the research and development of raw material breeding [2]

Core Viewpoint - The company has released its 2025 performance report, highlighting a decline in revenue but an increase in net profit, alongside strategic adjustments in its sauerkraut business and shareholder actions [1][2]. Financial Performance - In 2025, the company's annual revenue was 216 million yuan, a year-on-year decrease of 9.36% - The net profit attributable to shareholders was 19.76 million yuan, reflecting a year-on-year increase of 7.43% [2]. Shareholder Actions - In September 2025, a family member of the controlling shareholder disclosed a plan to reduce holdings by up to 2% within three months of the announcement - By December 2025, shareholders including Zhu Xianming had cumulatively reduced their holdings, with a potential remaining reduction space of 0.52% [3]. Strategic Development - The management emphasized a "branding" strategy for the sauerkraut product line, aiming to enhance market share through improved brand building and channel expansion - In the first half of 2025, sauerkraut business revenue grew by 20.48% year-on-year, although the gross margin was negative, indicating significant cost pressures [4]. Project Progress - Following the completion of the production base expansion project in 2024, the sauerkraut capacity utilization rate was approximately 70% due to declining sales, leading to idle capacity issues - The company is seeking to break the "declining volume and price" situation through adjustments in marketing and R&D strategies, although online and B2B business segments have not yet shown significant breakthroughs [5].

Core Viewpoint - Yao Mazi Food Co., Ltd. has received an inquiry letter regarding its IPO application for public stock issuance and listing on the Beijing Stock Exchange, with regulatory concerns about innovation characteristics, market space, compliance of production land, food safety risks, and the sustainability of performance growth [1][4]. Company Overview - Yao Mazi, established in 2008 and located in Meishan, Sichuan, specializes in the research, production, and sales of unique seasoning products, primarily focusing on pepper oil [1][4]. - The company’s main products include a variety of flavored oils, compound seasonings, specialty foods, and snacks, with over 93% of revenue derived from flavored oils [8][12]. Financial Performance - The company aims to raise approximately 568 million yuan for projects including the construction of a comprehensive intelligent production facility for pepper oil and other seasoning oils [6]. - Revenue figures for Yao Mazi from 2022 to the first half of 2025 are approximately 4.5 billion yuan, 5.45 billion yuan, 6.25 billion yuan, and 3.32 billion yuan, respectively, with net profits of about 810 million yuan, 990 million yuan, 1.57 billion yuan, and 1.05 billion yuan [19]. - The gross profit margin has shown an upward trend, reaching 46.45% in the first half of 2025, which is higher than the average gross margin of comparable companies [19][20]. Market Position - The seasoning oil market in China is projected to grow significantly, with the overall seasoning industry expected to reach 687.1 billion yuan by 2024, growing at 16.01% year-on-year [16]. - Yao Mazi holds a 30% market share in the pepper oil segment, making it a leading player in this niche market [21][22]. - However, the core product, pepper oil, has a relatively small market size, estimated at 2.09 billion yuan in 2024, with expectations to grow to 3.91 billion yuan by 2030 [17]. Risks and Challenges - The company faces risks related to food safety, as evidenced by 37 complaints regarding product quality issues from 2022 to 2024 [13]. - Yao Mazi's inventory levels are high, with net inventory amounts around 2.66 billion yuan, which could lead to risks of inventory obsolescence if market competition intensifies [19][22]. - The company is also challenged by the competitive landscape in the compound seasoning market, where it has entered later than established competitors [22].

Group 1 - The core viewpoint of the article highlights the competitive landscape in the food industry, particularly focusing on the IPO of a competitor to Haitian Flavor Industry, which is based in Meishan, Sichuan, and supplies products to the company known for its duck neck snacks [1] Group 2 - The article discusses the implications of the new competitor entering the market, which may affect the market share and pricing strategies of existing players like Haitian Flavor Industry and its supplier, Awei Food [1]

| 蜀山要闻 | 首页 | 政府信息公开 政务服务 | | 互动交流 | 数据发布 | | --- | --- | --- | --- | --- | --- | | 政府信息公开 | | | | | | | 首页 > 蜀山区市场监督管理局 > 公共监管 > 食品药品安全 > 食品药品监督抽检信息 | | | | | | | 396121001-202602-00006 | 충 리 밀· | | · 米芬田元 | 合日花日收容出於日本 | | | 索 引 号 : | 396121991-202602-00006 | 信息分类： | 食品药品监督抽检信息 | | --- | --- | --- | --- | | 发布机构： | 蜀山区市场监督管理局 | 生成日期： | 2026-02-12 | | 文 号: | | 有 效 性: | 有效 | | 生效时间 : | 有效 | 废止时间： | 暂无 | | 名 称: | 蜀山区市场监督管理局关于公布2026年第1期食品监督抽 检信息 | 失效时间： | 暫元 | | 上 键词: | | | | 蜀山区市场监督管理局食品安全抽检信息通告（2026年第1期） 近期， ...

作为欣和集团旗下核心高端调味品品牌，六月鲜自创立以来，便以"像孕育生命一样酿造每一瓶酱油"为核心理念，深耕健康高端赛道。其产品品质不仅体现 在行业领先的工艺与严苛的品控上，更在于对全链有机与纯净配方的极致追求。在众多产品线中，纯有机系列 以其"从田间到餐桌"的可追溯体系与顶级的 有机标准，成为品牌健康理念的至高表达。 t - REPORTER t 2017 (35) 7 4 15 1 2017 珍稀有机松茸提鲜：严选雅鲁藏布江冰川水滋养的纯净有机松茸作为天然提鲜原料，其鲜味物质天然丰富，赋予酱油醇厚饱满、层次分明的风味，远超普通 有机酱油。 科学减盐，健康不减：产品实现减盐25%，盐含量显著低于市场同类产品。其减盐并非简单稀释，而是通过科学技术精准去除多余钠离子，确保"减盐不减 鲜"。 纯净配方：配料表极致干净，仅含有机脱脂大豆、有机小麦、食用盐、有机白砂糖及有机松茸，真正做到天然本味。 三、六月鲜纯轻盐有机生抽：专为健康生活定制的低钠之选 一、全链有机体系：从源头守护纯净 六月鲜纯有机产品的卓越品质，首先建立在全程可追溯的全链有机体系之上： 自有有机农场背书：依托欣和集团旗下自有有机农场品牌"旭耕"，实现了 ...