Investment Rating - The industry rating is maintained as "Outperform the Market" [7] Core Viewpoints - The pre-prepared food concept is driving short-term performance in the catering supply sector, with a focus on the upcoming double festival catalysis [5][16] - The overall food and beverage sector experienced a decline of 2.53% from September 15 to September 19, with specific segments like pre-processed foods and soft drinks showing positive performance [23][26] Summary by Sections Market Performance Review - From September 15 to September 19, the food and beverage sector declined by 2.53%, while the Shanghai Composite Index and CSI 300 Index fell by 1.30% and 0.44%, respectively [23] - Specific segment performances included: pre-processed foods (+0.32%), soft drinks (+0.07%), and health products (+0.05%), while snacks (-1.28%) and meat products (-3.64%) saw declines [23] Alcoholic Beverages - The liquor sector saw a decline of 2.95%, underperforming compared to the overall food and beverage sector and the CSI 300 [14] - Key brands like Jinhuijiu and Gujinggongjiu experienced significant drops, with the overall consumption environment remaining under pressure [14] - The current PE-TTM for the liquor index is 19X, indicating a relatively low valuation compared to the past decade [14] Beer Sector - The beer sector showed a slight increase of 0.03%, with brands like Qingdao Beer and Yanjing Beer performing well [15] - Cumulative beer production from January to August 2025 was 26.83 million kiloliters, a slight decrease of 0.2% year-on-year [15] Investment Recommendations - For the liquor sector, three main investment lines are recommended: strong beta stocks (e.g., Jiugui Jiu, Shui Jing Fang), value recovery stocks (e.g., Yingjia Gongjiu), and strong alpha stocks (e.g., Shanxi Fenjiu, Guizhou Moutai) [22] - In the beer sector, focus on companies with sustained growth potential and those benefiting from cost reductions [22] Key Data Tracking - The average price of fresh milk in major production areas was 3.03 yuan/kg as of September 18, 2025, with no year-on-year change [20] - The production capacity of Daizhou yellow wine increased from 18,000 tons to 130,000 tons over the past three years, with a reported output value of 263 million yuan in the first half of the year, up 14.3% year-on-year [14]

Core Viewpoint - Elliott Management has urged PepsiCo to follow Coca-Cola's lead in divesting its bottling operations, which are crucial to the beverage business [2][3] Group 1: Historical Context of Bottling Operations - The bottling business emerged as a solution to early distribution challenges faced by Coca-Cola, which initially sold only syrup to local soda fountains [4] - By 1919, Coca-Cola's bottling network had expanded to 1,200 plants, significantly increasing syrup revenue [4] - PepsiCo adopted a similar bottling strategy, inspired by Coca-Cola's model, to facilitate its own growth [4] Group 2: Advantages of the Bottling Model - The bottling model allows beverage companies to avoid heavy capital investments in manufacturing and logistics, as these responsibilities are managed by bottlers [5] - Local bottlers can leverage regional resources and market knowledge, accelerating product distribution [5][6] Group 3: International Expansion and Partnerships - Both Coca-Cola and PepsiCo replicated their bottling strategies internationally, forming partnerships with local bottlers to enhance market penetration [6][7] - Coca-Cola's return to China involved collaborations with local firms like COFCO and Swire, while Pepsi initially attempted to maintain full control over its bottling operations [7] Group 4: Tensions Between Companies and Bottlers - There exists a tension between beverage companies and bottlers regarding pricing strategies, as companies prefer a "low-margin, high-volume" approach while bottlers seek higher prices to improve their margins [8] - New product launches often create friction, as bottlers face additional costs for production line adjustments and marketing efforts [8] Group 5: Market Dynamics and Competitive Strategies - The rise of large retail chains like Walmart has shifted the dynamics, with PepsiCo gaining an advantage by negotiating directly with retailers, while Coca-Cola had to reform its bottling network to maintain competitiveness [9][10] - Coca-Cola has restructured its bottling network by acquiring stakes in bottlers and supporting larger regional bottlers, while PepsiCo continues to maintain direct control over its bottling operations [10]

Company Overview - The company, Jilin Quanyunquan Co., Ltd., is located in Changchun City, Jilin Province, and was established on September 29, 1998. It was listed on October 7, 1998. The main business involves the production and sales of natural mineral water from Changbai Mountain [1]. - The revenue composition of the company includes beverages (78.15%), door products (12.59%), greening projects (5.85%), others (3.10%), and design fees (0.31%) [1]. Financial Performance - As of June 30, 2025, the company achieved an operating income of 684 million yuan, representing a year-on-year growth of 13.91%. The net profit attributable to the parent company was 23.47 million yuan, with a year-on-year increase of 13.50% [2]. - The company has cumulatively distributed 800 million yuan in dividends since its A-share listing, with no dividends distributed in the last three years [3]. Stock Market Activity - On September 24, the stock price of Quanyunquan increased by 2.12%, reaching 7.22 yuan per share, with a trading volume of 44.89 million yuan and a turnover rate of 0.88%. The total market capitalization is 5.164 billion yuan [1]. - The stock has seen a price increase of 0.14% year-to-date, with a decline of 1.50% over the last five trading days, 1.77% over the last 20 days, and 0.41% over the last 60 days [1]. - As of June 30, 2025, the number of shareholders increased to 42,900, a rise of 5.73%, while the average circulating shares per person decreased by 5.42% to 16,677 shares [2]. Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 3.292 million shares as a new shareholder [3].

Core Insights - The launch of "Tea's Inheritor Oriental Beauty" at a price of 9.9 yuan per bottle sold out within 83 minutes, indicating strong market demand and consumer interest in premium tea products [1][3] - The unsweetened tea market has experienced rapid growth over the past 2-3 years, but is now facing challenges such as market saturation and increased competition, leading to a slowdown in sales growth [3][21] - "Tea's Inheritor" successfully differentiates itself by focusing on quality and consumer demand for a better taste experience, rather than engaging in price wars [4][21] Market Dynamics - The unsweetened tea market is transitioning from "incremental expansion" to "stock competition," with significant challenges including product homogeneity and intense channel competition [3][21] - Sales growth for unsweetened tea is projected to remain above 10% year-on-year in most months of 2024, but this is a marked decrease compared to the previous year's monthly growth rates exceeding 100% [3][21] Product Quality and Differentiation - "Tea's Inheritor Oriental Beauty" uses rare "Oriental Beauty" tea leaves, which are difficult to cultivate and have a limited harvest period, contributing to its premium quality [6][9] - The product's pricing reflects a deeper understanding of quality-to-price ratio, as the raw material value of the tea exceeds the retail price [6][9] - The brand emphasizes traditional craftsmanship and direct sourcing from tea-producing regions, ensuring high-quality tea experiences for consumers [15][17] Consumer Experience and Cultural Connection - The brand's commitment to quality is evident across its product range, with each tea sourced from renowned regions and adhering to traditional production methods [13][15] - "Tea's Inheritor" enhances consumer experience by offering a taste akin to freshly brewed tea, addressing the challenge of optimizing flavor in unsweetened tea [11][21] - The brand integrates cultural narratives into its marketing, fostering a deeper connection with consumers through storytelling and respect for tea heritage [19][21] Strategic Positioning - The collaboration with the China Agricultural University Tea Research Institute aims to enhance product development and ensure high-quality standards [17] - As the unsweetened tea market matures, the focus is shifting from quantity to quality, with brands needing to emphasize good ingredients, craftsmanship, and cultural depth to maintain long-term value [21] - "Tea's Inheritor" sets a precedent for the industry by moving away from price competition and towards value creation through quality and cultural engagement [21]

Group 1 - The core viewpoint of the article is that Dongpeng Beverage has achieved remarkable growth in the energy drink market, surpassing Red Bull in market share and revenue since its listing in 2021, with a compound annual growth rate (CAGR) of over 30% in revenue and over 40% in profit [1][2][4] - Dongpeng Beverage has transformed from a regional brand in Guangdong to a national leader in the energy drink sector, with its revenue increasing from 4.2 billion yuan in 2019 to 15.8 billion yuan in 2024, maintaining a high growth rate even after surpassing 10 billion yuan in 2023 [2][4] - The company initially focused on energy drinks, which constituted over 90% of its sales, but has since diversified into other categories such as electrolyte water and ready-to-drink coffee, with energy drinks now making up 84% of total revenue [4][7] Group 2 - Dongpeng adopts a heavy asset model, controlling production and distribution channels, with over 30% of total assets in fixed assets and construction before listing, which has decreased to 23% as the company expanded nationally [9][12] - The company has established 13 production bases across China, ensuring efficient logistics with a transportation radius of no more than 500 kilometers, achieving a production capacity utilization rate of 90% by the end of 2024 [9][12] - Dongpeng's distribution model is unique, utilizing a three-tier structure involving distributors, "postman merchants," and terminal stores, which enhances control over the distribution network and allows for deeper market penetration [12][13] Group 3 - Dongpeng has a gross margin of approximately 45%, with energy drinks nearing 50%, showcasing strong cost control capabilities compared to industry averages [14][17] - The company has achieved a return on equity (ROE) that surpasses both Nongfu Spring and Coca-Cola, indicating high shareholder returns and operational efficiency [17] - The company has maintained a low inventory turnover period of 27 days, significantly better than the industry average of 40-60 days, reflecting its efficient supply chain management [36] Group 4 - Dongpeng's marketing strategy focuses on functional benefits, targeting a broad audience, and utilizing high-frequency advertising to build brand recognition [42][43] - The company has implemented a digital transformation strategy since 2015, investing nearly 3 billion yuan to create a leading digital system that enhances operational efficiency and market control [28][41] - The "five-code integration" system allows for real-time tracking of products throughout the supply chain, significantly improving production efficiency and reducing issues like inventory shortages [33][39] Group 5 - Dongpeng's competitive advantage lies in its ability to maintain low prices while ensuring high operational efficiency, which is supported by its extensive digital infrastructure and scale [46][47] - The company's strategy aligns with cost leadership principles, allowing it to offer lower prices than competitors while achieving higher profits [46][47]

Investment Dynamics - Finnish startup Perfat Technologies raised 20.879 million RMB in Series A funding, led by Newtree Impact and Beyond Impact. The company has developed a plant oil conversion technology that transforms liquid oils into solid functional fats, reducing fat content by 80% and calories by 30% compared to traditional fats, while adding dietary fiber [3] - McDonald's plans to invest 200 million USD (approximately 1.4 billion RMB) in regenerative agriculture practices across U.S. ranches over the next seven years, covering 4 million acres across 38 states. This is the largest investment by McDonald's in the U.S. to support regenerative agriculture [5] - M Stand acquired Shanghai restaurant brand RAC BAR, which was established in 2017 and operates several locations in Shanghai. The acquisition allows RAC BAR to maintain independent operations at its original location [8][9] - Regal Food, a UK baking manufacturer, acquired soft drink brand Suncrest, known for its tropical fruit-flavored beverages. This acquisition aims to expand Regal Food's beverage product portfolio and create new growth opportunities in the UK and international markets [10][12] - Saks Global is negotiating to sell 49% of its luxury department store Bergdorf Goodman for approximately 1 billion USD. The sale could help stabilize Saks Global's financial situation, which is burdened by over 4 billion USD in debt [13][15] - Winland Foods and La Doria merged to create a new food manufacturing entity valued at 4 billion USD, named Windoria. The merger aims to enhance product offerings and strengthen the supply chain for retailers and food distributors globally [18] - SPC has reached a cooperation agreement with Fonterra to produce Fonterra brand products at its Carrum Downs factory for overseas markets. This partnership is expected to enhance the flexibility of regional supply chains in the dairy processing sector [21] - Nayuki Tea launched a pop-up store in Flushing, New York, attracting significant foot traffic in a Chinese community area. The store's location is strategically chosen due to lower rental costs compared to Manhattan and the presence of other Chinese tea brands [23] - Jean-Marc Bellaiche, former CEO of Printemps, will become the CEO of Sani/Ikos Group, a resort operator, starting January 1. His transition reflects a trend of fashion industry leaders moving into the hospitality sector [24] - Hema announced a major organizational restructuring, with CEO Yan Xiaolei also taking on the role of Chief Merchandise Officer (CMO) to enhance product development and supply chain management, aiming to strengthen Hema's competitive position in the fresh and instant retail market [28]

Company Overview - Xiangpiaopiao Food Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on August 12, 2005. It was listed on November 30, 2017. The company primarily engages in the research, production, and sales of milk tea products [1] - The main business revenue composition is 99.79% from product sales and 0.21% from service provision [1] Stock Performance - As of September 23, the stock price of Xiangpiaopiao decreased by 2.05%, trading at 12.87 CNY per share, with a total market capitalization of 5.314 billion CNY [1] - Year-to-date, the stock price has dropped by 20.31%, with a decline of 4.95% over the last five trading days, 8.40% over the last 20 days, and 6.94% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on June 4, where net purchases amounted to 22.7355 million CNY [1] Financial Performance - For the first half of 2025, Xiangpiaopiao reported operating revenue of 1.035 billion CNY, a year-on-year decrease of 12.21%. The net profit attributable to shareholders was -97.3909 million CNY, representing a year-on-year decline of 230.13% [2] - Since its A-share listing, the company has distributed a total of 757 million CNY in dividends, with 313 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 23,300, a rise of 0.31% from the previous period. The average circulating shares per person decreased by 0.26% to 17,693 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the ninth largest, holding 1.0139 million shares as a new shareholder [3]

证券研究报告 食品饮料 报告日期：2025 年 09 月 22 日 白酒深度调整，大众品关注低估值的行业龙头 ——食品饮料行业周报 投资评级：推荐（维持） 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 相关阅读 饮料行业周报》2025.09.09 《中报圆满收官，关注基本面稳健的标 的—食品饮料行业周报》2025.09.01 《白酒持续出清，关注成长板块估值修 复—食品饮料行业周报》2025.08.26 华龙证券研究所 摘要： 盐津铺子、百润股份、海天味业、安琪酵母。 风险提示：食品安全风险；消费复苏不及预期；成本上行；业绩 增速不及预期；行业竞争加剧；宏观经济政策出台和落地不及预 期的风险；第三方数据统计偏差风险。 | 股票代码 | 股票简称 | 2025/09/19 | | | EPS（元） | | | | PE | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股价（元） | 2024A | 2025E | 2026 ...

第5笔成交价格为3.06元，成交33.60万股，成交金额102.82万元，溢价率为-8.93%，买方营业部为机构 专用，卖方营业部为华泰证券股份有限公司江阴福泰路证券营业部。 第6笔成交价格为3.06元，成交30.00万股，成交金额91.80万元，溢价率为-8.93%，买方营业部为机构专 用，卖方营业部为华泰证券股份有限公司江阴福泰路证券营业部。 第7笔成交价格为3.06元，成交30.00万股，成交金额91.80万元，溢价率为-8.93%，买方营业部为机构专 用，卖方营业部为华泰证券股份有限公司江阴福泰路证券营业部。 进一步统计，近3个月内该股累计发生30笔大宗交易，合计成交金额为1亿元。该股近5个交易日累计下 跌2.61%，主力资金合计净流出1943.36万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月22日，维维股份（维权）收跌1.18%，收盘价为3.36元，发生7笔大宗交易，合计成交量708.34万 股，成交金额2167.52万元。 第1笔成交价格为3.06元，成交100.00万股，成交金额306.00万元，溢价率为-8.93%，买方营业部为招商 证券股份有限公司深 ...

Group 1: Key Insights on Baijiu Industry - Demand for banquets has been released in July and August, with a focus on business hospitality and gift-giving ahead of the Mid-Autumn Festival and National Day [1][2] - External risk events have had a decreasing impact on baijiu consumption scenarios, but overall consumption sentiment remains lower compared to the same period last year, leading to an estimated 20% year-on-year decline in sales [2][3] - The baijiu sector is expected to stabilize and recover as consumer sentiment improves, supported by ongoing consumption promotion policies and a gradual recovery in demand [2][3] Group 2: Investment Recommendations - The report suggests focusing on high-end baijiu brands with strong market positions, such as Kweichow Moutai and Wuliangye, as well as Shanxi Fenjiu, which is benefiting from upward channel momentum [3] - Potential cyclical recovery candidates include national brands like Gujing Gongjiu and Luzhou Laojiao, along with innovative companies like Zhenjiu Lidu and Shede Liquor [3] Group 3: Insights on Other Alcoholic Beverages - Beer demand is recovering steadily, with companies diversifying into non-drinking channels and soft drinks, indicating a positive outlook for the sector [4] - The yellow wine sector is expected to see improved competitive dynamics due to price increases among leading brands, with potential for marginal catalysts as the peak season approaches [4] Group 4: Insights on Non-Alcoholic Beverages and Snacks - The soft drink sector is experiencing growth in high-demand segments like energy drinks and sugar-free tea, while traditional categories face some pressure [5] - The snack industry is seeing an increase in store openings and revenue recovery, with specific products like nut gift boxes expected to see improved demand ahead of the holidays [4][5]