"新"产品市场表现平淡 近日，江西零食企业江西齐云山食品股份有限公司（下称"齐云山"）向港交所递交了上市申请。 （图片来源：网络） 出品｜搜狐财经 作者｜冯圆圆 日前，江西老字号食品企业齐云山拟在港交所挂牌上市。 齐云山的业务并不复杂，酸枣糕是齐云山的核心产品，仅酸枣糕一个产品撑起了齐云山近9成的业绩。近年来，齐云山也有探索和推出其他产品，但市场表 现一般，且产品均围绕酸枣展开。 由于深耕酸枣市场，齐云山的经营规模并不算大，年盈利最高不过5000万。而酸枣，作为零食行业的一个极度细分赛道，究竟可以为齐云山带来多大的想象 空间？ 经营品来单一，业绩依赖大单品严重 相较于好想你、三只松鼠等零食企业，齐云山所售卖的品类较为单一，在京东平台，齐云山官方旗舰店的所有产品均是围绕着酸枣糕展开。 （图片来源：香港交易所） 据齐云山介绍，其业务主要围绕酸枣展开，自1992年推出第一款南酸枣糕产品，截至目前齐云山相继推出了南酸枣粒、南酸枣凝、南酸枣软糖及南酸果冻。 据灼识咨询，在南酸枣食品市场，以2024年零售额计算，齐云山以32.4%的市场份额，稳坐南酸枣市场的头把交椅。 虽然齐云山旗下拥有多款产品，但长期以来南酸枣糕都是齐 ...

海外业务潜力大，预期差或来自节奏与认知。当前市场对海外盈利节奏和风味适配仍存疑虑，公司推 进"本地原料+本地制造+区域调味"打法，已从贸易型出海转向在地化经营。中式辣味零食正借社媒出 圈，盐津具备从区域龙头向全球品牌转化的可能，海外将是未来核心看点与估值中枢变量。 财务表现稳健，利润承压下仍保持增长动能。2025 年Q1 公司实现营收15.37 亿元/+25.7%，归母净利 1.78 亿元/+11.6%，净利率为11.5%。毛利率28.5%，同比下降3.6pct，主要由于公司渠道结构和产品品类 结构占比发生变化。 出海布局升级，开启全球化第二增长曲线。盐津铺子正加速由"产品出海"向"供应链+品牌"出海转型。 公司宣布投资2.2 亿元在泰国设首个海外工厂，聚焦魔芋和薯片品类，配套当地低成本原料与人工优 势。公司董事长张学武先生提出3–5 年"再造一个盐津"，目标让海外业务占比达10%–20%，战略进入实 质落地期。 魔芋风口起势，公司具备先发与品类红利。魔芋健康属性与中式调味高度契合，2024 年"大魔王"魔芋 素毛肚营收同比+76%，已成行业现象级单品。中国魔芋零食市场已超300 亿元，预计五年CAGR 达 ...

7月2日，万辰集团（深市代码：300972）股价走低，截至收盘跌9.73%，报168.67元/股，总市值303.6亿元。 消息面上，1日晚间，万辰集团公告称，近日，公司收到董事兼总经理王丽卿女士、董事兼副总经理李博先生、副总经理王松先生分别出具的《股份减持 计划实施完成告知函》，获悉上述股东的股份减持计划实施已完成。 值得注意的是，2025年以来，万辰集团股价涨幅达111.34%。其中，6月5日，万辰集团盘中股价创下历史新高，达199.9元/股。当日晚间，万辰集团公告 称，王丽卿、李博、王松3人拟减持。 布局量贩零食赛道后，万辰集团2023年、2024年营收同比分别暴涨1592.03%、247.86%。 2025年一季度，万辰集团实现营收108.21亿元，同比增长124.02%；归母净利润2.15亿元，同比暴涨3344.13%。 来源：读创财经 | | | -2025.6.30 | | | | | --- | --- | --- | --- | --- | --- | | 李博 | 集中竞价交易 | 2025.6.27 | 170.49 | 7,500 | 0.0042 | | 王松 | 集中竞价交易 | 2 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 02 日 浙商早知道 2025 年 07 月 02 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要推荐 重要观点 ❑ 【浙商金属新材料 沈皓俊】贵金属 半年行业策略报告：重视降息交易，继续看好黄金——20250630 重要点评 ❑ 【浙商机械 邱世梁/王华君/何家恺/姬新悦】奥比中光（688322）公司点评：1-5 月扭亏，"技术创新投入－商业 成果转化"战略加速落地催化——20250630 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周二上证指数上涨 0.4%，沪深 300 上涨 0.2%，科创 50 下跌 0.9%，中证 1000 上涨 0.3%，创业板指下跌 0.2%，恒生指数下跌 0.9%。 ❑ 行业：周二表现最好的行业分别是综合（+2.6%)、医药生物（+1.8%)、银行（+1.5%)、有色金属（+1.5%)、公用 事业（+1.1%)，表现最差的行业分别是计算机（- ...

Core Viewpoint - Qiyunshan Food is applying for a listing on the Hong Kong Stock Exchange, leveraging its strong revenue from its main product, the South Jujube Cake, which contributes over 80% of its income [1][2]. Company Overview - Qiyunshan Food specializes in South Jujube products and is headquartered in Chongyi County, Jiangxi Province [1]. - The company has launched five types of South Jujube products, with the South Jujube Cake being the flagship product introduced in 1992 [1]. Financial Performance - Revenue for Qiyunshan Food from 2022 to 2024 is projected to be 217 million, 247 million, and 339 million yuan respectively, with net profits of 25.63 million, 23.70 million, and 53.19 million yuan [1]. - The South Jujube Cake's revenue for the same period is expected to be 193 million, 209 million, and 294 million yuan, accounting for 88.7%, 84.7%, and 86.7% of total revenue [1]. Product Strategy - The company is strategically reducing production capacity for other products to focus on South Jujube Cake and South Jujube Granules to meet increasing market demand [2]. - Future product development will emphasize functional health-oriented products, including new forms like South Jujube Chips and Drinks [2]. Sales Channels - From 2022 to 2024, revenue from offline channels is projected to be 189 million, 211 million, and 303 million yuan, representing 86.9%, 85.6%, and 89.3% of total revenue [2]. - The company relies heavily on five major offline distributors, which account for over 85% of its revenue [2]. Market Position - Qiyunshan Food holds a 32.4% market share in the South Jujube food market, ranking first in the industry [3]. - In the broader fruit snack market, it ranks ninth with a market share of 0.63% [3]. - The Chinese fruit snack market is expected to grow from 99.5 billion yuan in 2024 to 151 billion yuan by 2029, with a compound annual growth rate of 8.7% [3]. Competitive Landscape - The top ten companies in the fruit snack market hold only 10.4% of the market share, indicating a highly fragmented industry [3]. - Competitors include Liuliu Mei and Haoxiangni, which have also filed for listings and reported significant revenues [4]. Online Marketing Strategy - Qiyunshan Food plans to enhance its online presence through e-commerce infrastructure and diverse online marketing strategies, including live streaming and community group buying [5].

同期，乐事美食研究所宣布贾乃亮成为乐事米饼系列代言人。作为知名演员和全能明星爸爸，贾乃亮严 苛的选品标准，正是乐事裸米饼好品质的有力背书。二者的联手将持续引领米类零食的潮流风向。 干净美味，真材实料带来自然奶香醇 乐事牛乳裸米饼美味的奥秘，始于乐事美食研究所精选的东北大米基底。东北大米自带清甜，在烘焙工 艺的巧妙激发下，释放出自然回甘。而甄选新西兰进口乳粉的加入，更是与米香实现了醇美交融。两者 的完美结合，不仅带来了酥脆轻盈的口感，更呈现出清甜不腻且奶香醇厚的独特风味。 乐事裸米饼以干净配方、品质原料和出众口感，成功实现了干净、安心和美味的三重享受。 另外，乐事裸米饼系列采用小巧便携的独立包装，满足消费者日益碎片化、多元化的食用场景。无论是 上学上班间隙的充饥，还是运动后的加餐，乐事裸米饼都能满足消费者多样化的场景需求。值得一提的 是，新品在包装上增添了小奶牛的卡通形象设计，不仅让视觉呈现更为生动，其可爱有趣的形象也更吸 引全家人的喜爱。 乐事美食研究所米饼系列再续味觉新作！此次新品在坚持裸米饼干净配方的基础上，甄选品质牛乳原 料，以本味清甜米香碰撞醇厚奶香，为米类零食带来更丰富的风味表达。这是乐事美食研究所 ...

Core Insights - The concept of "snack freedom" reflects consumers' desire to eliminate excessive pricing and marketing tactics, returning snacks to their essential value as everyday items rather than luxury goods [1][2] - The emotional value associated with snacks is increasingly recognized, as consumers seek immediate gratification and comfort in a fast-paced, anxiety-inducing society [1][2] Group 1: Industry Dynamics - The snack wholesale model allows for reasonable profit margins at each stage, replacing inefficient models with more effective ones to provide cost-effective products to consumers [2] - Scale effects in wholesale platforms help to dilute fixed costs, enabling better brand marketing and emotional value offerings [2] - Despite challenges such as poor profitability, homogenization, and quality control issues, the snack wholesale model significantly reshapes the retail value chain and meets the demands of the lower-tier market [2] Group 2: Consumer Experience - The snack wholesale model empowers consumers by returning the choice of quality and price to them, contrasting with traditional channels that struggle to balance these factors [2] - As product prices align more closely with their true value, the consumer experience is simplified, emphasizing the joy of enjoying snacks without the burden of premium pricing [2]

Core Viewpoint - Qi Yunshan Food has submitted an application for listing on the Hong Kong Stock Exchange, with a strong reliance on its flagship product, South Jujube Cake, which accounts for over 80% of its revenue [1][3][4]. Group 1: Financial Performance - Qi Yunshan Food reported revenues of 217 million yuan, 247 million yuan, and 339 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 25.63 million yuan, 23.70 million yuan, and 53.20 million yuan during the same period [3][4]. - The flagship product, South Jujube Cake, generated revenues of 193 million yuan, 209 million yuan, and 294 million yuan from 2022 to 2024, representing 88.7%, 84.7%, and 86.7% of total revenue for those years [3][4]. Group 2: Product and Market Strategy - Qi Yunshan Food has launched five types of South Jujube products, including South Jujube Cake, South Jujube Granules, and South Jujube Soft Candy, among others [3]. - The company plans to diversify its product offerings and has introduced seven flavors of South Jujube Cake and various fruit and vegetable cakes to address market demand [4][5]. Group 3: Sales Channels - The company primarily relies on offline sales channels, with 199 out of 230 distributors being offline, generating 1.89 billion yuan, 2.11 billion yuan, and 3.03 billion yuan in revenue from 2022 to 2024, accounting for approximately 86.9%, 85.6%, and 89.3% of total revenue [6][7]. - Online direct sales generated revenues of 25.84 million yuan, 31.66 million yuan, and 32.93 million yuan during the same period, representing about 11.9%, 12.8%, and 9.7% of total revenue [7]. Group 4: Market Position - As of 2024, Qi Yunshan Food holds a 32.4% market share in the South Jujube food market in China, ranking first in the industry, while its overall market share in the fruit snack market is only 0.6%, placing it ninth [9].

2025年央视CCTV-14少儿频道合作伙伴盖狮，凭借其丰富的健康食品产品矩阵，在儿童零食与健康零辅 食领域持续发力，为全年龄段消费者打造健康饮食新体验。除核心产品100%纯果泥之外，旗下产品还 涵盖了有机营养面、益生菌溶豆、云朵泡芙、有机米粉、非遗山楂以及果汁饮品等系列，凝聚了品牌对 品质与创新的不懈追求，致力于提供营养均衡的婴童食品与家庭健康零食。 技术赋能,产品创新升级 有机五色营养面：多维营养复配，实现6种维生素矿物质的均衡配比，五种口味荤素搭配，为孩子成长 提供营养搭配，是宝宝辅食和儿童营养餐的好选择。 溶豆系列：结合FD冻干锁鲜与无麸质配方，保留营养活性。专利酶解工艺，小分子更好吸收。 云朵泡芙：采用非油炸物理挤压工艺，0反式脂肪酸，兼顾美味与健康。 有机胚芽米粉：通过胚芽保留与酶解水解技术，冲泡更容易，营养少流失，适合宝宝肠胃。 非遗山楂糕：采用四层控温熬制工艺，0添加蔗糖，融合鸡内金、茯苓、山药等食材，古法新作，别具 风味。 果汁饮品：依据古方创新,运用熬煮工艺萃取药食同源食材营养精华，如山楂、鸡内金、桑葚、金银花 等，适合夏日消暑饮用。 盖狮的产品突破传统婴童食品的界限，实现了全龄覆盖，满足 ...

Core Insights - The increasing consumer awareness regarding product ingredients and health benefits is driving a shift in snack preferences towards natural, fresh, and simple ingredients [1][9] - The launch of Beetroot Crisps and Sweet Pea Crisps by the company marks an expansion into instant retail channels, enhancing the diversity of healthy snack options available to consumers [1][5] Product Details - The new snacks are made from high-quality, fresh beetroot and sweet peas, utilizing a vacuum low-temperature dehydration process, avoiding traditional puffing methods, and containing no preservatives [2][3] - Each bag contains approximately 128 kcal, equivalent to a banana, and is rich in dietary fiber, with fiber content comparable to 80g of kale [3] Consumer Trends - A recent survey indicated that over 95% of more than 13,000 users on the Dingdong Maicai app identify as "ingredient-conscious," reflecting a growing demand for clean-label products [5] - Global snack consumption trends show that over 56% of consumers eat healthy snacks daily, with 32% prioritizing "natural" attributes in their purchasing decisions [7] Company Strategy - The company is committed to product innovation and category expansion in the plant-based food sector, exploring more possibilities for plant protein and plant-based snacks [7] - Recent product launches include shelf-stable snacks like Pocket Salad Sticks and Seaweed Tofu, which are available in Sam's Club nationwide, catering to the demand for high-protein and convenient snack options [7] Market Positioning - The company aims to align with the evolving consumer trend of seeking snacks that are not only enjoyable but also safe and healthy, emphasizing the natural appeal of food through simple ingredients and authentic flavors [9]