机构简介： 根据市场公开信息及8月14日披露的机构调研信息，知名私募同犇投资近期对1家上市公司进行了调研， 相关名单如下： 1）甘源食品 （上海同犇投资管理中心(有限合伙)参与公司电话会议&网络线上） 调研纪要：甘源食品积极拓展新产品，从单一豆类产品品牌转型为多品类零食品牌，加大品牌营销及新 品推广费用投入，合理规划销售费用投放。公司与国内主流渠道建立稳定合作，积极沟通新品合作，海 外市场强化豆类核心产品布局。公司应用新技术提升产品健康属性，推出"臻果"子品牌，加强与年轻消 费者联动。电商是重要销售渠道，公司持续丰富线上产品品类，加强电商自营渠道合作。面对原材料成 本上涨，公司通过套期保值、逢低买入等方式降低采购成本波动风险。 同犇投资是一家有特色的阳光私募。公司成立于2014年1月，实缴资本1000万，2014年5月4日获得私募 投资基金管理人登记证书，是为数不多的由新财富最佳分析师创建的阳光私募，也是"五年金牌分析师 转型阳光私募"的唯一团队。公司总经理、投资总监童驯先生02-13年曾在上海申银万国证券研究所工作 12年，08-12年连续五年荣获新财富食品饮料行业最佳分析师第一名，擅长大消费投资。 以上内 ...

证券日报网讯甘源食品8月14日发布公告，在公司回答调研者提问时表示，公司近年来积极拓展新产 品，"甘源"已经从单一豆类产品品牌转型为以风味豆类、风味坚果和风味小吃为代表的多品类零食品 牌，多品类产品同步发展将助力公司进一步提高销售规模。为加大各渠道新品合作机会，借助品牌重塑 提升产品竞争力，公司相应加大了品牌营销及新品推广相关费用投入。同时基于海外及直营渠道拓展需 求，增加了必要的前期费用投入，部分前置性投入后续无需持续支出。后续公司将结合市场情况、渠道 建设及产品推广的节奏来合理规划，努力提升销售费用投放的精准性和有效性。 （文章来源：证券日报） ...

证券代码：002991 证券简称：甘源食品 甘源食品股份有限公司 投资者 关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（电话会议） 参与单 位名称 具体参与单位名称见附件 时间 2025 年 8 月 13 日（星期三） 15:00-16:00 地点 公司会议室 公司接 待人员 姓名 董事会秘书 张婷女士 财务总监、董事 涂文莉女士 形式 网络线上 投资者 关系活 动主要 内容介 绍 提问与回答环节 问：公司销售费用的投入情况和相关规划？ 答：公司近年来积极拓展新产品，"甘源"已经从单一豆类产品品牌转型为以 风味豆类、风味坚果和风味小吃为代表的多品类零食品牌，多品类产品同步发 展将助力公司进一步提高销售规模。为加大各渠道新品合作机会，借助品牌重 塑提升产品竞争力，公司相应加大了品牌营销及新品推广相关费用投入。同时 基于海外及直营渠道拓展需求，增加了必要的前期费用投入，部分前置性投入 后续无需持续支出。后续公司将结合市场情况、渠道建设及产品推广的节奏来 合理规划，努力提升销售费用投放的精准性和有效性， 问：公司各渠道拓展及产品合作情况？ 答： ...

8月13日晚间，良品铺子公告称，公司控股股东宁波汉意创业投资合伙企业(有限合伙)(下称宁波汉意)涉 及与广州轻工工贸集团有限公司(下称广州轻工)的股权纠纷诉讼，涉案金额由此前的9.96亿元升至10.23 亿元。 良品铺子称，该诉讼对公司的生产经营和当期损益无重大影响。目前案件尚未开庭审理，最终结果尚无 法判断，可能导致宁波汉意与武汉长江国际贸易集团有限公司(下称长江国贸)的控制权转让事项存在不 确定性风险。 今年5月，为了缓解自身债务压力，宁波汉意与广州轻工就协议转让良品铺子股份的事项进行磋商，签 署了《协议书》，约定了广州轻工拟对良品铺子进行尽职调查后，计划受让宁波汉意持有的良品铺子部 分股份，进而投资、控制良品铺子。 "高端零食第一股"良品铺子(603719.SH)控制权转让风波持续升级。 良品铺子称，前述股份冻结及诉讼事项，可能导致宁波汉意与长江国贸的控制权转让事项存在不确定性 风险。 7月22日，良品铺子发布《关于控股股东涉及诉讼的公告》称，广州市中级人民法院受理了原告广州轻 工与被告宁波汉意、第三人良品铺子的股份转让纠纷一案。 原告诉讼请求是，判令被告继续履行原告于2025年5月签订的《协议书》、《 ...

北京商报讯（记者 张天元）8月13日，良品铺子股份有限公司（以下简称"良品铺子"）发布公告称，公 司近日收到控股股东宁波汉意创业投资合伙企业（有限合伙）（以下简称"宁波汉意"）通知，宁波汉意 所持公司的部分股份办理了解除质押及质押业务。截至公告披露日，宁波汉意持有公司股份约1.41亿 股，占公司总股本的35.23%。本次股份解除质押和质押后，宁波汉意累计质押公司股份7590万股，占 其持股总数的53.72%，占公司总股本的18.93%。宁波汉意及其一致行动人宁波良品投资管理有限公司 合计持有公司股份约1.53亿股，占公司总股本的38.22%。 值得注意的是，报告期内，奔富EBITS 同比增长 13.2%至 4.77亿澳元，EBITS 利润率达 44.4%（上升 2.3 个百分点），业绩增长主要受益于 Bin 系列及奢华系列产品在中国市场出货量的大幅提升，这得益 于澳大利亚产区产品组合重返该市场。此外，财报显示，为配合中国市场需求的增长，对其他重点市场 的配额进行调整，间接影响其出货量有所下降。亚洲、澳大利亚及欧非中东地区（EMEA）多个市场均 实现动销提升。按恒定汇率计算，净销售收入和 EBITS 分别同比增 ...

Core Viewpoint - The article discusses the revival of traditional snack brands in China through new e-commerce platforms like Pinduoduo, highlighting the transformation of old brands in the digital economy and the mutual benefits of this collaboration [4][19]. Group 1: Challenges Faced by Traditional Brands - The golden era for Fujian snack brands was from the 1990s to the early 2000s, characterized by strong offline distribution networks and high demand [5]. - The rise of e-commerce has disrupted traditional business models, leading to a decline in market share for older brands as they struggle against emerging competitors like Three Squirrels and Good Products [5][6]. - Older brands are perceived as outdated by younger consumers, who favor new brands that leverage internet marketing to create a trendy image [5][7]. - Traditional brands have been slow to adapt to channel changes, leading to a disconnect with modern consumer preferences, particularly among Gen Z [7][8]. Group 2: Revival Strategies via Pinduoduo - Pinduoduo offers a differentiated path for traditional brands, focusing on data, efficiency, and cost reduction to facilitate their digital revival [9]. - The platform provides real-time consumer data, enabling brands to make data-driven decisions rather than relying on past experiences [9][10]. - Pinduoduo's model allows for rapid product development, significantly reducing the testing cycle for new products from months to days [10]. - Cost efficiency is achieved through lower service fees compared to traditional platforms, allowing brands to reinvest savings into production and marketing [11]. Group 3: Strategic Support and Ecosystem Development - Pinduoduo's "100 Billion Support" policy aims to invest in resources for traditional brands over three years, enhancing their growth ecosystem [12]. - The platform helps brands reach younger consumers through targeted marketing strategies, improving customer acquisition efficiency [14]. - The initiative encourages brands to shift from a focus on cost-effectiveness to enhancing perceived value, thereby upgrading their market positioning [15][16]. - Overall, Pinduoduo's support fosters a systemic transformation for traditional brands, enabling them to thrive in the digital economy [17][19].

Group 1: Guizhou Moutai - Guizhou Moutai achieved a net profit of 45.403 billion yuan in the first half of 2025, an increase of 8.89% year-on-year [1] - The company's operating income for the same period was 89.389 billion yuan, reflecting a growth of 9.1% year-on-year [1] - Basic earnings per share were reported at 36.18 yuan per share [1] Group 2: Weixing New Materials - Weixing New Materials reported a net profit of 271 million yuan in the first half of 2025, a decrease of 20.25% year-on-year [1] - The company's operating income was 2.078 billion yuan, down 11.33% year-on-year [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares [1] Group 3: Jianyuan Trust - Jianyuan Trust's net profit for the first half of 2025 was 40.2897 million yuan, an increase of 13.36% year-on-year [1] - The company achieved an operating income of 15 million yuan, a significant growth of 84.89% year-on-year [1] - Basic earnings per share were reported at 0.0041 yuan per share [1][2] Group 4: Weili - Weili won a bid for a leachate treatment project, expected to generate an annual revenue of approximately 61 million yuan [1] - The project has a total expected revenue of about 610 million yuan over a 10-year operational period [1] - The project includes a 0.5-year construction period followed by a 10-year operational period [1] Group 5: Tianjun Wind Power - Tianjun Wind Power provided a guarantee for a credit line of 150 million yuan for its wholly-owned subsidiary [1] - The guarantee covers the principal amount, interest, penalties, and other related costs [1] - The guarantee period is three years from the maturity of the main contract [1] Group 6: Jiangshan Oupai - Jiangshan Oupai's wholly-owned subsidiary completed the registration for a change in business type [1] - The subsidiary is now classified as a limited liability company [1] Group 7: Ningbo Port - Ningbo Port announced the resignation of independent director Yan Guoqing due to personal reasons [1] Group 8: Yangfan New Materials - Yangfan New Materials reported a net profit of 23.1372 million yuan in the first half of 2025, marking a turnaround from losses [1] - The company's total operating revenue was 473 million yuan, an increase of 47.93% year-on-year [1] Group 9: Zhongguancun - Zhongguancun's subsidiary received a drug registration certificate for a new injection [1] - The company also announced that another product passed the consistency evaluation for generic drugs [1] Group 10: Hengtong Oriental - Hengtong Oriental is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [1] Group 11: Quzhou Development - Quzhou Development plans to acquire 95.46% of Xian Dao Electronics and will resume trading on August 13, 2025 [1] Group 12: Jiangsu Sop - Jiangsu Sop reported a net profit of 102 million yuan in the first half of 2025, a decrease of 13.01% year-on-year [1] - The company's operating income was 3.158 billion yuan, down 1.08% year-on-year [1] Group 13: Fudan Fuhua - Fudan Fuhua's subsidiary plans to invest 48.87 million yuan in a capital increase for another company [1] Group 14: Shaanxi Huada - Shaanxi Huada is planning to acquire 100% of Huajing Microelectronics and has suspended trading [1]

Macro Insights - The US July CPI shows a moderate increase, with core CPI rising 0.3% month-on-month, aligning with market expectations, alleviating concerns about significant inflation rebound [2] - The core CPI year-on-year increased by 0.2 percentage points to 3.1%, slightly above the expected 3.0% [2] - The market anticipates a 96% probability of a Federal Reserve rate cut in September, influenced by the manageable inflation pressures from tariffs [2] Fixed Income Insights - AI is becoming a central theme in the market, impacting investment, employment, and asset prices, leading to a structural divergence in stock performance [3] - The report suggests that AI could enhance labor productivity, potentially leading to a scenario where stock market performance outpaces GDP and employment growth [3] - Long-term, AI may alleviate debt pressures but could also exacerbate income and opportunity disparities [3] Energy Sector Insights - National electricity generation in July is estimated to increase by 3.2% year-on-year to 924.9 billion kWh, with coal, hydro, and renewable energy sources contributing differently [4] - The report anticipates a positive growth momentum for thermal power generation despite some pressure from hydroelectric output recovery [4] Banking Sector Insights - The introduction of a personal consumption loan interest subsidy policy aims to stimulate domestic demand, with a 1% annual subsidy rate [5] - Major banks are responding positively to the subsidy policy, indicating a favorable outlook for structural opportunities in the banking sector [5] Company-Specific Insights - Wanchen Group (300972 CH) is accelerating the acquisition of minority shareholder equity, with stable earnings in April and May, leading to an upgraded target price of 212.66 CNY and a "Buy" rating [7] - Guizhou Moutai (600519 CH) reported a 9.2% year-on-year increase in total revenue for H1 2025, indicating a solid foundation for achieving its annual growth target [11] - Pengding Holdings (002938 CH) is focusing on AI-related capacity investments, with a revenue increase of 24.75% year-on-year in H1 2025, leading to an upgraded target price of 69.2 CNY [12] - Desay SV (002920 CH) benefited from the smart driving trend, achieving a 25.25% year-on-year revenue growth in H1 2025, with a positive outlook for future growth [17] - City Development Environment (000885 CH) reported a revenue increase of 11.25% year-on-year in H1 2025, indicating stable growth in waste treatment operations [21]

"二代"接班后，万辰集团对量贩零食业务的整合与布局还在进一步加强。 值得一提的是，出生于1993年的王泽宁，与万辰集团创始人王健坤为父子关系，与王丽卿为姑侄关系。 据万辰集团8月11日新披露简式权益变动报告书，本次权益变动前，王泽宁直接持有公司25,619,115股， 占公司总股本的13.6551%。 另据万辰集团4月公告，此前《一致行动协议》到期后，公司实际控制人由王泽宁、王丽卿、陈文柱变 更为王泽宁，后者还持有福建农开发80%股权，漳州金万辰53.33%股权，可以实际控制福建农开发、漳 州金万辰。 8月11日，万辰集团公告称，公司拟以支付现金方式向淮南市盛裕企业管理有限公司和淮南市会想企业 管理有限公司购买所持有的南京万优商业管理有限公司49%股权，交易价格为13.79亿元。信息发布次 日，万辰集团开盘价报172.28元，当日盘中最高价为180.87元，后报收于163.01元，涨幅0.78%。 2023年9月，万辰集团曾在品牌发布会上，宣布将"吖嘀吖嘀"、"来优品"、"陆小馋"等子品牌合并成统 一品牌"好想来品牌零食"。随后，公司还将"老婆大人"品牌也纳入旗下。 公告表示，本次交易前，万辰集团间接控制南京 ...

Investment Rating - The industry is rated positively, expecting an overall return exceeding 5% above the CSI 300 index in the next six months [19]. Core Insights - The report highlights a rebound in high-growth sectors driven by capital flow, with the food and beverage sector rising by 0.6% this week, ranking 26th among 31 sub-industries [11]. - The report emphasizes the importance of focusing on high-growth and undervalued recovery opportunities within the food and beverage sector [7]. Summary by Sections Sub-industry Ratings - No specific ratings for liquor, beverages, and food sub-industries, but several companies are recommended for investment: - Guizhou Moutai: Buy - Luzhou Laojiao: Buy - Shanxi Fenjiu: Hold - Jiansi Yuan: Hold - Yingjia Gongjiu: Hold - Dongpeng Beverage: Buy - Nongfu Spring: Buy - Mixue Group: Hold - Lihigh Food: Buy - Angel Yeast: Buy [3][18]. White Wine Sector - The white wine index increased by 0.38%, indicating a bottoming phase, with expectations for a local rebound despite ongoing policy and demand pressures [15]. - Guizhou Moutai's limited edition product sold out quickly, generating approximately 1.79 billion yuan in sales [5]. - The report suggests capitalizing on low valuation recovery opportunities in the white wine sector, recommending Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Jiansi Yuan [15]. Consumer Goods Sector - The snack and soft drink sectors have shown significant rebounds, attributed to previous valuation pressures and adjustments in mid-year expectations [16]. - Unified Enterprises reported a 10.6% revenue increase and a 33.2% net profit increase in H1 2025, exceeding market expectations [17]. - The report recommends focusing on high-growth snack and beverage companies, particularly Dongpeng Beverage, Mixue Group, and Nongfu Spring, while also considering undervalued stocks like Angel Yeast and Lihigh Food [16][17].