Group 1 - The comprehensive impact of the U.S. tariff policy is expected to manifest by the end of May, directly affecting consumer goods supply and prices [1] - Consumers are exhibiting "pre-loading" behavior, purchasing items in anticipation of higher future prices, leading to a temporary boost in sales figures [2][3] - Low-income households will bear the brunt of the tariff impacts, as they allocate 100% of their income to purchasing goods, unlike wealthier individuals who save a higher proportion [3] Group 2 - The Federal Reserve is unlikely to lower interest rates to alleviate economic pressures, as the U.S. is near full employment and inflation is around 2.4% [4] - Tariffs are expected to introduce inflationary pressures, even if they result in only one-time price increases, complicating the economic landscape [4]

Core Viewpoint - Three Squirrels has submitted an application for a Hong Kong IPO, aiming to become the first snack brand in China to achieve dual listing on A-share and H-share markets, with plans to use the raised funds for global supply chain enhancement, channel expansion, digital capabilities, and strategic investments [1] Group 1: Financial Performance - In 2022-2024, Three Squirrels reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.22 billion RMB respectively, with net profits increasing from 1.29 billion RMB to 4.08 billion RMB [1] - The company achieved a revenue of 139.8 billion RMB in 2024, ranking fourth in China's snack industry, following Mars, Mondelez, and PepsiCo [2] Group 2: Strategic Adjustments - Since April 2022, Three Squirrels has halted store expansion, focusing on closing underperforming stores and enhancing distribution and self-production [4] - The company has introduced a "high-end cost-performance" strategy and a "full-category + full-channel" development approach, launching over 600 new standard product units (SPUs) in 2024 [5] Group 3: Product and Brand Development - The main revenue source remains nuts, but its contribution has decreased from 56.3% in 2022 to 50.5% in 2024, while the revenue from other snacks has increased significantly [5] - The "Three Squirrels" brand saw a 50.57% revenue growth in 2024, while the "Little Deer Blue" brand, targeting children's snacks, achieved profitability and ranked among the top three in its category [6] Group 4: Channel Strategy - Revenue from short video platforms has surged from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024, increasing its share from 9.8% to 24.8% [7] - The company has reduced its offline store count from 1,065 in 2021 to 333 by the end of 2024, with offline store revenue declining during this period [8] Group 5: Future Outlook and Challenges - Three Squirrels plans to invest up to 360 million RMB to acquire control of new snack brands, aiming to expand its offline presence to over 2,000 stores [9] - The company targets a revenue of 20 billion RMB by 2026, indicating significant growth ambitions despite current challenges in maintaining its revenue structure [9] - Sales expenses increased by 50.92% in 2024, outpacing revenue growth, while overall gross margins have fluctuated, indicating potential pressure on profitability [10]

溜溜果园集团股份有限公司（以下简称"溜溜果园"）于2025年4月16日向港交所递交上市申请，这是继 2019年撤回A股上市后的第二次冲击。作为中国果类零食行业市占率第一的企业，其核心产品"溜溜 梅"凭借"你没事吧？没事就吃溜溜梅"的广告语一度成为国民零食。然而，招股书数据背后，毛利率下 滑、红杉资本清仓离场、产品质量争议等问题，为此次IPO增添不确定性。 质量争议与营销"赌注" 黑猫投诉平台现存400余条与溜溜梅相关的投诉，涉及产品发霉、包装异物、空包等问题。例如，有消 费者称"购买的溜溜梅6味蒟蒻梅冻分享装未食用已发霉"。这与公司研发投入收缩形成对比：2022-2024 年研发费用率从1.8%降至1.2%，同期广告开支却累计达2.2亿元，2024年明星代言支出占净利润71%。 资本退潮与创始人控股 溜溜果园的资本故事始于2013年。彼时，明星杨幂代言的广告让品牌迅速出圈，并吸引红杉资本等机构 入局。招股书显示，北京红杉原为第三大股东，持股13.99%，但2024年6月双方签订股份回购协议， 2025年1月完成减资登记后，红杉彻底退出。创始人杨帆及其妻子李慧敏的合计持股比例升至87.77%， 形成高度集中的股 ...

整理 ｜ 彭倩 #Big News# 增长压力之下，雀巢中国换帅 雀巢中国的首位本土 CEO 卸任。 近日，雀巢宣布现任雀巢大中华区董事长兼 CEO 张西强辞任，由现任菲律宾市场负责人马凯思 （Kais Marzouki）接替。这是雀巢集团自去年10月宣布不再将中国市场设立为独立大区后（今年1 月1日起生效），推出的一项人事调整举措。 由于中国市场曾表现颇佳，雀巢曾在2022年为其单独设立大中华区，张西强同年成为雀巢中国首位 本土CEO。中国是雀巢的第二大市场，一直被寄予厚望，张西强在上任时也曾为雀巢中国制定较为乐 观的增长计划：雀巢中国区要在2025年实现600亿小目标，在2030年实现1000亿大目标。 翻看过去3年的财报，雀巢中国区的体量分别为401.6亿元、436亿元和408.69亿元，遇到增长瓶 颈，与张西强曾制定的2025年达到600亿的目标也相差较大。 如今，全球消费市场正处于周期性波动，雀巢在内的一系列外资企业都需要更好的让产品适应当地市 场消费者需求和习惯的变化。 雀巢曾公开表示对中国市场的反思，前 CEO 施耐德曾表示，过去10年，雀巢在中国多项投资没有成 功，如对花生牛奶品牌银鹭的收购， ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate rebounded month-on-month in March, reflecting strengthened expectations for consumption policies [3][4] - The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points [12][14] - The allocation ratio of food and beverage in funds decreased from 10.6% in Q4 2024 to 9.8% in Q1 2025, marking a new low since 2020 [12][14] - The report highlights that the snack sector performed relatively well, with companies like Salted Fish and West Oat Food achieving significant revenue growth [4][12] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage but concentrated their holdings, with the snack sector showing relatively strong performance [12] - The food and beverage index underperformed the market, with snacks (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) leading the sub-industry performance [12][14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 industries, and lagged behind the CSI 300 by about 1.7 percentage points [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Alcohol Industry News - Wuliangye is set to launch 17 new product series, indicating ongoing innovation in the sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The consumer retail sales growth rate rebounded month-on-month in March, indicating strengthened expectations for consumption policies. The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points. The snack food (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) sectors performed relatively well [3][12][14] - The first quarter of 2025 saw a decrease in the allocation of food and beverage stocks by funds, with the allocation ratio dropping from 10.6% in Q4 2024 to 9.8%, marking a new low since 2020. Active equity funds reduced their allocation to food and beverage stocks, while the allocation to liquor stocks increased slightly [3][12][14] - The Central Political Bureau meeting emphasized increasing income for low- and middle-income groups and boosting service consumption to enhance economic growth. This aligns with the optimistic outlook for the consumption sector. Despite pressures on the performance of liquor, condiments, and frozen food in Q1, the snack sector showed strong growth, with companies like Salted Fish and West Oat achieving significant revenue increases [4][13] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage stocks, but holdings became more concentrated, with the snack sector showing outstanding performance [12] - The food and beverage index underperformed the market, with a decline of 1.4% [14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 sectors, underperforming the CSI 300 by about 1.7 percentage points. Snack food, soft drinks, and other alcoholic beverages showed relative strength [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Liquor Industry News - Wuliangye plans to launch 17 new product series, indicating ongoing innovation in the liquor sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]

你是否曾好奇，全球那些令人瞩目的品牌背后究竟隐藏着什么成功的秘诀？ FBIF2025带来四十余个品牌案例，通过这一系列成功品牌，我们将带你一探究竟，揭密他们如何通过 创新、策略和独特的价值定位在市场上脱颖而出。 准备好从这些案例中汲取灵感了吗？ 全体大会 【案例一 ：东鹏饮料 】 国内纵深，国际横拓——双轮驱动韧性增长 【 分享嘉宾 】 胡亚军 ，集团副总裁， 东鹏饮料 【时间】 5月10日 14:40-15:20 【 场次 】 全体大会 2025年第一季度，东鹏饮料实现营收48.48亿元，同比增长39.23%；净利润达9.8亿元，同比增长 47.62%，展现出强劲的内生动力。在国内经营稳健的基础上，公司加速推进国际化战略。在全球地缘 格局深度调整、中国品牌加速出海的关键时刻，FBIF2025 全体大会将迎来一场对话：FBIF创始人贝拉 将对话东鹏饮料集团副总裁胡亚军先生，围绕 中国民族快消品牌出海的全球化探索之路 展开深度交 流。 作为中国快消出海的重要观察者与实战操盘者，胡亚军先生将分享他对海外市场变化的最新研判，回应 行业关注的"出海难题"背后的真正逻辑，并就东鹏如何从华南起步、布局中东、走向全球的路径 ...

以下文章来源于野马财经 ，作者刘俊群 野马财经 . 关注资本市场、金融市场、新经济发展和商业创新 一年卖掉20亿颗青梅。 文 ｜ 刘俊群 编辑 ｜ 刘钦文 来源｜ 野马财经（ID： YMCJ8686） 封面来源 ｜ 视觉中国 2013 年，演员杨幂凭借《小时代》系列电影红遍大江南北，一句 " 没事就吃溜溜梅 " 的魔性广告语，也从电视屏幕跳进千家万户。 12 年间，这句洗脑台词 席卷大街小巷，从电视广告到短视频平台，成功让溜溜梅从区域品牌跃升为国民零食。 如今，溜溜梅的母公司溜溜果园集团股份有限公司（下称 " 溜溜梅 " ）向港交所递交《招股书》，试图叩开资本市场的大门。 《招股书》数据显示，公司一年能卖出 20 亿颗青梅，年营收达 16 亿元，在安徽零食军团中占据一席之地。但光鲜业绩背后，是公司正面临着对赌协议的 考验 ——2025 年 12 月 31 日 前 必须上市，否则创始人将背负股权回购压力。 当 " 洗脑 " 神曲遇上资本市场，溜溜梅的酸甜生意，或许才刚刚开始。 3 年赚 3.15 亿元， 花2.2 亿打广告 青 梅、西梅、话梅、乌梅 …… 溜溜梅把一颗梅子玩出了花。 根据《招股书》可知，溜溜梅当 ...

Core Viewpoint - Liuliu Guoyuan is preparing for a new IPO attempt after previously withdrawing its A-share application in 2019, with significant revenue growth and a new product line, but faces challenges such as over-reliance on plum products and market uncertainties [3][14]. Company Overview - Liuliu Guoyuan was founded in 1999 by Yang Fan in Anhui, initially producing pastries before launching the Liuliu Mei brand in 2001, focusing on plum products [3][4]. - The brand gained national recognition in 2013 after celebrity endorsement from Yang Mi, leading to a significant increase in brand awareness and sales [4][6]. Financial Performance - Revenue for Liuliu Guoyuan has shown consistent growth, with projected revenues of 1.174 billion RMB in 2022, 1.322 billion RMB in 2023, and 1.616 billion RMB in 2024, alongside net profits increasing from 68.43 million RMB in 2022 to 148 million RMB in 2024 [6][12]. - The company holds a leading position in the Chinese fruit snack industry with a market share of 4.9% and in the plum product sector with a market share of 7% [6]. Product Categories - The main product categories include dried plum snacks, western plum products, plum jelly, and other plum-related products, with dried plum snacks contributing 60.3% of total revenue in 2024 [7][8]. - Plum jelly has emerged as a new growth driver, with revenue increasing from 230.3 million RMB in 2022 to 410.4 million RMB in 2024, reflecting a successful product innovation strategy [8][12]. Market Challenges - The company faces challenges such as dependence on plum products, which account for 92.28% of its main business revenue, and vulnerability to fluctuations in raw material prices due to climate conditions [11][12]. - Liuliu Guoyuan's gross margin has been declining, from 40.1% in 2023 to 36.0% in 2024, indicating pressure from industry price wars and raw material costs [12]. IPO Plans and Investor Dynamics - The company plans to use the proceeds from the IPO to expand production capacity, enhance brand awareness, and develop new products [13]. - Prior to the IPO, Sequoia Capital exited its investment, and the company is under pressure to meet a performance guarantee with investors, which may impact its IPO timeline [14][18].

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 过去几年间，零食行业经历了一次巨大调整。 上市之初接连几个涨停板的三只松鼠，如今股价已跌去 60%；来伊份在经历上市之初的高光之后，一路震荡下行，市值腰斩。 曾几何时狂飙猛涨的零食巨头们，都免不了高开低走的命运，与此同时，量贩零食正悄然起飞。 自去年 7月底以来，量贩零食连锁品牌"好想来"的母公司——万辰集团，股价已上涨6倍，是近9个月来，沪深上市公司中涨幅最高的公司。 | | | 万辰集团股价近9月涨6倍，领涨沪深两市 | | | | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 記始交易日期] 2024-7-24 [截止交易日期] 最新收盘目 [車位] ％↓ | | | 1 | 300972.SZ | 万辰集团 | | 624.6288 | | 2 | 300100.SZ | 双林股份 | | 560.9858 | | 3 | 300718.SZ | 长盛轴承 | | 517.8868 | | ব | 688068.SH | 热景生物- | 股大数据 | 45 ...