2001年，一次偶然的青梅制品研发，成为命运转折点。首款溜溜梅产品虽未被主动主推，却凭借独特风味在区域市场悄然走红。 2006年，杨帆做了个关键决策：停掉所有非梅类生产线，聚焦青梅深加工。这个在当时看似 "孤注一掷"的转型，为后来的品类垄断埋下伏笔。 2009年，"溜溜果园"品牌正式成立，选址安徽芜湖、福建诏安等青梅核心产区建设工厂，构建起 "从枝头到舌尖" 的初步产业链。 星标 ★ IPO日报 精彩文章第一时间推送 "你没事吧？没事就吃溜溜梅！" 这句曾席卷社交媒体的广告语，不仅让杨幂的魔性表情包火遍全网，更让溜溜梅一炮而红。 近期，溜溜梅母公司—溜溜果园集团股份有限公司（以下简称 "溜溜果园"）再次叩响资本市场大门，向港交所递交主板上市申请。 距离2019年A 股IPO撤回已过去六年，这家 "中国梅王"能否在港股舞台上改写 "单品类依赖" 的故事？ 来源：公司官网 青梅的崛起路 1999年，杨帆在安徽创立了溜溜果园的前身安徽溜溜果园电子商务有限公司。 而真正让品牌破圈的是 2013 年的营销战役：邀请杨幂作为代言人，在湖南卫视等平台高频次投放 "魔性"广告，那句重复七次的 "你没事吧" 迅速 形成传播裂变 ...

1999年，杨帆在安徽创立了溜溜果园的前身安徽溜溜果园电子商务有限公司。 2001年，一次偶然的青梅制品研发，成为命运转折点。首款溜溜梅产品虽未被主动主推，却凭借独特风味在区域市场悄然走红。 2006年，杨帆做了个关键决策：停掉所有非梅类生产线，聚焦青梅深加工。这个在当时看似 "孤注一掷"的转型，为后来的品类垄断埋下伏 笔。 2009年，"溜溜果园"品牌正式成立，选址安徽芜湖、福建诏安等青梅核心产区建设工厂，构建起 "从枝头到舌尖" 的初步产业链。 而真正让品牌破圈的是 2013 年的营销战役：邀请杨幂作为代言人，在湖南卫视等平台高频次投放 "魔性"广告，那句重复七次的 "你没事吧" 迅 速形成传播裂变。 数据显示，广告投放当年，溜溜梅销量同比激增200%，营收突破10亿元大关，成为国内首个跻身 "十亿俱乐部" 的青梅零食企业。 "你没事吧？没事就吃溜溜梅！" 这句曾席卷社交媒体的广告语，不仅让杨幂的魔性表情包火遍全网，更让溜溜梅一炮而红。 近期，溜溜梅母公司—溜溜果园集团股份有限公司（以下简称 "溜溜果园"）再次叩响资本市场大门，向港交所递交主板上市申请。距离2019 年A股IPO撤回已过去六年，这家 "中 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [4] Core Viewpoints - The food and beverage sector is expected to benefit from the upcoming quarterly reports, with significant opportunities in the konjac market due to its current demand boom [2][11] - The liquor sector is experiencing a supply-side clearance, with a focus on strong alpha liquor companies that may exceed expectations during the earnings season [2][11] - The beverage and snack sectors are showing signs of recovery, with improved retail data and performance from key players like Dongpeng and Master Kong [2][12][14] Summary by Sections Market Performance Review - From April 14 to April 18, the food and beverage sector rose by 0.24%, while the Shanghai Composite Index increased by 0.59%. Notable performances included soft drinks (+4.42%), pre-processed foods (+4.11%), and snacks (+3.79%) [1][23]. Liquor Sector Insights - The liquor sector saw a decline of 0.27%, attributed to the off-peak consumption season and concerns over falling prices of major products like Moutai. The sector's performance is expected to stabilize as inventory adjustments occur [2][11]. - Retail data for March showed a total retail sales of liquor and tobacco at 51.5 billion yuan, a year-on-year increase of 8.5% [2][11]. Beer and Beverage Sector Insights - The beer sector declined by 0.44%, but March data indicated a 1.9% year-on-year increase in beer production, suggesting a potential recovery as warmer weather approaches [12][14]. - Key players like Heineken and Dongpeng reported strong earnings, with Dongpeng's Q1 revenue and net profit increasing by 39% and 48% respectively [12][15]. Consumer Goods Sector Insights - The snack sector is highlighted for its potential growth, particularly in the konjac market, which is currently experiencing a demand surge. Companies like Absolute Taste are innovating with AI models to enhance performance [2][14][17]. - The dairy sector is expected to benefit from ongoing policies supporting childbirth and rising beef prices, which may stimulate demand for dairy products [2][20]. Investment Recommendations - Recommended stocks in the food and beverage sector include Qingdao Beer, China Resources Beer, Budweiser, and Mengniu Dairy. For the liquor sector, strong alpha companies like Guizhou Moutai and Shanxi Fenjiu are suggested [3][22]. - Focus on consumer goods, particularly snacks and dairy, is advised due to their potential for strong performance in the upcoming quarters [3][22].

Core Insights - Salted Fish Shop (盐津铺子) reported a revenue of 5.304 billion yuan for 2024, representing a year-on-year growth of 28.89%, and a net profit of 640 million yuan, up 26.53% year-on-year [1][7] - Despite the double-digit growth in revenue and net profit, the decline in gross margin and underperformance in certain product categories raised market concerns [1][4] Financial Performance - The overall gross margin decreased from 33.54% in 2023 to 30.69% in 2024, a decline of 2.85 percentage points [4] - The drop in gross margin was primarily due to rising raw material costs and insufficient production efficiency improvements, particularly in spicy marinated snacks and baked potato products, which saw gross margin declines of 4.06 and 2.04 percentage points respectively [4] Product Performance - The company focused on six core product categories: spicy marinated snacks, baked potato products, deep-sea snacks, egg snacks, dried fruits and nuts, and konjac jelly pudding [4] - Egg snacks and konjac snacks performed exceptionally well, generating revenues of 580 million yuan and 838 million yuan, with year-on-year growth rates of 81.87% and 76.09% respectively [4] Brand and Channel Development - Significant achievements were made in brand operations and channel expansion, with the "Big Demon King" brand's sesame-flavored konjac product achieving over 1 billion yuan in sales [5] - The "Egg Emperor" quail eggs successfully entered Sam's Club, selling over 200,000 units for six consecutive months, becoming a star product in the egg snack category [5] - The company established a robust multi-channel layout, including direct sales to large chain supermarkets, distributors, and e-commerce, resulting in a 39.95% year-on-year revenue growth in the e-commerce channel [5] International Market Expansion - The company accelerated its overseas market expansion in 2024, successfully entering the Southeast Asian market with konjac products, achieving overseas sales of 62.7361 million yuan [6] - Challenges remain in the overseas market, including local competition, cultural differences, and supply chain localization issues [6] - Plans are in place to invest in a production base in Thailand to further promote overseas business expansion, although short-term financial contributions from this market are expected to be limited [6]

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 映恩生物 港股｜挂牌上市 据IPO早知道消息，Duality Biotherapeutics, Inc.（以下简称"映恩生物"）于2025年4月15日正式 以"9606"为股票代码在港交所主板挂牌上市。 映恩生物在本次IPO中发行17,332,300股股份，相较早前的发行计划有所提升。其中，香港公开发 售获115.14倍认购，国际发售获13.52倍认购。 同时，映恩生物在本次IPO发行中总计引入十余家基石投资者，累计认购规模6500万美元（5.05亿 港元）——BioNTech SE(Nasdaq: BNTX)认购500万美元、礼来认购500万美元、清池资本（Lake Bleu Prime）认购500万美元、TruMed Investment认购1000万美元、富国基金认购1000万美元、 易方达基金认购800万美元、汇添富基金认购600万美元、磐京基金认购500万美元、MY.Alpha Management认购500万美元、Exome Asset Management认购400万美元、苏州苏创认 ...

未来还将在调味品领域推出梅味调味品。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 成立于 1999年的溜溜果园基于「梅+」产品开发 战略，现已打造了 涵盖 梅干零食、西 梅产品 和创 新型梅冻的梅产品矩 阵 。 根据弗若斯特沙利文的资料，按零售额 计算， 溜溜果园 2024年 在中国果类零食行业排名第一，市 场份额 为 4.9% ； 在中国梅产品行业排名第一，市场份额为 7.0% ；同样 按零售额计 算， 2021 年至2024年在青梅果类零食行业及西梅果类零食行业连续四年排名第一。 值得注意的是， 除梅 干 零食 和 西梅产品外，溜溜果园的梅冻 是其 产品创新策略的里程碑事件， 标志 着其 成功扩展至注重健康的消费者的天然零食选择 —— 根据弗若斯特沙利文的资料， 按零售 额计算， 溜溜果园 是 2024年 中国果冻行业的主要参与者，市场份额为 2.9% ，并 在中国天然果冻 行业排名第一，市场份额为 45.7%。 此外， 溜溜果园 还 于 2025年推出「打梅打」梅精软糖， 以 持续拓展零食行业的不同领域， 并 为 注重健康的消费者带来创新零食。 另根据 溜溜 ...

从3月4日到今天，盐津铺子涨幅59.17%。 尽管盐津铺子在资本市场表现抢眼，但其产品质量问题仍未得到根本解决。在黑猫投诉平台上，盐津铺子累计投诉量达445条，虽然相比三只松鼠的2548 条、良品铺子的2065条要少，但消费者反映的产品发霉变质等问题仍然存在。即便在2025年4月9日，仍有消费者投诉盐津铺子食品发霉变质、异味明显，这 表明公司在食品安全管控方面仍有待加强。信心动摇"的质疑。 在零食行业中，盐津铺子（002847）股价一路高歌猛进，今日(2025年4月15日)盘中创下历史新高89.85元，市值接近240亿元。与此同时，良品铺子 （603719）、三只松鼠（300783）等竞争对手却未走出如此行情。 业绩增长推动股价攀升 盐津铺子近年来业绩表现亮眼，2024年前三季度净利润已达4.93亿元，预计全年净利润有望突破6亿元，较2023年的5.06亿元继续增长。在中国休闲食品市场 规模突破万亿的背景下，盐津铺子营收规模从2020年的19.59亿元增长至2023年的41.15亿元，净利润实现连续三年创历史新高。 在股价创新高的同时，盐津铺子高管减持套现现象引人关注。2025年3月4日，包括副总经理兰波、杨 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]

五粮液：五粮液计划6个月内增持5-10亿元。集团公司计划自公告之日起6个月内通过深圳证券交易所交 易系统增持公司股票，拟增持金额不低于5亿元，不超过10亿元。截至公告日，五粮液集团公司持有公 司股份7.95亿股，占公司总股本的20.49%。在本次公告前的12个月内，五粮液集团公司累计增持公司股 份340.67万股，占公司总股本的0.09%，增持金额为人民币5亿元。 投资建议 招商证券发布研报称，本周受贸易摩擦影响板块震荡。从Q1情况来看，高端白酒需求相对稳定，次高 端酒企表现分化，整体边际改善。食品板块需求企稳，调味品、乳制品、啤酒等板块轻装上阵全年业绩 改善确定性更高，而零食、饮料赛道仍然延续高景气。当前茅台、五粮液（000858）纷纷出台回购方 案，龙头底线价值清晰，白酒位置进可攻退可守，食品把握趋势向上及高景气赛道。内需有望发力背景 下，该行重申板块配置价值。 招商证券主要观点如下： 核心公司跟踪：重啤维持高位分红，中炬全年稳健收官 重庆啤酒（600132）：分红维持高位，结构表现依旧承压。公司24年高档酒结构表现仍然承压，带动吨 价同比下滑，税收政策及诉讼费用影响盈利，收入/归母净利润同比-1.2%/ ...