Group 1 - The JOLTS report indicates that the U.S. labor market remains stable despite economic uncertainties, with job openings unexpectedly rising to 7.769 million in May, surpassing expectations of 7.3 million and the previous month's figure of 7.391 million [1][3] - Job openings have shown volatility, with significant fluctuations of up to 500,000 per month, but have generally stabilized between 7 million and 8 million over the past year [3] - The increase in job openings in May was primarily driven by the leisure and hospitality sector, which accounted for three-quarters of the total openings, while other sectors showed mixed results [3] Group 2 - The number of layoffs decreased to 188,000 in May, with a layoff rate of 1%, indicating a relatively stable labor market [5] - Hiring numbers slightly declined from a peak of 5.615 million to 5.503 million, with the largest decreases observed in healthcare and manufacturing sectors [5] - The number of voluntary resignations increased from 3.215 million to 3.293 million, suggesting a tighter labor market as workers feel confident to seek better opportunities [5] Group 3 - The ratio of job openings to unemployed individuals rose to 1.1, aligning with pre-pandemic levels, marking the first increase in this metric in several months [3] - Economists are closely monitoring the upcoming June non-farm payroll report for signs of labor market slowdown, with expectations of slower job growth and a rising unemployment rate [7] - The JOLTS report is considered a key labor market indicator by policymakers, although some economists question its reliability due to a low response rate in the survey [7]

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 ...

Group 1: Market Overview - The main consumption index (000932) increased by 0.13% as of July 1, 2025, with notable gains from stocks such as New Nuo Wei (300765) up 6.19% and Gree Beverage (605499) up 2.32% [1] - The consumer market showed a moderate recovery in Q2 2025, with a projected year-on-year growth of 6.5% in social retail sales for June [1] - The main consumption ETF (159672) experienced a near 1-week cumulative increase of 0.67% as of June 30, 2025 [1] Group 2: Industry Insights - The Chinese snack market has surpassed 470 billion yuan, entering a phase of stock competition, with food safety and quality control becoming critical for business development [2] - Fluctuations in raw material prices significantly impact the leisure food industry, and companies must adapt pricing strategies to maintain performance [2] - Companies in the leisure food sector need to respond quickly to consumer demand changes through product innovation and process improvements [2] Group 3: ETF Performance - As of June 30, 2025, the main consumption ETF's net value increased by 1.27% over the past year, with a maximum monthly return of 24.35% since inception [2] - The ETF's management fee is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [2] - The ETF's maximum drawdown this year was 6.82%, with a relative benchmark drawdown of 0.34% [2] Group 4: Valuation Metrics - The main consumption ETF tracks the main consumption index, which has a current price-to-earnings ratio (PE-TTM) of 18.66, indicating it is at a historical low, below 99.2% of the past year [3] - The top ten weighted stocks in the main consumption index account for 67.93% of the index, with notable companies including Yili (600887) and Kweichow Moutai (600519) [3]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment opportunities [4]. Core Viewpoints - The company is a leading player in the spicy snack sector, benefiting from the growth of the konjac product category, which has driven rapid revenue growth over the past 25 years. The company possesses strong brand power and product development capabilities, supported by a big product strategy and refined channel management for long-term growth [1][2]. Summary by Sections Future Development Highlights - The konjac snack industry is projected to reach a scale of 12 billion yuan in 2024, characterized by high customer unit prices, broad audience coverage, and health benefits, indicating significant market potential. The company, as a pioneer in the konjac category, is expected to generate over 3 billion yuan in revenue from konjac products in 2024, maintaining its industry leadership [2]. Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are 7.881 billion, 9.494 billion, and 11.265 billion yuan, with year-on-year growth rates of 26%, 20%, and 19% respectively. Net profit forecasts for the same period are 1.360 billion, 1.670 billion, and 1.984 billion yuan, with growth rates of 27%, 23%, and 19%. The expected EPS for 2025-2027 is 0.56, 0.69, and 0.82 yuan, corresponding to P/E ratios of 23.68, 19.29, and 16.24 times. The company is currently in a konjac product growth phase, with a valuation of 25-30 times P/E, translating to a market value of 34-40.8 billion yuan, indicating further upside potential [4][6]. Financial Summary - The company's revenue has shown steady growth, increasing from 2.76 billion yuan in 2018 to 6.266 billion yuan in 2024, with a CAGR of 14.6%. The net profit has also risen from 476 million yuan in 2018 to 1.069 billion yuan in 2024, with a net profit margin of 17.06% in 2024, reflecting strong profitability [24][30]. Core Competitiveness - The company has established a robust brand foundation and a comprehensive product matrix, with a strong focus on the spicy snack market. The konjac product line has emerged as a significant growth driver, with revenue from this category increasing from 298 million yuan in 2018 to 3.371 billion yuan in 2024, achieving a CAGR of 49.84% [36][37]. Product Foundation - The company has a well-structured product matrix, including traditional spicy snacks, vegetable products, and bean products. The konjac product "Konjac Delight" has become a key growth driver, while traditional spicy snacks remain a core product line despite a decrease in revenue share [41][43].

以下文章来源于和讯商业 ，作者孟圆 商业世界的故事、逻辑、认知。由"和讯商业"团队出品。 和讯商业 . " 旺仔的眼睛是向上看的， 这 代表 旺旺 随时都要保持向上的目标 。 " 旺旺的创始人 蔡衍明 曾这 样说过。 然而， 6 月 24 日发布的财报却显露了向上的艰难： 2024 财年营收 235.11 亿元，同比微降 0.3% ； 净利润 43.36 亿元，同比增长 8.6% ， 呈现增利不增收，多项细分业务普遍承压。 纵观近十年，旺旺业绩发展接近停滞。百亿级大单品旺仔牛奶增长乏力，能显著拉动增长的新品仍未 出现，旺旺渐 渐 " 不旺 " 了 。 除了卖零食，旺旺这些年没少跨界，从医疗、酒店到保险、房地产，乃至养老、宠物、美妆、潮牌， 诸多热门赛道尝试均未激起水花。 今年 3 月，"旺旺集团"更名为"中国旺旺"（ 00151.HK ）引发情怀点赞，也未能转化为实际增长。 "旺旺近十年缺乏靓丽表现，甚至可以说在慢慢被边缘化，步入'中年节点'。" 食品 产业 分析师朱丹 蓬认为，无论品类创新、产品迭代还是渠道与营销升级，旺旺均未展现出足够亮点。尤其在休闲食品 领域，零食量贩渠道的崛起及特色新品的冲击，正对其构 ...

夜幕降临，朝阳市利州古城文化旅游风情街一天当中最热闹时候便开启了。漫步1600米长的"利州 河生态景观带"，不少身着汉服的游客提灯而过，欢声笑语不时从烟火市集中传来。 近日，作为省级夜间文化和旅游消费集聚区、省级夜经济示范街区以及省级示范步行街，利州古城 文化旅游风情街被省文化和旅游厅命名为省级旅游休闲街区，同一批还有4家，分别为沈阳市东中街大 悦城旅游休闲街区、大连市旅顺太阳沟历史文化街区、大连市东关街历史文化街区及阜新市红玛瑙旅游 休闲街区。这些街区都具有鲜明的文化主题和地域特色，具备旅游休闲、文化体验和公共服务等功能， 融合了观光、餐饮、娱乐、购物、住宿、休闲等业态。 随着旅游方式日益多元化，兼具游玩、文化和商业等元素在内的旅游休闲街区，成为一个独具特色 的休闲游目的地。近年来，我省大力推进文化、体育和旅游深度融合发展，紧扣高品质要求，积极培育 具有地域文化特色、规模效应良好的旅游休闲街区品牌项目，通过不断加强文旅品牌建设，进一步激发 文旅行业创新创造活力和市场消费动力。 为加大品牌创建力度，我省出台扶持政策，拿出真金白银鼓励和引导各地传统商业街区或新街区在 发展建设中融入更多旅游、休闲和文化等元素，以 ...

Core Viewpoint - The company is facing significant challenges, with revenue stagnation and a lack of new growth drivers, indicating a "mid-life crisis" for the brand [1][5][6] Financial Performance - For the fiscal year 2024, the company reported revenue of 23.511 billion yuan, a slight decrease of 0.3% year-on-year; net profit was 4.336 billion yuan, an increase of 8.6% [2][3] - The revenue decline is attributed to poor performance in ice cream and rice snacks due to extreme weather and a challenging consumer environment [2][4] - The company’s market share in the snack industry is only 5.9%, ranking fifth with retail sales of 1.348 billion yuan [2][3] Business Challenges - The company has struggled to innovate and adapt to changing market dynamics, leading to stagnation in revenue and profit over the past decade [3][6] - The reliance on traditional sales channels is evident, with about 80% of revenue coming from conventional wholesale and modern retail channels, while emerging channels like e-commerce are underrepresented [7][8] - The company’s flagship product, Wangzai Milk, has seen only low single-digit growth, highlighting the challenges in driving significant sales growth [3][4] Market Dynamics - The snack industry in China is characterized by a large market size but low concentration, with many private label products competing against established brands [2][6] - The rise of new competitors and changing consumer preferences, particularly among Gen Z, have created additional pressure on traditional brands like the company [7][9] - The company’s historical marketing strategies are becoming less effective in the current consumer landscape, necessitating a comprehensive restructuring of its supply chain and brand value [9]

2025 年 06 月 26 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 证券研究报告 1、最新报告摘要 1.1、卫龙美味（9985.HK）深度报告：魔芋十年磨剑迎爆发，中式辣味零食 龙头发展提速--卫龙美味/休闲食品(09985/213408) 公司 PPT 报告（港股美 股） 分析师：刘洁铭 S0350521110006 分析师：秦一方 S0350523120001 联系人：黄诗汶 S0350124040004 辣味零食龙头，行业地位稳固。作为中国辣味休闲食品行业领军企业，公司凭借二十余年深耕构筑起竞争壁垒， 通过前瞻性的供应链布局与品牌战略，公司成功实现从传统作坊式生产向现代化食品企业的跨越式发展：2004 年率先完成工业化生产基地建设，奠定行业规范化生产标杆；2010 年起实施品牌战略升级，通过明星代言+ 系列品牌及营销策略+包装升级完成品牌价值重塑，推动产品结构实现从低价辣条向高端辣味零食的跃迁。组 织体系方面，核心管理团队人员稳定，且通过外部人才引进构建高效运营机制，配合多层次激励机制持续释放 组织动能。 [Table_Title] ...

（1）高端会员店（如Costco、山姆）、（2）商超便利店（如胖东来、永辉）以及（3）零食渠道（量 贩店）。截至目前，散装产品已成功进入胖东来、永辉等商超渠道，真空产品已成功入驻Costco、零食 很忙等连锁卖场。25Q1 山姆、永辉及胖东来等渠道合作落地，考虑到流通渠道前期送样、沟通与合同 流程确存周期，预计25H2 放量优于25H1。2024 年其他渠道（主要包括来源于经销商的收益）收入1.14 亿，我们认为2025年有望实现高双位数增长。 踏浪出海，探索多元：（1）公司积极探索海外市场，传播中国卤味文化，开辟新增长曲线。截至2025 年初，已进入马来西亚MIX 超市，2025 年或以贸易形式进入更多东南亚和港澳地区，开发定制化产 品、初步搭建起经销商代理网络，2026-2027 年公司计划进一步进军欧美、澳新、日韩等国家。（2） 初探复调、布局饮料：2025 年4 月，周黑鸭与四川申唐产业成立合资公司，计划推出"嘎嘎香"系列复合 调味品，目标25 年内上市10 款产品。2025 年1 月，周黑鸭与泰国IMCOCO 集团联合推出椰子水品 牌"丫丫椰"，现以门店销售为主，流通渠道开拓在途。 机构：东吴证券 ...

"新"向未来——平安基金2025年中期投资策略会于6月25日-26日举行，多位行业专家对当前经济形势、 热门行业发展前景、资产配置等话题展开探讨。平安消费精选混合基金经理丁琳在作《潮起东方，五大 赛道破局新消费——2025年新消费投资分析》主题报告时表示，消费市场正经历着深刻的变革，2025 年，新消费领域呈现出多样化的发展趋势，为投资者带来了丰富的投资机会。 消费趋势展望：精神消费、性价比消费、消费品牌出海 丁琳对中长期消费趋势进行了展望，认为精神消费、性价比消费和消费品牌出海三大领域值得重点关 注。精神消费当前也是短期的消费热点。 休闲零食方面，零售渠道发生变革，零食量贩折扣业态兴起，新零售业态如零食量贩店凭借更高的效率 和更好的消费体验，迅速占领市场。根据弗若斯特沙利文的数据，2024年中国休闲食品饮料零售市场规 模达到37380亿元，预计到2029年将达到49477亿元。零食量贩店通过优化供应链和运营模式，能够提供 更具性价比的产品，满足消费者"多快好省"的需求，符合当下消费大环境。 国货化妆品品牌在国际市场上的崛起是消费品牌出海的重要体现。根据欧睿数据，2024年中国美妆个护 市场规模为5372亿元 ...