证券研究报告：食品饮料|行业周报 发布时间：2025-05-19 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《白酒主动降速减压、提高分红率，大 众品关注新渠道/新品类机会》 - 2025.05.12 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18105.47 | | 52 周最高 | 19832.49 | | 52 周最低 | 14118.56 | 行业相对指数表现 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 食品饮 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次利润分配方案经公司2025年4月23日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 3.分配方案： 本次利润分配以方案实施前的公司总股本240,000,000股为基数，每股派发现金红利1元（含税），共计 派发现金红利240,000,000元。 三、相关日期 ■ 四、分配实施办法 1.实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交 易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者 可于红利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分 公司保管，待办理指定交易后再进行派发。 （2）派送红股或转增股本的，由中国结算上海分公司根据股权登记日上海证券交易所收市后登记在册 股东持股数，按比例直接计入股东账户。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（ ...

2025中国烘焙新品发布周 5月19日-5月22日 Bakery China 3馆F61金城制冷展位 即将盛大举行！ 本文介绍的孟文食品 也将会作为演示嘉宾品牌出席 和观众们一起现场演示与互动！ 详情回顾： 超燃的！2025中国烘焙新品发布周：18+知名企业现场发布50+新品、13大板块全产业链共同书 写"人气爆品"的新公式！ 为了中国烘焙市场信息更加透明流通，方便上下游资源更快速的链接，东京烘焙职业人开通栏目 " 中 国烘焙工厂 " ，和大家一起了解更多关于 OEM/ODM 加工企业的深度信息，洞察头部企业的发展布 局，快速精准匹配需求。 同时欢迎更多优质的 OEM/ODM 企业 与我们联系！ 有需求联系相关代工企业或寻求代工相关资源的 品牌方 请添加联系方式，会有专人对接。 【中国烘焙工厂·第 8 家】 /// 烘焙的工业化生产与手工生产站在行业的两端，工业化代表着品控稳定、质量在线，手工业代表着 独特个性、风味十足。 上海孟文食品则兼具了工业化生产和手工化制作的优势，以强大的研发能力打造独特产品线，随着 四季轮转不断推陈出新，也凭借严格的生产管理稳定品控，成为行业连锁品牌、茶咖品牌、星级酒 店钟爱的合作 ...

以下文章来源于正和岛 ，作者微澜 正和岛 . 正和岛，基于信任链接的企业家供需适配平台。 来源丨正和岛（ID：zhenghedao） 作者丨微澜 图源丨Midjourney 回顾中国的面包，那么绕不开的是被称作"阿卡林省"（"阿卡林"是动漫《摇曳百合》中主角名字，虽是主 角，但经常被忽视，故延伸出"阿卡林"一词，形容存在感低）的江西，尤其是"面包之乡"江西资溪。 俗话说得好，一方水土，养一方人；同样，一方水土，也造就了一批行业的繁荣发展。 但江西的面包业是个另类。如果从产业基础和区位优势来看，江西不产小麦，也不是面包消费的前沿之 地；江西资溪更是被大山环绕，交通绝对称不上便利。 偏偏就是这样一个跟面包不搭边的地方，却在面包行业"称霸"全国。 毫不夸张地说，在中国，但凡有面包的地方，几乎都或多或少和江西地域、江西人有着这样或那样的联 系： 北起黑龙江，南抵海南，东至上海、江浙，西达新疆，在中国1000多个城镇里，江西的"面包军团"开出 了16000多家面包蛋糕店，年创产值超300亿。 今天我们就来盘点下，站在中国面包界背后的5个江西人。 从负债百万，到估值百亿， 他开一家店，被上千家山寨模仿 鲍师傅创始人鲍才胜 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Core Viewpoint - The article highlights the significant role of Jiangxi, particularly Zixi, in China's bread industry, showcasing successful entrepreneurs and their contributions to the sector. Group 1: Overview of Jiangxi's Bread Industry - Jiangxi, particularly Zixi, has become a powerhouse in the bread industry despite lacking local wheat production and facing geographical challenges [5][6][7]. - The province is home to over 16,000 bakeries, generating an annual output value exceeding 30 billion [7]. Group 2: Key Entrepreneurs 1. Bao Caisheng (Founder of Bao Shifu) - Bao Caisheng transformed from being in debt by 1 million to building a brand valued at 10 billion [9][10]. - His journey began in 1995 with a bakery in Zhengzhou, which initially failed, but he persevered and eventually created the popular "Meat Floss Little Cupcake" [18][30]. - By 2021, Bao Shifu had over 100 stores and sold 1 billion cupcakes, achieving a brand valuation of 100 billion [30][31]. 2. Zhan Zhenhua (Founder of Zhan Ji) - Zhan Ji, known for its peach crisp, achieved a remarkable daily sales record of 750,000 pieces [34][45]. - Zhan Zhenhua innovated traditional recipes to appeal to younger consumers, leading to rapid expansion and nearly 300 stores by early 2025 [46]. 3. Huang Jin (Founder of Lu Xi He) - Huang Jin, also from Jiangxi, established Lu Xi He, which has over 500 stores and is recognized as a leader in southern-style baking [63]. - The brand focuses on innovation in traditional products and efficient supply chain management [64][65]. Group 3: Development of Zixi's Bread Industry - Zixi's bread industry has thrived due to a unique culture of mutual support among local entrepreneurs, leading to a significant workforce in the sector [68][79]. - The establishment of the first county-level bread industry association and the creation of a comprehensive bread industry chain have been pivotal in promoting local brands [79][84]. Group 4: Factors Contributing to Success - Jiangxi's bread industry benefits from early market entry, government support, and a strong entrepreneurial spirit among its people [83][84][85]. - The local culture emphasizes hard work and resilience, which has driven the growth of the bread sector [86][87].

基础款贝果的成分很简单——面粉、水、酵母、盐、糖。不用经过多次发酵，因此贝果的风味口感 决定性因素几乎就在于 面粉的选择和制作时候含水量的工艺 。 面粉的选择区别 近些年中国烘焙界能堪比吐司的流行大单品，大概就只有贝果了。 从前大家叫贝果是"那个好像甜甜圈的面包"，现在贝果是一个品类撑起一个门店，甚至一个连锁咖 啡品牌的"擎天柱"，逆袭了家人们！（一年卖出950万个贝果的TIMS：你下次直接报我身份证号就 行了。） 其实贝果本身的工艺配方并不复杂，是所有烘焙师必会的基本功。但是为什么有的店铺贝果软糯Q 弹，上架就爆单，有的烘焙师做出的贝果总是差一点感觉？ 这篇文章就来总结一下想让贝果达到完美质地的方法，对于制作贝果不确定选哪种面粉的人来说非 常有用！ 在《用科学解读面包的为什么？》一书中，作者把小麦粉按蛋白质含量分为： 高筋粉： 11.5%-13.0% 次高筋粉： 10.5%-12.0% 高筋面粉和次高筋面粉在面团的"延展性"方面有显著差异。实际揉面时，这种差异尤为明显。 更准确的来说—— 高筋面粉：具有较强的弹性和延展性。使用这种面粉制作的面团，类似于气球般柔韧，成品面包具 有弹性和嚼劲。 次高筋面粉：弹性 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, driven by product diversification and effective channel management [1][2][3][4]. Financial Performance - In 2024, the company achieved revenue of 3.835 billion yuan, a year-on-year increase of 9.61%, and a net profit of 268 million yuan, up 266.94% [1]. - For Q1 2025, revenue reached 1.046 billion yuan, growing 14.13% year-on-year, with a net profit of 88 million yuan, an increase of 15.11% [1]. Product Performance - The company expanded its product matrix, with notable performance in cream products, which generated over 500 million yuan in sales, contributing to a 60% year-on-year increase in cream product revenue [1]. - Revenue from frozen baking, cream, fruit products, sauces, and other baking raw materials in 2024 was 2.133 billion, 1.058 billion, 166 million, 225 million, and 226 million yuan respectively, with cream products showing a significant increase [1]. Channel Development - The company optimized its distributor system, achieving revenue of 2.222 billion yuan from distribution channels, a 12.75% increase year-on-year, with distributors accounting for approximately 57% of total revenue [2]. - The supermarket channel contributed nearly 25% of revenue, experiencing a slight decline due to periodic adjustments in product listings [2]. - Innovative channels such as catering, tea drinks, and new retail accounted for about 18% of revenue, with a combined year-on-year growth rate of approximately 20% [2]. Cost Management - The company demonstrated effective cost control, with a gross margin of 31.47% and a net margin of 6.99% for 2024, reflecting a year-on-year increase in net margin by 4.9 percentage points [3]. - For Q1 2025, the gross margin was 29.99%, slightly down due to changes in channel and product structure, while the net margin increased to 8.45% [3]. Future Outlook - The company is committed to a big product strategy, aiming to enhance the revenue share of key baking products and expand its UHT cream production capacity [4]. - Revenue projections for 2025-2027 are 4.335 billion, 4.980 billion, and 5.712 billion yuan, with net profits of 335 million, 403 million, and 491 million yuan respectively [4].

Core Viewpoint - Walmart's resumption of shipments from Chinese suppliers, with U.S. customers bearing tariffs, highlights the performance of Chinese baking suppliers like Lihigh Foods, which has seen significant revenue growth over the past five years [1][3]. Company Performance - Lihigh Foods reported a revenue of 3.835 billion yuan in 2024, a year-on-year increase of 9.61%, with a net profit of 256 million yuan, reflecting a 44.89% growth in net profit after excluding share-based payments [3][5]. - The company has achieved a doubling of revenue from 1.8 billion yuan in 2020 to 3.8 billion yuan in 2024 [1]. Product Segments - Lihigh Foods' two main product segments are frozen baked goods and baking ingredients. In 2024, the frozen baked goods segment generated 2.133 billion yuan, a decline of 3.53%, while baking ingredients saw a revenue increase of 32.74% to 1.675 billion yuan [4][6]. - The decline in frozen baked goods revenue is attributed to adjustments made by core supermarket clients in mid-2024 [8][9]. Market Trends - The frozen baking sector, referred to as "pre-made dishes in baking," has been experiencing high industry demand, contributing to Lihigh Foods' performance [1][2]. - The rise of membership-based supermarkets and quality retail models has fueled the growth of the baking sector, benefiting suppliers like Lihigh Foods [3]. Customer Dependency - Lihigh Foods has a significant dependency on Walmart, which has accounted for over 20% of its sales in recent years. In 2024, sales to its largest customer represented 22.91% of total revenue [11][12]. - The company is actively seeking to reduce this dependency by diversifying its product offerings and exploring new sales channels, including the restaurant sector [12]. Strategic Initiatives - To mitigate reliance on major clients, Lihigh Foods is expanding its product range, particularly in baking ingredients, with a notable increase in sales of its UHT cream products [12]. - The company is also focusing on developing its supply chain capabilities for the restaurant sector and other supermarkets outside its core clients [12].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [5][18]. Core Insights - The company reported revenue of 3.835 billion yuan for 2024, reflecting a year-on-year growth of 10%, and a net profit of 268 million yuan, which is a significant increase of 267% compared to the previous year [2][6]. - The first quarter of 2025 showed a revenue of 1.046 billion yuan, up 14.13% year-on-year, with a net profit of 88 million yuan, marking a 15.11% increase [2][6]. - The company has successfully narrowed its expense ratios, leading to improved net profit margins of 6.99% for 2024 and 8.45% for Q1 2025, despite a slight decline in gross margins due to rising raw material costs [4][6]. Financial Performance Summary - For 2024, the company achieved revenues of 3.835 billion yuan, with a net profit of 268 million yuan, and an EPS of 1.58 yuan per share [6][11]. - The projected net profits for 2025 and 2026 are 356 million yuan and 420 million yuan respectively, with corresponding EPS of 2.10 yuan and 2.48 yuan [5][6]. - The company’s gross margin for 2024 was 31.47%, with a slight decrease to 29.99% in Q1 2025, while the overall expense ratio decreased significantly, enhancing profitability [4][6]. Product and Channel Performance - The company’s frozen baking segment showed a recovery with a revenue of 6.3 billion yuan in Q1 2025, up 12% year-on-year, while the cream segment grew by 17% [3][4]. - The distribution channels for 2024 included revenue contributions of 2.221 billion yuan from distribution, 1.580 billion yuan from direct sales, and 0.07 billion yuan from retail, with the distribution channel benefiting from increased sales of cream products [3][4]. Future Outlook - The company is expected to continue leveraging growth opportunities in the frozen baking sector and UHT cream business, with ongoing improvements in production efficiency and cost management strategies [4][5].