深夜的A股市场传来一阵密集的公告声。 就在2025年12月19日晚，包括英特集团、承德露露、张裕A在内的九家行业龙头公司不约而同地发布了一类相同的公告——回购公司股份并直接注销。 | 考评等级 | 优秀 | 良好 | | 一般 | | 不合格 | | --- | --- | --- | --- | --- | --- | --- | | 标准系数 | | | 1.0 | | 0.8 | | 这其中，有浙江省医药流通龙头英特集团注销的14.69万股，有杏仁露霸主承德露露注销的114万股，还有国产葡萄酒之王张裕A注销的215万股。 这些举动 看似是普通的资本操作，却在当晚被市场人士冠以"深夜利好"的标签。 而这九家公司的行动，仅仅是2025年A股回购大潮中的一朵浪花。 截至2025年12月初，整个A股市场的年内回购总金额已经突破了1500亿元大关。 更引人注 目的是，这其中超过四成的回购资金，用途明确指向了"注销"。 美的集团在12月8日刚刚完成了高达100亿元的回购计划，其中70%以上用于注销。 贵州茅台也在8月完成了60亿元的回购并全部注销，随后在11月底再次宣布了15-30亿元的新回购计划，目的依然是注销。 ...

针对与大股东的矛盾，汇源果汁再发声明，控诉文盛资产存在根本违约行为。 12月19日，汇源集团发布声明称，重整方案实施以来，汇源集团按照《重整投资协议》和《增资协议》按时、全 面履行了自身义务。但重整投资人上海文盛资产管理股份有限公司(以下简称"文盛资产")及其指定主体诸暨市文 盛汇自有资金投资有限公司(以下简称"文盛汇")对《重整投资协议》及《增资协议》的履行状况呈现出完全相反 的状态，其承诺的投资总额中，有8.5亿元其拒绝支付；已经投入的7.5亿元，其拒绝按照《重整投资协议》的约定 投入北京汇源的经营管理，造成北京汇源始终处于依靠重整投资前的自有资金高负荷运转的状态。 南都.湾财社记者王静娟 ▊ 阅读更多(戳下方标题) 在此之前，汇源果汁已经多次发声明控诉大股东诸暨文盛汇，包括逾期未支付重整投资款、控制公司的经营管 理、召开临时股东会等。这也引发大量关注与讨论，曾经的国民果汁如今深陷内斗与资本困局中。 汇源上一次发声是在9月12日凌晨，其直指文盛资产、诸暨文盛汇私刻汇源果汁公章，导致目前各大电商平台出现 大面积断货。声明中，汇源果汁表示，文盛资产、诸暨市文盛汇提供虚假资料违法私刻汇源果汁公章，并以此申 请撤 ...

【#碰瓷东方树叶东方爽茶被下架##东方爽茶仿冒东方树叶属典型混淆行为#】前段时间，多位消费者反 映，网络平台上，有名为"东方爽茶"饮品，其名称、包装与知名品牌"东方树叶"高度相似，导致误 买，"李逵变李鬼"。目前，"东方爽茶"这一山寨产品已全部下架处理，涉事企业因构成不正当竞争被相 关部门处以18万元罚款。那么，类似"东方爽茶"仿冒"东方树叶"的行为，构成何种侵权？面临哪些法律 后果？购买到此类"仿冒产品"的消费者又该如何索赔维权？《法治日报》律师专家库成员、福建重宇合 众律师事务所首席合伙人涂崇禹律师表示，"东方爽茶"产品在名称、包装设计上与"东方树叶"高度近 似，属于典型的"混淆行为"，足以导致消费者误认，且"东方树叶"为注册商标，涉事企业的行为既构成 商标侵权，也符合不正当竞争的构成要件。市场监督管理部门可依法进行查处，包括没收违法所得、没 收侵权产品、罚款、吊销营业执照等。若未经注册商标所有人许可，在同一种商品上使用与其注册商标 相同的商标，情节严重的，还可能构成假冒注册商标罪、销售假冒注册商标的商品罪，面临刑事处罚。 执法与司法机关在处罚时会综合考量违法经营额或违法所得数额、侵权人的主观过错、侵权行 ...

承德露露公告，公司已完成回购注销114.4万股公司股票，占回购注销前公司总股本10.21亿股的 0.11%。本次回购注销完成后，公司总股本由10.21亿股变更为10.2亿股。 ...

Core Insights - The 2025 Hurun China Food Industry Top 100 list shows a clear trend towards health-conscious consumption, with a notable shift in consumer preferences away from alcohol and meat towards nutritious ingredients [7]. Group 1: Rankings and Valuations - Guizhou Moutai ranks first with a value of 1.9 trillion RMB, a 1% increase from last year [2][3] - The overall value of the top 100 food companies is 7.2 trillion RMB, up 4% from the previous year [2] - The threshold for entering the list this year is 9 billion RMB, an increase of 1 billion RMB from last year [2] Group 2: Industry Trends - The beverage sector, particularly soft drinks, has shown significant growth, with Nongfu Spring's value increasing by 71% to 530 billion RMB [2][3] - The liquor industry remains stable despite recent adjustments, with four liquor companies in the top ten [2][6] - The overall food industry is experiencing sluggish growth, with food companies representing only 2% of the global unicorn list [4] Group 3: New Entrants and Performance - Eight new companies made the list this year, including Andeli Juice, which entered the top 70 with a value of 13.5 billion RMB, reflecting a nearly 70% increase [5] - The agriculture and animal husbandry sector saw the highest growth, with several companies reporting increases of over 10% [6] - The beer sector faced declines, with all listed beer companies experiencing downturns, attributed to weak recovery in on-premise consumption [6] Group 4: Regional Distribution - Beijing has the highest number of listed companies at seven, followed by Shanghai, Shenzhen, Guangzhou, and Chengdu [7] - The trend towards health-conscious consumption is evident, with a decrease in the number of liquor and meat companies on the list, while dairy and agriculture companies have increased [7]

Core Insights - The report highlights a rational competition landscape in the sugar-free tea industry, with a focus on brand loyalty and market concentration among leading players [5][15][17] - The market share of sugar-free tea has steadily increased, reaching 35.12% by September 2025, up from 31.66% in January 2024, indicating a growing consumer preference for healthier options [11][19] - The average price of sugar-free tea is projected to rise from 5.1 yuan/pcs in 2023 to 5.6 yuan/pcs in 2025, driven by the increasing penetration of larger packaging products [10][12] Market Trends - The sugar-free tea market is transitioning from a growth phase to a phase of competition for existing market share, with a notable slowdown in sales growth during the peak season of 2025 [11][19] - The competitive landscape is shifting towards rationality, with market share increasingly concentrated among top brands, such as Nongfu Spring, which saw a market share increase of 10.94 percentage points to 79.36% by June 2025 [5][19] - The industry is witnessing a significant reduction in the number of new product launches, with a focus on quality and targeted market segments rather than quantity [17][19] Consumer Behavior - Consumer preferences are evolving from mere thirst-quenching to seeking emotional satisfaction and multi-scenario applicability, with 65% of consumers purchasing tea for mood enhancement [23][26] - The demographic of sugar-free tea consumers is predominantly under 30 years old, accounting for over 70% of the market, indicating a need for brands to expand their appeal to older age groups [27][30] Product and Packaging Innovations - The industry is moving towards larger packaging formats to cater to group consumption scenarios, with 1.5L bottles gaining popularity in family and office settings [23][30] - Brands are increasingly focusing on flavor optimization and cultural integration to attract diverse consumer groups, with localized products being tested in specific regions [34][39] Channel Strategy - The report emphasizes the importance of offline channels, which account for over 80% of sales, with grocery stores being the primary sales channel [33][38] - Brands are shifting from broad distribution strategies to more refined channel management, utilizing digital tools to enhance operational efficiency and consumer engagement [36][39] Investment Logic - The report suggests that as the competitive landscape clarifies, market concentration will continue to favor leading brands, which are expected to leverage their established product lines and market responsiveness to capture market share [42]

上榜的百强食品企业涵盖食品综合、酒类、软饮料、乳制品、肉制品、调味品、烘焙、粮油、保健食品 和农牧行业。今年上榜门槛为90亿元，比去年上升10亿元；前50名门槛为220亿元，与去年持平；前10 名门槛为1300亿元，与去年持平。上榜企业总价值7.2万亿元，比去年上升4%。非上市企业25家，比去 年多1家，比前年多3家。 根据榜单数据，贵州茅台以1.9万亿元价值蝉联中国食品行业最具价值企业，比去年增长1%；五粮液价 值增长2%，以5700亿元位居第二；农夫山泉以5300亿元的价值位居第三，价值增长71%，强势保持价 值最高的软饮料企业；山西汾酒和海天味业价值均增长2%，以2450亿元并列第四。榜单前十有4家白酒 企业，比去年少1家。 牧原、伊利、金龙鱼分别保持价值最高的农牧企业、价值最高的乳制品企业、价值最高的粮油企业地 位；泸州老窖和温氏稳居前十行列。 分析榜单可见，有8家企业新上榜，分别是安德利果汁、优然牧业、中国食品、巨星农牧、椰树、京基 智农、五得利面粉、现代牧业，价值增幅最快的则是德康农牧（92%）、农夫山泉（71%）、妙可蓝多 （63%）、卫龙（56%）、娃哈哈（24%）、珍酒李渡（23%）；7家企 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 贵州茅台以1.9万亿元价值蝉联中国食品行业最具价值企业，比去年增长1% 胡润百富 五粮液价值增长2%，以5700亿元位居第二 农夫山泉以5300亿元的价值位居第三，价值暴增71%，强势保持价值最高的软饮料企业 山西汾酒和海天味业价值均增长2%，以2450亿元并列第四 前十有4家白酒企业，比去年少一家，因洋河跌出榜单前十 牧原、伊利、金龙鱼分别保持价值最高的农牧企业、价值最高的乳制品企业、价值最高的粮油企业 泸州老窖和温氏保持前十 8家企业新上榜，分别是安德利果汁、优然牧业、中国食品、巨星农牧、椰树、京基智农、五得利面粉、现代牧业 价值增幅最快的是德康农牧（92%）、农夫山泉（71%）、妙可蓝多（63%）、卫龙（56%）、娃哈哈（24%）、珍酒李渡（23%） 7家企业价值跌幅超10%：华润饮料（跌28%）、飞鹤（跌23%）、颐海国际（跌12%）、蒙牛（跌11%）、盐津铺子、华润啤酒和康师傅控股（均跌 10%） 白酒企业仍然最多，有22家，但比去年少2家，比前年少3家；食品综合15家；农牧和软饮料各12家；调味品和乳制品各11家 北京上榜7 ...

Group 1 - The core viewpoint of the news is that Zhejiang Liziyuan Food Co., Ltd. has shown a significant stock performance with a year-to-date increase of 18.91% and a recent rise of 2.03% in stock price [1] - As of December 19, the stock price is reported at 12.56 yuan per share, with a market capitalization of 4.9 billion yuan [1] - The company has experienced a net inflow of main funds amounting to 2.68 million yuan, with large orders contributing to 20.11% of total buying [1] Group 2 - Zhejiang Liziyuan Food Co., Ltd. was established on October 22, 1994, and went public on February 8, 2021, focusing on the research, production, and sales of dairy and other beverages [2] - The main business revenue composition includes 93.76% from dairy beverages, 4.86% from other beverages, and minimal contributions from flavored drinks and protein beverages [2] - As of September 30, the number of shareholders increased by 12.53% to 35,200, while the average circulating shares per person decreased by 12.11% [2] Group 3 - Since its A-share listing, Liziyuan has distributed a total of 745 million yuan in dividends, with 570 million yuan distributed over the past three years [3]

证券日报网12月18日讯香飘飘（603711）在12月17日回答调研者提问时表示，餐饮渠道是目前公司重点 关注的新渠道。公司Meco杯装果茶与餐饮场景的适配度高，公司根据餐饮渠道特点，推出定制化杯装 Meco果茶产品，在部分地区选取部分餐饮门店进行试销，探索餐饮渠道的市场机会。 ...