9月30日晚，中国证监会对三只松鼠、剑桥科技、均胜电子、三一重工境内企业境外发行上市予以确认，4家均为赴港上市企业。 1、三只松鼠 拟发行不超过81,548,274股境外上市普通股并在香港联合交易所上市。 三只松鼠经营休闲零食，目前拥有三只松鼠、小鹿蓝蓝两个品牌，产品包括坚果、烘焙食品、综合零食、肉制品和果干等。 财务方面，2022至2024年，三只松鼠营收分别为72.93亿元、71.15亿元、106.22亿元，相应的净利润分别为1.29亿元、2.2亿元、4.07亿元。 2、剑桥科技 拟发行不超过77,062,000股境外上市普通股并在香港联合交易所上市。 4月25日，三只松鼠向港交所递交招股书，申请香港主板上市。该公司已于2019年7月12日在A股上市。 4月28日，剑桥科技向港交所递交招股书，申请香港主板上市。该公司已于2017年11月10日在A股上市。 剑桥科技专注于电信宽带终端、无线网络设备、智能家庭网关及工业物联网产品的研发与生产，产品广泛应用于全球主流电信运营商网络和互联网数据中 心。 财务方面，2022至2024年，剑桥科技营收分别为37.84亿元、30.85亿元、36.5亿元，相应的净利润分别 ...

9月30日，中国证监会国际合作司发布《关于三只松鼠（300783）股份有限公司境外发行上市备案通知书》。公司拟发行不超过81,548,274股境外上市普通股 并在香港联合交易所上市。 据招股书披露，三只松鼠是中国互联网时代诞生的"全品类+全渠道"经营模式的创新者与代表者，致力于为大众消费者提供"高端性价比"的好产品。根据灼 识咨询的数据，以2024年销售额计算，公司已从单一坚果品类发展成为中国最大的中资休闲零食企业，同时以2022年至2024年销售额年均复合增速计，公司 是行业前五大公司中增长速度最快的休闲零食企业。 | 索 引 号 | bm56000001/2025-00011539 | 分 KK | | --- | --- | --- | | 发布机构 | | 发文日期 | | 名 称 | 关于三只松鼠股份有限公司境外发行上市备案通知书 | | | 文 를 | 国合函〔2025〕 1671 号 | 主题词 | 三只松鼠的产品组合包括坚果、烘焙食品、零食组合、肉制品及干果。公司一直积极预测并回应市场需求及消费者偏好的变化，持续通过旗下多个品牌推出 新产品。截至2024年12月31日，公司提供超过1000个S ...

智通财经APP获悉，9月30日，中国证监会国际合作司发布《关于三只松鼠股份有限公司境外发行上市备案通知书》。公司拟发行不超过81,548,274股境外上 市普通股并在香港联合交易所上市。 | 索 | bm56000001/2025-00011539 | ਸੇ | 奖 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | | | 名 称 | 关于三只松鼠股份有限公司境外发行上市备案通知书 | | | | 文 를 | 国合函〔2025〕 1671 号 | 主题词 | | 据招股书披露，三只松鼠是中国互联网时代诞生的"全品类 +全渠道"经营模式的创新者与代表者，致力于为大众消费者提供"高端性价比"的好产品。根据灼 识咨询的数据，以2024年销售额计算，公司已从单一坚果品类发展成为中国最大的中资休闲零食企业，同时以2022年至2024年销售额年均复合增速计，公司 是行业前五大公司中增长速度最快的休闲零食企业。 三只松鼠的产品组合包括坚果、烘焙食品、零食组合、肉制品及干果。公司一直积极预测并回应市场需求及消费者偏好的变化，持续通过旗下多个品牌推出 新产品。截至2024年12月31日 ...

Investment Rating - The report suggests a positive outlook for the liquor sector, particularly for high-end brands like Guizhou Moutai and Wuliangye, indicating a left-side configuration opportunity in the white liquor segment [3][12][14]. Core Insights - The report highlights that the core products in the liquor industry, such as Feitian Moutai and Wuliangye, have seen a rebound in wholesale prices, attributed to effective channel management by manufacturers [2][12]. - It is anticipated that the sales volume in the white liquor sector will decline by approximately 20% year-on-year, but the rate of decline is expected to narrow compared to previous months, indicating a potential stabilization in the market [11][12]. - The report emphasizes the increasing diversification of purchasing channels for liquor, with a notable shift towards online and new media platforms, which is reshaping consumer behavior [2][12][14]. Summary by Sections White Liquor - The report notes a recovery in the wholesale prices of key products, driven by improved channel management and a positive reception during the upcoming Mid-Autumn and National Day holidays [2][12]. - It suggests that the white liquor sector is entering a phase where inventory levels can be significantly reduced, leading to a temporary release of price pressure [12][14]. - Recommendations include focusing on high-end brands with strong market positions and exploring potential catalysts in the broader liquor market [3][12][14]. Beer - The beer sector is experiencing steady recovery in on-premise consumption, with companies diversifying into non-draft channels and soft drinks [14]. - The report encourages continued attention to the beer sector due to its solid performance and dividend levels [3][14]. Yellow Wine - The yellow wine industry is seeing price increases among leading brands, which may lead to a more stable competitive landscape [14]. - The report highlights the importance of marketing and product innovation in the yellow wine sector as it approaches peak season [14]. Snacks - The snack industry is maintaining high growth, with new retail channels expanding rapidly and product diversity increasing [4][15]. - The report suggests that the upcoming holiday season will boost demand for snack products, particularly nut gift boxes [4][15]. Soft Drinks - The soft drink sector is nearing the end of its peak season, with segments like energy drinks and sugar-free teas showing strong growth [4][16]. - The report indicates that traditional categories are facing challenges, but health-oriented products are performing well [4][16]. Condiments - The condiment sector is stabilizing, with expectations of demand recovery in the restaurant chain segment [5][17]. - The report recommends focusing on companies with strong competitive advantages and improving profit margins [5][17].

Investment Rating - The report maintains a "Positive" investment rating for the industry [12]. Core Insights - The soft discount retail model, while gaining traction, is unlikely to become mainstream in China, with hard discount chains focusing on private label (PB) products as a more viable solution for long-term profitability [10][9]. - The soft discount model is characterized by selling near-expiry or slightly defective products at lower prices, targeting price-sensitive consumers, but it requires efficient supply chain management to mitigate risks associated with inventory turnover [7][20]. - The leading soft discount retailer in Japan, Don Quijote, has successfully integrated entertainment and convenience into its business model, which may not be easily replicated in the Chinese market due to existing online alternatives [10][9]. Summary by Sections Soft Discount Model Overview - The soft discount model is defined as a retail format that focuses on high cost-performance products, primarily through the sale of near-expiry goods at discounted prices [7][20]. - This model contrasts with hard discount formats that emphasize supply chain efficiency and streamlined product offerings [21]. Market Dynamics - In China, the soft discount sector is still in its infancy, with sales accounting for approximately 3.5% of the retail industry in 2022, projected to rise to 4.5% by 2025 [9]. - Key players like Haotemai and Haitaigou are expanding rapidly but still lag behind established discount retailers in terms of scale and market presence [9][10]. Competitive Landscape - The report highlights that hard discount chains are increasingly focusing on expanding their PB product lines, which enhances supply chain efficiency and supports long-term profitability [10]. - The leading company recommended for investment is Wancheng Group, which is actively expanding its store network and improving operational efficiency [13]. Consumer Behavior and Trends - The report notes a shift in consumer behavior towards discount retail channels, driven by economic conditions and a heightened focus on value for money [66]. - The soft discount model's reliance on entertainment and unique shopping experiences may not resonate as strongly in China, where online shopping already fulfills many consumer needs [10][9]. Future Outlook - The report suggests that while the soft discount model may serve as a marketing tool, the hard discount model with a focus on PB products is likely to dominate the market moving forward [10][9]. - The ongoing expansion of discount retail formats is expected to continue, with a projected market size of approximately 1.79 trillion yuan in 2023 [66].

Group 1 - The food and health supplement industry on Xiaohongshu is experiencing an upward trend, with reading and search volume increasing by 81% and 40% respectively from 2025 to the present [1][11][12] - During the Double 11 shopping festival, content on the platform significantly influences user decisions, with 73% of monthly active users actively searching and 90% of those influenced by content [1][13][18] - The platform's closed-loop e-commerce GMV increased by 117% year-on-year, with 35% of users actively sharing their experiences [1][18] Group 2 - High-potential segments in the food and health supplement industry focus on three main areas: traditional Chinese health supplements, ready-to-eat meals, and snack foods [1][22][25] - Searches for traditional Chinese health supplements increased by 60% during Double 11, with popular items including bird's nest and donkey-hide gelatin, while new favorites like astragalus and angelica are emerging [1][22][27] - Ready-to-eat meal searches rose by 42%, led by Chinese pastries and pre-prepared hot pot dishes, primarily targeting young consumers seeking convenience and nutritional balance [1][22][41] Group 3 - The e-commerce strategy involves building a "spillover + direct + closed-loop" conversion system, optimizing content and targeting strategies to enhance user engagement and conversion rates [2][19][20] - Brands can achieve significant results, such as an 80%+ new store visit rate and a 4.X ROI through effective pre-promotion and targeted advertising [2][19] - The closed-loop e-commerce approach focuses on ROI, linking content directly to conversion efforts and enhancing efficiency through strategic planning [2][20][21]

Core Insights - The collaboration between Huang Zihongfan and Weilong aims to create a strong emotional connection with young consumers, positioning the brand as a "happy lifestyle" representative [2][6] - The launch of the new Spicy Lobster Flavor snack is designed to enhance brand recognition and appeal to the youth market by transforming the consumption experience into a joyful emotional context [2][6] Product Innovation - Weilong's classic product, the Spicy Gluten Snack, has been revamped to retain its core advantages while incorporating elements that resonate with young consumers [4] - The new product features a unique non-fried process that locks in flavors, providing a satisfying taste experience without overwhelming spiciness [4] - The independent packaging is designed for convenience, making it suitable for various social scenarios, thus lowering the barrier for trial [4] Marketing Strategy - The dual approach of introducing a brand ambassador alongside a classic product innovation is aimed at closely connecting with the younger demographic [6] - Huang Zihongfan's energetic image is leveraged to transform Weilong from a familiar snack brand into a "happy partner" that understands the preferences of young consumers [6] Future Directions - Weilong plans to continue engaging with young consumers through collaborations and scenario-based marketing, ensuring that classic snacks remain relevant in their daily lives [7]

二、线上全域渗透捕捉流量，线下广泛布局深化体验 渠道布局的广度与深度，直接影响品牌的市场覆盖与消费者触达效率。比比赞采取"线上深耕+线下拓展"的双 轨策略，逐步构建起覆盖多元消费场景的渠道网络。 线上方面，比比赞不仅持续运营天猫、京东、拼多多等传统电商平台，更积极布局抖音、快手等内容电商渠 道，通过直播带货、短视频种草等方式与消费者建立直接互动，推动品销合一。其产品频繁出现在各平台畅销 榜与口碑榜，印证了线上运营的有效性。 在休闲零食行业，践行长期主义离不开两项核心能力：一是精准洞察需求、持续迭代产品的创新力，二是高效 触达消费者、广泛布局渠道的渗透力。国民休闲零食品牌比比赞聚焦于"质价比"战略核心，通过敏捷的研发体 系与全渠道融合的零售布局，深扎根系、繁盛枝叶，逐步在行业红海中走出一条依托系统化运营的差异化增长 路径。 一、敏捷研发驱动产品创新，爆品矩阵构筑品牌基石 休闲零食消费具有高频、感性且高度场景化的特征，持续推出契合消费者需求的产品，是维系品牌活力与市场 声量的关键。比比赞将研发能力置于品牌发展的核心，通过专业团队对消费偏好与市场热点的持续追踪，构建 起行业领先的快速产品迭代机制，能够以平均每3至5 ...

Group 1: Key Insights on Baijiu Industry - Demand for banquets has been released in July and August, with a focus on business hospitality and gift-giving ahead of the Mid-Autumn Festival and National Day [1][2] - External risk events have had a decreasing impact on baijiu consumption scenarios, but overall consumption sentiment remains lower compared to the same period last year, leading to an estimated 20% year-on-year decline in sales [2][3] - The baijiu sector is expected to stabilize and recover as consumer sentiment improves, supported by ongoing consumption promotion policies and a gradual recovery in demand [2][3] Group 2: Investment Recommendations - The report suggests focusing on high-end baijiu brands with strong market positions, such as Kweichow Moutai and Wuliangye, as well as Shanxi Fenjiu, which is benefiting from upward channel momentum [3] - Potential cyclical recovery candidates include national brands like Gujing Gongjiu and Luzhou Laojiao, along with innovative companies like Zhenjiu Lidu and Shede Liquor [3] Group 3: Insights on Other Alcoholic Beverages - Beer demand is recovering steadily, with companies diversifying into non-drinking channels and soft drinks, indicating a positive outlook for the sector [4] - The yellow wine sector is expected to see improved competitive dynamics due to price increases among leading brands, with potential for marginal catalysts as the peak season approaches [4] Group 4: Insights on Non-Alcoholic Beverages and Snacks - The soft drink sector is experiencing growth in high-demand segments like energy drinks and sugar-free tea, while traditional categories face some pressure [5] - The snack industry is seeing an increase in store openings and revenue recovery, with specific products like nut gift boxes expected to see improved demand ahead of the holidays [4][5]

Summary of Youyou Foods Conference Call Company Overview - **Company**: Youyou Foods - **Industry**: Snack Food Industry Key Points and Arguments Revenue Growth Projections - Youyou Foods expects revenue to exceed 1.6 billion yuan in 2025, with growth rates of 40% and 22% for 2025 and 2026 respectively [2][3][16] - The contribution from membership supermarkets is projected to be 60% in 2025 and 40% in 2026, while snack wholesale channels are expected to contribute about 20% and 30% respectively [3][4][16] Market Position and Competition - Youyou Foods is positioned in the first tier of the ready-to-eat chicken feet and duck feet market, with a 2024 revenue of 1.17 billion yuan, including 785 million yuan from spicy chicken feet [2][6] - Competitors include brands like Wang Xiaolu and various regional brands, with a concentrated competitive landscape [6] Industry Trends - The snack food industry is experiencing significant channel structure changes, with rapid growth in snack wholesale and membership supermarkets, while traditional channels are under pressure [2][4][5] - By the end of 2024, the number of snack wholesale stores is expected to reach 35,000 to 40,000, generating approximately 140 billion yuan in sales [5] Product Innovation - Youyou Foods focuses on product innovation, introducing diverse flavors and new products such as lemon-flavored and spicy chicken feet, as well as chicken tendons and bone sticks [9] - The collaboration with Sam's Club has led to the successful launch of deboned duck feet, achieving monthly sales close to 20 million yuan [9][11] Management and Ownership - As of the end of 2024, Chairman Lu Youzhong and family hold 67.82% of the shares, with a stable and experienced management team [8] - Key executives have over 10 years of experience in the food and beverage industry, providing a solid foundation for the company's growth [8] Future Catalysts for Growth - Future growth catalysts include organizational adjustments, new product launches, and expansion into emerging channels such as interest e-commerce and snack wholesale [7][10] - The partnership with Sam's Club is expected to enhance brand visibility and drive sales growth [10] Channel Development - The membership supermarket channel is anticipated to generate over 100 million yuan in revenue in 2024, primarily from deboned duck feet [11] - The snack wholesale channel is expected to double its revenue in 2025, with ongoing expansion plans [12] E-commerce Growth - E-commerce revenue has accelerated since 2024, with a year-on-year growth of over 200% [13][14] - The Douyin platform is expected to feature popular products such as chicken tendons and spicy chicken feet, contributing to significant revenue growth [14] Profitability and Valuation - Projected revenue growth rates for 2025 and 2026 are approximately 40% and 22%, with a stable net profit margin around 14% [16] - The increase in low-margin membership supermarkets and snack wholesale channels is expected to impact gross margins, decreasing from 29.2% in 2024 to 27.8% in 2026 [16] Additional Important Insights - The overall snack food industry is seeing a shift towards discount e-commerce, with significant growth in the number of snack wholesale stores since 2021 [5] - The company has a total of 804 distributors and covers over 200,000 terminal points, indicating room for improvement compared to traditional snack food companies [15]