在烘焙行业蓬勃发展的今天，消费者对烘焙产品的品质与风味要求日益提升，安全合规与风味出众成为 选择烘焙原料的关键标准。随着餐饮消费结构的调整、烘焙糕点新品不断涌现以及线上渠道的快速渗 透，人们对烘焙食品的接受程度不断上升，如今已成为消费者日常饮食中的重要组成部分。数据显示， 2023年，我国烘焙食品零售市场规模达5614.2亿元，同比增长9.2%。市场潜力巨大。与此同时，全球烘 焙原料市场也在持续增长，根据QYR（恒州博智）的统计及预测，2024年全球烘焙食品和谷类食品市 场销售额达到了4415.5亿美元，预计2031年将达到5200.7亿美元。在此背景下，我们精心盘点2026年十 大烘焙原料供应商，它们不仅在安全合规上做到极致，更在风味上独树一帜，让烘焙爱好者闭眼入也不 踩雷！ 一、卓创食品 品牌介绍：卓创食品是一家专注于烘焙原料、食品添加剂、食品工业原料及特种油脂的大型销售企业。 公司前身为2002年成立的临沂市飞亚商贸有限公司，深耕行业二十余年，积累了丰富的供应链资源与客 户服务经验。随着电商模式的兴起，卓创食品于2017年成立电商部门，积极布局拼多多、淘宝、1688、 抖音等平台，目前已跻身拼多多核心商 ...

Core Viewpoint - Huirong Technology, a baking ingredient company, forecasts a net loss of between 22 million and 31 million yuan for 2025, marking a shift from profit to loss due to rising costs and declining revenues [1][3]. Cost Factors - The primary reason for the loss is the significant increase in the price of palm oil, a key raw material for the company's main product, the cream-based margarine, which has led to higher production costs [1][3]. - The rigid increase in costs has severely compressed profit margins, contributing to the overall decline in profitability [1][3]. Revenue Factors - A structural adjustment in traditional baking channels and changes in market demand have resulted in a noticeable decline in sales volume of the company's core products, leading to reduced operating revenue [2][4]. - The combination of rising costs and declining revenues has weakened the company's scale effects, ultimately resulting in an annual loss [2][4]. Non-Recurring Gains - In 2025, non-recurring gains are expected to impact the net profit attributable to shareholders by approximately 12 million yuan, primarily from financial product returns and government subsidies, which partially offset operational losses [2][4]. - Excluding non-recurring gains, the operational loss is more significant, highlighting the urgent need to restore profitability in the core business [2][4]. Business Model and Challenges - Huirong Technology operates as a comprehensive enterprise focused on the research, production, and sales of baking and food ingredients, with a product system centered around cream products suitable for various consumption scenarios [5]. - The anticipated loss for 2025 reflects simultaneous challenges faced by both core products and traditional sales channels, exposing the company's reliance on raw material prices and traditional baking channels [5].

风险提示：需求下滑的风险，竞争激烈度超预期的风险，费用投放力度超预期的风险，食品安全问题的 风险。 短期看好26Q1 收入端表现，长期新渠道与国产替代持续贡献增量。短期来看，2026 年春节备货期集中 在1 月，叠加公司近期在山姆渠道上市新产品并且动销较好，因此我们判断26Q1 公司收入端有较好表 现。长期来看，2026年山姆、盒马等新渠道仍将持续快速开店，叠加公司不断强化产品研发能力，我们 看好新渠道增长的持续性；此外，在政策支持与国内奶价地位的支撑下，我们持续看好奶油等烘焙原材 料国产替代的机会，公司作为国内烘焙原料头部企业有望享受相关红利。 投资建议： 根据公告调整盈利预测， 预计2025~2027 年收入分别为43.5/49.1/54.4 亿元，同比 +13%/13%/11%，归母净利润分别为3.2/4.0/4.8亿元，同比+20%/24%/19%，PE 为25/20/17X。我们短期 看好26Q1 收入端表现，长期新渠道与国产替代持续贡献增量，维持"推荐"评级。 事件：公司近期披露2025 年业绩预告。 全年收入提速增长，Q4 增速环比略放缓。公司公告预计2025 年实现收入42.6~44.2 亿元 ...

Core Viewpoint - The company, Nanjiao Foods, is forecasting a significant decline in its 2025 annual net profit, projecting a drop of 78.39% to 81.99% year-on-year, marking the lowest profit levels since its A-share listing in May 2021 [1] Financial Performance - The expected net profit attributable to shareholders is between 36.26 million to 43.52 million yuan, while the non-recurring net profit is projected to be between 30.88 million to 37.05 million yuan, reflecting a decline of 79.71% to 83.09% [1] - The company's revenue for 2025 is anticipated to be 3.065 billion yuan, a decrease of approximately 3% compared to the previous year, indicating ongoing revenue growth challenges [1] Cost Pressures - The primary reasons for the profit decline are sustained cost pressures and unfavorable changes in product structure, with key raw materials like palm oil, coconut oil, and natural cream experiencing significant price increases [1][2] - The average price of palm oil increased compared to 2024, while coconut oil reached a historical high, further exacerbating the company's cost burden [1] Profitability Challenges - The inability to effectively pass on rising costs to product prices has contributed to the profit decline, with the company's gross margin dropping to 19.01% in the first three quarters of 2025, down from 24.47% in the same period last year [2] - The gross margin for the third quarter of 2025 was only 17.05%, marking a new low since the company went public, highlighting a clear trend of weakening profitability [2] Historical Performance Trends - The company's net profit has shown significant volatility from 2022 to 2024, with figures of 161 million yuan, 232 million yuan, and 201 million yuan, reflecting year-on-year growth rates of -56.41%, 44.73%, and -13.34% respectively [2] - The company has struggled with revenue growth, failing to meet its ambitious targets set during its IPO, which included a 25% revenue increase in 2021 and a 45% increase in 2022 [3] Strategic Responses - In response to the dual pressures of declining profits and revenue, the company has proposed strategies focusing on cost control, market expansion, and product innovation to reverse its operational downturn [3] - The challenges faced by Nanjiao Foods are indicative of broader industry issues related to raw material price volatility, while also revealing the company's weaknesses in cost transmission, channel operations, and product structure adjustments [3]

Core Viewpoint - The company, Nanjiao Foods, is forecasting a significant decline in its 2025 annual performance, with net profit expected to drop by 78.39% to 81.99% year-on-year, marking the lowest level since its A-share listing in May 2021 [1][2] Financial Performance - The projected net profit for 2025 is between 36.26 million yuan and 43.52 million yuan, while the non-recurring net profit is expected to be between 30.88 million yuan and 37.05 million yuan, reflecting a decline of 79.71% to 83.09% [1] - The company's revenue for 2025 is anticipated to be 3.065 billion yuan, a decrease of approximately 3% compared to the previous year, indicating ongoing revenue growth challenges [1] Cost Pressures - The primary reasons for the profit decline include sustained pressure on costs and unfavorable changes in product structure, with significant increases in raw material prices such as palm oil and coconut oil [1][2] - The average price of palm oil increased compared to 2024, while coconut oil reached a historical high, further exacerbating the company's cost burden [1] Profitability Challenges - The inability to effectively pass on rising costs to the product side has contributed to the profit decline, with the company's gross margin dropping from 24.47% in the previous year to 19.01% in the first three quarters of 2025 [2] - The gross margin for the third quarter of 2025 was only 17.05%, marking a new low since the company went public [2] Historical Performance Trends - The company's net profit has shown significant volatility from 2022 to 2024, with figures of 161 million yuan, 232 million yuan, and 201 million yuan, reflecting year-on-year growth rates of -56.41%, 44.73%, and -13.34% respectively [2] - The company has struggled with stable profitability, despite attempts to adjust product pricing and structure in response to rising raw material costs [2] Strategic Response - In light of the dual pressures on performance and revenue, the company has proposed strategies focusing on cost control, market positioning, and product innovation to reverse its operational decline [3] - The challenges faced by Nanjiao Foods are indicative of broader industry issues related to raw material price fluctuations, while also highlighting the company's weaknesses in cost transmission and product structure adjustments [3] Industry Context - The baking industry is currently experiencing steady market expansion, with opportunities arising in segments such as frozen baking and local raw material substitution, which could provide a foundation for the company's performance recovery [3] - The company must effectively implement cost control measures, achieve genuine scale effects from channel expansion, and optimize revenue structure through product innovation to overcome its operational challenges [3]

创意同质化： 草莓、巧克力、芋泥…热门元素高度集中，陷入"你有我也有"的零和游戏。 效率瓶颈： 为呈现复杂风味，后厨备料种类激增，流程繁琐，在订单高峰时极易出错或延迟。 价值模糊： 在价格与成本的挤压下，难以腾出空间回应消费者日益看重的健康诉求。 当下烘焙市场竞争日趋激烈，消费者需求不断升级，门店原料选择逻辑正发生根本转变。 如何 突破产品内卷、提升运营效率、提升产品价值 ，正在成为每一家烘焙门店的核心课题。 烘焙市场中，一面是持续增长的消费需求，一面是日益加剧的行业内卷。门店的典型困境集中在以 下方面： 破解这些困境，答案未必是更复杂的造型或更昂贵的堆料。纵观市面上真正叫好又叫座的高人气产 品，一个共通点在于： 它们往往并非以工艺复杂取胜，而是凭借核心原料的卓越表现，在风味、颜 值与稳定出品间取得了精妙平衡。 那么，能够破解上述困境、具备战略价值的 "基石型原料" ，应该如何筛选？ 它至少需要在 三个维度 上给出令人信服的答案： 如何提升出品效率？ 如何保障风味稳定？ 如何为产品注入独特的价值？ 而这正是 维益稀奶油挞缇 为门店提供的价值所在。 它不仅是一款挞液，更是一个集 "清洁标签"的健康背书、"操作便 ...

Core Viewpoint - The article highlights the rise of domestic butter, particularly Qiaobai Le fermented butter, as a viable alternative to imported butter in the Chinese baking industry, driven by the need for stable supply and cost control amid fluctuating import prices [2][6]. Group 1: Industry Changes - The baking industry has seen a significant shift in raw material demands, with bakers seeking butter that offers strong flavor, ease of use, and cost control [6]. - Qiaobai Le fermented butter has quickly gained popularity by addressing these three key pain points effectively [6]. Group 2: Flavor Profile - Qiaobai Le's competitive edge lies in its high-quality milk source and unique fermentation process, which enhances flavor complexity [7]. - The butter's flavor profile transitions from a rich milk aroma to a clean lactic scent and finishes with a rounded caramelized sweetness, creating a memorable taste experience [8]. Group 3: Operational Efficiency - The butter's performance directly impacts the efficiency and stability of bread production, making it a reliable choice for both artisanal and mechanical baking processes [11]. - Qiaobai Le fermented butter maintains stability during production, ensuring clear and crisp layers in baked goods while preserving rich aromas [11][12]. - It simplifies operational challenges and provides a consistent flavor upgrade across product lines, allowing for controlled costs while enhancing product quality [15]. Group 4: Product Innovation - The article presents innovative recipes utilizing Qiaobai Le fermented butter, such as the Lemon Lemongrass Coconut Toast, which has gained popularity in the market [19][21]. - The butter enhances the texture and flavor of the dough, contributing to a more refined product that appeals to consumers [37]. Group 5: Market Positioning - The rise of domestic butter is not coincidental but a response to industry demands for quality, stability, and cost-effectiveness [59]. - Qiaobai Le fermented butter is positioned not merely as a substitute for imported butter but as a new choice that better understands and caters to the needs of Chinese bakers [59].

每一款甜品研发的起点，都绕不开一个根本性的问题：想要让顾客购买这款产品，首要的决策因素 究竟是什么？ 深入当下的消费现场，答案正在清晰偏移。社交媒体上，对"配料表"的讨论声量，正逐渐盖过对甜 品造型的惊叹。这指向一场深层的转变： 消费者正从为"视觉吸引力"买单，转向为"内在价值"付费 ——而价值的基石，首先来自于"透明"与"真实"。 这一消费心智的迁移，不仅重塑了甜品购买逻辑，也重新定义了甜品的竞争力来源。 消费心智的迁移，正在重塑整个行业的竞争基础。当"透明"与"真实"成为消费者评估价值的首要尺 度，市场的游戏规则也随之改变。 这一转变，并非悬于半空的概念，而是获得了来自行业顶层的明确回应与制度支撑。 2025年正式发 布的 GB19646-2025新国标 ，正是这一趋势下的关键节点。 它做了一件具备里程碑意义的事：为"稀奶油"的纯粹性提供了国家级的权威定义与清晰边界， 将其 严格限定于以生乳为原料 。 这意味着，稀奶油的"纯净"与否变得可识别、可验证。标准的升级，实质上是为行业的"诚信"与"透 明"提供了统一的度量衡。 当标准明确、需求清晰，市场的目光自然会聚焦于那些能率先满足期待的产品。 在众多选项中， ...

Group 1 - The core viewpoint of the news is that Lihigh Foods is focusing on enhancing its investment value by concentrating on its main business, improving operational efficiency, and maintaining stable cash dividends for shareholders [1][2] - The company held an investor meeting on September 19, 2025, to discuss its mid-year performance and future strategies, with key management personnel participating [1] - As of September 15, 2025, the employee stockholding platforms have cumulatively reduced their holdings by 1.7973 million shares, with further reductions to be disclosed in accordance with regulations [1] Group 2 - In terms of business growth, the cream business experienced a slowdown in growth to below 30% year-on-year, but the company is strategically advancing its product matrix and enhancing channel coverage [2] - The company reported a revenue growth of 16.20% year-on-year and a net profit growth of 26.24% for the first half of 2025, indicating stable operational performance [2] - The company is investing more resources into innovative channels for baking, with a revenue growth of approximately 40% in the restaurant, tea beverage, and new retail sectors in the first half of 2025 [2] Group 3 - The cream industry has high entry barriers related to technology, capital, channels, and branding, with challenges in domestic substitution due to product quality and core raw material supply [3] - New products in the baking raw materials category have received positive market feedback, and UHT cream products are currently in the market testing phase [3] - The company emphasizes a multi-channel and multi-category development strategy, incorporating new product sales performance into the assessment of R&D personnel [3]

Core Viewpoint - The company, Hai Rong Technology, reported a slight decline in revenue but maintained stability in its operations during a challenging period for the baking raw materials industry, indicating a strategic focus on market expansion and cost control [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 512 million yuan, a year-on-year decrease of 1.33%, while the net profit attributable to shareholders narrowed to 3.1723 million yuan, with a gross margin adjusted to 26.04% [1]. - Despite a decline in overall gross margin, the company's cash flow remained stable, reflecting the resilience of its supply chain [3]. Industry Challenges and Strategies - The baking raw materials industry faced dual challenges from high raw material prices and shifts in consumer demand, leading to a need for improved supply chain efficiency, product innovation, and deeper market penetration [2]. - The company is focusing on a dual strategy of "cost control + market expansion" by optimizing product pricing and structure, enhancing production capacity, and strengthening supply chain management [2]. Product and Market Development - The company is expanding its product offerings with high-end health products, aligning with consumer trends and providing a foundation for gross margin recovery [3]. - The strategic development of a "big baking + tea drink" dual-drive model is showing initial success, with the company entering supply chains of leading tea brands and offering integrated solutions that enhance customer loyalty [3]. Future Outlook - The upcoming traditional consumption peak in the second half of 2025 is expected to provide a critical window for performance rebound, particularly with increased demand for baking products during the Mid-Autumn and National Day festivals [4]. - The long-term growth potential in the baking industry remains significant, with predictions of substantial market expansion in health-oriented baking segments and the company’s early positioning in these niche markets [4][5]. - The company's global expansion efforts, including production lines in India and sales subsidiaries in the Philippines and Turkey, are expected to enhance its participation in the overseas supply chain for new tea drinks [5].