餐饮供应链

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营养餐三大产品发布,中粮餐饮为需求人群打造餐饮供应链定制化研发产品
Zhong Guo Shi Pin Wang· 2025-08-27 02:56
人民健康是国家强盛和经济发展的重要基石,食品安全、营养均衡是健康达成的基础与保障。在用一站式餐饮供 应链综合服务推动餐饮产业高质量发展的同时,中粮餐饮充分发挥央企行业引领示范作用,以食用油定制化研发 为基础,多层次服务学生群体、上班族及中老年群体的集中用餐营养需求,助力国家健康战略持续落地。 目前,中粮餐饮已完成含学生、上班族及中老年人群的年龄段产品覆盖。中粮餐饮以人群需求为本的定制化研发 思路成为了餐饮供应链产业细分化深耕市场、专业化服务社会的案例标杆。 专业保障,中粮餐饮定制化研发满足不同群体营养健康需求 学生、上班族、中老年群体分别处于不同的年龄阶段,在生理机能、生活习惯等方面有较大差异,其对应的营养 需求也有较大不同,需要根据人群差异提供不同的产品与服务。这是市场的普遍认知,也是达成国家健康战略的 重要途径。 《"健康中国2030"规划纲要》提到,要制定实施国民营养计划,深入开展食物(农产品、食品)营养功能评价研 究,全面普及膳食营养知识,发布适合不同人群特点的膳食指南,引导居民形成科学的膳食习惯,推进健康饮食 文化建设。 针对部分重点人群营养元素缺乏、油脂等高热能食物摄入过多等问题,《纲要》还提出, ...
莲菜网苏锡常站启幕 苏锡常餐饮供应链迎来“拼购时代”
Jiang Nan Shi Bao· 2025-08-15 14:17
Core Insights - The establishment of the Lian Cai Network's national fresh produce group buying platform in the Su-Xi-Chang region marks the first extension of a nationwide fresh produce group buying network to this area, aiming to enhance the regional catering supply chain and promote collaborative development in the catering market [1] Group 1: Market Context - The Su-Xi-Chang region is a densely populated area for the catering industry in the Yangtze River Delta, with over 100,000 small and medium-sized catering enterprises facing challenges such as multiple intermediaries and price opacity in ingredient procurement [1] Group 2: Platform Features - The platform aims to address procurement issues by integrating dispersed demand through "collective procurement bidding," lowering procurement thresholds with "popular group buying," and reducing food waste with "special price clearance" [1] Group 3: Regional Integration - The launch of the Su-Xi-Chang platform is expected to accelerate resource sharing in the catering supply chain among the three cities, contributing to the deepening of "Su-Xi-Chang integration" in the field of public services [1] Group 4: Initial Offerings and Projections - The platform will introduce 50 categories of fresh produce for group buying in its first month, covering core categories such as vegetables, meat, and seafood, with an expected transaction scale exceeding 30 million yuan in the first month [1] Group 5: Future Plans - The chairman of Lian Cai Network indicated that the Su-Xi-Chang platform will serve as a "benchmark outside the province" for the national network, with plans to replicate this model to promote the integration of the catering supply chain in the Yangtze River Delta [1]
食品饮料行业2025年中报业绩前瞻
Changjiang Securities· 2025-08-14 14:14
Investment Rating - The investment rating for the food and beverage industry is "Positive" and maintained [10] Core Insights - The liquor industry is undergoing adjustments, with leading brands in high-end and regional segments remaining relatively stable. The industry is currently in a phase of active destocking, with expectations of demand recovery as macroeconomic conditions improve. High-end brands such as Kweichow Moutai and Wuliangye are recommended [5][18] - The yellow wine sector is entering a new price increase cycle, with significant concentration in the market. Leading brands are collaborating strategically and expanding into new markets, particularly focusing on high-end product lines [6][19] - The mass consumer goods segment is facing pressure from the restaurant chain demand, but certain sub-sectors like dairy products and condiments show promising growth potential. The dairy sector is expected to stabilize with the introduction of child-rearing subsidies, while condiment companies are managing inventory pressures effectively [7][22][24] Summary by Sections Liquor Industry - The liquor industry is currently in a destocking phase, with a short-term impact from policy changes. However, the demand structure differs from previous cycles, and recovery is anticipated as consumer confidence improves. High-end brands are expected to perform well, with Kweichow Moutai projected to achieve a 7% revenue growth in Q2 2025 [5][18] - The yellow wine market has seen a significant increase in concentration, with the top three brands holding approximately 43% market share as of 2023. Price increases are expected for key products, with brands like Kuaijishan actively promoting high-end offerings [6][19] Mass Consumer Goods - The dairy sector is experiencing a slight decline in production, but demand is showing signs of improvement. The introduction of a national child-rearing subsidy is expected to enhance long-term demand for dairy products [7][22] - The condiment industry is managing inventory pressures better than in previous years, with leading companies expected to achieve stable growth despite short-term challenges. Key players include Haitian Flavoring and Qianhe Flavoring [24] - The beer sector is facing challenges in the on-premise consumption channel, but companies are adapting by exploring new retail channels. Qingdao Beer and Yanjing Beer are highlighted as key recommendations [25][27] Restaurant Supply Chain - The restaurant supply chain is entering a new normal with stable demand. The total revenue for the restaurant sector in the first half of 2025 reached 27,480 billion yuan, reflecting a year-on-year growth of 4.3%. Companies are seeking new channels for growth, with recommendations for Guoquan and Lihai Foods [8][28] Key Individual Stocks - Kweichow Moutai is expected to maintain a strong market position with a projected revenue of 396.5 billion yuan in Q2 2025, reflecting a 7.26% year-on-year increase [31] - Wuliangye is anticipated to outperform the industry average, with revenue and profit growth expected to remain positive [31] - Yili Group is projected to achieve a revenue growth of around 8% in Q2 2025, benefiting from a favorable inventory situation [39]
国泰海通|食饮:破内卷,做增量——餐饮供应链专题报告
国泰海通证券研究· 2025-08-01 09:44
Core Insights - The industry is facing intensified competition due to supply-demand mismatch, leading to adjustments by leading companies through product expansion and new channel development, which may result in a rebound if performance exceeds expectations [1][2]. Group 1: Industry Overview - From 2019 to 2022, the industry experienced high prosperity and was valued accordingly. However, since 2023, the industry has seen a decline in prosperity and performance, with pessimistic expectations leading to a decrease in valuations, currently around a PE of 20 times [1]. - The restaurant industry's revenue growth from 2019 to 2024 has significantly slowed to low single digits, putting pressure on the demand side for the frozen food sector, with listed companies showing noticeable deceleration or decline in performance [1][2]. Group 2: Supply and Demand Dynamics - The recent performance pressure in the sector is attributed to a combination of weak demand and increased supply, resulting from optimistic expansion in previous years. This has led to intensified competition, with mainstream manufacturers prioritizing market share over profit, causing increased promotional discounts and higher expenditure [2]. - The capital expenditure in the sector is expected to decline significantly in 2024, and the total number of employees is also beginning to slow down, indicating that the industry is recognizing the supply-demand mismatch and is starting to make necessary adjustments [2]. Group 3: Strategic Adjustments - Some companies within the sector are actively seeking solutions to break the current stagnation by expanding product categories, launching new products, and exploring emerging channels to find new growth opportunities [3].
食品饮料行业周报:板块情绪改善,关注潜在催化-20250728
Donghai Securities· 2025-07-28 15:34
Investment Rating - The report assigns an "Overweight" rating to the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1]. Core Insights - The food and beverage sector saw a 0.74% increase last week, underperforming the CSI 300 index by 0.95 percentage points, ranking 26th among 31 first-level sectors [12]. - The report highlights a rebound opportunity in the liquor sector, particularly for high-end and regional leading brands, as market sentiment improves and policy catalysts emerge [7][12]. - The beer sector is expected to recover this year, despite short-term disruptions from delivery platforms, with low inventory levels and favorable cost trends [7][12]. - The snack segment shows high growth potential, driven by strong categories and new channels, with specific products like konjac gaining popularity [7][12]. - The report emphasizes the importance of monitoring the dairy sector, where prices are stabilizing, and a potential turning point in raw milk prices is anticipated [7][12]. Summary by Sections 1. Market Performance - The food and beverage sector's performance last week was characterized by a 0.74% increase, with pre-processed foods and health products performing relatively well, rising by 1.97% and 1.88% respectively [12][17]. - The top five gainers included *ST Xifa, Jiaoda Anli, Huang Shang Huang, Tianyou Dejiu, and Tianrun Dairy, with increases ranging from 5.92% to 9.89% [12][17]. 2. Price Trends - As of July 27, 2024, the batch price for 2024 Moutai (scattered) was 1900 yuan, reflecting a weekly increase of 10 yuan and a monthly increase of 50 yuan [21]. - The beer production for June 2025 was reported at 4.12 million kiloliters, showing a year-on-year decrease of 0.2% [26]. 3. Industry Dynamics - The beverage manufacturing sector's profit decreased by 2.1% year-on-year in the first half of 2025, with total revenue reaching 814.69 billion yuan, a 1.9% increase [53]. - Jiangsu province's liquor production in the first half of 2025 was 81,700 kiloliters, down 15% year-on-year [53]. 4. Company Updates - Yanjing Beer announced a cash dividend of 1.90 yuan per 10 shares, totaling 536 million yuan, with the record date set for July 28 [55]. - Jiu Gui Jiu declared a cash dividend of 6.00 yuan per 10 shares, amounting to 195 million yuan, with the record date on July 30 [55].
光大证券食品饮料行业周报:白酒已处于深度价值区间,大众品积极变革-20250728
EBSCN· 2025-07-28 11:17
Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [5]. Core Viewpoints - The liquor sector is currently in a deep value zone, with the CITIC liquor index showing a rebound and a dividend yield of 3.72% as of July 25, 2025, indicating strong profitability and willingness to distribute dividends [1][13]. - The restaurant supply chain is undergoing active transformation, with companies like Weizhi Xiang expanding their product categories and enhancing their sales channels, particularly in lower-tier cities [2][14]. - The snack food sector is focusing on steady growth in store openings and exploring new product categories, with companies like Wancheng Group adapting to market demands [3][15]. Summary by Sections Liquor Industry - The CITIC liquor index has seen a rebound, with a dividend yield of 3.72% as of July 25, 2025, placing it in a deep value zone [1][13]. - The cumulative net profit for the liquor sector is projected to reach 166.6 billion yuan in 2024, with a dividend payout ratio of 71% [1][13]. - The proportion of actively managed equity public funds holding liquor stocks has decreased to 5.1%, indicating significant clearing of positions [1][13]. - The market price of Moutai has dropped over 10% since the announcement of austerity measures, impacting confidence in the market [1][13]. Restaurant Supply Chain - Weizhi Xiang is actively transforming its channels, expanding product categories, and enhancing its online presence to boost sales [2][14]. - The company is also focusing on expanding into lower-tier cities and encouraging franchisees to open multiple stores [2][14]. - The B-end group meal channel has shown significant growth, with expectations for further expansion [2][14]. Snack Food Sector - Wancheng Group is maintaining a steady pace of store openings, with an increase in customer traffic despite a slight decline in average transaction value [3][15]. - The company is transitioning from rapid expansion to improving operational efficiency and brand building [3][15]. - New product categories are being explored, including collaborations with local suppliers for baked goods [3][15]. Investment Recommendations - The report suggests maintaining positions in dairy and snack sectors, recommending companies like Yili and Yanjinpuzi for core holdings [4][43]. - It also advises flexible trading in underperforming sectors with potential for recovery, such as Lihai Food and New Dairy [4][43]. - For the liquor sector, it recommends focusing on companies with better competitive positioning, such as Kweichow Moutai and Wuliangye [4][43].
国信证券:低效供应链倒逼行业变革 餐饮工业化迎来双轮驱动
智通财经网· 2025-07-28 02:45
Core Viewpoint - The Chinese catering supply chain industry is undergoing an efficiency revolution, driven by the increasing demand for standardized and efficient supply chains due to rising consumer expectations and market growth [1] Group 1: Industry Overview - Since 2020, the capital market's interest in the catering supply chain sector has been rising, with the Wande seasoning/prepared food concept index growing by 88% and 82% from March 2019 to May 2021 [1] - The catering market is primarily composed of small and medium-sized operators, with a projected chain rate of only 20.1% by 2024, indicating significant room for growth and consolidation [1] Group 2: Key Trends - **Pre-prepared Ingredients**: The trend towards pre-prepared ingredients represents a shift towards industrialized production in the food sector, with the catering supply chain market size estimated at approximately 2.4 trillion yuan, and the number of processing enterprises expected to reach 890,000 by April 2025 [2] - **Catering Snackification**: The shift towards snackification reflects changing consumer lifestyles and preferences, with products becoming lighter and more retail-oriented, leading to a 10% growth in community supermarkets and an impressive 76% growth in snack discount stores in 2023 [3] Group 3: Comparative Analysis - The U.S. catering supply chain was valued at approximately $382 billion in 2022, with Sysco achieving $78.8 billion in revenue by 2024 through extensive acquisitions, showcasing the potential for growth in the Chinese market [4] - Japan's frozen prepared food industry has matured, with companies like Kobe Bussan achieving a 12% compound revenue growth through vertical integration, serving as a benchmark for cost-effective franchise models [4] Group 4: Future Outlook - The catering supply chain industry is entering a new phase where inefficient producers face significant survival pressure, leading to an expected optimization of supply-side dynamics, favoring leading companies with established capacity and efficiency barriers [5] - Companies that understand consumer needs and adapt to changes are more likely to maintain stability and seize long-term growth opportunities during industry adjustments [5]
食品饮料行业专题:新消费研究之二:中国餐饮供应链效率革命:食材预制化与餐饮零食化的双轮驱动
Guoxin Securities· 2025-07-25 11:48
Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [4][5]. Core Insights - The Chinese restaurant supply chain is undergoing an efficiency revolution driven by the pre-preparation of ingredients and the snackification of dining [1][14]. - The market for the restaurant supply chain is substantial, estimated at approximately 2.4 trillion yuan, with a projected compound annual growth rate (CAGR) of about 9% from 2019 to 2023 [2][50]. - The report highlights the need for a more efficient supply chain system to address the challenges faced by traditional food supply chains, which include high costs, low quality, and lack of standardization [1][23]. Summary by Sections 1. Industry Overview - The restaurant industry in China is expected to reach a market size of 5.57 trillion yuan by 2024, with a year-on-year growth of 5.3% [13]. - The current restaurant market is predominantly composed of small and medium-sized operators, with a chain rate of approximately 20.1% projected for 2024 [1][16]. 2. Direction One: Ingredient Pre-Preparation - Ingredient pre-preparation is seen as a key driver for standardization in the restaurant supply chain, with a market size of around 2.39 trillion yuan in 2023 [2][50]. - The industry is in the early stages of development, with a projected 890,000 production and processing enterprises by April 2025 [2][50]. - Companies like Anjij and Sanquan have established national production capacity barriers, enhancing their competitive edge [2][51]. 3. Direction Two: Snackification of Dining - The trend of snackification reflects a shift in consumer behavior towards more fragmented and personalized food consumption [2][56]. - Emerging channels such as community supermarkets and convenience stores have seen significant growth rates of 10%, 11%, and 76% respectively in 2023 [2]. - The report notes that the demand for ready-to-eat products has increased, with categories like crayfish and marinated snacks leading the way [2]. 4. Comparison with Overseas Markets - The U.S. restaurant supply chain market was valued at approximately $382 billion in 2022, with Sysco achieving revenues of $78.8 billion in 2024 through extensive acquisitions [3][14]. - Japan's frozen food industry has reached maturity, with companies like Kobe Bussan achieving a 12% revenue CAGR through vertical integration [3][14]. 5. Investment Recommendations - The report recommends several companies for investment, including Anjij Food, Qianwei Central Kitchen, Lihigh Food, Weilong Delicious, and Yanjinpuzi [3][4].
东海证券晨会纪要-20250723
Donghai Securities· 2025-07-23 08:13
Group 1: Securities Industry - The securities industry is experiencing a significant performance increase, with a projected net profit growth of 94% year-on-year for 31 listed brokers in H1 2025, driven by a recovery in the capital market and policy support [6][7][21] - The number of new A-share accounts opened in H1 2025 reached 12.6 million, a year-on-year increase of 32.8%, indicating heightened market participation [7] - Daily trading volume in H1 2025 increased by 61% year-on-year to 1.39 trillion yuan, reflecting improved market activity [7] - The underwriting of IPOs and refinancing in H1 2025 saw a year-on-year increase of 4% and 26%, respectively, with total underwriting amounts reaching 355 billion yuan and 6.326 trillion yuan [7] - The bond underwriting market also showed robust activity, with a total underwriting scale of 7.5 trillion yuan in H1 2025, up 22.3% year-on-year [7] - Mergers and acquisitions in the industry have led to significant profit increases, with Guotai Junan and Haitong Securities reporting net profit growth of 205%-218% in H1 2025 due to consolidation effects [8][21] - Compliance and risk control measures have been effectively implemented, allowing firms like Huaxi Securities to return to profitability, with expected net profit growth of 1025%-1354% in H1 2025 [9][21] Group 2: Food and Beverage Industry - The food and beverage sector saw a 0.68% increase last week, underperforming the CSI 300 index by 0.41 percentage points, ranking 14th among 31 sectors [12][13] - The liquor industry is under pressure, with June retail sales of tobacco and alcohol declining by 0.7% year-on-year, indicating weak demand [13] - Major liquor companies are expected to report varying degrees of decline in H1 2025, with traditional consumption scenarios struggling [13] - The beer sector is anticipated to recover, with low inventory levels and improved sales expected due to seasonal demand and cost reductions [14] - The snack segment is experiencing high growth, driven by strong product categories and new channel developments, particularly in health-oriented products [15][16] Group 3: Agricultural Chemicals Industry - Guangxin Co., a major player in the agricultural chemicals sector, is optimizing its integrated production chain based on phosgene, with a production capacity of 320,000 tons per year [18][19] - The agricultural chemicals market is currently at a relative bottom, with prices expected to rise as global inventory levels decrease and outdated capacities are phased out [19] - The company has a strong cash flow position, with 8.685 billion yuan in liquid assets, supporting its long-term development and cost optimization [19][20]
中信证券:大众品更加“内卷”,同时也有较多结构性机会
news flash· 2025-07-09 00:30
Core Viewpoint - The demand for consumer goods remains weak in Q2 2025, with limited improvement on a month-over-month basis. The raw material costs for consumer goods companies are mostly at the bottom or in a downward trend, but competition in the industry remains intense, leading to minimal improvement in profitability [1] Group 1: Market Trends - The consumer goods sector is experiencing increased competition, particularly in beverages, where promotional activities are intensifying [1] - There is a noticeable divergence in growth among snack companies, indicating varying performance within the sector [1] - The dairy and catering supply chain segments are facing pressure on both demand and pricing [1] Group 2: Investment Recommendations - The snack sector, characterized by new consumption trends, is identified as having the most potential for investment [1] - Within the beverage sector, tea drinks and functional beverages are expected to maintain high levels of prosperity [1] - The dairy sector shows signs of clear improvement from a profitability bottom [1]