本文转载自界面新闻 值班编辑 | 江江 视觉 | 顾芗 日前，有网友在社交平台发帖称，在入职三只松鼠后会失去本名，因为员工会将自己的名字改为"鼠某 某"。据该网友发布的照片显示，在一会议现场上，每个座位都摆放着以"鼠"字开头的名牌，如"松鼠老 爹""松鼠老母"等。据介绍，"松鼠老爹"即公司创始人章燎原。 T 关注 電影皇 入职三只松鼠就会失去本名 CEO叫松鼠老爹，老板娘叫松鼠老母，还得喊主 人,哇塞哇塞,你们鼠名叫什么#这就是领导 #领 导放心基层有我 #搞笑 Q 猜你想搜 三只松鼠是哪里的企业 随后，三只松鼠通过官方社交媒体等多个渠道给出回应，表示这一命名方式是公司企业文化，内部还 有"发货鼠""客服鼠"等花名，"退货鼠"并非辱骂消费者。 三只松鼠创始人兼CEO章燎原也曾回应公司花名文化一事。他表示，"无论以何种方式，如果员工喜闻 乐见地接受并最终落到企业的价值观，以消费者为中心，组织内部高度协同且有趣，都是好的企业文 化!" 取花名是很多公司尤其是大厂的企业文化。比如阿里员工们的称呼一般都取自武侠小说，马云的花名就 叫"风清扬"。另据报道，拼多多的早期团队元老也都是以水果蔬菜名称来取花名。 有律师表示， ...

▽以下是正文 记者从省邮政管理局获悉，省邮政业安全发展中心监测数据显示，"双11"期间（10月21日至11月11日），全省邮政快递企业共处理快件包裹3.6亿件，人 均使用快递7.68件，单日处理峰值1908.08万件，刷新历史纪录。 全省邮政快递企业共揽收快递包裹1.26亿件，日均揽收量为572.14万件，为日常业务量的122.07%。快递市场规模持续扩大，凸显了邮政快递业在促进消 费升级和支撑实体经济发展中的重要作用。 图源：云新闻客户端 从品类上看，"双11"期间，出滇产品以苹果、鲜花、橘橙、绿植和人参果为主，体现出鲜明的季节性与地域特色，主要流向北京、上海、广州、深圳及成 都、重庆等城市；入滇产品中，服装鞋包、日用百货、休闲零食、美妆护肤和数码产品位居前列，这5类产品占入滇产品总量的比重超过七成，消费结构 总体延续往年特点。 为保障旺季行业平稳运行，云南邮政管理部门制定了全省行业旺季服务保障方案，部署旺季服务保障重点工作任务，利用行业大数据平台实时监测调度运 行情况，排查整治寄递渠道安全隐患；进一步畅通投申诉渠道，11月1日起邮政业申诉服务12305热线归并至12345政务服务热线，实现群众诉求"一线应 ...

Core Insights - The company reported a revenue increase but a significant decline in net profit for the first three quarters of 2025, indicating challenges in its transformation amidst industry changes [2][4] Financial Performance - Revenue for the first three quarters reached 2.854 billion yuan, a year-on-year increase of 13.12% [2][3] - The net profit attributable to shareholders was a loss of 125 million yuan, a staggering year-on-year decline of 194.06% [2][3] - The gross profit margin for the first three quarters was 31.58%, down 9.16 percentage points compared to the previous year, reflecting weakened profitability of core products [3] - The company experienced a single-quarter loss of 74.65 million yuan in Q3, which expanded by 29.73% year-on-year [3] Market Position and Strategy - The company is facing intense competition from low-cost snack brands, which have rapidly increased their revenue through aggressive pricing strategies [4] - Despite attempts to differentiate itself with a "healthy and high-quality" positioning, the market response has been underwhelming, leading to continued declines in net profit [4] - The management faces the critical challenge of quickly achieving profitability and rebuilding core competitiveness after initial revenue growth [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector has seen a decline in fund allocation, with the configuration ratio dropping to a new low of 6.4% in Q3 2025 from 8.0% in Q2 2025, indicating a significant reduction in investment interest [5][14] - The white wine sector is expected to reach a performance and valuation bottom, with recommendations to strategically invest in this area due to its relatively low valuation and stable chip structure [8][40] - The beverage and snack sectors are performing well, driven by their essential consumption characteristics and resilience against external market fluctuations [41][43] Summary by Sections Fund Allocation Trends - In Q3 2025, the allocation ratio for food and beverage in all market funds decreased to 6.4%, down 1.6 percentage points from Q2 2025, marking the lowest level since 2020 [5][14] - The allocation ratio for active equity funds in food and beverage fell to 4.1% in Q3 2025, down from 5.6% in Q2 2025, reflecting a continued significant reduction in investment [5][14] White Wine Sector Insights - The proportion of active equity funds heavily invested in white wine decreased from 4.0% in Q2 2025 to 3.2% in Q3 2025, indicating a trend of reduced allocation across both active and passive funds [6][25] - Companies with cleared financial reports, such as Luzhou Laojiao and Shede Liquor, are gaining market favor, while others like Wuliangye and Moutai are seeing reduced holdings [6][25] Performance and Market Dynamics - The food and beverage sector's market value increased by 3.7% in Q3 2025, but it underperformed the CSI 300 index by approximately 18.6 percentage points, ranking fifth from the bottom in the overall market [15][21] - The overall market transaction amount for the food and beverage sector fell to 1.65%, down 1.05 percentage points from the previous quarter, indicating a decline in trading activity [15][21] Investment Recommendations - It is suggested to strategically invest in the white wine sector, focusing on stable companies like Kweichow Moutai and Shanxi Fenjiu, as well as those undergoing market reforms like Shede Liquor [8][40] - For the broader consumer goods sector, attention should be given to companies that benefit from new channels and product categories, such as Wei Long and Ximai Foods [43]

Core Viewpoint - The article emphasizes the potential health risks associated with the consumption of processed foods containing various food additives, highlighting a significant correlation between these additives and chronic diseases such as type 2 diabetes [4][6][10]. Group 1: Health Risks of Food Additives - Processed foods often contain food additives like modified starch, pectin, and natural colorants, which enhance taste and appearance but may pose health risks [4]. - A study published in PLOS Medicine indicates that long-term consumption of food additives in combination may be linked to the onset of chronic diseases [4][6]. - The complex biological effects of food additives, even those deemed safe individually, can lead to unexpected health consequences when consumed together [6][9]. Group 2: Research Findings on Additive Combinations - A large-scale study tracked 108,643 adults over 7.7 years, analyzing 269 common food additives and identifying 75 frequently consumed ones, revealing typical combinations of additives [7]. - The study categorized these additives into five typical combinations, with the most representative being the "processed food framework," which includes thickeners and preservatives commonly found in dairy products and condiments [7]. - Specific combinations of additives, such as emulsifiers and preservatives, are associated with potential metabolic disorders, indicating the need for comprehensive safety assessments [7][10]. Group 3: Diabetes Risk and Additive Interaction - The research found a significant association between certain food additive combinations and the incidence of type 2 diabetes, with 1,131 new cases identified among the study participants [8]. - The first group of additives (including modified starch and emulsifiers) showed an 8% increase in diabetes risk per standard intake, while the second group (mainly artificial sweeteners) had a risk increase of 13% [8]. - The interactions between these additives can amplify inflammatory responses or counteract toxic effects, complicating the assessment of their health impacts [9]. Group 4: Implications for Food Safety Regulations - The findings suggest that current food safety assessments, which focus on individual additives, are inadequate and should incorporate evaluations of common additive combinations [10]. - The article calls for a new regulatory framework that considers the potential health impacts of frequently co-occurring additives, particularly in ultra-processed foods [10]. - Consumers are encouraged to be more vigilant about reading ingredient labels, as the presence of multiple additives may significantly affect metabolic health [10].

Core Viewpoint - The company reported a significant increase in net loss despite revenue growth, indicating challenges in profitability and cost management [1][3]. Financial Performance - For the first three quarters of the year, the company's revenue increased by 13.12% to 2.854 billion yuan, while net loss rose by 194.06% to 125 million yuan [1]. - In Q3 alone, revenue grew by 25.15% to 914 million yuan, with net loss increasing by 29.73% to 74.65 million yuan, which is also higher than the previous quarter's loss of 50.68 million yuan [1]. Cost Structure - The increase in net loss is attributed to a decline in gross margin, which fell by 9.16% to 31.58% in the first three quarters [3]. - Sales expenses decreased by 7.27% to 679 million yuan, management expenses decreased by 4.73% to 322 million yuan, and R&D expenses dropped significantly by 75.32% to 1.9664 million yuan, while financial expenses rose by 24.33% to 16.6696 million yuan [3]. - The company's sales expenses accounted for 22.04% of revenue, which is higher than competitors such as Three Squirrels (20.69%), Good Products (24.28%), and Salted Fish (9.92%) [3]. Sales Channel Strategy - The company is shifting its sales strategy by reducing the proportion of direct stores and increasing the share of franchise stores, although franchise stores typically yield lower gross margins [5]. - The company announced financial support for franchisees in key cities, with a total amount not exceeding 50 million yuan, aimed at alleviating liquidity pressures [5]. - As of June 30, 2025, the total number of stores decreased to 2,979, with a net reduction of 106 stores, including a decrease of 90 direct stores [5]. Company Background - Founded in 1999 in Shanghai, the company primarily sells self-branded snacks through a commission-based production model and was listed on the Shanghai Stock Exchange in 2016 [6].

Core Viewpoint - The financial performance of Liangpinpuzi Co., Ltd. shows significant declines in both revenue and net profit for the third quarter of 2025, indicating potential challenges for the company moving forward [1] Financial Performance - In the third quarter, the company's revenue was 1.311 billion yuan, a year-on-year decrease of 17.72% [1] - The net profit attributable to shareholders was a loss of 28.7671 million yuan [1] - For the first three quarters, the total revenue reached 4.140 billion yuan, reflecting a year-on-year decline of 24.45% [1] - The net profit attributable to shareholders for the first three quarters was a loss of 122 million yuan [1]

Core Viewpoint - The snack industry is shifting from a direct sales model to a franchise empowerment model, with the franchise model becoming a key driver for revenue growth for Laiyifen [1][2] Group 1: Business Model Transformation - Laiyifen is actively adjusting its business strategy by optimizing traditional small direct-operated stores and expanding its franchise network [1] - As of mid-2025, the total number of stores reached 2,979, with franchise stores accounting for 1,584, representing 53% of the total [1] - The proportion of franchise stores increased from 21.14% in 2020 to 53% in 2025, indicating a shift towards a chain management service and supply chain platform model [1] Group 2: Revenue Growth - In the first half of 2025, Laiyifen's revenue grew by 8.21% year-on-year, with franchise business contributing 722 million yuan, a year-on-year increase of 78.71% [1] - For the first three quarters, the company achieved a revenue of 2.854 billion yuan, a year-on-year growth of 13.12% [1] Group 3: Cost Management and Efficiency - The franchise model allows store owners to operate independently while the company provides supply chain support and management services, leading to a lighter asset model [1] - In the first three quarters of 2025, management expenses decreased by 4.73% and sales expenses decreased by 7.27%, with management expenses declining for two consecutive years and sales expenses for three years [1][2] Group 4: Support for Franchisees - Laiyifen has introduced a financial support plan for franchisees, with a total of up to 50 million yuan aimed at easing liquidity pressure for new and mature stores [2] - The company has launched a new store matrix, reducing single-store investment costs by 30% and offering up to 30% in construction subsidies [2] - Laiyifen is enhancing support for franchisees by optimizing site selection and marketing through algorithms and integrating its app with a mini-program for better inventory management [2] Group 5: Product and Profitability Enhancement - The company plans to continue developing innovative product categories and introduce high-quality non-owned brand products to meet diverse consumer demands [3] - Laiyifen aims to accelerate the digital transformation of existing stores to improve profitability through cost reduction and efficiency enhancement [3] - Industry experts suggest that with the ongoing expansion of the franchise business, Laiyifen has significant potential for operational cost optimization and improved future performance [3]

Core Viewpoint - The company, Three Squirrels, reported an increase in revenue but a significant decline in profit for the first three quarters of 2025, indicating challenges in profitability despite revenue growth [2][3]. Financial Performance - For the first three quarters of 2025, the company's operating revenue reached 7.76 billion yuan, a year-on-year increase of 8.22% [3]. - The net profit attributable to shareholders was 161 million yuan, down 52.9% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was 57.14 million yuan, a decrease of 78.57% year-on-year [3]. - In Q3 alone, operating revenue was 2.28 billion yuan, up 8.91% year-on-year [3]. - The net profit for Q3 was 22.27 million yuan, down 56.79% year-on-year [3]. - The net profit after deducting non-recurring gains and losses for Q3 was 6.31 million yuan, a decline of 83.45% year-on-year [3]. Cash Flow and Financial Health - The company faced a cash flow crisis, with a net cash flow from operating activities of -505 million yuan, a year-on-year decline of 1690.52% [4]. - Cash and cash equivalents dropped from 866 million yuan at the beginning of the year to 242 million yuan, a decrease of 72.06% [4]. - Short-term borrowings surged by 59.87% compared to the end of the previous year due to new borrowings [4]. - Sales expenses reached 1.61 billion yuan, an increase of 24% compared to the beginning of the year, primarily due to higher platform and promotional costs [4]. - Investment income decreased by approximately 30% compared to the previous period, impacting overall profitability [4]. Dependency on Non-Recurring Gains - The company's reliance on non-recurring gains has exceeded 60%, with government subsidies amounting to 98.82 million yuan included in the current period's profit [3].

Core Viewpoint - The report from Galaxy Securities emphasizes the importance of developing new consumption driven by changing demographics and consumer attitudes, positioning it as a significant growth point in the market [1] Group 1: New Consumption Trends - New consumption is rapidly developing and has become a focal point in the market due to changes in population structure and consumer concepts [1] - Emotional consumption is identified as a key direction for new consumption development, leading to the emergence of new consumption sectors such as trendy toys, outdoor activities, pet economy, traditional gold ornaments, and beauty products [1] - The pursuit of quality-price ratio has resulted in the rise of new products like beverages and leisure snacks [1] Group 2: Social and Cultural Shifts - There is a need to embrace and guide new consumption with an open mindset, as evidenced by the shared consumption of trendy toys and anime culture among both middle-aged and young consumers, which is now a social phenomenon [1] - Non-professional sports events, such as Guizhou Village Super League, Jiangsu Super League, and Guangzhou Dragon Boat races, break conventional norms and provide better emotional value, stimulating local traffic and service consumption [1]