元气森林的关键瘦身 转自：北京日报客户端 2025年中国食品饮料行业正处于深刻变革期，传统老牌企业面临渠道重构、产品升级、舆情风波的挑 战，新兴品牌凭借差异化定位、数字化营销和产业链布局快速崛起。变局之下，元气森林剥离非核心业 务，果子熟了坚守无糖茶，认养一头牛逆势布局上游，成为这一年度乳饮企业冲破瓶颈、锐意进取的缩 影。复盘新势力元气森林、果子熟了和认养一头牛的2025年，或迸发出解行业难题的新灵感。 "慢即是快"，元气森林创始人唐彬森在一个月前的2025年经销商大会上重申了这条产品主义。 这一年，元气森林完成了一次关键的战略"瘦身"，旗下乳品品牌北海牧场正式拆分并独立运营，引入专 业团队专注低温酸奶与健康乳品领域。这也标志着元气森林从探索多品类战略转向全面深耕饮料主赛 道。通过剥离非核心业务，元气森林将资源集中于气泡水、电解质水、养生水、冰茶与乳茶五大核心品 类，形成清晰的产品矩阵。 资深企业战略和技术创新管理专家、科方得咨询机构负责人张新原分析，"元气森林拆分北海牧场并推 动其独立运营，是立足自身资源禀赋的核心战略聚焦，核心逻辑在于剥离乳制品赛道的竞争损耗，将集 团研发、渠道、营销核心资源全部收拢至气泡 ...

2025年中国食品饮料行业正处于深刻变革期，传统老牌企业面临渠道重构、产品升级、舆情风波的挑 战，新兴品牌凭借差异化定位、数字化营销和产业链布局快速崛起。变局之下，元气森林剥离非核心业 务，果子熟了坚守无糖茶，认养一头牛逆势布局上游，成为这一年度乳饮企业冲破瓶颈、锐意进取的缩 影。复盘新势力元气森林、果子熟了和认养一头牛的2025年，或迸发出解行业难题的新灵感。 元气森林的关键瘦身 "慢即是快"，元气森林创始人唐彬森在一个月前的2025年经销商大会上重申了这条产品主义。 这一年，元气森林完成了一次关键的战略"瘦身"，旗下乳品品牌北海牧场正式拆分并独立运营，引入专 业团队专注低温酸奶与健康乳品领域。这也标志着元气森林从探索多品类战略转向全面深耕饮料主赛 道。通过剥离非核心业务，元气森林将资源集中于气泡水、电解质水、养生水、冰茶与乳茶五大核心品 类，形成清晰的产品矩阵。 资深企业战略和技术创新管理专家、科方得咨询机构负责人张新原分析，"元气森林拆分北海牧场并推 动其独立运营，是立足自身资源禀赋的核心战略聚焦，核心逻辑在于剥离乳制品赛道的竞争损耗，将集 团研发、渠道、营销核心资源全部收拢至气泡水、电解质水等五大饮料 ...

2025年中国食品饮料行业正处于深刻变革期，传统老牌企业面临渠道重构、产品升级、舆情风波的挑战，新兴品牌凭借差异化定位、数字化营销和产业链布 局快速崛起。变局之下，元气森林剥离非核心业务，果子熟了坚守无糖茶，认养一头牛逆势布局上游，成为这一年度乳饮企业冲破瓶颈、锐意进取的缩影。 复盘新势力元气森林、果子熟了和认养一头牛的2025年，或迸发出解行业难题的新灵感。 元气森林的关键瘦身 "慢即是快"，元气森林创始人唐彬森在一个月前的2025年经销商大会上重申了这条产品主义。 这一年，元气森林完成了一次关键的战略"瘦身"，旗下乳品品牌北海牧场正式拆分并独立运营，引入专业团队专注低温酸奶与健康乳品领域。这也标志着元 气森林从探索多品类战略转向全面深耕饮料主赛道。通过剥离非核心业务，元气森林将资源集中于气泡水、电解质水、养生水、冰茶与乳茶五大核心品类， 形成清晰的产品矩阵。 资深企业战略和技术创新管理专家、科方得咨询机构负责人张新原分析，"元气森林拆分北海牧场并推动其独立运营，是立足自身资源禀赋的核心战略聚 焦，核心逻辑在于剥离乳制品赛道的竞争损耗，将集团研发、渠道、营销核心资源全部收拢至气泡水、电解质水等五大饮料主业， ...

利润方面，今年下半年成本红利持续释放，公司费用管控能力较强，没有无序地参与价格竞争，盈利能 力有望保持稳健。此外，1元乐享等手段加强了公司的数字化运作能力，强化渠道与消费者链接，在后 续发展过程中有望助力公司持续向上，平台型企业根基稳固。该行将其目标价由56.37港元升至59.23港 元，维持"买入"评级。 华泰证券发表研究报告指，中央财办表示扩内需是明年排首位的重点任务，内需主题预期凸显。农夫山 泉作为软饮品龙头企业，今年饮品行业受到外卖平台价格战的影响，但公司经营稳健性突出。具体而 言，公司包装水业务已走出此前的舆论低谷，今年以来持续扩张市场份额，且公司的经营重心由绿瓶纯 净水转回至红瓶天然水，无糖茶业务延续较好的收入成长速度，加速向下沉市场渗透，进一步获得市场 份额，NFC果汁、碳酸茶、养生水等产品持续加强消费者培育。 ...

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, highlighting several key companies as investment opportunities [3][4]. Core Insights - The food and beverage industry is experiencing internal rotation in new consumption and improvement at the bottom of traditional consumption. The overall performance in 2025 was weak, primarily due to the adjustment in the liquor sector, but the long-term recovery trend for mass consumer goods remains intact [3][8]. - For 2026, structural opportunities are expected to continue, with new consumption showing internal rotation and traditional consumption gradually recovering from the bottom [3][15]. Summary by Sections Industry Overview - In 2025, the food and beverage sector's revenue grew by only 0.1% year-on-year, while profits fell by 14.6%, underperforming compared to the previous year. The industry index ranked last among 31 sub-industries with a decline of 4.8% [8][11]. - The adjustment in the liquor sector is identified as the main factor for the overall weak performance, while the recovery trend for mass consumer goods is expected to persist [8][11]. Soft Drinks - The beverage industry is projected to benefit from a rebound in travel demand in 2026, with a revenue increase of 6.2% in the first half of 2025 compared to the previous year [42][45]. - Cost advantages from declining prices of raw materials like sugar and PET are expected to continue, enhancing profit margins for beverage companies [45][49]. Snacks - The konjac snack sector is experiencing high growth, with companies like Salted Fish and Wei Long achieving significant revenue increases in 2025 [66][67]. - The competitive landscape for konjac products is expected to remain manageable, with established brands likely to maintain their market positions despite new entrants [70][76]. Dairy Products - The dairy sector is anticipated to see a recovery in supply-demand balance, with raw milk prices expected to stabilize in 2026 due to ongoing supply adjustments [38][39]. - Policies promoting consumption are expected to benefit liquid milk and milk powder sales, driving demand improvements [38][39]. Frozen and Condiment Products - The frozen food sector is expected to see performance improvements as competition stabilizes, with a focus on recovery in demand [38][39]. - The condiment sector is also projected to benefit from a gradual recovery in consumer demand [38][39]. Liquor - The liquor industry is still in an adjustment phase but is gradually approaching a bottoming out stage, with supply clearing expected to continue into 2026 [6][25]. - The report suggests that the long-term value of liquor stocks will become more apparent as the market stabilizes [6][25]. Investment Recommendations - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and Moutai in the beverage sector, as well as Wei Long and Salted Fish in the snack sector [6][8].

Core Insights - The rise of Chinese-style health bread, labeled with "medicinal food integration," has gained popularity among young consumers on social media, with many treating these bakeries as trendy spots for social media engagement [1][3] - The introduction of medicinal bread by hospitals, such as Yangzhou Central Hospital, has led to significant consumer interest, with thousands of units sold out within an hour of launch [3][4] - The trend reflects a broader movement towards "Chinese-style" consumption, with health-oriented products like herbal water also experiencing rapid growth, projected to reach a market size of 10.8 billion yuan by 2028 with a compound annual growth rate of 88.9% from 2024 to 2028 [7] Market Dynamics - Various hospitals and health institutions are entering the market with unique offerings, such as "herbal root bread" from Guizhou Medical University and a range of health breads from Beijing Tongrentang's "Zhi Ma Health" [5][6] - The pricing of these products ranges from 16 to 36 yuan, indicating a premium positioning in the market [5] Consumer Behavior - Consumers are drawn to these products not only for their potential health benefits but also for cultural resonance and curiosity, although the actual medicinal content may be minimal [8] - There is a call for more innovation and standardization in the "Chinese medicine + dining" sector to ensure safety, efficacy, and consumer understanding of these health products [8]

Core Viewpoint - The rise of health-oriented bottled water, leveraging traditional Chinese medicinal ingredients, is becoming a significant trend among young consumers, creating a rapidly growing market opportunity in the beverage industry [1][4][9]. Group 1: Market Dynamics - The health water segment has attracted significant investment from venture capital firms like ZhenFund and Meihua Venture Capital, indicating strong market interest [2]. - Traditional juice brands are pivoting to health water, with companies like Leyuan gaining traction by supplying health water to major retailers [2][5]. - The market for health water is projected to grow from 450 million yuan in 2023 to 10.8 billion yuan by 2028, suggesting a substantial growth trajectory [9]. Group 2: Product Development and Innovation - Leyuan has successfully introduced products like apple astragalus water and mulberry mint water, which have quickly gained popularity in retail channels [5][6]. - The health water market is characterized by a high degree of product similarity, with many brands relying on common ingredients like red beans and goji berries, leading to concerns about innovation [10]. - Companies are encouraged to enhance product differentiation through innovative formulations and high-quality raw materials to combat market saturation [10]. Group 3: Consumer Behavior and Market Perception - Health water serves as a vehicle for emotional consumption, providing a flavorful alternative to plain water while embodying traditional health concepts [3][9]. - The perception of health water as a lifestyle choice rather than a medicinal product is driving its popularity among younger consumers [3][9]. - Despite concerns about the sustainability of the health water trend, industry insiders remain optimistic about its long-term potential, viewing it as a significant market opportunity [9].

Core Viewpoint - The rise of "health water" products, which incorporate traditional Chinese medicinal ingredients, is becoming increasingly popular among younger consumers, creating a rapidly growing market segment valued at billions of yuan [4][10]. Industry Overview - The retail market is witnessing a surge in health water brands, with notable players like Yuanqi Forest and emerging brands such as "Kekou Manfen" and "Keyang" entering the space [3][4]. - Traditional juice brands are pivoting to health water, with companies like Leyuan leveraging their experience to create new product lines that align with modern health trends [4][5]. Market Dynamics - The health water market is projected to grow significantly, with estimates suggesting a rise from 450 million yuan in 2023 to 10.8 billion yuan by 2028, indicating a potential replacement effect on the sugar-free beverage market [10]. - As of 2024, there are already 43 brands and 127 health water products on the market, highlighting the rapid expansion and interest in this category [7]. Consumer Behavior - Health water is seen as a more flavorful and healthier alternative to plain water and carbonated drinks, appealing to the emotional and lifestyle needs of consumers [8][10]. - The concept of "emotional value" is central to the marketing of health water, as it provides consumers with a sense of wellness and self-care [8][10]. Competitive Landscape - The market is facing challenges related to product homogeneity, with many brands using similar ingredients, which raises concerns about long-term sustainability [10][12]. - Companies are encouraged to innovate their formulations and improve ingredient quality to differentiate themselves in a crowded market [10]. Investment Trends - The high margins and novel concepts associated with bottled health water have attracted significant investment from venture capital firms, indicating strong confidence in the sector's growth potential [3][6].

Group 1 - The core viewpoint of the articles highlights the rising trend of "punk health" among young people, leading to a significant increase in health-related consumption during the summer season [1][2] - Data from Meituan indicates that since July, comments related to "Sanfu health" have surged by over 99% year-on-year, with searches for "Sanfu moxibustion" increasing by over 91% week-on-week [1] - The demographic of 25-35 year-olds constitutes nearly half of the Sanfu health group, prompting businesses to adapt their offerings to meet the growing demand [1] Group 2 - The supply side has responded rapidly to the demand surge, with businesses adjusting their strategies both online and offline, leading to a 50% increase in the number of Sanfu moxibustion services and a 62% rise in transaction volume year-on-year [1] - The push for health drinks has also seen explosive growth, with the keyword "health water" experiencing a GMV increase of over 450% in the past month, and specific products like "red bean and coix seed water" seeing a tenfold increase [1][2] - Industry experts suggest that the "Sanfu health craze" reflects a combination of health consumption upgrades and young people's coping mechanisms for anxiety, indicating a need for the industry to evolve from initial emotional marketing to establishing scientific standards and product functionality [2]

Group 1 - The baking industry is undergoing a rapid reshuffle, with many well-known brands closing stores due to high rent and labor costs, leading to 95,000 closures in 2024, despite the industry still growing at 5.2% to reach 110.5 billion yuan [3][4]. - Tesla's restaurant in Los Angeles generated $47,000 in just six hours, with plans to open in Shanghai next year, but faces challenges in adapting to Chinese cuisine [5]. - The powdered noodle market is expanding, with a projected market size of 227.5 billion yuan in 2024 and over 1 million stores by 2025, driven by product innovation and regional specialties [7]. Group 2 - The summer beverage market is shifting towards health-focused Chinese herbal drinks, with significant sales growth and a projected market size exceeding 10 billion yuan by 2028 [8][13]. - The sugary tea market is experiencing a resurgence, with the market size expected to be twice that of unsweetened tea from 2023 to 2025, driven by traditional brands and innovative products [9]. - The salt soda, originally a labor product, is gaining popularity among young consumers, but faces challenges in seasonal demand and regional distribution [10]. Group 3 - The carbonated beverage market is intensifying competition, with local brands like Yuanqi Forest and Zhenzhen launching innovative products to capture market share from Coca-Cola and Pepsi [11]. - The Chinese coffee market has surpassed the U.S. in the number of coffee shops, with a projected market size exceeding 220 billion yuan by 2025 [17]. - The herbal beverage market is rapidly growing, with a projected size of 150 billion yuan by 2023, but faces challenges of formula homogenization [31]. Group 4 - The energy drink market is expected to maintain high growth, with a projected CAGR of 10.9% from 2020 to 2024, driven by increasing demand among young consumers [23]. - The trend of large-sized beverages is rising, particularly in lower-tier cities, with a focus on cost-effectiveness and shared consumption [10]. - The "current milk drink" category is emerging as a new trend, with brands leveraging social media and health attributes to attract young consumers [24]. Group 5 - The herbal drink market is seeing a surge in interest, with companies like Weiwei launching new products that emphasize natural ingredients and health benefits [44]. - The trend of "functional juices" is gaining traction, with products like HPP ginger drinks becoming popular among young consumers [42]. - The market for GABA-based sleep aid beverages is growing, but faces challenges in consumer education and product efficacy [22].