陈文博 中金公司食品饮料分析师: 位投资人，大家上午好。那也祝大家新年好，以及开工大吉。那今天上午，是中金组织的 大众食品的春节的情况跟踪电话会。我是中金的食品饮料组陈文博。那今天上午，我们请 到了两位综合的食品的专家与大家分享春节的情况。那第一位专家，主要负责华东、华中 以及华西地区的包括饮料，还有零食等大大的一些品类的运营。专家您好，能听到我说话 吗？ 华东华中华西食品综合专家: 你好，可以，没问题。 陈文博 中金公司食品饮料分析师: 对，那我们就开始。那第一个，首先我想问问，就是您代理的这个品类也比较多，那想问 一下春节期间，比如说这个几个大的品类，像乳制品、饮料、零食、速冻。包括调味品， 这几个品类分别的增速情况，和景气度。然后就综合来看的话，有没有什么地方比咱们之 前预期的要好，或者是要差的？ 华东华中华西食品综合专家: 我们先按照您刚才说的那个品类来说，我们今年的这个总体的品类分成像修石，修石我们 今年的整体性，春节的一二月份，这二月份我们是截止到 2 月 10 号左右。节前的这个数 据，那我们整体的出货比去年同期我们是增长了 10%左右，这所有的修饰，这里面主要是 以礼盒为主，这个品相。那从整个 ...

Core Viewpoint - The long-awaited trademark law revision draft has entered the legislative process, aiming to address issues such as malicious trademark registration and litigation, which have garnered significant public attention [4][6]. Group 1: Background and Context - The State Intellectual Property Office released a draft for public consultation in January 2023, which has undergone nearly three years of refinement before being presented for legislative review [5]. - As of the end of 2024, China has accumulated 83.52 million trademark applications, with 49.77 million valid registered trademarks, leading the world in both categories [8]. Group 2: Issues in Trademark Registration - Malicious trademark registrations and lawsuits have become prevalent, with examples including the malicious registration of terms like "Bing Dwen Dwen" and "Gu Ailing" [6][8]. - The current trademark law, enacted in 1983, has undergone four minor revisions, with this being the first major overhaul in over five years [7]. Group 3: Legislative Changes - The revision draft emphasizes problem-oriented solutions, focusing on improving trademark registration, management, and protection systems [15]. - The draft specifies that applications for trademark registration that are not intended for use and exceed normal business needs will be rejected, enhancing the criteria for registration [16]. - It strengthens the protection of well-known trademarks by prohibiting the registration of similar trademarks across different product categories, regardless of their registration status [17]. Group 4: Enforcement and Penalties - The draft introduces penalties for misleading public use of registered trademarks, including fines of up to 50,000 yuan for non-compliance [18]. - It aims to address cases of malicious registration and litigation effectively, thereby maintaining market order and protecting consumer rights [19]. Group 5: Judicial Experience and Future Considerations - The draft incorporates judicial experiences by imposing penalties for malicious trademark litigation and holding offenders liable for damages [22]. - There are suggestions to increase official fees for trademark applications to deter malicious registrations, as the current fee structure presents minimal economic barriers [20].

Core Viewpoint - The long-awaited trademark law revision draft has entered the legislative review process, aiming to address issues such as malicious trademark registration and litigation, which have garnered significant social attention [3][4]. Group 1: Trademark Law Revision - The current trademark law, in effect since 1983, is undergoing its first major revision in over five years, with the draft consisting of 9 chapters and 84 articles [3][4]. - As of the end of 2024, China has a cumulative trademark registration application volume of 83.523 million, with 49.777 million valid registered trademarks, both ranking first in the world [4]. - The revision focuses on prominent issues in the trademark field, including the prevalence of malicious registrations and the phenomenon of "heavy registration, light usage" [4][8]. Group 2: Malicious Trademark Registration - Malicious trademark registration has become a persistent social issue, with cases like "Bing Dwen Dwen" and "Gu Ailing" being maliciously registered, leading to public outcry [3][4]. - The revision draft aims to prevent registrations that are not intended for legitimate use and to strengthen the protection of well-known trademarks [9][10]. - The draft specifies that applications for trademarks that are clearly beyond normal production and business needs will not be registered, enhancing the criteria for registration [9][10]. Group 3: Enforcement and Penalties - The revision includes provisions for penalties against misleading use of registered trademarks, with fines of up to 50,000 yuan for non-compliance [10]. - It also introduces measures to address malicious litigation, holding those who file such lawsuits accountable for damages [11][12]. - The draft aims to close loopholes that allow malicious trademark holders to exploit legitimate businesses through litigation [12].

Core Viewpoint - The company "Haitian" has experienced a significant decline in market value, losing nearly 500 billion due to the "double standard" incident, raising questions about its future recovery [1][24]. Group 1: Market Value Decline - In 2021, Haitian's stock price peaked at 125.54 yuan, with a market value exceeding 700 billion [3]. - By April 2024, the stock price plummeted to 36.89 yuan, resulting in a market value around 200 billion, indicating a loss of nearly 500 billion in just three years [3][20]. Group 2: Double Standard Incident - In 2022, it was revealed that Haitian's soy sauce sold domestically contained additional food additives compared to the version sold internationally, which only included water, soybeans, salt, sugar, and wheat [5]. - This discrepancy led to public outrage, with consumers questioning why domestic products contained more additives [11][13]. Group 3: Consumer Trust and Response - Despite Haitian's explanations that its practices comply with domestic laws, consumer trust has not been restored, and many remain skeptical about the safety of its products [9][22]. - The company has attempted to launch new products and improve online sales channels, but these efforts have not significantly reversed the decline in stock price or market value [17][20]. Group 4: Competitive Landscape - Competitors like Qianhe Soy Sauce have capitalized on Haitian's troubles by introducing "zero additive" soy sauce, further eroding Haitian's market share [17][22]. - The increased availability of alternative brands has made it difficult for Haitian to regain its former market position, as consumers now have more choices [22]. Group 5: Lessons Learned - The incident highlights the importance of consumer perception regarding food safety, and Haitian's failure to adequately address the issue has led to a lasting impact on its brand reputation [24]. - The company is urged to learn from the "double standard" incident to avoid similar pitfalls in the future [24].

Core Viewpoint - The recent invalidation of the "Qianhe 0+" trademark by the National Intellectual Property Administration has reignited discussions about misleading marketing practices in the food industry, particularly regarding claims of "zero additives" [1][2]. Group 1: Trademark and Consumer Perception - The "Qianhe 0" soy sauce was previously criticized for cadmium detection, leading to public scrutiny of the "0+" trademark and its implications for product content [1]. - Many consumers mistakenly believe that trademarks containing "0" or "0+" indicate that products are entirely free of additives, while companies argue that such claims depend on the ingredient list [1][2]. - The invalidation of several trademarks, including "Qianhe 0+", aligns with consumer expectations for transparency and honesty in product labeling [1]. Group 2: Misleading Marketing Practices - Numerous products utilize misleading labeling practices, emphasizing "zero additives" while only omitting specific ingredients, creating a false impression of overall purity [2]. - Companies often exploit consumer desires for safety and health by blurring the lines between trademark claims and actual product content, leading to potential consumer deception [2][3]. - The recent regulations from the National Health Commission and the State Administration for Market Regulation prohibit the use of terms like "not added" or "zero added" in food labeling, aiming to standardize and clarify food product information [3]. Group 3: Corporate Responsibility and Ethics - Companies are urged to maintain integrity in their branding and marketing, as misleading practices can erode consumer trust and damage long-term brand reputation [3][4]. - The emphasis on clever marketing tactics over genuine product quality can lead to short-term gains but ultimately risks losing consumer loyalty [4]. - A commitment to quality and transparency is essential for companies to build lasting success and avoid the pitfalls of misleading advertising [4].

Core Viewpoint - Qianhe Flavor Industry is committed to responding to the "dual reduction" policy on food additives by adopting a "simplified formula" approach, increasing R&D investment, and innovating technology to produce healthier seasoning products with simple ingredients and natural flavors [1][3]. Group 1: Company Strategy and Development - The company plans to complete the renewal of product packaging and labeling by the end of the year to comply with the new national food safety standards [1]. - Qianhe Flavor Industry has invested over 400 million yuan in R&D since its listing and holds 112 related patents, combining traditional techniques with modern technology to achieve additive-free and traceable production [2]. - The company aims to enhance product development by increasing R&D investment and scientifically restoring ancient brewing techniques to meet consumer demand for healthy seasoning products [1][2]. Group 2: Compliance and Quality Assurance - Qianhe Flavor Industry's products have passed national quality inspections with a 100% compliance rate since 2014, including soy sauce, vinegar, cooking wine, and oyster sauce [2]. - Recent inspections by the Sichuan Provincial Market Supervision Administration confirmed that 23 batches of Qianhe's products met national standards for brewed soy sauce, with no preservatives or sweeteners detected [2]. Group 3: Market Performance - The company has seen a 35% month-on-month increase in sales on online platforms such as Douyin, JD, and Tmall, as well as improved sales in offline supermarkets like Walmart and Hongqi Chain [3].

Core Viewpoint - The article emphasizes the importance of proper trademark usage as a fundamental aspect of market order, highlighting the need for systemic improvements to address the increasing prevalence of misleading trademarks in the market [1][3]. Group 1: Trademark Misuse and Consumer Trust - Trademarks should serve as a reliable link between companies and consumers, but recent cases show that they have become misleading tools, causing confusion among consumers [1][2]. - The controversy surrounding the "half bag" noodles from Bai Xiang ended with an apology and a commitment to adjust the packaging, indicating that the company managed to maintain its reputation despite the issue [1][3]. - There is a growing trend of misleading trademarks, such as "0 sugar" beverages and "tree-ripened" fruits, which have gained significant public attention and concern [1][2]. Group 2: Regulatory and Systemic Recommendations - The article suggests that individual case rectifications are insufficient; a more comprehensive regulatory framework is needed to prevent misleading trademarks from entering the market [3]. - Trademark examination agencies should exercise caution regarding descriptive terms that are commonly understood by the public to minimize misleading registrations [3]. - Establishing a trademark "combinatorial usage" registration system is proposed to enhance transparency and accountability in trademark usage [3].

Core Viewpoint - The discussion surrounding the "Qianhe 0" trademark and "zero additive" soy sauce has brought the topic of consumption upgrades and food safety in the Chinese soy sauce market into the public eye, leading to a more rational market perspective on condiment consumption [1][2]. Group 1: Market Performance - In May, Qianhe Weiye's online sales increased by approximately 35% compared to April, driven by early promotions for the 618 shopping festival on e-commerce platforms [1][3]. - Offline sales also saw a significant rebound, with a 20% increase in May compared to April, particularly in major retail chains like Walmart and Hongqi [3]. - During the Dragon Boat Festival, Qianhe Weiye conducted 625 promotional activities nationwide, resulting in a 31% increase in sales compared to May [3]. Group 2: Regulatory Changes - The introduction of new regulations by the National Health Commission and the State Administration for Market Regulation aims to standardize food labeling, prohibiting terms like "no additives" and "zero additives" on pre-packaged foods, with a two-year transition period before full implementation [2]. - Qianhe Weiye plans to comply with these new regulations by adjusting product labels to eliminate the "zero additive" wording where applicable [2]. Group 3: Consumer Trends - There is a growing consumer demand for healthy condiments with simple ingredients and natural flavors, reflecting a shift towards health-conscious consumption [4]. - The increasing scrutiny on food safety and quality has created opportunities for companies that can guarantee product quality, while also leading to a market shakeout [5][6]. - Qianhe Weiye's commitment to transparency in its ingredient sourcing and production processes has garnered recognition from authoritative media, reinforcing its brand credibility [5][6].

Core Viewpoint - The article discusses the prevalence of misleading trademarks in various industries, particularly in food and consumer products, highlighting the deceptive practices that mislead consumers about product characteristics and quality [1][3]. Group 1: Misleading Trademarks in Food Industry - Bai Xiang instant noodles' trademark "多半" misleads consumers into thinking they are purchasing a "多半袋" (half bag) of noodles [1]. - Other examples include Qianhe's soy sauce labeled as "千禾0" implying zero additives, and Yuanqi Forest's tea products that confuse "0 sugar" and "0 cane sugar" [1]. - Brands like Pucheng Dairy and various noodle brands use terms like "高端无添加" (high-end no additives) and "手擀" (handmade) to create false impressions about their products [1]. Group 2: Deceptive Practices Beyond Food - The article notes that misleading trademarks are not limited to food, with electronic products using terms like "120W" that may not reflect actual power [3]. - Brands create confusion by using similar names to well-known brands, such as "小天才特×" and "胖都来," which can mislead consumers [1][3]. Group 3: Trademark Registration Issues - The trademark registration process includes formal and substantive reviews, but subjective interpretations can lead to misleading trademarks being approved [3]. - Some applicants exploit loopholes by splitting trademarks or applying in multiple categories to bypass scrutiny [3]. - Examples include the "壹号土" trademark, which could mislead consumers into thinking it relates to "土猪肉" (local pork) [3]. Group 4: Importance of Integrity in Business - The article emphasizes that integrity is crucial for businesses, especially in the food industry, where consumer health is at stake [4]. - Companies must be accountable for the authenticity of their trademarks to build consumer trust in product quality and safety [4]. - Regulatory bodies are encouraged to monitor and penalize businesses with invalid trademarks to maintain market integrity [4].

Core Viewpoint - The controversy surrounding White Elephant instant noodles stems from the misleading use of the trademark "Duoban" (meaning "more than half"), which consumers interpreted as indicating a larger quantity, rather than a brand name [1][2][3]. Group 1: Trademark Issues - The term "Duoban" is confirmed to be a registered trademark of White Elephant, not an indication of increased product weight [4][5]. - White Elephant's other trademark applications, such as "Duoban" bags and buckets, have been rejected and are currently invalid [5][6]. - The "Duoyiban" (meaning "more than half") product only offers a 25% increase in noodle quantity compared to standard products, raising further consumer concerns [2][7]. Group 2: Industry Trends - The phenomenon of "trademark edge cases" is prevalent in the food industry, where companies exploit descriptive terms to mislead consumers [2][11][13]. - This practice reflects a deeper conflict between corporate profit motives and consumer rights protection, as companies prioritize market share over transparency [3][14]. Group 3: Consumer Reactions - Following the revelation about the "Duoban" trademark, public backlash against White Elephant has intensified, with consumers expressing disappointment and distrust [16][18]. - The incident highlights the gap between consumer expectations for brand integrity and the reality of misleading marketing practices [18]. Group 4: Company Background - White Elephant Food Co., established in 1997, focuses on producing high-quality noodle products and has expanded its operations across multiple provinces in China [10]. - The company has completed a B+ funding round, attracting investments from notable firms like Fosun Group and GF Securities [10]. Group 5: Regulatory Context - The use of misleading trademarks contradicts the principles outlined in the Trademark Law, which mandates honesty and transparency in marketing [14][15]. - The National Food Safety Standards require that food labeling be truthful and objective, further emphasizing the need for compliance in marketing practices [14].