远山/文 近日，山姆会员店突然将太阳饼、米布丁、低糖蛋黄酥等原本高复购率的商品下架，取而代之 的是普通商超常见的溜溜梅果脯、好丽友派蛋糕、卫龙辣条等普通零食品类。部分新上架商品被贴 上"会员特供"的标识。此举引发了不少会员的质疑与不满。突如其来的商品结构调整，不仅触动了消费 者对山姆独特性的认知根基，更暴露出会员制商超在保持调性与扩大客群间的平衡困境。 山姆会员店作为国内会员制超市的代表之一，其成功的关键在于构建了一种独特的消费文化。其仓储式 陈列节省成本、自有品牌强化控制力、会员活动增强黏性，上述策略共同构建出"会员制+高品质"的商 业闭环。 但这种闭环依赖有一个隐性前提：会员对其选品能力的绝对信任。山姆通过Member's Mark的40%销售 额占比，证明其自有品牌能有效替代第三方商品，同时维持"质价比"优势。会员支付260元至680元的年 费，不仅是为了获取商品折扣，更是为了购买一种"生活方式"。 此次山姆会员店大规模更换选品，虽然在价格上更具亲和力，却打破了其长期以来构建的"高品质、高 性价比"的商品符号体系。选品策略的转变，模糊了山姆与其他大众零售渠道的差异化定位。 更深层的矛盾在于，会员期待的" ...

Core Viewpoint - The controversy surrounding the "Duoban" trademark on White Elephant's instant noodle products has sparked significant public discussion, leading the company to issue an apology and clarify the product's weight and branding strategy [4][5]. Group 1: Product and Branding - The "Duoban" products are based on a 70g noodle cake, now offered in larger 110-120g sizes, aimed at distinguishing them from regular products [5]. - The trademark "Duoban" is intended to help consumers identify larger portion products, and the company acknowledges the potential for consumer misunderstanding [5][6]. - The "Duoban" brand's noodle cake weighs 110g, which is nearly 50% more than the standard 75g noodle cake in regular White Elephant products [6]. Group 2: Market Performance - White Elephant ranks first in sales within the instant noodle category on the Douyin e-commerce platform, with sales between 50 million to 75 million yuan in the past month [7]. - The brand's self-operated sales account for 51.72% of its total sales on Douyin, while influencer sales contribute 12.85% [7]. - The highest-selling product under the "Duoban" brand has generated sales of 100,000 to 250,000 yuan in the last month, significantly lower than other popular products like the Sweet Spicy Turkey Noodle [7].

Core Viewpoint - The controversy surrounding the "Duoban" brand of instant noodles from Bai Xiang has led to public scrutiny regarding its packaging and marketing claims, prompting the company to issue an apology and commit to revising its product labels to prevent consumer misunderstanding [1][3]. Group 1: Product Details - Bai Xiang's "Duoban" instant noodle products are available in larger sizes, with the "Duoban" bagged beef noodles containing 110g of noodle cakes, which is nearly 50% more than the standard 75g offered in regular Bai Xiang products [3][5]. - The "Duoyiban" brand offers a 100g noodle cake, which is significantly larger than the 60g variant, indicating a clear differentiation in product offerings [5]. - Bai Xiang has a variety of instant noodle products with different weights, including "super large bags" and other series, showcasing a diverse product line within the same flavor category [5]. Group 2: Trademark and Sales Performance - Bai Xiang has registered several trademarks related to the "Duoban" brand between 2018 and 2021, although some were rejected due to potential consumer confusion regarding product quantity [5]. - In the instant noodle category on Douyin, Bai Xiang ranks first in sales, with recent figures indicating sales between 50 million to 75 million yuan, significantly outperforming competitors like Kang Shifu and Jin Mai Lang [5][7]. - The sales breakdown on Douyin shows that 51.72% of Bai Xiang's revenue comes from its self-operated accounts, while influencer accounts contribute 12.85%, and product cards account for 35.4% [7].

零食，功能上是一种膳食的补充，如今也是一种生活方式。 十分亮堂的零食店一到晚上就聚集了许多年轻人，王佳乐下了班没事也会去逛逛。他爱去买泡面，一些爱吃的老品牌方便面，价格比外面的普遍便宜一 些，遇到促销，还能更划算。 小小一袋零食，过去大家会认为贵的就是好的，但如今人们在鸣鸣很忙这样的零食量贩店，吃出了消费的最新理念——质价比才是最好；也吃出了孤独时 代的情绪价值，一袋美味的零食是人们陪伴和褒奖自己的情绪能量棒。 事实上，质价比并非零食行业独一家的趋势，而几乎是这几年中国消费行业普遍存在的一股潮流。各行各业的"鸣鸣很忙们"涌现，例如蜜雪冰城、瑞幸 等，它们都通过质价比的产品、万店连锁业态让一二线城市与县城的人们享受同样的消费品质。 质价比本身也是一种社会学意义上的价值观——安全、理性、合适。人们选择基于这种价值观打造的商品和品牌，本质也映射着自己的内心：在不确定时 代，通过打捞确定锚点，来获得一种秩序和安全感。 01 为何大家会去鸣鸣很忙 "我不爱吃零食，但现在村里开了三家以上零食店，种类特别眼花缭乱，每天下了班就爱顺便去逛逛。" 王佳乐是一名25岁的打工人，从小出生在农村的他，大学毕业后留在西安，但还是选择了 ...

Summary of Key Points from Conference Call Records Industry Overview Alcohol Industry - The liquor industry is showing a stable recovery with major companies like Moutai setting a 9% revenue growth target, Wuliangye aligning with macro indicators, and Luzhou Laojiao emphasizing steady growth. The supply-side pressure in the industry has significantly eased, and channel feedback is expected to improve [1][3]. - Moutai and Wuliangye have reported double-digit growth, slightly exceeding market expectations, while Luzhou Laojiao's cash flow performance is better than its apparent data [3]. Beer Industry - The beer sector performed well in Q1 2025, with small breweries like Zhujiang and Yanjing showing outstanding results. Qingdao Beer and Chongqing Beer met expectations, and structural improvements are noted despite pressure on ton prices [4][5]. Beverage Industry - The beverage sector continues to trend towards health and functionality, with Dongpeng Beverage showing high growth and new products like health water from Lululemon gaining attention. Nongfu Spring is also highlighted as a company to watch [6]. Dairy Industry - The dairy sector is experiencing supply-side adjustments, with Yili's Q1 report showing positive revenue growth. The improvement in demand is expected to resonate with the raw milk cycle, while Mengniu is noted for its defensive attributes [7]. Snack Industry - The snack sector is exhibiting a new consumption growth trend, with companies like Weilong and Yuyou revising their forecasts upward. Yuyou has entered new channels, and Ganyuan's overseas market prospects for Q2 are promising [8]. Textile and Apparel Industry - The textile and apparel industry is showing a trend of low performance followed by high recovery, particularly in sports apparel. Anta Sports is effectively managing multiple brands, while home textile companies like Luolai and Mercury Home Textile are seen as defensive investments [11][12]. Key Recommendations - **Liquor**: Recommended stocks include Moutai, Luzhou Laojiao, and regional leaders like Fenjiu and Wuliangye [10]. - **Beer**: Focus on Qingdao Beer and its strong dividend yield [5]. - **Dairy**: Yili and Mengniu are highlighted as key players [10]. - **Beverages**: Nongfu Spring and Lululemon are recommended [10]. - **Snacks**: Weilong, Yuyou, and Ganyuan are noted for their growth potential [10]. - **Textiles**: Anta Sports and home textile brands like Luolai are recommended for their defensive qualities [11][12]. Additional Insights - The pig farming sector is currently valued highly, with pig prices remaining elevated, but the breeding sector's outlook is cautious due to limited capacity recovery. Key companies to watch include Muyuan, Shennong Group, and Dekang [2][20]. - The poultry industry, particularly yellow feathered chickens, is facing challenges with prices down from last year, but companies like Lihua and Wens continue to expand [21]. - The retail sector is experiencing rapid growth, especially in the snack segment, with companies like Liangpinpuzi expected to open numerous new stores [33][34]. - The home appliance industry is focusing on tariff adjustments and new consumption trends, with companies like Vanward Electric and TCL Electronics showing strong performance [37][38].

证券研究报告 卫龙美味 (9985 HK) 港股通 魔芋开启新纪元，辣味王者再启航 华泰研究 首次覆盖 2025 年 4 月 28 日│中国香港 食品 首次覆盖卫龙美味并给予"买入"，目标价 19.96 港元（基于 25 年 32xPE）。 中国零食行业在较长时间内呈现多品类、弱品牌的特点，辣味零食成瘾性更 强、复购率更高，有效延长产品生命周期。卫龙已成功打造国民辣条品牌形 象、领先优势明显，并作为魔芋赛道的先行者、有望率先享受品类高速扩张 的红利。卫龙根基稳固，品牌力构成竞争力的核心，并具备开创创新品类的 定力与能力，敢为人先、勇于求变，后续或仍将聚焦打造大单品+拥抱新渠 道，有望突破零食行业产品生命周期短、渠道结构多变两大痛点。 行业层面：辣条品类规模稳定，魔芋品类蓬勃发展 辣味零食赛道高景气、强粘性。1）辣条品类：据尼尔森，品类销售体量~100 亿，市场规模稳定，头部品牌显露，据马上赢，23 年卫龙市占率达 28%。 2）魔芋品类：公众健康意识崛起、独特的口感与高性价比之下，魔芋品类 蓬勃发展，中国 24 年魔芋食品出厂口径市场规模~70 亿（据盐津铺子公众 号），年增长 20%+，考虑魔芋的受众较辣条 ...

港股新消费赛道公司股价集体大涨。 当一些投资者还在纠结A股消费龙头公司财务报表以及股价是否匹配时，一批港股上市的新消费热门股股 价已经集体创新高，诞生出翻倍股、十倍股。 3月27日，恒生指数和恒生科技指数低开高走，尾盘回落，仍处于震荡调整阶段。值得关注的是，一批属 于新消费赛道的港股公司股价集体走高，表现强势，吸引投资者目光。 这些公司中有让男人"上头"的生物制药公司、彩妆界的茅台、黄金爱马仕、辣条龙头以及潮玩印钞机。无 一例外，这些被认为是"悦己消费"赛道公司业绩普遍较好，不过，也有不少投资者对于这类公司有较大排 斥心理，争议较大。 园、游戏均已落地，IP生态框架初步建立，多维度的业务形式有望赋予IP更长的生命周期。另外甜品店、 珠宝店也在试点中，未来发展空间广阔。 老铺黄金股价上涨9.23%，年内股价累计涨幅接近2倍。老铺黄金于2024年6月28日在港交所主板挂牌上 市，被称为"古法黄金第一股"。上市首日股价上涨72.84%，今年，老铺黄金延续去年疯狂走势，年内涨 幅位居港股百亿公司涨幅之首。老铺黄金自上市以来股价累计涨幅超过10倍。 值得注意的是，越来越多机构开始关注这些"悦己消费"赛道公司，并有基金经 ...