（汪海） 一场金牌编剧可能都写不来的离奇"宫斗剧本，正在中国商业界上演。近日，青岛双星名人集团董事 长、终身总裁汪海发出公开信，宣布与儿子汪军、儿媳徐英断绝关系。汪海表示，将成立"双星名人品 牌接班委员会"，主张"能人接班"和"职业经理人接班"，疑似质疑汪军的接班能力。 根据资料，双星名人集团前身为国营青岛第九橡胶厂，是我国最早的制鞋工厂。汪海抓住改革契机，接 手一度濒临破产的企业，把双星打造为行业龙头，双星运动鞋曾连续15年全国销量第一。2008年，双星 集团完成改制，鞋服业务独立为双星名人集团。不过，近年来，运动鞋服市场竞争激烈，曾经的全国第 一如今似乎正在淡出大众的视野。不料却又以这种方式重新引发大众的高度关注。 在公开信中，汪海的措施非常有时代特征，比如他称呼自己的儿子为"汪军同志"并自曝"家丑"，指出儿 子儿媳持有外国护照，因此双星作为民族品牌，不应落入外籍人士之手。 这样的争斗场面，本质上是中国民营企业接班人困境的一种反映，吃瓜群众可能感觉刺激，但是其中一 个细节却让人颇感心酸，发公开信时，汪海先生已经84岁高龄。这本该是一个人颐养天年的年纪，却仍 旧要为他创立的品牌操心动怒。 事实上，这样的困境 ...

12月26日，2026双汇肉制品厂商发展研讨会在珠海横琴湾酒店举行。万洲国际董事局主席、双汇创始人万隆，双汇发展董事长万宏伟，双汇发展总裁马相 杰，万洲国际行政总裁郭丽军，双汇发展常务副总裁刘松涛，双汇发展副总裁、肉制品事业部总经理赵国宝，万洲国际、双汇发展高管，肉制品事业部中 高层管理人员，集团行政中层，相关项目经理、销售大区经理及经销商代表等500余人参会。会议由双汇发展党委书记杜俊甫主持。 双汇发展董事长万宏伟在讲话中表示，2025年双汇凭借产业链优势、渠道布局韧性与精细化管控能力，企业销量、收入和利润三大核心指标均发展态势良 好。双汇肉制品业顺应趋势发展，通过创新实现多点突破，以数字化赋能业务发展，在品牌战略上构建了金字塔结构，品牌战略设计初步成型。接下来， 企业将通过组织创新、产品创新、渠道创新、模式创新等措施，进一步提升渠道和终端服务，确保2026年实现突破性进展，共同开创双汇肉类产业发展新 局面。 双汇发展总裁马相杰致辞表示，2025年双汇肉制品业围绕上规模工作主线，通过一系列创新举措的落地见效，肉制品销量自二季度以来实现稳步改善，有 力支撑了企业在严峻形势下的稳健发展。希望厂商双方继续保持战略 ...

Core Insights - The article highlights the transformation of Henan's agricultural products into recognized overseas brands, driven by a combination of industry strength, branding efforts, regulatory support, and logistics improvements [1][2][3][4][5][6][7] Group 1: Industry Foundation - Henan is a crucial grain production area, utilizing 6% of China's arable land to produce 10% of the nation's grain and 25% of its wheat, maintaining a stable grain output of over 1.3 trillion jin for eight consecutive years [2] - The province focuses on deep processing, establishing six major industrial clusters and 18 rural prosperity industry chains, with 6,103 regulated agricultural processing enterprises and 119 national-level agricultural industrialization leading enterprises [2] - The food industry in Luohe has surpassed 250 billion yuan, accounting for a quarter of the province's total, while Zhengzhou has become the largest frozen food R&D and production base in the country [2] Group 2: Branding Strategy - Historically, high-quality agricultural products from Henan faced challenges due to a lack of unified branding, leading to low-price sales [3] - The introduction of public brands like "Yunong Youpin" and "Meiyu Grain and Oil" has significantly changed the landscape, integrating 377 enterprises and 717 products under a cohesive branding strategy [3] - By 2024, exports of agricultural products to ASEAN are expected to account for 30% of Henan's total agricultural exports, establishing "Yuzhao" as a prominent brand in international markets [3] Group 3: Regulatory Support - The provincial government has issued guidelines to enhance the quality of the grain industry, focusing on the coordination of the industrial, value, and supply chains [4] - Luohe has made significant strides in standardization, establishing 20 provincial standards and 309 local standards in the agricultural sector, ensuring a high quality of products [4] - The quality inspection pass rate for agricultural products and food in the province is expected to remain above 98% in 2024, reinforcing the credibility of "Yuzhao" products [4] Group 4: Logistics and Distribution - Cold chain logistics are vital for the freshness of agricultural exports, with the cold chain logistics scale in Henan projected to exceed 120 billion yuan in 2024 [5] - The establishment of cross-border logistics channels, including regular cold chain trains and efficient air routes, has facilitated smoother trade with ASEAN countries [5][6] - The successful export of products like grapes and durians demonstrates the effectiveness of these logistics improvements, creating a beneficial cycle of trade between Henan and ASEAN [6] Group 5: Market Expansion through Exhibitions - Exhibitions serve as a critical platform for showcasing Henan's agricultural products, with significant agreements made during events like the "Belt and Road" International Agricultural Cooperation Expo [7] - The third expo saw 33 enterprises sign contracts worth over 10 billion yuan, indicating a robust market presence in ASEAN [7] - The upcoming 2025 China-ASEAN Grain and Agricultural Cooperation Development Conference is expected to further enhance collaboration and increase exports, with projections suggesting a potential export value exceeding 700 million USD for 2025 [7]

Group 1: Key Insights on Anti-Overcompetition Strategies - The report emphasizes the need to "break the cycle of overcompetition," as highlighted by the General Secretary in July 2025, with a governance framework focusing on three dimensions: industry, enterprise, and government [3][10] - Effective price alliances are identified as a significant international strategy against overcompetition, characterized by public agreements on market share distribution, unified pricing, and supply limitations [3][10] - Successful examples of price alliances include OPEC and iron ore price alliances, which have established mechanisms for collective bargaining and market stability [10] Group 2: Company Performance Analysis - Kweichow Moutai (600519) - Kweichow Moutai reported a total revenue of 91.094 billion yuan for H1 2025, reflecting a year-on-year growth of 9.16%, with a net profit of 45.403 billion yuan, up 8.89% [14] - In Q2 2025, the company achieved a revenue of 39.650 billion yuan, a 7.26% increase year-on-year, and a net profit of 18.555 billion yuan, growing by 5.25% [14] - The company maintains a strong brand barrier and a robust business model, projecting net profits of 93.96 billion, 99.14 billion, and 104.7 billion yuan for 2025-2027, with corresponding PE ratios of 19x, 18x, and 17x [14] Group 3: Company Performance Analysis - Shuanghui Development (000895) - Shuanghui Development reported a total revenue of 28.503 billion yuan for H1 2025, with a net profit of 2.323 billion yuan, marking a year-on-year increase of 3% and 1.17% respectively [15] - The company’s Q2 2025 revenue was 14.208 billion yuan, up 6.3% year-on-year, with a net profit of 1.186 billion yuan, reflecting a 15.74% increase [15] - The company is positioned as a leading player in the meat products industry, with a high dividend payout ratio of 97% and a projected dividend yield of 5.7% for 2024 [15]

Group 1: China Unicom - Company revenue exceeded RMB 200 billion in the first half of the year, with a total profit of RMB 17.7 billion, representing a year-on-year increase of 5.2% [1] - Internet communication revenue reached RMB 131.9 billion, while intelligent network revenue amounted to RMB 45.4 billion, accounting for 26% of total revenue [1] - The number of connected users surpassed 1.2 billion, with mobile and broadband users increasing by over 11 million, reaching a total of 480 million [1] Group 2: Kweichow Moutai - The net profit for the first half of the year increased by 8.89%, with favorable factors outweighing unfavorable ones [2] Group 3: Shuanghui Development - The company reported a total meat product export volume of 1.57 million tons, a year-on-year increase of 3.67%, and total revenue of RMB 28.5 billion, up 3.00% [4] - The total profit decreased by 2.36%, while the net profit attributable to shareholders rose by 1.17% due to improved profitability in tax-exempt businesses [4] Group 4: Pengding Holdings - The company achieved a revenue of RMB 16.375 billion, a year-on-year increase of 24.75%, and a net profit of RMB 1.233 billion, up 57.22% [6] - The increase in revenue was attributed to a rise in customer orders [6] Group 5: Jinlongyu - The company reported a net profit increase of 60.07%, with revenue reaching RMB 115.68 billion, up from RMB 109.48 billion [9] - The growth in revenue was driven by increased sales of kitchen foods, feed raw materials, and oil technology products [9] Group 6: Other Companies - Zhenray Technology reported a turnaround in net profit due to significant growth in main business revenue [12] - Zhongke Sanhuan achieved a net profit increase of 160.82%, despite a revenue decline of 11.17% [16]

Core Viewpoint - The article highlights the significant contributions of nine prominent figures from Henan in various sectors of the food industry, showcasing their innovative spirit and resilience in building successful brands that have become integral to China's food landscape [4][37]. Group 1: Seasoning Industry - Wang Shouyi transformed a family seasoning recipe into a national brand, "Wang Shouyi Thirteen Spices," achieving annual sales of 5 billion with a registered capital of 80 million by 2003 [6][8]. - The brand emphasizes quality control, sourcing specific ingredients from designated regions, ensuring high standards [7][9]. Group 2: Instant Food Industry - Yao Zhongliang revitalized the struggling Bai Xiang brand, turning it into a leading player in the instant food market by recruiting skilled talent and aggressively marketing the product [10][12]. - Bai Xiang has become a significant competitor in the instant food sector, contributing to Henan's food industry reputation [13]. Group 3: Beverage Industry - Zhang Hongchao founded "Mixue Ice City," which quickly gained popularity for its affordable and delicious beverages, expanding through a strict franchise model [14][16]. - The brand has successfully entered international markets, with notable sales performance in its first overseas store [16]. Group 4: Alcohol Industry - Zhang Tieshan established Jin Xing Beer, focusing on quality and differentiation in a market dominated by foreign brands, achieving a 65% market share in Henan [20][21]. - The brand has expanded nationally and is recognized for its quality and competitive pricing [20]. Group 5: Snack Industry - Shi Jubin founded "Haoxiangni," leading the red date industry with innovative products and a focus on quality sourcing, achieving over 30% market share [22][24]. - The brand promotes red date culture and has successfully penetrated international markets [24]. Group 6: Candy Industry - Zhao Qisan launched Jin Si Hou candy, which became popular with its milk candy, achieving sales exceeding 2 billion in 2008 [25][27]. - The brand has expanded its operations and continues to innovate with new products [27]. Group 7: Frozen Food Industry - Chen Zemin founded Sanquan Foods, pioneering the frozen food category in China with innovative products like frozen dumplings and tangyuan [28][30]. - The company has grown to become a leader in the frozen food sector, significantly impacting the industry [31]. Group 8: Ice Cream Industry - Zhang Zhenqing established Tianbing, focusing on affordable and high-quality ice cream, gaining a substantial market share in the cold drink sector [32][34]. - The brand emphasizes product innovation and consumer accessibility [34]. Group 9: Meat Industry - Wan Long led Shuanghui through a significant transformation, achieving over 180 billion in annual revenue and a 25% market share in the meat industry [36]. - The company has expanded globally, becoming a major player in the meat processing sector [36].

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].