11月27日，"2025搜狐财经年度论坛"在北京举办。在论坛中，伊利集团副总裁张轶鹏带来了题为"汇聚全球资源，打造一杯好奶"的主题分享。 张轶鹏表示，中国乳业正在从"以量取胜"迈向"以质取胜"。消费者需要更加精准、更加专业、更具功能性的营养产品，乳品深加工已成为行业升级的关键。 比如，伊利为了攻克乳铁蛋白提取工艺这一卡点，伊利开展了长达17年的技术攻关，最终实现了乳铁蛋白定向提取保护技术的突破，成功打破国外技术垄 断。 我想跟大家讲一个乳铁蛋白这个例子，乳铁蛋白对于免疫力的调整是非常重要的，它是牛奶里面原生的一种蛋白质。乳铁蛋白提取工艺非常复杂，所以国内 一直是空白。而且要想选一公斤的乳铁蛋白出来，要耗费掉10吨的牛奶才能选出来，所以是万里选一。伊利集团用了17年的时间，通过技术攻关，实现了乳 铁蛋白的定向的保护和提取技术，成功的打破了国外技术垄断。为了攻克这一卡点，伊利开展了长达17年的技术攻关，最终实现了乳铁蛋白定向提取保护技 术的突破，成功打破国外技术垄断。 作为中国产品线最丰富的乳企，伊利正在从乳品企业走向"健康食品集团"，打造了覆盖液态奶、冷饮、奶粉、酸奶、奶酪，以及天然矿泉水、现泡茶、营养 补剂等 ...

11月27日，妙可蓝多盘中上涨2.02%，截至09:52，报26.28元/股，成交4327.41万元，换手率0.33%，总 市值134.04亿元。 资金流向方面，主力资金净流入42.61万元，特大单买入0.00元，占比0.00%，卖出148.47万元，占比 3.43%；大单买入1124.31万元，占比25.98%，卖出933.23万元，占比21.57%。 妙可蓝多今年以来股价涨46.82%，近5个交易日涨1.19%，近20日涨4.66%，近60日跌3.42%。 资料显示，上海妙可蓝多食品科技股份有限公司位于上海市浦东新区金桥路1398号金台大厦10楼，成立 日期1988年11月29日，上市日期1995年12月6日，公司主营业务涉及以奶酪为核心的特色乳制品的研 发、生产和销售，其中奶酪产品可以进一步细分为即食营养系列、家庭餐桌系列和餐饮工业系列。同时 公司也从事液态奶的研发、生产和销售，以及乳制品贸易业务。主营业务收入构成为：奶酪83.20%， 贸易8.94%，液奶7.29%，其他0.57%。 妙可蓝多所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：新零售、国产乳业、社区团 购、中盘、融资融券等。 ...

近期的消费赛道格外热闹：CPE源峰宣布与美国餐饮品牌汉堡王达成战略合作之后，大钲资本又被传正 在评估对英国连锁咖啡品牌Costa Coffee提出的潜在收购要约。而在一周前，博裕资本刚拿下星巴克中 国60%股权；上个月，KKR收购国民汽水品牌大窑汽水的交易也正式落地。一边是并购热潮持续升温， 一边却是消费市场增长乏力，顶级资本为何逆势扎堆布局消费品牌？背后暗藏怎样的投资逻辑？ 顶级资本频现大手笔买入消费 上述并购交易案中，买家都是国内外顶级资本，而卖方则多为知名消费品牌，其中不乏国际消费巨头。 然而，巨资活跃在消费赛道且频频出手，与当前稍显疲软的消费市场形成鲜明对比。 从企业的规模来看，即便是头部食品饮料企业，业绩增速也明显放缓。比如，白酒行业龙头贵州茅台的 三季报显示，今年前三季度，其营收和利润都同比增长超过6%，但相比过去几年的"双位数"增长，放 缓迹象突出。 西式快餐龙头百胜中国第三季度总收入32亿美元，同比增长约4%，经营利润同比增长8%，增速较今年 一季度和二季度有所回落；乳制品龙头伊利股份在2024年归母净利润双位数下降后，今年前三季度业绩 继续下滑，营业总收入905.64亿元，同比增长1.71% ...

【环球时报记者 肖震冬 环球时报驻德国特约记者 青木】在7月底达成贸易协议后，美欧之间的经贸博 弈仍未偃旗息鼓，反而产生诸多后续问题。据英国《卫报》、法新社等媒体报道，当地时间24日，美国 商务部长卢特尼克与贸易代表格里尔在比利时布鲁塞尔与欧盟各国贸易部长等官员举行高层会议，并共 进午餐，《卫报》将卢特尼克和格里尔此举称为"高风险举动"。目前华盛顿官员明确表示对欧盟执行贸 易协议的速度"感到失望"，而欧盟立法者则希望对协议进行修订，不少7月关税协议争议点延宕至今。 " 华盛顿的耐心正受到考验 " 此次贸易谈判是自10月初美国政府停摆以来的首次磋商 。此前，根据欧盟与美国8月21日公布的联合声 明，美国将对大多数欧盟输美商品征收15%的关税，而欧盟则承诺取消对美国产工业品的关税，并为美 国海产品和农产品提供优惠市场准入。为让美国尽快调降汽车关税，欧盟委员会8月提出一项立法，拟 取消部分美国商品的关税。然而，欧洲议会和理事会尚未通过该立法，《卫报》报道提到，立法程序可 能持续至明年2月。"欧洲新闻台"网站对此报道称，"华盛顿的耐心正受到考验"。 据"欧洲新闻台"网站报道，在会议之前，欧盟官员们表示，他们预计讨论将 ...

Core Viewpoint - Panda Dairy has repeatedly adjusted its fundraising projects, reflecting a decline in traditional business growth and low capacity utilization [1][3][4] Group 1: Fundraising Project Adjustments - On November 17, Panda Dairy announced a change in its fundraising project, increasing the capacity of the "Ding'an 10,000 tons food raw material project" and reallocating 20 million yuan from the "Cangnan 30,000 tons concentrated dairy product project" to this new project [1] - Since its IPO in October 2020, Panda Dairy has made multiple adjustments to its fundraising projects, including reducing the investment in the Cangnan project and introducing new projects due to lower-than-expected fundraising amounts [2][3] - The Cangnan project, originally scheduled to be operational by June 2022, has faced delays, with the completion date now pushed to June 2026, indicating ongoing challenges in project execution [3] Group 2: Capacity Utilization and Sales Performance - As of 2024, Panda Dairy's total designed production capacity across its three bases is 63,000 tons, but actual production is only 41,300 tons, resulting in a capacity utilization rate of 66%, down 13 percentage points from 2023 [3] - The sales growth of concentrated dairy products has been sluggish, with only a 3.6% increase in the first half of the year, while other product lines like coconut products saw a significant increase of 113.73%, albeit from a smaller base [3][6] - The concentrated dairy product segment, which contributed 77% of revenue in 2024, has faced declining growth rates, with a 10.06% drop in 2024 and only a 3.8% increase in the first half of the current year [5][6] Group 3: Management and Shareholder Actions - The management has set modest growth targets in its 2025 stock incentive plan, aiming for a revenue growth rate of at least 7% in 2026 and 14% in 2027, without setting a net profit growth target, which may indicate a lack of optimism about short-term growth [1][7] - Shareholder sentiment appears to be declining, with significant reductions in holdings by major shareholders since late 2024, suggesting a lack of confidence in the company's future performance [8]

相关研究报告 《10 月社零增速延续回落，部分消费 结构性回暖 — 行 业 点 评 报 告 》 -2025.11.17 食品饮料 2025 年 11 月 23 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2024-11 2025-03 2025-07 食品饮料 沪深300 《消费板块共振上涨，消费行业结构 性回暖—行业周报》-2025.11.16 《底部布局，柳暗花明—行业投资策 略》-2025.11.14 乳制品供需拐点可期，三大机会驱动行业成长 ——行业周报 | 张宇光（分析师） | 张思敏（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790525080001 | zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：乳制品已有改善信号，龙头标的具备配置价值 11 月 17 日-11 月 21 日，食品饮料指数跌幅为 1.4%，一级子行业排名第 3，跑赢 沪深 30 ...

股票研究 /[Table_Date] 2025.11.21 营收逐季提速，持续开拓可期 妙可蓝多(600882) ——公司跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 陈力宇(分析师) | 021-38677618 | chenliyu@gtht.com | S0880522090005 | 本报告导读： 2025Q3 公司营收增长提速，利润低基数上继续明显改善，奶酪品类长期渗透率提升 空间较大，公司 B 端开拓和 C 端改善之下逐步提速成长可期。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | ...

Core Insights - The company, Panda Dairy, has announced a restricted stock incentive plan aimed at binding key talents and optimizing governance structure for long-term strategic growth [1][2] - The plan involves granting 1.681 million shares, representing 1.36% of the total share capital, to 26 core employees including executives [1] - The incentive plan is closely linked to performance assessments, ensuring that rewards align with contributions [1] Group 1 - The incentive plan is a critical measure to implement the talent strategy, enhancing team cohesion and corporate competitiveness [2] - The plan is designed to support the company's focus on core business and expansion into new areas, potentially driving steady growth in the condensed milk sector [2] - The company has established a product system centered on condensed milk, with diversified businesses including cream, cheese, and coconut products [1] Group 2 - The company is actively expanding retail channels while solidifying its B-end catering supply chain advantages [1] - The construction of the Hainan production base and the steady advancement of the overseas raw material supply chain are crucial for the company's next phase of scalable development [1]

Core Points - The 28th FHC Shanghai Global Food Exhibition will take place from November 12 to 14, 2025, showcasing the excellence and innovation of Italian food products through the "Italian National Pavilion" organized by the Italian Trade Agency (ITA) [1] - The opening ceremony of the Italian National Pavilion marks the official launch of the 10th "Global Italian Cuisine Week" in Shanghai, emphasizing the cultural and culinary significance of Italian cuisine [3][6] - The theme for this year's Global Italian Cuisine Week is "Health, Culture, and Innovation," highlighting the core values of Italian food as a cultural expression and lifestyle [6] Industry Insights - A total of 90 Italian companies are participating in FHC 2025, reflecting strong interest and active engagement of Italian enterprises in the Chinese market [8] - The increasing demand from Chinese consumers for healthy, traceable, and high-quality food products is driving the growth of Italian products in China, showcasing the historical heritage and traceability of Italian food [8] - The ITA has established four offices in China and is committed to promoting Italian culinary culture through various channels, including partnerships with culinary schools and online platforms [10] Event Highlights - The Italian National Pavilion features a 460 square meter exhibition area showcasing a diverse range of Mediterranean products, including cheese, olive oil, truffles, pasta, and desserts [16] - The pavilion is designed to facilitate both business negotiations and immersive experiences for industry professionals and consumers [16] - The event serves as a vital platform for promoting Italian culinary traditions and high-quality products, reinforcing the connection between health and cultural experiences [18][20] Organizational Role - The Italian Trade Agency (ITA) supports Italian businesses in foreign markets and promotes Italian food and beverage products in China through exhibitions, industry promotion, and market research [20][21] - ITA has been active in the Chinese market for over 50 years, organizing numerous promotional activities to deepen economic and trade cooperation between Italy and China [21]

Core Insights - The recent surge in mergers and acquisitions in the consumer sector contrasts with the sluggish growth of the consumption market, raising questions about the underlying investment logic of top-tier capital [1][4]. Group 1: Current Market Conditions - The retail sales of consumer goods in China reached 36.59 trillion yuan in the first three quarters, growing by 4.5% year-on-year, which is still below the 8% growth rate seen in 2019 [1]. - The performance of listed consumer companies shows significant divergence, with major players like Kweichow Moutai and Yum China experiencing slowed growth compared to previous years [2]. - Smaller food and beverage companies are facing considerable operational pressure, with many reporting declines in both revenue and net profit [2]. Group 2: Investment Logic Behind Mergers - The first logic is that target companies possess strong cash flow and a solid foundation, making them attractive despite slower growth rates [4]. - The second logic highlights the brand influence of the target companies, which have established networks and consumer loyalty, making them appealing for capital investment [5]. - The third logic suggests that the current market downturn presents a "buying opportunity" for capital, allowing for acquisitions at reasonable prices [5]. - The fourth logic emphasizes the ongoing opportunities in the consumer sector, as the majority of production activities ultimately cater to consumer needs [5]. Group 3: Future Trends in the Consumer Market - Companies face challenges in understanding new consumer demographics, adapting to new marketing methods, and embracing innovative organizational structures [6]. - Three key trends to watch include a focus on cost-effective innovation, the rise of niche products that provide immediate satisfaction, and growth in self-improvement sectors such as health investments and knowledge-based services [6]. - The exit strategies for capital in the consumer market are evolving, with a shift towards long-term investment approaches rather than relying solely on rapid growth and IPOs [7].