Summary of Key Points from the Conference Call Industry Overview: Baijiu Market - The baijiu market is currently in a low season, with sales accounting for less than 5% of the annual total, primarily driven by events like graduation banquets [1][3] - There is a slight increase in demand for liquor priced below 300 yuan, with expectations for improved sales in the second half of the year, particularly around the Mid-Autumn Festival and National Day [1][4] - Inventory pressure is evident, but it is expected to ease after October, reducing the risk of stockpiling or unsold goods before the 2026 Spring Festival [1][5] Company Performance: Moutai and Other Leading Brands - Moutai maintains profitability for distributors through a tiered pricing strategy, with wholesale prices for its flagship products ranging from 1,900 to 2,000 yuan, and actual prices exceeding 2,000 yuan [1][6][7] - The overall performance expectation for the baijiu market in Q2 is low, with many companies struggling to sustain growth; however, leading brands like Moutai are still expected to show growth [1][8] - Current valuations for baijiu companies are between 13 to 16 times earnings, which is considered normal; valuations could rise to 15 to 20 times if external risks are mitigated [1][9] Market Dynamics and Future Expectations - The baijiu market is expected to see improved sales in the second half of the year, with a potential recovery in gifting demand during the festive season [1][4] - The overall sentiment in the market is improving, with cash flow pressures on distributors easing, which may lead to better sales performance [1][10] Other Notable Insights - The beer sector is performing well, with Yanjing Beer and Zhujiang Beer reporting net profit growth of 25% to 35% and 15% to 25%, respectively [3][11] - The seasoning industry is stabilizing, with companies like Haitian Flavor Industry expected to achieve mid-single-digit revenue growth and double-digit profit growth [3][24] - The snack food sector is also showing strong growth, with companies like Yanjin and Weilong performing well despite some cost pressures [3][15] Conclusion - The baijiu market is currently facing challenges due to seasonal factors but is expected to recover in the latter half of the year, particularly if gifting demand returns to normal levels. Leading brands like Moutai are positioned to maintain profitability through strategic pricing and product offerings. The overall sentiment in the food and beverage industry remains cautiously optimistic, with several sectors, including beer and snacks, showing robust performance.

几天前，三四个朋友在一家山间餐馆吃饭。酒过三巡，要老板加个特色土菜，老板推荐白辣椒炒油豆 腐。仿佛起了连锁反应，邻近两桌也喊起来："给我们也来一份吧，白辣椒莫切碎了！" "师傅娘子"家做的白辣椒，差不多可以吃到次年新鲜辣椒上市。 "师傅娘子"的娘家在安化，衣食住行浸润着湘中梅山文化。平时她会做很多富有特色的农家菜，如爆炒 牛肚、三合汤等，都是就地取材，让人大快朵颐。就连那普普通通的白辣椒，在"师傅娘子"那里也弄出 多种风味来，除了素炒，还有白辣椒炒干肉、白辣椒煮鱼、白辣椒炒鸡杂等，菜品多多，辣得人直冒 汗，却越吃越馋。 如今，这类与白辣椒相关的土菜，在很多农家乐的餐桌上都成了招牌菜。 我在"师傅娘子"手下读过书。大概见我读书还肯用功吧，上高中时，她经常送我些拿手好菜，让我带到 学校去，像白辣椒炒小鱼、白辣椒炒猪血丸子，既下饭又有营养。我每每感激，这时"师傅娘子"就会笑 着安慰："伢崽，吃得咸，霸得蛮；吃得辣，走天下。加油读书吧！"后来"师傅娘子"因儿子在安化工 作，就去城里长住了。从此难以吃到她亲手做的白辣椒菜，但那份温暖，早已给了我辣椒般的生活热情 和勇气。 《 人民日报 》（ 2025年07月09日 20 ...

Z世代零食消费 偏好：口味创新 与包装社交属性 千禧研究 目录 Z世代——零食 消费主力军 01 Z世代零食口味 偏好趋势 02 零食口味创新案 例 03 Z世代对零食包 装的要求 04 零食包装的社交 属性体现 05 目录 包装创新案例 06 Z世代零食消费场 景与口味、包装 适配 07 零食品牌迎合Z 世代的策略 08 Z世代零食消费 未来趋势 09 总结与启示 10 Z世代——零食消 费主力军 01 Z世代人口规模 与消费能力 消费市场提供了广阔的基础。 庞大的人口规模 中国90/00后人口规模达3.4亿人，约占总人口 的1/4，Z世代在人口数量上占据相当比例，为 Z世代消费对零 食行业的影响 里斯战略定位咨询调查数据显示，Z世代月均可 支配收入比全国平均值高出49.36%，具备较强 的消费潜力。 较高的可支配收入 全国80%以上的Z世代群体，每月零食饮料花费在400元以上，即日均消费在10元以上。其中，一二线城 市Z世代群体里有40%每月零食饮料花费在800元以上，有21%每月在食品饮料上的开销达1000元及以 上。 零食饮料消费支出高 Z世代成为零食消费主力军，促使新品 牌有机会打破既有领导品牌主导 ...

在中国绘画的长河中，儿童题材画作宛如颗颗明珠，以细腻笔触勾勒童年百态，传递社会温度与文化意 蕴。不同年代的"婴戏图""百子图"各有千秋，但都传达出天真烂漫、纯真无邪的气息。人民美术出版社 的《中国娃娃》一书，收录了不同年代的儿童题材画作，介绍其产生的时代背景和社会环境等，从中我 们可以感受到，千百年来孩子的世界总是那么美好。 中国目前所见最早的婴戏图形象，出现在安徽省马鞍山市博物馆收藏的三国时期漆盘装饰画上，描绘了 两个孩子执棍比武的场景。之后，东晋顾恺之、唐代张萱都画过孩子的形象，唐代敦煌壁画中也出现了 婴儿形象。到了宋代，瓷器、织物、玩具等生活用品上都有婴戏图案，还出现了别具特色的"孩儿枕"。 宋代绘画注重写实与意境营造，儿童题材画亦不例外。画家苏汉臣的《长春百子图卷》（见图（局 部），资料图片），堪称宋代儿童生活的"百科全书"。画家以散点透视法，将四季变化和百余名孩童嬉 戏的场景展现在一幅画面中。春采荷、夏扑蝶、秋斗蟋蟀、冬踢蹴鞠，荡秋千、下棋、钓鱼、木偶戏、 舞狮等游戏穿插其间，还有些孩童像大人一样观画、抚琴、磨墨展卷。画卷中孩童发型和服饰皆有不同 的样式，动作、神情、配饰也极为丰富。 明代儿童题材画 ...

论上市公司的ESG的风险点， 上市公司ESG暴露出十大风险问题， 一是生产安全与污染排放，风险表现在制造业、采矿业等高危行业易发生安全事故（如火灾、爆炸）或污染物超标排放（废气、废水、固废）。如，2024年 一季度制造业安全风险事件占比超70%，陕西煤业因生产安全问题被处罚23次。 二是资源利用与绿色转型压力，风险表现在高能耗企业面临碳排放配额收紧、环保技术升级压力。若未能实现减污降碳协同发展，可能触发政策处罚或市场 准入限制。 三是消费者权益侵害，风险表现在虚假宣传、产品质量问题、服务承诺不兑现等。如，劲仔食品因"深海小鱼"宣传争议被质疑误导消费者，引发舆论危机； 拼多多、京东2024年三季度因虚假营销被投诉283起，占社会风险事件的近1/3。 经深入研究和论证， #论企业社会责任# 王连升认为， 上市公司ESG（环境、社会、治理）风险是企业在可持续发展过程中面临的核心挑战，涉及合规性、声誉、运营稳定性等多方面。 八是金融行业连带风险，风险表现在银行信贷管理漏洞、保险业务违规可能引发系统性风险。如，2024年三季度，工商银行、中国银行等6家银行因信贷管 理不到位被罚，涉及风险事件274起。 九是监管趋严与合 ...

一、媒体人的呐喊：文字与镜头里的初心 1991 年，张璐出生于九江柴桑涌泉乡。大学时期，她毅然选择了新闻专业，怀揣着对真相的执着追求与对文字的热爱，开启了自己的求学之路。2008 年，刚从校园毕业的她，一头扎进了媒体行业，自此，开启了长达 8 年的记者生涯。在这 8 年里，张璐的足迹几乎遍布九江大地的每一个角落。她深入田 间地头，倾听农民诉说丰收的喜悦与种植的艰辛；她走进工厂车间，记录工人们为城市建设挥洒汗水的瞬间；她穿梭在社区小巷，关注着百姓生活中的家 长里短与急难愁盼。她用手中的笔，为那些默默耕耘、渴望发声的百姓呐喊，一篇篇饱含温度与力量的报道，传递着最真实的民生百态。她用镜头，定格 九江的山川秀美、人文风情，让这座城市的美好瞬间得以永久留存。 从媒体人到电商达人的转变 - 访九江熊羊鹿电子商务有限公司总经理张璐 走进风景优美的柴桑区泊芽湾露营基地，见到传闻已久的九江熊羊鹿电子商务有限公司总经理张璐。她以媒体人的敏锐与情怀，在电商领域开辟出一片新 天地；她凭借坚韧不拔的毅力，带领团队在风雨中砥砺前行。从初出茅庐的新闻记者，到如今在电商行业崭露头角的企业家，张璐的每一步都走得坚定而 精彩，她的故事，是一部充 ...

湖南省食品产业近年发展势头强劲，整体实力跃居全国第六位，规模以上企业3167家，营业收入突破 5068.1亿元，上市公司数量20家，与广东并列全国第二，目前拥有挂面第一股、卤味零食一哥、酱油第 一股、休闲食品市值第一股、深海小鱼零食第一股、粮食加工第一股。 该省休闲食品领域表现尤为突出，贡献全国休闲食品年产值的三分之一、休闲熟食的五分之三，形 成"休闲食品看湖南"的行业共识，孕育了劲仔食品、盐津铺子等上市企业及麻辣王子、金磨坊等行业龙 头企业。 中新网长沙5月9日电 (刘建)"2025湖南名优特新食品展示推介会"9日在长沙举行，来自全国各地的行业 专家、企业代表等共话湖南食品产业成果与创新。 湖南省食品行业联合会相关负责人表示，此次推介会不仅是对湖南食品产业成就的集中展示，更为行业 交流与合作搭建了重要平台。湖南食品产业将持续以科技创新为引擎，深化产业链整合，打造更具国际 竞争力的品牌矩阵，为消费者提供安全、健康、高品质的产品，进一步推动湖南从"食品大省"向"食品 强省"迈进。 当日，第25届中部(长沙)糖酒食品博览会在湖南国际会展中心开幕，吸引1200家企业参展，全方位呈现 糖酒食品行业的最新趋势与市场机遇 ...

Core Viewpoint - The company reported a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, while the net profit attributable to shareholders decreased by 8.2% to 70 million yuan, indicating pressure on profitability despite revenue growth [1][2]. Product Dimension - The company focuses on core product categories such as fish, eggs, and beans, aiming to create healthier snack foods and continuously upgrading product quality [1]. - The brand recognition of the company's small fish products is strong, with current promotions for deep-sea anchovies expected to enhance brand strength [1]. - In the quail egg sector, the company leads the industry with its soft-boiled quail eggs, driving structural upgrades in the market [1]. - The company differentiates its bean products through short-shelf-life bean curd, establishing a competitive edge [1]. Channel Dimension - The company has significantly enhanced its sales system, upgrading traditional channels and focusing on high-quality store selections, display enhancements, and promotional investments [1]. - The company has expanded its collaboration with over 100 snack systems, covering more than 35,000 terminals, and is exporting to over 40 overseas markets [1]. Financial Performance - The net profit margin decreased by 2.3 percentage points to 11.3% due to cost pressures and reduced foreign exchange gains [2]. - The gross profit margin slightly decreased by 0.1 percentage points to 29.9%, while the sales expense ratio increased by 0.2 percentage points to 13.4% [2]. - The company is actively developing anchovy resources globally to strengthen its supply chain and ensure core raw material supply [2]. Growth Forecast - The company is expected to achieve revenue growth of 17.7%, 14.7%, and 13.3% from 2025 to 2027, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [2]. - The net profit attributable to shareholders is projected to grow by 14.1%, 16.4%, and 13.7% during the same period, reaching 330 million, 390 million, and 440 million yuan respectively [2]. - The company maintains a "buy" rating based on its product expansion and channel growth potential [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, despite a 12-day shift in the Spring Festival [1]. - The decline in net profit by 8.2% year-on-year is attributed to cost pressures and reduced foreign exchange gains, leading to a net profit margin decrease of 2.3 percentage points to 11.3% [2]. - The company is focusing on enhancing its core product categories and expanding its market channels, which is expected to support continued strong performance [2]. Financial Performance - Revenue projections for 2025-2027 are expected to grow by 17.7%, 14.7%, and 13.3%, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [3]. - The net profit for the same period is projected to increase by 14.1%, 16.4%, and 13.7%, reaching 330 million, 390 million, and 440 million yuan respectively [3]. - The company’s gross margin is forecasted to be 29.9% in Q1 2025, with a slight year-on-year decrease of 0.1 percentage points [2]. Product and Channel Strategy - The company is focusing on health-oriented snack foods in the fish, egg, and bean categories, with a strong emphasis on product quality upgrades [1]. - The company has expanded its sales system significantly, enhancing traditional channel operations and entering over 40 overseas markets [1][2]. - The company is actively promoting deep-sea anchovies and leading the quail egg industry with its soft-boiled quail eggs, aiming to strengthen brand recognition [1].

Core Viewpoint - The company reported a mixed performance in Q1 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite revenue increases [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 595 million yuan, a year-on-year increase of 10.26% [1]. - The net profit attributable to shareholders was 68 million yuan, down 8.21% year-on-year, while the net profit excluding non-recurring items was 53 million yuan, a decrease of 8.61% [1]. - The gross margin for Q1 2025 was 29.91%, a decline of 0.11 percentage points year-on-year, primarily due to rising costs of raw materials [2]. - The company’s expense ratio increased to 19.01%, up 1.68 percentage points year-on-year, with sales expenses at 13.36%, management expenses at 4.05%, R&D expenses at 1.98%, and financial expenses at -0.37% [2]. - The net profit margin for Q1 2025 was 11.34%, down 2.28 percentage points year-on-year, while the net profit margin excluding non-recurring items was 8.96%, a decrease of 1.85 percentage points [2]. Growth Drivers - The company is focusing on channel expansion through fast-growing avenues such as snack wholesale, membership stores, and e-commerce, with product innovation expected to drive growth [2]. - Key products like quail eggs, soft-boiled quail eggs, and short-shelf-life tofu are being pushed for wider distribution, which is anticipated to contribute to revenue growth [2]. Future Projections - Revenue forecasts for 2025-2027 are 2.896 billion, 3.436 billion, and 4.083 billion yuan, representing year-on-year growth rates of 20.08%, 18.63%, and 18.85% respectively [3]. - Expected net profits for the same period are 316 million, 372 million, and 443 million yuan, with growth rates of 8.53%, 17.61%, and 19.11% respectively [3]. - The projected price-to-earnings ratios for 2025-2027 are 18.4, 15.6, and 13.1 times [3].