25H1 公司营收/归母净利/扣非归母净利10.4/-1.0/-1.1 亿元，同比-12.2%/亏损加大/亏损加大；25Q2 营收/ 归母净利/扣非归母净利4.6/-0.8/-0.9 亿元，+0.2%/亏损加大/亏损加大。分业务看，25H1 冲泡板块/即饮 板块营收4.2/5.9亿，同比-31.0%/+8.0%，25Q1 旺季冲泡业务受外部环境的影响，公司出货端有一定的 压力，25Q2 淡季公司积极修炼内功，"新会陈皮月光白轻乳茶"上新，有望贡献收入增量，公司坚持长 期主义，重视渠道与价盘稳定，维护经销商的利益，并加快新品研发速度以顺应健康化、年轻化的趋 势。利润端，25H1 公司毛利率同比-1.2pct 至29.4%，归母净利率同比-6.9pct 至-9.4%。 风险提示：市场竞争加剧、宏观经济表现不及预期、食品安全问题。 成本红利释放，25H1 冲泡业务阶段性承压制约公司盈利25H1 毛利率同比-1.2pct 至29.4%（25Q2 同比 +1.3pct 至27.0%），系毛利率较高的冲泡板块收入承压。25H1 销售/管理费用率同比+3.5/+0.4pct 至 32.0%/9.7%（25Q2 同比+2.9 ...

证券研究报告 冲泡业务阶段性承压，盈利能力下滑 2025 年 8 月 27 日│中国内地 饮料 25H1 公司营收/归母净利/扣非归母净利 10.4/-1.0/-1.1 亿元，同比-12.2%/ 亏损加大/亏损加大；25Q2 营收/归母净利/扣非归母净利 4.6/-0.8/-0.9 亿元， +0.2%/亏损加大/亏损加大。分业务看，25H1 冲泡板块/即饮板块营收 4.2/5.9 亿，同比-31.0%/+8.0%，25Q1 旺季冲泡业务受外部环境的影响，公司出货 端有一定的压力，25Q2 淡季公司积极修炼内功，"新会陈皮月光白轻乳茶" 上新，有望贡献收入增量，公司坚持长期主义，重视渠道与价盘稳定，维护 经销商的利益，并加快新品研发速度以顺应健康化、年轻化的趋势。利润端， 25H1 公司毛利率同比-1.2pct 至 29.4%，归母净利率同比-6.9pct 至-9.4%。 25H1 冲泡业务阶段性承压，使得公司盈利能力有所下滑。公司坚持冲泡与 即饮双轮驱动的战略，期待新品表现，维持"增持"。 25H1 冲泡业务持续承压，即饮业务旺季实现正增 产品端，25H1 冲泡板块/即饮板块营收 4.2/5.9 亿，同比-3 ...

Core Viewpoint - The company anticipates a revenue of approximately 1.035 billion yuan for the first half of 2025, indicating a slight increase in Q2 revenue but an overall decline in H1 due to Q1 performance [1] Group 1: Business Strategy and Performance - The company focuses on "steady recovery of brewing business" and "accelerated expansion of ready-to-drink business" in 2025, actively promoting various operational measures [1] - The ready-to-drink segment is seen as a second growth curve, with continuous product innovation, including new flavors like "Orange Jasmine" and "Mulberry Jasmine" [1] - The company launched several new products, such as "Meco Grapefruit Kale Juice" and "Meco Cup Fruit Tea," targeting health-conscious young consumers and expanding product application scenarios [1] Group 2: Marketing and Brand Development - The company appointed the "Times Youth League" as the new brand ambassador for Meco Cup Fruit Tea, enhancing its youth-oriented strategy through content marketing [1] - The Meco brand saw a 361% year-on-year increase in sales during the 618 shopping festival, with overall e-commerce sales for the company's products rising by 165% [1] Group 3: Sales and Inventory Management - Despite being in a sales off-season, the company maintained a focus on "sales-driven principles," actively reducing channel inventory to ensure healthy stock levels for the upcoming brewing peak season [2] - The company introduced new products like "Original Leaf Fresh Brew Light Milk Tea," leveraging technology to retain freshness and attract health-conscious young consumers [2] - The brand's 618 sales increased by 111% due to the launch of the co-branded product "New Hui Chen Peel Moonlight White Light Milk Tea," which combines traditional and modern elements [2] Group 4: Future Outlook - Analysts suggest that the company's Q3 performance is expected to improve compared to Q2, driven by the deepening execution of health-oriented and youth-focused strategies, along with the upcoming summer consumption peak [2]

Core Viewpoint - The article provides a comprehensive overview of the latest product launches and innovations in the baking industry, highlighting new offerings from various brands and companies, showcasing trends and consumer preferences in baked goods and desserts [1]. Product Innovations - Yuhe launched "Yogurt Soft Cake," featuring crispy freeze-dried yogurt particles and a smooth yogurt cream filling, balanced with savory chicken floss [2]. - HPC Bakery introduced "Lychee Cheese European Bread," described as soft and chewy, embodying the essence of lychee [10]. - Dingdong Maicai's "Wuchang Rice Ice Bread" incorporates premium Wuchang rice, with a fluffy exterior and a creamy filling, offering a unique taste experience [12]. - Walmart's "Coconut Latte Puff" features a crispy outer layer that bursts with rich coconut and coffee flavors [15]. - "Black Truffle Bacon French Baguette" from "Kongru" combines truffle sauce, caramelized onions, and crispy bacon for a luxurious taste [18]. Seasonal and Thematic Offerings - Various brands are launching summer-themed products, such as "Rose Lychee Bagel" from "My Bread," which combines fresh lychee and rose flavors [25]. - "Inno" introduced six fruit cakes, including a vibrant mango and guava combination, appealing to summer aesthetics [31]. - "Lai'ao" presented "Melon Cake," featuring smooth cream and fresh melon, ideal for summer enjoyment [34]. Collaborations and Market Trends - CoCo collaborated with the classic anime "Hunter x Hunter" for a special drink promotion, indicating a trend of cross-industry partnerships [110]. - Starbucks announced plans to sell part of its stake in China, aiming to enhance competitiveness in the market [111]. - The rising price of lemons, attributed to climate conditions and increased demand from the beverage industry, reflects market dynamics affecting ingredient costs [113]. New Product Highlights - "Fanen" introduced a series of egg tarts with floral designs, emphasizing the aesthetic appeal of baked goods [57]. - "The Daily Bagel" launched a unique bagel with a special sauce, showcasing innovative flavor combinations [59]. - "Lopus" presented two types of ciabatta, highlighting the trend of artisanal bread with rich fillings [62].

New Consumption Overview - Major new product launches include Da Yao's birch sap soda with ≥2.5% birch sap content [4], Xiangpiaopiao's new Chenpi Moonlight White light milk tea featuring celebrity endorsement [4], and Yili's bottled jasmine milk tea with over 30% fresh milk [6] - Other notable products include Songxianxian's low-sodium Matsutake soy sauce [6], Dove's limited edition mint-filled dark chocolate [8], and the opening of the first multi-category second-hand store "Super Turn" in Beijing [15] Investment and Financing - DoorDash acquired Symbiosis for $175 million, enhancing its advertising technology services [10] - Juewei Foods established a wholly-owned subsidiary in Changsha for food services [10] - White Elephant launched two e-commerce companies in Shanghai with a registered capital of 5 million RMB each [10] - Yingstone Innovation debuted on the STAR Market with a first-day surge of 285%, achieving a market cap of over 70 billion RMB [10] - Personal care brand Plush raised $4.7 million in funding to expand its offline presence and brand influence [12] Major Companies - Nike and LEGO announced a global partnership to launch interactive experiences and co-branded products [15] - Puma released the second season of its HYROX collaboration series, debuting at the 2025 HYROX World Championship [15] - Baiyunshan's vice chairman Yang Jun resigned due to work relocation [15] - Coupang is integrating Farfetch with R.Lux to expand into the luxury goods market in South Korea [15]