一、春节赠礼的双重困境 转自：东方网 艾媒咨询《2024 年中国新春礼盒消费者行为洞察报告》显示，78% 消费者看重春节礼物的情感价值， 63% 关注文化年味，年味零食礼包推荐需兼具情意与年味，2026年骏马旺业为主题的旺旺大礼包凭借 其优秀的品质精准契合，成为 2026 适合送人的春节零食礼包的热门选择。 情意表达模糊：多数零食礼包仅满足 "好吃体面"，缺乏独特情感叙事，送礼沦为形式，难以留下深刻 记忆； 年味符号浅薄：对 "年味" 的理解止于红色包装，缺乏对传统年俗的深度挖掘，无法传递春节文化记 忆； 普适性焦虑：面对不同年龄、背景的收礼对象，难以挑选既普适又不敷衍的礼物，怕新奇不被接受、平 庸显随意。 二、旺旺大礼包的核心解决方案 （一）情意载体：零解释成本的情感共识 吉祥寓意自带共鸣："旺旺" 二字蕴含兴旺、喜庆的美好寓意，是全社会公认的 "情感语言"，心意无需 多言便能被接纳； 集体记忆连接：内含仙贝、雪饼、旺仔牛奶等经典产品，唤醒数代人的味觉记忆，成为连接往昔与当下 的情感纽带； （三）产品保障：众口可调与品质安心 经典矩阵覆盖口味：含咸香米果、甜美糖果、趣味膨化、醇香乳饮等多品类，经过数十年市场 ...

Core Insights - Wangwang Group has been recognized in the "2025 China Food Industry Key Enterprises 500" list, highlighting its strong market performance and contribution to the industry [1] - The selection is based on the company's revenue, showcasing its role as a benchmark enterprise in driving industry progress [1] Group 1 - Wangwang Group has over 60 years of history and has successfully integrated into China's economic development, delivering popular products like Wangzai Milk and Wangwang Snow Cakes [1] - The company has transformed from a rice cracker pioneer to a diversified food and beverage group, focusing on product innovation and quality upgrades [1] - The recognition reflects Wangwang Group's long-term stable operations and high-quality development in the mainland market [1] Group 2 - The honor signifies the deepening economic and cultural exchanges across the Taiwan Strait, with Wangwang Group promoting cross-strait economic cooperation [2] - Looking ahead, the company aims to leverage opportunities for high-quality development in the food industry, increasing investment in R&D and digital transformation [2] - Wangwang Group is committed to enhancing brand value and fulfilling corporate social responsibility, aiming to provide safe, nutritious, and delicious products for consumers [2]

摩通表示，随着宏观经济疲软和意外的大型封城，旺旺管理层确认涨价已在2022年4月全面执行，而该行预计集团可 能会在今年第二季继续提供额外的回赠。由于成本通胀持续，管理层指出毛利率压力将持续6至9个月。摩通预计2023 财年整体毛利率将进一步下滑50个基点至44.3%。 报告补充，由于内地宏观经济自4月低位改善，以及最新将隔离日数缩短至"7+3"，同时其他成熟经济体正面临更多挑 战，建议投资者将焦点由防守性消费品转至重新开放主题，包括啤酒、餐饮、体品及白酒。 摩根大通发表报告，指过去12个月中国旺旺(0151.HK)股价累升约36.6%，但预计强劲势头将在2023财年逆转，预料该 年度销售额和盈利分别下降1%和5%，而且其风险回报不吸引。该行将旺旺评级由"中性"下调至"减持"，目标价下调 由6.7港元至6.2港元。 报告指出，旺仔牛奶的经营利润率在2022财年下半年按年下降8个百分点，归因于的奶粉和铁罐成本上涨，自2月以来 不断增长的渠道库须进一步提供折扣，旺仔牛奶2023财年的销售额可能会下跌。 ...

机构：海通国际 研究员：Xiaorui Hu/闻宏伟 食品饮料行业多赛道布局，全方位营销持续增强品牌力。中国旺旺历经六十余年发展，已成为全国闻名 的食品饮料龙头企业，业务范围覆盖米果、乳饮料、休闲食品等多个赛道。公司股权结构集中，内部治 理稳定，公司高管多数拥有丰富的行业经验。旺旺积极开展多方位营销，通过设计广告语和打造品牌IP 极大提升了品牌知名度，使得旺旺成为了家喻户晓的国民品牌。 支柱业务乳饮料稳健扩容，新品新渠道驱动米果复苏，新兴渠道及市场成增长引擎。收入贡献半数以上 的乳饮料品类FY18-24CAGR 约3.7%，乳饮料兼具乳制品和软饮料的属性，近年来受益于消费者对口味 的需求增长稳健，大单品旺仔牛奶所属的中性含乳饮料赛道前景良好且竞争相对和缓，我们预计FY25- 27 乳饮料收入增长0.5%/2%/2%。米果业务FY25H1 新品占收入比已达双位数，在新渠道及新品带动下 预计将近一步恢复增长，预计FY25-27 米果收入增长3.5%/2%/2%。休闲食品中糖果收入保持较好增 长，我们预计FY25-27 休闲食品收入增长5%/4%/4%。公司积极通过组织变革、拓展新兴渠道和发力海 外市场寻求突破，尽 ...

中国旺旺历经六十余年发展，已成为全国闻名的食品饮料龙头企业，业务范围覆盖米果、乳饮料、休闲 食品等多个赛道。公司股权结构集中，内部治理稳定，公司高管多数拥有丰富的行业经验。旺旺积极开 展多方位营销，通过设计广告语和打造品牌IP极大提升了品牌知名度，使得旺旺成为了家喻户晓的国民 品牌。 智通财经APP获悉，海通国际发布研报称，预计中国旺旺(00151)FY2025-2027营收分别为 240.5/246.5/252.7亿元，同比增长2.3%/2.5%/2.5%;归母净利润为41.7/44.1/46.1亿元，同比变 动-3.8%/+5.7%/+4.6%，对应EPS分别为0.35/0.37/0.39元。参考可比公司估值，给予公司FY2025(截止 2026年3月财年)15x PE，对应目标价为5.76港元，有15%上行空间(2025年12月24日收盘价计)，首次覆盖 给予"优大于市"评级。 海通国际主要观点如下： 食品饮料行业多赛道布局，全方位营销持续增强品牌力 原材料成本可控+持续优化运营效率，预计盈利水平短期承压后回升 公司毛利率FY23-24因成本下行已有所改善，公司将采用国产替代等措施应对进口奶粉涨价，其余 ...

海通国际发布研报称，预计中国旺旺(00151)FY2025-2027营收分别为240.5/246.5/252.7亿元，同比增长 2.3%/2.5%/2.5%;归母净利润为41.7/44.1/46.1亿元，同比变动-3.8%/+5.7%/+4.6%，对应EPS分别为 0.35/0.37/0.39元。参考可比公司估值，给予公司FY2025(截止2026年3月财年)15x PE，对应目标价为5.76 港元，有15%上行空间(2025年12月24日收盘价计)，首次覆盖给予"优大于市"评级。 海通国际主要观点如下： 食品饮料行业多赛道布局，全方位营销持续增强品牌力 中国旺旺历经六十余年发展，已成为全国闻名的食品饮料龙头企业，业务范围覆盖米果、乳饮料、休闲 食品等多个赛道。公司股权结构集中，内部治理稳定，公司高管多数拥有丰富的行业经验。旺旺积极开 展多方位营销，通过设计广告语和打造品牌IP极大提升了品牌知名度，使得旺旺成为了家喻户晓的国民 品牌。 支柱业务乳饮料稳健扩容，新品新渠道驱动米果复苏，新兴渠道及市场成增长引擎 收入贡献半数以上的乳饮料品类FY18-24CAGR约3.7%，乳饮料兼具乳制品和软饮料的属性，近年来受 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating, indicating a positive outlook for the company compared to the market [2]. Core Insights - The company's profitability is continuously improving, driven by new channels and scenarios contributing to growth [1]. - The company has a well-established brand in the food and beverage industry, with a diversified product range including rice snacks, dairy beverages, and leisure foods [3]. - The company is actively expanding its marketing efforts and enhancing brand recognition through innovative advertising and product development [48]. Financial Performance - Revenue projections for FY2025-2027 are estimated at RMB 240.5 billion, RMB 246.5 billion, and RMB 252.7 billion, reflecting year-on-year growth rates of 2.3%, 2.5%, and 2.5% respectively [49]. - Net profit forecasts for the same period are RMB 41.7 billion, RMB 44.1 billion, and RMB 46.1 billion, with changes of -3.8%, +5.7%, and +4.6% respectively [49]. - The diluted EPS is expected to be RMB 0.35, RMB 0.37, and RMB 0.39 for FY2025, FY2026, and FY2027 respectively [49]. Business Segments - The dairy beverage segment is expected to grow steadily, contributing over 50% of total revenue, with a projected CAGR of approximately 3.7% from FY2018 to FY2024 [4]. - The rice snack business is anticipated to recover growth driven by new products and channels, with expected revenue growth rates of 3.5%, 2%, and 2% for FY2025-2027 [4]. - The leisure food segment, particularly candy, is projected to grow at rates of 5%, 4%, and 4% for FY2025-2027, benefiting from strong demand [4]. Market Dynamics - The food and beverage industry is experiencing a shift towards health-conscious products, with the dairy beverage market expected to reach RMB 1,697 billion by 2027, growing at a CAGR of 4.65% [25]. - The candy market is entering a low-growth phase, with expected growth rates stabilizing between 2% and 3% in the coming years [19]. - The overall market for leisure foods is projected to reach RMB 605.8 billion by 2028, with a CAGR of 4.4% [13]. Operational Efficiency - The company has implemented measures to control raw material costs and optimize operational efficiency, leading to an expected EBIT margin of 23.8%, 23.9%, and 24.1% for FY2025-2027 [5]. - The gross profit margin is projected to improve due to cost reductions in raw materials, particularly full-fat milk powder, which has seen a significant price decline [37][39]. Strategic Initiatives - The company is focusing on expanding new channels and enhancing marketing strategies to drive brand growth, including leveraging e-commerce and innovative product placements [41][47]. - The company has established overseas operations, with a factory in Vietnam contributing to growth in the Southeast Asian market [47].

Group 1 - The article highlights the growing presence of Chinese brands and products in Africa, particularly through the use of recognizable takeaway bags that have become popular among local residents [3][6][10] - Brands like "霸王茶姬" and "曼玲粥店" have not yet established physical stores in Africa, but their takeaway bags are already familiar to the local population, indicating a strong brand recognition [3][6] - The demand for reusable bags in Africa has surged due to strict regulations against single-use plastic bags, with 34 African countries implementing punitive measures against plastic bag usage by 2019 [19][21] Group 2 - The Chinese non-woven fabric industry has seen significant growth, with a production capacity of 8.56 million tons in 2024, accounting for 60% of global capacity [36] - The cost of Chinese non-woven fabric is notably lower than that of similar products from other countries, with an export price of $2.92 per kilogram compared to higher prices from Taiwan, Turkey, and Germany [36] - China's robust petrochemical industry, which has developed through strategic investments and technological advancements, supports the production of non-woven fabrics, making them both affordable and high-quality [42][50]

这背后主要源于以Z世代为主的年轻人群推动。根据社交平台内容来看，果立方目前主要渗透到4大人群，分别是 大学生、职场新人、精致妈妈、小镇青年。 转载自财新网 一瓶小酒也能卖出消费指数。 近日，快消界从业者流传的"果立方指数"引热议。他们认为，果立方在各个城市的销量，一定程度上反映出所在 城市的年轻活力和消费潜力。 果立方是一个低度果汁酒饮品牌，深受年轻消费者青睐。截至2025年11月，其销量破千万的城市达到17个，几乎 都是长沙、郑州、武汉、成都等新消费活跃的城市。 这些城市并非全是一线城市，但均呈现出"年轻人口多、经济结构多元、夜经济繁荣"的共同特征。而从经济学视 角看，上述特征恰是一个城市消费潜力的表现。 业内人士称，"果立方指数"并非一个严谨的消费指数。但通过这些贴近生活的实时数据，从业者能够捕捉到传统 宏观指标难以覆盖的新趋势。 新世代造就酒饮新场景 果立方是当前新酒饮消费趋势下的代表。 据酒行业媒体云酒头条报道，"2023年，果立方+ 被Z世代们发掘出兑水溶C100、旺仔牛奶、茶饮、雪碧、冰红 茶、东方树叶等潮流喝法。万物皆可混，开启了果立方混饮元年，它真正的流行，就是从这个时候开始的。" 而今年中韩 ...

Core Viewpoint - The article discusses the challenges faced by China Wangwang, a leading player in the snack and beverage industry, highlighting its stagnant growth and the need for innovation to remain competitive in a rapidly changing market [6][44]. Financial Performance - China Wangwang reported a revenue of 11.1 billion, with a growth rate of only 2.1% [8]. - The company's net profit for the mid-year period was 1.7 billion, representing a decline of 7.83% [17]. - The gross profit margin for the period was 46.2%, indicating a decrease due to rising raw material costs and pricing strategies [14][16]. - The net profit margin stood at 15.5%, down by 1.6 percentage points year-on-year [18]. Business Segments - The revenue composition includes four main segments, with dairy and beverages accounting for over half of the total revenue, but this segment has underperformed [8]. - The rice snacks and leisure food segments showed slight growth, but overall, the company has been relying on its established products without significant innovation [11][13]. - The company faces challenges in the rice snacks and leisure food segments, with sales declining during peak seasons [46]. Market Position and Challenges - China Wangwang has historically dominated the market but is now struggling with outdated product lines and a lack of appeal to younger consumers [47]. - The competitive landscape has shifted, with new brands emerging rapidly, requiring established companies to adapt quickly to market demands [47]. - The article emphasizes the need for China Wangwang to redefine its organizational structure, product offerings, branding, and distribution channels to regain its competitive edge [48].