文 | 马上赢情报站 在本周，我们将对2025Q4的线下零售情况进行复盘，涉及到的参照对象中，同比对象为2024Q4，环比对象为2025Q3。 复盘数据均基于马上赢品牌CT。马上赢品牌CT数据覆盖了全国各个城市，涉及绝大部分区县级行政区域（不含乡、镇、村级行政区域），渠道业态包括大 卖场、大超市、小超市、便利店、食杂店。目前，马上赢品牌CT中的品牌超30万个，商品条码量超过1000万个，年订单数超过50亿笔。 为尽可能准确呈现线下零售趋势，剔除门店数量变动所带来的影响，本次季度复盘以马上赢【连续门店模型】样本集数据为基础，即样本集均为截至2025年 12月，连续在网超过15个月及以上的门店，2024Q4/2025Q4样本规模一致。需要特别说明的是，该数据集可能与此前马上赢情报站常用的MSY150均衡模 型、全量门店模型等业态构成不完全相同，数据细节及趋势可能有差异，详询马上赢了解各模型间的区别与使用方法。 本季度将是最后一个应用该数据模型及模板复盘的季度，自2026年第一季度开始，马上赢情报站将对季度线下零售速报进行全面更新，敬请期待。 1、季度整体概况 首先通过食品、饮料、酒、日化四个大类目，观察基于连续门 ...

12月22日，欢乐家盘中下跌2.37%，截至09:39，报32.60元/股，成交3.08亿元，换手率2.39%，总市值 142.62亿元。 欢乐家所属申万行业为：食品饮料-饮料乳品-软饮料。所属概念板块包括：植物蛋白、中盘、融资融 券、历史新高、乡村振兴等。 截至10月31日，欢乐家股东户数1.86万，较上期减少0.11%；人均流通股20802股，较上期增加0.11%。 2025年1月-9月，欢乐家实现营业收入10.42亿元，同比减少22.25%；归母净利润1052.68万元，同比减少 87.43%。 分红方面，欢乐家A股上市后累计派现4.77亿元。近三年，累计派现3.46亿元。 机构持仓方面，截止2025年9月30日，欢乐家十大流通股东中，香港中央结算有限公司位居第八大流通 股东，持股114.27万股，相比上期增加78.97万股。 责任编辑：小浪快报 资金流向方面，主力资金净流入1052.72万元，特大单买入3199.80万元，占比10.39%，卖出2358.74万 元，占比7.66%；大单买入6697.49万元，占比21.75%，卖出6485.84万元，占比21.06%。 欢乐家今年以来股价涨114.86 ...

Core Viewpoint - The stock of Huanlejia has shown significant volatility, with a year-to-date increase of 50.14%, but a recent decline of 7.02% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Group 1: Stock Performance - As of November 25, Huanlejia's stock price rose by 2.06% to 22.78 CNY per share, with a trading volume of 2.18 billion CNY and a turnover rate of 2.52%, resulting in a total market capitalization of 9.966 billion CNY [1]. - The stock has experienced a year-to-date increase of 50.14%, a decline of 7.02% in the last five trading days, a rise of 33.14% over the last 20 days, and an increase of 29.14% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Huanlejia reported a revenue of 1.042 billion CNY, representing a year-on-year decrease of 22.25%, and a net profit attributable to shareholders of 10.5268 million CNY, down 87.43% year-on-year [2]. - The company has distributed a total of 477 million CNY in dividends since its A-share listing, with 346 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of October 31, the number of Huanlejia's shareholders was 18,600, a slight decrease of 0.11% from the previous period, with an average of 20,802 circulating shares per shareholder, which increased by 0.11% [2]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 1.1427 million shares, an increase of 789,700 shares from the previous period [3].

Core Insights - The stock of Huanlejia experienced a significant decline of 11.26% on November 14, with a trading volume of 882 million yuan [1] - The company reported a financing buy-in of 87.99 million yuan and a net financing buy of 10.19 million yuan on the same day [1] - As of November 14, the total financing and margin trading balance for Huanlejia was 127 million yuan, which is 1.11% of its circulating market value [1] Financing and Margin Trading - On November 14, Huanlejia had a financing buy-in of 87.99 million yuan, with a current financing balance of 127 million yuan, exceeding the 90th percentile level over the past year [1] - There were no shares sold or repaid in margin trading on the same day, indicating a lack of short-selling activity [1] Company Overview - Huanlejia Food Group Co., Ltd. is located in Zhanjiang, Guangdong Province, and was established on December 12, 2001, with its stock listed on June 2, 2021 [1] - The company's main business includes the research, production, and sales of canned fruits, plant protein beverages, fruit juices, and yogurt drinks, with revenue composition being 55.73% from beverages, 38.66% from canned goods, and 5.61% from other products [1] Financial Performance - For the period from January to September 2025, Huanlejia reported a revenue of 1.042 billion yuan, a year-on-year decrease of 22.25%, and a net profit attributable to shareholders of 10.53 million yuan, down 87.43% year-on-year [2] - The company has distributed a total of 477 million yuan in dividends since its A-share listing, with 346 million yuan distributed over the past three years [3] Shareholder Information - As of October 31, the number of shareholders for Huanlejia was 18,600, a slight decrease of 0.11% from the previous period, while the average circulating shares per person increased by 0.11% to 20,802 shares [2] - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 1.1427 million shares, an increase of 789,700 shares from the previous period [3]

Core Viewpoint - The company QianShi International (00381.HK) has entered into an agreement to acquire a 72.5% stake in Jiangxi Jiuai Food Co., Ltd. for HKD 59 million, which will be settled through the issuance of convertible bonds at a conversion price of HKD 0.25 per share [1][2]. Group 1: Acquisition Details - The buyer, QianShi International's wholly-owned subsidiary, has agreed to purchase the stake from the seller, Zhuo Wenjie, under a conditional sales agreement [1]. - The acquisition price is set at HKD 59 million, which will be settled via convertible bonds [1]. - Jiangxi Jiuai Food Co., Ltd. has a notable beverage brand "Ai Lian," which has been in the market for over ten years and appeals to consumers of all age groups [1]. Group 2: Target Company Overview - The target company operates under the "Ai Lian" brand and has five product lines, including fruit vinegar, fruit juice, plant protein, fermented fruit juice, and grain protein [2]. - The brand primarily targets the consumer market in third and fourth-tier cities in Southeast China, including Fujian, Jiangxi, and Jiangsu [2]. - The company has established a network of over 50 distributors and also provides beverage processing services to other companies [2]. Group 3: Strategic Rationale - The acquisition is seen as an attractive opportunity for the company to enhance its business portfolio and benefit from the profitability of the target company [2]. - The company aims to strengthen its business and increase shareholder value, aligning with the growing focus on healthy lifestyles in China [2].

Core Viewpoint - The stock of Huanlejia has shown fluctuations in price and trading volume, with a notable increase of 14.22% year-to-date, despite a recent decline in revenue and profit margins [1][2]. Group 1: Stock Performance - As of November 3, Huanlejia's stock price increased by 2.00% to 17.33 CNY per share, with a trading volume of 20.97 million CNY and a turnover rate of 0.32%, resulting in a total market capitalization of 7.581 billion CNY [1]. - Year-to-date, Huanlejia's stock has risen by 14.22%, with a 1.82% increase over the last five trading days, a 4.99% decrease over the last 20 days, and a 9.06% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on September 4, where it recorded a net purchase of 599.64 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Huanlejia reported a revenue of 1.042 billion CNY, reflecting a year-on-year decrease of 22.25%, and a net profit attributable to shareholders of 10.53 million CNY, down 87.43% year-on-year [2]. - Cumulatively, Huanlejia has distributed 477 million CNY in dividends since its A-share listing, with 346 million CNY distributed over the past three years [3]. Group 3: Company Overview - Huanlejia Food Group Co., Ltd. is located in Zhanjiang, Guangdong Province, and was established on December 12, 2001, with its listing date on June 2, 2021. The company specializes in the research, production, and sales of canned fruits, plant-based protein beverages, fruit juices, and yogurt drinks [1]. - The company's main business revenue composition includes beverages at 55.73%, canned goods at 38.66%, and other products at 5.61% [1].

Core Viewpoint - The company, Huanlejia, established in December 2001 and listed on the Shenzhen Stock Exchange in June 2021, is a well-known player in the canned fruit and plant protein beverage sectors in China, showcasing significant investment value due to its complete industrial chain and stable sales channels [1] Group 1: Business Performance - In Q3 2025, Huanlejia reported revenue of 1.042 billion yuan, ranking 6th among 8 companies in the industry, significantly lower than the top player, Dongpeng Beverage, which had revenue of 16.844 billion yuan [2] - The net profit for the same period was 10.5268 million yuan, placing it 7th in the industry, with a notable gap compared to Dongpeng Beverage's net profit of 3.76 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huanlejia's debt-to-asset ratio was 41.06%, higher than the industry average of 40.04%, although it has improved from 44.03% in the previous year [3] - The gross profit margin for Q3 2025 was 29.20%, which is below the industry average of 37.58% and has decreased from 34.22% year-on-year, indicating a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.37% to 18,600, while the average number of circulating A-shares held per shareholder increased by 4.57% to 20,700 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 789,700 shares to 1.1427 million shares [5] Group 4: Strategic Initiatives - Huanlejia is experiencing short-term pressure on performance but is actively seeking change through marketing reforms and channel expansion, with direct and other models achieving a revenue increase of 45.02% in H1 2025 [6] - The company is focusing on new product development, including a brand refresh for its coconut water series, and is enhancing its channel optimization and overseas processing projects [6]

Group 1 - The core point of the article is that Chengde Lulule (SZ 000848) held its 8th Board of Directors meeting on October 22, 2025, to review proposals including amendments to corporate governance systems [1] - For the first half of 2025, Chengde Lulule's revenue composition shows that plant protein beverages accounted for 99.86% of total revenue, while other businesses contributed only 0.14% [1] - As of the time of reporting, Chengde Lulule's market capitalization stands at 9.3 billion yuan [1]

Core Points - The stock price of Huanlejia increased by 2.03% on October 20, reaching 16.61 CNY per share, with a total market capitalization of 7.266 billion CNY [1] - The company has experienced a year-to-date stock price increase of 9.47%, but has seen a decline of 1.25% over the last five trading days and 18.98% over the last twenty days [1] - Huanlejia's main business includes the research, production, and sales of canned fruits, plant protein beverages, fruit juices, and lactic acid bacteria beverages, with revenue composition being 55.73% from beverages, 38.66% from canned goods, and 5.61% from other products [1] Financial Performance - For the first half of 2025, Huanlejia reported an operating income of 748 million CNY, a year-on-year decrease of 20.90%, and a net profit attributable to shareholders of 18.55 million CNY, down 77.50% year-on-year [2] - The company has distributed a total of 477 million CNY in dividends since its A-share listing, with 346 million CNY distributed over the past three years [3] Shareholder Information - As of September 19, the number of Huanlejia shareholders was 19,500, a decrease of 16.47% from the previous period, with an average of 19,828 circulating shares per shareholder, an increase of 19.72% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 353,000 shares, a decrease of 631,500 shares from the previous period [3]

Group 1 - The core point of the news is that Yangyuan Beverage has seen a stock price increase of 5.59%, reaching 33.04 CNY per share, with a trading volume of 205 million CNY and a turnover rate of 0.52%, resulting in a total market capitalization of 41.64 billion CNY [1] - Yangyuan Beverage, established on September 24, 1997, and listed on February 12, 2018, specializes in the research, production, and sales of plant protein beverages made from walnut kernels [1] Group 2 - From the perspective of major fund holdings, Changsheng Fund has one fund heavily invested in Yangyuan Beverage, specifically the Changsheng CSI Dividend Low Volatility 100 Index A (022342), which reduced its holdings by 6,900 shares in the second quarter, now holding 95,700 shares, accounting for 1.59% of the fund's net value, ranking as the ninth largest holding [2] - The Changsheng CSI Dividend Low Volatility 100 Index A (022342) has a current scale of 58.05 million CNY and has achieved a return of 3.71% this year, ranking 3947 out of 4220 in its category [2] - The fund manager, Chen Gensi, has been in position for 6 years and 136 days, with the fund's total asset size at 2.784 billion CNY, achieving a best return of 103.65% and a worst return of -20.38% during his tenure [2]