扬州市新闻传媒中心记者 屠明娟 文/图 8月22日—23日，扬州发布、扬州日报、扬州晚报陆续报道《扬州"山姆"开业时间定了！》的消息，受 到市民的广泛关注，有网友提出："胖东来啥时候来扬州？"有网友回复："SM广场金城万家超市已经有 胖东来专区了！"为此，记者专门进行了现场探访，发现随着M会员店、盒马鲜生、山姆会员店等陆续 进驻扬州市场，市民越来越期待胖东来、奥乐齐等更多的超市品牌进入本地市场，在超市消费模式悄然 发生变化的同时，现有超市也进入"调改"阶段。 记者探访 胖东来专区有啥？本土超市品牌今年有啥新变化？ 8月24日，记者探访SM广场金城万家超市了解到，这里不但新增了"胖东来商品专购区"，还新增了"奥 乐齐专购区"的字样，每个专区摆放着几十种来自胖东来、奥乐齐的网红商品，比如：果汁、坚果、食 用油、气泡水、洗衣液、酱油等，不少市民正在选购。 市民王女士说："之前去胖东来买过燕麦片、坚果等零食，还在奥乐齐买过好大一桶脆锅巴，味道很不 错，没想到现在扬州也能买到了，挺方便的。" 除了胖东来和奥乐齐专区，记者还注意到，金城万家超市内有不少自有品牌商品，涵盖饮料、酒、日用 品等多个品类。该超市相关负责人介绍， ...

Core Insights - The Chinese soft drink industry has undergone three major development stages: dominance of carbonated drinks, diversified growth, and structural growth [1][2] - The current competitive landscape is intense, with traditional leaders maintaining advantages while emerging segments are also making significant breakthroughs [2][3] - Future trends indicate a shift towards health-oriented and functional products, with high growth potential in bottled water, sugar-free tea, and energy drinks [3][4] Historical Overview - The industry initially saw the dominance of carbonated drinks until the mid-1990s, led by international giants like Coca-Cola and Pepsi [1] - From 1995 to 2014, the market diversified with local brands emerging and consumer demand for various categories increasing [1] - Since 2015, the rise of the middle class has led to differentiated consumption demands, with bottled water and functional drinks continuing to grow [1] Current Landscape - Major players are leveraging "big product iteration and scene penetration" to build competitive advantages, with significant single products emerging in various segments [2] - Key players in bottled water include Nongfu Spring and Master Kong, with respective market sizes of 16 billion and 12.1 billion [2] - The energy drink segment is led by brands like Red Bull and Dongpeng, with market sizes of 20 billion and 13.3 billion respectively [2] Future Trends - The bottled water packaging rate in China is expected to rise from 14.4% in 2023 to 18.9% by 2028, indicating a clear long-term growth trajectory [3] - The sugar-free tea segment is seeing significant growth, with brands like Dongfang Shuye achieving over 10 billion in market size [3] - Energy drinks are expanding into Southeast Asia, with local partnerships being crucial for market penetration [3] Investment Recommendations - Companies like Dongpeng Beverage and Nongfu Spring are recommended for their strong positions in high-growth segments [4] - The focus is on companies that can adapt to health and functional trends while maintaining strong single product capabilities [4] - Attention is also drawn to potential investments in China Resources Beverage and IFBH due to their emerging market presence [4]

证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：宏观经济不及预期；食品安全问题；市场竞争加剧。 2025 年 08 月 21 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 行业走势 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 2024/8/21 2024/12/20 2025/4/20 2025/8/19 食品饮料 沪深300 软饮料行业深度：后来居上，中国软饮料巨 头的平台化之路 相关研究 《硬折扣系列报告：机遇窗口期，百 舸争流》 2025-07-24 《2025Q2 基金食品饮料持仓分析：持 仓处于低位，白酒明显减配》 2025-07-22 东吴证券研究所 1 / 34 请务必阅读正文之后的免责声明部分 ◼ 观过往：历经三大阶段，品类多元化共振。纵向复盘中国软饮料行业的 发展，大致经历了碳酸饮料主导、多元化增长、结构性增长 ...

Core Insights - The 2025 Outbound Conference held in Zhejiang focused on the theme "From Craftsmanship to the World," addressing key topics such as "certainty in uncertainty" and "doing business globally" [2][4] - The conference highlighted the evolution of Chinese companies from "Made in China" to "Created in China" and now to "Belief in China," emphasizing the importance of technology in redefining industry standards [6][8] Group 1: Conference Highlights - The conference gathered experts and industry leaders to discuss trends in outbound business, regional policies, brand strategies, and cultural integration [2][4] - Zhejiang province aims to support outbound enterprises through an overseas service system and deepening BRICS cooperation [2][4] Group 2: Key Strategies for Outbound Success - Successful outbound companies share three common traits: clear strategic planning, deep market insights, and sustained strategic determination [8] - Key factors for Chinese companies' outbound success include product technology uniqueness, deep localization capabilities, and long-term strategic patience [8] Group 3: Industry Perspectives - The food and beverage sector faces challenges such as precise user research, distinct cultural symbols, and stringent compliance requirements [11] - Companies like Zhengtai New Energy are advancing through a clear path of "products going out," "brands going out," and "production capacity going out," promoting a win-win model for globalization [15] Group 4: Market Opportunities - The Middle East, particularly Dubai, is highlighted as a prime destination for Chinese companies due to its favorable business environment, tax incentives, and strong economic growth [10][49][52] - The UAE's capital, Abu Dhabi, has seen a shift towards a non-oil economy, making it an attractive option for Chinese enterprises looking to expand [49] Group 5: Cultural and Compliance Considerations - Cultural understanding and compliance with local regulations are crucial for successful market entry, especially in diverse regions like the Middle East [61][62] - Companies must adapt their talent strategies based on their development stages, focusing on marketing talent during the initial phase and local experts during brand-building [62]

Core Insights - The founder Zhou Fuyou's return to Zhou Hei Ya has not immediately reversed the company's declining performance, leading to a brand rejuvenation effort aimed at making the brand "younger and more interesting" [2][19] - Zhou Hei Ya is facing dual challenges of weak core business performance and chaotic cross-industry ventures, with the brand being labeled as a "price assassin" by young consumers due to high prices [2][19] Group 1: Management Changes and Challenges - Zhou Fuyou's return initiated significant internal changes, including a restructuring of the management framework and a shift towards micro-management to address performance issues [3][7] - Despite achieving revenue and net profit growth in 2023, Zhou Hei Ya fell short of its profit target of 200 million yuan, primarily due to weakened consumer demand in the fourth quarter [6][19] - The company has seen a drastic increase in store numbers from 1,255 in 2019 to 3,816 by the end of 2023, but this rapid expansion has led to challenges in maintaining product quality and brand reputation [12][19] Group 2: Financial Performance - In 2024, Zhou Hei Ya's revenue dropped to 2.451 billion yuan, a decline of 10.66% year-on-year, with net profit falling to 98 million yuan, down 15.03% [19] - The average revenue per store decreased significantly from 2.1 million yuan in 2019 to 590,000 yuan in 2023, indicating the impact of increased competition and operational inefficiencies [16][19] Group 3: Brand Rejuvenation and Strategy - Zhou Hei Ya has launched a brand rejuvenation strategy, focusing on modernizing packaging and store design to attract younger consumers [22][25] - The company is attempting to balance its classic offerings with innovative products, but marketing efforts have been criticized for lacking depth and failing to connect with consumers [26][27] - Plans for international expansion into Southeast Asia are underway, but challenges such as taste adaptation and local competition pose significant risks [27][28]

Core Insights - The food and beverage industry is experiencing intense competition, leading to stagnation or negative growth in several segments, yet Wei Long has achieved significant growth through its core products, spicy strips and konjac snacks [2][4] - The event hosted by the Riss Category Innovation Entrepreneur Club attracted over 100 industry leaders to explore how Wei Long has successfully navigated the market and achieved a billion-scale business through category innovation [2] Group 1: Industry Challenges and Wei Long's Strategy - The industry is facing extreme competition, with companies struggling to find growth as channels and content become saturated [4] - Wei Long has differentiated itself by not only dominating the spicy strip category but also strategically positioning itself in the health-oriented konjac category, leading to a 59.1% year-on-year revenue increase in konjac products, reaching 3.371 billion yuan [4][8] - The company has established a dual growth model with both spicy strips and konjac snacks driving revenue, showcasing a successful second growth curve [4][8] Group 2: Category Innovation and Market Positioning - Wei Long's success is attributed to its focus on category selection and mental anchoring, moving beyond mere product innovation to redefine consumer perceptions [7][8] - The company has transitioned from a broad category approach to a more focused strategy, emphasizing differentiation over mere improvement of existing products [9][10] - The strategic choice of categories must align with consumer trends, as seen with konjac products that cater to health-conscious consumers, thus creating a new market segment [10][12] Group 3: Strategic Growth Paths - Riss Category Innovation outlines three strategic growth paths for brands: enhancing mental representation, expanding market reach, and creating new categories [14] - The first path, enhancing mental representation, involves becoming synonymous with a specific category, as demonstrated by Wei Long's konjac snacks [15] - The second path focuses on market expansion through new usage scenarios and sales channels, which Wei Long has achieved by broadening its consumer base [16] - The third path emphasizes category creation through innovative product positioning, which can lead to significant industry growth opportunities [21] Conclusion - The key takeaway from Wei Long's approach is that growth stems from category innovation rather than tactical improvements, urging brands to reassess their market positioning and category relevance [21]

Core Insights - The development of the Dalian cherry brand is a key focus, showcasing a systematic transformation in rural revitalization through a "Lushun model" that emphasizes industry, talent, culture, ecology, and organization [1][5] Group 1: Industry Development - Lushun cherries have been recognized as a national geographical indication product, leveraging the unique advantages of the "golden production area" at 39 degrees north latitude [2] - The cherry planting base spans 47,000 acres, utilizing an innovative model of "geographical indication certification + standardized production + full industry chain operation" to enhance industry upgrades [2] - The introduction of the "e-commerce village" model has enabled local villages to connect with over 30 national buyers annually, extending the industry chain into deep processing and cold chain logistics [2] Group 2: Cultural Revitalization - The Lushun area has seen the recognition of several villages as national civilized villages, promoting traditional culture through community activities and conflict resolution initiatives [3] - The integration of local specialties with cultural heritage has led to the creation of unique products like cherry wine and bubble water, enhancing the cultural identity and economic vitality of the region [2][3] Group 3: Talent and Ecological Support - A comprehensive social service system for technology and training has been established, conducting over 3,500 training sessions and nurturing new agricultural leaders [4] - The implementation of organic farming practices has resulted in a 99.7% compliance rate for agricultural product quality safety monitoring, reinforcing the ecological foundation for rural revitalization [4] Group 4: Economic Impact - The establishment of industry party alliances has led to an average annual income increase of 12,000 yuan for 7,301 households, demonstrating the economic benefits of organized agricultural efforts [4] - The average disposable income for urban residents in the region reached 54,885 yuan, reflecting a year-on-year growth of 4.5% [4]

Group 1: Exhibition Highlights - Recent exhibitions in Shanghai and Beijing showcase a variety of themes, including architecture, design, and art [1] - The exhibition of Alvaro Siza at the Shanghai Contemporary Art Museum features over 100 pieces, including manuscripts, models, and photographs, highlighting his architectural philosophy [3][4] - The Swiss Design Exhibition at the Fosun Art Center emphasizes Switzerland's impact on global innovation and design, showcasing historical inventions and modern products [6][7] Group 2: Specific Exhibitions - The "Dragon Roars Across the Land: Chinese Dinosaur Exhibition" at the Shanghai Natural History Museum presents 118 dinosaur specimens, illustrating the evolution of dinosaurs in China [9][10] - The "Ancient Rhinoceros Treasures" exhibition at the Shanghai Museum features over 100 pieces of rhinoceros horn artifacts, showcasing the artistry and cultural significance of this material [11] - The "Hello Kitty Cosmos" exhibition in Beijing combines technology and art, celebrating the iconic character's 50th anniversary with interactive displays [16] - The "Lin Xi Ink Painting Exhibition" at the Beijing Jarde Art Center features over 500 works, reflecting the artist's integration of traditional culture into contemporary art [17][18] - The dual exhibition of Liao Fei and Chen Ke at UCCA highlights their unique artistic approaches, focusing on materiality and the contributions of women in the Bauhaus movement [19][21] - The "Brilliance and Epic: The Art Poems of Alphonse Mucha" exhibition in Beijing presents nearly 200 works, exploring the artist's influence on the Art Nouveau movement [20][22] - The "Official Chinese Color Painting: Heritage and Innovation" exhibition at the Palace Museum showcases the history and aesthetic of traditional Chinese architectural color painting [23][24]

Group 1 - The article discusses the evolution of consumer identity from "visible" individuals in local communities to "invisible" consumers in a mass society, emphasizing the need for brands to connect with consumers on a personal level [1] - It highlights the challenge brands face in understanding today's diverse and rapidly changing young consumers, suggesting that brands must adopt a more relatable and empathetic approach [2] Group 2 - Yuanqi Forest's campaign "Young is Sparkling" encourages young people to express their individuality and emotions, contrasting the traditional notion of being calm like water with being dynamic like sparkling water [3][4] - The campaign uses sound as a medium to resonate with young people's emotions, showcasing their desire to express themselves and break free from societal constraints [5][6] Group 3 - Meituan's "Go Classy" campaign reinterprets workplace jargon in a humorous way, connecting with consumers' feelings about work-life balance during holidays [10][12] - The campaign effectively combines humor with promotional content, allowing for a seamless integration of brand messaging without feeling forced [15][16] Group 4 - Sgato's marketing strategy focuses on abstract concepts and relatable humor, utilizing a catchy phrase structure to engage younger audiences [19][21] - The brand is expanding its casual footwear line, responding to changing consumer preferences for comfort and versatility in fashion [22][23]

Group 1: Product Launch and Market Strategy - Yuanqi Forest has launched a new series of plant-based beverages called "Slow Boil," featuring two products: Wu Mei Shan Zha and Pi Pa Xue Li, emphasizing "sugar reduction ≥ 25%" and "traditional boiling process," priced at 6 yuan per bottle, targeting family consumption scenarios [1] - The company aims to continue its "healthification" strategy and differentiate itself in the health beverage market, although the market acceptance of the new products will require time to validate [1] - Historically, Yuanqi Forest's successful product launches take over two years, as seen with Zizai Water, which took one year to exceed 1 billion in sales [1] Group 2: Growth Concerns - Despite announcing "double-digit growth" at the 2024 dealer conference, Yuanqi Forest's growth is heavily reliant on new products like Alien Electrolyte Water, Ice Tea, and Zizai Water, while its core sparkling water market share has not fully recovered [2] - According to Euromonitor data, Yuanqi Forest's market share in the no-sugar sparkling beverage segment decreased by nearly 1 percentage point from 2022 [2] - The decline in sparkling water's prominence at the dealer conference, from first to second place, indicates the company's ongoing dependency on "hit products" [2] Group 3: Channel Management and Cost Challenges - Yuanqi Forest has adopted a "co-building agent" channel management system, covering 60%-70% of agent salaries to enhance terminal control, with plans to add 32,000 ice cabinets by 2025 [3] - Feedback from some distributors indicates improved inventory turnover, with days decreasing from 40 in 2022 to near the industry average, but penetration in lower-tier markets remains insufficient [3] - Increased production costs due to health-oriented investments, such as the elimination of over 100 ingredients for Zizai Water, may compress profit margins, with distributors noting profit margins are now close to traditional brands like Nongfu Spring and Coca-Cola [3] Group 4: Market Penetration Challenges - The convenience store channel in first and second-tier cities is saturated, while penetration in lower-tier markets is still lacking, with reports indicating that Yuanqi Forest products take significantly longer to sell compared to competitors like Coca-Cola [4] - The pricing of Yuanqi Forest's products, such as sparkling water at 5-5.5 yuan per bottle, lacks competitiveness in lower-tier markets, leading distributors to prefer stable profit traditional brands [4] - The launch of the Slow Boil series represents another strategic attempt in the health sector, but the company faces challenges beyond the product itself, requiring a balance between traditional and innovative approaches [4]