只要人的好奇心还在，"工业迪士尼"这样的 乐园就不会消失。 文 ｜ 馍王 编辑 ｜ 闫如意 来源｜ 凤凰WEEKLY（ID：phoenixweekly） 封面来源 ｜ Unsplash 以下文章来源于凤凰WEEKLY ，作者馍王 凤凰WEEKLY . 有温度、有情感、有趣味的新媒体。 今年夏天，是近年来"室外活动"最难的一个夏天。 酷暑和暴雨轮番来袭，让徒步野营没了声响，骑行自驾寸步难行。前两年大火的"生态研学营"，也忍气吞声地消失了不少。 然而，旅游是一个"此起彼伏"的行业，有地方衰落，就有地方崛起。 老G发现，一种新的"室内旅游"形式开始在身边流行起来。 而且最爱这种旅游方式的，不是放暑假的孩子，而是从工作日中挤出空闲时间也要去的打工人。 它就是"工业游" 。 工厂，怎么成了游乐场？ 一说工业游，脑子里有刻板印象的朋友立刻丧失兴趣了： 不就是工厂参观嘛？上学那会儿去过。 买了挺贵的门票，结果就是去大工厂里那种专门用来接待游客的"参观走廊"走一圈。墙上地上全都是介绍工厂历史、生产流程、责任分配的展板，顶多再 给你弄俩微缩模型。 同行来也许能学到点东西，但游客来站着都能睡着。 属于花钱买了节线代课，还得是下午 ...

Core Viewpoint - The article discusses the rise of "industrial tourism" as a new trend in the tourism industry, particularly appealing to working individuals seeking unique experiences during their limited free time. This form of tourism transforms traditional factory visits into engaging and interactive experiences, often with added benefits like free products or hands-on activities [3][32]. Summary by Sections Industrial Tourism Emergence - This summer has been challenging for outdoor activities due to extreme weather, leading to a decline in popular outdoor tourism options. However, a new trend called "industrial tourism" has emerged, attracting working individuals who seek to make the most of their leisure time [3][5]. Transformation of Factory Visits - Industrial tourism has evolved from dull factory tours to dynamic experiences where visitors can engage in various activities, such as hands-on product sampling and interactive displays. The affordability of tickets enhances the appeal, making it a popular choice for tourists [5][7]. Examples of Popular Industrial Tours - Notable examples include the螺霸王螺蛳粉 factory, where a ticket priced at 36 yuan includes a factory tour and a meal, showcasing the value offered to visitors [7][9]. -元气森林 factory offers a similar experience with a 25 yuan ticket that includes free drinks and interactive displays, further enhancing visitor engagement [11][13]. Visitor Experience and Engagement - Many visitors seek not only to enjoy the products but also to gain hands-on experience, such as DIY activities at various factories. For instance, the北冰洋 factory allows visitors to create their own soda, while the新希望 dairy factory offers simulated milking experiences [16][19]. Market Growth and Future Prospects - Industrial tourism is classified under "industrial science popularization tourism," which is part of China's broader tourism market. Despite currently holding a smaller market share of 100 billion yuan, it is the fastest-growing segment among agricultural and technological tourism [32][43]. - Predictions indicate a compound annual growth rate of 18% to 22% for this market in the coming years, highlighting its potential for expansion [43][44]. Visitor Demographics and Motivations - The article notes that industrial tourism appeals to a wide range of visitors, including those seeking unique experiences, educational opportunities, and even a sense of nostalgia for childhood interests in machinery and production processes [51][54]. Challenges and Considerations - Despite the growth, there are concerns regarding safety and the authenticity of experiences offered. Some visitors report issues with high ticket prices and inadequate engagement, suggesting a need for better regulation and quality assurance in the industry [45].

Summary of Beer Industry Conference Call Industry Overview - The beer industry is characterized as a mature fast-moving consumer goods sector with high industrialization and seasonal sales patterns, where Q2 and Q3 account for approximately 60% of annual sales [1][2] - The cost structure is primarily driven by upstream packaging materials (45%-50%) and brewing raw materials (approximately 20%, mainly imported barley) [1][4] - The industry has a gross margin of about 40% and a net margin exceeding 10%, which is lower than other alcoholic beverages like liquor [1][5] Key Insights - The Chinese beer market has undergone rapid development from 1979 to 1995, followed by two waves of mergers and acquisitions from 1996 to 2013, leading to increased industry concentration [1][6][7] - As of 2017, the top five companies (CR5) held over 70% market share, indicating a regional oligopoly [1][9] - Since 2018, the industry has shifted towards structural upgrades, with stable total production and a clear trend towards premiumization [1][10] Growth Potential - China's retail beer prices are lower than the global average, and the proportion of mid-to-high-end beer sales is below that of developed countries, indicating significant potential for premiumization [3][12] - The high-end market is expected to grow, supported by economic growth and changing consumer habits, with a notable trend towards diversified and premium products [3][11][13] Competitive Landscape - The competition in the beer market is stable, with leading companies recognizing the importance of premiumization and enhancing operational capabilities [3][9] - Companies are exploring diversification strategies, such as acquisitions in other beverage sectors and launching new product lines [3][14][15] Cost Structure and Pricing - The cost structure is heavily influenced by packaging and raw materials, with a 90% reliance on imported barley [4] - Historical data shows that beer prices typically lag behind cost increases, which can affect profitability [4] Future Outlook - The beer industry is expected to maintain stable sales volumes, with ongoing premiumization trends and the introduction of new product categories [11] - The average price per ton for leading companies has seen a compound annual growth rate of approximately 3% to 5% from 2018 to 2023 [11] - The high-end segment, particularly in the 8-10 RMB price range, is leading the structural upgrade, while the ultra-premium segment requires time for brand development [16] Strategic Initiatives - Leading companies are leveraging their market share and brand recognition to expand into new regions and enhance their product offerings [17][18] - The focus on high-end products not only improves profitability but also broadens the sales reach of these companies [17][18]

Core Insights - The company reported a revenue of HKD 45.774 billion for the first half of 2025, representing a year-on-year increase of 16% [1] - The profit attributable to shareholders was HKD 0.815 billion, showing a significant decline of 79% compared to the previous year [1] Revenue Breakdown - The beverage segment generated revenue of HKD 21.515 billion, up from HKD 17.139 billion in the same period last year [1] - Revenue from mainland China was HKD 13.031 billion, with an attributable profit of HKD 0.588 billion, reflecting an 8% increase year-on-year [1] - Revenue from carbonated drinks, juice drinks, and energy drinks increased by 4%, 2%, and 51% respectively, while tea drinks and bottled water saw declines of 24% and 5% respectively [1] - Overall sales volume increased by 1% [1]

| | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | √其他 电话会议 | | 参与单位名称及 | 富国基金：赵宗俊、李元博、彭陈晨、毛联永、杨勇胜 | | 人员姓名 | 国盛证券：李梓语、黄越 | | 2 | 家机构共计 7 人 | | 时间 | 2025 年 7 月 10 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书、总法律顾问：徐月香 | | 员姓名 | 1、介绍公司概况 | | | 2、关于市场拓展与业务推进 | | | 答：在市场拓展与业务推进上，公司从产品、渠道和区域三 | | | 方面协同发力。产品端，持续加大 U8 产品体系研发投入，提升产 | | | 品竞争力，同时加大罐装产品推广力度，重点发力零售渠道，以 | | | 满足消费者多样化需求。渠道端，深化品销协同策略，线下强化 | | 投资者关系活动 | 终端铺货，提高产品市场覆盖率；线上拓展即时零售渠道，打破 | | 主要内容介绍 | 传统渠道壁垒，构建全渠道 ...

Overall Summary - The offline retail consumption situation for Q2 2025 shows a general decline in sales across major categories such as food, beverages, alcohol, and daily chemicals, although the rate of decline has narrowed compared to previous quarters [2][4][6]. Group 1: Retail Performance Overview - The analysis is based on data from the "Shangma Ying Brand CT," which monitors offline retail across various city levels and includes over 30,000 brands and 14 million product barcodes [2]. - The overall sales revenue for Q2 2025 is down approximately 7% year-on-year, with a better performance in order volume compared to average spending, indicating consumer pressure on budgets and prices [4][6]. - The price index for food, beverages, alcohol, and daily chemicals shows a gradual recovery, but remains under pressure, with most categories below the baseline index of 100 [4][6]. Group 2: Key Category Insights - In the food category, frozen products like frozen sausages have shown significant market share growth, while dairy products are stabilizing after previous declines [13][22]. - The beverage category has seen strong growth in sports and plant-based drinks, with some products exceeding 30% year-on-year growth, although the overall market remains competitive [17][29]. - The snack category is experiencing a decline in market share due to health trends and new retail formats, with significant drops in sales for various subcategories [14][22]. Group 3: Consumer Behavior and Trends - The average spending per order has increased for certain categories like ready-to-drink juices and plant-based beverages, indicating a shift in consumer preferences towards higher-quality products [34][35]. - The average purchase quantity per order has decreased across all selected categories, suggesting a trend towards larger packaging or a focus on value [40]. - The competitive landscape is intensifying, particularly in the frozen food and beverage sectors, with numerous brands vying for market share [46][47].

Core Points - The announcement from Wuyishan Market Supervision Administration details the results of food safety supervision and sampling inspections for 2025, involving 128 batches of food products, with 126 passing and 2 failing the safety standards [2]. Group 1: Inspection Results - A total of 128 batches were inspected, with 126 deemed qualified and 2 identified as unqualified [2]. - The unqualified products included lychee and mango, which contained pesticide residues exceeding the permissible limits: 0.22 mg/kg for chlorpyrifos and 0.11 mg/kg for azoxystrobin, while the acceptable limits are ≤0.1 mg/kg and ≤0.05 mg/kg respectively [2]. Group 2: Regulatory Actions - The Wuyishan Market Supervision Administration has initiated investigations and legal actions against the producers of the unqualified food items, ensuring compliance with food safety regulations [2]. - Consumers are advised to report any unqualified products found in the market to the food safety complaint hotline 12315 [2].

Core Insights - The article discusses the resurgence of domestic soda brands in China, particularly focusing on Beibingyang and its recent plans for an IPO, highlighting a shift in consumer preferences away from international brands like Coca-Cola and Pepsi [3][20][43] Industry Overview - Domestic soda brands once dominated the market but faced decline after the entry of foreign giants like Coca-Cola and Pepsi, which led to the acquisition and marginalization of many local brands [4][9][10] - The market share of Coca-Cola and Pepsi combined has decreased from approximately 90% to around 70% between 2018 and 2023, indicating a significant shift in consumer behavior [22][23] Market Dynamics - The rise of local brands like Dayao Soda, which has achieved sales exceeding 3 billion yuan in 2023, is attributed to their focus on lower-tier cities and specific consumption scenarios such as barbecues and night markets [11][13][20] - The consumption growth rate in county and town markets is significantly higher at 12.4%, compared to 3.6% in first-tier cities, showcasing a shift in consumer demographics and preferences [13][20] Consumer Behavior - Younger consumers are increasingly avoiding high-sugar beverages, with over 70% of Generation Z actively seeking to reduce sugar intake, which has impacted the sales of traditional sodas [23][24] - The cultural narrative around soda consumption is changing, with consumers now seeking personal definitions of happiness and satisfaction rather than adhering to established brand images [36][41] Marketing Strategies - Domestic brands are employing innovative marketing strategies, such as emotional marketing and collaborations with popular figures, to resonate with younger audiences [16][18] - The success of brands like Yuanqi Forest, which emphasizes low-sugar options, illustrates the effectiveness of targeting health-conscious consumers [18][23] Investment Trends - The investment landscape is shifting, with over 60% of funding in the carbonated beverage sector directed towards domestic brands from 2021 to 2024, indicating growing confidence in local market potential [20][21] Conclusion - The resurgence of domestic soda brands reflects a broader cultural shift in consumer preferences, moving away from traditional high-sugar options towards more diverse and health-conscious choices, suggesting a redefined market landscape [43]

Group 1 - The core strategy of the company is to implement a "beer + beverage" marketing approach to cater to the preferences of younger consumers [1] - The company aims to leverage the synergies in production equipment, supply chain, and terminal channels (such as restaurants and supermarkets) to enhance its market presence [1] - The focus will be on dining scenarios, particularly targeting restaurants like hot pot and barbecue establishments, to create a product combination of "beer + soda" [1] Group 2 - The company anticipates that the cost of raw materials (such as malt and glass bottles) will continue to decline through 2025, allowing for cost management and the release of cost benefits [1] - The company plans to strengthen its talent management by promoting team building, optimizing performance evaluation mechanisms, and enhancing personnel allocation [1]

Core Insights - Yonghui Supermarket has officially opened its first self-reformed store in the city's sub-center, marking a significant expansion in its store format [1] - The number of reformed stores nationwide has reached 81, with a target of 150 by the end of July and 300 before the Lunar New Year in 2026 [1] Store Features - The new store includes a dining area with offerings such as soda, ice cream, and hot dogs, along with facilities for on-site dining [1] - Customer convenience features include disposable utensils at checkout, a health service area with blood pressure and height measurement tools, seasonal tea drinks, and free charging stations [1] - Store layout improvements include wider aisles of 4 meters, uniform shelf heights of 1.6 meters, and the removal of mandatory traffic flow [1] Product Offerings - The store combines direct supply from Yonghui farms with seasonal products, enhancing customer choices [2] - A dedicated brand area showcases products like craft beer, yogurt, and laundry pods, catering to upcoming holidays with specially selected items [2] Employee Welfare - The store has improved employee conditions by providing dedicated seating for cashiers and weighers, as well as new rest and changing rooms [2] - Employee compensation has increased by approximately 30%, with average working hours capped at 8 hours per day and 10 days of paid annual leave after one year of service [2]