潘娜托尼是意大利的圣诞国名糕点，口感介于面包和蛋糕之间，内含有丰富的果干，因此也有翻译为意 大利圣诞水果蛋糕，是最隆重而传统的食物！ 这款面包全年畅销，老少皆宜、更是 圣诞节期间全民疯抢的爆款。 主厨Ro y Sh v a rt z a p e l已经有1 5年的丰富经验，特别擅长制作 潘娜托尼 面包，他把p a n e tt o n e 称之 为"烘焙界的珠穆朗玛"，并且说 "你很难找到一个更有挑战性的面团了！ 主厨R o y S h v a r t z a p e l 他从2 0 1 4年开始打造FROM ROY的品牌，研发有草莓、巧克力、抹茶、香蕉等多种口味的 潘娜托尼 ， 由于传统工艺费时费力，材料奢华的 潘娜托尼 售卖9 5美元一个，约合人名币6 9 2 . 9 9元一个！ 意大利最地道的吃法是把 潘娜托尼 切开中间挖洞，面包里夹果酱奶油冰淇淋等；或者意大利餐厅常见 吃法：切成片状再稍微烘烤，盘式装饰奶油巧克力酱等。 丰富的配料加上长时间的低温发酵，使得 潘娜托尼 香味浓郁，回味无穷。 潘娜托尼 专售品牌 如今美味的潘妮托妮在很多个国家都很流行，今天介绍一个美国的 【FROM ROY】 潘娜托尼 面 ...

「Pa n e tt o n e」，中文译为潘娜托尼、潘妮托妮、潘娜朵尼等，如果说米兰是意大利的时尚之 都，那么潘娜托尼就是米兰浪漫生活的见证。 在这圣诞之际，也有越来越多的潘娜托尼出现在我们的视野中，谱写出了美好生活的乐章。 目录 / Cont ent 0 1 / 潘娜托尼的介绍 却是面包 潘娜托尼是意大利的圣诞国民糕点，口感介于蛋糕和面包之间，内含丰富的果干，是隆重而传统 的美食。 常见的潘娜托尼一般高1 2 - 1 5 cm，顶端呈圆形，糖渍橘皮丁、柠檬皮、葡萄干、黄油、蛋黄等与 面粉和牛奶一起搅拌，用料十分奢华。 但是现在也有烘焙师根据不同的模具尺寸，制作不同规格样式的潘娜托尼。 2 潘娜托尼的由来 是传说组成的 关于潘娜托尼的由来，各有各的说法。 0 2 / 有关潘娜托尼的传说故事 0 3 / 如何做好潘娜托尼 0 4 / 更多潘娜托尼的表面装饰 1 潘娜托尼看似蛋糕 有人说是1 5世纪米兰的一位名叫托尼To n i的面包师专门为店主的女儿烤制的； 也有人说是圣约翰Sa i n t J o h n为了帮助一位咽喉被鱼骨卡住的孩子，便给了他这样一个带葡萄干 的面包； 还有人说是造型仿制意大利著名米兰大 ...

Core Viewpoint - The article discusses the evolving landscape of the baking industry in China, highlighting the shift from high-priced trendy products to affordable, quality options that meet consumer needs and preferences [2][4][20]. Market Overview - The high-end baking segment, exemplified by products like "Panettone," has created a perception of value among consumers, but this trend is limited by the sustainability of high prices and marketing [2]. - The first half of 2025 saw a significant decline in the new consumption sector, with only 44 projects raising approximately 2.8 billion RMB, marking a low point in project numbers and disclosed amounts [4]. - The food and beverage sector experienced a 7.33% decline in stock prices, with revenue and net profit growth rates slowing significantly compared to the previous year [4]. Investment Insights - The food and beverage sector's PE valuation has dropped to 7.26%, indicating a potential "margin of safety" for investors [5]. - The demand for affordable, quality bread remains strong, with short-shelf-life bread showing resilience due to its fresh ingredients and low price point, ensuring stable repurchase rates [5][7]. Consumer Behavior - Consumers are increasingly prioritizing value over novelty, with a shift towards products that offer quality at reasonable prices [7][19]. - The concept of "comfort bread" is gaining traction, as consumers favor familiar, affordable options over high-priced alternatives [10][19]. Company Case Study: 桃李面包 (Tao Li Bread) - 桃李面包 has established itself as a trusted brand in the affordable bread market, leveraging a robust supply chain and consistent product quality to maintain consumer loyalty [11][13]. - The company has a strong cash flow, with a net cash flow from operating activities of 434 million RMB in the first half of 2025, indicating resilience amid industry challenges [13]. - 桃李面包's strategic focus on innovation, efficiency, and trust is driving its transformation to adapt to changing consumer preferences and market dynamics [20][21]. Future Outlook - The baking market is expected to continue growing, with the retail market projected to reach 611.07 billion RMB in 2024 and 859.56 billion RMB by 2029, with affordable bread maintaining over 65% market share [10]. - 桃李面包 is adapting to market changes by expanding its product offerings and exploring new sales channels, ensuring its relevance in a competitive landscape [20][21].