东京烘焙职业人原创《中国烘焙匠人店》系列已开启。来 # 听创始人说，说他们精彩的创业故事。 我们希望能够从创始人、主理人的经历中，去记录、去观察、去思考开店这件不容易的事情，我们 相信，这是一种值得探索的事。 【独家采访 · 第 198 家】 如果不是被朋友带路， 「La Cipolla 」 很容易被错过。这家面包店的地址是一座老学校的教学楼 改造，不临街，不占据天然流量位。要走过一段树影斑驳的小巷，才会看到一个明亮、简约的白色 房子，和那块并不张扬的招牌。 它很火爆，因为苏州的面包脑袋在买面包时候总会第一时间想起这家"永远可以相信的面包店"。但 好像又不是我们常规理解中的那种"火爆"——静谧、低调，似乎是一家避开人群的"藏宝地"。 七年时间，这家店没有开分号，没有做营销，却靠着越来越庞大的稳定而忠诚的熟客，成为一个必 被反复提起的名字。 这不是一个关于扩张的故事。而是一个关于克制、判断，以及如何在流量之外，持续把一家面包店 做好的故事。 「La Cipolla 」的起点，其实在咖啡。 主理人小祝进入精品咖啡行业的时间，比大多数人要早。那时，咖啡还没有成为今天这样成熟的消 费市场，更多是一群人的热情与理想。 ...

Core Viewpoint - Panettone is a traditional Italian Christmas cake that is popular year-round and especially sought after during the holiday season, characterized by its rich flavor and inclusion of dried fruits [3]. Group 1: Product Description - Panettone has a texture that lies between bread and cake, often referred to as Italian Christmas fruit cake [3]. - The authentic Italian way to enjoy Panettone involves cutting it open and filling it with cream, ice cream, or fruit preserves [5]. - The rich ingredients and long fermentation process contribute to the intense aroma and lingering taste of Panettone [6]. Group 2: Brand and Market Presence - The article introduces "FROM ROY," a brand based in the United States that specializes in Panettone, highlighting its growing popularity in various countries [9]. - Chef Roy Shwartzapel, with 15 years of experience, emphasizes the complexity of making Panettone, referring to it as "the Everest of baking" [10]. - FROM ROY offers various flavors of Panettone, including strawberry, chocolate, matcha, and banana, with a retail price of $95 per unit, approximately 692.99 RMB [14]. Group 3: Production and Quality - FROM ROY operates a 3,700 square meter kitchen factory in San Francisco, primarily selling through online orders [20]. - The brand adopts a minimalist packaging design that emphasizes its story and commitment to tradition, innovation, and high-quality ingredients [25]. - Each Panettone is crafted with meticulous care, with a promise of quality akin to treating each piece like a jewel [25]. Group 4: Production Process - The production of Panettone involves a unique "upside-down" cooling method to maintain its shape and texture after baking [38]. - A simplified recipe for making Panettone is provided, detailing the ingredients and steps involved in the process [46][49][51].

「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].