在消费升级与市场竞争加剧的当下，啤酒与饮料行业正掀起一场前所未有的跨界浪潮。 啤酒巨头纷纷涉足饮料市场，饮料大佬也反向加码酒饮领域，两者之间的传统边界正在"你来我往"中逐渐模糊。 NEWS 啤酒和饮料的"双向奔赴" 跨界，作为当前品牌最常见的营销策略，对大多数人而言想必早已司空见惯。 然而，能够实现两大行业的"双向奔赴"，且行业内品牌参与规模持续扩大的跨界，啤酒与饮料恐怕也称得上是其中的"头几个"。 尤其是近几年，啤酒与饮料行业的双向跨界愈演愈烈。 重庆啤酒在云南、新疆、重庆等地推出了大理苍洱汽水和天山鲜果庄园汽水；燕京啤酒推出倍斯特嘉槟汽水，以"供货价比大窑汽水低10元"的低价策略抢 占餐饮渠道；乌苏推出功能饮料"电持"；青岛啤酒则整合崂山系饮品构建多元化矩阵…… 另一方面，饮料企业也反向渗透酒饮市场。 2024年，东鹏饮料推出了VIVI鸡尾酒；2025年，元气森林推出低度气泡酒"浪"，延续其"0糖0脂"的健康理念；可口可乐、娃哈哈、统一和农夫山泉等饮料 巨头也纷纷加码低度酒。 1 MARKET POTENTIAL 市场潜力：从"存量竞争"到"增量拓展" 啤酒行业自2013年达到产量顶峰后，便开启了长达十年 ...

齐鲁晚报·齐鲁壹点 王赟 已经好久了，"难以下咽"却销量可观的崂山白花蛇草水在养生圈算是一瓶"火"水。当下，养生水的风依 旧在吹。 青岛饮料集团并入青岛啤酒不久，面对中式养生水巨大的市场潜力，近日，青岛饮料集团旗下崂山矿泉 水有限公司推出的崂山草本轻饮系列产品正式上市。 随着消费者对健康生活日益增长的需求和"轻养生"理念的流行趋势，"川芎乌药蚕砂枕"、"广藿小茴香 加热颈枕"……轻养生已经成为Z世代间的新潮流，也成为私域电商发力的新蓝海。 其实，就像养生本身不是一个短期的事，养生赛道也一直在，尤其是在小红书、抖音等内容社交平台， 更是快速跑出了一批中式养生品牌。对于关注中式养生的用户而言，对养生过程的注重和探索反而大于 对功效的执着。作为一个内容驱动的新赛道，中式养生背后确实有很大的商机，但也存在不少行业乱 象，三个字，"水太深"。 记得去年4月，在阿胶的发源地聊城市，小红书中式养生节"一起养生局"盛大开场，从八段锦教学到养 生蹦迪和百人长桌宴……同期，小红书也在聊城首度召开"一起养生局·小红书中式养生行业峰会"。如 今关于养生，小红书上已是遍地爆款，五花八门，注意分辨。 保温杯枸杞对年轻人而言已是"热"过一 ...

便利店冷柜变身"中药铺"，"中式养生水"为啥这么火？ "中式养生水"，年轻人的健康搭子 所谓"中式养生水"，是以红豆、薏米、红枣、桂圆、枸杞等药食同源食材作为原料，通过煮制、萃取等 工艺制成的即饮植物饮料。 如今走进各大便利店，总能发现"中式养生水"的身影。在北京某便利店，记者粗略数了下冰柜里的中式 养生饮品，共有9种，金银花、黄芪等药材也出现在瓶身上。 薏米祛湿、红枣补血、绿豆降火，年轻人们对照着自己的症状，将手伸进冰柜里，然后心满意足地为自 己"续命"。 荣登冰柜C位的"中式养生水"，啥时候这么火了？ 图为某便利店冷柜里的"中式养生水"。 另外，记者注意到，各种各样的"中式养生水"，虽然在产品名称上有所不同，但宣传的多是"药食同 源"概念，以"慢煮"为特色。 当下，年轻人正成为养生消费生力军。与传统滋补品相比，便携、简单、即食的"轻营养"产品更受"Z世 代"青睐。 中新网北京6月24日电(记者 谢艺观)红豆薏米水、红枣枸杞水、清爽绿豆水……不知从何时起，站在便 利店的冷柜前，仿佛一脚迈入了中药铺。 不过，这一代"中式养生水"聪明很多，颜色是淡淡的，口感是微甜的，虽不至于太好喝，但对于追求健 康的年轻人来说 ...

银鱼巷是青岛市市南区中山路历史文化街区里一条颇具网红气质的小路，集聚着一批精致创意小店，吸 引了很多年轻外国游客。在哈霓风车冰淇淋蛋糕店里，来自日本的安慧子和朋友选择了"青岛老豆 腐"和"崂山白花蛇草水"口味的冰淇淋。"来了就想尝尝当地特色，我从未品尝过这样的味道，很奇 妙。"安慧子说。 "我在网络上了解到，有了免签政策来中国旅游很方便。这是我第一次来青岛，希望以后再去北京、上 海看看。"在青岛市市南区新开的GT PLAZA商场里，正在网红餐厅门口打卡拍照的韩国游客申庆俊 说。 去年12月17日，我国过境免签政策升级，对已纳入过境免签政策的54个国家的来华过境外籍人员，过境 免签停留时间延长至240小时。青岛作为北方旅游城市，成为韩国、日本等东亚境外游客周末短途游的 优先目的地。 在青岛海天大酒店，日韩游客入住率较去年同期增长了2倍以上。为了提升吸引力，海天大酒店与茑屋 书店和云上海天观光厅等周边商家开展联合促销合作，住客可享受折扣优惠。"酒店入驻Trip.com、 Booking等国际旅游平台，推出了'周末连住'等促销活动，旨在提升品牌知名度，并使境外游客的预订 变得更加便捷。"海天大酒店市场营销总监王方健 ...

Performance Meeting Overview - The company held its 2024 annual performance meeting on June 5, 2025, via an online interactive format at the Shanghai Stock Exchange [1] - Key executives including the Secretary of the Board, CFO, and an independent director participated in the meeting to address investor inquiries [1] Product Registration and Development - As of now, the company has completed re-registration for 29 drug numbers at its Lin'an Pharmaceutical Center, with 11 drug numbers at Huangshan Tianmu and Huangshan Mint also completed [2] - The company is working on small-scale trials and commissioned processing for some re-registered drug numbers to enhance its product diversity [2] Key Product Updates - The company's flagship product, Pearl Eye Drops, is undergoing preparations for GMP compliance checks, but the timeline for resuming normal production and sales remains uncertain [2] - The company has launched White Flower Snake Grass Water in collaboration with East China Grape Brewing Co., achieving sales revenue of 342.32 million yuan in 2024 [2] Health Product Strategy - The company is focused on a dual strategy of "premium traditional Chinese medicine + health products," aiming to expand its health product offerings [3] - New products such as Iron Skin Fengtou tablets, soft capsules, and extracts have been added to the existing product line [3] Collaborations and Market Expansion - The company has established a subsidiary for research and development in traditional Chinese medicine and health products, collaborating with renowned TCM teams [3] - Partnerships with Qingdao University aim to innovate TCM applications in health foods and functional products [3] E-commerce Initiatives - The company launched its flagship store on Tmall in May 2025, facilitating online sales of its Iron Skin Fengtou product line [4] - The company plans to leverage internet channels to enhance product promotion and expand market share [4] Mergers and Acquisitions - The company has adopted a cautious yet open approach to mergers and acquisitions, having acquired 51% stakes in Qingdao Simulation Medical Technology Co., Ltd. and Qingdao Tianmu Mountain Medical Technology Co., Ltd. in 2024 [5] - These acquisitions are expected to improve asset quality and enhance the company's operational capabilities [5]

2024年，天目药业业绩有所好转。公司方面称，公司内部控制缺陷整改已完成，内控有效运行。公司涉 及的其他风险警示情况已经消除，且不存在退市风险警示及其他风险警示的情形。 天目药业总部位于杭州，但控股股东为国有独资企业青岛汇隆华泽投资有限公司，实际控制人为青岛市 崂山区财政局。 值得注意的是，天目药业2024年业绩好转的主要原因是：2024年下半年，天目药业的保健品和医学培训 业务获得大量来自实控人所在地——青岛相关企业或单位的"输血"。天目药业在2024年第三、第四季度 的营业收入占全年营业收入的比例分别为29.97%、42.62%，合计占比为72.59%。 2024年下半年业务获得突击输血，帮助天目药业业绩实现好转。不过，未来相关业务又能否持续？针对 相关疑问，《中国经营报》记者联系了天目药业方面，不过未得到回应。 中经记者 晏国文 卢志坤 北京报道 | | | | | | | 应收账款期末余额 | | 与公司控股股东、 实际控制人及其关 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 结算 | | | | | | 序号 ...

Core Insights - The rise of traditional Chinese health drinks, particularly "Laoshan White Flower Snake Grass Water," reflects a growing trend among young consumers seeking health-oriented beverages [1][4] - The market for Chinese health drinks has seen explosive growth, with a projected increase from 4.5 billion yuan in 2023 to 30 billion yuan in 2024, representing a growth rate of over 566% [4] - The competitive landscape is intensifying, with numerous brands entering the market, leading to a "health drink war" [2][5] Industry Overview - Chinese health drinks are defined as ready-to-drink plant beverages made from ingredients like red beans, red dates, and ginseng, emphasizing traditional Chinese medicine [3] - Despite their perceived unpleasant taste, these drinks have gained popularity, particularly in first- and second-tier cities, with brands like Yuanqi Forest and Kang Shifu launching various products [1][4] Market Dynamics - The health drink market is characterized by a significant increase in new product launches, with 166 new products introduced in the first five months of 2024 alone [5] - Major beverage companies and startups are investing heavily in this segment, with traditional brands like Kang Shifu and Nestlé also entering the fray [5][12] Consumer Behavior - Consumers are increasingly drawn to the health benefits associated with these drinks, often relying on traditional beliefs about the efficacy of ingredients [7][19] - The perception of health drinks as beneficial is driving sales, despite the lack of scientific validation for many claimed health benefits [7][19] Sales and Distribution Challenges - The market faces challenges related to product saturation and channel distribution, with many brands struggling to establish a foothold in the competitive landscape [14][18] - Sales data indicates a decline in health drink sales, attributed to market saturation and price wars, with average prices dropping by over 40% [16][17] Future Outlook - The market for Chinese health drinks is expected to continue growing, but brands must address distribution challenges and consumer expectations to maintain momentum [19] - The success of health drinks will depend on effective channel management and the ability to differentiate products in a crowded market [18][19]

公司研究 证 券 研 究 报 告 青岛啤酒（600600）2024 年股东大会调研反馈 强推（维持） 新帅亮相，继往开来 目标价：90 元、70 港元 事项： 公司于 5 月 20 日召开 2024 年度股东大会以及分析师和投资者交流会，会上 以董事长姜宗祥为代表的新管理班子首次公开亮相，姜总以"创新驱动，进中 提质，开创高质量发展新局面"为主题，分析行业阶段并展望公司经营战略， 并与 CFO 侯秋燕、营销总裁蔡志伟、副总裁李辉及董秘张瑞祥共同解答投资 者关心的问题。我们前往参会，核心反馈及分析如下： 评论： 风险提示：需求不及预期，行业竞争加剧，恶劣天气等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 32,138 | 33,639 | 34,556 | 35,235 | | 同比增速(%) | -5.3% | 4.7% | 2.7% | 2.0% | | 归母净利润(百万) | 4,345 | 4,875 | 5,303 | 5 ...

Core Viewpoint - Hangzhou Tianmu Mountain Pharmaceutical Co., Ltd. (Tianmu Pharmaceutical) has successfully ended its "ST" status after being delisted from risk warnings by the Shanghai Stock Exchange, marking a significant turnaround in its performance following the acquisition by Qingdao Laoshang State-owned Assets [1][3] Company Overview - Tianmu Pharmaceutical, established in 1958 and listed in 1993, has faced numerous challenges over its 30-year history, including governance issues and financial losses, leading to its stock being under risk warnings since June 2020 [2][3] - The company was acquired by Qingdao Huilong Huaze Investment Co., Ltd. in August 2023, which became the new controlling shareholder, providing a much-needed capital infusion of over 1.1 billion yuan for a 29.99% stake [3][4] Financial Performance - Following the acquisition, Tianmu Pharmaceutical's revenue is projected to grow by 78.44% to 217 million yuan in 2024, with a net profit turnaround to 15.25 million yuan [4] - In the first quarter of the current year, the company reported an 88.55% increase in revenue, surpassing 5 million yuan in net profit [4] Strategic Initiatives - The new management has implemented several measures, including waiving 90 million yuan in debt and providing over 100 million yuan in bank credit guarantees, which have positively impacted the company's operations [4] - Tianmu Pharmaceutical is pursuing a dual-center strategy, consolidating its traditional business in Hangzhou while establishing a northern sales center in Qingdao to expand into the Shandong and North China markets [4] Industry Context - The revitalization of Tianmu Pharmaceutical is seen as beneficial for the pharmaceutical and health industry in Laoshang District, which aims to leverage the company's brand to stimulate broader industry growth [5] - The company is actively exploring new avenues in the health industry, transitioning towards a "Chinese medicine + health" model and aiming for an integrated approach in research, production, and sales [5]

尤尼泰振青会计师事务所（特殊普通合伙） 《关于杭州天目山药业股份有限公司2024年年度报告的信息披 露监管工作函》的回复 尊敬的上海证券交易所： 根据贵所于 2025 年 4 月 11 日下发的《关于杭州天目山药业股份有限公司 2024 年年度报告的信息披露监管工作函》（上证公函【2025】0368 号）（以下简称"问 询函"）的有关意见和要求，尤尼泰振青会计师事务所（特殊普通合伙）(以下简称 "本所"）作为杭州天目山药业股份有限公司(以下简称"天目药业")聘任的 2024 年度财务报表审计机构，对贵所的问询函所列问题进行了逐项落实、核查，现将有关 问题回复如下： 问题一、关于保健品业务。年报显示，公司全年营业收入 2.17 亿元，同比增长 于本年度新增铁皮枫斗、臻庭配制酒、白花蛇草水等保健品业务实现营收 0.68 亿元， 同比增长 321.62%，毛利率为 74.25%。三季报问询回复显示，该业务主要系 2024 年 依托控股股东开展的新业务，且前五大客户及供应商均为青岛本地企业。 请公司补充披露：（1）保健品业务前十大供应商、客户交易情况，包括但不限 于交易对方名称、关联关系、交易金额、交易产品、结算模式 ...