昨日，百事公司发布2025年第三季度财报。报告期内，营收同比增长2.6%至239.4亿美元（折合人民币约1746.42亿元），超出华尔街预期。其中，公司北 美零食和饮料销量下滑，拉美和亚洲市场销量上升。唯独中国市场既没有被单独点名表扬，也没有详细数据披露，只在"包括中国"等字眼中一笔带过。 百事公司第三季度业绩再度超出预期，全球市场表现强劲，尤其是在"国际市场的韧性"方面尤为突出。然而，在百事的全球成绩单中，中国市场的表现却 耐人寻味。 存在感稀薄的尴尬 | | | | 12 Weeks Ended | | | | 36 Weeks Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 9/6/2025 | | | 9/7/2024 | | 9/6/2025 | | 9/7/2024 | | Net Revenue | S | 23,937 | ਫੇ | 23,319 | દ | 64.582 | 8 | 64,070 | | Cost of sales | | 11.113 | | 10,396 | | 29.343 | ...

Core Viewpoint - The influx of star funds into the company appears to be more based on short-term arbitrage expectations rather than a long-term positive outlook on the company's fundamentals [5][2]. Financial Performance - In the first half of 2025, the company reported a revenue decline of 15.64% year-on-year to 689 million yuan, with a net profit loss of 20 million yuan, although the loss amount has narrowed compared to the same period last year [2]. - The company has experienced three consecutive years of mid-year losses, with revenue figures of 3 billion yuan, 1.28 billion yuan, and 1.4 billion yuan from 2020 to 2022, and net profits of 2.155 billion yuan, 62 million yuan, and a loss of 189 million yuan respectively [10]. Shareholder Dynamics - The second quarter saw the entry of five new public funds among the top ten shareholders, with three products from Xingquan Fund collectively holding 9.56% of the shares, approaching the threshold for a stake increase [4]. - The core driver for this interest is the company's 6.29% stake in the snack company "Mingming Hen Mang," which has filed for a listing on the Hong Kong Stock Exchange, potentially increasing the stake's value to between 2.5 billion and 3.5 billion yuan [4]. Business Challenges - The company's core business is facing significant challenges, with sales from "Mingming Hen Mang" dropping over 40% year-on-year to approximately 19.17 million yuan, and a decline in the number of distributors both within and outside Henan province [4][11]. - The company's red date products and health-preserving foods generated revenues of 500 million yuan and 2.6 million yuan respectively in the first half of the year, reflecting declines of 16.38% and 26.13% year-on-year [11]. Strategic Initiatives - In response to its challenges, the company is seeking transformation through investments and internal product innovation, establishing a growth committee to support strategic products like "Hong Xiaopai" and "Dou Fei Fei" [13][14]. - The company is also exploring cross-industry opportunities, having invested in "Mingming Hen Mang" and recently launched a series of craft beers with flavors like red dates and green tea [15][16]. Market Outlook - The company's ability to establish a sustainable second growth curve remains uncertain, as its core business faces pressure and new growth points are not yet clearly defined [17].

截至2025年8月14日15时，好想你股价报9.71元，较前一交易日下跌1.12%。当日开盘价为9.75元，最高 触及9.93元，最低下探至9.65元，全天振幅达2.85%。成交量为15.7万手，成交金额1.53亿元。 8月14日盘中数据显示，好想你股价在11时前后出现快速反弹，5分钟内涨幅超过2%，期间成交额达 8621.59万元。从资金流向来看，当日主力资金净流入58.58万元，近五个交易日累计净流入1200.81万 元。 风险提示：以上信息仅供参考，不构成投资建议。股市有风险，投资需谨慎。 好想你主营业务为红枣及其深加工产品的研发、生产和销售。公司产品涵盖健康零食、饮品、谷物等多 个品类，旗下拥有"好想你""百草味"等知名品牌。作为国内红枣行业代表性企业，公司建立了从种植到 销售的完整产业链。 ...