智通财经记者 | 李烨 智通财经编辑 | 许悦 今麦郎和娃哈哈的话题度因为一瓶水而捆绑在了一起。 5月16日，今麦郎董事长范现国现身镜头前回应为娃哈哈代工一事。 范现国表示，去年上半年娃哈哈瓶装水销量突然暴增，娃哈哈公司为保障市场需求在全国寻找代工厂，其中选择了今麦郎。针对娃哈哈声明中提到的"个别 批次纯净水产品未通过出厂抽样检测"问题，范现国并没有回应。 同时，范现国称，今麦郎水饮的利润偏低。今麦郎终端售价1元的蓝标水，整包出厂价为10元（24瓶），折单瓶出厂价格0.4元。一瓶蓝标水为今麦郎公司的 净利润只有2分钱。 "瓶装水竞争非常激烈，我们现在蓝标水每年生产超过100亿瓶，净利有两个多亿，成本领先非常不容易。" 按照范现国所披露，蓝标水一年生产100亿瓶，以出厂价0.4元计算，2023年今麦郎蓝标水销售额或在40亿元左右。同时据公开数据，2023年今麦郎凉白开销 售额100亿。因今矿2023年时候才推出，未在市场上掀起很大水花，因此，暂时不将今矿包含在内，2023年今麦郎包装水销售总额或在140亿元上下。 在另外的统计口径中，今麦郎未能进入包装水前列。 图片来源：今麦郎水饮官方旗舰店 灼识咨询报告显示， ...

Group 1: Company Overview - Nongfu Spring, once a symbol of bottled water in China, is facing stagnation in growth, with a slight revenue increase of 0.5% and a net profit increase that is negligible for 2024 [1] - The bottled water business, previously a stronghold for Nongfu Spring, has seen a decline, with a 6.7% drop in revenue and a 3.8% drop in net profit in the second half of the previous year [1] - The tea beverage segment, represented by Dongfang Shuye, has surpassed bottled water in revenue for the first time, achieving a remarkable 32.3% year-on-year growth [2] Group 2: Market Competition - The tea beverage market has become highly competitive, with numerous established and emerging brands vying for market share, leading to increased pressure on Nongfu Spring's tea business [3][4] - New brands are employing aggressive distribution strategies, such as credit sales, to quickly gain shelf space, which poses a challenge to Nongfu Spring's market position [4] - Despite maintaining a leading position in the tea market, Nongfu Spring's growth rate has slowed from 59.5% in the first half of the previous year to 32.3% [4] Group 3: Strategic Responses - In response to market pressures, Nongfu Spring has launched a 1.5L version of Dongfang Shuye to capture the "water substitute" demand, which has seen immediate success [6] - The company is investing in tea production facilities, with a commitment of 100 million yuan to build five initial tea factories, aiming to enhance its overall system capabilities [8] - Nongfu Spring is also exploring international markets, particularly in developed countries, to expand its tea beverage business [9] Group 4: Financial Performance - The bottled water segment's revenue for 2024 is reported at 16 billion yuan, reflecting a significant decline of 21.3% year-on-year, with operating profit margins dropping from 36% to 31% [25] - The aggressive pricing strategy for green bottle water has not yielded the expected market growth, leading to issues of low profit margins and high inventory [25] Group 5: Brand Management - Nongfu Spring's sales strategy has been characterized by a strong presence in retail channels, with sales personnel actively engaging with store owners to secure shelf space [12][16] - However, the company's aggressive tactics have led to some negative perceptions among retailers, with reports of pressure to prioritize Nongfu Spring products over competitors [14][22] - The contrasting attitudes within the company regarding the value of green bottle water have created confusion among retailers, impacting overall brand perception [22]

乳制品：生鲜乳降幅收窄，关注上游供给去化进度 根据农业农村部披露，3月第4周(采集日为3月27日)内蒙古、河北等10个主产省份生鲜乳平均价格3.08 元/公斤，比前一周下跌0.3%，同比下跌12.3%。短期来看，生鲜乳价格仍面临下降压力，但考虑到去年 至今，上游牧场在不断去化供给，今年也在持续推进，预计会有助于价格逐渐企稳。同时，近期呼和浩 特的生育补贴力度也关注度提升，对后续政策也有一定预期。展望25年，原奶价格企稳后，有望带来乳 企盈利端的修复。从需求端来看，乳制品的需求仍表现出低温好于常温的趋势，部分乳业有可能持续推 进结构优化。从盈利端，头部企业今年费率目标也希望稳中有降，预计盈利能力有望同比提升。 智通财经APP获悉，中信建投证券发布研究报告称，近期部分城市发布生育刺激政策，涵盖现金补贴和 义务教育优惠，奶粉等乳制品板块直接受益。两会提出要大力提振消费，使内需成为拉动经济增长的主 动力和稳定锚。预计后续更多城市也会跟进类似生育刺激政策，出生率和消费信心有望跟随回暖。同时 原奶周期拐点渐近，乳制品龙头继续结构升级，乳制品板块持续改善。 关税等外部风险加剧，食饮作为典型的内需板块，配置价值彰显。春节平稳 ...