食品饮料 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《春节动销趋势向好，聚焦龙头布局 景气赛道—行业周报》-2026.2.23 《包装水行业发展稳健，头部分化孕 育 结 构 性 机 遇 — 行 业 点 评 报 告 》 -2026.2.11 《复苏态势明朗，板块预期乐观—行 业周报》-2026.2.8 节后需求稳健格局优化，健康功能饮品长期向好 ——行业周报 | 张宇光（分析师） | 张思敏（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790525080001 | zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：春节动销回暖结构分化，看好健康化饮品赛道龙头 2 月 23 日-2 月 27 日，食品饮料指数跌幅为 1.5%，一级子行业排名第 2 ...

中经记者 党鹏 成都报道 "在东南亚国家，很多城市可以随处买到国内新茶饮品牌的各种产品。"春节期间，去东南亚旅游的成都 王女士告诉《中国经营报》记者，中国新茶饮在海外市场的影响力越来越大。 日前，工业和信息化部、商务部、文化和旅游部、市场监管总局、中华全国供销合作总社联合发布《茶 产业提质升级指导意见（2026—2030年）》（以下简称《指导意见》）。加快"中国茶"品牌国际化，正 是任务之一。 《指导意见》明确，到2028年，培育5个以上年营业收入超100亿元的茶产业集群，一批年营业收入超过 50亿元的茶全产业链龙头企业，一批具有国际影响力的企业品牌和区域品牌。到2030年，数智化、绿色 化、多元化发展水平持续提升，全产业链规模达1.5万亿元，发展质量效益大幅提高，规上精制茶加工 业营业收入突破2000亿元，基本建成丰足美好、绿色智能、国际一流的茶产业体系。 "在当前茶产业面临标准缺失、经营主体散而弱、产业链出现断层、创新与人才瓶颈等情况下，《指导 意见》的出台将有助于茶产业高质量发展。"茶产业观察人士杨杰告诉记者，最重要的就是推动了茶产 业链的完善和供给侧改革，"从茶树到茶杯，《指导意见》将破解当前茶产业的 ...

据可口可乐最新披露财报，2025全年，公司营收479.41亿美元，增长2%；净利润131.37亿美元，增长 23%。这份看似亮眼的成绩单背后，藏着百年巨头难以言说的尴尬：净利润同比暴涨23%，营收仅微增 2%，全球单箱销量近十年首次归零，亚太市场营业利润暴跌36%，单季营收五年来首次未达华尔街预期。 靠涨价撑起的利润体面，终究掩盖不住销量失速的真相，曾经无往不利的"快乐水"，正遭遇前所未有的增 长困局，其背后折射的，更是全球消费趋势与行业格局的深刻变革。 可口可乐2025年的财报，最突出的矛盾的是"利润高增"与"销量停滞"的割裂。全年479.41亿美元营收、 131.37亿美元净利润的背后，是"以价补量"的被动妥协——公司全年整体提价约4%，第三季度提价幅度高 达6%，而全球单箱销量却纹丝不动。这意味着，可口可乐维系百年的"量价齐升"双轮驱动模式彻底失效， 如今只能依靠涨价勉强维持盈利体面，这种增长模式如同"饮鸩止渴"，短期可美化报表，长期却会持续透 支品牌价值与用户信任。 区域市场的表现更显惨淡。中亚、北非等新兴市场的微弱增长，被美、墨、泰等成熟市场的下滑彻底抵 消，而作为核心增长引擎的亚太地区，尤其是中国 ...

□四川日报全媒体记者 宁宁 文/图 王卫介绍，茶菌球的成分其实十分复杂，并非某一种微生物单独形成，而是酵母、霉菌、细菌或 其他微生物聚集而成的混合体。 "不过仅凭肉眼、图片或视频，无法准确鉴定其具体成分。"专家强调，专业鉴定需在生物安全条 件下采集样本，通过菌落形态观察、显微结构分析、革兰氏染色，再结合核酸分子鉴定等步骤才 能确定。 茶菌球并非"单一菌种" 实为复杂微生物混合体 从外观上看，茶菌球就是把茶饮料开盖喝几口后随手放置，过几天瓶中冒出的白色、黄色甚至黑 色球形菌团。 这让许多人好奇：这坨菌球为何会"凭空"长出？"茶菌球的出现主要是微生物作用的结果，环境因 素也起到重要作用。"成都大学食品与生物产业学院教授王卫解释，正规茶饮料采用无菌密封包 装，开封后抿上一口，空气、手部、口腔中的微生物就有机会进入饮料中。 一旦进入，茶饮料便会成为微生物的"温床"——其富含的糖分等营养物质，能为微生物提供充足 能量；且开封初期，瓶内几乎没有其他微生物竞争，在温度适宜的条件下，进入的微生物会迅 速"安家落户"，几天内就能繁殖成团。 并非特定品牌"易长菌" 最近，一种"佛系宠物"——"茶菌球"突然走红。不少网友在社交平台 ...

网友培养的茶菌球 茶菌球并非"单一菌种"，实为复杂微生物混合体 从外观上看，茶菌球就是把茶饮料开盖喝几口后随手放置，过几天瓶中冒出的白色、黄色甚至黑色球形菌团。 转自：四川在线 四川在线记者 宁宁 最近，一种"佛系宠物"——"茶菌球"突然走红。不少网友在社交平台分享 "茶菌球"的养成攻略，热议哪种口味的茶饮料更容易培育出大球，普通饮料瓶俨然 成了专属"宠物箱"。 "茶菌球"到底是什么，是怎么"长"出来的？专家提醒，这存在不小的安全隐患，切忌饮用。 王卫介绍，茶菌球的成分其实十分复杂，并非某一种微生物单独形成，而是酵母、霉菌、细菌或其他微生物聚集而成的混合体。 这让许多人好奇：这坨菌球为何会"凭空"长出？ "茶菌球的出现主要是微生物作用的结果，环境因素也起到重要作用。"成都大学食品与生物工程学院教授王卫解释，正规茶饮料采用无菌密封包装，开封后 抿上一口，空气、手部、口腔中的微生物就有机会进入饮料中。 比如，有些网友晒出的茶菌球质地接近果冻，摇晃时呈现Q弹质感，这可能属于细菌纤维素胶团。 "不过仅凭肉眼、图片或视频，无法准确鉴定其具体成分。"专家强调，专业鉴定需在生物安全条件下采集样本，通过菌落形态观察、显微结构 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，公司产品开发战略坚持纵向创新 迭代与横向品类延展并驾齐驱。纵向：凭借公司深刻的消费者洞察，公司针对现有产品在功能、口味、 包装等多方面不断优化，在始终坚持高质价比的产品定位的战略下满足消费者的多元化需求，包括推出 不同规格及口味的产品。横向：公司敏锐地捕捉软饮市场中有较大潜力及市场空间的细分板块，如运动 饮料、茶饮料、植物蛋白饮料等，并通过横向品类延展进一步丰富公司的产品矩阵，提高了公司未来成 长的天花板。相信在公司强大的品牌力、全国渠道网络和具有全成本控制优势的供应链体系的支撑下， 公司能够培育出一个又一个新的增长点，使东鹏始终拥有增长动能。 ...

Core Viewpoint - Yanjing Beer has experienced a decline in stock price recently, with a current trading price of 12.03 yuan per share and a market capitalization of 33.907 billion yuan, despite a year-to-date increase of 7.12% in stock price [1] Financial Performance - For the period from January to September 2025, Yanjing Beer reported a revenue of 13.433 billion yuan, reflecting a year-on-year growth of 4.57%, and a net profit attributable to shareholders of 1.770 billion yuan, which is a significant increase of 37.45% [2] Shareholder Information - As of January 20, 2025, the number of shareholders for Yanjing Beer is 44,100, showing a decrease of 3.61% from the previous period, while the average circulating shares per person increased by 3.75% to 56,890 shares [2] - The company has distributed a total of 4.791 billion yuan in dividends since its A-share listing, with 1.325 billion yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 74.5763 million shares, a decrease of 21.0157 million shares from the previous period [3] - The fourth-largest circulating shareholder is the Wine ETF (512690), which increased its holdings by 15.0099 million shares to 45.1167 million shares [3]

Investment Rating - The report indicates a positive outlook for the company, with expectations of accelerated sales growth in the second half of 2025 [5]. Core Insights - The company is projected to benefit from improved product mix, declining raw material prices, and cost savings in sales management, leading to an expansion in gross and net profit margins [5][6]. - All business segments are expected to achieve double-digit year-on-year growth, driven by promotional activities in the tea beverage sector and an increase in the number of beverage heating cabinets in stores to support winter sales [5]. - The packaging water segment is anticipated to recover its market share, with sales expected to reach 91% of the 2023 level in 2025, continuing to grow in 2026 [6]. Summary by Sections Company Overview - The company is a market leader in China's packaged drinking water and beverage industry, focusing on providing healthy and high-quality drinks [9]. - Major products include packaged drinking water, tea beverages, juices, and functional drinks, with packaged drinking water and tea beverages contributing 47% and 30% of total revenue, respectively, as of December 2023 [9][10]. Revenue Projections - Revenue growth for the second half of 2025 is expected to exceed management's guidance for the year, with all business segments projected to achieve double-digit growth [5]. - The tea beverage segment is expected to perform exceptionally well due to promotional activities and favorable comparisons to the low base in the second half of 2024 [5]. Catalysts - Key catalysts for growth include further market share acquisition in the packaging water business, declining PET prices, faster-than-expected macroeconomic recovery, continuous new product launches, and strong growth in the sugar-free tea beverage segment [7].

Core Viewpoint - The leadership transition at China Resources Beverage marks a significant moment as Gao Li, with nearly 20 years of experience within the China Resources system, takes over as Chairman, signaling a new chapter focused on both scale expansion and quality improvement [1][2]. Group 1: Leadership Transition - Gao Li's appointment as Chairman is seen as a strategic move to ensure a smooth transition in management, leveraging his extensive experience within the company and the broader China Resources Group [1][2]. - The transition occurs at a critical time as the company enters a new phase of development coinciding with the start of the 14th Five-Year Plan in 2026, emphasizing a focus on refined operations [1][5]. Group 2: Gao Li's Background - Gao Li has a diverse management background, having held key positions across various sectors within China Resources, including beverage, energy, and group management, making him a representative of the "composite management talent" within the organization [2][3]. - His previous role as the financial director at China Resources Beverage from 2012 to 2020 involved significant contributions to strategic planning and operational efficiency, leading to notable profit and shareholder return improvements [3][4]. Group 3: Industry Context - The Chinese soft drink industry is transitioning from extensive expansion to a phase characterized by "stock competition and high-quality development," facing challenges such as reshaped retail landscapes and fluctuating consumer preferences [4][5]. - In this context, the leadership change is expected to enhance the company's dual strategy of "quality and innovation," allowing it to leverage its product matrix and operational efficiencies to capture long-term growth opportunities [5][6].

Core Viewpoint - The leadership transition at China Resources Beverage signals a strategic shift towards a dual focus on scale expansion and quality improvement, with Gao Li's appointment as chairman reflecting the company's commitment to navigating industry challenges and enhancing operational efficiency [1][5][6] Group 1: Leadership Transition - Gao Li has been appointed as the new chairman of China Resources Beverage, succeeding Zhang Weitong, indicating a significant leadership change within the company [1] - Gao Li has nearly 20 years of experience within the China Resources system, showcasing a strong internal succession plan that emphasizes stability and continuity in management [1][2] - The transition occurs as the company enters a critical development phase post-IPO, aligning with the start of the "14th Five-Year Plan" and a new operational cycle focused on meticulous management [1][5] Group 2: Gao Li's Background and Experience - Gao Li's career trajectory within China Resources includes key roles across various sectors, providing him with a diverse management experience that is crucial for the company's strategic direction [2][3] - His previous tenure as the financial director of China Resources Beverage from 2012 to 2020 involved significant contributions to strategic planning and operational efficiency, leading to substantial profit and shareholder return improvements [3] - During his recent role at China Resources Power, Gao Li successfully enhanced the company's return on equity (ROE) from 1.83% in 2021 to 15.63% in 2024, demonstrating his capability in financial management and capital operations [4] Group 3: Industry Context and Strategic Implications - The Chinese soft drink industry is transitioning from extensive expansion to a focus on high-quality development, facing challenges such as changing consumer preferences and intense brand competition [4][5] - The leadership change is seen as a strategic move to ensure the continuation of the "quality + innovation" dual strategy, which is essential for maintaining the company's leading position in the market [5][6] - With the rise of health-conscious consumption and the expansion of lower-tier markets, China Resources Beverage is positioned to leverage its brand strength and operational efficiencies for long-term growth [5][6]