元气森林"好自在"成为10亿大单品后，今年夏天中式养生水市场竞争再度升级，大大小小的企业扎堆入局。据不完全统计，近一年已有23个品牌推出了59 款养生水新品，比"无糖茶元年"还要凶猛。 打工人靠养生水"续命" "铁打的打工人，流水的打工神水。"从冰美式到气泡水，再到东方树叶，现在又到中式养生水了。 翻看各大社交平台、种草平台、短视频平台，可以发现，一边熬夜一边喝养生水的打工人，不在少数，有人"已经沉迷"，有人"换着喝，囤箱喝"，还有 人"喝完一瓶，直接下单三箱"。 "我之前在超市突然看到红豆薏米水，看了看配料表感觉还算干净。我平时经常熬夜，有点养生方面的焦虑，似乎躲不开这种养生水，就买了几瓶回家。 喝了两天，感觉还挺舒服，主要是也好喝，随后又在网上买了两箱，连续喝了几天，已经上瘾了。"95后张婷说。 张婷调侃自己是"熬夜养生选手"。她说，自己不喜欢有代糖的中式养生水，不过，现在可选的品牌越来越多，她不会盯着某一个品牌使劲买。 超市货架上的中式养生水，常见的大概有两种，一种如元气森林、可漾等主打的轻养生产品，是以红豆、薏米、绿豆等日常食材为主要材料，如红豆薏米 水、清爽绿豆水等；还有一种像盒马、七鲜推出的部分自 ...

5月27日，北京商报记者获悉，近日凉茶品牌和其正向媒体透露"宜己水"系列新品，进军养生水赛道。近年来，在新式茶饮的冲击下，凉茶市场陷入增长瓶 颈，再加上加多宝和王老吉"双寡头"压制，让和其正压力颇大，加入养生水赛道或寻求"第二增长曲线"。不过今年以来，康师傅、统一、北冰洋等品牌跨界 推出养生水新品，养生水行业陷入白热化竞争，和其正想凭借凉茶基因突围，难度不小。 对于和其正来说，养生水是新的增长赛道。"宜己水"迟迟没有上市，和其正或想试探市场的反应。相比于市面上常见的红豆薏米、决明子等口味，"宜己 水"新品创新甘草陈皮等小众口味，对当下市场是一个重要补充，也符合其凉茶品牌的基因。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪表示，"和其正作为凉茶资深玩家，具备借凉茶基因打出差异化的潜力。凉茶与养生水同属东方食 养文化谱系，其'清火'与养生水的'养生'功效有内在关联，可降低消费者教育成本"。 还未正式上市 养生水行业又迎来搅局者。 近日，和其正上新了一款名为"宜己水"的养生水，该产品定位"真熬煮，宜己润人"，目前共有三种新口味。其中包括主打"温补"的红枣枸杞水、主打"祛 湿"的红豆薏米水和主打"理气"的甘草 ...

承德露露 000848.SZ 公司研究 | 年报点评 杏仁露稳健增长，24 年圆满收官 核心观点 盈利预测与投资建议 ⚫ 根据 24 年年报及 25 年一季报，对 25、26 年下调收入、上调毛利率。我们预测公司 2025-2027 年每股收益分别为 0.69、0.75、0.79 元（原预测 25-26 年为 0.75、0.86 元）。结合可比公司，我们认为目前公司的合理估值水平为 2025年的 17倍市盈率， 对应目标价为 11.73 元，维持买入评级。 风险提示 原材料价格波动、新品放量不及预期、市场开拓不及预期、产能利用率不及预期风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,955 | 3,287 | 3,362 | 3,567 | 3,750 | | 同比增长 (%) | 9.8% | 11.3% | 2.3% | 6.1% | 5.1% | | 营业利润(百万元) | 844 | 880 | 960 | 1,041 | 1,0 ...

Core Viewpoint - The company reported a revenue of 3.287 billion in 2024, representing a year-on-year increase of 11.26%, and a net profit attributable to shareholders of 666 million, up 4.41% year-on-year [1] Revenue and Profit Analysis - In Q4 2024, the revenue was 1.128 billion, showing a year-on-year growth of 22.69%, while the net profit was 247 million, increasing by 26.95% year-on-year [1] - For Q1 2025, the revenue was 1.002 billion, reflecting a year-on-year decrease of 18.36%, and the net profit was 215 million, down 12.53% year-on-year [1] - Excluding the impact of the Spring Festival, the combined revenue for Q4 and Q1 was 2.13 billion, showing a slight year-on-year decline of 0.8% [2] Business Segment Performance - In 2024, the revenue from almond milk, nut walnut, and almond milk series was 3.19 billion, 80 million, and 10 million respectively, with year-on-year changes of +11%, -2%, and +249% [2] - The sales volume of almond milk reached 330,000 tons, with a volume increase of 11.5% and stable price per ton [2] Regional Performance - In 2024, the revenue from the northern, central, and other regions was 2.99 billion, 190 million, and 110 million respectively, with year-on-year growth of 12%, 9%, and 3% [2] - The northern region saw a strengthening of its market position, with a net increase of 56 distributors [2] Profitability Metrics - The net profit margin for 2024 decreased by 1.3 percentage points to 20.3% [4] - The gross profit margin was stable, decreasing by 0.5 percentage points to 40.9% [4] - The increase in almond procurement costs due to weather conditions in 2023 led to a rise of over 30% in prices from Q4 2023, but prices dropped by over 30% starting Q4 2024 due to significant production increases [4] Cost and Expense Analysis - The sales expense ratio increased by 1.1 percentage points due to investments in e-commerce operations, new market development, and new product launches [5] - The management expense ratio rose by 0.6 percentage points due to increased share-based payment expenses [6] Future Outlook - The company plans to launch new herbal health drink products, leveraging the resource advantages of its "southward expansion" strategy [6] - The main business is expected to stabilize, with continued cost benefits from almonds anticipated in the first half of 2025 [6] - Revenue growth forecasts for 2025-2027 are 5%, 6%, and 4% respectively, with net profit growth of 7%, 8%, and 6% [6]