此外，21世纪经济报道记者还了解到，宾堡在B端毛利率相对不错。"B端省去大量渠道成本、营销费用，C端品牌也为打开B端市场起到背书 作用。"宾堡相关业务负责人称。 21世纪经济报道记者贺泓源、实习生李音桦 面包市场继续分化。 桃李面包披露的财报显示，在2025年前三季度，该公司营收同比下滑12.88%至40.49亿元；归母净利润同比下滑31.49%至2.98亿元。其中，三 季度营收同比下滑11.64%至14.37亿元；归母净利润同比下滑35.05%至0.94亿元。 背后是，桃李面包面临全国性销售下滑。三季度，该公司分华北/东北/华东区域分别实现营业收入3.21/6.43/4.70亿元，分别同比下滑10.14%/下 滑14.24%/下滑8.25%。仅华中区域营收同比增长7.78%至0.60亿元。经销商数量上，前三季度，桃李面包净减少1个至974个。 作为对比，宾堡集团在华处于扩张期。 该公司披露，截至2025年第四季度，宾堡在中国的有效销售点数较去年同期取得明显提升。2025年至今，宾堡中国在电商、O2O、会员商店等 渠道生意增速显著。另据21世纪经济报道记者了解，宾堡在华营收大概率处于增长区间。 需要注意的是， ...

国泰海通晨报 2025 年 12 月 22 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【宏观研究】：本周大宗商品中铜与金表现亮眼，发达市场股票表现优于新兴市场。美国就业 市场仍处于弱而不崩的状态，通胀增速不及预期，二次反弹风险相对可控，美联储短期内或暂停 降息进行观望。日央行如期加息 25BP，未来或仍将缓慢加息。欧央行降息周期或已接近终点。 2、【食品饮料研究】东鹏饮料：管理效率持续提升助力东鹏将大量利润节约下来回馈给渠道及消 费者，迎合了饮料行业消费者对于高质价比愈加重视的大趋势，因此公司品类扩张将超市场预期。 3、【机械研究】核电设备：上周（2025/12/15-2025/12/19）可控核聚变领域动态：上周中标主要集 中在磁体和电源等部件；特朗普媒体科技宣布与 TAE 签署最终合并协议；Gyro Swin 实现秒级 5D 等离子体建模。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 王宇 ...

格隆汇12月19日｜国泰海通证券研报指出，认为东鹏饮料通过持续提升管理效率将大量利润节约下来回 馈给渠道及消费者，因此所有品类均能突出高质价比，迎合了饮料行业消费者对于价格敏感度逐渐提升 的大趋势，因此其未来有望成长为平台型饮料企业，品类扩张将超市场预期。总成本领先战略与信息化 赋能相辅相成，构建公司真正护城河。总计而言，在饮料大行业增速逐渐放缓背景下，未来行业将是效 率为王，高效的企业将逐步取得超额收益，因此看好东鹏饮料持续挖掘出新的增长曲线，品类扩张将超 市场预期。管理效率充分释放带动下公司凭借高质价比的打法以及渠道的扩张逐渐做大能量饮料/运动 饮料/咖啡等行业，从而保障中长期超额收益。参考可比公司给予2026年1.03X PEG，对应每股合理估值 341.71元，维持"增持"评级。 ...

来源：猛哥看商业 核心观点 导读： 管理效率持续提升助力东鹏将大量利润节约下来回馈给渠道及消费者，迎合了饮料行业消费者对于高质 价比愈加重视的大趋势，因此公司品类扩张将超市场预期。 核心观点： 东鹏品类扩张有望超预期。市场认为东鹏饮料凭借产品的高质价比打法以及渠道的全国化扩张有望紧跟 能量饮料及运动饮料行业龙头步伐，逐步成长为细分赛道的龙二，但当前全国化扩张基本完成，因此未 来成长空间有限；我们认为公司通过持续提升管理效率将大量利润节约下来回馈给渠道及消费者，因此 所有品类均能突出高质价比，迎合了饮料行业消费者对于价格敏感度逐渐提升的大趋势，因此其未来有 望成长为平台型饮料企业，品类扩张将超市场预期。 总成本领先战略与信息化赋能相辅相成，构建公司真正护城河。公司通过生产端降本增效与渠道端信息 化赋能的持续强化，将越来越多的利润节约下来回馈给渠道及消费者，从而使得"消费者愿意买、渠道 愿意卖"的效果愈加显著，因此带动了公司产品力及渠道力的同步提升，也为公司各类新品的陆续放量 奠定了基础。 引领舶来品本土化+红海市场抢份额并行，品类扩张逐步推进。一方面，公司在能量饮料/运动饮料/无 糖茶/咖啡等舶来新兴赛道依靠高 ...

每经编辑｜陈柯名 当地时间12月10日，全球饮料公司可口可乐公司宣布CEO（首席执行官）继任计划：董事会已选举执行副总裁兼首席运营官柏瑞凯（Henrique Braun）于 2026年3月31日出任首席执行官。而60岁的詹鲲杰将在其任期圆满结束后卸任首席执行官，转任执行董事长。 这意味着时隔9年后，可口可乐将迎来新的CEO。 詹鲲杰是可口可乐的一名老将，今年60岁，拥有利物浦大学电子工程学士学位，是一名英国人。 其早在1996年就加入公司，曾担任公司多个领导职务，2017年出任首席执行官。可口可乐方面表示，在詹鲲杰任期内，他推动公司完成从单一碳酸饮料生 产商向"全品类饮料公司"的转型，新增超过10个价值十亿美元的核心品牌，包括BodyArmor运动饮料、Topo Chico气泡水等。面对新冠疫情冲击，他带领 公司通过数字化转型与营销革新增强抗风险能力，同时剥离诚实茶等非核心资产，聚焦高潜力品类。截至2025年，可口可乐已拥有30个"十亿美元品牌"， 其中半数源自并购整合。 可口可乐现任CEO詹鲲杰（James Quincey） 图片来源：可口可乐官网 新帅柏瑞凯是美国人，拥有里约热内卢联邦大学农业工程学士学位 ...

Core Viewpoint - The beverage consumption peak season has ended, with leading companies reporting stable third-quarter results and further strengthening their advantages. The soft drink industry shows resilience in demand despite environmental disturbances, with a recommendation to focus on structural growth segments within the beverage sector, particularly functional drinks and sugar-free tea leaders [1]. Group 1: Industry Overview - As of November 28, 2025, the Shenwan Soft Drink Index has increased by 7.6% year-to-date, underperforming the Shanghai Composite Index and the Food & Beverage Index by 8.4% and outperforming by 12.4% respectively. The current PE-TTM for the soft drink industry is approximately 28.3 times, positioned at the 46th percentile over the past three years, indicating a decline in valuation levels since the third quarter [1]. - The soft drink sales in China have maintained a mid-to-high single-digit growth in recent years, primarily driven by volume increases while prices remain stable. The MAT2503 sales figures show a year-on-year growth of 7.4% in sales revenue, 7.2% in sales volume, and a slight increase of 0.2% in price. However, sales growth turned negative starting in July 2025, influenced by competition in delivery services and the rise of new channels like membership stores and snack collection stores [2]. Group 2: Future Outlook - The soft drink industry is expected to experience structural prosperity driven by health and functionality trends, with demand remaining robust despite environmental disturbances. Positive price signals have emerged, with the CPI turning positive in October 2025 and PPI showing a narrowing decline. However, the recovery of internal demand may take time due to low consumer confidence and income growth being affected by asset prices [3]. - The beverage sector's revenue compound annual growth rate (CAGR) from 2022 to 2024 is projected at 12.8%, ranking third among food and beverage sub-sectors. The sales growth for the beverage sector in the first three quarters of 2025 was 2.4%, 17.8%, and 14.4% year-on-year, indicating a faster recovery and better resilience compared to other fast-moving consumer goods [4]. Group 3: Category Trends - The health and functionality trends in the soft drink category are expected to continue, with a focus on cost-effectiveness and larger packaging options. The market penetration among key consumer groups like Generation Z and Millennials has reached over 90%, with these demographics showing strong purchasing power and diverse demands for health, nutrition, and emotional satisfaction [5]. - The beverage industry is likely to benefit from continued cost advantages, with expectations of weak pricing for core ingredients like white sugar and PET, while corrugated paper prices are expected to rise, providing support [6]. Group 4: Competitive Landscape - The concentration of the beverage industry is increasing, with leading companies enhancing their competitive advantages. From 2019 to 2024, the revenue CAGR for leading companies is 8.6%, while regional and niche companies have seen a decline of 0.7%. The net profit CAGR for leading companies is 15.5%, compared to 4.6% for smaller firms, indicating a strengthening of market positions for industry leaders [7].

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, highlighting several key companies as investment opportunities [3][4]. Core Insights - The food and beverage industry is experiencing internal rotation in new consumption and improvement at the bottom of traditional consumption. The overall performance in 2025 was weak, primarily due to the adjustment in the liquor sector, but the long-term recovery trend for mass consumer goods remains intact [3][8]. - For 2026, structural opportunities are expected to continue, with new consumption showing internal rotation and traditional consumption gradually recovering from the bottom [3][15]. Summary by Sections Industry Overview - In 2025, the food and beverage sector's revenue grew by only 0.1% year-on-year, while profits fell by 14.6%, underperforming compared to the previous year. The industry index ranked last among 31 sub-industries with a decline of 4.8% [8][11]. - The adjustment in the liquor sector is identified as the main factor for the overall weak performance, while the recovery trend for mass consumer goods is expected to persist [8][11]. Soft Drinks - The beverage industry is projected to benefit from a rebound in travel demand in 2026, with a revenue increase of 6.2% in the first half of 2025 compared to the previous year [42][45]. - Cost advantages from declining prices of raw materials like sugar and PET are expected to continue, enhancing profit margins for beverage companies [45][49]. Snacks - The konjac snack sector is experiencing high growth, with companies like Salted Fish and Wei Long achieving significant revenue increases in 2025 [66][67]. - The competitive landscape for konjac products is expected to remain manageable, with established brands likely to maintain their market positions despite new entrants [70][76]. Dairy Products - The dairy sector is anticipated to see a recovery in supply-demand balance, with raw milk prices expected to stabilize in 2026 due to ongoing supply adjustments [38][39]. - Policies promoting consumption are expected to benefit liquid milk and milk powder sales, driving demand improvements [38][39]. Frozen and Condiment Products - The frozen food sector is expected to see performance improvements as competition stabilizes, with a focus on recovery in demand [38][39]. - The condiment sector is also projected to benefit from a gradual recovery in consumer demand [38][39]. Liquor - The liquor industry is still in an adjustment phase but is gradually approaching a bottoming out stage, with supply clearing expected to continue into 2026 [6][25]. - The report suggests that the long-term value of liquor stocks will become more apparent as the market stabilizes [6][25]. Investment Recommendations - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and Moutai in the beverage sector, as well as Wei Long and Salted Fish in the snack sector [6][8].

Core Insights - The beverage consumption peak season has ended, and the company's Q3 report shows stable performance, further strengthening the advantages of leading enterprises [1] - The beverage industry is expected to continue benefiting from raw material and packaging cost reductions, with a focus on competitive strategies and new product developments [1] Market Review - As of November 12, 2025, the Shenwan Soft Drink Index has increased by 13.4% year-to-date, underperforming the Shanghai Composite Index by 5.9% and outperforming the Food and Beverage Index by 16.2% [2] - The soft drink industry has a current PE (TTM) of 30 times, positioned at the 50th percentile over the past three years, with a valuation decline since Q3 [2] - In Q3 2025, the soft drink industry recorded a revenue of 10.62 billion yuan, a year-on-year increase of 14.4%, with a net profit of 2.06 billion yuan, up 36.6% [3] Industry Performance - The food and beverage sector showed good revenue growth in snacks, soft drinks, and health products, while seasonings, pre-packaged foods, and beer also achieved positive year-on-year revenue growth [3] - The soft drink industry's gross margin in Q3 2025 was 42.4%, an increase of 0.5 percentage points year-on-year, with a net profit margin of 19.5%, up 3.1 percentage points [3] Company Performance - Functional beverages and water businesses are experiencing good growth, while some traditional beverage companies are reaching turning points [4] - Dongpeng Beverage reported a revenue increase of 30.4% year-on-year in Q3 2025, benefiting from the demand for functional beverages and new product launches [4] - Traditional plant protein beverage companies are facing pressure, but leading firms are optimizing channels and innovating products, with Yangyuan Beverage and Chengde Lululemon showing positive revenue growth of 11.9% and 8.9% respectively [4] Cost and Profitability - Major raw material and packaging prices continue to decline, with the gross margin for Chengde Lululemon at 44.7%, up 4.0 percentage points year-on-year, while Dongpeng's gross margin decreased by 0.6 percentage points [5] - Sales expense ratios improved for leading companies, with Yangyuan Beverage and Dongpeng Beverage showing significant reductions [6][7] - The net profit margins for Dongpeng Beverage and Yangyuan Beverage increased by 1.8 percentage points and 10.6 percentage points respectively, while traditional beverage companies faced declining profitability [7] Price Tracking - The prices of key raw materials like white sugar and packaging materials such as PET and glass have continued to decline, although the rate of decline has slowed [8]

Investment Rating - The industry investment rating is "in line with the market" [2][56] Core Insights - The global sports nutrition market is projected to grow from 188.13 billion yuan in 2025 to 306.47 billion yuan by 2032, with a compound annual growth rate (CAGR) of 7.22% [5][8] - The Chinese sports nutrition market is expected to grow from 9.71 billion yuan in 2024 to 20.93 billion yuan by 2030, with a CAGR of 11.56% [5][9] - The market is characterized by a large and growing consumer base, with 71.4% of potential consumers preferring sports nutrition products [9] - The market is segmented into energy supplements, protein supplements, and recovery products, with energy supplements being the largest category [19][20] Market Size and Growth - The global sports nutrition market is expected to reach 188.13 billion yuan in 2025 and 306.47 billion yuan by 2032, with a CAGR of 7.22% [8] - The Chinese sports nutrition market is projected to grow from 9.71 billion yuan in 2024 to 20.93 billion yuan by 2030, with a CAGR of 11.56% [9][11] Consumer Demographics - The consumer base is divided into professional athletes and health-conscious individuals, with the latter group becoming the dominant force in the market [27] - The primary consumers are aged 25 to 45, making up over 80% of the market [28] Competitive Landscape - The global sports nutrition market is fragmented, with the top five companies holding only about 25% of the market share [32] - In China, the market concentration is higher, with the top three companies holding a combined market share of 70% [34] Sales Channels - Online sales account for 65% of the market, with e-commerce platforms like Tmall and JD.com being the main contributors [41] - Offline sales, including gyms and pharmacies, account for 35% of the market, with gyms being a significant sales point [41][45] Policy and Standards - The sports nutrition sector in China is supported by national health strategies and regulations, promoting the integration of fitness and health [48] - A comprehensive standard system is in place, including the GB 24154-2015 standard for sports nutrition products [49]

Summary of Conference Call Notes Industry Overview - The health supplement market is benefiting from an aging population and increased health awareness, with an expected growth of approximately 5% by 2025. The Douyin channel saw a growth of about 60% in the first half of the year [1][2] - The dairy sector, particularly cheese and low-temperature milk, is performing well. Miao Ke Lan Duo's B-end market demand is strong, with a growth rate exceeding 30% in the first three quarters of 2025, and an expected growth of 40-50% in the fourth quarter and 2026 [1][3] - The ready-to-eat food chain brands like Juewei, Zhou Hei Ya, and Babi are adapting their store formats to meet consumer demands, with Babi achieving significant same-store sales growth after store renovations [1][3] Key Companies and Performance - HH International Holdings is excelling in the adult health supplement sector, with online sales accounting for over 70% and Douyin channel growth reaching 80% [1][2] - Minsheng Health is actively launching new products targeting younger consumers, such as smoking cessation and anti-hair loss products [2] - Xiluyuan is increasing its market share in the low-temperature milk sector, with a projected net profit increase of about 1 percentage point in 2025 [3] Investment Opportunities - Investment opportunities in the dairy industry are cyclical, focusing on raw milk and beef cattle cycles. A balance point in raw milk supply and demand is expected in the first half of 2026, with beef cattle prices already on the rise [1][3] - Upstream farms like Youran Agriculture, Modern Farming, and China Shengmu are seen as having strong investment potential [1][3] - The beverage sector is facing weak overall demand in 2025, with the liquor segment, particularly baijiu and beer, under pressure. The baijiu sector remains one of the few negative return segments in a bull market, reflecting pessimistic market expectations [2][4] Future Outlook - For 2026, attention is drawn to leading companies with favorable fundamentals, such as Yanjing Beer, Dongpeng Special Drink, and Moutai, which are expected to achieve valuation switches [5] - Companies in distress, particularly within the baijiu sector, may exhibit better-than-expected performance [5] Market Sentiment and Catalysts - Current market sentiment towards the baijiu sector is gradually becoming optimistic, despite third-quarter reports showing continuous downward adjustments in performance. Stock prices have not seen significant fluctuations, indicating some desensitization to negative reports [6] - Potential catalysts include improved sales during the Spring Festival and a low base effect in the second quarter of next year due to this year's alcohol ban, which may lead to a sales recovery [6] - The structural destocking of baijiu channels began in early 2025, with inventory issues expected to ease as product flow improves [7] Notable Companies in Beer and Beverage Sectors - In the A-share market, Dongpeng Special Drink and Yanjing Beer are highlighted. Dongpeng is experiencing rapid growth, but revenue growth may slow due to high base effects. Yanjing Beer, despite revenue declines from the alcohol ban, is meeting profit expectations [8] - In the Hong Kong market, Nongfu Spring is noted for strong performance in packaged water and Oriental Leaf products, although future growth may stabilize [8]