随着气温逐渐攀升，2025年的第二个季度已经结束，一年已经匆匆的流走了一半。 在本周，我们将对2025Q2的线下零售消费情况进行复盘，涉及到的参照对象中，同比对象为2024Q2，环比对象为2025Q1。 复盘数据均基于马上赢品牌CT。马上赢品牌CT的线下零售监测网络覆盖了全国县级以上各等级城市（不含乡、镇、村），并深度覆盖全国核心城市群， 业态覆盖包括大卖场、大超市、小超市、便利店、食杂店。马上赢通过AI和大数据技术对样本门店的交易订单进行实时全量POS数据的自动化清洗。目 前，马上赢品牌CT中监测的品牌超30万个，商品条码量超过1400万个，年订单数超过50亿笔； 本次季度复盘使用了马上赢【连续门店模型】与【全量门店模型】两种数据来源模型。其中涉及销售额、订单量等规模相关的均使用了【连续门店模 型】，以确保样本一致、减少消除门店数量及汰换对数据结果构成的影响，对于均值、份额等，则依然使用【全量门店模型】数据进行观察。在所有的数 据图中，数据来源部分均标识了所使用的数据样本模型，请各位读者仔细甄别。 如需查阅2025年各季度的线下零售速报，请点击：数据首发丨2025Q1线下零售速报 01、季度整体概况 我们选 ...

国内椰子水市场面临成本上升、竞争加剧的风险。 只有46名员工的椰子水品牌if的母公司IFBH Pte. Ltd.（下称 IFBH）已于近日通过港交所主板上市聆 讯，2个月的过审速度让市场惊讶。但更新后的招股书显示，这家靠中国市场"喝出来"的代工椰子水品 牌，依然存在原料来源单一、单一产品依赖、全代工模式等多个问题。 招股书显示，2024年，IFBH收入约1.6亿美元，同比增长80.3%，母公司拥有人应占盈利为3331.6万美 元，同比增长约99%，收入中的92.4%来自中国内地市场。 记者注意到，更新后的招股书显示，虽然IFBH号称在中国内地椰子水市场排名第一，2024年市占率约 为34%，但IFBH公司却是一家全代工生产的轻资产业务模式的饮料企业，即代工厂商负责制造、第三 方物流供货商负责运输、第三方分销商负责销售与配送，到2024年底，IFBH公司只有46名员工。IFBH 公司认为轻资产模式是其竞争优势之一，但外界也在担忧其对于制造、加工过程缺乏把控。从上市融资 用途看，IFBH也未明确提及未来有投资建厂的计划。 与此同时，IFBH的椰子水来源却非常单一，仅来自泰国，而且供应方也是IFBH的控股股东、创始 ...

证券研究报告 食品饮料 | 食品加工 北交所|首次覆盖报告 hyzqdatemark 2025 年 06 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 06 | 月 | 日 | 2025 | | | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 28.61 | | | | | | | 一 年 高 低 | 最 | 最 | | | 34.00/8.28 | | | 内 | / | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 3,561.95 | | | | | | | 流通市值（百万元） | | | | | 3,241.20 | | | | | | | 总股本（百万股） | | | | | 124.50 ...

全球收入位居前十运动员的其他成员也贡献了不少亮眼数字： 詹姆斯以1.338亿美元的个人最佳战绩排名第六，达拉斯牛仔队四分卫达克·普雷斯科特（Dak Prescott）以1.37亿美元的收入排名第四，纽约大都会队外野 手胡安·索托（Juan Soto）以1.14亿美元排名第七，两人分别打破了美国国家橄榄球联盟（NFL）和美国职业棒球大联盟（MLB）的收入纪录。 这十位运动员的总收入达14亿美元，较去年的13.8亿美元略有增长，是《福布斯》自1990年起对运动员收入进行排名以来的最高总和。 这也是继2024年后，第二次出现前十名运动员均收入破亿的情况。事实上，重量级拳击冠军奥列克桑德尔·乌西克（Oleksandr Usyk，1.01亿美元）和高尔 夫球手乔恩·拉姆（Jon Rahm，1亿美元）也达到了这一里程碑，只不过还是未能进入榜单。 C罗已连续三年、累计五次成为全球收入最高的运动员，但这位现年40岁的葡萄牙足球巨星仍在不断创收入新高。 有两位运动员仅靠场外活动，收入就突破九位数，他们就是库里和排名第九的洛杉矶道奇队"天才二刀流"大谷翔平（Shohei Ohtani，1.025亿美元），两位 巨星通过代言、公开 ...

Group 1: Industry Outlook - The metal packaging industry has a broad market outlook due to its safety, durability, environmental friendliness, and aesthetic appeal [1] - Continuous growth in market demand, particularly in food and beverage sectors, is expected, with increasing canning rates in beer contributing to this demand [1] - Industry concentration is rising, enhancing scale effects and market competitiveness, which will optimize resource allocation and improve overall profitability [1] - Opportunities for international development are increasing as domestic companies can explore overseas markets and engage in international competition [1] - Metal packaging's recyclability aligns with sustainable development goals, making it a preferred choice over other packaging types [2] Group 2: Company Growth Drivers - Industry consolidation and market share expansion following the acquisition of COFCO Packaging have positioned the company as the market leader in two-piece cans [2] - Steady growth in the domestic market, with significant potential for increasing beer canning rates compared to developed countries, will drive revenue growth [2] - International business expansion through overseas operations and partnerships with international clients is a key growth strategy [2] - Continuous optimization of production operations and cost reduction initiatives will enhance profitability [2] Group 3: Financial Performance - In 2024, the company achieved a revenue of CNY 13.67 billion, a decrease of 1.23% year-on-year, while net profit attributable to shareholders was CNY 0.791 billion, an increase of 2.06% year-on-year [3] - The company's market capitalization has decreased from over CNY 30 billion in 2015 to below CNY 14 billion, influenced by market conditions and intensified industry competition [3][4] Group 4: Strategic Initiatives - The company aims to enhance operational performance and profitability through integration with COFCO Packaging and optimizing production layouts [4] - Strengthening communication with investors through regular reports and investor meetings to build confidence in the company's value and growth potential [4] - Investment in R&D for green packaging technologies and innovative materials to maintain profit margins amid increasing competition [5][6] - Collaboration with educational institutions to prepare graduates for industry needs and support talent development [6]

Group 1: Investor Relations Activities - The company conducted investor relations activities including specific object research and performance briefings from May 7 to May 8, 2025 [3] - Participants included various securities and asset management firms, with key company representatives present [3] Group 2: Sales and Market Strategy - The company is optimizing its e-commerce operations but cannot disclose specific sales growth rates due to lack of data from platforms [4] - The company plans to enhance marketing efforts for its sub-brand, 康食季, to improve product visibility [5] - There are no current plans to expand overseas sales channels, but the company is focusing on building a physical sales network [6] Group 3: Product Development and Innovation - The company is exploring the development of non-sport beverages and plans to launch a new sports drink, focusing on taste and packaging improvements [6] - The company has signed military supply orders for 2024, which will be executed in 2025, with military products accounting for approximately 10% of revenue [8] - The company is investing 100 million yuan in expanding its production capacity for sports nutrition products [9] Group 4: Financial Performance and Management - Accounts receivable increased due to military sales, while inventory rose to ensure business continuity [10] - The company aims to enhance gross margins through technological innovation and supply chain optimization [11] - The company has 198 authorized patents, with significant advancements in product development, including a new high-quality protein product [20] Group 5: Social Responsibility and Community Engagement - The company launched the "Public Energy Rabbit" initiative to support runners in marathons, participating in nearly 470 events in 2024 [14] - Future plans include expanding social responsibility projects and promoting sports nutrition knowledge in communities [15] Group 6: Market Trends and Regulatory Environment - The health and sports nutrition industry is experiencing growth due to government policies promoting health consumption and sports participation [21] - The company plans to establish four product project teams targeting protein supplementation, energy products, weight control, and professional sports markets [22] Group 7: Profitability and Operational Efficiency - The company is focused on high-quality operations, with improved inventory turnover from 2.34 in 2022 to 3.02 in 2024 [23] - The accounts receivable turnover increased from 9.5 in 2022 to 14.84 in 2024, indicating enhanced operational efficiency [23]

Core Insights - Coca-Cola reported Q1 2025 revenue of $11.129 billion, with an organic revenue growth of 6% [1] - The net profit for the quarter was $3.335 billion, reflecting a year-over-year increase of 5% [1] - Global unit case volume increased by 2% year-over-year, driven primarily by markets in India, China, and Brazil [1] - The Asia-Pacific market saw a notable unit case volume growth of 6% year-over-year [1] Revenue and Profitability - The company's flagship carbonated beverage, Coca-Cola, experienced a 1% increase in global sales, supported by growth in Europe, the Middle East, Africa, and the Asia-Pacific regions [1] - The no-sugar variant of Coca-Cola saw a significant increase in sales, growing by 14% year-over-year [1] - Other beverage categories, including flavored sodas, juice drinks, dairy, and plant-based beverages, also reported a 1% increase in global sales, primarily driven by the Asia-Pacific market [1] Strategic Outlook - Coca-Cola's CEO, James Quincey, emphasized the effectiveness of the company's "all-weather strategy," which has enabled it to navigate complex external environments despite pressures in key mature markets [1] - The company aims for a comparable currency-neutral earnings per share growth of 7% to 9% year-over-year for 2025, with an organic revenue growth target of 5% to 6% [1] - The expected earnings per share growth (non-GAAP) for 2025 is projected to be between 2% and 3% year-over-year [1] Market Focus - In a conference call, the CEO highlighted the growth in the Chinese market, attributing it to strategic initiatives taken last year, including a focus on core categories and brand upgrades [2] - The Coca-Cola China system has concentrated on enhancing execution capabilities, which has positively impacted sales growth [2]

4月29日，可口可乐公司发布了2025年一季度财报。财报显示，公司一季度营收111.29亿美元，有机营 收增长6%；净利润为33.35亿美元，增长5%；每股收益(非公认会计准则)为0.73美元，增长1%。销量方 面，全球单箱销量增长2%，主要受印度、中国和巴西市场驱动，其中，中国市场第一季度销量实现高 个位数增长。按品类来看，含气饮料全球销量增长2%，果汁饮料、乳制品和植物基饮料销量全球增长 1%；瓶装水、运动饮料、咖啡和茶销量全球增长2%。(智通财经) ...

这是新消费智库第 2 6 1 6 期文章 新消费导读 1.Crocs携手Marimek ko推出首款合作系列 2.怡宝魔力运动饮料1L装新品全国上市 3. Inner Brightnes s推出Ak kermans ia益生菌补充剂 4.必胜客披萨有蛇出没 5.承德露露跨界推出露露草本「养生饮」 6.圣农发展拟11.26亿元收购太阳谷剩余54%股权 7.达能拟在德国爱他美工厂进行重大投资 8.美国拟成立Ti kTok美国独立公司，亚马逊等多方竞购 9.联合利华宣布收购Wi ld 10.Safi lo收购眼镜品牌Blender s多数股权 11.真维斯关闭澳洲所有门店 12.ZITA TAN发布2025秋冬系列 13.上美股份AI智能化妆品无人车间已正式投产 14.GymNation打造全球首个于健身房中的酒店 15.AUTEUR发布「星际漫游」系列 新消费 1.Crocs携手Marimek ko推出首款合作系列 怡宝官宣魔力运动饮料1L装新品全国上市。新品特别添加电解质、氨基酸、GLU葡萄糖和维生素B6，助力身体代谢、提供能量，1L大容量， 为不同流汗场景提供补充。（食业头条） 3. Inner Bright ...

第一章 日本饮料行业历史复盘 生产端：多元化迭代发展 1.1 日本饮料行业多元并存，各品类迭代发展。自早年的碳酸饮料与果汁饮料以来，主流品类迭代发 展，共同推动饮料行业持续走向高点，日本饮料行业先后历经碳酸饮料、果汁为主（1945-1979年起 步期）→茶饮、咖啡的快速发展（1980-1999年快速发展期）→茶饮、矿泉水为主（2000年至今成熟 期）三大时期。 | | 1945- 1979CAGR | 1980- 1999CAGR | 2000- 2023CAGR | | --- | --- | --- | --- | | 整体 | 24. 2% | 5.1% | 1.8% | | 茶系饮料 | | 37.3% | 1.8% | | 矿泉水 | 19. 4% | 14. 1% | 7.6% | | 碳酸饮料 | 23. 4% | 0. 1% | 1. 3% | | 咖啡饮料 | 18. 0% | 7.8% | 0. 8% | | 果汁饮料 | 27.2% | 1. 1% | - 1. 4% | | 运动饮料 | | 24. 5% | 0. 2% | ▲图表1： 不同时期各饮料品类产量的年复合增速情况 资料来源 ...