Core Viewpoint - Shanghai is implementing a beverage "nutritional choice" grading system, marking a national first aimed at reducing sugar consumption, particularly from sugary drinks [4][5][6]. Group 1: Grading System Overview - The grading system categorizes beverages into four levels: A, B, C, and D, with A being the healthiest and D the least healthy [9]. - Manufacturers are required to label C and D grade beverages, effectively informing consumers about their health risks [9][10]. - The grading is based on three criteria: sugar content, saturated fat content, and the presence of non-sugar sweeteners [10]. Group 2: Comparison with Singapore - Singapore has already implemented a similar grading system since late 2022, which has now expanded to include freshly prepared drinks [5][6]. - The Singaporean system is considered one of the strictest globally, with penalties for non-compliance, including advertising bans for D grade beverages [14]. Group 3: Health Implications - The average sugar intake in Singapore is significantly above the World Health Organization's recommended limit, with many people consuming around 60 grams daily, primarily from sugary drinks [37]. - In contrast, China's average daily sugar intake is lower, at about 21 grams, suggesting that the grading system could be beneficial if adapted [38][42]. Group 4: Beverage Analysis - Common beverages like carbonated drinks and fruit juices often fall into C or D grades due to high sugar content, while unsweetened teas and sodas are more likely to achieve A grades [24][30]. - The grading system may not favor certain products like full-fat milk, which could receive lower grades due to saturated fat content, despite their nutritional benefits [26][29]. Group 5: Consumer Behavior and Alternatives - The rise of non-sugar sweeteners in beverages is a response to sugar reduction efforts, but their health implications are still debated [49][52]. - The World Health Organization has raised concerns about the potential health risks associated with excessive consumption of non-sugar sweeteners, suggesting that moderation is key [54][55].

在魔都打拼生活的人，这两年想必都注意到，无论是家楼下便利店的饮料区，还是现场制作的霸王茶姬，杯壁瓶身都出现了红橙绿为底色，写着 ABCD 四级的标签。 这是上海正推行的饮料"营养选择"分级标识，也是全国首次，目的就是提醒大家不要吃太多糖，尤其是齁甜的含糖饮料，最好别喝或少喝。 这下"可口党"和"百事党"也不用打架了。对于含糖可乐，管你是哪家，商家都得一视同仁提醒你。 其实不止上海，早在 2022 年底，新加坡就执行了《食品条例（第2号修正案）》中的"史上最严"饮料分级制度，按含糖量等指标给包装饮料做分级。 到了 2023 年，新加坡街头的奶茶、果汁等现制饮料也难逃一劫，也要逐渐执行分级。 饮料分级到底是怎么一回事？你常喝的饮料又在哪一级呢？ 史上最严！新加坡给饮料分级 新加坡对饮料的分级尝试，可以说是上海的老前辈。 简单来说，这一规定就是要求厂家在包装上标注出饮料的营养等级。等级有 ABCD 四类，从 A 至 D，饮料的健康程度逐级下降。 饮料如果一旦被评为 D 级，就会被严禁在各平台做广告，违者最高罚款 1000 新币，约为 5376.5 元人民币（按 8 月 24 日汇率），再犯者罚款最高 2000 新 ...

Core Insights - The article discusses the year-end review of the beverage market, focusing on the top 100 new products from December 2024 to November 2025, and compares them with the same period from the previous year to identify trends and shifts in the market [1][4]. Summary by Sections Overview of the Year-End Review - The year-end review will analyze the top 100 new beverage products and their market performance over the specified period, highlighting new trends and shifts in consumer preferences [1]. Data Collection and Methodology - The data for the top 100 products is sourced from the "马上赢" brand CT and various models, covering a wide range of retail channels across major cities in China [3]. - The selection criteria for the top 100 products exclude private label products and multi-pack items, focusing solely on individual SKUs based on sales revenue [1][2]. Market Performance Analysis - The beverage market is categorized into ten subcategories, including packaged water, functional drinks, dairy drinks, ready-to-drink tea, and more [4][5]. - The analysis reveals that dairy drinks are the only category exceeding 20% market share, while ready-to-drink tea, functional drinks, and carbonated beverages also hold significant shares [8]. Year-on-Year Comparison - A comparison between the two periods shows that the market share of dairy drinks has decreased by approximately 2%, with a sales growth decline of over 13% [13]. - Functional drinks and ready-to-drink juices have shown positive growth, while traditional categories like carbonated drinks and Asian traditional beverages have experienced declines [12][13]. New Product Trends - The top 100 new products for the current year show a significant increase in non-refrigerated ready-to-drink juices and sweetened ready-to-drink teas, while categories like sugar-free ready-to-drink tea and sports drinks have seen a reduction in new product entries [19][14]. - Notably, the top brands include "元气森林" and "康师傅," each with multiple products in the top rankings, indicating strong competition and innovation in the beverage sector [19][22]. Pricing and Specifications - The average price per 100ml for new products varies across categories, with non-refrigerated ready-to-drink juices and sweetened ready-to-drink teas generally priced higher [28]. - The distribution of product specifications indicates a growing preference for larger packaging sizes, reflecting changing consumer consumption patterns [25]. Launch Timing Insights - The timing of new product launches has shifted, with a noticeable increase in products launched in February and March compared to the previous year, suggesting a trend towards earlier market entry [31].

这背后主要源于以Z世代为主的年轻人群推动。根据社交平台内容来看，果立方目前主要渗透到4大人群，分别是 大学生、职场新人、精致妈妈、小镇青年。 转载自财新网 一瓶小酒也能卖出消费指数。 近日，快消界从业者流传的"果立方指数"引热议。他们认为，果立方在各个城市的销量，一定程度上反映出所在 城市的年轻活力和消费潜力。 果立方是一个低度果汁酒饮品牌，深受年轻消费者青睐。截至2025年11月，其销量破千万的城市达到17个，几乎 都是长沙、郑州、武汉、成都等新消费活跃的城市。 这些城市并非全是一线城市，但均呈现出"年轻人口多、经济结构多元、夜经济繁荣"的共同特征。而从经济学视 角看，上述特征恰是一个城市消费潜力的表现。 业内人士称，"果立方指数"并非一个严谨的消费指数。但通过这些贴近生活的实时数据，从业者能够捕捉到传统 宏观指标难以覆盖的新趋势。 新世代造就酒饮新场景 果立方是当前新酒饮消费趋势下的代表。 据酒行业媒体云酒头条报道，"2023年，果立方+ 被Z世代们发掘出兑水溶C100、旺仔牛奶、茶饮、雪碧、冰红 茶、东方树叶等潮流喝法。万物皆可混，开启了果立方混饮元年，它真正的流行，就是从这个时候开始的。" 而今年中韩 ...

一顿好吃的火锅，食材的"鲜"是点睛之笔。七鲜的多款优质食材，让消费者在家就能品尝最地道的美味。其中，"明星 肉品"川渝风味火锅牛肉拼盘520g，一盒集齐麻辣牛肉、嫩滑牛肉、牛排片、雪花牛肉片四种风味，肉质经特殊调 理，入口麻辣鲜香，活动惊喜价仅49.9元/盒。冷鲜手撕大片毛肚则是火锅的"头牌菜"，严选180天慢养牛只的瓣胃，叶 片厚实饱满，涮煮后挂汁十足，入口脆嫩弹牙，600g装低至29.9元/盒。此外，七鲜推出黑芝麻味迷你糍粑油条，外酥 里嫩的油条包裹着Q弹不粘牙的糍粑，撒上秘制芝麻粉，香甜不腻，为火锅宴增添了别样的趣味与满足。 当热辣的火锅在舌尖燃起灼热感时，味蕾也需要适当"降温"。此刻打开一罐雪碧，热辣与冰爽在口腔中碰撞交织，形 成奇妙的味觉平衡。这种"辣得过瘾、爽得彻底" 的双重体验，成就冬日最简单的快乐。作为火锅季的绝佳拍档，雪碧 也在12月18日前在七鲜线上线下均享"满29元减5元"特惠。多款热门选择更有价格直降，如三种经典风味（可口+雪碧 +芬达）330ml*6的混合装，价格降至11.9元/组，满足不同口味需求，为欢聚时刻囤足畅饮选择。 随着一股强冷空气的抵达，预计本周五全国多地将迎来今冬首场降 ...

文 |马上赢情报站 2025年已经接近尾声，未来两周马上赢情报站也将开启"年终盘点模式"。与往年类似，今年的年终盘点系列依然从饮料新品开始，通过回顾2024年12 月-2025年11月饮料市场的TOP100单品，以及与上一年同一时间段的对比，来观察在过去一年，饮料市场有什么新的趋势与走向。在下一周，我们将对饮 料各类目中的TOP集团及其份额变动进行盘点，敬请关注！ 本次盘点拉取的时间、TOP100新品选取方式、特别说明及数据说明如下： 时间： 2024年12月-2025年11月为整体（下文记作MAT202511或MAT2511，即自2025年11月起算向前回滚12个月），同比时间周期则为2023年12月-2024年11月为 整体（下文记作MAT202411或MAT2411，即自2024年11月起算向前回滚12个月） TOP100选取方式： 将所有在时间周期内上市的SKU，以其在饮料大类中的销售额市占率进行降序排列，取前100个SKU，限制条件为不含自有品牌产品、不含组合装（内装 数＞1的套组、箱、礼盒等），数据模型为马上赢全量门店模型。 特别说明： Top100新品上市时间虽然都在期内，但实际上市时间各不相同 ...

Core Insights - The 2025 Hurun Rich List reveals that Zhong Shanshan retains the title of China's richest person with a wealth of 450 billion yuan, highlighting the fast-moving consumer goods (FMCG) sector as a "cradle for billionaires" [1] - The success of companies like Wahaha and Nongfu Spring in the FMCG industry is attributed to their ability to navigate different stages of business development, emphasizing the importance of timing and strategic positioning [3][4] Company Lifecycle Theory - The lifecycle of FMCG companies can be broken down into four key stages: 1. **Startup Phase**: Focus on survival and market positioning, exemplified by Dongpeng's introduction of China's first vitamin functional drink in 1998 [4] 2. **Expansion Phase**: Aim for national reach and category leadership, as seen with Nongfu Spring's establishment of 12 major water sources from 2001 to 2010 [4] 3. **Maturity Phase**: Stabilize and diversify product offerings, illustrated by Coca-Cola's introduction of Sprite and Fanta between 1981 and 2000 [4] 4. **Transformation Phase**: Seek new growth avenues, demonstrated by Nongfu Spring's expansion into tea beverages post-2021 [4] Company Performance Analysis - Dongpeng Beverage has maintained its position as the market leader in energy drinks with a market share of 47.9%, mirroring Nongfu Spring's earlier success in bottled water [10] - The newly launched "Brewed Water" electrolyte drink generated revenue of 2.847 billion yuan in the first three quarters of 2025, marking a 134.8% year-on-year increase and contributing 16.91% to total revenue [11] - Dongpeng's capital-raising efforts, including 1.85 billion yuan from A-share fundraising, are being directed towards national expansion and overseas supply chain development, similar to Nongfu Spring's strategies [10] Key Success Factors - Effective channel management during the expansion phase is crucial, as demonstrated by Nongfu Spring's exclusive distributor model and Dongpeng's targeted market penetration strategies [13] - Cash flow quality is a critical indicator of success in the maturity phase, with Nongfu Spring reporting a net cash ratio of 1.37 and Dongpeng at 1.2, indicating strong profitability [14] - The ability to pivot and find new growth opportunities is essential during the transformation phase, as seen with Nongfu Spring's diversification into tea and Dongpeng's expansion into electrolyte drinks and global markets [15] Future Outlook - Dongpeng is positioned at a critical juncture, transitioning from the expansion phase to maturity, with plans to enhance its product portfolio and explore Southeast Asian markets [11][12] - The potential for Dongpeng to replicate the success of Coca-Cola, which saw a 40-fold return during its growth phase, hinges on its ability to execute its multi-category strategy and establish a global presence [17]

Financial Performance - Coca-Cola reported a 5% increase in Q3 revenue to $12.455 billion, exceeding market expectations of $12.41 billion [1] - Organic revenue grew by 6%, with net income rising to $3.683 billion, a 29% year-over-year increase [1] - Earnings per share (non-GAAP) reached $0.82, up 6% and above the market forecast of $0.78 [1] Sales and Market Performance - Global unit case volume saw a 1% increase, with flagship Coca-Cola brand volume also growing by 1%, driven by strong performance in Europe, the Middle East, Africa, and Asia-Pacific [1] - Sugar-free Coca-Cola volume surged by 14%, while overall sales in bottled water, sports drinks, coffee, and tea increased by 3% [1] Strategic Initiatives - Coca-Cola China is enhancing emotional connections with consumers through product innovation and interactive experiences, including a collaboration with Converse to launch limited edition shoes [2] - The company is addressing consumer demand for diverse flavors and social experiences by expanding product availability in snack stores and launching themed stores during holidays [4] Supply Chain and Local Investment - Coca-Cola China is committed to local investments and optimizing production capacity to meet the rapidly growing consumer demand, with several key projects making progress [6] - New production facilities have been launched, including a digital production line in Shaanxi and a green factory in Zhengzhou, reflecting the company's long-term commitment to the Chinese market [6] Corporate Social Responsibility - Coca-Cola has actively fulfilled its social responsibilities by launching an emergency response initiative to deliver drinking water during natural disasters, distributing over 28 million bottles to more than 3.26 million people [10] - The company's efforts in financial stability, technological innovation, brand collaboration, and social responsibility are reinforcing its leadership position in the global beverage industry [10]

Financial Performance - Coca-Cola reported Q3 2025 revenue growth of 5% to $12.455 billion, exceeding market expectations of $12.41 billion, with organic revenue growth of 6% [1] - Net profit reached $3.683 billion, a 29% increase, and earnings per share (non-GAAP) were $0.82, up 6%, surpassing the expected $0.78 [1] - Global unit case volume increased by 1%, with flagship brand Coca-Cola's volume growing by 1%, driven mainly by markets in Europe, the Middle East, Africa, and Asia-Pacific [1] Product Performance - Sugar-free Coca-Cola saw a global volume increase of 14% [1] - Bottled water, sports drinks, coffee, and tea also experienced a global volume growth of 3%, while coffee and tea grew by 2% [1] Strategic Outlook - The company reaffirmed its 2025 performance guidance, expecting comparable currency-neutral earnings per share growth of approximately 8%, up from a previous estimate of 7%-9% [1] - Coca-Cola anticipates organic revenue growth of 5% to 6% for the full year 2025, consistent with prior expectations [1] Innovation and Marketing - Coca-Cola China focuses on consumer-centric strategies, enhancing brand experiences through collaborations and innovative marketing [3][6] - The "Sugar-free Coca-Cola" "全民代言" AI interactive campaign won a gold award at the Shanghai International Advertising Festival, showcasing successful marketing innovation [8] Supply Chain and Investment - Coca-Cola China is upgrading its supply chain across three major regions to meet growing consumer demand, with significant investments in production facilities [8][9] - New production facilities in Shaanxi and Zhengzhou are equipped with advanced digital production lines and sustainable practices, enhancing operational efficiency [8][9][13] Community Engagement - Coca-Cola China launched the "净水24小时" emergency response initiative, providing 28.15 million bottles of drinking water to over 3.26 million people during natural disasters [13]

Financial Data and Key Metrics Changes - The company has shown strong and steady results despite a dynamic operating backdrop, indicating resilience in financial performance [1] - There was a slight negative trend in volume in Q2, particularly in key markets like Mexico and parts of APAC, which impacted overall volume growth [9][10] - The company continues to deliver on the top line despite volume challenges, suggesting effective pricing and brand management strategies [9][11] Business Line Data and Key Metrics Changes - Volume growth is a key focus, with an emphasis on quality volume rather than just quantity, driven by brand strength and effective pricing strategies [7][8] - The company has seen a positive price mix, indicating successful brand positioning and packaging strategies [7][11] - Investment levels in CapEx over Net Sales Revenue (NSR) have increased, reflecting a commitment to long-term growth and operational efficiency [5] Market Data and Key Metrics Changes - Emerging markets present significant growth opportunities, with commercial beverages gaining market share, although still below developed market levels [14][15] - The company is focused on expanding its footprint in developing markets, which house 80% of the global population, indicating a strategic priority for future growth [15][18] - The competitive landscape in India is evolving, with local players entering the market, but the company remains focused on long-term strategies rather than short-term tactical responses [22][23] Company Strategy and Development Direction - The company aims to unlock future growth through digital transformation, focusing on consumer, customer, and enterprise pillars [5][6] - There is a strong emphasis on collaboration with bottling partners to enhance operational execution and capitalize on market opportunities [5][10] - The company is committed to maintaining a humble and constructive culture to drive continuous improvement and avoid complacency [50][51] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by geopolitical tensions and macroeconomic factors but remains aligned with bottlers to ensure long-term value creation [10][12] - The company is optimistic about its growth trajectory, particularly in emerging markets, and is focused on building a robust foundation for future success [22][25] - The management emphasizes the importance of consumer-centric strategies and innovation to capture market share and drive brand loyalty [15][33] Other Important Information - The company is leveraging technology, data, and AI to enhance its digital transformation efforts, which are expected to drive top-line growth and margin expansion [41][42] - The focus on resource allocation against key opportunities is critical, with a disciplined approach to prioritizing core brands and innovation [19][20] Q&A Session Summary Question: What are the top priorities for the company and bottling partners? - The company is focused on maintaining momentum and unlocking future growth through collaboration with bottlers [3][4] Question: How are volume trends currently standing? - Volume growth has been slower than expected in some key markets, but the company continues to deliver on the top line [9][10] Question: Is pricing impacting volume negatively? - Management believes pricing strategies are sound, as market share and consumer recruitment metrics remain healthy [11][12] Question: What are the key learnings from developing the industry internationally? - The company emphasizes consumer-centric marketing and innovation to drive growth in developing markets [15][16] Question: How does the company approach competition from local players in India? - The company welcomes competition but remains focused on long-term strategies and foundational investments [22][23] Question: How does the company nurture small and medium brands? - The company has a successful track record of scaling acquired brands through consumer-centric strategies and market insights [29][33] Question: What is the company's approach to digital transformation? - The company is focused on leveraging technology and data to enhance operational efficiency and consumer engagement [41][42]