对于2026财年下半年度展望，管理层指，10-11月(第三财季)最新进度较去年同期略有滞后，尤其礼盒产 品受春节档期移至2月影响。预期新兴渠道与零食专卖店渠道在下半年度将持续强劲增长，而传统及现 代渠道压力可能持续。公司将推动米果与零食产品在下半年的增长动能，同时力求在乳制品及饮料领域 迎头赶上。管理层还预期下半年毛利率/营业支出比率趋势与上半年相近，原因包括现有约6个月进口奶 粉库存，近期成本管控效益将于下财年显现；下半年度将持续投入新业务单位的产品推广与广告宣传， 上半年业绩显示新产品贡献度提升，此举对其长期战略至关重要，管理层将持续监控并于后期评估广告 与促销投资效益，认为未来广告与促销投资效益存在提升空间。 富瑞认为，公司在截至今年9月底止半年度销售、一般及行政开支比率上升2.2个百分点至28.8%，其中 分销开支比率上升1.4个百分点，主因广告与促销投资增加，包括跨行业及联名合作项目；行政开支比 率上升0.9个百分点，源于组织架构优化(新增产品业务单位)导致员工成本上升。暂不派发中期股息以保 留营运弹性。 富瑞发布研报称，调低旺旺中国(00151)目标价4%，由5.71港元降至5.48港元，评级维持 ...

对于2026财年下半年度展望，管理层指，10-11月(第三财季)最新进度较去年同期略有滞后，尤其礼盒产 品受春节档期移至2月影响。预期新兴渠道与零食专卖店渠道在下半年度将持续强劲增长，而传统及现 代渠道压力可能持续。公司将推动米果与零食产品在下半年的增长动能，同时力求在乳制品及饮料领域 迎头赶上。管理层还预期下半年毛利率/营业支出比率趋势与上半年相近，原因包括现有约6个月进口奶 粉库存，近期成本管控效益将于下财年显现；下半年度将持续投入新业务单位的产品推广与广告宣传， 上半年业绩显示新产品贡献度提升，此举对其长期战略至关重要，管理层将持续监控并于后期评估广告 与促销投资效益，认为未来广告与促销投资效益存在提升空间。 富瑞认为，公司在截至今年9月底止半年度销售、一般及行政开支比率上升2.2个百分点至28.8%，其中 分销开支比率上升1.4个百分点，主因广告与促销投资增加，包括跨行业及联名合作项目；行政开支比 率上升0.9个百分点，源于组织架构优化(新增产品业务单位)导致员工成本上升。暂不派发中期股息以保 留营运弹性。 智通财经APP获悉，富瑞发布研报称，调低旺旺中国(00151)目标价4%，由5.71港元降至5 ...

专注于中国消费品领域新媒体，对通路营销、渠道数字化及新零售领域进行专业研究及媒体报道。 本文已获得授权，来源： 新经销（ID：New-distribution） ，作者：陈思廷，原文标题：《传统经 销商到了最危急的时刻：不是生意差，是生意底座塌了》，头图来自：视觉中国 过去三个月，我跑了四川、海南、陕西几个市场，看到的不是"下滑"，而是断崖 式 "急坠" 。 从 8月之后，数量众多的经销商销售规模突然掉了30%，甚至50%以上。很多人原来还在微利高压里 撑着， 现在却 一脚踩进亏损。 以下文章来源于新经销 ，作者陈思廷 新经销 . 你问原因？消费环境、天气当然有影响，但它们解释不了这轮 集体塌方的速度和幅度。 真正的拐点，是零售渠道在 8月之后突然激烈变形，而这一变形，直指经销商的饭碗。 一句话：不是经销商 老板们 不努力，是 大家 赖以生存的 传统零售土壤 正在迅速坍塌。 一、三重冲击，正在击垮经销商 存量 第一重冲击：零食折扣店 开一条街，塌一条街。 很多人还没意识到，零食折扣店对传统店的打击不是 抢一点生意，而是结构性替代。 你在一条街上看到一家赵一鸣 或者零食优选 ，不要以为只是多了个新店。你很快会看 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 11 24 年 月 日 万辰集团（300972.SZ） 复盘来时路，展望启新章 复盘发展历程：食用菌龙头，转型走出量贩高成长之路。万辰自 2011 年 成立后深耕食用菌领域，2020 年即成为农业产业化国家重点龙头企业， 2024 年食用菌实现 5.4 亿元营收。2022 年切入量贩零食赛道，前期以收 购模式快速形成门店布局网络，同步进行物流仓储等基础体系建设，2023 年后集中资源自行扩店，至 2025 年 6 月末达成 15365 家门店，并不断探 索多品类新店型，2025 年前三季度量贩营收 361.6 亿元，同比+78.8%， 占比提升至 98.9%，同时规模效应牵引 25Q3 量贩单季度净利率提升至 5.3%，同比大幅提升 2.6pct。 复盘股权结构：子公司结构落成，扩店与激励共同推进。万辰实控人王泽 宁先生持股 34.4%，主导量贩零食业务的收购及拓展，万辰的并购之路沿 着" 设立控股子公司-向子公司提供财务支持-推动股权激励-收回少数股东 权益"的路径演进。2022-2023 年公司陆续收购零食工坊、陆小馋，与好 想来、来优品 ...

证券研究报告 大消费行业周报 板块有所回调，关注底部机会 平安证券研究所 大消费团队 证券分析师： 张晋溢 S1060521030001（证券投资咨询）邮箱：ZHANGJINYI112@pingan.com.cn 王星云 S1060523100001（证券投资咨询）邮箱：WANGXINGYUN937@pingan.com.cn 王萌 S1060522030001（证券投资咨询）邮箱：WANGMENG917@pingan.com.cn 胡琼方 S1060524010002（证券投资咨询）邮箱：HUQIONGFANG722@pingan.com.cn 王源 S1060524010001（证券投资咨询）邮箱：WANGYUAN468@pingan.com.cn 2025年11月23日 请务必阅读正文后免责条款 资料来源：Wind，平安证券研究所 食品饮料-大众品 本周观点 大消费观点：本周（11月17日-11月21日）沪深300累计涨跌幅-3.77%，所有的大消费子行业（中信一级行业）都出现下跌：食品饮料（- 1.36%）、传媒（-1.39%）、家电（-1.98%）、农林牧渔（-3.39%）、纺织服装（-5.11%） ...

以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 步履不停。 作者：邱鑫浩 来源：邱处机 在线下门店的经营压力下，侯毅的宠物零售新项目"派特鲜生"终究没能跑通模式。 据《第一财经》报道，派特鲜生在上海的 10 多家门店，已有 7 家显示停业。侯毅也表示，计划 到今年 12 月中旬关闭所有线下门店，但会保留线上业务。 百店梦想 今年 2 月 21 日，侯毅宣布进军宠物食品零售领域，创立"派特鲜生"品牌，首店于 2 月 22 日 开业。 根据他的宏伟计划，今年拟先在上海市场布局，开出 100 家门店，且结合线上线下共同发展，主 打新零售、折扣化、零食量贩和人宠社交。 为了这一项目，侯毅不仅把微信头像更换为一只小狗，还在朋友圈发布招聘海报，全力投入宠物 赛道。 火力全开下，派特鲜生在 3 月和 4 月，就在上海实现了 10 店联开。 01 这距离侯毅高调创立这一宠物食品零售品牌，才过去不到 9 个月。 这里插播一条课程资讯： 报名 「吴世春·西安出行活动」， 1月23日-25日 ， 吴世春将亲自带队 100家企业家 ， 去陕 西西安线下游学 ， 走进科技制造产业，打开万亿赛道蓝海。 你 在 创业路上 ...

今天分享的是：2024零食行业发展趋势报告：市场变革下的新一轮增量 报告共计：20页 零食行业步入微增时代 渠道变革重塑市场格局 近年来，中国零食行业在经历高速增长后，逐步进入平稳发展阶段。随着消费行为趋于理性，市场整体增速放缓，行业规模从过去的两位数增长转为个位数 微增。据相关数据显示，2023年零食行业规模出现小幅下滑，同比降低3.5%，标志着行业正式迈入"微增时代"。在这一背景下，渠道多元化成为推动市场变 革的核心力量，消费者对价格的敏感度提升，促使行业从过去依赖单一渠道转向多渠道并进的发展模式。 零食行业长期呈现"大行业、小企业"的竞争格局，市场集中度较低，前五大企业合计市场份额不足15%。由于品类分散、品牌众多，消费者偏好多样，使得 零食品类对单一渠道的依赖性较弱。从商超、电商到如今的多元渠道时代，每一次渠道变迁都深刻影响着行业格局。线下渠道不断分化，便利店、仓储会员 店、折扣店等业态各具特色，分别以便捷、品质和低价吸引不同客群；线上则涌现出以抖音、快手为代表的内容电商，凭借精准推送和互动体验分流传统电 商流量。 在渠道变革中，零食量贩业态异军突起，成为行业增量的重要来源。量贩渠道以低价为核心竞争力 ...

作者：邱鑫浩 来源：邱处机 步履不停。 在线下门店的经营压力下，侯毅的宠物零售新项目"派特鲜生"终究没能跑通模式。 据《第一财经》报道，派特鲜生在上海的10多家门店，已有7家显示停业。侯毅也表示，计划到今年12月中旬关闭所有线下门店，但会保留线上业务。 这距离侯毅高调创立这一宠物食品零售品牌，才过去不到9个月。 01 百店梦想 今年2月21日，侯毅宣布进军宠物食品零售领域，创立"派特鲜生"品牌，首店于2月22日开业。 根据他的宏伟计划，今年拟先在上海市场布局，开出100家门店，且结合线上线下共同发展，主打新零售、折扣化、零食量贩和人宠社交。 为了这一项目，侯毅不仅把微信头像更换为一只小狗，还在朋友圈发布招聘海报，全力投入宠物赛道。 火力全开下，派特鲜生在3月和4月，就在上海实现了10店联开。 凭借盒马创始人的背景和宠物行业的潜力，今年5月7日，"派特鲜生"宣布完成2500万美元的天使轮融资，创下近年来宠物行业天使轮融资新高。 当时"派特鲜生"表示，资金将用于大数据定制产品创新、建设供应链体系和门店精细化运营及拓展。 派特鲜生的商业模式，延续了侯毅擅长的"新零售"打法。 以长宁海粟广场店为例。派特鲜生这家全国首 ...

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

Investment Rating - The industry maintains a "Market Perform" investment rating, indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [60]. Core Insights - Since 2021, the revenue growth rate of the food and beverage industry has shown a stepwise decline, with a further slowdown in growth recorded in the first three quarters of 2025. The industry recorded a revenue growth of 0.18% in the first three quarters of 2025, a decline of 2.29 percentage points compared to the first half of the year [9][10]. - The industry has experienced a continuous increase in gross profit margins in recent years, peaking in 2024. However, since 2025, the gross profit margin has started to decline due to the fading cost advantages. The operating cost growth has outpaced revenue growth, leading to increased cost pressures [8][26]. - The report highlights a significant change in the expense structure of listed companies, with a reduction in sales expenses and a focus on internal control management. The research indicates that while sales expenses have decreased, R&D investments have remained stable [42][50]. - Profitability indicators for the food and beverage sector have been on the rise since 2021 but have started to decline in 2025 due to slowing revenue growth and the diminishing cost advantages. The net profit margin and return on equity have both decreased in the first three quarters of 2025 compared to the previous year [51][54]. Summary by Sections Revenue Growth - The food and beverage industry has seen a stepwise decline in revenue growth since 2021, with a recorded growth of 0.18% in the first three quarters of 2025, down 2.29 percentage points from the first half of the year [9][10]. - Sub-sectors such as snacks and soft drinks have shown strong growth, while others like prepared foods and white spirits have experienced revenue declines [10][19]. Cost and Profitability - The gross profit margin of the food and beverage sector peaked in 2024 but has started to decline in 2025 due to rising costs outpacing revenue growth. The gross profit margin was recorded at 49.53% in the first three quarters of 2025, down 1.39 percentage points year-on-year [26][54]. - The report indicates that the cost growth has exceeded revenue growth by 2.83 percentage points in the first three quarters of 2025, leading to increased cost pressures [27][31]. Expense Management - There has been a notable shift in the expense management of listed companies, with a reduction in sales expenses and a focus on internal control, resulting in a significant decrease in management expense ratios [42][46]. - The sales expense ratio has decreased from 12.35% in 2021 to 11.07% in the first three quarters of 2025, reflecting a more cautious approach to market investments [42][44]. Investment Opportunities - The report recommends focusing on investment opportunities in sub-sectors such as soft drinks, health products, baking, yeast, compound seasonings, and snacks, which are expected to perform well despite the overall industry slowdown [57].