酒业 金种子酒：董事、总经理何秀侠辞职 7月2日，金种子酒发布公告。宣布公司董事会于近日收到公司董事、总经理何秀侠的辞职报告。因工作 调整，何秀侠请求辞去公司第七届董事会董事、董事会战略与 ESG 委员会委员、提名委员会委员及总 经理职务。辞职报告自送达公司董事会之日起生效，辞职后何秀侠不在公司及子公司担任任何职务。为 保证公司的正常运营和规范治理，公司在未聘任新的总经理期间，由公司副总经理刘辅弼代行总经理职 责。公司将按照《公司章程》及相关规定，积极推进总经理遴选及聘任工作。 洋河股份：张联东因工作调整，辞去董事长职务 7月4日，安井食品在香港联交所主板上市。港股上市首日，安井食品开盘报60港元/股，截至当日收 盘，安井食品报57港元/股，跌幅5％。 雪天盐业：预计2025年上半年归属净利6478万到7774万元，将继续推行精益管理等 7月3日，雪天盐业发布公告称，经财务部门初步测算，公司预计2025年半年度实现归属净利润为6478万 元到7774万元，同比减少76.34%到80.29%。报告期内，公司归属净利润较上年同期下降幅度较大，主 要系受市场变化的影响等，公司部分产品市场价格同比下降所致。2025年 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 02 日 浙商早知道 2025 年 07 月 02 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要推荐 重要观点 ❑ 【浙商金属新材料 沈皓俊】贵金属 半年行业策略报告：重视降息交易，继续看好黄金——20250630 重要点评 ❑ 【浙商机械 邱世梁/王华君/何家恺/姬新悦】奥比中光（688322）公司点评：1-5 月扭亏，"技术创新投入－商业 成果转化"战略加速落地催化——20250630 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周二上证指数上涨 0.4%，沪深 300 上涨 0.2%，科创 50 下跌 0.9%，中证 1000 上涨 0.3%，创业板指下跌 0.2%，恒生指数下跌 0.9%。 ❑ 行业：周二表现最好的行业分别是综合（+2.6%)、医药生物（+1.8%)、银行（+1.5%)、有色金属（+1.5%)、公用 事业（+1.1%)，表现最差的行业分别是计算机（- ...

摘要 大消费联合会议 20260629 老铺黄金积极拓展海外市场，首站选择新加坡，并计划进军日本、东南 亚及欧美等地。华人占比高、零售价与国内相近等因素，将支撑其在东 南亚市场的扩张，满足华人区及出境购物需求。 618 大促期间快递行业揽收和派送环比增速约 4%，周度件量近 41 亿件， 与去年同期相似，反映购物节拉长趋势。同比增速低于 15%，属正常现 象，预计未来两月行业增速维持在 10%-15%水平，受去年高基数影响。 京东物流承接京东外卖订单，短期内作为托底方，收入和成本同步增加， 对业绩影响可控。长期来看，旨在降本增效，提升人效，打造同城即时 配送能力，并为 KA 客户提供门店配送服务。 顺丰增发港股和发行可转债，旨在补足去年募资缺口，用于科技和国际 业务发展。短期内维持稳中有降的资本开支计划，优先实现国际业务减 亏，长期仍将国际业务视为第二增长曲线。 2025 年 5 月中国摩托车行业大排量内外销销量超 10 万台，同比增长 30%，前五个月累计 40 万台，同比增长 50%。出口量达 15 万台，同 比增长超 50%，主要由春风、隆鑫等头部企业驱动。 Q&A 老铺黄金近期新开门店的店效水平如何， ...

Core Viewpoint - Qiaqia Food has launched a new ice cream product combining sunflower seeds and ice cream, aiming to attract younger consumers and enhance brand visibility amid declining performance in its core business [1][3]. Group 1: Product Launch and Strategy - Qiaqia Food has introduced a new ice cream product featuring sunflower seeds, available in three flavors: vanilla, pecan, and caramel [1]. - The company is diversifying its product offerings beyond its core sunflower seed business, which has reached saturation, by exploring new categories such as ice cream and konjac products [3]. - The introduction of niche flavors in the past, such as wasabi, durian, and snail powder, indicates a strategy to capture market attention and appeal to younger demographics [3]. Group 2: Financial Performance - Qiaqia Food's revenue growth rates from 2021 to 2024 are 13.15%, 15.01%, -1.13%, and 4.79%, while net profit growth rates are 15.35%, 5.12%, -17.77%, and 5.82% respectively [3]. - In Q1 2025, the company experienced a significant decline in performance, with revenue down 13.76% and net profit down 67.88% year-on-year [3]. - The decline in profitability is attributed to rising costs of sunflower seeds and certain nut raw materials, as well as changes in product and channel structures [3][4]. Group 3: Market Position and Challenges - The saturated sunflower seed market has prompted Qiaqia Food to frequently launch new products and explore cross-category expansions to maintain brand relevance [3][4]. - Analysts suggest that while the ice cream venture aims to attract younger consumers, the effectiveness of this strategy in generating sustainable growth remains uncertain [4]. - The company's past price increases on core sunflower seed products have not led to sustained growth, as evidenced by a 5.36% decline in revenue from sunflower seed products in 2023 [4].

Group 1 - The A-share market showed mixed results, with the leading consumption ETF (159928) rising by 0.25% and achieving a trading volume of over 220 million CNY, with a total scale exceeding 12.3 billion CNY [1] - The top ten constituent stocks of the consumption ETF experienced varied performance, with Dongpeng Beverage rising over 3% and Shanxi Fenjiu increasing over 1%, while Muyuan Foods and Yili fell by over 1% [1] - The "618" shopping festival has significantly boosted consumer spending, with platforms like JD and Tmall reporting over 200% growth in transaction volume and order numbers [2] Group 2 - The white liquor sector is facing challenges due to the implementation of "prohibition orders," leading to a decline in demand and price fluctuations, but it is suggested that the sector may present investment opportunities as valuations are at a low point [2][3] - The white liquor industry is undergoing a transformation, with a shift from inventory reduction to capacity reduction, influenced by external policies and market conditions [3] - The beer sector is expected to recover as the peak consumption season approaches, supported by improved sales data and promotional activities during the "618" festival [4] Group 3 - The snack sector is experiencing high growth, driven by strong product categories and new distribution channels, with specific products like konjac and quail eggs showing promising sales performance [6] - The restaurant supply chain is anticipated to benefit from policy stimuli, with a long-term growth outlook due to increasing demand for cost control among restaurant businesses [6] - The dairy sector is seeing improvements in the raw milk supply-demand balance, with expectations for a cyclical turnaround [6] Group 4 - The consumption ETF (159928) includes essential consumer sectors, demonstrating resilience across economic cycles, with over 67% of the top ten constituent stocks being key players in the white liquor and pork industries [6][7] - The ETF's major holdings include leading companies such as Yili (10.11%), Kweichow Moutai (9.96%), and Wuliangye (9.77%), indicating a strong focus on the food and beverage sector [7]

大摩闭门会-中国消费动态："新旧、快慢" 有轮转吗？ 20250606 摘要 大消费市场整体疲弱，通缩压力明显，618 促销火爆反映需求不足，端 午节需求增速未见显著改善，人均消费额较疫情前下降约 12%。 选股策略维持困境反转、新兴高成长及估值合理运营优秀公司。推荐乳 业（蒙牛、伊利）、珠宝（周大福）、新兴消费（泡泡玛特、巨子生 物）、运动品牌（百胜中国、安踏）及波司登。 零食品类收入增长显著，受益于新渠道和健康意识，卫龙魔芋产品增速 超预期。企业需关注创新能力、原材料效率及海外市场拓展。 运动板块 4 月销售受影响，5 月因促销活动有所改善，但折扣加深。李 宁、安踏等品牌折扣增加，宝胜库存上涨，销售下跌，库存周转天数增 加。 Lululemon 中国区保持 30%以上增长，高端小众品牌增长较快。安踏 集团多品牌布局成功，Amer Sports 业绩提升，对安踏权益收入有显著 帮助，预计 2025 年保持 10%-15%收入增长。 Q&A 今年以来港股中高成长的新消费业态和行业表现如何？传统大消费板块的表现 又如何？ 今年以来，港股中代表新消费业态和行业的股票表现非常强劲，从年初至今整 体上涨接近 150% ...

证券研究报告·行业动态 重视零售变革，继续关注新 品类新渠道机会 核心观点 食饮板块一季报总体保持稳定。两会提出要大力提振消费，使 内需成为拉动经济增长的主动力和稳定锚。中央发布《提振消 费专项行动方案》，部署了 8 方面 30 项重点任务，全方位指 引消费复苏。重点看好四个板块，1）白酒。茅台业绩稳健，引 领行业穿越挑战。2）低度酒。啤酒销量反弹，关注旺季改善持 续性。3）餐饮链细分龙头多产品渠道布局如海天味业安井食 品，景气度环比提升成本端边际改善如安琪酵母涪陵榨菜，受 益餐饮连锁化趋势渗透率不断提升如颐海国际等。4）休闲零食 保持高景气，新产品和新渠道持续贡献增量，魔芋品类热销， 零食品类机遇持续。 本周要点： 本周 A 股上涨，上证指数收于 3367.46 点，周变动 +0.76%。食品饮料板块周变动+0.48%，表现弱于大盘 0.29 个百分点，位居申万一级行业分类第 19 位。 本周食品饮料各子板块中涨跌幅由高到低分别为：保 健品（8.54%），乳品（1.47%），白酒（0.57%），休闲食 品（0.49%），预加工食品（0.21%），调味发酵品（- 0.38%），肉制品（-1.05%），啤酒（- ...

行 业 及 产 业 食品饮料 2025 年 05 月 18 日 自下而上 继续关注新品与渠道变 行 业 研 究 / 行 业 点 评 《需求整体平淡 关注新品及新渠道变化— —食品饮料行业周报 20250506- 20250509》 2025/05/10 《大众品关注红利与成长，白酒增速回落 分化加剧——食品饮料行业周报 20250428—20250505》 2025/05/05 《板块持仓继续回落 关注新品与渠道共振 机会——食品饮料行业周报 20250421— 20250425》 2025/04/26 联系人 王子昂 (8621)23297818× wangza@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 化 看好 —— 食品饮料行业周报 20250512-20250516 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 严泽楠 A02305240 ...

劲仔食品集团股份有限公司 投资者调研接待记录表 证券代码：003000 证券简称：劲仔食品 编号：2025-003 | | □特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 投资者关系活动类别 | ☑业绩说明会 □新闻发布会 ☑路演活动 | | | □现场参观 □其他 | | 参与单位名称及人 | 参与公司 2024 年度暨 2025 年第一季度业绩说明会的网上 | | 员姓名 | 投的网上投资者 | | 时间 | 2025 年 5 月 8 日 15：00-17:00 | | 地点 | 公司会议室 | | | 董事长、总经理：周劲松 董事、副总经理、董事会秘书：丰文姬 | | 公司接待人员姓名 | 副总经理、财务总监：康厚峰 独立董事：陈慧敏 | | | 保荐代表人：李晓东 | | | 公司于 2025 年 5 月 8 日 15:00—17:00，通过"全景• | | | 路演天下"（http://rs.p5w.net）及深圳证券交易所的"互 | | | 动 易 " 平 台 " 云 访 谈 " 栏 目 （ 网 址 ： | | | http://irm.cninfo.com.cn）采 ...

Group 1 - The core viewpoint of the report is that the company maintains its net profit forecasts for 2025 and 2026 at 1.41 billion and 1.71 billion HKD respectively, with a current stock price corresponding to 25.1 and 20.4 times the P/E ratio for those years [1] - The company announced a placement plan to issue 80 million shares at a price of 14.72 HKD per share, which represents approximately 3.40% of the total shares outstanding as of the announcement date [2] - The total proceeds from the placement are expected to be around 1.1776 billion HKD, with net proceeds estimated at approximately 1.167 billion HKD after deducting commissions and estimated expenses [2] Group 2 - The company plans to use about 50% of the proceeds to expand and upgrade its production facilities and supply chain, 20% to further develop its sales and distribution network, 20% for brand building, and 10% for other general corporate purposes [2] - The company is expected to maintain a rapid revenue growth trend through multi-channel expansion and product diversification, including new packaging and flavors [3] - Although the company may face some pressure on gross margin due to rising prices of konjac powder and channel structure impacts, overall net profit margin is expected to remain stable due to efficiency improvements and revenue growth [3]