◎记者 夏子航 "面向未来，我们将坚守长期主义，聚焦'中国风味零食''健康高蛋白零食''健康甜味零食'三大战略板 块，努力打造一个世界级的休闲零食品牌。"近日，盐津铺子董事长张学武向上海证券报记者表示。 在近期发布的2025年限制性股票激励计划（草案）中，盐津铺子"写"下了颇为远大的业绩目标值：2026 年净利润不低于8.5亿元；2026年至2027年净利润合计不低于18.5亿元；2026年至2028年净利润合计不低 于31亿元。 身处休闲食品行业，盐津铺子的增长底气来自哪里？在行业人士看来，盐津铺子一直在坚持做"难而正 确的事"——深耕源头供应链，遵循"慢即是快"的哲学；以长期的重资产投入，构筑休闲食品制造与研 发的护城河；打造"好产品"，用"好产品"去打造、提升品牌；以全渠道与全球化的稳健布局，追求可持 续增长。 聚焦休闲零食三大战略板块 在张学武看来，盐津铺子的未来建立在休闲食品三大战略板块之上。其中，以魔芋零食、豆制品零食为 代表的中国风味零食板块大有可为，有望率先发力。 "魔芋作为一种健康的全球性超级食材，将成为中国风味零食的最佳载体。以魔芋为核心的中国风味零 食，有望像乐事的薯片一样，成长为一个全 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The konjac snack market is currently a standout growth category within the snack market, achieving a 17.45% year-on-year growth during the MAT202511 period (December 2024 to November 2025) despite an overall decline in the snack market [2][4][17] - The market share of the top three groups (CR3) in the konjac snack industry increased from 67% to 75%, indicating a significant concentration trend [4][26][28] - The konjac snack category is expected to continue expanding, with the number of SKUs increasing by 53% and the number of participating groups growing by 41% from December 2023 to November 2025 [26][33] Summary by Sections Konjac Snack Market Dynamics - The konjac snack category has shown remarkable growth, with a 17.45% year-on-year increase during the MAT202511 period, contrasting with an 11.94% decline in overall snack sales [2][17] - The spicy flavor remains the most stable and dominant in the konjac snack category, maintaining over 35% market share [18] - The market share of traditional snacks like spicy strips is declining, while konjac snacks are gaining traction, with their market share surpassing 2% for the first time in May 2025 [17][18] Supply and Market Concentration - The supply side of the konjac snack category is expanding, with SKU numbers rising from 2,718 to 4,158, and brand numbers increasing from 859 to 1,261 [26] - The CR3 group's market share has increased significantly, indicating a trend towards market concentration, while the CR10 group now holds 84.3% of the market [26][28] Competitive Landscape - Major brands like Weilong and Yanjin are adapting their strategies, with Yanjin's sub-brand "Big Demon King" rapidly gaining market share, while Weilon's sub-brand "Little Witch" has seen a decline [31][33] - The konjac snack market is characterized by strong competition, with both established and emerging brands vying for market share, highlighting its attractiveness and growth potential [33]

Investment Rating - The investment rating for the food and beverage sector is "Outperform the Market" [4][5][10]. Core Views - The food and beverage sector is expected to perform well in 2026, with four main investment themes: cost advantages, efficiency improvements, innovation-driven growth, and opportunities for recovery from difficulties [3][10]. - The report highlights a differentiation in the fundamentals of various categories, with beverages outperforming food and alcoholic beverages [2][10]. Summary by Relevant Sections Market Overview - The food and beverage sector (A-shares and H-shares) experienced a cumulative decline of 0.46% this week, with A-shares down 0.57%, underperforming the CSI 300 by approximately 2.52 percentage points [1]. - The top gainers in the food and beverage sector this week included Anji Food (29.65%), Richen Co. (9.00%), and Ximai Food (8.54%) [1]. Alcoholic Beverages - The demand for liquor remains weak, with premium liquor companies focusing on supply-side optimization. The report recommends companies like Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai for their growth potential [2][10]. - The report notes that the white liquor sector is in a left-side layout phase, with positive signals expected from both supply and demand sides [10]. Beer - The beer industry is in a healthy inventory position, awaiting demand recovery. The report suggests actively investing in the beer sector, particularly in leading brands like Yanjing Beer [2][11]. Dairy Products - The dairy sector is experiencing a steady recovery in demand, with supply gradually clearing. The report recommends focusing on leading dairy companies like Yili for their valuation safety margins [2][13]. Snacks - The report emphasizes selecting strong alpha stocks in the snack sector, particularly those benefiting from the growth of konjac snacks, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [2][11]. Investment Recommendations - The recommended investment portfolio includes Baba Foods, Dongpeng Beverage, Weilong, and Shanxi Fenjiu, with an average decline of 0.27% this week, underperforming the food and beverage sector by 2.21 percentage points [15].

Core Insights - The event titled "Big Demon King Strategy Release Conference and Channel Dealer Conference" was successfully held by Yanjinpuzi Food Co., Ltd. in Changsha, focusing on the transformation and upgrading path of the Chinese snack food industry [1] Company Strategy - Yanjinpuzi's Chairman, Zhang Xuewu, outlined the company's future core strategies, emphasizing three key product categories: Chinese-flavored snacks represented by konjac snacks and bean snacks, health-oriented high-protein snacks centered on egg products, and healthy sweet snacks featuring dried mango [3] - The company aims to build four core capabilities: deepening the source supply chain, establishing a benchmark for intelligent manufacturing, adhering to innovation-driven strategies, and successfully building a brand [3] Market Positioning - Yanjinpuzi's Executive Vice President, Lan Bo, discussed the company's strategy to "return to supermarkets," highlighting the retail transformation driven by examples like "Fat Donglai," which is bringing supermarkets back to the market mainstream [3] - The company believes that supermarkets hold irreplaceable value in consumer experience, trust endorsement, and scalability, and has planned four supporting measures: stabilizing big products, enhancing innovative products, coordinating customized products, and empowering strong promotions [3] Product Innovation and Performance - The event showcased significant collaborative achievements, including a deepened ten-year strategic partnership with Beijing Liubiju Food Co., Ltd. and the launch of a new product "Spicy Tofu" in collaboration with South Korea's Nongshim Group, demonstrating Yanjinpuzi's strength in product innovation and cross-industry integration [5] - Since the launch of the "Big Demon King" brand in October 2023, it achieved remarkable growth, with sales exceeding 1 billion yuan in 2024, marking it as Yanjinpuzi's first 1 billion-level product. The "Big Demon King" sesame-flavored vegetarian tripe reached over 100 million yuan in monthly sales within just 16 months [5] - In the first half of 2025, the "Big Demon King" series of konjac snacks generated revenue of 791 million yuan, making it the fastest-growing and highest-contributing core category for Yanjinpuzi [5]

锚定三大赛道迈向世界级品牌 盐津铺子董事长张学武分享了公司面向未来的核心战略思考，明确将聚焦"中国风味零食""健康高蛋白 零食"与"健康甜味零食"三大黄金赛道，矢志为中国贡献一个世界级的休闲零食品牌。 张学武表示，公司的未来建立在三大战略板块之上：以魔芋零食、豆制品零食为代表的中国风味零食； 以蛋品与优质蛋白零食开拓健康市场；以果干、烘焙果冻等产品完善健康甜味序列。 本报讯 （记者何文英）12月11日，盐津铺子食品股份有限公司（以下简称"盐津铺子"）举办"大魔王战 略发布会暨渠道经销商大会"。大会以"百亿征程魔王领航"为主题，汇聚了战略伙伴、行业权威、投资 人及全球经销商，共同探讨行业穿越周期、持续增长的战略路径。 深化战略合作搭建共同体 大会现场，多项关键合作得到集中展示与深化。北京六必居食品有限公司总经理俞江富表示，双方确认 将持续深化十年战略合作，六必居的优质芝麻酱等原料将为大魔王产品风味提供核心保障。同时，盐津 铺子与农心的联名新品、全新"辛辣豆腐"产品正式发布，展现了公司强大的产品创新与跨界整合能力。 这些动作的背后，是盐津铺子持续加码的研发与供应链基石。 公司宣布将持续投入研发费用，拥有超过200 ...

Group 1 - The article initiates a survey focused on public opinions regarding konjac as a specialty food ingredient [1] - The survey aims to gather insights to better understand consumer preferences related to food and healthy living [1] Group 2 - The article promotes the "Xinhua Finance" video account for more financial news and updates [3] - It highlights recent significant releases from companies, including Huawei's new technology and Alibaba's major announcements [3]

Core Insights - The food and beverage index in early November showed a recovery, outperforming the broader market due to a shift in market style and a positive CPI growth rate [1][3] - The pre-processed food, baked goods, and dairy products sectors experienced the highest gains [1][3] - The konjac snack industry is expected to be highly prosperous in 2025, with a focus on the sustainability of this trend in 2026 [1] Group 1: Konjac Snack Industry - The konjac snack industry is projected to have strong growth in 2025, with companies like Salted Fish (002847) and Wei Long achieving significant revenue and stock price increases compared to the overall snack market [1] - The growth of konjac snacks is supported by health and taste trends, with potential for increased market penetration and innovation in "konjac+" products to attract new customers and boost repeat purchases [1] - The competitive landscape is favorable for leading companies, which are expected to maintain or increase market share through product innovation and supply chain capabilities [1] Group 2: Alcohol Industry Pricing - As of mid-November, the wholesale prices of Moutai have stabilized, with slight increases compared to the end of October, but still lower than the same period last year [2] - The prices of packaging materials have shown a mixed trend, with glass and PET prices decreasing, while aluminum and cardboard prices have increased [2] - Raw material prices for sugar, flour, palm oil, pork, and sunflower seeds have decreased year-on-year, while quail eggs and soybean prices have increased [2] Group 3: Food and Beverage Sector Performance - From November 1 to November 17, the food and beverage sector rose by 2.6%, matching the excess return of the overall A-share index [3] - Nine out of ten sub-sectors within the food and beverage industry reported positive returns, with pre-processed foods, baked goods, and dairy products leading the gains at 9.4%, 7.6%, and 4.5% respectively [3]

Core Viewpoint - The food and beverage industry is expected to perform weakly in 2025, primarily due to the adjustment in the liquor sector, while the recovery trend for consumer staples remains unchanged [1][2]. Group 1: 2025 Review - The food and beverage sector's revenue increased by only 0.1% year-on-year in the first three quarters of 2025, while profits decreased by 14.6%, underperforming compared to the previous year [2]. - The main factor for the weak performance is the adjustment cycle in the liquor sector, although the long-term recovery trend for consumer staples persists [2]. - The internal rhythm of the sector shows that new consumption led in the first half of the year, while traditional consumption is expected to recover in the second half, particularly in frozen foods [2]. Group 2: 2026 Outlook - The food and beverage industry is anticipated to continue presenting structural opportunities in 2026, with new consumption remaining sustainable but experiencing internal rotation [3]. - Traditional consumption is expected to improve as supply gradually clears, with potential recovery in sectors like dairy and frozen foods [3]. - The company predicts that new consumption will see internal rotation, with a shift in channel strategies and the emergence of new product categories, such as health foods and convenient foods [3]. Group 3: Liquor Sector - The liquor industry is expected to remain in an adjustment phase in 2026, gradually entering a bottoming stage with narrowing declines in sales and prices [4]. - Since Q3 2025, supply has accelerated clearance, with only a few leading brands, such as Moutai and Fenjiu, achieving positive growth [4]. - Historical patterns suggest that after a significant decline, stock prices may begin to recover as market expectations stabilize and funding conditions improve [4]. Group 4: Consumer Staples - The consumer staples sector is projected to maintain a long-term recovery trend, with new and traditional consumption rotating to drive positive index returns [5]. - Structural opportunities remain in 2026, particularly in new channels and product categories, with a focus on snack retail and health-oriented products [5]. - The gradual clearing of supply in traditional consumption is expected to enhance demand and support sector recovery [5].

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].

Investment Rating - The report maintains an "Outperform" rating for the leisure food industry and specific companies such as Wei Long Mei Wei, Yan Jin Pu Zi, Jin Zai Food, and Wan Chen Group [4][5]. Core Insights - The leisure food market in China is projected to reach 1.344 trillion yuan in 2024, with a year-on-year growth of 5.3% and a CAGR of 4.4% from 2019 to 2024, expected to increase to 5.5% from 2025 to 2029 [1][15]. - The industry is characterized by a highly fragmented competitive landscape, with the top five and ten companies holding only 5.9% and 10.4% of the market share, respectively [1][22]. - Structural changes are reshaping the industry, including the rise of new retail channels, increased health consciousness among consumers, vertical integration in supply chains, and accelerated globalization efforts by leading companies [1][2][33]. Summary by Sections Industry Overview - The leisure food sector is a multi-billion market with diverse product categories, including snacks, nuts, and baked goods, focusing on fulfilling various consumer needs beyond mere hunger [15][18]. - The market is expected to continue expanding, with significant room for growth in per capita consumption, currently at 954.4 yuan, which is substantially lower than in the US and Japan [2][15]. Competitive Landscape - The industry is marked by intense competition and low concentration, with major players like Mars and Mondelez holding a small market share compared to their counterparts in the US [22][23]. - The competitive dynamics are shifting from price wars to differentiation and efficiency battles, as consumer demands become more diverse and nuanced [2][3]. Structural Changes - New retail formats such as bulk snack stores and instant retail are emerging, challenging traditional retail channels [33][34]. - Health awareness is driving innovation in product offerings, with a notable rise in demand for healthier snack options like konjac products, which are low in calories and high in dietary fiber [66][70]. Future Outlook - The report identifies three core drivers for industry growth: product innovation, scenario extension, and international expansion [2][3]. - Leading brands are expected to strengthen their market positions, with opportunities for both manufacturing and channel-focused companies to benefit from evolving consumer preferences and retail dynamics [2][3][4]. Company-Specific Insights - Wei Long Mei Wei and Yan Jin Pu Zi are highlighted as key players in the konjac snack segment, with significant revenue growth anticipated [3][70]. - Jin Zai Food is undergoing channel reforms and launching new products, while Wan Chen Group is expanding its discount supermarket presence, indicating potential for long-term growth [3][4].