Overview - The food and beverage industry is currently facing a dual impact of oversupply and insufficient demand, leading to a restructuring of the overall pricing and competitive landscape [3][6][21] - Despite the pressure on prices and downward revisions of profit growth expectations in some sectors, the intense competition is driving innovation and reform, resulting in new business models and investment opportunities [3][6][21] Baijiu Industry - Since 2025, profound changes have occurred on both the supply and demand sides of the baijiu industry, with a coexistence of consumption upgrades and downgrades [7][22] - Some mid-range baijiu brands are under pressure, while certain local brands continue to grow rapidly, indicating a shift in consumer preferences [22][30] - Baijiu companies have proactively adjusted their supply strategies, leading to a significant slowdown in revenue growth to match demand changes [22][23] - The industry is undergoing a transformation in product and pricing strategies, suggesting a cyclical change, with recommendations to focus on companies with balanced product structures and healthy inventories [22][32] Consumer Goods - The consumer goods sector is entering a new phase where channel efficiency is paramount, driven by the rise of new retail formats such as discount stores and membership supermarkets [8][36] - New business models are disrupting traditional channel barriers and providing better value-for-money options, leading to structural growth opportunities [8][36][37] - The focus for investment should be on channel enterprises and related manufacturing companies, as new retail formats continue to gain traction [8][37] - The market for snacks and beverages is expanding rapidly, with the retail value in the lower-tier markets reaching 2.3 trillion yuan in 2024 [52][56] New Product Trends - There is still room for innovation in certain niche markets, with segments like leisure konjac products experiencing rapid growth [9][70] - The demand for high-quality products remains strong, with a significant portion of consumers willing to pay more for better quality [42][43] Market Structure - The industry is witnessing a consolidation phase, particularly in sectors like dairy, beer, and yeast, where competition intensity is decreasing and leading brands are gaining long-term competitive advantages [10][36] - Traditional sectors like yellow wine are also stabilizing, with improved profitability and potential for revaluation as market dynamics shift [10][36] Retail Channel Dynamics - The rise of membership supermarkets and discount retail channels is reshaping consumer purchasing behavior, with a notable increase in the number of snack retail outlets [48][56] - Companies like Youyou Foods and Lihigh Foods are effectively leveraging these new channels to drive growth and improve profitability [48][70]

2. 食品抽检不合格—20250630 近期，糖果制品、方便食品、水果制品、粮食加工品、食用油、油脂及其制品、调味品、乳制品、酒类、食糖、餐饮食品、肉制品、炒货食 品及坚果制品、水产制品、糕点、饼干、食用农产品、速冻食品、饮料等18类食品209批次样品。根据食品安全国家标准检验和判定：抽样检 验合格205批次、不合格4批次（见附件）。不合格项目涉及农药残留超标、食品添加剂超标等。具体情况通告如下： 一、农药残留超标 （一）舟山市金塘智豪生活超市(个体工商户)销售的荷兰豆，噻虫胺不符合食品安全国家标准规定。 二、食品添加剂超标 （二）舟山高新技术产业园区和家优选生活超市(个体工商户)销售的杨梅，脱氢乙酸及其钠盐不符合食品安全国家标准规定。 （三）舟山市新城多又鲜水果店和舟山市定海区果之优品水果店销售的杨梅，甜蜜素不符合食品安全国家标准规定。 对抽检中发现的不合格产品，我局要求定海、新城、金塘、高新区等地的市场监管部门督促食品经营环节有关单位立即采取下架等措施控制 风险。以上核查单位自通告发布之日起7日内向社会公布风险防控措施，3个月内向舟山市市场监督管理局报告核查处置情况并向社会公布。 特此通告。 3.食品抽检 ...

有友食品本轮股价上涨呈现出明显的资金接力特征。 在股价年内飙升超90%、达到年内新高之际，"泡椒凤爪第一股"有友食品（603697.SH）突遭实控人高位减持。 有友食品6月22日公告，该公司董事长鹿有忠之妻赵英，计划减持名下3%的股份。次日，该股随即闻声下跌，盘中一度触及跌停，全天下跌7.65%，但24日 有所反弹，最终收涨4.26%，最新股价为13.22元。 若按23日收盘价静态计算，赵英此番套现规模将达1.63亿元。而除了大股东家族抛售套现，该公司近年持续"清仓式分红"，2024年分红率更是高达127.8%， 实控人家族分红金额达到1.4亿元左右。 有友食品的业绩，也存在隐忧。2024年，该公司业绩回暖，但核心产品泡椒凤爪收入较峰值缩水了近2亿元，新增长点"其他泡卤风味肉制品"虽放量明显， 毛利率却堪忧。 连年清仓分红大股东又欲高位减持 有友食品6月22日公告，赵英计划减持不超过1283.08万股，即不超过该公司总股本3%的股份。其中，以集中竞价、大宗交易减持的股份分别不超过427.69万 股、855.38万股。减持时间为7月15日至10月12日。 按照6月23日收盘价静态计算，赵英此次减持的金额，将达到 ...

证券研究报告 | 行业定期报告 2025 年 06 月 22 日 把握酒类情绪修复机遇，回归业绩主线 食品饮料行业周报（6.22） 消费品/食品饮料 本周新华社、人民网等媒体均发文指向整治违规吃喝一刀切现象，对于部分地 区过度限制正常社交聚餐等行为从态度上进行纠偏，白酒侧有望对于除公务接 待以外场景产生的冲击带来修复，叠加整体估值处于低位，行业加速触底后建 议逢低布局龙头；啤酒侧关注情绪面修复下，在旺季动销催化中具备大单品放 量结构性增长的标的。此外，新消费短期有所回调，建议关注下半年延续高增 品类的估值切换机会。 海天味业：H 股挂牌上市交易。6 月 19 日公司全球发售 2.79 亿股 H 股股 票在香港联交所主板挂牌并正式上市，扣除相关费用后预计收取发售款净 额约为 100.10 亿港元。 ❑ 核心公司跟踪：白酒积极调整应对环境，小食品、宠物景气延续 五粮液：股东会公司表态积极奋进，环境有挑战不改初心，分红有望进一 步提升。公司股东会表态积极，25 年分红率有望进一步提升。普五坚持 量价平衡，1618 以高质量动销为导向。营销执行提升年，精细化渠道政 策持续推进，成立销售公司、实施市场化机制考核。25H ...

Summary of Key Points Core Viewpoint The Enshi Prefecture Market Supervision Administration has conducted food safety supervision and sampling inspections, revealing that out of 202 batches tested from May 7 to May 20, 2025, 200 batches passed while 2 batches failed the safety standards. Group 1: Inspection Results - A total of 202 batches were inspected during the specified period [1] - 200 batches were found to be compliant with food safety standards, resulting in a compliance rate of approximately 99% [1] - Only 2 batches were reported as non-compliant, indicating a low failure rate in food safety inspections [1] Group 2: Non-Compliant Products - The non-compliant products included sugar with a detected level of 0.18 mg/kg of bifenthrin, exceeding the standard limit of 0.05 mg/kg [1] - Another non-compliant product was a type of potato chips that showed a total bacterial count of 21,000, which is above the acceptable limit [1] - The specific details of the non-compliant products, including production dates and manufacturers, were documented for further action [1] Group 3: Compliance Information - The report includes a comprehensive list of compliant products, detailing their specifications, production dates, and manufacturers [2][3] - The compliance data reflects the overall effectiveness of the food safety monitoring system in the region [2][3] - Continuous monitoring and inspection are emphasized to maintain food safety standards and protect consumer health [2][3]

Core Insights - The evolution of Liu Zhou's night market from traditional offerings to a diverse culinary landscape reflects a significant transformation in local dining culture [1][13] - The rise of new food items, particularly the螺蛳鸭脚煲, showcases the blending of traditional flavors with modern culinary trends, capturing consumer interest [2][4] Industry Trends - The night market has transitioned from a focus on traditional dishes like螺蛳粉 and grilled fish to a more varied selection that includes innovative items like炒冰 and 螺蛳鸭脚煲, indicating a shift towards a "new food era" [1][2] - The emergence of the "night market golden triangle" consisting of grilled skewers, colorful ice desserts, and螺蛳粉 highlights the diversification of night market offerings [2] Company Development - The brand掌小鸭, founded in 2013, exemplifies the growth of local dining establishments, achieving recognition and expanding its footprint significantly within a few years [4][7] -掌小鸭's commitment to quality and innovation has led to the establishment of a modern supply chain and production facility, enhancing its ability to deliver consistent and high-quality products [7][8] Market Expansion -掌小鸭's strategic focus on standardizing the螺蛳鸭脚煲 has allowed it to transcend regional boundaries, making it accessible to a broader audience [8][10] - The brand's adaptation to consumer demands for convenient meal options, such as pre-packaged versions of its dishes, aligns with the growing trend of home cooking and convenience [10][12] Consumer Preferences - There is an increasing consumer demand for experiences that replicate dining out at home, which has influenced the development of products like掌小鸭's pre-packaged meals [12] - The integration of various culinary styles, including creative螺蛳粉 and new dessert options, contributes to a rich and diverse night food ecosystem in Liu Zhou [12]

研究报告 Research Report 8 Jun 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W23 周度趋势解析：本周零食板块景气度增强，部分新消费公司解禁在即板 块分化，股价波动增强 Analysis of weekly Discretionary Trends: Snacks Sector Prosperity Increases; Sector Diversification and Stock Price Volatility Rise as Some New Consumption Companies Approach Share Release Dates [Table_yemei1] 观点聚焦 Investment Focus | 股票名称 | 评级 股票名称 | 评级 | | --- | --- | --- | | 耐克 | Outperform 永辉超市 | Outperform | | 美的集团 | Outperform 苏泊尔 | Outperform | | 京东集团 | Ou ...

会员店供应链专家交流——零食、乳制品、保健品等分享 20250604 摘要 友友鸭掌在山姆会员店渠道销售额稳步增长，三月至五月分别为 2,700 万元、2,730 万元和 2,800 万元，显示出较强的市场需求和增长潜力， 值得关注其供应链和市场策略。 清甜时光四月试卖销售额为 220 万元，五月因原材料供应恢复至 695 万元，表明产品具有市场潜力，但供应链稳定性是关键风险因素，需关 注其供应链管理能力。 蛋黄鹌鹑蛋五月销售额因季节性和负面新闻影响降至 1,500 万元，此前 三四月均为 1,700 万元，表明品牌面临市场波动风险，需关注其危机公 关和产品质量控制。 周黑鸭经典蘸料包四月销售额为 185 万元，五月增长至 340 万元，表 明新品市场接受度高，但可能蚕食现有产品市场份额，需关注其产品组 合策略和市场定位。 提拉米苏销量稳定在 950 万至 1,000 万元，但因保质期短，区域分散生 产，供应链管理复杂，需关注其生产和物流效率。 Q&A 今年食品饮料行业的品牌品类创新和产品创新对业绩产生了哪些积极影响？ 今年，许多小食品公司、乳制品公司以及保健品相关公司通过品牌品类创新和 产品创新，带来了新产 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来在贸易摩擦背景下，提振内需、刺激消费成为市场中长期主线，不过形成鲜明对比的是，随着消费者结构和消费观念的改变， 美妆、 IP 潮玩、宠物经济等为代表的"新消费"逐渐成为消费新趋势，而白酒、餐饮、消费电子等传统消费依然承压。 2024年以来"新消费"行情已走出多只翻倍股、十倍股，如港股的老铺黄金(2782.21%)、泡泡玛特(1126.12%)、蜜雪冰城(124.81%)、毛戈平 (144.91%)、古茗(175.65%)等；A股的万辰集团(405%)、中宠宠物(160.10%)、会稽山(130.77%)、东鹏饮料(139.08%)等。 目前我国居民消费占GDP比重为38-40%，对比美国、日本的68-70%、55-60%，中长期仍有巨大提升空间。 在后发展阶段， "新消费"赛道有望 成为促消费的重要抓手，当前市场关注度较高的"新消费"赛道包括： 潮玩、茶饮、宠物、新型烟草、黄金珠宝等 ， 其中哪些 "新消费"领域有 望穿越经济周期？（ 点此查看名单 ） 01 从"生存型"向"悦己型"消费！"新消费"或仍处于中早期阶段！ 2024年有关部门主 ...

证券研究报告：食品饮料|行业周报 发布时间：2025-05-19 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《白酒主动降速减压、提高分红率，大 众品关注新渠道/新品类机会》 - 2025.05.12 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18105.47 | | 52 周最高 | 19832.49 | | 52 周最低 | 14118.56 | 行业相对指数表现 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 食品饮 ...