Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，新品在爬坡期毛利率相对较低，难免会对 综合毛利率带来结构性的摊薄，但除了产品结构之外，综合毛利率还受原材料价格及规模效应等多重因 素的影响。随着公司供应链管理的优化及规模效应的显现，公司预计综合毛利率将持续保持在健康、合 理的范围内。新品前期试销过程中会加大中奖率，拉动尝新，提升品牌认知，增强客户黏性。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，公司未按品类拆分团队。 ...

（编辑 丛可心） 证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，公司持续围绕多品类发展战略，构建1+6产 品矩阵，拓展新客群，探索新渠道；数字化系统深度链接沟通消费者，强化消费者对品牌的认同感；秉 承"以业绩为导向，以动销为指导"的经营方针，长效赋能企业增长。 ...

（编辑 丛可心） 证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，公司需对空中广告的投放场景、覆盖效 率、费用成本等进行综合考量。公司始终秉持"精准投放、高效转化"的营销原则，所有投放决策均会基 于品牌增长需求、市场环境变化及投入回报预期综合判断。 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，公司秉持提质增效原则，平衡规 模增长与盈利质量。各品类达到规模效应后的利润率，核心取决于"赛道选择+成本管控+费用效率"的 协同效应。公司将通过聚焦高潜力细分赛道、持续优化供应链与生产效率、实施精细化费用管理，推动 各品类在规模增长的同时实现盈利稳步提升。 ...

Core Viewpoint - The core competitive advantage of the company lies in its digital system, which enables a full-loop data management from production to consumption, providing precise support for business growth [1] Digital System Overview - The company utilizes "five-in-one" technology to track the entire process of product production, distribution, terminal sales, and promotional verification [1] - Real-time access to key information such as channel inventory and sales data is achieved through this system [1] Operational Efficiency - The digital operating system is built around the supply chain, production bases, channel partners, and end consumers, creating a comprehensive, multi-layered, and integrated operational framework [1] - This system empowers critical operational aspects, driving sales growth, enhancing decision-making accuracy, and achieving comprehensive cost reduction and efficiency improvement [1]

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，2026年作为赛事大年，具备丰富 的品牌营销机遇，公司正结合全年赛事周期进行系统性规划。后续品牌费用投入将以"效益优先"为导 向，而非盲目追加预算，核心是研究如何通过多元化的营销形式，实现品牌传播与产品动销的高效转 化。目前，公司正在评估各类赛事的受众匹配度、投入回报率，后续将根据规划稳步推进相关合作，确 保每一笔费用都能精准触达目标消费群体，最大化品牌营销价值。 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，公司长期坚持网点拓展与单点盈 利能力提升并行推进的发展策略。在单点业绩增长层面，近两年公司持续推新，加强渠道布局，多款新 品均收获了超出预期的市场反馈，未来将继续以新品迭代为核心驱动力，为公司业绩增长注入更多活 力。 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，果之茶于2025年度的市场表现亮 眼，这一成绩的达成，核心得益于国内有糖茶赛道已形成成熟的消费者认知与稳固的市场基础；同时依 托公司自有强势渠道网络的赋能加持，搭配多口味矩阵、多规格组合的立体化产品布局，并叠加数字化 营销工具的深度应用，不仅有效撬动了消费者的尝新意愿，更显著提升了用户复购率，最终实现了业绩 的超额突破。 ...