I'm LongbridgeAI, I can summarize articles.KaiYuan Securities released a research report indicating that online sales performed well in December, especially in the categories of alcoholic beverages and snacks. Sales of alcoholic beverages reached 1.84 billion yuan, a year-on-year increase of 113.2%, with signs of recovery in both the liquor and beer industries. Online sales of snacks amounted to 3.36 billion yuan, a year-on-year increase of 4.3%, with cheese snacks performing particularly well. Overall, the snack sector is expected to have promising growth in the future due to channel expansion and the benefits of new e-commerce
According to the Zhitong Finance APP, Kaiyuan Securities released a research report stating that online sales of alcoholic beverages and most mass consumer goods grew well in December. In terms of alcoholic beverages, it is expected that baijiu will achieve continuous performance recovery during the economic recovery phase, while the beer industry is expected to recover well in 2025. For mass consumer goods, categories such as dairy products and snacks benefited from the peak consumption season during the Spring Festival, showing good sales performance. With the expansion of online sales channels, the growth potential of the snack sector remains optimistic.
Key Points from Kaiyuan Securities:
Alcoholic Beverages: Online Sales Growth, Baijiu Concentration Decreases Month-on-Month
In December 2024, online sales of the Alibaba-affiliated alcoholic beverage industry reached 1.84 billion yuan, a year-on-year increase of 113.2%. Breaking down the volume and price, sales volume increased by 2.8% year-on-year, and the average sales price increased by 107.3% year-on-year. In December, the domestic baijiu sub-industry performed relatively well, with sales increasing by 166.5% year-on-year. The concentration of leading brands in the baijiu industry decreased by 15.0 percentage points month-on-month to 53.5%. The concentration of leading brands in the beer industry increased by 0.7 percentage points month-on-month to 26.1%.
Food: Online Sales Growth in Snacks and Instant Grains, Industry Concentration Increases Month-on-Month
(1) Snacks: In December 2024, online sales of the Alibaba-affiliated snack industry reached 3.36 billion yuan, a year-on-year increase of 4.3%, with sales volume decreasing by 13.2% year-on-year and the average sales price increasing by 20.2% year-on-year. Among sub-industries, cheese snacks performed well, with a year-on-year increase of 38.6%. The concentration of leading brands in the snack industry increased by 2.9 percentage points month-on-month to 12.6%.
(2) Instant Grains: In December 2024, online sales of the Alibaba-affiliated instant grains industry reached 2.77 billion yuan, a year-on-year increase of 8.8%. Breaking down the volume and price, sales volume decreased by 1.8% year-on-year, and the average sales price increased by 10.8% year-on-year. Among sub-industries, rice, flour, and grains performed well, with a year-on-year increase of 40.2%. The online sales of instant food accounted for a high proportion, reaching 29.1%. The concentration of leading brands in the instant grains industry decreased by 0.4 percentage points month-on-month to 15.7%.
Beverages: Growth in Dairy Products and Packaged Beverages, Decline in Instant Oatmeal
(1) Dairy Products: In December 2024, online sales of the Alibaba-affiliated dairy products industry reached 1.08 billion yuan, a year-on-year increase of 18.7%. Breaking down the volume and price, sales volume increased by 11.1% year-on-year, and the average sales price increased by 6.9% year-on-year, with sales growth contributed by both volume and price. Among sub-industries, low-temperature yogurt performed well, with a year-on-year increase of 55.2%. The concentration of leading brands in the dairy products industry increased by 1.1 percentage points month-on-month to 38.9%.
(2) Instant Oatmeal: In December 2024, online sales of the Alibaba-affiliated instant oatmeal industry reached 90 million yuan, a year-on-year decrease of 44.9%. Breaking down the volume and price, sales volume decreased by 23.8% year-on-year, and the average sales price decreased by 27.8% year-on-year. The concentration of leading brands in the instant oatmeal industry increased by 0.4 percentage points month-on-month to 38.2%.
(3) Packaged Beverages: In December 2024, online sales of the Alibaba-affiliated packaged beverage industry reached 470 million yuan, a year-on-year increase of 32.1%. Breaking down the volume and price, sales volume increased by 21.2% year-on-year, and the average sales price increased by 9.1% In December, carbonated beverages performed well, with a year-on-year increase of 62.8%; the online sales proportion of fruit and vegetable juices was relatively high, reaching 17.4%.
Investment Recommendation: Good online growth, optimistic about the growth potential of the snack sector
The growth potential of the leisure snack sector mainly comes from: (1) growth following the expansion of snack wholesale channels; (2) the benefits of new social e-commerce (Douyin, WeChat Mini Stores, etc.); (3) new product expansion in membership store channels; (4) incremental overseas markets.
Among them, snack brand companies are more likely to benefit, recommending Ganyuan Food (002991.SZ), YanKershop (002847.SZ), etc. In addition, it is suggested to pay more attention to Ximai Food (002956.SZ) for its channel and cost advantages.
Risk Warning: Macroeconomic performance lower than expected, food safety risks, intensified industry competition