Zhongjin: The food and beverage industry will continue to experience a weak recovery with strong differentiation trends. Growth will rely more on efforts by enterprises to innovate in product offerings.

The research report of Zhongjin Company believes that the food and beverage industry has entered a new normal since the beginning of the year, and the overall consumption environment still appears weak. The industry continues to pursue high quality-price ratio, functionality, health, and emotional consumption trends. From the beginning of the year until now, the demand for liquor industry continues to be weak, coupled with the introduction of new regulations, leading to major adjustments in supply and demand in the liquor industry. Mass food performance has been polarized, with beverages and snacks showing good growth momentum. Looking ahead to next year, we believe the industry will continue to experience weak recovery and strong differentiation trends. Growth will increasingly depend on corporate efforts in product innovation, fragmented channel layout, and expanding target demographic. Companies with strong brand power, product innovation capacity, channel control, and outstanding supply chain efficiency will be able to navigate through the cycle and achieve high-quality growth.