(以下内容从东吴证券《大众品2025年三季报总结:成长分化,蓄势向好》研报附件原文摘录)投资要点休闲零食:2025Q3增速领先,头部企业成长更具延续性。渠道变革和消费变迁对零食板块的分化影响重大。前三季度零食量贩仍继续稳定贡献增量;抖音渠道因为其流量成本提高,大部分公司的电商渠道增速同比有下降;以山姆为代表的会员制商超作为高势能渠道,是品牌企业塑造品牌力、提升品牌调性以及提升销量的重要合作对象。...
Source Link(以下内容从东吴证券《大众品2025年三季报总结:成长分化,蓄势向好》研报附件原文摘录)投资要点休闲零食:2025Q3增速领先,头部企业成长更具延续性。渠道变革和消费变迁对零食板块的分化影响重大。前三季度零食量贩仍继续稳定贡献增量;抖音渠道因为其流量成本提高,大部分公司的电商渠道增速同比有下降;以山姆为代表的会员制商超作为高势能渠道,是品牌企业塑造品牌力、提升品牌调性以及提升销量的重要合作对象。...
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