Soochow's Research Report points out the following: 1) Snacks: High prosperity in bulk purchasing, with highlights in industry channels and categories, listed companies are growing rapidly, channel-based snack companies are growing even faster, and bulk purchasing formats are still expanding and iterating. The combination of cost bonuses and scale growth has improved the profitability of most companies; 2) Condiments: The re-adjusted prosperity in 2024 is better than the baseline, leading companies are performing brilliantly, cost bonuses have driven the sector's profitability improvement, and in the future, with a weak recovery in dining demand and continuation of cost bonuses, the fundamentals of the sector are expected to rebound; 3) Soft drinks: In the overall weak consumption scenario, companies show significant differentiation, traditional beverage companies are struggling with revenue growth, in the second half of 2024 companies will benefit from a year-on-year increase in gross margin due to cost bonuses, but the expense ratio drags down the profit margins of most companies, which still remain relatively weak; 4) Dairy Products: There is a notable oversupply issue, but in the future, with upstream supply declining and downstream demand increasing, the supply-demand situation in the industry is expected to improve by 2025; 5) Dining Supply Chain: Predictions of a weak downstream dining demand scenario indicate an optimistic recovery in 2025. Recommended attention: East Peak Beverage, Three Squirrels Inc., Inner Mongolia Yili Industrial Group, etc.