东南亚调味品：销售渠道差异化印度尼西亚和越南的现代零售渠道发展相对滞后，消费主要仍集中于夫妻店、BC超市等传统流通渠道；相比之下，新加坡、马来西亚、泰国和菲律宾的现代渠道（如KA商超、便利店）占比则显著更高，零售体系更为成熟。与此同时，尽管东南亚整体电商渠道占比仍处于较低水平，但在对标中国电商发展的背景下，未来具备广阔的增长潜力，尤其在物流基础设施和支付体系不断完善的推动下，区域电商市场正快速扩容，成为品牌布局的重要增量通道。100%90%80%70%60%50%40%30%20%10%0%印度尼西亚泰国越南菲律宾马来西亚新加坡现代渠道 传统渠道 电商渠道数据来源：欧睿，HTIFor full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.comFor full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com77
