> 数据图表想关注一下6.2 休闲食品：费用率受收入增速影响较大2025-11-16.2 休闲食品：费用率受收入增速影响较大销售费用率：受收入增速影响较大。收入增速较快的企业销售费用率下滑较为明显，如有友食品、西麦食品、万辰集团，盐津铺子销售费用率下滑主要系主动调控电商渠道费用投入，甘源食品、劲仔食品、洽洽食品收入增速较慢，销售费用率有所提升。管理费用率：变动不大。有友食品、西麦食品收入增速较高，管理费用率有所下降，洽洽食品、劲仔食品收入增速偏慢费用率有所上升。休闲食品主要企业销售费用率及变动休闲食品主要企业管理费用率及变动2024Q1-3 2025Q1-3 同比pct盐津铺子 12.85%洽洽食品 10.07%甘源食品 12.64%劲仔食品 12.46%有友食品 10.87%西麦食品 29.21%万辰集团 4.34%良品铺子 20.59%来伊份 29.03%三只松鼠 18.05%9.91%11.33%18.09%13.81%8.40%28.98%2.92%24.27%23.80%20.69%-2.951.265.461.36-2.47-0.23-1.423.68-5.232.642024Q312.13%7.86%11.41%12.24%9.29%28.96%4.16%22.96%31.07%19.08%2025Q3 同比pct8.59%-3.542.2910.15%5.9117.33%13.83%1.59-0.978.32%-1.8527.11%-1.512.65%23.74%0.78-6.2624.81%21.33%2.242024Q1-32025Q1-3 同比pct盐津铺子洽洽食品甘源食品劲仔食品有友食品西麦食品三只松鼠良品铺子来伊份万辰集团4.00%4.71%3.75%3.55%3.68%5.59%2.11%5.11%13.40%3.02%3.45%5.25%4.60%4.14%2.98%4.96%2.94%3.93%11.28%2.76%-0.550.540.850.59-0.70-0.630.83-1.18-2.11-0.262024Q33.11%3.94%3.74%3.40%3.22%5.95%2.52%4.03%16.17%2.77%2025Q3 同比pct3.26%4.53%3.71%3.85%2.69%5.08%3.17%4.23%12.32%2.73%0.150.58-0.020.44-0.53-0.870.660.20-3.85-0.04资料来源：wind，方正证券研究所22方正证券大消费
