行业研究 证券研究报 告 食品饮料行业 2025 年中报前瞻 推荐（维持） 白酒出清探底，食品亮点频现 食品饮料 2025 年 07 月 22 日 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严晓思 邮箱：yanxiaosi@hcyjs.com 执业编号：S0360524070015 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：严文炀 邮箱：yanwenyang@hcyjs.com 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- ...

食品饮料行业2025年中期投资策略 白酒依然承压，大众品优选个股 西南证券研究院 食品饮料研究团队 2025年7月 核 心 观 点 1 白酒：中长期配置价值凸显：目前看，高端和次高端白酒受经济和政策影响，呈现不同程度的压力，普飞批价从25 年春节2200元左右下降至当前1850元左右，6月以来批价走弱明显；地产酒，宴席场景有所承压，批价略有下降； 次高端，商务影响较大，导致销量不及预期，静待需求复苏；重点推荐高端和部分地产酒。从中长期看配置价值凸 显：白酒自身行业属性并未发生大的变化，名酒市占率提升逻辑依然成立；消费升级短期受到影响，中长期升级趋 势未发生变化；中长期看白酒主力饮酒人群相对稳健；深度调整后，白酒龙头25年估值13-19倍，已处于历史低位。 啤酒：1）从销量基数上看，24年存在明显旺季不旺导致25年夏天存在低基数效应，尤其是全国性龙头有望充分受 益于此；进入旺季后行业整体需求有所回暖，25年4-5月国内啤酒产量同比增长2.9%。今年炎热少雨的天气因素或 对旺季销量有积极促进。2）高端化升级趋势仍确定，以8元档为代表的次高大单品仍对酒企吨价及利润有充足弹性 贡献。3）随着歪马、酒小二等酒类即时零售 ...

Group 1 - The management of Zhongju Gaoxin (600872.SH) has undergone a complete renewal with the election of Li Ruxiong as the new chairman, indicating an optimization and upgrade of the company's governance structure [1][6] - Li Ruxiong has extensive experience in consumer retail and capital management, having held key positions in various companies, which may inject new momentum into Zhongju Gaoxin during its strategic transformation [2][6] - The company aims to improve its existing products through consumer research and expert collaboration, and plans to develop its second growth curve through flexible partnerships, joint ventures, and acquisitions [5][6] Group 2 - In 2024, Zhongju Gaoxin achieved a revenue of 5.519 billion yuan, a year-on-year increase of 7.39%, but the net profit attributable to shareholders decreased by 47.37% to 893 million yuan, indicating a significant drop in profitability [3][5] - The company has set ambitious operational goals for its subsidiary Meiwai Xian, targeting an annual revenue of 10 billion yuan and an operating profit of 1.5 billion yuan by 2026 [5][6] - The recent board adjustments reflect the company's commitment to market-oriented reforms and enhancing governance efficiency, with the introduction of new managerial positions and independent directors [6]

Group 1: Company Performance Forecasts - Zhujiang Beer expects a net profit of 575 million to 625 million yuan for the first half of 2025, representing a growth of 15% to 25% [1] - Yanjing Beer anticipates a net profit growth of 40% to 50%, estimating between 1.062 billion to 1.137 billion yuan [2] - Lianhua Holdings projects a net profit increase of 58.67% to 68.59%, estimating between 160 million to 170 million yuan [5] - Tianbang Foods expects a net profit of 350 million to 370 million yuan, a decline of 56.01% to 58.39% [7] - Muyuan Foods forecasts a net profit of 10.5 billion to 11 billion yuan, a significant increase of 924.60% to 973.39% [8] - Bubu Gao anticipates a net profit of 180 million to 220 million yuan, indicating a turnaround to profitability [10] Group 2: Strategic Developments - Ferrero has agreed to acquire WK Kellogg Co for $23 per share, totaling an enterprise value of $3.1 billion [3] - Zhongju Gaoxin elected Li Ruxiong as chairman and Yu Jianhua as vice chairman during its board meeting [4] - Tea Yan Yue Se is expanding into North America through e-commerce, launching nearly 40 products [9][10] - Yonghui Supermarket has issued a public letter to suppliers, emphasizing a commitment to fair competition and quality standards [12]

Group 1 - The management of Zhongju Gaoxin has undergone a complete renewal with the election of Li Ruxiong as the new chairman, indicating an optimization of the company's governance structure and a commitment to high-quality development and strategic transformation [1][3] - The new board composition includes a mix of state-owned shareholders and market-oriented executives, which is expected to enhance resource allocation efficiency and align with the strategic deployment of the central government [1][4] - Li Ruxiong brings over 30 years of experience in corporate management and capital operations, having held key positions in various companies, which is anticipated to inject new momentum into Zhongju Gaoxin during its strategic transformation [2][3] Group 2 - The adjustment of the board reflects Zhongju Gaoxin's determination to promote market-oriented reforms and improve governance efficiency, with the introduction of new directors from diverse backgrounds [4][5] - The company is currently facing intense competition in the seasoning industry, which has entered a phase of stock competition, leading to a significant reduction in the number of related enterprises [7] - Zhongju Gaoxin's revenue for 2024 reached 5.519 billion yuan, a year-on-year increase of 7.39%, with over 90% of this revenue coming from its seasoning business [7][8] Group 3 - The company plans to leverage consumer research and expert collaboration to improve existing products and explore new growth avenues through flexible partnerships, joint ventures, and acquisitions [8] - Future strategies include optimizing costs in production, procurement, and operations, as well as enhancing labor efficiency to drive profitability [8]

Group 1 - The management of Zhongju Gaoxin has undergone a complete renewal, with Li Ruxiong appointed as the new chairman after the board election [1] - The new board structure features a mix of professional managers and representatives from state-owned shareholders, enhancing the governance model [2] - The company aims to achieve a strategic goal of generating 10 billion yuan in revenue and 1.5 billion yuan in profit from its subsidiary Guangdong Meiwei Xian by 2026 [2] Group 2 - Li Ruxiong brings extensive experience in corporate management, capital operations, and finance, which may accelerate Zhongju Gaoxin's internationalization strategy [3] - The seasoning industry is facing intense competition, with a significant reduction in the number of related enterprises over the past five years [3] - Zhongju Gaoxin has identified three major trends in the industry: health-oriented, premiumization, and internationalization, with a focus on expanding its international market presence [3]

Group 1 - The company has elected Li Ruxiong as the chairman of the 11th board of directors and Yu Jianhua as the vice chairman [1] - Li Ruxiong is noted for his extensive industry experience and management skills in large enterprises, which is expected to enhance the company's strategic execution and operational framework [1] - The new board is anticipated to leverage its financial background and capital operation experience to promote external expansion and value enhancement for the company [1]

中炬高新技术实业（集团）股份有限公司 第十一届董事会第一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中炬高新技术实业（集团）股份有限公司（以下简称：中炬高新、 公司）第十一届董事会第一次会议于 2025 年 7 月 4 日发出会议通知， 证券代码：600872 证券简称：中炬高新 公告编号：2025-042 三、审议通过《关于选举第十一届董事会各专门委员会委员的 议案》。 表决结果：8 票赞成，0 票反对，0 票弃权。 于 2025 年 7 月 10 日上午以现场与通讯相结合方式召开。会议应到董 事 8 人，实到 8 人，本次会议有效表决票数为 8 票。全体高管列席了 会议，本次会议的召集、召开及表决程序符合法律法规及《公司章程》 的有关规定。会议由黎汝雄先生主持，经到会董事认真审议，以书面 表决方式，审议了以下议案： 一、审议通过《关于选举第十一届董事会董事长的议案》； 表决结果：8 票赞成，0 票反对，0 票弃权。 经董事会一致审议通过，选举黎汝雄先生担任公司第十一届董事 会董事长。 二、审议通过 ...

证券代码：600872 证券简称：中炬高新 公告编号：2025-041 特此公告。 中炬高新技术实业（集团）股份有限公司董事会 附件：余健华先生简历 余健华先生，1977 年 10 月出生，中共党员，本科学历，硕士学 位，会计师职称，2000 年至 2017 年 1 月在中山火炬高技术产业开发 区管理委员会工作。2017 年 2 月至 2025 年 3 月任中山火炬公有资产 证券代码：600872 证券简称：中炬高新 公告编号：2025-041 经营集团有限公司董事长。2023 年 7 月至 2025 年 7 月任中炬高新技 术实业（集团）股份有限公司董事长。 中炬高新技术实业（集团）股份有限公司 关于选举职工董事的公告 第十一届董事会于 2025 年 7 月 10 日收到公司工会的决议文件， 公司） 公司于 2025 年 7 月 10 日召开了职工代表大会，选举余健华先生为第 十一届董事会职工董事（简历附后），任期与公司第十一届董事会任 期一致。 余健华先生与持有公司 5%以上股份的股东、董事和高级管理人 员不存在关联关系。截至目前，余健华先生因公司股权激励授予，持 有公司股份 438,532 股，不存在受 ...

证券代码：600872 证券简称：中炬高新 公告编号：2025-041 中炬高新技术实业（集团）股份有限公司 关于选举职工董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中炬高新技术实业（集团）股份有限公司（以下简称：中炬高新、 公司）第十一届董事会于 2025 年 7 月 10 日收到公司工会的决议文件， 公司于 2025 年 7 月 10 日召开了职工代表大会，选举余健华先生为第 十一届董事会职工董事（简历附后），任期与公司第十一届董事会任 期一致。 余健华先生与持有公司 5%以上股份的股东、董事和高级管理人 员不存在关联关系。截至目前，余健华先生因公司股权激励授予，持 有公司股份 438,532 股，不存在受过中国证监会及其他有关部门的处 罚和证券交易所惩戒的情形，符合《公司法》等相关法律、法规和规 定要求的任职条件，其任职在本次职工代表大会通过后生效。 特此公告。 中炬高新技术实业（集团）股份有限公司董事会 2025 年 7 月 10 日 附件：余健华先生简历 余健华先生，1977 年 10 月出生， ...