Zhi Tong Cai Jing·2025-06-20 07:58Group 1 - The core viewpoint of the report indicates that the revenue growth of food and beverage listed companies is expected to remain in single digits in 2025, slightly higher than the overall industry growth, with a favorable cost environment supporting profit margins [1] - Since 2020, the food and beverage industry has experienced significant changes, transitioning from high growth to reasonable growth, with further narrowing expected in 2024 [1][2] - Despite the slowdown in growth and product structure upgrades, emerging markets such as prepared dishes, baking, health products, and tea drinks are thriving, reflecting a trend of consumer upgrading towards enjoyment and entertainment [1] Group 2 - The revenue growth of the food and beverage sector has generally slowed down since 2020, with further declines anticipated in 2024 and the first quarter of 2025 [2] - The increase in gross margins for most food and beverage sub-sectors is attributed to declining upstream prices rather than internal product structure upgrades, indicating reliance on external factors for profitability [2] - The food and beverage sector has recorded negative returns in the secondary market for four consecutive years from 2021 to 2024, with only soft drinks, health products, and snacks showing positive returns [3] Group 3 - The valuation of the food and beverage sector has dropped to a historical low, reflecting an adjustment to changes in performance growth, with the valuation center expected to find a new reasonable position below historical levels [3]