Zhongtai Securities(SH:600918) 智通财经网·2025-09-08 23:43Core Insights - The report from Zhongtai Securities highlights the growth trends in the domestic soft drink sector for the first half of 2025, with specific categories showing varying performance in sales growth [1][2][3] - Leading companies in the industry are strengthening their advantages, with revenue growth driven by market share increases and product innovation [1][3] Category Summary - Soft Drink Sales Growth: The offline sales growth rate for various segments in the soft drink industry shows that sports drinks and plant-based beverages lead, followed by ready-to-drink juices, packaged water, and ready-to-drink tea. However, ready-to-drink tea and dairy/plant protein beverages experienced a decline in sales [1] - Packaged Water: In H1 2025, the revenue for major players in packaged water was as follows: Nongfu Spring at 9.44 billion, China Resources Beverages at 5.25 billion, Master Kong at 2.38 billion, and Quan Yang Quan at 540 million, with growth rates of +10.7%, -23.1%, -6%, and +10.8% respectively [1] - Ready-to-Drink Tea: In H1 2025, the revenue for ready-to-drink tea was reported as follows: Master Kong at 10.67 billion, Nongfu Spring at 10.09 billion, Uni-President at 5.07 billion, and Xiang Piao Piao at 590 million, with growth rates of -6.3%, +19.7%, +8.4%, and +8% respectively [2] - Functional Beverages: In H1 2025, Dongpeng Beverage and Nongfu Spring reported functional beverage revenues of 9.85 billion and 2.9 billion respectively, with growth rates of +34.4% and +13.6% [2] - Plant Protein Beverages: The revenue for plant protein beverages in H1 2025 was as follows: Yangyuan Beverage at 2.47 billion, Chengde Lululemon at 1.3 billion, and Huanle Jia at 360 million, with declines of -16.2%, -17.7%, and -19.9% respectively [2] Company Performance - Leading Companies: In Q2 2025, Dongpeng Beverage achieved a revenue growth of +34.1%, while Nongfu Spring saw a growth of +15.6% in H1 2025. Companies in mature segments are also achieving positive growth through regional advantages and product innovation [3] - Profitability Trends: The cost benefits from lower prices of PET and sugar are evident, but profit growth varies significantly among companies due to factors like sales volume and non-recurring gains. In H1 2025, Nongfu Spring, Master Kong, and Uni-President all reported over 20% growth in net profit [3]