Huaxin Securities·2025-07-06 11:34Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Insights - The report highlights the benefits of the "takeaway war" for new-style tea drinks, suggesting significant growth opportunities in this segment due to increased consumer demand and promotional activities [6][7]. - The white liquor sector is experiencing a decline in government demand, impacting overall performance, but companies are adapting their strategies to navigate these challenges [5]. - The report emphasizes the resilience of the snack food sector, particularly benefiting from membership channels like Sam's Club, which is expected to drive sales growth [5]. - The new consumption sector, particularly new tea drinks, is poised for growth due to substantial subsidies and promotional efforts from platforms like Taobao and Meituan [6][7]. Summary by Sections Industry News - The report notes a decline in liquor imports and an increase in exports in the first five months of the year [20]. - The tea and beverage manufacturing sector saw profit growth in May, indicating a positive trend in this area [20]. - Meituan's instant retail orders surpassed 120 million on a single day, showcasing the growing demand for quick delivery services [20]. Company News - Guizhou Moutai's new product sold out within a minute, reflecting strong consumer interest [20]. - The report mentions leadership changes in several companies, including Yanghe and Jinhong Liquor, which may impact their strategic direction [20]. Investment Strategy - The report suggests focusing on companies like Tea Baidao, Guming, and Hushang Ayi in the new tea drink sector, which are expected to expand their store networks significantly [7]. - In the white liquor sector, companies are encouraged to adapt to changing market conditions and consumer preferences, with a focus on innovation and channel expansion [5]. - The snack food sector is highlighted for its growth potential, particularly companies that leverage membership-based sales channels [5]. Key Company Performance Predictions - The report provides earnings forecasts for several companies, indicating expected growth in net profits for firms like Kid King and Yili Group, driven by strategic expansions and market demand [8][11].