食品饮料行业周报：周观点：底部积极，由守转攻-20250824

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Views - The food and beverage industry is showing signs of bottoming out, with a shift from defensive to offensive strategies. The report emphasizes optimism regarding the white liquor sector, highlighting three main investment themes: leading brands, sustained regional benefits, and recovery beneficiaries [1][2]. - The beer segment is experiencing a mixed performance, with notable growth in companies like China Resources Beer, while the beverage sector shows a divergence in performance among various companies [3][6]. Summary by Sections White Liquor - The white liquor sector is expected to continue its trend of decreasing report speed, with companies focusing on inventory reduction and price stabilization. For instance, Yanghe's revenue for H1 2025 was 14.8 billion yuan, down 35.3% year-on-year, while its net profit fell by 45.3% [2]. - Jinhuijiu, a leading brand in the northwest, reported stable performance with H1 2025 revenue of 1.759 billion yuan, a slight increase of 0.31% year-on-year [2]. - The report suggests maintaining optimism for the white liquor sector, focusing on companies that are adapting to market changes and improving their operational quality [2]. Beer and Beverage - China Resources Beer achieved a revenue of 23.942 billion yuan in H1 2025, a year-on-year increase of 0.8%, with a net profit growth of 23.0% [3]. - The beverage sector is characterized by high growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance [3]. - The report notes that the beverage industry is entering a competitive phase with new product launches, recommending a focus on companies with strong distribution networks and growth potential in key products [3][6]. Food Sector - The food sector is witnessing a verification of growth performance, with companies like Salted Fish and others showing resilience despite market challenges. Salted Fish reported a revenue increase of 13.5% in Q2 2025 [6]. - Wanchen Group plans to issue H-shares to enhance its international strategy and brand recognition, indicating a proactive approach to market expansion [6].