白酒报表端压力加速释放助力股价表现，宠物经济蓬勃向上，大众品多家报表展现经营亮点

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the pressure on the financial statements of the liquor sector is accelerating, which is positively impacting stock performance. The pet economy is thriving, and many consumer goods companies are showing operational highlights [4][7] - The liquor sector has seen significant declines in revenue and net profit for major companies in the first half of 2025, with expectations of market recovery reflected in a 3.62% increase in stock prices for the sector [4][16] - The report indicates that the food and beverage sector's performance is mixed, with a 3.29% increase in the industry index, ranking 10th among 30 sectors [25] Summary by Sections Liquor Sector - Major liquor companies reported significant declines in revenue and net profit in the first half of 2025, with examples including: - Yanghe Co., Ltd.: Revenue down 35.32%, net profit down 45.34% - Jiu Gui Jiu: Revenue down 43.54%, net profit down 92.60% - Shede Liquor: Revenue down 17.41%, net profit down 24.98% [4][16] - The stock prices of liquor companies have rebounded, reflecting market optimism after the release of financial pressures [4][5] Consumer Goods - The report notes strong performance from companies such as: - Miao Ke Lan Duo: Revenue of 256.7 million CNY, net profit of 13.3 million CNY, with a year-on-year increase of 7.98% and 86.27% respectively [23] - Kang Shifu: Revenue of 4.009 billion CNY, net profit of 227.1 million CNY, with a year-on-year increase of 20.46% [23] - Unification: Revenue of 1.7087 billion CNY, net profit of 128.7 million CNY, with a year-on-year increase of 10.60% and 33.24% respectively [23] - The pet economy is expanding, with leading companies showcasing innovative products at the Asia Pet Expo [21][22] Industry Performance - The food and beverage sector index increased by 3.29%, underperforming the CSI 300 index by 0.89 percentage points [25] - Among the 10 sub-sectors, other liquor categories and soft drinks saw notable increases, with the highest gain in other liquor categories at 8.21% [25] - A total of 113 stocks in the food and beverage sector rose, with the top performers being: - Jiu Gui Jiu: +25.10% - Bai Run Co.: +13.26% - Rock Co.: +12.94% [25]