食品饮料行业2025年中报总结报告：大众品率先企稳改善，白酒加速释压

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The food and beverage industry in H1 2025 shows signs of stabilization in overall volume and structural differentiation, with revenue growth of +2.5% in Q1 and +2.4% in Q2 year-on-year, while net profit attributable to shareholders decreased by -2.1% in Q2 [4][5] - The liquor sector is experiencing a consensus on deceleration, with many companies entering an adjustment phase. In Q2, major brands like Moutai and Wuliangye managed to achieve positive growth despite overall revenue declines in the sector [4][6] - The consumer goods sector benefits from proactive inventory reduction and macroeconomic policy support, leading to improved operations for leading companies in H1 2025. High-growth segments include sugar-free tea, functional beverages, and snacks [4][6] Summary by Sections Liquor Industry - In H1 2025, the liquor industry saw a revenue of 330.42 billion yuan, a slight increase of 0.19% year-on-year, while profits fell by 10.93% to 87.69 billion yuan. The number of large-scale enterprises decreased by over 100 compared to the previous year [7][8] - Major liquor companies reported a total revenue of 244.04 billion yuan, down 1.5% year-on-year, with a net profit of 95.21 billion yuan, a decrease of 1.3% [7][8] - High-end liquor companies achieved a total revenue of 160.3 billion yuan, up 6.2% year-on-year, accounting for 65.7% of total revenue from listed companies [7][8] Consumer Goods Sector - The consumer goods sector is showing signs of recovery, with leading companies like Nongfu Spring and Dongpeng Beverage reporting strong revenue growth due to product innovation and channel expansion [4][6] - The snack segment is experiencing cost pressures due to rising prices of raw materials, but some companies are improving profitability through scale efficiency and quality enhancement [4][6] - Investment recommendations highlight quality leaders such as Moutai, Shanxi Fenjiu, and Dongpeng Beverage as key targets for potential investment opportunities [4][6]