食品饮料行业跟踪报告：华润饮料阶段性承压，伊利股份盈利加速改善

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Views - The food and beverage industry is showing resilience, with notable performance in tea drinks and new products from Pop Mart [1] - The report highlights the contrasting performance of major companies, with China Resources Beverage facing short-term pressure while Yili's profitability is improving [2][3] Summary by Sections Industry Performance - The food and beverage industry index decreased by 0.98%, outperforming the Shanghai Composite Index which fell by 1.18% [2] - Among sub-sectors, pre-processed foods led with a gain of 1.02%, while snacks and other alcoholic beverages saw declines of 3.36% and 3.42% respectively [2] Company Analysis - China Resources Beverage: - Revenue for the first half of the year was 6.206 billion yuan, down 18.52% year-on-year, with net profit decreasing by 28.63% to 0.805 billion yuan [2] - The company is undergoing strategic adjustments to enhance long-term competitiveness despite short-term revenue pressures [2] - Yili Group: - Achieved revenue of 61.933 billion yuan, a year-on-year increase of 3.37%, with net profit at 7.200 billion yuan, down 4.39% [2] - The company benefited from lower raw milk prices, leading to a gross margin increase of 1.27 percentage points to 36.05% [2] - Yili's product segments, particularly liquid milk and ice cream, showed strong performance, with significant growth in the milk powder segment [2] Market Outlook - The report suggests that the beverage sector is poised for growth, particularly in tea and functional drinks, with a focus on new product launches [2] - The overall market conditions are expected to stabilize, with potential for achieving annual operational targets as supply and demand for raw milk improve [3]