食品饮料2025年中报业绩综述：传统消费加速出清，成长赛道景气延续

Investment Rating - The report maintains an investment rating of "Outperform" for the food and beverage sector, indicating a positive outlook compared to the market [2]. Core Insights - The food and beverage sector is experiencing steady revenue growth, with a reported revenue of 582.81 billion yuan for H1 2025, reflecting a year-on-year increase of 2.47%. However, the growth rate has slowed down in Q2 2025, with revenue of 255.18 billion yuan, up 2.36% year-on-year [19][21]. - The overall profitability of the sector has slightly declined, with a net profit of 127.67 billion yuan for H1 2025, down 0.60% year-on-year, and a net profit margin of 21.91%. In Q2 2025, the net profit was 46.08 billion yuan, a decrease of 2.10% year-on-year and 43.52% quarter-on-quarter [21][19]. Summary by Sections 1. Food and Beverage - The food and beverage sector's revenue is steadily increasing, with H1 2025 revenue at 582.81 billion yuan, a 2.47% increase year-on-year. Q2 2025 revenue was 255.18 billion yuan, reflecting a 2.36% year-on-year growth [19][21]. - The sector's profitability has slightly decreased, with a net profit of 127.67 billion yuan for H1 2025, down 0.60% year-on-year, and a net profit margin of 21.91% [21]. 2. Baijiu (Chinese Liquor) - The baijiu sector is under pressure, with a reported revenue of 240.75 billion yuan and a net profit of 94.58 billion yuan for H1 2025, showing declines of 0.75% and 1.15% year-on-year, respectively. Excluding Moutai, the revenue and net profit declines are more pronounced at -13.1% and -21.5% [23][24]. - The high-end segment maintains better performance due to strong brand power, while the second and third-tier brands are experiencing significant differentiation and pressure [36][37]. 3. Low-Alcohol Beverages and Drinks - The low-alcohol beverage segment shows positive trends, with leading brands continuing to perform well. The sector is expected to benefit from seasonal demand in Q2 [19][21]. 4. Snacks - The snack segment is driven by high-growth categories and channels, with significant revenue growth in H1 2025 attributed to popular products and membership store channels [19][21]. 5. Dairy Products - The dairy sector is seeing continued upstream destocking, with a positive outlook for beef prices. The revenue growth for H1 2025 has turned positive, with strong performance from leading companies [9][22]. 6. Seasoning and Restaurant Chains - The seasoning sector has shown stable growth, while the restaurant chain sector has demonstrated resilience despite policy impacts. The revenue growth for leading companies remains strong [9][22].