食品饮料行业20251H业绩分析：成本红利消退，盈利指标回落

Investment Rating - The industry maintains a "Market Perform" investment rating, indicating that the industry index is expected to fluctuate between -10% to +10% relative to the CSI 300 index over the next six months [2][59]. Core Insights - Since 2021, the revenue growth rate of the food and beverage industry has shown a stepwise decline, with a further slowdown in the first half of 2025, recording a revenue growth of 2.47%, which is a decrease of 12.9, 4.17, 7.38, and 2.79 percentage points compared to the same periods in 2021, 2022, 2023, and 2024 respectively [9][10]. - The industry has experienced a decline in inventory turnover rates, indicating a slowdown in sales driven by insufficient consumer demand [23]. - The gross profit margin of the food and beverage sector peaked in 2024 but began to decline in the first half of 2025 due to the expiration of cost advantages, with the gross profit margin recorded at 51.32%, down 0.78 percentage points year-on-year [26][52]. - The report highlights a significant change in expense allocation among listed companies, with a reduction in sales expenses and a focus on internal control management, leading to a notable decrease in management expense ratios [42][44]. - Profitability indicators for the food and beverage sector, which had been rising since 2021 due to cost advantages, began to decline in the first half of 2025, with net profit margins recorded at 22.67% [52]. Summary by Sections Revenue Growth - The food and beverage industry has seen a continuous decline in revenue growth since 2021, with specific segments like snacks and soft drinks showing positive growth, while others like prepared foods and health products have experienced significant declines [10][11][15]. Inventory Turnover - The inventory turnover rate has decreased from 1.37 in 2021 to 1.11 in 2025, indicating a slowdown in sales activity attributed to weak consumer demand [23][25]. Gross Profit Margin - The gross profit margin has been on an upward trend until 2024, but it has started to decline in 2025 due to rising costs outpacing revenue growth, with a recorded margin of 51.32% [26][27]. Expense Management - There has been a shift in expense management, with a decrease in sales expenses and a focus on internal controls, resulting in lower management expense ratios [42][44]. Profitability Trends - Profitability indicators have started to decline in 2025, with net profit margins at 22.67%, reflecting the impact of slowing revenue growth and rising costs [52].