Summary of Conference Call Records Industry Overview - **Snacks Sector**: Strong performance in categories like konjac, with leading companies showing significant first-mover advantages. Expansion in snack wholesale channels, with emerging channels like Sam's Club performing well. Recommended companies include Salted Fish, Wei Long, and Youyou Foods for their product and channel growth logic [2][4] - **Beverage Sector**: Good performance during peak season, with clear trends among leading companies. New product launches and governance improvements provide medium to long-term catalysts. Recommended companies include Dongpeng Beverage, Uni-President China, and Master Kong for their high growth or dividend potential, along with Nongfu Spring and China Resources Beverage [2][5][14] - **Baijiu Sector**: Currently at a bottom phase, with sales, inventory, and wholesale prices stabilizing. Valuation and holding perspectives provide support, with significant allocation demand. Recommended leading companies include Moutai, Wuliangye, and Fenjiu, along with flexible targets like Laojiao and Zhenjiu [2][7] Company-Specific Insights Uni-President China - **Financial Performance**: In the first half of the year, revenue reached 17.09 billion yuan, a year-on-year increase of 10.6%, and profit was 1.29 billion yuan, up 33%. Both food and beverage segments grew, with a gross margin increase [2][8] - **Segment Performance**: Food business revenue was 5.38 billion yuan (up 8.8%), and beverage business revenue was 10.79 billion yuan (up 7.6%). Tea drinks grew by 9%, juice by 2%, and milk tea by 3.5%. Gross margin improved by 0.5 percentage points due to increased sales and reduced raw material prices [9] - **Market Outlook**: The company maintains its full-year revenue growth guidance of 6% to 8%. Despite short-term competitive pressures, July revenue continued to show positive growth [9] Yanjing Beer - **Performance in H1 2025**: Revenue grew by 6% in Q2, with net profit attributable to shareholders increasing by 43%. Both sales volume and price per ton increased, with mid-to-high-end beer performing well. Sales expenses and management expenses decreased, leading to an improved net profit margin [11][12] Tong Ren Tang - **Q2 2025 Performance**: Revenue decreased by 12%, but net profit surged by 71%, with a 134% increase in net profit excluding non-recurring items. The company improved user operations and accelerated new product launches, leading to a narrowing revenue decline [13] Zhenjiu - **H1 2025 Performance**: Expected revenue decline of 38.3% to 41.9%, with net profit down 23% to 24%. The Li Du brand performed well, while other brands faced pressure. The company plans to focus on flagship product "Da Zhen" and expand the Li Du brand [16][18] - **Inventory Management**: Significant inventory reduction compared to the end of last year, aided by natural sales and some distributor returns. The company has allowed more autonomy for distributors regarding payment collection [17] - **Growth Strategy**: Focus on three main growth drivers: the launch of the "Da Zhen" flagship product, expansion of the Li Du brand, and development of the high-end liquor division [18] Additional Insights - **Beverage Industry Metrics**: The beverage industry's capacity utilization exceeds 80%. Raw material costs positively contributed 1.3 percentage points to gross margins, while product structure and discounts negatively impacted margins by approximately 0.6 percentage points [10] - **Market Trends**: The beverage sector is currently in a peak season, with high temperatures and increased travel boosting performance. Companies like Uni-President China and Master Kong are expected to perform well due to channel advantages and growth expectations for major products [14][15]

证券研究报告 食品饮料：大众品行业周报 业绩窗口期，持续推荐高景气板块 食品饮料行业 强于大市（维持） 平安证券研究所 分析师：王萌S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 2025年8月11日 请务必阅读正文后免责条款 本周观点 行情回顾：本周食品饮料行业累计涨跌幅0.75%。CS食品（CI005823）和CS饮料（CI005822）标的中，涨幅前三的个股为： 西麦食品（+10.32%）、金字火腿（+9.38%）、紫燕食品（+7.56%）；跌幅后五的个股为熊猫乳品（-3.17%）、金达威（- 3.18%）、贝因美（-5.63%）、科拓生物（-5.88%）、阳光乳业（-13.54%）。 投资建议：当前已进入半年报披露期，各细分赛道之间的业绩产生分化。已披露半年报的公司中，以锅圈、东鹏饮料为代 表的部分公司业绩表现亮眼。展望后市，我们建议一是循着中报寻找业绩确定性强的标的，推荐东鹏饮料，建议关注锅圈、 卫龙美味、盐津铺子；二是育儿补贴政策驱动叠加原奶周期反转预期，关注乳制品的投资机会，推荐伊利股份、妙可蓝多， 建议关注新乳业；三是餐饮供应链后续有望迎 ...