作者：贺泓源 陈晓平 8月11日，董事会主席魏宏名签发公告，1-6月，康师傅营收约为400亿元，销售额跌超11亿元。 核心品类的销售额，都在下跌，方便面少卖3.5个亿，饮品业务则缩水7个亿，跌幅均在2.5%左右。 | | | FU = 0 J 20 H T 0 11 / 7 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | | 變動 | | | | 收益 | 估比 | 收益 | 估比 | 金額 | 百分比 | | | (人民幣 | | (人民幣 | | (人民幣 | | | | 百萬元) | (%) | 百萬元) | (%) | 百萬元) | (%) | | 方便麵業務 | 13,465.37 | 33.6 | 13.813.78 | 33.5 | -348.41 | -2.5 | | 飲品業務 | 26,358.55 | 65.7 | 27,065.28 | 65.7 | -706.73 | -2.6 | | 其他 | 268.24 | 0.7 | 322.15 | 0.8 | -53.91 | -16.7 ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The food and beverage sector in A-shares has shown resilience, with a 0.46% increase over the past two weeks, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [2][13]. - Key segments within the industry, such as soft drinks and snacks, have experienced significant growth, while categories like baked goods and liquor have seen declines [2][13]. - The report highlights the importance of monitoring quarterly and annual reports for performance insights [2]. Market Review - A-shares in the food and beverage sector rose by 0.46% from March 24 to April 3, outperforming the Shanghai Composite Index by 1.14 percentage points and the Shenzhen Component Index by 3.47 percentage points [2][13]. - Within the sector, soft drinks (+6.45%), snacks (+6.40%), and beer (+4.14%) led the gains, while baked goods (-2.68%), liquor (-1.82%), and pre-processed foods (-1.82%) lagged [2][13]. - Notable stock performances included Miaokelan (+27.88%), Wancheng Group (+27.40%), and Yanjinpuzi (+26.02%) as top gainers, while Rock Shares (-31.99%), Sunshine Dairy (-16.57%), and Huangshi Group (-14.79%) faced significant losses [2][13]. Key Data Tracking - The report provides detailed tracking of key data points, including liquor prices, with Moutai's original box price at 2,180 RMB and the bulk price at 2,170 RMB, both down from two weeks prior [3][27]. - The average price of fresh milk in major production areas is reported at 3.08 RMB/kg, a year-on-year decrease of 12.3% [4][38]. - Pork prices are noted at 26.17 RMB/kg, reflecting a year-on-year increase of 3.9% [4][41]. Policy and News Tracking - The report discusses the release of 50 national food safety standards, which prohibit the use of "zero additives" on pre-packaged foods [56]. - New regulations for infant formula encourage the use of raw milk and prohibit repackaging [56]. - Moutai has reportedly met its sales targets for the first quarter, indicating stable market performance [56]. Investment Recommendations - For liquor, the report suggests focusing on high-end brands like Moutai, Wuliangye, and Luzhou Laojiao, as they have shown strong price control and market resilience [5][58]. - In the consumer goods segment, companies such as Yili, New Dairy, Dongpeng Beverage, and Haitian Flavoring are highlighted as key investment opportunities due to their strong market positions and consumer demand [5][58].