Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The report highlights that the liquor sector is under pressure, with overall collection progress in Q2 lagging behind last year, and sales showing a year-on-year gap. The prices of major brands like Moutai and Wuliangye are under pressure due to regulatory measures aimed at reducing waste [5][15] - The beverage sector, particularly beer and dairy products, is expected to show varying performance, with some companies like Qingdao Beer and Yili maintaining growth while others face challenges [6][18] - The snack food segment is experiencing strong growth driven by channel optimization and product innovation, with companies like Youfu Foods and Yanjin Beer showing significant revenue increases [19][21] Summary by Sections 1. Liquor Sector - Q2 performance is expected to be weak for most liquor companies, with Moutai projected to have a revenue growth of 7% year-on-year, while Wuliangye is expected to decline by 2% [16] - Regulatory measures have impacted normal consumption scenarios, leading to a cautious approach from companies as they prepare for traditional consumption peaks during festivals [15] 2. Beer Sector - Qingdao Beer is expected to see slight growth due to low sales base in Q2 2024, while Chongqing Beer is projected to maintain sales levels [17] - Yanjin Beer is benefiting from supply chain management improvements, contributing to profitability [18] 3. Dairy Products - Yili is expected to face pressure in its ambient liquid milk segment, while other products like milk powder and ice cream continue to grow [18] - New Dairy is projected to maintain its performance in low-temperature categories, with profit growth expected to outpace revenue growth [18] 4. Soft Drinks - Eastroc Beverage is anticipated to continue its steady growth in energy drinks, while new products are expected to drive higher growth rates [19] - Chengde Lululemon is expected to see improvements in gross margins despite raw material price increases [19] 5. Snack Foods - Youfu Foods is focusing on channel optimization and product innovation, expecting significant revenue and profit growth [19] - Salted Fish and other snack companies are also projected to maintain strong growth, with new product launches expected to drive performance in the second half of the year [19][21] 6. Restaurant Supply Chain - Anji Foods is expected to achieve single-digit revenue growth, while competition continues to pressure margins [20] - Qianwei Central Kitchen is projected to maintain stable revenue, with slight pressure in the small B restaurant segment [20] 7. Export Companies - Zhongchong Co. is expected to maintain high revenue growth due to positive pre-sale feedback, while Xianle Health is projected to continue its growth trend despite some fluctuations in export business [21]