燕塘乳业(002732)在互动平台表示，截至目前，公司未与胖东来进行接触或直接合作。 ...

Investment Rating - The industry rating is maintained as "Increase" [6] Core Views - The food and beverage industry is experiencing revenue recovery, but performance is differentiated across segments [1][2][3][4] - The restaurant supply chain shows a slight revenue improvement but faces profit pressure due to raw material costs and competitive promotions [1] - The seasoning industry benefits from cost advantages, leading to steady gross margin improvement despite increased expenses due to competition [2] - The dairy industry shows revenue recovery and profit improvement, with a notable increase in net profit in Q2 [3] - The health supplement sector is characterized by brand differentiation and profit improvement, with a significant increase in online sales [4] Summary by Sections Restaurant Supply Chain - Total revenue for H1 2025 was 23.67 billion yuan, down 0.6% year-on-year, with a net profit of 1.66 billion yuan, down 16.5% [1] - Q2 2025 revenue was 12.17 billion yuan, up 1.8% year-on-year, with a net profit of 0.82 billion yuan, down 22.6% [1] - Gross margin was 23.2%, down 1.8 percentage points year-on-year, and net margin was 7.0%, down 1.4 percentage points [1] Seasoning Industry - H1 2025 revenue reached 34.57 billion yuan, up 4.9% year-on-year, with a net profit of 6.32 billion yuan, up 7.4% [2] - Q2 2025 revenue was 16.50 billion yuan, up 6.0% year-on-year, with a net profit of 2.77 billion yuan, up 7.7% [2] - Gross margin was 36.1%, up 2.2 percentage points year-on-year, and net margin was 18.5%, up 0.4 percentage points [2] Dairy Industry - H1 2025 revenue was 93.72 billion yuan, up 1.3% year-on-year, with a net profit of 8.29 billion yuan, down 0.3% [3] - Q2 2025 revenue reached 45.05 billion yuan, up 2.9% year-on-year, with a net profit of 2.97 billion yuan, up 48.5% [3] - Gross margin improved to 32.1%, up 1.0 percentage point year-on-year, while net margin was 8.9%, down 0.1 percentage point [3] Health Supplement Industry - H1 2025 revenue was 11.67 billion yuan, down 7.6% year-on-year, with a net profit of 1.62 billion yuan, down 0.6% [4] - Q2 2025 revenue was 5.97 billion yuan, down 1.7% year-on-year, with a net profit of 0.75 billion yuan, up 36.0% [4] - Gross margin was 44.6%, down 1.3 percentage points year-on-year, and net margin was 13.7%, up 1.1 percentage points [4]

低温龙头光明乳业（600597）还未走出低谷。近日，光明乳业披露的2025年半年度报告显示，上半年实现营收 124.72亿元，实现归母净利润2.17亿元。这份财报显示出，光明乳业这家老牌乳企与伊利、蒙牛的差距越拉越大。 纵向看，光明乳业的近三年中报营收持续下滑，已退回至2020年同期水平。业内分析人士指出，光明乳业以上海 市场为主，全国市场为辅，其他品类做补充的发展模式，目前来看没有太多的破局方法。 竞争加剧 在国内，2021年，光明乳业曾作价约6.12亿元并购青海小西牛生物乳业股份有限公司(以下简称"小西牛")60%股 权，拓展西部市场。2022年至2024年，小西牛分别实现扣非净利润8718.52万元、7923.28万元、1.04亿元，业绩承 诺完成率分别为103.1%、82.56%、95.22%，三年合计实现扣非净利润2.7亿元，业绩承诺完成率93.32%。小西牛 在业绩承诺期内未能完成业绩承诺的主要原因是乳制品消费短期承压，市场竞争加剧。 光明乳业收获了一份业绩承压的半年报。财报显示，在乳制品行业需求承压、同质化竞争加剧的多重挑战下，光 明乳业报告期内实现营收约为124.72亿元，同比下滑1.9%；实 ...

Group 1: Hong Kong Stock Exchange (388) - Hong Kong Stock Exchange reported revenue of HKD 14.1 billion in H1 2025, a year-on-year increase of 33%[6] - Net profit for H1 2025 reached HKD 8.5 billion, up 39% year-on-year[6] - Daily average trading amount in the cash market reached HKD 222.8 billion, a 122% increase year-on-year[7] - The exchange's EBITDA for H1 2025 was HKD 10.9 billion, with an EBITDA margin of 79%, up 6 percentage points year-on-year[6][10] Group 2: Yili Group (600887) - Yili Group achieved total revenue of RMB 61.93 billion in H1 2025, a year-on-year increase of 3.4%[15] - Net profit for H1 2025 was RMB 7.2 billion, down 4.4% year-on-year, but showed a significant recovery in Q2 with a 44.6% increase[15] - The company’s liquid milk revenue was RMB 36.13 billion, a slight decline of 2.1% year-on-year, while milk powder revenue grew by 14.3%[16] Group 3: Futu Holdings (FUTU) - Futu Holdings reported total revenue of HKD 5.311 billion in Q2 2025, a 69.7% increase year-on-year[23] - The company achieved a net profit of HKD 2.57 billion in Q2 2025, reflecting a 112.7% year-on-year growth[24] - Customer assets reached HKD 973.9 billion, a 68.1% increase year-on-year[26] Group 4: BYD Electronics (0285) - BYD Electronics reported revenue of RMB 80.6 billion in H1 2025, a year-on-year increase of 2.58%[35] - Net profit for H1 2025 was RMB 1.73 billion, up 14% year-on-year[35] - The company’s revenue from the new energy vehicle business grew by 60%, accounting for over 15% of total revenue[35] Group 5: Meili Tianyuan (2373.HK) - Meili Tianyuan achieved revenue of HKD 1.46 billion in H1 2025, a year-on-year increase of 28.2%[42] - The company’s net profit rose by 35.5% to HKD 170 million in H1 2025[42] - Active membership increased significantly, with a 47.8% rise in foot traffic to 920,000 visits in the first half of 2025[43]

中国食品产业分析师朱丹蓬向北京商报记者表示，"光明乳业渐失全国红利，在基础白奶领域，基本上被伊利、蒙 牛两大全国性巨头垄断。虽然低温乳制品、奶酪等细分赛道仍有增长空间，乳企都在布局，光明乳业的主要优势 也在低温领域，但随着君乐宝、新乳业等全国性龙头，燕塘乳业、卫岗乳业、辉山乳业等区域性龙头的不断蚕 食，光明乳业的竞争对手却越来越多"。 低温龙头光明乳业还未走出低谷。近日，光明乳业披露的2025年半年度报告显示，上半年实现营收124.72亿元， 实现归母净利润2.17亿元。这份财报显示出，光明乳业这家老牌乳企与伊利、蒙牛的差距越拉越大。纵向看，光 明乳业的近三年中报营收持续下滑，已退回至2020年同期水平。业内分析人士指出，光明乳业以上海市场为主， 全国市场为辅，其他品类做补充的发展模式，目前来看没有太多的破局方法。 竞争加剧 光明乳业收获了一份业绩承压的半年报。财报显示，在乳制品行业需求承压、同质化竞争加剧的多重挑战下，光 明乳业报告期内实现营收约为124.72亿元，同比下滑1.9%；实现归母净利润约为2.31亿元，同比下滑22.53%。 对于营收和净利润双降的原因，光明乳业在财报中没有说明。但从其披露的上半 ...

周庄/文 国产婴配粉市场，正在孕育新可能。 虽然，当下面临着压力。尼尔森IQ数据披露显示，在今年1-7月，线下婴配粉市场销售额同比下滑2.1%，销量同比下滑3.4%，平均价格同比增长1.3%。 但是，随着生育支持政策体系加速完善，新生儿数量大概率有所提升。这将直接促进婴配粉市场恢复增长。 另外，婴配粉市场超高端化越发显著。尼尔森IQ数据显示，在今年1-4月，婴配粉超高端+市场同比增长13.3%，超高端市场同比下滑4.8%，高端市场同比 下滑14.6%，中高端同比增长2%，中低端市场同比增长2.7%。 从市场占比来看，超高端+市场达到33.2%，超高端市场达到31.2%，高端市场达到24.2%，中高端市场达到8.6%，中低端市场达到2.7%。 家长们越来越愿意为宝宝花钱了。 这是优质国产婴配粉品牌的机遇。"从品质看，国产婴配粉产品和外资品牌产品没有任何差距，尤其是在高端市场。"有知名儿科教授表示。 如此态势，相当利好头部婴配粉公司。 比如飞鹤。8月28日，中国飞鹤发布2025年上半年业绩报告。数据显示，飞鹤实现营收91.5亿元，净利润10.3亿元，现金及现金等价物64.8亿元。 2025年上半年，飞鹤婴配粉全渠 ...

周庄/文 国产婴配粉市场，正在孕育新可能。 虽然，当下面临着压力。尼尔森IQ数据披露显示，在今年1 - 7月，线下婴配粉市场销售额同比 下滑2 . 1%，销量同比下滑3 . 4%，平均价格同比增长1 . 3%。 但是，随着生育支持政策体系加速完善，新生儿数量大概率有所提升。这将直接促进婴配粉 市场恢复增长。 另外，婴配粉市场超高端化越发显著。尼尔森IQ数据显示，在今年1 - 4月，婴配粉超高端+市 场同比增长1 3 . 3%，超高端市场同比下滑4 . 8%，高端市场同比下滑1 4 . 6%，中高端同比增长 2%，中低端市场同比增长2 . 7%。 从市场占比来看，超高端+市场达到3 3 . 2%，超高端市场达到3 1 . 2%，高端市场达到2 4 . 2%， 中高端市场达到8 . 6%，中低端市场达到2 . 7%。 家长们越来越愿意为宝宝花钱了。 这 是 优 质 国 产 婴 配 粉 品 牌 的 机 遇 。 " 从 品 质 看 ， 国 产 婴 配 粉 产 品 和 外 资 品 牌 产 品 没 有 任 何 差 距，尤其是在高端市场。"有知名儿科教授表示。 如此态势，相当利好头部婴配粉公司。 2 0 2 5年上半年，飞 ...

| 作者 | | 观韬 | | --- | --- | --- | | 编辑 | | 小白 | 股息率已超5.5%。 8月28日晚间，中国飞鹤（06186.HK）正式发布2025年半年报，上半年总营收91.5亿，净利润10.33 亿。 万物皆周期，乳制品行业的低谷还会持续多久，没有人有确切答案，但风云君始终认可一个观点：强 者从不抱怨环境。 行业持续承压下，飞鹤是那个强者吗？ 地位： 不仅是中国第一，也是全球第一 从行业层面考察一家公司，聪明的投资者其实只需要问一个问题：它排行老几？也就是我们常听到的 行业竞争格局。 背后是两层含义：第一，只有相对成熟的行业才能持续创造价值，没有投资者喜欢在价格战泥潭里打 滚儿的阶段；第二，行业第一往往位置稳固，强者恒强，成为全行业风向标。 今年上半年， 飞鹤 在婴配粉全渠道市场份额及销量继续稳居第一。 此前 的 中国婴配奶粉市场，飞鹤连续6年销量第一；在全球婴配奶粉市场，连续4年销量第一。 这就是公司的实力，没有因为大环境的起起伏伏而受到侵蚀。 获取并维持万千家庭对品牌的信任，从来不是一件容易的事儿，这当中产品质量是核心。 2006年，飞鹤建成中国婴幼儿奶粉行业完整全产业链 ...

蒙牛乳业(02319)发布公告，于2025年9月1日斥资758.13万港元回购50万股股份。 ...

Market Overview - The market showed strong performance on September 1, with a total trading volume of 2.8 trillion yuan, and the Shanghai Composite Index rose by 0.46% [1] - The ChiNext Index increased by over 2%, and the STAR 50 Index rose by over 1%, marking a positive start for September [1] Fund Performance - The Consumption ETF (159928) experienced a slight decline of 0.23%, with a trading volume exceeding 1.1 billion yuan [1] - The fund saw a significant net subscription of 570 million units, indicating a strong demand, with a cumulative "capital absorption" of over 3.2 billion yuan in the last ten days [1] Economic Indicators - China's economic sentiment continues to expand, with the official manufacturing PMI at 49.4%, non-manufacturing PMI at 50.3%, and composite PMI at 50.5%, showing slight month-on-month increases [5] - Industries such as general equipment and aerospace are showing strong production expectations, with indices above 58% [5] Consumer Sector Insights - The consumer sector is experiencing a recovery in demand supported by liquidity, with the large consumption sector outperforming the broader market [6] - The liquor industry, particularly leading brands, has shown resilience despite market pressures, with Moutai reporting a 7% growth rate, outperforming the industry [6][7] - The China Securities White Liquor Index rose by 11.22% in August, indicating positive market feedback on liquor performance [6] Sector Differentiation - Within the consumer sector, there is a notable divergence among sub-sectors, with functional beverages and snacks showing high growth potential [7] - The dairy sector is expected to improve as raw milk prices decline, leading to a potential recovery in profitability for leading dairy companies [7] - The restaurant supply chain is stabilizing, with sectors like condiments and frozen foods beginning to recover from previous lows [7] New Consumption Trends - The consumer landscape is evolving with new demands for emotional and personalized products, particularly in categories like trendy toys and beauty products [8] - Domestic brands are leveraging innovative business models and channel efficiencies to build strong user ecosystems [8] ETF Composition - The Consumption ETF (159928) has a significant allocation to leading liquor stocks, which account for 32% of the top ten holdings, alongside major players in the agricultural and food sectors [10]