证券之星消息，8月25日饮料乳品板块较上一交易日上涨1.19%，一鸣食品领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。饮料乳品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605179 | 一鸣食品 | 23.17 | 7.27% | 31.29万 | | 7.16亿 | | 605388 | 均暖健康 | 8.37 | 5.02% | 43.06万 | | 3.54Z | | 300997 | 欢乐家 | 17.64 | 4.69% | - 16.66万 | | 2.91亿 | | 300892 | 品屋食品 | 38.08 | 3.93% | 10.57万 | | 4.03亿 | | 832786 | 骑士乳业 | 11.42 | 3.35% | 20.36万 | | 2.29亿 | | 300898 | 熊猫乳品 | 29.44 | 2.87% | 10.92万 | | 3.19亿 | | ...

证券研究报告 | 公司点评 | 饮料乳品 妙可蓝多(600882) 报告日期：2025 年 08 月 24 日 Q2 工业和餐桌如期快增拉升收入，期待 Q3 业绩高弹性 ——妙可蓝多 25 年中报点评 事件 25H1 公司实现营业收入 25.7 亿元（同比+8.0%），归母净利润 1.3 亿元（同比 +86.3%），扣非归母净利润 1.0 亿元（同比+80.1%），毛利率 30.8%（同比 +0.9pct），净利率 5.2%（同比+2.2pct）。 25Q2 公司实现营业收入 13.3 亿元（同比+9.6%），归母净利润 5057 万元（同比 +53.1%），扣非归母净利润 3751 万元（同比+44.3%），毛利率 30.2%（同比- 0.9pct），净利率 3.8%（同比+1.1pct）。股权激励费用 1869 万元，还原回激励费用 后 25Q2 业绩 6926 万元，24Q2 业绩不追溯蒙牛奶酪，25Q2 业绩同比+95%（24Q2 业 绩追溯蒙牛奶酪，25Q2 业绩同比+110%）。符合预期。 投资要点 ❑ 收入：25H1 B 端餐饮工业和 C 端家庭餐桌的如期快速增长，拉动奶酪业务同增 15%，C ...

证券之星消息，近日天润乳业披露，截至2025年6月30日公司股东户数为2.5万户，较5月20日减少439.0 户，减幅为1.73%。户均持股数量由上期的1.26万股增加至1.28万股，户均持股市值为12.65万元。 在饮料乳品行业个股中，天润乳业股东户数低于行业平均水平，截至6月30日，饮料乳品行业平均股东 户数为4.97万户。户均持股市值方面，饮料乳品行业A股上市公司户均持股市值为37.8万元，天润乳业 低于行业平均水平。 从股价来看，2025年5月20日至2025年6月30日，天润乳业区间跌幅为0.2%，在此期间股东户数减少 439.0户，减幅为1.73%。 | 统计截止日 | 区间股价涨跌幅 | 股东户数 增减 | | | 增减比例 户均持股市值 (元) | | 户均持股数(股) | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -0.20% | 25009 | -439 | -1.73% | | 12.65万 | 1.28万 | | 2025-05-20 | 3.01% | 25448 | -1195 | -4.49% ...

| | 统计截止日 区间股价涨跌幅 股东户数 增减 | | | | 增减比例│户均持股市值（元）│户均持股数 (股) | | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 29.58% | 34343 -10339 | | -23.14% | 45.52万 | 1.49万 | | 2025-03-31 | 22.45% | 44682 | 3237 | 7.81% | 27.00万 | 1.15万 | | 2025-02-28 | 7.49% | 41445 | -2441 | -5.56% | 23.77万 | 1.24万 | | 2024-12-31 | 7.19% | 43886 | -4027 | -8.40% | 20.89万 | 1.17万 | | 2024-09-30 | 33.92% | 47913 | -1786 | -3.59% | 17.85万 | 1.07万 | 证券之星消息，近日妙可蓝多披露，截至2025年6月30日公司股东户数为3.43万户，较3月31日减少1.03 万户，减幅为23.14%。户均持股数量由上期 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603156 | 乔元饮品 | 22.10 | 0.68% | 3.25万 | li | 7115.94万 | | 002946 | 新乳业 | 17.94 | 0.56% | 7.13万 | | 1.27亿 | | 000848 | 承德露露 | 8.97 | 0.22% | 16.44万 | | 1.47亿 | | 600887 | 伊利股份 | 27.69 | 0.18% | 51.13万 | | 14.11亿 | | 300997 | 欢乐家 | 16.85 | 0.18% | 7.38万 | | 1.23亿 | | 300106 | 西部牧业 | 12.42 | 0.08% | 14.51万 | | 1.79亿 | | 300898 | 熊猫乳品 | 28.62 | -0.03% | 5.42万 | | 1.54亿 | | 600597 | 光明乳业 | 8.79 | -0.11% | 14.98万 | | 1.31亿 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience accelerated revenue growth, driven by both consumer (C-end) and business (B-end) segments, with a focus on its cheese strategy and cost control measures [8] - The revenue forecast for 2025-2027 has been slightly adjusted to 5.37 billion, 6.16 billion, and 7.12 billion RMB, reflecting year-on-year growth rates of 10.87%, 14.71%, and 15.58% respectively [8] - The net profit forecast for the same period has been revised to 282.23 million, 382.69 million, and 486.42 million RMB, with corresponding year-on-year growth rates of 148.40%, 35.59%, and 27.10% [8] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 2.567 billion RMB, a year-on-year increase of 7.98%, and a net profit of 133 million RMB, up 86.27% [8] - The company's cheese business has shown comprehensive growth, with total revenue from three major cheese series increasing by 14.85% in the first half of the year [8] - The gross profit margin for the first half of 2025 improved to 30.81%, with a net profit margin of 5.18%, reflecting an upward trend [8][9] Product and Market Strategy - The company is focusing on a dual-driven strategy for both B2C and B2B markets, enhancing its product matrix to cater to various consumer needs and expanding into high-potential channels [8] - New product launches in the ready-to-eat cheese segment and customized products for membership supermarkets are expected to contribute to ongoing revenue growth [8] - The company has implemented a "cost control strategy" that has led to significant improvements in gross sales margins and a reduction in sales expense ratios [8]

证券之星消息，8月21日饮料乳品板块较上一交易日上涨0.49%，品渥食品领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。饮料乳品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300892 | 铝酒食品 | 37.03 | 1.67% | 10.37万 | 3.84亿 | | 605499 | 东鹏饮料 | 302.75 | 1.59% | 2.49万 | 7.54亿 | | 600419 | 天润乳业 | 11.62 | 1.22% | 5.68万 | 6583.11万 | | 600887 | 伊利股份 | 27.64 | 0.66% | 69.91万 | 19.32亿 | | 603156 | 养元饮品 | 21.95 | 0.55% | 2.90万 | 6360.26万 | | 605388 | 均瑶健康 | 8.15 | 0.37% | 38.28万 | 3.13亿 | | 600597 | 光明乳业 | 8 ...

证券之星消息，8月20日饮料乳品板块较上一交易日上涨1.12%，一鸣食品领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。饮料乳品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605179 | 一鸣食品 | 22.91 | 9.99% | 26.37万 | 5.78亿 | | 001318 | 阳光乳业 | 15.32 | 6.17% | 35.45万 | 5.36亿 | | 605388 | 均瑶健康 | 8.12 | 5.32% | 45.57万 | 3.63亿 | | 300892 | 铝酒食品 | 36.42 | 4.48% | 13.93万 | 5.09亿 | | 832786 | 骑士乳业 | 11.65 | 4.11% | 32.03万 | 3.69Z | | 300898 | 熊猫乳品 | 29.17 | 2.82% | 12.36万 | 3.59亿 | | 002329 | 皇氏集团 | 3.92 ...

Group 1: Company Performance - Tongling Nonferrous Metals reported a net profit of 1.441 billion yuan for the first half of 2025, a year-on-year decrease of 33.94% [1] - Sanxia New Materials recorded a net loss of 26.993 million yuan, shifting from profit to loss compared to the previous year [1] - Yiming Foods achieved a net profit of 32.2172 million yuan, an increase of 21.73% year-on-year [1] - Xinyi Chang reported a net profit of 2.6157 million yuan, down 96.05% year-on-year [3] - Neusoft Carrier's net profit was 13.5246 million yuan, a decline of 76.36% year-on-year [4] - Sifang Optoelectronics posted a net profit of 84.1238 million yuan, up 103.41% year-on-year [5] - Ousheng Electric achieved a net profit of 115 million yuan, an increase of 18.52% year-on-year [7] - Xiaoming Co. turned a profit with a net profit of 185 million yuan, compared to a loss of 29.1663 million yuan in the same period last year [9] - Jingbeifang reported a net profit of 119 million yuan, a slight decrease of 0.91% year-on-year [19] - Shengnong Development's net profit surged to 910 million yuan, a remarkable increase of 791.93% year-on-year [19] - Huayou Cobalt's net profit reached 2.711 billion yuan, a year-on-year growth of 62.26% [20] - Xiaogoods City reported a net profit of 1.691 billion yuan, an increase of 16.78% year-on-year [21] Group 2: Industry Overview - Tongling Nonferrous Metals operates in the nonferrous metals industry, focusing on copper [1] - Sanxia New Materials is part of the building materials industry, specifically in glass manufacturing [1] - Yiming Foods is in the food and beverage sector, specializing in dairy products [1][2] - Xinyi Chang operates in the machinery equipment sector, focusing on intelligent manufacturing equipment [3] - Neusoft Carrier is involved in the communication equipment industry [4] - Sifang Optoelectronics is in the machinery equipment sector, focusing on gas sensors and analyzers [5][6] - Ousheng Electric operates in the home appliance sector, specializing in air power and cleaning equipment [7][8] - Xiaoming Co. is in the agriculture and animal husbandry sector, focusing on poultry farming [9] - Jingbeifang operates in the computer software development industry [19] - Shengnong Development is also in the agriculture and animal husbandry sector, focusing on meat processing [19] - Huayou Cobalt is in the nonferrous metals industry, specializing in lithium and cobalt materials [20] - Xiaogoods City operates in the retail sector, focusing on market development and online trading services [21]

Investment Rating - The report indicates a structural investment opportunity in the food and beverage industry, particularly in the beverage, snack, and health product sectors, while suggesting a cautious approach towards the liquor sector, which is currently in a bottoming phase [4]. Core Insights - The heavy investment ratio in the food and beverage sector has significantly decreased, with a total market value of heavy holdings at 243.716 billion yuan, down by 49.483 billion yuan from the previous quarter [1][11]. - The liquor sector continues to see a decline in heavy investment ratios, with the white liquor segment dropping to 2.90%, a decrease of 0.81 percentage points [2][14]. - The report highlights that the food and beverage sector's heavy investment ratio is currently below the five-year average of 7.04%, indicating potential for recovery [1][11]. Summary by Sections Heavy Investment Ratio Analysis - In Q2 2025, the food and beverage sector had 3,146 heavy investment funds, a decrease of 611 funds from the previous quarter, with a heavy investment ratio of 3.38%, down by 0.85 percentage points [1][11]. - The heavy investment market value for the food and beverage sector accounted for 9.39% of the total heavy holdings, a decrease of 1.96 percentage points [13]. Sector Breakdown - The white liquor sector's heavy investment ratio has been on a downward trend, while the snack food sector, excluding leisure foods, has also seen declines [2][14]. - The beverage and dairy sectors experienced slight decreases in heavy investment ratios, with the beverage sector at 0.21% and the food processing sector at 0.05% [17][20]. Individual Stock Analysis - The top ten heavy investment stocks in the food and beverage sector are dominated by white liquor stocks, with seven out of ten positions held by liquor companies, including Guizhou Moutai and Wuliangye [3][29]. - The report notes that the heavy investment ratio for the top ten stocks in the food and beverage sector is 3.09%, a decrease of 0.86 percentage points from the previous quarter [3][29]. Investment Recommendations - The report suggests focusing on structural investment opportunities in the beverage, snack, and health product sectors, while being cautious with the liquor sector, which is expected to stabilize due to low valuations and high dividends [4].