食品饮料行业 超配 （维持） 白酒加速出清，大众品结构分化 食品饮料行业 2025 年半年度业绩综述 2025 年 9 月 4 日 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料（申万）指数走势 相关报告 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 业 绩 综 述 行 业 研 究 证 券 研 究 报 告 目 录 | 1.食品饮料行业 2025 年上半年业绩概述 | 4 | | --- | --- | | 1.1 上半年行业营收实现个位数增长，利润同比下降 | 4 | | 1.2 上半年行业内细分板块业绩表现分化 | 4 | | 2.白酒板块：业绩承压，加速出清 | 5 | | 2.1 白酒板块 Q2 业绩同比下降 | 5 | | 2. ...

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is leveraging new marketing strategies and product diversification to navigate challenges in the traditional dairy industry and expand its market presence [2][3]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle farming. Its product range includes pasteurized milk, sterilized milk, and fermented dairy products under brands such as "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2][8]. - The company was established on April 25, 2000, and went public on October 31, 2017. It is headquartered in Lanzhou, Gansu Province [8]. Financial Performance - For the first half of 2025, the company reported revenue of 420 million yuan, a year-on-year decrease of 1.31%. The net profit attributable to shareholders was -27.67 million yuan, an increase of 68.50% compared to the previous year [9]. - The company's main business revenue composition includes liquid milk and dairy products at 92.63%, livestock farming at 4.60%, and others at 2.77% [9]. Market Strategy - The company has implemented a series of integrated marketing strategies, including promoting new products through tourism routes and leveraging social media platforms for marketing. This approach aims to enhance brand awareness and drive sales [2][3]. - The company has also entered the pet food market with its brand "Safiyy," which features a unique "milk beef" ingredient, targeting new growth opportunities [3]. Market Position - Lanzhou Zhuangyuan Pasture has established itself as a leading dairy product company in Gansu and Qinghai, holding a market share of approximately 20% [3]. - The company is a state-owned enterprise, ultimately controlled by the Gansu Provincial Government's State-owned Assets Supervision and Administration Commission [4]. Shareholder Information - As of June 30, 2025, the number of shareholders was 20,800, a decrease of 17.22% from the previous period. The average circulating shares per person increased by 20.81% to 8,237 shares [9]. - The company has distributed a total of 64.69 million yuan in dividends since its A-share listing, with 12.19 million yuan distributed over the past three years [10].

9月4日，三元股份盘中上涨2.07%，截至13:13，报4.94元/股，成交5788.10万元，换手率0.79%，总市值 74.55亿元。 资金流向方面，主力资金净流出530.00万元，特大单买入130.94万元，占比2.26%，卖出0.00元，占比 0.00%；大单买入440.38万元，占比7.61%，卖出1101.32万元，占比19.03%。 截至6月30日，三元股份股东户数3.45万，较上期减少10.14%；人均流通股43384股，较上期增加 11.29%。2025年1月-6月，三元股份实现营业收入33.31亿元，同比减少13.52%；归母净利润1.83亿元， 同比增长42.65%。 分红方面，三元股份A股上市后累计派现3.17亿元。近三年，累计派现1.04亿元。 机构持仓方面，截止2025年6月30日，三元股份十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股741.02万股，相比上期增加62.49万股。 责任编辑：小浪快报 三元股份今年以来股价涨12.58%，近5个交易日涨1.44%，近20日涨6.24%，近60日涨6.74%。 资料显示，北京三元食品股份有限公司位于北京市大兴区瀛海瀛昌 ...

9月4日，新乳业盘中上涨2.13%，截至09:53，报18.20元/股，成交2922.73万元，换手率0.19%，总市值 156.64亿元。 资金流向方面，主力资金净流入52.58万元，大单买入180.55万元，占比6.18%，卖出127.97万元，占比 4.38%。 新乳业今年以来股价涨27.94%，近5个交易日跌1.73%，近20日涨4.30%，近60日跌8.17%。 今年以来新乳业已经1次登上龙虎榜，最近一次登上龙虎榜为4月10日，当日龙虎榜净买入6708.16万 元；买入总计1.39亿元 ，占总成交额比27.48%；卖出总计7234.20万元 ，占总成交额比14.26%。 资料显示，新希望乳业股份有限公司位于四川省成都市锦江区金石路366号新希望中鼎国际2栋8楼2号， 成立日期2006年7月5日，上市日期2019年1月25日，公司主营业务涉及从事乳制品及含乳饮料的研发、 生产和销售。主营业务收入构成为：液体乳92.22%，其他7.11%，奶粉0.67%。 新乳业所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：融资融券、基金重仓、中盘、 社区团购、多胎概念等。 截至8月29日，新乳业股东户数 ...

行 业 周 报 食品饮料（申万）指数走势 食品饮料行业 超配（维持） 食品饮料行业双周报（2025/08/15-2025/08/28） 业绩表现分化，关注白酒旺季动销反馈 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 相关报告 证 券 研 究 报 告 ◼ 行情回顾：2025年8月15日-2025年8月28日，SW食品饮料行业指数整体 上涨3.04%，板块涨幅位居申万一级行业第二十一位，跑输同期沪深300 指数约3.92个百分点。细分板块中，多数细分板块跑输沪深300指数。其 中，其他酒类板块上涨7.50%，板块涨幅最大；肉制品板块跌幅最大，为 -0.73%。 ◼ 行业周观点：业绩表现分化，关注白酒旺季动销反馈。白酒板块：从白 酒目前公布的业绩来看，内部表现分化。其中，贵州茅台上半年业绩稳 健增长，彰显品牌韧性。水井坊、洋河股份、今世缘等业绩同比均出现 不同程度下滑 ...

Company Incentive Plan - The company announced an incentive plan granting a total of 134 individuals, with a total of 6.0975 million restricted stocks, accounting for approximately 1.5% of the company's total share capital of about 408 million shares [1] - The grant price for the restricted stocks is set at 4.26 yuan per share, allowing recipients to purchase the stocks at this price upon meeting the grant conditions, with a maximum validity period of 48 months [1] Revenue Composition - For the year 2024, the company's revenue composition is as follows: dairy industry accounts for 55.4%, beverage industry for 34.61%, other industries for 9.72%, and other business activities for 0.28% [1]

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is actively engaging in various marketing strategies and initiatives to enhance brand awareness and sales, while also contributing to rural revitalization efforts in line with national policies [2][3]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle farming. Its product range includes pasteurized milk, sterilized milk, and fermented milk, marketed under brands such as "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2][3]. - The company is a state-owned enterprise, ultimately controlled by the Gansu Provincial Government's State-owned Assets Supervision and Administration Commission [4]. Financial Performance - For the first half of 2024, the company reported a revenue of 420 million yuan, a year-on-year decrease of 1.31%. The net profit attributable to shareholders was -27.67 million yuan, showing a year-on-year increase of 68.50% [9]. - The company has distributed a total of 64.69 million yuan in dividends since its A-share listing, with 12.20 million yuan distributed over the past three years [10]. Market Position and Strategy - The company has a market share of 20% in the dairy product sector in Gansu and Qinghai, positioning itself as a leading player in the region [3]. - The company has implemented a series of integrated marketing strategies, including collaborations with local tourism routes and online promotions through KOLs and live streaming to boost sales and brand visibility [2][3]. Shareholder Information - As of June 30, 2025, the number of shareholders was 20,800, a decrease of 17.22% from the previous period, with an average of 8,237 circulating shares per person, an increase of 20.81% [9].

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is actively implementing marketing strategies and supporting rural revitalization while maintaining a strong market presence in the dairy industry, particularly in the northwest region of China [2][3]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, with a product range that includes pasteurized milk, sterilized milk, and fermented milk [2][9]. - The company was established on April 25, 2000, and went public on October 31, 2017. It is headquartered in Lanzhou, Gansu Province [9]. Financial Performance - For the first quarter of 2025, the company reported revenue of 210 million yuan, a year-on-year decrease of 6.61%, while the net profit attributable to shareholders was -25.95 million yuan, an increase of 41.85% year-on-year [9]. - The company's main revenue sources include sterilized milk (40.89%), flavored milk (25.17%), and fermented milk (22.31%) [9]. Market Position - The company holds a market share of 20% in the dairy product sector in Gansu and Qinghai, positioning itself as a leading player in the region [3]. - The company has been focusing on quality and safety in its products, adhering to a balanced development strategy that aligns market development with supply capabilities [3]. Marketing Strategies - The company has implemented various marketing strategies, including integrating new products with tourism routes and leveraging social media platforms for promotion [2]. - It has developed online sales channels for local specialties and expanded offline presence in cities like Tianshui and Lanzhou [2]. Industry Context - The company is classified as a state-owned enterprise, with its ultimate control held by the Gansu Provincial Government [4]. - It operates within the broader context of ecological agriculture, rural revitalization, and state-owned enterprise reform [9].

Core Viewpoint - New Hope Dairy has shown a positive stock performance with a year-to-date increase of 31.04% and a recent rise of 5.49% over the past five trading days [1] Financial Performance - For the first quarter of 2025, New Hope Dairy reported a revenue of 2.625 billion yuan, reflecting a year-on-year growth of 0.42%, while the net profit attributable to shareholders was 133 million yuan, marking a significant increase of 48.46% [2] Stock Market Activity - As of August 26, New Hope Dairy's stock price was 18.64 yuan per share, with a total market capitalization of 16.043 billion yuan. The stock experienced a trading volume of 97.734 million yuan and a turnover rate of 0.62% [1] - The company has seen a net inflow of main funds amounting to 263,200 yuan, with significant buying and selling activities recorded [1] Shareholder Information - As of August 20, the number of shareholders for New Hope Dairy was 16,800, a decrease of 3.93% from the previous period, with an average of 50,568 circulating shares per shareholder, which is an increase of 4.10% [2] - The company has distributed a total of 676 million yuan in dividends since its A-share listing, with 448 million yuan distributed over the past three years [3] Institutional Holdings - As of March 31, 2025, notable institutional shareholders include China Europe Value Select Mixed A, which increased its holdings by 1.972 million shares, and Huashan Anxin Consumer Mixed A, which reduced its holdings by 878,900 shares [3]

Investment Rating - The industry investment rating is "Recommended" (maintained) [5][28]. Core Views - The report highlights that the liquor sector is experiencing a steady performance from leading brands, with a focus on valuation recovery in growth segments. The recent market liquidity has led to an increase in valuations, with the food and beverage sector rising by 3.29% last week. The report suggests paying attention to the liquor sector, which has seen significant declines, and new consumer stocks with high growth potential [5][28]. - The report indicates that the demand for liquor has been under pressure since the second quarter due to a ban on alcohol, but the marginal impact of policies is expected to gradually narrow. The report emphasizes that the liquor sector is likely to see a valuation recovery ahead of fundamental improvements [5][28]. Summary by Sections Recent Market Trends - The food and beverage index increased by 3.29% last week, ranking eleventh among all sectors. The sub-sectors with the highest gains included other liquors (+8.21%), soft drinks (+5.06%), and liquor (+3.62%). Conversely, meat products saw a decline of 1.01% [13][28]. - Notable individual stock performances included a 25.10% increase for Jiu Gui Jiu and a 13.26% rise for Bai Run Co [13][28]. Liquor Sector Insights - The report notes that liquor production from January to July 2025 totaled 2.146 million kiloliters, a year-on-year decrease of 5.2%. In July alone, production was 236,000 kiloliters, down 8.9% year-on-year [24][28]. - The report recommends focusing on the following liquor stocks: She De Jiu Ye (for rebound potential), regional leaders Shanxi Fen Jiu, Guo Jing Gong Jiu, and high-end brands like Guizhou Moutai and Luzhou Laojiao [5][28]. Consumer Goods Sector Insights - The consumer goods sector, driven by new retail formats and product categories, shows promising growth potential. For instance, Salted Fish Co reported a revenue of 2.941 billion yuan in H1 2025, a year-on-year increase of 19.58% [5][28]. - The report also highlights the performance of Miao Ke Lan Duo, which achieved a revenue of 256.72 million yuan, with a 14.85% growth in its cheese business [5][28]. Key Company Performance - The report provides a detailed earnings forecast for key companies, including: - Guizhou Moutai: Expected EPS of 74.38 yuan in 2025, with a PE ratio of 19.7 [30]. - Salted Fish Co: Expected EPS of 2.93 yuan in 2025, with a PE ratio of 24.5 [30]. - Miao Ke Lan Duo: Expected EPS of 0.42 yuan in 2025, with a PE ratio of 64.7 [30].