[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Title] 奶酪主业增长稳健，H1 归母净利+86% ——妙可蓝多 2025 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2025 年中报。2025 年上半年，公司实现总收入 25.67 亿元 （+7.98%），归母净利 1.33 亿元（+86.27%），扣非归母净利 1.02 亿元 （+80.10%）。2025Q2，公司实现总收入 13.34 亿元（+9.62%），归母净利 0.51 亿元（+53.06%），扣非归母净利 0.38 亿元（+44.29%）。 奶酪主业增长稳健，餐饮工业系列增速领先 1）奶酪主业增长稳健。2025H1，公司奶酪、贸易、液态奶业务收入分别为 21.36、2.30、1.87 亿元，同比增长 14.85%、3.69%、0.63%，奶酪业务收 入占主营业务收入比例由去年同期的 82.02%进一步增长至 83.67%。 2）奶酪业务收入同比、环比持续增长。2025Q2，公司奶酪、贸易、液态奶 业务收入分别为 11.06、1.29、0.92 亿元，奶酪业务收入同比、环比 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 金徽酒(603919)公司点评报告 2025 年 08 月 25 日 [Table_Title] 稳健经营夯实底盘，中高端产品增速领先 ——金徽酒 2025 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2025 年中报。2025 年上半年，公司实现总收入 17.59 亿元 （+0.31%），归母净利 2.98 亿元（+1.12%），扣非归母净利 2.90 亿元（- 4.05%）。2025Q2，公司实现总收入 6.51 亿元（-4.02%），归母净利 0.64 亿元（-12.78%），扣非归母净利 0.58 亿元（-27.25%）。 300 元以上产品增速持续领先，100 元以下产品收入规模持续缩减 1）300 元以上产品增速持续领先，100 元以下产品收入规模持续缩减。 2025H1，公司 300 元以上、100-300 元、100 元以下产品收入分别为 3.80、 9.69、3.66 亿元，同比+21.60%、+8.93%、-29.78%；25Q2，公司 300 元 以上、100-300 元、100 元 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 口子窖(603589)公司点评报告 2025 年 08 月 25 日 [Table_Title] 二季度承压，静待后续改善 ——口子窖 2025 年中报点评 [Table_Summary] 事件 公司公告 2025 年中报。25H1，公司实现总营收 25.31 亿元，同比-20.07%， 归母净利 7.15 亿元，同比-24.63%，扣非归母净利 6.98 亿元，同比-24.90%。 25Q2，公司实现总营收 7.21 亿元，同比-48.48%，归母净利 1.05 亿元，同 比-70.91%，扣非归母净利 0.91 亿元，同比-73.41%。 上半年整体承压，电商渠道增长 1）白酒整体承压、行业分化等影响，上半年及二季度公司销量同比下滑。 25H1，公司高档/中档/低档白酒收入分别为 23.85/0.32/0.68 亿元，同比分 别-19.80%/-10.82%/-2.59%，其中高档白酒收入下滑幅度较大。25Q2，公 司高档/中档/低档白酒收入分别为 6.57/0.12/0.29 亿元，同比分别-49.64%/- 7.68%/+7 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a total revenue of 307 million yuan in H1 2025, representing a year-on-year increase of 17.60%, and a net profit attributable to the parent company of 108 million yuan, up 59.01% [1] - The growth in revenue is primarily driven by the domestic market, with domestic product sales increasing by 28.66% year-on-year, while overseas product sales grew by 2.38% [2] - The company's gross margin improved to 49.68% in H1 2025, an increase of 7.59 percentage points year-on-year, attributed to enhanced production efficiency and cost optimization [3] - The demand for ARA and DHA, key products of the company, is expected to grow due to the implementation of new national standards for infant formula and the expiration of major patents held by competitors [4] Summary by Sections Financial Performance - In H1 2025, the company achieved a gross profit margin of 49.68%, with a net profit margin of 35.19%, reflecting strong operational efficiency [3] - The company’s sales expenses decreased by 24.32% year-on-year, while management expenses increased by 21.84% due to acquisition-related costs [3] Market Opportunities - The new national standards for infant formula, effective from February 22, 2023, are expected to drive demand for ARA and DHA [4] - The expiration of DSM's major patents in June 2023 presents an opportunity for the company to increase its market share in overseas ARA sales [4] - The Omega-3 market, particularly for DHA, is expanding into functional foods and clinical nutrition, indicating strong demand across various consumer segments [4] Profit Forecast - The company is projected to achieve net profits of 175.21 million yuan, 212.09 million yuan, and 251.48 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 41.06%, 21.05%, and 18.57% [5]

从获买入评级个股所属Wind行业来看，材料Ⅱ、半导体与半导体生产设备、食品、饮料与烟草买入评 级个股数量最多，分别有46只、13只、12只。 从评级调整方向来看，138只个股评级维持不变，7只个股为首次评级。此外，有29只个股获多家券商关 注，吉比特、北新建材、福耀玻璃获评级数量居前，分别有6家、4家、4家券商给予评级。 南方财经8月21日电，Wind数据显示，8月20日，共有145只个股获券商买入评级，其中39只个股公布了 目标价格。按最高目标价计算，云天化、梅花生物、纳芯微目标涨幅排名居前，涨幅分别达53.88%、 48.92%、41.96%。 ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [4] Core Viewpoints - The food and beverage sector in A-shares has underperformed compared to major indices, with a 1.11% increase over the past two weeks, lagging behind the Shanghai Composite Index by 2.73 percentage points [12] - The retail sales in July showed a year-on-year growth of 3.7%, indicating a slight slowdown compared to June [3] - The report highlights the resilience of high-end liquor companies and the growing interest in various segments such as craft beer and health-oriented products [56][57] Summary by Sections Market Review - In the last two weeks (August 4 - August 15), the A-share food and beverage industry rose by 1.11%, underperforming the Shanghai Composite Index by 2.73 percentage points, the Shenzhen Component Index by 4.74 percentage points, and the CSI 300 Index by 2.53 percentage points [12] - Year-to-date, the A-share food and beverage industry has decreased by 6.11%, again underperforming major indices [12] - Among sub-sectors, baked goods (+3.45%), snacks (+3.41%), and seasoning products (+2.98%) saw the highest gains, while dairy products (-1.26%), soft drinks (-0.23%), and pre-processed foods (-0.01%) experienced declines [12] Key Data Tracking - The average price of fresh milk in major production areas is 3.02 yuan/kg, down 5.9% year-on-year [35] - The national market price for pork is 25.16 yuan/kg, down 18.1% year-on-year [38] - The price of PET for water bottles is 6,100 yuan/ton, down 12.0% year-on-year [38] Key Events Tracking - Retail sales in July totaled 38,780 billion yuan, with a year-on-year growth of 3.7% [3] - Major liquor companies are entering the craft beer market, with new products launched by Wuliangye and Zhenjiu [3] - The Chinese coffee market is projected to reach approximately 1,461 billion yuan by 2025, with ready-to-drink coffee expected to maintain high double-digit growth [3] Important Company Announcements - Kweichow Moutai reported a 9.16% increase in revenue for the first half of 2025, totaling 910.94 billion yuan [55] - Chongqing Beer reported a slight decline in revenue for the same period, with total revenue of 88.39 billion yuan, down 0.24% [55] Investment Recommendations - Focus on high-end liquor companies with strong brand and distribution capabilities, such as Kweichow Moutai and Wuliangye [56] - In the consumer goods sector, there is growing interest in yellow wine, beer, and health-oriented snacks [57]

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has resumed selling its major holdings in Apple and reduced its stake in Bank of America while making significant investments in UnitedHealth and revealing new positions in Nucor and two real estate stocks [1][7][10][13]. Group 1: Changes in Holdings - Berkshire sold 20 million shares of Apple, reducing its stake by 6.67%, with the market value decreasing by $4.1 billion, bringing the total shares held to approximately 280 million [7][9]. - The stake in Bank of America was reduced by about 26.3 million shares, a decrease of 4.71%, with a market value drop of $1.24 billion, while the holding percentage slightly increased to 11.12% [10][11]. - Berkshire completely exited its position in T-Mobile, selling 3.88 million shares [12]. Group 2: New Investments - Berkshire made a significant investment in UnitedHealth, acquiring approximately 5.04 million shares valued at about $1.57 billion, making it the 18th largest holding [13][14]. - The company also initiated positions in Nucor, purchasing 6.61 million shares valued at approximately $857 million, and in Lennar, acquiring about 7.05 million shares valued at around $780 million [2][3][4]. - Additionally, Berkshire bought over 1.48 million shares of D.R. Horton, valued at approximately $191 million [5]. Group 3: Portfolio Overview - Among the top ten holdings, Chevron was the only stock that saw an increase, with Berkshire adding 3.45 million shares, although its holding percentage decreased to 6.79% due to a drop in stock price [17]. - The top ten holdings remained largely unchanged, with Apple, American Express, and Bank of America being the top three [18][22].

今日（8.14）大盘全天冲高回落，沪指突破3700点后震荡回调收跌。规模领先的消费ETF（159928）收 跌0.12%，全天成交额超4.4亿元！资金面上，全天获净申购5600万份，近10日累计"吸金"超8.5亿元！截 至8月13日，消费ETF（159928）最新规模超135亿元，同类遥遥领先！ 消费ETF（159928）标的指数成分股多数飘绿：伊利股份跌超1%，五粮液、牧原股份、山西汾酒、泸 州老窖微跌；贵州茅台微涨。 （2）服务业经营主体贷款， 2025年3月16日至2025年12月31日期间，餐饮住宿、健康、养老、托育、 家政、文化娱乐、旅游、体育等8类消费领域经营主体签订贷款合同并放款，可享受贴息。贴息利率为 年化1%，贴息期限不超过1年，单户享受最高贴息金额1万元（对应贴息贷款最高规模100万元）。贷款 资金须用于开展经营、提升服务供给、改善消费基础设施，严禁用于房地产开发或投资、理财等套利活 动。 （来源：光大证券20250814《财政贴息提振消费，助力零售信贷扩张》） 【白酒头部集中，商务修复仍有机会】 港股新消费飘红，新消费"纯"度更高的港股通消费50ETF（159268）收涨0.29%。热门 ...

Group 1 - The Shanghai Composite Index broke through the previous high of 3674 points, reaching a new high of 3688.63 points since December 13, 2021, after 210 trading days [1] - The total trading volume of the Shanghai and Shenzhen markets exceeded 2 trillion yuan, marking a significant increase [1] - The Consumer ETF (159928) saw a net subscription of 286 million units, accumulating nearly 760 million yuan in the last 10 days, with a total scale exceeding 13.2 billion yuan [1] Group 2 - The Hong Kong Stock Connect Consumption 50 ETF (159268) rose by 0.99%, with most popular constituent stocks showing gains [3] - The joint issuance of personal consumption loan interest subsidy policies by three departments aims to stimulate consumer spending in key areas [5] - Guizhou Moutai reported a revenue increase of 9.2% year-on-year, reaching 91.1 billion yuan, with a net profit growth of 8.9% to 45.4 billion yuan [5] Group 3 - Zheshang Securities indicated that the A-share market is currently experiencing its first "systematic slow bull" since 2005, driven by improved risk appetite and declining risk-free interest rates [6] - The white liquor sector is actively innovating to meet diverse consumer demands, with expectations of valuation recovery amid ongoing market sentiment [7] - The consumer ETF (159928) has a significant weight in its top ten constituent stocks, with 68% of the weight coming from key sectors like liquor and agriculture [9]

Group 1 - On August 11, a total of 45 stocks received buy ratings from brokerages, with 4 stocks announcing target prices [1] - Based on the highest target prices, Yanjing Beer, Huafeng Chemical, and others ranked highest in target price increase, with increases of 30.06%, 22.92%, and 21.91% respectively [1] - Among the rated stocks, 37 maintained their ratings, 1 stock had an upgraded rating, and 7 stocks received their first ratings [1] Group 2 - Seven stocks received attention from multiple brokerages, with Yanjing Beer, Boyuan Chemical, and Yingliu Co. leading in the number of ratings, receiving 5, 2, and 2 ratings respectively [1] - The sectors with the most stocks receiving buy ratings include Materials II, Semiconductors and Semiconductor Equipment, and Food, Beverage, and Tobacco, with 7, 6, and 6 stocks respectively [1]