2H25收入增势有望延续，利润率改善趋势有望延续 虽下半年进入饮料销售旺季市场竞争有所加剧，该行认为公司整体动销态势较为稳健，同时叠加焕神、 无糖茶、电解质水等新品表现亮眼，公司亦积极推动一元乐享等加强消费者沟通的促销方式，该行预计 下半年公司饮料增长势头有望延续，食品板块各产品亦保持较好增速态势，该行预计下半年将维持。利 润率端，该行预计下半年毛利率延续提升趋势，同时公司亦注重产品结构提升及稼动率，费用投入根据 市场竞争状态动态调整，但公司将持续致力于提升费用使用效率，该行预计下半年利润率持续提升，全 年公司利润有望实现高增。 2Q25公司饮料业务因逐渐步入旺季市场竞争激烈，该行预计饮料收入增速放缓，分品类看该行预计冰 红茶主要承压，主要受竞争对手均开始布局冰红茶类似含糖茶品类致竞争加剧影响，而统一绿茶、奶茶 延续健康增长趋势，该行预计整体1H25饮料业务收入同比实现中高个位数增长。食品方面，该行预计 2Q实现中高个位数增长，整体表现稳健延续1Q趋势，其中汤达人增速自1Q转正以来继续维持正增长， 茄皇表现持续亮眼，红烧牛肉面及老坛酸菜延续Q1发展趋势。整体看，该行预计公司1H25收入同比高 个位数增长，饮料 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report emphasizes the need for companies to strengthen their internal capabilities while actively seeking new growth avenues. It highlights three main investment themes in the liquor segment: leading brands, sustained dividends, and recovery beneficiaries [1]. - In the consumer goods sector, the focus is on identifying high-growth and strong recovery opportunities, with specific companies recommended for investment based on their growth potential and market positioning [1]. Summary by Relevant Sections Liquor Segment - Leading brands such as Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Gujing Gongjiu are expected to continue gaining market share [1]. - Companies like Yingjia Gongjiu and Jinshiyuan are highlighted for their high certainty in regional markets, while flexible stocks benefiting from recovery include Luzhou Laojiao and Shui Jing Fang [1]. Consumer Goods Segment - Companies like Salted Fish, Haoxiangni, and Dongpeng Beverage are noted for their high growth potential, while Qingdao Beer and Haitian Flavor Industry are expected to benefit from policy support and recovery improvements [1]. - The report mentions that companies are actively exploring new growth curves while maintaining their operational advantages [1]. Company-Specific Insights - Unified Enterprises China is launching new products in both beverages and food, indicating a stable operational performance [2]. - Haitian Flavor Industry is set to benefit from domestic demand stimulation and has clear overseas expansion goals, positioning it well for future growth [2]. - Good Idea is expanding its product categories while improving its core business, indicating a positive trend in operational performance [2]. - Zhou Hei Ya is focusing on enhancing store efficiency and exploring new markets, which may lead to a new growth trajectory [3]. - Hengshun Vinegar Industry is strengthening brand marketing and expanding distribution channels, which is expected to support steady growth [3]. - Qiaqia Food is under short-term cost pressure but is innovating in product categories to explore new opportunities [3]. - Guyue Longshan is increasing product prices and focusing on cross-industry innovations, aiming for sales growth of over 6% in 2025 [6].

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