东吴证券研报指出，重庆啤酒25H1归母净利润8.65亿元，同比-4.03%，其中25Q2归母净利润3.92亿元，同比-12.70%。乐堡、乌苏韧性增长，量价表现平稳。上半年面临消费弱β，同时啤酒市场竞争更为激烈，公司积极拥抱变化、强化执行，量价表现相对稳健。乐堡、乌苏、嘉士伯、风花雪月品牌均有所增长，重庆、大理品牌小幅下滑。短期来看，当前餐饮表现偏弱、流通相对稳健，整体啤酒量价有所承压、但韧性仍在；二季度末以来主动权益基金持仓处于相对低位，关注消费β后续修复及重啤经营节奏。中长期来看，公司将继续推进“扬帆27”和“嘉速扬帆”战略重点项目，以“6+6”品牌组合为依托，加快渠道精耕细作，进一步强化产品高端化动能。当前基本面、资金面均处于低位，关注消费β后续修复及重啤经营节奏。维持“增持”评级。
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