食品饮料行业25H1业绩综述:饮料旺销 餐饮链承压

华泰证券
Sep 01

大众品板块表现分化,饮料/啤酒/调味品/乳制品/速冻/休闲食品25Q2 营收同比+22.8%/+1.8%/+4.5%/+3.5%/+2.6%/-0.3% , 扣非净利润同比+18.3%/+11.5%/+10.3%/ +43.7%/-23.6%/-61.2%。软饮料实现旺季旺销,成本红利与竞争压力对冲后盈利能力稳定;乳制品25H1 收入表现平淡,但板块盈利能力同比提振;啤酒因政策因素导致Q2 需求...

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