食品饮料行业:啤酒旺季平稳 饮料龙头势强

国盛证券
Sep 02, 2025

啤酒:收入环比略降速,成本红利稳兑现A 股:啤酒A+H 股:25H1 行业整体稳健,成本下降稳定贡献利润。啤酒行业25H1 实现营业总收入879.3 亿元,同比-0.5%;实现归母净利润152.3 亿元,同比+5.9%;实现毛利率48.1%,同比+1.3pct,实现净利率18.7%,同比+1.2pct;销售费用率和管理费用率同比分别-0.5/+0.3pct 至15.9%/6.3%。行业层面,啤酒...

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