食品饮料行业大众品25年中报总结:龙头韧性凸显 重视牧业、餐饮链估值修复机会

华源证券
Sep 10, 2025

【啤酒】上半年啤酒公司收入端来看,全国性啤酒企业收入利润表现稳健,区域性企业业绩弹性更优,利润端来看,成本下行贡献毛利增长,费率改善逐步释放盈利能力。产品结构高端化升级作为啤酒行业此前盈利主线,在当前宏观环境下有所承压,全国性啤酒企业吨价增速较此前明显收窄,但经营韧性仍在,成本端和费用率的改善则构成了啤酒企业盈利增长的主要贡献。展望后续,我们认为在终端需求逐步复苏预期下,啤酒企业基本面仍具向上空间...

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