金吾财讯 | 中信建投表示，25年第三季度餐饮板块整体弱复苏，啤酒现饮场景恢复程度相对有限，非现饮表现依然好于现饮，6-10元价格带产品结构升级延续，由于24年三季度受多雨天气、消费力等因素影响，啤酒板块销量承压，因此基数较低，25Q3板块销量表现较Q2略有提振，预计板块Q3收入增速略快于Q2。铝罐、纸箱、大麦成本边际有所上涨，但考虑到啤酒公司基本已经对今年原材料锁价，对Q3利润影响程度有限，预计Q3利润增速与Q2表现类似。
金吾财讯 | 中信建投表示，25年第三季度餐饮板块整体弱复苏，啤酒现饮场景恢复程度相对有限，非现饮表现依然好于现饮，6-10元价格带产品结构升级延续，由于24年三季度受多雨天气、消费力等因素影响，啤酒板块销量承压，因此基数较低，25Q3板块销量表现较Q2略有提振，预计板块Q3收入增速略快于Q2。铝罐、纸箱、大麦成本边际有所上涨，但考虑到啤酒公司基本已经对今年原材料锁价，对Q3利润影响程度有限，预计Q3利润增速与Q2表现类似。
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