【食品饮料*苏铖】深度:啤酒2025年三季报总结:2024需求韧性仍在,2025关注场景修复

东吴研究所
Nov 07, 2025

食品饮料啤酒2025年三季报总结2024需求韧性仍在,2025关注场景修复投资要点25Q3收入、利润增速环比走弱。2025年分季度收入、利润增速环比走弱,一方面虽基数前高后低、但消费场景受限使得量价表现有所承压,另一方面虽费用投放维持高位、但成本弹性持续释放,整体毛销差仍有改善。具体来看,25Q1-Q3啤酒板块营收617.26亿元,同比+1.99%,归母净利润93.39亿元,同比+10.43%。分...

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