食品饮料行业2025年报%262026年一季报总结：底部信号渐明

目 录TOC\o"1-2"\h\z\u一、食品饮料行业底信号渐明 5（一）酒块行速探，台性显 5（二）众板：底部苏龙改明确 14二、投资建议：白筑分化，大众品业绩王 27三、风险提示 27图表目录图表1 酒块入业绩速 5图表2 酒块款其增速 5图表3 酒块司2025A、2026Q1入归利润况单位亿） 5图表4 酒块司25A26Q1季收利增速 7图表5 酒市司25年量增情况 8图表6 酒块司金回及变（位亿元） 9图表7 酒块司度末收目其动 9图表8 酒块司度末收目其动 10图表9 酒块司营性金净及变动 10图表10 白板公季度利及变动 图表11 白板公季度金附率其动 12图表12 白板公季度售用&管用率 12图表13 白板公季度母利及变动 13图表14 主酒企2025年分率计 14图表15 主酒股率TTM统计 14图表16 大品26Q1收/业同+7.4%/+14.0% 15图表17 大品分块营表分化 15图表18 大品部要原料本续行 15图表19 大品块司2025A、2026Q1收及母净润况单：元） 17图表20 大品块单季收及母利情况单:元） 18图表21 大品块司25Q4+26Q1收及母利润况单：元） 18图表22 大品块分季现回/业入 19图表23 大品块分季存情分（位：万） 20图表24 大品块分季经性金/21图表25 大品块分季毛率况 22图表26 大品块分季销费率况 23图表27 大品块分季管费率 25图表28 大品块分季归净率 26图表29 国重标值表 28图表30 SW品料业史PE-band 29图表31 SW品料业PB-band 29一、食品饮料行业：底部信号渐明2525Q4（一）白酒板块：行业加速探底，茅台韧性凸显行业整体：25年降速出清，26Q1高端酒相对稳健、多数酒企延续双位数下滑。2525归母净利润分别为3584.2/1266.218.3%/24.1%。Q4/710.7亿元/189.7度降幅加大、加速出清。全年调整较多主要系白酒需求整体仍承压，酒企理性认识行业状态，帮助渠道纾压，保障春节良性经营。酒企产品结构普遍下移，叠加增加渠道费用支持，利润降幅高于收入。Q126Q11318.0520.6/15.3%/22.8%。酒企主动降低回款要求，剔除茅五影响后、回款表现好于收入端。26Q1/6.5%、图表1 白酒板块收入业绩增速 图表2 白酒板块回款其增速1,6001,4001,2001,0008006004002000

60%40%20%0%-20%-40%-60%

1,8001,6001,4001,2001,0008006004002000

50%40%30%20%10%0%-10%-20%-30%18Q118Q318Q118Q319Q119Q320Q120Q321Q121Q322Q122Q323Q123Q324Q124Q325Q125Q326Q1证券简称25收入收入增速25净利润利润增速26Q1收入收入增速26Q1净利润利润增速贵州茅台证券简称25收入收入增速25净利润利润增速26Q1收入收入增速26Q1净利润利润增速贵州茅台1,688.4-1.2%823.2-4.5%539.16.5%272.41.5%五粮液405.3-54.6%89.5-71.9%228.433.7%80.682.6%泸州老窖257.3-17.5%108.3-19.6%80.3-14.2%37.1-19.3%高端2,351.0-19.3%1,021.1-22.4%847.710.0%390.18.8%舍得酒业44.2-17.5%2.2-35.5%14.8-6.0%2.3-33.1%酒鬼酒11.1-22.2%-0.3-371.8%3.2-7.8%0.34.6%水井坊30.4-41.8%4.1-69.7%8.2-14.9%1.7-10.1%扩张型次高端85.6-28.6%5.9-65.0%26.1-9.2%4.4-23.3%山西汾酒387.27.5%122.50.0%149.2-9.7%53.8-19.0%洋河股份192.1-33.5%22.1-66.9%81.9-26.0%24.5-32.7%今世缘101.8-11.8%26.0-23.7%43.2-15.2%13.8-15.8%古井贡酒188.3-20.1%35.5-35.7%74.5-18.6%16.1-31.0%口子窖39.9-33.7%6.7-59.3%13.8-24.0%3.3-46.2%迎驾贡酒60.2-18.0%19.9-23.3%22.38.9%8.30.7%老白干酒41.2-23.1%4.3-45.4%12.24.5%1.78.6%基地型次高端1,010.7-14.9%236.9-27.9%397.0-15.3%121.5-23.3%金种子酒7.2-22.0%-2.0-22.9%1.9-35.7%-0.2-60.8%金徽酒29.2-3.4%3.5-8.7%10.9-1.5%2.0-12.5%天佑德酒11.0-12.2%0.0-89.8%4.1-5.9%0.5-28.2%伊力特17.2-21.8%2.2-24.3%6.1-23.8%1.0-27.3%顺鑫农业72.2-20.8%-1.5-165.9%24.1-26.0%1.2-59.0%中低档136.9-17.2%2.2-67.5%47.1-20.1%4.6-33.5%合计3,584.2-18.3%1,266.2-24.1%1,318.0-0.7%520.6-1.7%具体分子板块看：Q4集中释放压力，Q1茅台率先恢复正增长。25Q4/26Q1-32.4%/+10.0%-40.8%/+8.8%，Q4Q1i贵州茅台26Q1/6.5%/1.5%，i215.5恢复正增长，市场化首季告捷亦对改革信心有所提振。五粮液26Q1营收/利润同增33.7%/82.6%25泸州老窖26Q1营收/2525Q4/26Q1Q4山西汾酒26Q1营收20优秀。洋河股份26Q1/26.0%/32.7%+今世缘26Q1/15.2%/15.8%，K古井贡酒26Q1营收/口子窖26Q1/24%/46.2%，825Q4/26Q131.4%/9.2%27.9%/23.3%，Q1舍得酒业26Q1/6.0%/33.1%40%+（水井坊26Q1营收/250-3002-3酒鬼酒26Q17.8%0.3亿元，Q125Q4/26Q1金种子酒26Q135.7%，顺鑫农业26Q1营收/降26.0%/59.0%，光瓶酒龙头亦面临升级置换压力。金徽酒26Q1营收/利润同降1.512.52Q15.23.8，28.2%/27.3%图表4 白酒板块公司25A、26Q1分季度收入利增速证券简称营收:同比归母净利润:同比25Q125Q225Q325Q425A26Q125Q125Q225Q325Q425A26Q1贵州0.6%-19.4%-1.2%6.5%11.6%5.2%0.5%-30.3%-4.5%1.5%五粮58.7%-53.5%-54.6%33.7%-68.6%-95.9%-68.5%-64.2%-71.9%82.6%泸州老窖1.8%-8.0%-9.8%-62.2%-17.5%-14.2%0.4%-11.1%-13.1%-96.4%-19.6%-19.3%高端-14.2%-12.4%-16.8%-32.4%-19.3%10.0%-16.0%-16.3%-15.4%-40.8%-22.4%8.8%舍得酒业-25.1%-3.4%-15.9%-20.0%-17.5%-6.0%-37.1%139.5%-63.2%--35.5%-33.1%酒鬼酒-30.3%-56.6%0.8%49.9%-22.2%-7.8%-56.8%----4.6%水井坊2.7%-31.4%-58.9%-51.7%-41.8%-14.9%2.1%--75.0%-63.0%-69.7%-10.1%扩张型次高端-18.5%-23.2%-40.7%-31.4%-28.6%-9.2%-29.9%-107.3%-74.3%27.9%-65.0%-23.3%山西汾酒7.7%0.4%4.1%24.5%7.5%-9.7%6.2%-13.5%-1.4%-5.7%0.0%-19.0%洋河股份-31.9%-43.7%-29.0%-17.6%-33.5%-26.0%-39.9%-62.7%---66.9%-32.7%今世缘9.2%-29.7%-26.8%-18.9%-11.8%-15.2%7.3%-37.1%-48.7%-83.2%-23.7%-15.8%古井贡酒10.4%-14.2%-51.6%-46.6%-20.1%-18.6%12.8%-11.6%-74.6%--35.7%-31.0%口子窖2.4%-48.5%-46.2%-50.6%-33.7%-24.0%3.6%-70.9%-92.5%--59.3%-46.2%迎驾贡酒-11.9%-23.8%-21.6%-17.9%-18.0%8.9%-9.2%-35.2%-39.3%-18.6%-23.3%0.7%老白干酒3.4%-1.9%-47.5%-37.7%-23.1%4.5%11.9%0.2%-68.5%-87.2%-45.4%8.6%基地型次高端-5.9%-20.8%-23.8%-18.6%-14.9%-15.3%-9.7%-32.3%-45.0%-168.2%-27.9%-23.3%金种子酒-29.4%-24.2%3.7%-21.2%-22.0%-35.7%------金徽酒3.0%-4.0%-4.9%-11.6%-3.4%-1.5%5.8%-12.8%-33.0%-44.5%-8.7%-12.5%天佑德酒-18.0%3.9%-9.3%-17.6%-12.2%-5.9%-37.7%----89.8%-28.2%伊力特-4.3%-44.9%-29.4%-22.9%-21.8%-23.8%-9.3%-52.7%-76.8%-24.3%-27.3%顺鑫农业-19.7%-18.1%-21.7%-25.1%-20.8%-26.0%-37.3%-----59.0%中低档-14.8%-18.2%-17.0%-21.3%-17.2%-20.1%-28.0%-253.3%67.0%4.8%-67.5%-33.5%合计-11.6%-15.3%-19.5%-29.7%-18.3%-0.7%-14.6%-20.6%-22.5%-45.9%-24.1%-1.7%销量&吨价：整体量价齐降，仅茅台、汾酒销量逆势增长。具体来看：茅台25年茅台0.4%+0.7%/-0.3%+3.9%/-13.1%193525/58.8%/39.9%25/其21.8%/24.1%20%+图表5 白酒上市公司25年量价增长情况现金流边际趋势企稳：现金流表现与收入相对契合，部分酒企现金流开始好于收入。25Q414.7%（同19.4%），26Q1（0.4%），i25Q426Q1幅均小于收入，洋河股份、口子窖两季度回款降幅均大于收入。应收方面，26Q1Q1Q1经营性现金流净额Q42165.7+104承压Q1图表6 白酒板块公司金回款及其变动（位亿元）证券简称现金回款(亿元）现金回款:同比24Q424A25Q125Q225Q325Q425A26Q125Q425A26Q1贵州茅台529.61826.5561.4389.4437.1452.01839.9563.9-14.7%0.7%0.4%五粮液240.11018.7382.3312.371.4147.9914.0133.1-38.4%-10.3%-65.2%泸州老窖117.7400.498.780.879.618.6277.888.8-84.2%-30.6%-10.0%高端887.43245.51042.5782.6588.1618.63031.7785.9-30.3%-6.6%-24.6%舍得酒业11.857.716.211.59.211.248.212.2-5.3%-16.4%-24.8%酒鬼酒3.814.62.32.22.14.711.33.123.8%-22.7%36.1%水井坊13.553.57.39.95.89.232.36.0-31.4%-39.6%-17.9%扩张型次高端29.1125.725.923.717.125.191.821.4-13.6%-27.0%-17.4%山西汾酒64.5366.1137.969.483.463.8354.6160.2-1.1%-3.1%16.2%洋河股份65.8308.198.025.746.623.7194.162.6-63.9%-37.0%-36.2%今世缘29.8122.746.820.220.426.4113.847.9-11.6%-7.3%2.4%古井贡酒35.1232.182.369.823.227.3202.674.6-22.2%-12.7%-9.3%口子窖22.264.512.010.67.310.540.38.6-52.9%-37.5%-27.7%迎驾贡酒20.978.322.112.815.316.266.426.4-22.5%-15.3%19.3%老白干酒11.258.616.88.38.79.443.214.8-16.0%-26.2%-11.9%基地型次高端249.61230.5415.9216.8205.0177.31015.0395.1-29.0%-17.5%-5.0%金种子酒0.58.62.51.51.81.67.31.0244.1%-14.9%-58.0%金徽酒9.334.211.87.56.69.135.012.7-2.3%2.4%7.8%天佑德酒2.913.84.92.52.42.212.04.8-22.9%-13.0%-3.6%伊力特7.322.55.92.32.27.017.44.1-3.8%-22.9%-29.4%顺鑫农业34.296.119.814.915.824.074.519.0-29.9%-22.4%-3.7%中低档54.3175.344.828.728.844.0146.341.7-18.9%-16.5%-7.0%合1529.11051.7839.0865.04284.81244.1-29.1%-10.3%-18.6%图表7 白酒板块公司度末应收项目及其动证券简称应收票据+应收款项融资（亿元）应收票据+应收款项融资：同比24Q425Q125Q225Q325Q426Q125Q4同比25Q4环比26Q1同比26Q1环比贵州茅台19.821.328.252.144.635.3124.6%-14.4%66.0%-20.8%五粮液195.8193.138.933.494.1207.2-52.0%181.2%7.3%120.2%泸州老窖18.012.014.112.014.78.4-18.6%21.8%-29.9%-42.7%高端233.6226.481.297.6153.3250.9-34.4%57.1%10.8%63.7%舍得酒业2.73.42.31.91.43.5-46.9%-24.2%2.6%147.6%酒鬼酒1.42.01.61.01.21.2-14.6%18.2%-42.5%-5.0%水井坊0.00.00.00.80.01.2--100.0%--扩张型次高端4.15.53.93.72.75.9-35.5%-28.5%7.8%121.8%山西汾酒17.615.720.718.720.626.516.9%10.4%69.1%28.7%洋河股份15.05.28.33.51.89.1-87.9%-48.1%74.8%400.0%今世缘0.00.20.20.10.51.01182.3%686.5%461.4%86.3%古井贡酒29.746.07.47.79.030.4-69.8%15.7%-34.1%239.0%口子窖3.87.13.52.60.84.9-78.0%-68.3%-31.6%485.6%迎驾贡酒0.50.30.20.20.20.1-62.5%-21.9%-80.5%-73.3%老白干酒0.91.81.10.90.50.7-47.0%-51.4%-64.0%41.5%基地型次高端67.576.341.433.833.472.5-50.6%-1.2%-4.9%117.2%金0.90.70.30.5-50.0%-55.7%16.5%58.2%金徽酒0.00.00.00.00.00.5--20.0%-21783.4%天佑德酒0.00.00.00.00.00.0----伊力特0.30.00.20.20.90.0208.2%350.6%36.3%-95.2%顺鑫农业2.33.53.42.64.54.598.3%77.4%29.3%-0.4%中5.75.579.7%66.0%40.7%-3.1%合计308.4312.0131.0138.5195.0334.8-36.8%40.8%7.3%71.7%图表8 白酒板块公司度末预收项目及其动证券简称合同负债+预收账款（亿元）合同负债+预收账款：同比24Q425Q125Q225Q325Q426Q125Q4同比25Q4环比26Q1同比26Q1环比贵州茅台95.987.955.177.580.130.3-16.5%3.3%-65.6%-62.2%五粮液117.0101.7100.992.8134.7141.515.2%45.2%39.0%5.0%泸州老窖39.830.735.338.433.728.0-15.3%-12.3%-8.8%-17.0%高端252.7220.3191.3208.7248.5199.7-1.7%19.1%-9.3%-19.6%舍得酒业1.72.11.61.21.51.3-11.6%28.4%-36.2%-10.9%酒鬼酒2.51.81.41.21.81.4-28.3%49.8%-21.0%-19.4%水井坊9.59.49.88.68.16.9-15.1%-6.5%-26.4%-14.5%扩张型次高端13.613.212.811.011.39.6-17.0%3.2%-27.2%-14.8%山西汾酒86.758.259.857.870.179.0-19.2%21.2%35.8%12.8%洋河股份103.470.258.864.275.354.1-27.2%17.2%-22.9%-28.1%今世缘15.95.46.05.217.115.67.2%228.5%189.7%-8.7%古井贡酒35.136.714.313.415.223.0-56.8%13.1%-37.3%51.6%口子窖5.62.73.03.43.32.0-40.3%-1.3%-25.4%-39.9%迎驾贡酒5.84.64.44.84.85.3-16.2%0.5%16.6%9.9%老白干酒14.018.812.712.110.312.1-26.6%-15.0%-35.6%17.8%基地型次高端266.6196.6159.0161.0196.1191.3-26.4%21.8%-2.7%-2.5%金种子酒1.91.51.21.71.61.3-15.4%-7.6%-13.2%-17.5%金徽酒6.45.86.06.38.28.728.4%29.7%49.5%6.2%天佑德酒0.70.70.60.70.50.6-25.9%-26.0%-17.4%26.4%伊力特0.60.60.40.40.40.3-25.3%7.5%-44.0%-16.9%顺鑫农业17.74.04.04.514.27.1-19.7%215.4%80.1%-50.0%中低档27.212.712.213.624.918.1-8.4%83.2%43.0%-27.4%合计560.1442.8375.3394.2480.8418.7-14.2%22.0%-5.4%-12.9%图表9 白酒板块公司营性现金流净额及变动证券简称经营性现金流净额（亿元）经营性现金流净额：同比24Q424A25Q125Q225Q325Q425A26Q125Q4同比25A同比26Q1同比贵州茅台480.4924.688.143.1250.8233.3615.2269.1-51.4%-33.5%205.5%五粮液41.5339.4158.5152.9-28.914.6297.1-25.4-64.8%-12.5%转负泸州老窖67.2191.833.127.637.6-27.071.245.4转负-62.9%37.3%高端589.01455.9279.7223.5259.5220.8983.5289.2-62.5%-32.4%3.4%舍得酒业-5.6-7.12.2-1.6-3.1-2.8-5.2-1.0仍负仍负转负酒鬼酒0.5-3.6-1.3-1.1-0.91.5-1.7-0.4205.6%仍负仍负水井坊-0.37.4-5.80.7-3.62.4-6.20.7转正转负转正扩张型次高端-5.4-3.2-4.8-1.9-7.61.2-13.2-0.7转正仍负仍负山西汾酒7.4121.770.3-10.530.00.390.182.5-95.7%-26.0%17.5%洋河股份11.746.325.4-19.23.5-17.3-7.619.4转负转负-23.5%今世缘6.428.714.3-3.5-1.76.015.121.1-5.6%-47.4%48.1%古井贡酒-6.247.318.523.1-15.3-6.819.519.1仍负-58.8%3.6%口子窖11.014.6-2.5-1.4-0.11.7-2.2-1.4-84.2%转负仍负迎驾贡酒6.319.15.0-1.84.74.512.311.4-29.5%-35.3%129.0%老白干酒-1.15.41.8-2.2-0.8-1.7-2.93.6仍负转负101.1%基地型次高端35.5283.0132.6-15.520.5-13.3124.3155.8-137.4%-56.1%17.4%金种子酒-0.5-3.0-0.7-0.50.0-1.0-2.2-0.8仍负仍负仍负金2.70.5-0.42.04.83.0-5.7%-14.0%13.2%天佑德酒-0.20.21.0-0.50.0-0.40.21.5仍负-16.6%45.8%伊力特0.60.9-0.6-1.5-0.61.9-0.90.8196.8%转负转正顺1.35.5-2.7-3.7-46.4%转负仍负中0.37.9-0.80.8-35.4%转负转正合计631.41740.3402.8201.7272.6216.71093.8445.0-65.7%-37.1%10.5%产品结构下移、刚性税费提升下行业盈利水平总体承压向下。价格带分化加剧。25Q4/26Q1-0.7pct/-0.5pct25Q426Q1Q1Q1营业税金率：因销售和生产节奏扰动总体抬升。25Q4/26Q1行业税金率分别同比+2.4pcts/-0.8pct26Q11.1pcts26Q115.3pcts2525Q4/26Q11.9pcts/1.2pcts26Q11.7pcts，26Q11.6pcts。25Q4/26Q15.9pcts/0.8pct25Q4/26Q1+5.4pcts/+2.2pcts25Q4/26Q1销售费用率同比+6.7pcts/-0.1pct。扩张型次高端25Q4/26Q1-8.6pcts/-0.6pct，费投分化延续。中低档25Q4/26Q1销售费用率同比+2.4pcts/+0.5pct。同比上升Q125Q4/26Q1Q4+2.6pctsQ1同比+.5pc4+54pc101pcQ4+3.5c、Q1+0.8pct。归母净利率阶段性承压。25Q4与26Q1净利率分别同比-8.0pcts/-0.4pct，高端酒2542Q15.4pc0.5c21净利率同比下降5pc，2Q19.pc6Q12.9pcts25Q4/26Q125Q4/26Q1-5.1pcts/-3.1pcts，证券简称24Q425Q125Q225Q325Q426Q125Q4同比25证券简称24Q425Q125Q225Q325Q426Q125Q4同比25同比26Q1同比贵州茅台92.9%92.0%90.4%91.3%90.8%89.8%-2.1pct-0.8pct-2.2pct五粮液77.0%79.1%74.7%68.7%83.2%81.4%6.1pct0.5pct2.4pct泸州老窖84.4%86.5%87.9%87.2%82.3%85.8%-2.1pct-0.9pct-0.7pct高端87.8%88.4%88.1%87.7%89.0%87.1%1.1pct1.4pct-1.3pct舍得酒业53.7%69.4%60.6%62.1%48.1%66.3%-5.5pct-3.5pct-3pct酒鬼酒69.1%70.7%65.2%61.2%61.1%67.3%-8pct-6.5pct-3.4pct水井坊82.3%82.0%74.4%81.8%78.7%79.8%-3.6pct-2.9pct-2.1pct扩张型次高端71.0%73.7%65.1%70.2%62.7%70.7%-8.3pct-5pct-3.1pct山西汾酒77.4%78.8%71.9%74.6%67.8%75.0%-9.6pct-1.4pct-3.8pct洋河股份59.9%75.6%73.3%53.5%79.6%75.4%19.8pct-1.6pct-0.2pct今世缘77.7%73.6%72.8%75.0%77.6%74.4%-0.1pct-0.5pct0.8pct古井贡酒80.7%79.7%80.2%79.8%75.1%77.8%-5.6pct-0.6pct-1.8pct口子窖74.1%76.2%65.2%62.7%61.9%67.6%-12.2pct-5.5pct-8.6pct迎驾贡酒72.9%76.5%68.3%70.2%72.4%75.6%-0.5pct-1.4pct-0.9pct老白干酒65.1%68.6%67.4%61.4%64.8%64.1%-0.3pct0.1pct-4.5pct基地型次高端75.2%77.2%73.4%70.5%70.9%75.0%-4.2pct-1.1pct-2.2pct金种子酒9.7%41.7%44.8%44.5%10.3%51.1%0.6pct4pct9.4pct金徽酒50.1%66.8%63.7%61.4%57.6%62.9%7.5pct2.2pct-3.9pct天佑德酒61.6%60.5%55.3%57.9%56.9%61.8%-4.8pct-1.7pct1.2pct伊力特52.1%48.8%50.8%47.6%57.5%51.5%5.4pct-1.2pct2.8pct顺鑫农业35.1%36.8%28.4%29.7%27.7%37.6%-7.4pct-3.7pct0.7pct中低档42.0%46.1%42.8%42.0%40.9%47.9%-1.1pct-0.8pct1.8pct合计83.7%82.3%82.1%81.4%83.0%81.8%-0.7pct0.4pct-0.5pct图表11 白酒板块公司季度税金及附加率其动证券简称24Q425Q125Q225Q325Q426Q125Q4同比25同比26Q1同比贵州茅台14.0%14.2%17.5%17.2%16.6%15.3%2.6pct0.4pct1.1pct五粮液15.6%31.6%38.1%17.7%19.4%16.3%3.9pct12.6pct-15.3pct泸州老窖29.2%11.7%15.4%9.3%43.3%14.4%14.1pct0pct2.7pct高端15.8%17.7%19.7%16.2%18.5%15.5%2.7pct2.6pct-2.3pct舍得酒业38.5%11.6%15.4%18.4%22.7%16.4%-15.8pct-3.5pct4.7pct酒鬼酒23.4%20.3%18.9%18.9%23.0%18.6%-0.4pct0.1pct-1.7pct水井坊16.6%17.0%23.8%12.2%16.0%14.8%-0.6pct1.4pct-2.2pct扩张型次高端24.9%14.5%18.2%15.9%20.1%16.2%-4.7pct-1pct1.7pct山西汾酒25.1%13.7%22.3%16.6%26.1%15.2%1pct1.4pct1.5pct洋河股份42.9%15.7%18.3%19.8%31.3%17.4%-11.6pct1.1pct1.7pct今世缘11.6%16.4%10.1%20.8%12.9%15.7%1.3pct1pct-0.7pct古井贡酒16.4%16.0%15.1%17.8%20.4%17.7%4pct0.7pct1.8pct口子窖15.2%14.8%18.0%19.0%17.1%15.4%1.9pct1.3pct0.6pct迎驾贡酒16.2%14.4%15.8%16.1%16.1%14.9%-0.1pct0.4pct0.5pct老白干酒17.1%16.5%17.2%17.9%19.9%17.2%2.8pct1.1pct0.7pct基地型次高端20.4%15.0%18.0%17.8%22.3%16.2%1.9pct1.1pct1.2pct金种子酒33.9%18.7%16.5%14.9%19.6%21.4%-14.2pct-1.8pct2.8pct金徽酒15.6%15.3%14.5%14.7%14.2%15.7%-1.4pct0pct0.4pct天佑德酒16.5%15.3%14.8%16.2%16.4%16.9%-0.1pct0.5pct1.6pct伊力特20.7%12.2%19.3%16.3%24.9%10.9%4.2pct0.5pct-1.3pct顺鑫农业14.3%9.8%10.5%10.0%14.3%12.2%0pct-0.2pct2.4pct中低档16.4%12.0%13.2%12.5%16.3%13.6%-0.1pct0pct1.6pct合计16.8%16.5%19.0%16.5%19.2%15.6%2.4pct2pct-0.8pct销售费用率管理费用率25Q426Q125Q4同比26Q1同比25Q426Q1销售费用率管理费用率25Q426Q125Q4同比26Q1同比25Q426Q125Q4同比26Q1同比贵州茅台6.9%3.0%4.1pct0pct7.0%3.4%-0.1pct-0.4pct五粮液29.3%16.1%15.6pct7.3pct8.1%4.4%2.8pct-1.8pct证券简称泸州老窖31.4%8.6%16.3pct0.4pct10.8%2.4%5.9pct0.3pct高端12.3%7.0%5.4pct2.2pct7.4%3.6%1pct-0.5pct舍得酒业43.8%21.3%7.9pct1.9pct13.5%6.9%1.6pct-1pct酒鬼酒30.8%24.1%-27.6pct-3.7pct14.4%9.9%-7.4pct-0.7pct水井坊17.4%24.0%-21.3pct-3.5pct18.1%10.8%11.1pct1.8pct扩张型次高端30.9%22.5%-8.6pct-0.6pct15.5%8.5%5.4pct-0.1pct山西汾酒13.9%8.9%-3.7pct-0.4pct8.5%2.1%-1.1pct0.4pct洋河股份161.1%12.5%42.2pct0.1pct44.2%5.4%7pct1.4pct今世缘57.2%14.8%18.9pct1.5pct8.7%2.1%0.1pct0pct古井贡酒39.5%26.7%9.3pct0.1pct20.1%5.2%10pct0.8pct口子窖39.9%14.8%22pct2.4pct12.7%6.5%5pct0.9pct迎驾贡酒12.8%9.2%1.4pct1.5pct4.6%3.0%0.8pct-0.1pct老白干酒31.3%21.6%16.1pct-5.9pct12.2%7.4%3.8pct-1pct基地型次高端36.9%14.2%6.7pct-0.1pct13.5%3.7%2.6pct0.5pct金种子酒13.8%22.5%-59.4pct-6.7pct65.9%12.4%45.2pct6.9pct金徽酒28.3%15.6%10.7pct-1.2pct12.0%6.1%3.5pct-0.9pct天佑德酒31.2%20.8%-4.2pct3.1pct10.0%6.7%-4.5pct-0.3pct伊力特17.3%6.4%4pct1.2pct4.3%3.6%1.2pct0.7pct顺鑫农业13.4%9.7%3.1pct0.7pct13.2%6.9%2.7pct1.2pct中低档18.8%12.1%2.4pct0.5pct13.1%6.5%3.5pct0.8pct合计17.7%9.7%5.9pct0.8pct9.0%3.8%1.6pct-0.1pct证券简称24Q425Q125Q225Q325Q426Q125Q4证券简称24Q425Q125Q225Q325Q426Q125Q4同比25同比26Q1同比贵州茅台50.7%53.1%47.8%49.2%43.8%50.5%-6.9pct-1.7pct-2.5pct五粮液32.6%25.8%3.2%26.0%25.1%35.3%-7.5pct-13.6pct9.5pct泸州老窖27.3%49.1%43.2%46.4%2.6%46.2%-24.7pct-1.1pct-2.9pct高端43.7%46.5%41.7%45.7%38.3%46.0%-5.4pct-1.7pct-0.5pct舍得酒业-36.0%22.0%8.6%2.9%-34.7%15.6%1.3pct-1.4pct-6.3pct酒鬼酒-18.9%9.2%-10.5%-9.5%-6.9%10.5%12pct-3.9pct1.2pct水井坊15.1%19.8%-15.8%25.9%11.6%21.0%-3.5pct-12.3pct1.1pct扩张型次高端-5.9%19.7%-0.6%11.3%-11.0%16.7%-5.1pct-7.2pct-3.1pct山西汾酒19.2%40.2%25.0%32.4%14.5%36.1%-4.7pct-2.4pct-4.2pct洋河股份-140.1%32.9%18.9%-11.2%-157.8%29.9%-17.7pct-11.6pct-3pct今世缘20.3%32.2%31.6%16.6%4.2%32.0%-16.1pct-4pct-0.2pct古井贡酒17.1%25.5%28.1%11.7%-17.1%21.6%-34.2pct-4.6pct-3.9pct口子窖20.8%33.7%14.5%4.2%-8.4%23.9%-29.3pct-10.6pct-9.8pct迎驾贡酒31.9%40.5%27.1%28.1%31.6%37.4%-0.3pct-2.3pct-3pct老白干酒18.2%13.1%12.8%9.4%3.7%13.6%-14.4pct-4.3pct0.5pct基地型次高端7.4%33.8%24.2%18.6%-6.2%30.6%-13.5pct-4.2pct-3.2pct金种子酒-132.5%-13.1%-17.7%-19.6%-104.3%-8.0%28.2pct0.3pct5.1pct金徽酒8.0%21.1%9.9%4.7%5.0%18.7%-3pct-0.7pct-2.4pct天佑德酒-5.7%15.6%-6.6%-14.3%-7.9%11.9%-2.2pct-3pct-3.7pct伊力特8.1%18.1%6.7%-11.1%18.7%17.3%10.5pct-0.4pct-0.8pct顺鑫农业-8.3%8.7%-8.2%-7.5%-16.9%4.8%-8.6pct-4.6pct-3.9pct中低档-6.5%11.7%-2.8%-6.4%-8.7%9.7%-2.2pct-2.5pct-2pct合计34.7%39.9%34.5%36.3%26.7%39.5%-8pct-2.7pct-0.4pct262579%，2025224%20254.6%。430/3.3%/4.5%/4.8%252025-2027图表14 主要酒企2025年分红率统计 图表15 主要酒企股息率TTM统计224%100%94%79%78%224%100%94%79%78%70%66%65%60%57%56%46%44%43%30%6.8%4.8%4.5%3.6%3.6%3.4%3.3%3.2%3.1%3.0%2.5%2.5%2.1%1.4%0.7%0.5%7%200% 6%150% 5%4%100% 3%50% 2%1%伊力特贵伊力特贵水井坊五粮液古天佑德酒注：数据截止于2026年4月30日（二）大众品板块：需求底部复苏，龙头改善明确板块整体需求企稳复苏，龙头企业普遍走出底部，改善明确。图表16 大众品26Q1营收业绩同比+7.4%/+14.0% 图表17 大众品细分子块营收表现分化1,4001,2001,0008006004002000

200%150%100%50%0%-50%26Q125Q426Q125Q425Q325Q225Q124Q424Q324Q224Q123Q423Q323Q223Q122Q422Q322Q222Q1收入（元） 归母净润（元）回款（元） 收入同比归母净润同比 回款同比

50%40%30%20%10%0%-10%-20%

25Q1 25Q2 25Q3 25Q4 26Q1注：选取SW二级子行业）剔除中炬）图表18 大众品大部分要原材料成本延续行具体分板块看：2525U8Q125年于整体，叠加高新认定后所得税率明显降低，利润弹性较高。预调酒百润渠道库存去化较好，Q1业绩好于预期。25Q4+26Q1上市乳企营收增速普遍转正，且春节期间终端动销正增、产品结构优化均传递需求企稳复苏25Q4/25Q426Q1软饮料板块：行业相对景气延续，但竞争加剧成本上行，企业表现分化。25Q426Q1PETQ425Q4（26Q125Q4+26Q1调味品：需求企稳，龙头海天环比加速，天味、中炬错期改善亮眼。25H226Q1B2-325Q4+连锁业态：企业经营分化，锅圈延续景气。绝味经营压力仍大，紫燕经营筑底后环比略有改善，巴比新店保持良好进展，但基数压力趋于体现，报表增长环比降速，锅圈开店平稳，单店保持增长，经营延续较高景气。保健品：卸下包袱轻装上阵，关注改革成效释放（25Q426双汇2630%子版块收入利润证券简称25年收入收入增速26Q1收入收入增速25年利润利润增速26Q1净利润利润增速低度酒青岛啤酒324.71.0子版块收入利润证券简称25年收入收入增速26Q1收入收入增速25年利润利润增速26Q1净利润利润增速低度酒青岛啤酒324.71.0102.9-1.545.95.618.05.2重庆啤酒147.20.543.5-0.112.310.44.4-7.4燕京啤酒153.34.541.07.116.859.12.660.2百润股份29.4-3.48.08.56.4-11.42.219.3会稽山18.211.75.03.92.424.71.228.0华润啤酒379.9-1.7n.a.n.a.33.7-28.9n.a.n.a.百威亚太405.1-9.80.0n.a.34.4-34.10.0n.a.乳制品伊利股份1,159.30.1348.25.5115.736.853.910.7天润乳业27.5-1.96.76.80.4-5.00.3n.a.新乳业112.35.328.48.37.336.01.939.9双汇发展594.6-0.4146.02.151.02.312.913.6蒙牛乳业822.4-7.3n.a.n.a.15.5n.a.n.a.中国飞鹤181.1-12.7n.a.n.a.19.4-45.7n.a.n.a.休闲及功能食饮东鹏饮料208.831.858.921.544.232.712.628.3洽洽食品65.7-7.822.241.53.2-62.51.7甘源食品21.0-7.16.222.52.1-44.60.725.7盐津铺子57.68.615.82.97.516.92.329.5仙乐健康42.61.210.05.11.4-58.00.5-27.3汤臣倍健62.7-8.418.74.37.819.84.0-11.6安琪酵母167.310.145.319.515.416.64.315.1桃李面包54.5-10.511.7-2.62.8-45.60.5-38.3农夫山泉525.522.5n.a.n.a.158.630.8n.a.n.a.华润饮品110.0-18.6n.a.n.a.9.9-39.8n.a.n.a.调味品海天味业288.77.390.38.670.410.924.411.0中炬高新42.0-23.913.219.95.4-39.92.645.1涪陵榨菜24.31.97.55.77.7-3.92.70.1恒顺醋业22.94.16.53.61.412.80.717.9千禾味业25.7-16.38.2-1.63.5-32.41.5-7.7宝立食品29.310.77.816.02.612.60.712.6天味食品34.5-0.811.376.25.7-8.82.5颐海国际66.11.1n.a.n.a.8.515.5n.a.n.a.速冻千味央厨19.01.65.823.80.6-24.00.25.4安井食品161.97.047.130.813.6-8.55.642.7立高食品43.513.510.50.33.013.70.6-27.6连锁绝味食品54.7-12.612.7-15.7-1.9n.a.0.7-40.5紫燕食品32.4-3.77.024.62.4-31.80.8447.3巴比食品18.611.23.82.82.7-1.30.526.9锅圈78.120.7n.a.n.a.4.387.8n.a.n.a.图表20 大众品板块公单季度收入及归母利情况（单位:亿元）子版块证券简称收入增速归母净利润增速25Q125Q225Q325Q426Q125Q125Q225Q325Q426Q1低度酒青岛啤酒2.91.3-0.2-2.3-1.57.17.31.6n.a.5.2重庆啤酒1.5-1.80.45.2-0.14.6-12.7-12.7n.a.-7.4燕京啤酒6.76.11.54.47.161.143.026.0n.a.60.2百润股份-8.1-9.03.01.88.57.0-10.9-6.8-39.219.3会稽山10.112.421.17.13.91.7n.a.2.553.628.0百威亚太-11.1-4.6-8.8-6.0n.a.-17.5-30.8-6.7n.a.乳制品伊利股份1.45.8-1.7-5.15.5-17.744.6-3.3n.a.10.7天润乳业-2.5-3.9-4.84.66.8n.a.-77.6n.a.新乳业0.45.54.411.38.348.527.427.769.339.9双汇发展-0.16.3-1.8-5.12.1-10.615.78.4-3.313.6休闲及功能食饮东鹏饮料39.234.130.422.921.547.630.841.95.728.3洽洽食品-13.89.7-5.9-12.741.5-67.9-88.2-72.6-32.6甘源食品-14.0-3.44.4-13.622.5-42.2-71.0-26.3-47.225.7盐津铺子25.713.56.0-7.52.911.621.733.5-2.129.5仙乐健康0.34.718.1-16.45.18.91.116.2-27.3汤臣倍健-32.3-11.523.522.24.3-37.471.4n.a.n.a.-11.6安琪酵母8.911.24.015.419.516.015.421.015.215.1桃李面包-14.2-13.0-11.6-2.8-2.6-27.1-31.4-35.1-38.3调味品海天味业8.17.02.511.48.614.811.63.412.211.0中炬高新-25.8-9.1-22.8-33.719.9-24.2-31.6-45.7-50.445.1涪陵榨菜-4.87.64.52.05.70.2-4.64.3-26.10.1恒顺醋业36.0-8.2-4.6-0.93.62.440.617.7-73.617.9千禾味业-7.1-29.9-4.3-25.5-1.63.7-86.7-14.6-45.9-7.7宝立食品7.29.514.611.116.0-4.222.515.718.412.6天味食品-24.821.913.8-6.776.2-57.562.78.9-7.6速冻千味央厨1.5-3.14.33.423.8-38.0-42.0-19.15.4安井食品-4.15.76.619.130.8-10.0-22.711.8-6.342.7立高食品14.118.414.88.10.315.140.813.6-12.3-27.6连锁绝味食品-11.5-19.8-14.0-2.9-15.7-27.3-57.6-26.5n.a.-40.5紫燕食品-18.9-6.21.77.124.6-71.8-38.0-40.7n.a.447.3巴比食品4.513.516.79.12.8-6.131.4-16.1-12.626.9注：若去年同期归母净利润为负，则利润增速为“n.a.”图表21 大众品板块公司25Q4+26Q1收入及归母利润情况（单位：元）子版块证券简称营业收入现金回款归母净利润24Q4+25Q125Q4+26Q1同比增速24Q4+25Q125Q4+26Q1同比增速24Q4+25Q125Q4+26Q1同比增速低度酒青岛啤酒136.2133.9-1.7160.2156.3-2.410.711.14.5重庆啤酒59.460.11.359.464.38.12.64.367.5燕京啤酒56.560.06.273.771.2-3.4-0.71.7n.a.百润股份14.014.75.417.217.62.33.33.0-6.6会稽山10.511.15.712.011.5-4.21.82.540.1乳制品伊利股份597.6601.90.7651.5645.9-0.924.665.3天润乳业12.713.55.715.214.6-3.6-0.50.8n.a.新乳业51.456.49.858.464.09.52.02.949.4双汇发展299.0294.1-1.6316.6319.81.023.224.45.0休闲及功能食饮东鹏饮料81.399.222.0113.0128.613.816.019.119.5洽洽食品39.442.98.944.244.71.03.03.26.1甘源食品11.611.82.212.713.12.91.51.2-21.8盐津铺子29.829.2-2.131.733.14.33.33.715.2仙乐健康21.219.8-6.724.921.4-14.11.5-0.7汤臣倍健29.032.211.128.034.222.22.42.815.8安琪酵母80.894.817.385.5100.617.77.48.515.2桃李面包26.425.7-2.730.428.5-6.41.70.4-78.0调味品海天味业148.2162.79.8169.7187.410.437.341.611.5中炬高新26.723.6-11.628.525.8-9.65.04.2-15.7涪陵榨菜11.411.94.313.613.91.94.03.7-8.3恒顺醋业12.913.11.315.214.5-4.50.60.77.6千禾味业16.214.0-13.217.715.2-14.23.22.4-27.0宝立食品13.915.813.416.117.37.41.21.415.5天味食品17.521.723.619.423.822.32.74.360.2速冻千味央厨9.711.013.211.012.513.40.20.337.4安井食品76.595.324.688.6109.823.88.39.716.9立高食品21.622.64.323.825.46.51.51.2-21.1连锁绝味食品27.424.7-9.933.628.9-13.9-0.9-4.0n.a.紫燕食品12.414.315.115.116.48.50.11.3巴比食品8.38.86.39.710.913.11.21.2-0.3注：若24Q4+25Q1归母净利润为负，则利润增速为“n.a.”Q4+Q1货/款有所放缓，洽洽、汤臣库存有所上升，需跟踪后期需求及去库情况；安琪存货占比大幅下降，预期主要系糖蜜成本大幅下跌影响。企业现金流整体较为健康，调味品集中去库之后，存货压力明显减轻，现金流情况明显改善。图表22 大众品板块公分季度现金回款/营业入子版块证券简称25Q125Q225Q325Q426Q125Q4同比26Q1同比25Q4+26Q1同比低度酒青岛啤酒85.5113.0119.9191.294.2-31.6pct8.7pct116.7-0.4pct重庆啤酒91.1109.1111.3126.699.31.8pct8.2pct106.98.3pct燕京啤酒-28.4pct-3.9pct-10.5pct百润股份3.3pct-9.3pct14.1pct会稽山97.8-19.7pct0.2pct-3.9pct乳制品伊利股份88.691.3-5pct2.7pct-1.5pct天润乳业-13.3pct-7.4pct6.4pct新乳业-2.3pct1.4pct3.4pct双汇发展1.7pct4.1pct1.1pct休闲及功能食饮东鹏饮料95.1-16pct-5.2pct2.1pct洽洽食品-3.3pct-15.2pct-10.3pct甘源食品2.6pct-1.3pct-1.3pct盐津铺子19.3pct-4pct1.5pct仙乐健康83.092.810.6pct-29.5pct15.8pct汤臣倍健82.185.914.2pct3.8pct-2.5pct安琪酵母2.1pct-1.6pct-7.3pct桃李面包-6.8pct-1.4pct-4.2pct调味品海天味业74.980.0-6.3pct5.1pct2.9pct中炬高新9.1pct-7.3pct-2.8pct涪陵榨菜95.15.8pct-7.2pct12.9pct恒顺醋业81.488.1-18.5pct6.7pct-6.5pct千禾味业97.04.8pct-3.2pct-1.4pct宝立食品99.98.4pct-21.4pct-2.6pct天味食品5.7pct-13.6pct18.9pct速冻千味央厨8.2pct-7.3pct-2.4pct安井食品97.46.2pct-8.2pct-1.5pct立高食品-3.8pct8.7pct-2.8pct连锁绝味食品-14.1pct0.8pct4.3pct紫燕食品95.9-22.1pct12.4pct16.7pct巴比食品13.5pct-0.8pct8.7pct注：标红为25Q4+26Q1回款/收入同比增长的企业子版块证券简称存货绝对值存货/营业成本25Q426Q125Q4同比26Q1同比25Q425Q4同比子版块证券简称存货绝对值存货/营业成本25Q426Q125Q4同比26Q1同比25Q425Q4同比26Q126Q1同比低度酒青岛啤酒32372334-9.52.7-14.1pct39.62.3pct重庆啤酒20451720-6.5-3.7282.138pct78.6-0.9pct燕京啤酒36443658-7.7-4.8233.6-6.8pct166.3-9.2pct百润股份1376146532.030.6590.897.2pct616.8115.2pct会稽山1309132510.810.0542.374.7pct689.852.8pct乳制品伊利股份10823103310.78.362.84.6pct48.31.8pct天润乳业577510-7.0-7.3101.0-8pct93.8-9.4pct新乳业717630-3.33.635.7-4.1pct31.6-1.2pct双汇发展55485829-19.9-6.945.7-7.4pct49.9-2.9pct休闲及功能食饮东鹏饮料657568-38.5-33.729.0-29pct18.2-13.6pct洽洽食品1933156525.069.539.3pct94.021pct甘源食品2621910.8-9.470.69.2pct46.9-16.9pct盐津铺子734658-1.310.381.310.1pct61.06.7pct仙乐健康458472-4.9-12.362.71.7pct69.5-14.7pct汤臣倍健68564412.522.18.4pct17.7pct安琪酵母5105521319.28.91.9pct-14pct桃李面包1381441.65.312.50.4pct15.61pct调味品海天味业24081989-4.714.156.3-6pct38.03pct中炬高新14381379-6.1-8.846.4pct-42.6pct涪陵榨菜62669211.5-12.915.3pct-49.6pct恒顺醋业31828215.23.060.60.2pct67.8-0.1pct千禾味业9718928.81.483.7pct11pct宝立食品35836634.131.567.09.6pct70.99.2pct天味食品21218683.026.736.118.6pct30.0-8.7pct速冻千味央厨255218-6.7-16.163.3-6.3pct49.7-23.4pct安井食品3647304011.08.5-8pct86.0-15.5pct立高食品3814060.38.544.5-3.9pct55.14pct连锁绝味食品800699-10.22.491.8-11.2pct75.69.9pct紫燕食品21127544.880.237.613.7pct48.615.5pct巴比食品74727.91.121.10.5pct26.20.4pct注：标红为26Q1存货/营业成本同比下降的企业子版块证券简称25Q1 25Q2 25Q3 25Q4 26Q1 25Q4同比 26Q1同比 子版块证券简称25Q1 25Q2 25Q3 25Q4 26Q1 25Q4同比 26Q1同比 25Q4+26Q1 同比低度酒青岛啤酒71.2(同负)n.a. 61pct 90pct重庆啤酒(同负)n.a. 46pct 39.8-42pct燕京啤酒(同负)n.a. -237pct -21.5-1626pct百润股份74.578.249pct -107pct 96.5-48pct会稽山83.488.8-254pct 5pct -114pct乳制品伊利股份19.288.068.7775pct 49pct -218pct天润乳业-53.61.4-1193pct 55pct 729pct新乳业-393pct 32pct -87pct双汇发展72.6 173.2 186.6 117.2 76.8-8pct 4pct 95.8 -4pct休闲及功能食饮东鹏饮料64.4 79.5 100.5 464.9 36.020pct -28pct 182.8 -29pct洽洽食品229.4 -112.7 521.2 -339.6 24.9-252pct -204pct -147.4 -141pct甘源食品118.8 226.8 145.0 55.7 191.321pct 72pct 131.6 68pct盐津铺子38.1 111.4 145.3 204.8 145.731pct 108pct 168.2 69pct仙乐健康112.5 120.4 294.0 -79.0 -35.8-489pct -148pct -90.3 -367pct汤臣倍健77.694.313.0-68pct-65pct-155pct安琪酵母-65.759.4-84.3-79pct-19pct-12.6-49pct桃李面包-1128pct8pct323pct调味品海天味业-20.7-19.10pct2pct99.32pct中炬高新65.080.226pct65pct54pct涪陵榨菜7.261.961.4-33pct54pct16pct恒顺醋业-59.417326pct176pct106pct千禾味业98.168.693pct212pct183pct宝立食品69.872.763.530pct-6pct68.313pct天味食品15.032.096.1-78pct81pct69.3-14pct速冻千味央厨-31.0-5703pct186pct-137pct安井食品183pct13pct91pct立高食品-39.723.9-19pct64pct39pct连锁绝味食品-34.941pct-497pct-7.1486pct紫燕食品54.0-10.8-43.3858pct146pct-32.6-79pct巴比食品-5.314.8116pct20pct73pct注：1）标红为25Q4+26Q1经营现金流/净利润同比增长的企业；2）若净利润为负数，则对应比值和增速显示为“n.a.”上行。25Q426Q1Q1PET25Q426Q1（基数影响），龙头海天连续两个季度提升，主要是原材料成本贡献，以及龙头供应链效率提升。图表25 大众品板块公分季度毛利率情况子版块证券简称25Q125Q225Q325Q426Q125Q4同比26Q1同比25Q4+26Q1同比低度酒青岛啤酒41.645.843.624.742.7-1.5pct1.1pct38.60.5pct重庆啤酒48.451.250.956.449.713pct1.2pct51.54.5pct燕京啤酒42.847.750.217.946.38pct3.5pct37.35.1pct百润股份69.771.070.265.570.3-2.6pct0.7pct68.1-0.8pct会稽山60.747.953.260.561.64.8pct0.9pct61.03pct华润啤酒48.933.2n.a.-2.7pctn.a.n.a.n.a.百威亚太51.051.851.444.3n.a.-1.4pctn.a.44.3-4.4pct乳制品伊利股份37.634.133.731.838.31.1pct0.7pct35.61.1pct天润乳业14.618.714.715.718.43.6pct3.8pct17.13.7pct新乳业29.530.528.428.330.02.3pct0.5pct29.11.4pct双汇发展16.917.519.717.619.61.5pct2.7pct18.62.1pct蒙牛乳业41.738.0n.a.-0.9pctn.a.n.a.n.a.中国飞鹤61.668.5n.a.3.6pctn.a.n.a.n.a.休闲及功能食饮东鹏饮料44.545.745.243.846.9-0.1pct2.4pct45.61.4pct洽洽食品19.521.424.526.625.10.8pct5.6pct25.82.5pct甘源食品34.332.837.134.233.9-1pct-0.4pct34.0-0.7pct盐津铺子28.531.031.632.431.84.8pct3.4pct32.14pct仙乐健康33.133.330.824.832.4-7.3pct-0.7pct28.7-3.9pct汤臣倍健68.768.468.665.569.15.2pct0.5pct67.62.2pct安琪酵母26.026.224.422.726.5-1.4pct0.5pct24.5-0.5pct桃李面包22.023.823.221.021.0-1pct-1pct21.0-1pct农夫山泉60.360.7n.a.3.4pctn.a.n.a.n.a.华润饮品46.744.4n.a.-2.9pctn.a.n.a.n.a.调味品海天味业40.040.239.641.042.03.3pct2pct41.52.5pct中炬高新38.739.439.539.142.4-6.8pct3.7pct40.9-2pct涪陵榨菜56.052.052.941.954.9-1.5pct-1.1pct50.1-1.1pct恒顺醋业35.542.134.720.435.8-10.9pct0.3pct28.0-5.3pct千禾味业38.932.639.039.340.8-0.8pct1.9pct40.20.7pct宝立食品32.634.732.633.333.5-2.2pct0.9pct33.4-0.7pct天味食品40.737.040.543.545.02.7pct4.3pct44.33.5pct颐海国际29.535.3n.a.2.9pctn.a.n.a.n.a.n.a.n.a.速冻千味央厨24.422.721.222.724.70.6pct0.3pct23.80.6pct安井食品23.318.020.024.625.0-0.5pct1.7pct24.80.5pct立高食品30.030.728.929.229.7-0.6pct-0.3pct29.4-0.5pct连锁绝味食品30.828.930.927.727.0-2.6pct-3.8pct27.4-3.2pct紫燕食品18.224.822.922.719.412.8pct1.3pct21.17