According to the Zhitong Finance APP, GF Securities released a research report stating that in the consumer goods sector, there is a channel transformation, and consumers are pursuing &#34;cost-effectiveness + high value.&#34; To adapt to consumption trends and channel changes, domestic consumer goods companies need to focus on demands such as cost-effectiveness, health, convenience, and functionality. Leading companies in strong product segments are expected to benefit. Additionally, there are development opportunities for leading consumer goods companies going overseas. In the liquor sector, after a four-year adjustment period, 2025 is expected to welcome a &#34;valuation + performance&#34; double bottom, with the sector entering a mid-cycle buying point. The dividend yield compared to the ten-year government bond yield is relatively high, showing cost-effectiveness in allocation. The recovery of demand after industry clearing is optimistic.
<h2>GF Securities' main viewpoints are as follows:</h2>
Snacks: Traffic Switching, Intensified Differentiation
(1) Revenue side: In Q2 2025, the sector's prosperity is increasingly differentiated. Under the catalysis of snack wholesale, konjac hot products, and Sam's Club orders, Wancheng, Weilong, Yanjin, and Youyou Foods maintained double-digit growth even in the off-season; however, companies with gradually diminishing traffic elasticity are entering a transformation adjustment period, such as Jinzhai, Ganyuan, and Three Squirrels. (2) Profit side: Operating leverage further amplifies the profitability differences within the sector. Under the influence of raw material price fluctuations and industry competition, most companies face pressure on the profit side; however, Weilong uses its supply chain advantages to mitigate the impact on konjac costs; Wancheng Group's operating leverage elasticity is released, with significant improvements in sales expense ratio and gross profit margin.
Chains: Bottom of the Operating Cycle, Focus on New Changes
(1) Revenue side: In H1 2025, the differentiation among chain food companies is intensifying, focusing on the catalytic chain of &#34;single store turning positive -&gt; net store closures turning into net openings -&gt; new channels/new store types.&#34; By category, the revenue of the marinated food chain remains under pressure, while Guoquan and Barbie have improved single-store performance and achieved double-digit growth with contributions from new channels; (2) Profit side: From the perspective of net profit margin, most companies are at the bottom of the profit cycle, with subsequent attention on the sustainability of single-store improvements and new business expansion.
Frozen: Performance Under Pressure, Leaders Show Strong Resilience
In H1 2025, the consumption environment and restaurant scene recovery are slow, with intense industry competition. Companies have significantly increased their expenditure but have not seen significant improvements in sales, remaining relatively weak, while emerging channels have become new growth areas for various companies. Ligao Foods continues to control costs, reflecting the effectiveness of its internal reforms and the &#34;product manager&#34; assessment model. In H2 2025, focus on restaurant recovery and companies' new channel expansion.
Dairy Products: Industry Differentiation, Leading Advantages Significant
In H1 2025, downstream demand in the industry remains weak. Under the drag of ambient milk, major dairy companies generally saw a decline in liquid milk revenue; however, Yili's decline has narrowed significantly compared to Mengniu's relatively flat performance, while NHD achieved rapid growth driven by its low-temperature business. In terms of profitability, benefiting from falling milk prices, reduced spray powder, and structural upgrades, dairy companies' profitability generally exceeded expectations. In H2 2025, focus on the recovery of milk prices and changes in peak season market demand.
Health Products: High Prosperity in Domestic New Channels, Overseas Affected by Tariffs
In 2025, under channel differentiation, brand companies are affected by channel traffic, with the decline of Tongchen Baijian narrowing; production-side company SIRIO expanded new customers domestically in Q2 2025, while overseas is affected by tariffs; the raw material segment shows high prosperity in subcategories
Risk Warning
Channel and new product expansion may be below expectations; intensified competition; food safety risks

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Guangfa Securities released a research report indicating that the consumer goods industry is undergoing channel transformation, with consumers pursuing "cost-effectiveness + high value." Companies need to pay attention to demands for cost-effectiveness, health, convenience, etc., and leading enterprises with strong product power will benefit. After adjustments, the liquor industry is expected to see a recovery in demand by 2025. Snack and chain food companies are facing differentiation and profitability pressures, and new changes and business expansion need to be monitored

Zhitong

Three Squirrels

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Ligao Foods

Guangfa Securities: Consumer goods consumers pursue "cost-effectiveness + high value" and are optimistic about the recovery of demand after the clearance of liquor