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3-5月啤酒产量与行业收入增幅环比1-2月虽均有下滑,但仍保持在9.4%和9.6%的高位。毛利率大幅上扬令3-5月全行业税前利润率由1-2月同比下滑1.9个百分点转为同比上升1.0个百分点。除福建地区以外,青岛啤酒和燕京啤酒其他主要市场(如山东、陕西、广东、北京、内蒙古和广西等)环比均有改善。高端白酒、葡萄酒和黄酒消费复苏之路:3-5月白酒产量增速下降,但行业收入增幅环比上扬,显示一度中止的产品结构提升趋势有望重启。葡萄酒产量与收入增幅环比均有回升,但毛利率降幅扩大,显示销售回升可能更多得益于企业中低端新品推广。黄酒产量与收入增幅虽环比持平,但毛利率和税前利润率下滑幅度环比均有所收窄。淡季稳中有升的销售表现高端白酒、葡萄酒和黄酒消费复苏已为时不远。
March-May beer production and industry revenue growth in January-February chain both fell, but remained at 9.4% and 9.6% high. Gross profit margin so sharply that from March to May the industry pre-tax profit margin fell 1.9 percentage points from January-February to 1.0 percentage point year-on-year. Except Fujian, Tsingtao Brewery and other major markets such as Yanjing Beer (such as Shandong, Shaanxi, Guangdong, Beijing, Inner Mongolia and Guangxi) improved on a sequential basis. High-end liquor, wine and rice wine recovery path: March-May white wine output growth rate of decline, but the industry revenue growth MoM, indicating that the suspension of the product structure to enhance the trend is expected to restart. Wine production and revenue growth have picked up MoM, but the gross margin decline and expansion, indicating that sales may benefit more from the promotion of low-end new products. Although the growth of rice wine output and income remained flat, but the gross profit margin and pre-tax profit margin decline in the chain have narrowed. Off-season steady sales performance High-end liquor, consumption of wine and rice wine recovery is not far off.