As of October 26, 22 listed food and beverage companies on the A-share market had released their third-quarter 2026 earnings reports or preliminary results.
Wind data shows that in the first three quarters, these 22 companies together generated revenue of 53.699 billion yuan, up 7.81% year-on-year, while net profit attributable to shareholders totaled 5.813 billion yuan, up 15.68% year-on-year.
Zhu Danpeng, vice president of the Guangdong Food Safety Promotion Association, told reporters that the food and beverage industry typically performs well in the third quarter, with the beverage segment showing particularly strong seasonality, while the food and liquor segments also tend to enter a virtuous cycle during this period.
Industry Trends Point Upward
Among the 22 listed food and beverage companies, 13 achieved year-on-year growth in both revenue and net profit in the first three quarters.
For example, Chacha Food Co., Ltd. recorded revenue of 5.362 billion yuan in the first three quarters, up 19.11% year-on-year, with net profit attributable to shareholders of 388 million yuan, up 130.97% year-on-year.
A representative from Chacha Food told reporters that the company has been capturing young consumer trends, continuously advancing product innovation and iteration, and launching innovative products featuring low salt, light sweetness, no additives, and portable small packaging to suit niche scenarios such as workplace light meals and outdoor leisure, precisely positioning itself in blank areas of the emerging snack track.
In the fourth quarter, the company will continue to coordinate efforts across product strength, brand strength, and channel strength to adapt to shifts in the channel landscape.
In terms of revenue, 19 companies achieved year-on-year revenue growth in the first three quarters, with 13 companies exceeding 2 billion yuan in revenue.
Among them, Shanghai Milkground Food Tech Co., Ltd. posted revenue of 4.866 billion yuan in the first three quarters, up 22.97% year-on-year, with net profit attributable to shareholders of 212 million yuan, up 20.37% year-on-year.
A representative from Milkground told reporters that revenue growth brought economies of scale, the core cheese business continued to increase its proportion of the overall business, and the business structure kept improving. At the same time, improved supply chain efficiency and optimized operational strategies drove costs down, resulting in a significant increase in gross profit compared with the same period last year, which steadily lifted the company's profitability.
In terms of net profit, 14 companies achieved year-on-year net profit growth.
Among them, Xiwang Foodstuffs Co., Ltd. reported net profit attributable to shareholders of 233 million yuan in the first three quarters, up 10,396.79% year-on-year. In addition, Xinjiang Tianrun Dairy Co., Ltd., Xinjiang Western Animal Husbandry Co., Ltd., and Xiangpiaopiao Food Co., Ltd. all turned profitable in the first three quarters.
Among the 22 companies, only Hainan Yedao (Group) Co., Ltd. recorded a loss in the first three quarters. Yedao reported operating revenue of 234 million yuan in the first three quarters, up 31.90% year-on-year, mainly driven by substantial growth in liquor and beverage revenue, while net profit attributable to shareholders was negative 11.2276 million yuan.
The company noted that due to year-on-year increases in period expenses including sales personnel costs, e-commerce platform fees, and brand investment, gross profit for the period was not sufficient to cover operating expenses, resulting in an operating loss.
Net cash flow from operating activities, an important indicator of corporate health, also showed a positive trend. In the first three quarters, the 22 listed food and beverage companies generated combined net cash flow from operating activities of 5.453 billion yuan, with 17 companies reporting positive operating cash flow.
Sector's Defensive Attributes Strengthen
From a macroeconomic consumption perspective, terminal demand has shown signs of stabilizing. National Bureau of Statistics data shows that from January to September 2026, national catering revenue reached 4.1969 trillion yuan, up 2.4% year-on-year, matching the growth rate from January to August and ending the month-by-month decline seen during the year.
The China Cuisine Association stated that the catering industry is transitioning steadily from scale expansion toward quality and efficiency, with policy support, scenario innovation, and quality upgrading forming the main themes for future development. As the fourth-quarter consumption peak arrives and policy effects continue to unfold, the catering market is expected to achieve more sustainable growth through quality improvement, providing solid support for the overall recovery of consumer spending for the full year.
However, the fundamental recovery across sub-sectors remains uneven, and the fundamentals of the baijiu industry are still in a bottoming-out phase.
Cai Xuefei, a think tank expert at the China Wine Culture Brand Research Institute, told reporters that in the third quarter, most liquor companies continued to digest channel inventory and push ahead with destocking, with the market under considerable pressure. As the fourth quarter enters the Spring Festival stockpiling season, whether core products see price inversions in wholesale markets and terminal sell-through will become important indicators for observing the industry.
As of the close on October 26, the CSI Sub-industry Food and Beverage Theme Index had retreated more than 62% from its 2021 peak, with sector valuations at historical lows, highlighting medium-to-long-term allocation value and strengthening defensive attributes.
Against this backdrop, institutions are generally focused on the allocation window created by low valuations, low expectations, and cleared positioning in the sector.
A research report from Kailuan Securities shows that the food and beverage sector's combination of low valuation, low expectations, and low crowding constitutes a typical left-side positioning window, with limited downside and ample upside elasticity. It recommends increasing allocation to the food and beverage industry, prioritizing industry leaders.
A research report from Shenwan Hongyuan Securities likewise believes that the food and beverage sector has undergone sufficient adjustment in both time and magnitude, the valuation appeal of quality individual stocks has clearly increased, dividend yields have reached relatively high levels, and leading companies are capable of maintaining stable growth in revenue and profit.
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