20100701CICC_China Food & Beverages March~May 2010 Sector Data Review

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Data highlights:
Over March~May, the dairy subsector suffered from raised costs, while the beer subsector had less significant cost
advantages than it did over January~February. The beverage subsector recorded a pickup in sales growth, but the pressure on
its profit margin did not abate. The flavor & fragrance subsector posted a slowdown in both sales growth and YoY margin
expansion. The rice wine subsector reported a sales growth deceleration, but profit margin bounced back YoY. The liquor
subsector recorded a stronger YoY margin expansion than January~February, and its revenue growth did not lose steam. The
instant noodles subsector registered a sales growth pickup, and the YoY decline of its profit margin slowed. The wine and
frozen rice subsectors posted a pickup in sales growth, and its profit margin rose YoY following a decline in
January~February.

Recommendation:
The dairy subsector suffered cost pressure, but this squeeze should lessen in 3Q and 4Q.
Weakened cost advantage in the beer segment, enhanced profitability in the rice wine subsector, and further improved
business climate in the liquor and wine subsector.
The instant noodles and quick-frozen flour & rice subsectors posted a pickup in sales growth, and their profit margin
improved somewhat.
The flavors & fragrances subsector still had a strong business climate.
Sales growth rally with profit margin pressure unabated in the beverage industry.

Risks:
Misleading industry data due to reporting errors and discrepancies in quarterly statistics and data collection; F&B listcos may
not be a good representation of the sector, which may result in discrepancies between industry statistics and real figures.

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关键词：Beverages Beverage sector Review China Data March sector Food Beverages