成本红利带动毛利率上行，但税率变动致使Q2利润端承压。25H1公司毛利率为49.8%，同比+0.6pp；其中25Q2公司毛 利率为51.2%，同比+0.7pp；毛利率提升主要系主要大宗原材料价格下行所致。费用方面，25Q2公司销售费用率分别 为17.4%，同比+0.1pp；公司积极提升费用投放效率，上半年广告和市场费用同比下滑3%。25Q2管理费用率同比 +0.2pp至3.1%。此外，公司25Q2所得税率同比增长7.4pp至27.3%。综合来看，在成本红利和税率变动共同作用下， 25Q2公司净利率同比-2.2pp至17.6%。 非现饮渠道积极拓展，盈利能力有望持续提升。1)产品方面，随着消费力的持续复苏，中高端品牌销量有望逐步回 暖；此外公司非现饮渠道推新力度较强，风花雪月茶啤、乌苏秘酿等1L装产品持续铺货，叠加天山汽水、电池能量饮 料等新品上市撑起多元化布局，产品结构有望持续提升。2)渠道方面，公司加强非现饮渠道开发力度，罐化率提升为 利润端贡献充足动能。3)成本方面，预计今年原材料成本的下行将与佛山工厂投产带来折旧对冲。展望后续，随着公 司渠道库存逐步出清，叠加消费场景持续复苏大背景下，公司盈利能力有望持 ...

ab事le件_S：u公mm司a发ry布] 2025年中报，25H1实现收入 88.4亿元，同比-0.2%；实现归母净利润8.7 亿元，同比-4%。其中25Q2 实现收入44.8 亿元，同比-1.8%；实现归母净利润3.9 亿元，同比-12.7%。 成本红利带动毛利率上行，但税率变动致使Q2利润端承压。25H1公司毛利率为49.8%，同比+0.6pp；其 中25Q2 公司毛利率为51.2%，同比+0.7pp；毛利率提升主要系主要大宗原材料价格下行所致。费用方 面，25Q2公司销售费用率分别为17.4%，同比+0.1pp；公司积极提升费用投放效率，上半年广告和市场 费用同比下滑3%。25Q2 管理费用率同比+0.2pp 至3.1%。此外，公司25Q2所得税率同比增长7.4pp 至 27.3%。综合来看，在成本红利和税率变动共同作用下，25Q2 公司净利率同比-2.2pp 至17.6%。 非现饮渠道积极拓展，盈利能力有望持续提升。1）产品方面，随着消费力的持续复苏，中高端品牌销 量有望逐步回暖；此外公司非现饮渠道推新力度较强，风花雪月茶啤、乌苏秘酿等1L 装产品持续铺 货，叠加天山汽水、电池能量饮料等新品上市撑起多 ...

从资金流向上来看，当日非白酒板块主力资金净流出2.83亿元，游资资金净流出1473.99万元，散户资金 净流入2.98亿元。非白酒板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000929 | *ST兰黄 | 8.34 | -4.47% | 5.73万 | 4847.10万 | | 600543 | 草高股份 | 6.15 | -4.21% | 9.96万 | 6270.66万 | | 000752 | ST西发 | 10.77 | -4.10% | 5.75万 | 6270.46万 | | 002568 | 自润股份 | 27.95 | -2.99% | 17.36万 | 4.95亿 | | 603779 | 威龙股份 | 7.48 | -2.86% | 17.16万 | 1.30亿 | | 600059 | 古越龙山 | 10.09 | -2.70% | 20.88万 | 2.14亿 | | 600573 | 飘智能酒 | 12.14 | -2.65% | 4.1 ...

据同花顺iFind数据统计，截至8月19日，A股7家啤酒上市公司中，重庆啤酒股份有限公司（以下简 称"重庆啤酒"）、北京燕京啤酒股份有限公司（以下简称"燕京啤酒"）、福建省燕京惠泉啤酒股份有限 公司均已披露了2025年半年度报告。另外，广州珠江啤酒股份有限公司、西藏发展股份有限公司、兰州 黄河企业股份有限公司三家啤酒上市公司已发布半年度业绩预告。 啤酒行业专家方刚表示："啤酒行业已经进入存量竞争时代，寻找新的增长点、找到第二增长赛道，是 当下啤酒巨头需要思考的问题。" "跨界饮料能为啤酒企业提供新的业绩增量。"武汉京魁科技有限公司董事长肖竹青认为，2025年啤酒业 的关键词是"高端化内卷+渠道下沉+跨界协同"，外资品牌需补渠道课，国产龙头则需在高端体验与供 应链效率间寻找平衡。 跨界布局饮料市场有望为啤酒企业带来新的盈利空间，但是如何深入渗透饮料市场，也成为啤酒企业需 应对的又一深层次问题。 "啤酒企业要利用自身的品牌效应、规模效应以及产业链的完整度，在饮料领域深入扎根，这是其未来 工作的重中之重。"广东省食品安全保障促进会副会长朱丹蓬表示，饮料的准入门槛较低，意味着啤酒 企业入局该赛道更要追求差异化的竞争优 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601579 | 会稽山 | 23.20 | 10.00% | 32.37万 | | 7.33亿 | | 600059 | 古越龙山 | 10.39 | 2.57% | 27.97万 | | 2.89亿 | | 600616 | 金枫酒业 | 6.00 | 2.39% | 33.63万 | | 2.00亿 | | 000869 | 张裕A | 22.73 | 1.70% | - 3.70万 | | 8365.65万 | | 600600 | 飘盤過恤 | 69.69 | 1.63% | 15.35万 | | 10.62亿 | | 600573 | 惠泉啤酒 | 12.52 | 1.46% | 5.13万 | | 6360.80万 | | 600132 | 重庆啤酒 | 56.45 | 1.26% | 9.69万 | | 5.44亿 | | 600084 | 中信尼雅 | 5.83 | 0.87% | 7.05万 | | 4088.1 ...

21世纪经济报道记者肖夏 上周超过10家酒业上市公司披露了半年报，从数据来看二线白酒普遍下跌，业绩大幅倒退的不在少数。 与此同时，一线名酒还在继续推新品、搞升级抢占市场。 茅台1935新品开启预售：定位高端款 500ml定价998元 21记者注意到，8月25日茅台酱香酒在淘宝、京东的旗舰店纷纷推出茅台1935新品的预售，预售时间为8 月25日至8月27日。这款产品被称为茅台1935的"高端款"，定价998元，容量500ml，尚无产品具体介 绍。 21记者了解到产品将在8月28日上市，市场传言其定名可能为茅台1935（精品），包装与此前各款茅台 1935有较大差别，定价也低于此前茅台1935的产品。茅台1935是茅台酱香系列酒的主力大单品，问世以 来酒体已经进行过两次升级，推出了多款文创产品和不同容量的收藏、陈列款。 29度五粮液新品、29度舍得新品即将上市 古井贡推出26度新品 备受市场关注的29度"五粮液·一见倾心"预计将在本周上市，并将邀请代言人。今年6月底，五粮液在 2024年度股东大会上宣布将推出29度五粮液产品。为这款产品，五粮液此前调制出三种不同口味的酒 样，并在业内进行了小规模投放调研。 舍得酒 ...

资金流方面，重庆啤酒近5日主力资金流入4425.76万元，区间涨幅2.9%；近10日主力资金流入1461.80 万元，区间涨幅0.56%。 天眼查商业履历信息显示，重庆啤酒股份有限公司，成立于1993年，位于重庆市，是一家以从事酒、饮 料和精制茶制造业为主的企业。企业注册资本48397.1198万人民币，实缴资本48397.1198万人民币。公 司法定代表人为Joao Miguel Ventura Rego Abecasis。 8月25日，沪深两融数据显示，重庆啤酒上周累计获融资净买入额2524.99万元，居两市第471位，上周 融资买入额1.89亿元，偿还额1.64亿元。 重庆啤酒所属概念板块包括：酿酒行业、重庆板块、标准普尔、富时罗素、MSCI中国、沪股通、上证 380、中证500、融资融券、机构重仓、啤酒概念、西部大开发、成渝特区。 通过天眼查大数据分析，重庆啤酒股份有限公司共对外投资了3家企业，参与招投标项目23次，专利信 息17条，此外企业还拥有行政许可44个。 ...

Core Viewpoint - Chongqing Brewery has reported a decline in both revenue and net profit for the first half of 2025, marking the first simultaneous drop since 2015 [1][2] Financial Performance - The company achieved revenue of 8.839 billion yuan, a slight decrease of 0.24% compared to the same period last year [3] - Net profit attributable to shareholders was 864.98 million yuan, down 4.03% year-on-year [3] - In Q2, revenue was 4.484 billion yuan, down 1.84%, with net profit falling by 12.7% to 392 million yuan [1][3] - Despite the overall decline, the company's sales volume increased by 0.95% to 1.8008 million kiloliters, outperforming the industry average [1] Regional Market Performance - The Northwest region showed the best performance with a revenue increase of 1.75%, totaling 2.596 billion yuan [2] - The Central region experienced a slight decline of 0.7% to 3.532 billion yuan, while the Southern region saw a revenue drop of 1.47% to 2.479 billion yuan [2] - The Southern region had previously experienced rapid growth, with revenue reaching 4.316 billion yuan in 2024 [2] Market Competition - The decline in performance is attributed to poor market performance of mainstream products, despite growth in premium and economy products [2] - Increased competition from national beer brands and emerging niche brands has intensified market rivalry [2] Strategic Initiatives - To address performance pressures, the company announced a capital increase of 600 million yuan to its subsidiary in Foshan, aiming to strengthen its presence in the competitive South China market [3] - The company is also focusing on product innovation and expanding non-traditional sales channels, including the promotion of new products like Dali Cang'er orange-flavored soda and craft beers [4] Future Outlook - The ability of Chongqing Brewery to rebound in performance through strategic channel efforts and market-aligned product innovation remains uncertain, with ongoing market developments being closely monitored by investors [8]

Core Viewpoint - Chongqing Brewery reported a slight decline in revenue and net profit for the first half of 2025, but is actively launching new products and investing in the South China market to enhance its competitiveness [1][19]. Product and Market Strategy - The company launched nearly 30 new products in the first half of 2025, including both beer and non-beer items, aiming to cover all popular segments in the beer industry [2][3]. - The new product strategy is targeted, with 1L products designed for social gatherings and family consumption, responding to the rise of non-on-premise channels [4][6]. - The product matrix expansion includes a variety of brands, both local and international, with all brands under Chongqing Brewery actively introducing new products [7][10]. Financial Performance - For the first half of 2025, Chongqing Brewery's revenue was 8.839 billion yuan, a slight decrease of 0.24%, and net profit was 864 million yuan, down 4.03% [1]. - High-end product revenue (priced at 8 yuan and above) reached 5.265 billion yuan, showing only a marginal increase of 0.04% compared to previous years [10][13]. - Conversely, the revenue from economic products (priced below 4 yuan) grew by 5.39% in the same period, indicating a shift in consumer preference [13]. Market Dynamics - The South China market, a key area for Chongqing Brewery, experienced a revenue decline of 1.47%, highlighting intense competition from local and national brands [17][18]. - The company is responding to market pressures by increasing investment in the South China region, including a 600 million yuan capital increase for its Foshan subsidiary [19][21]. - The brewery's strategy includes focusing on non-on-premise channels and enhancing its product offerings to adapt to changing consumer demands and market conditions [23].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 8.839 billion yuan for H1 2025, a year-on-year decrease of 0.24%. The net profit attributable to the parent company was 865 million yuan, down 4.03% year-on-year, while the net profit excluding non-recurring items was 855 million yuan, a decrease of 3.72% year-on-year [2][4] - In Q2 2025, the company achieved a total revenue of 4.484 billion yuan, a decline of 1.84% year-on-year. The net profit attributable to the parent company was 392 million yuan, down 12.7% year-on-year, primarily due to changes in the income tax rate [2][4] - The company maintained stable sales volume, with H1 2025 sales reaching 1.801 million tons, an increase of 0.95% year-on-year. The company actively expanded non-dining channels and launched 1L craft products [10] - The average price per ton decreased by 1.18% year-on-year in H1 2025, with Q2 showing a decline of 1.87% year-on-year. Revenue from premium, mainstream, and economy products showed mixed results [10] - The company is exploring non-alcoholic beverage markets and has introduced several new products, including flavored sodas and energy drinks, to diversify its offerings [10] - The company expects EPS for 2025, 2026, and 2027 to be 2.58, 2.78, and 2.86 yuan respectively, with corresponding PE ratios of 21X, 20X, and 19X [10] Financial Summary - For H1 2025, the company's total revenue was 8.839 billion yuan, with a gross profit margin of 51.21%, reflecting a year-on-year increase of 0.75 percentage points [10] - The company’s operating profit for 2024 was 3.185 billion yuan, with a net profit of 2.249 billion yuan, and the net profit attributable to the parent company was 1.115 billion yuan [17] - The company’s total assets are projected to grow from 109.68 billion yuan in 2024 to 164.07 billion yuan by 2027 [17]