Core Viewpoint - The report highlights the financial performance and operational strategies of Fujian Yanjing Huiquan Brewery Co., Ltd. for the first half of 2025, showcasing growth in revenue and profit amidst a competitive beer market in China. Financial Performance - The company's operating revenue for the first half of 2025 reached CNY 351.30 million, a 1.03% increase compared to CNY 347.72 million in the same period last year [2] - Total profit amounted to CNY 45.77 million, reflecting a 25.04% increase from CNY 36.61 million year-on-year [2] - Net profit attributable to shareholders was CNY 39.57 million, up 25.52% from CNY 31.53 million in the previous year [2] - The company's net assets at the end of the reporting period were CNY 1.34 billion, a 3.05% increase from CNY 1.30 billion at the end of the previous year [2] Operational Analysis - The company sold 121,200 hectoliters of beer, marking a 1.61% increase in sales volume compared to the same period last year [3] - The company implemented a product quality strategy, enhancing its management systems and focusing on high-quality product offerings, which contributed to a double-digit growth in sales for its main brand series [4][5] - The company’s gross profit margin improved by 1.16 percentage points during the reporting period [4] Market Strategy - The company is focusing on optimizing its product structure and enhancing its market competitiveness by introducing new products that cater to consumer preferences for high-quality and personalized offerings [3][4] - The company has been actively promoting its brand through cultural integration and marketing activities, which has increased brand exposure and consumer engagement [4][5] - The company’s brand value was reported at CNY 29.04 billion as of June 2025, indicating a strong market presence [4] Industry Context - The Chinese beer industry is currently experiencing intense competition, with a shift towards premiumization and consumer demand for higher quality products [3] - The company is adapting to these trends by focusing on product innovation and market expansion, particularly in the southeastern coastal regions of China [4][5]

Core Viewpoint - The company has demonstrated growth in sales, revenue, and profit during the first half of 2025, indicating a positive trend in operational performance and market presence [3][4]. Financial Performance - Total assets at the end of the reporting period reached approximately 1.76 billion yuan, an increase of 4.44% compared to the previous year [2]. - Net profit attributable to shareholders was approximately 39.57 million yuan, reflecting a year-on-year growth of 25.52% [2][3]. - Operating revenue for the period was approximately 351.30 million yuan, a slight increase of 1.03% from the previous year [2][3]. - The company's cash flow from operating activities decreased by 10% to approximately 122.41 million yuan [2]. Sales and Market Development - The company sold approximately 121,200 kiloliters of beer, marking a year-on-year increase of 1.61% [3]. - The main market, the Greater Quanzhou area, saw a sales growth of 4.84%, continuing a five-year growth trend [4]. - The company has successfully expanded its market presence in key areas such as Jiangxi, contributing to overall sales growth [4]. Product and Quality Strategy - The company has focused on enhancing product quality through a robust management system and quality assurance measures, leading to increased consumer satisfaction [3]. - High-quality products, particularly the "Old Huichuan" series, have gained popularity, supporting double-digit growth in sales for the main brand [3]. Brand and Innovation - The company has integrated regional culture into its branding strategy, enhancing brand visibility and consumer engagement through various promotional activities [5]. - The brand value was reported at approximately 29.04 billion yuan as of June 2025 [5]. - The company holds 87 patents and is committed to technological innovation and digital transformation to improve operational efficiency [5].

（文章来源：每日经济新闻） 惠泉啤酒（SH 600573，收盘价：12.25元）8月7日晚间发布半年度业绩报告称，2025年上半年营业收入 约3.51亿元，同比增加1.03%；归属于上市公司股东的净利润约3957万元，同比增加25.52%；基本每股 收益0.158元，同比增加25.4%。 ...

惠泉啤酒8月7日晚间公告，公司上半年实现营业收入3.51亿元，同比增长1.03%；归属于上市公司股东 的净利润3957.17万元，上年同期3152.67万元，同比增长25.52%；基本每股收益0.158元。 ...

Core Viewpoint - Huiquan Beer (600573) reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating positive financial performance despite a modest growth in sales [1] Financial Performance - The company achieved an operating revenue of 351 million yuan, representing a year-on-year growth of 1.03% [1] - The net profit attributable to shareholders reached 39.57 million yuan, showing a year-on-year increase of 25.52% [1] - Basic earnings per share were reported at 0.158 yuan [1]

证券代码：600573 证券简称：惠泉啤酒 公告编号： 2025-018 福建省燕京惠泉啤酒股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 08 月 08 日（星期五）至 08 月 14 日（星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 hq600573@163.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 福建省燕京惠泉啤酒股份有限公司（以下简称"公司"）已于 2025 年 8 月 8 日发布公司 2025 年半年度报告，为便于广大投资者更全面深 入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 08 月 15 日（星期五）15:00-16:00 举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 ...

证券代码：600573 证券简称：惠泉啤酒 公告编号： 2025-016 1．审议通过《公司 2025 年半年度报告》全文及摘要； 详见上海证券交易所网站：www.sse.com.cn 该项议案表决情况：同意 9 票，反对 0 票，弃权 0 票。 公司 2025 年半年度报告已经公司董事会审计委员会审议通过，并 同意提交董事会审议。 2．审议通过《关于修订部分治理制度的议案》。 该项议案表决情况：同意 9 票，反对 0 票，弃权 0 票。 福建省燕京惠泉啤酒股份有限公司 第九届董事会第十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况： 福建省燕京惠泉啤酒股份有限公司（以下简称"公司"）第九届董 事会第十六次会议通知于 2025 年 7 月 27 日以传真、电子邮件等方式传 达至各董事，会议于 2025 年 8 月 6 日以通讯表决方式召开。本次会议 应到董事 9 人，实到 9 人，董事刘翔宇、王岳、陈济庭、茹晓明、孙宝 明、陈福存、陈及、肖珉、袁吉锋亲自出席会议并参加表决。会议召 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This chapter defines key terms and entities, such as 'HuiQuan Brewery' and 'YanJing Brewery', providing essential context for the report - The report defines abbreviations for the company and its main related parties, including 'YanJing Brewery' for the controlling shareholder and 'Fujian YanJing', 'Fuding Company', 'Fuzhou Company' for subsidiaries[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This chapter presents the company's core financial performance for H1 2025, highlighting a 1.03% revenue increase and significant growth in net profit attributable to shareholders by 25.52% and non-recurring net profit by 43.20% Key Accounting Data for H1 2025 | Key Accounting Data | This Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 351,300,068.63 | 347,718,860.36 | 1.03% | | Total Profit | 45,770,410.87 | 36,605,902.19 | 25.04% | | Net Profit Attributable to Shareholders of Listed Company | 39,571,666.78 | 31,526,682.17 | 25.52% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 38,400,219.57 | 26,815,314.70 | 43.20% | | Net Cash Flow from Operating Activities | 122,414,735.11 | 136,018,888.06 | -10.00% | | Total Assets (Period-end) | 1,755,779,540.60 | 1,681,059,315.28 | 4.44% | Key Financial Indicators for H1 2025 | Key Financial Indicators | This Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.158 | 0.126 | 25.40% | | Basic EPS (Excluding Non-recurring Items) (CNY/share) | 0.154 | 0.107 | 43.93% | | Weighted Average Return on Net Assets (%) | 3.00% | 2.50% | Increased by 0.50 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 2.91% | 2.12% | Increased by 0.79 percentage points | - Non-recurring gains and losses totaled **CNY 1.17 million**, primarily from government subsidies and fair value changes of financial assets[21](index=21&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Management discusses H1 2025 operating results, core competencies, business segments, and potential risks, highlighting comprehensive growth driven by strategic initiatives and analyzing key financial changes [Discussion and Analysis of Operations](index=6&type=section&id=3.1%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company's beer sales grew by 1.61% in H1 2025, outperforming the industry, with double-digit revenue and profit growth and a 1.16 percentage point increase in gross margin, driven by product quality, market, and brand strategies H1 2025 Operating Performance Overview | Indicator | Amount/Quantity | YoY Growth | | :--- | :--- | :--- | | Beer Sales | 12.12 10,000 KL | 1.61% | | Operating Revenue | CNY 351 million | 1.03% | | Total Profit | CNY 45.77 million | 25.04% | | Net Profit Attributable to Shareholders | CNY 39.57 million | 25.52% | - Through product structure upgrades, revenue per kiloliter for mid-to-high-end series increased, driving a **1.16 percentage point increase in gross margin**[27](index=27&type=chunk) - The company's brand value continued to increase, reaching **CNY 29.035 billion** in June 2025, according to World Brand Lab data[27](index=27&type=chunk) - The company made progress in technological innovation and green production, with water, electricity, and gas consumption decreasing by **1.39%**, **5.55%**, and **3%** respectively during the reporting period[28](index=28&type=chunk) [Analysis of Core Competencies](index=7&type=section&id=3.2%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include the highly recognized 'HuiQuan' brand in key markets and a comprehensive four-in-one management system that integrates quality, food safety, environmental, and occupational health standards with technology - The **'HuiQuan' brand**, a China Famous Brand, holds high recognition in core sales regions like Fujian and Jiangxi, serving as a solid foundation for the company's development[29](index=29&type=chunk) - The company implements a **four-in-one management system** for quality, food, environment, and occupational health and safety, integrating informatization and industrialization, with quality and technology as core competencies[29](index=29&type=chunk) [Analysis of Main Business](index=7&type=section&id=3.3%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the company's main business through financial data, noting a 28.13% decrease in administrative expenses and a 63.93% improvement in net cash flow from investing activities, with mid-to-high-end products and the provincial market dominating revenue Changes in Key Financial Statement Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 17,666,681.86 | 24,581,310.41 | -28.13% | | Net Cash Flow from Investing Activities | -50,375,584.42 | -139,672,391.52 | 63.93% | | Net Cash Flow from Financing Activities | -30,848,929.31 | 24,581,466.65 | -225.50% | Sales Revenue by Product Grade | Product Grade | Current Period Sales Revenue (CNY) | Prior Period Sales Revenue (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Mid-to-High End | 212,931,626.30 | 212,301,138.98 | 0.30% | | Ordinary | 131,627,680.07 | 129,859,079.63 | 1.36% | Sales Revenue by Region | Region Name | Current Period Sales Revenue (CNY) | Prior Period Sales Revenue (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Fujian Province | 239,050,235.77 | 236,971,040.35 | 0.88% | | Outside Fujian Province | 105,509,070.60 | 105,189,178.26 | 0.30% | [Analysis of Major Holding and Participating Companies](index=10&type=section&id=3.4%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The report details the performance of four key subsidiaries, with YanJing HuiQuan Brewery (Fuzhou) contributing **CNY 3.83 million** in net profit, while Fujian YanJing HuiQuan Brewery Fuding incurred a net loss of **CNY 0.82 million** Operating Performance of Major Subsidiaries (Unit: CNY Million) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | YanJing HuiQuan Brewery (Fuzhou) Co., Ltd. | 85.47 | 3.83 | 3.83 | | Fujian YanJing HuiQuan Brewery Fuding Co., Ltd. | 24.10 | -0.82 | -0.82 | | Hui'an Zhongxin Renewable Resources Recycling Co., Ltd. | 1.30 | 0.42 | 0.42 | | Fujian Quanzhou YanJing HuiQuan E-commerce Co., Ltd. | 0.33 | 0.02 | 0.02 | [Potential Risks](index=10&type=section&id=3.5%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company identifies four key operating risks: intense market competition impacting product and new product success, food safety control, environmental policy compliance, and rising costs from raw material price volatility and talent competition - The company faces major risks including: - **Market Competition Risk**: Product structure adjustments and new product development may not meet expectations - **Food Safety Risk**: Control risks across procurement, production, and sales - **Environmental Risk**: Environmental issues could significantly impact the company - **Cost Risk**: Raw material price fluctuations and rising labor costs[45](index=45&type=chunk) [Corporate Governance, Environment, and Social Responsibility](index=11&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This chapter outlines the company's governance, environmental, and social responsibility status, noting no changes in directors or senior management, no semi-annual profit distribution plan, and active environmental information disclosure by the company and its Fuzhou subsidiary - No changes occurred in the company's directors or senior management during the reporting period[47](index=47&type=chunk) - The company's proposed semi-annual profit distribution plan is **no distribution and no capitalization**[47](index=47&type=chunk) - The company and its subsidiary YanJing HuiQuan Brewery (Fuzhou) Co., Ltd. (2 entities in total) were included in the list of enterprises required to disclose environmental information by law[48](index=48&type=chunk) [Significant Matters](index=12&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This chapter covers the company's key commitments, related party transactions, and integrity, noting the controlling shareholder's long-term commitment to avoid horizontal competition and the company's routine related party transactions aimed at cost reduction, with both parties maintaining good integrity - The controlling shareholder, Beijing YanJing Brewery Co., Ltd., has strictly fulfilled its long-term commitment to avoid horizontal competition, made since 2003, which includes clear market area and product grade divisions, and support for HuiQuan Brewery's independent production, supply, and sales system[49](index=49&type=chunk)[50](index=50&type=chunk) - The company has formulated a shareholder dividend return plan for the next three years (2024-2026), committing to distribute no less than **10%** of the annual distributable profit in cash[50](index=50&type=chunk) - During the reporting period, the company engaged in routine related party transactions with its controlling shareholder and subsidiaries, primarily for the purchase and sale of beer and beverages, aiming to leverage resources and reduce procurement costs[53](index=53&type=chunk)[54](index=54&type=chunk) - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or significant overdue debts[51](index=51&type=chunk) [Share Changes and Shareholder Information](index=16&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This chapter details the company's stable share capital structure and shareholder information, noting no changes in total shares, 17,758 shareholders, and the controlling shareholder's 50.08% stake - No changes occurred in the company's total shares or share capital structure during the reporting period[57](index=57&type=chunk) - As of the end of the reporting period, the company had **17,758** common shareholders[59](index=59&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Shares Held at Period-end | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Beijing YanJing Brewery Co., Ltd. | 125,194,578 | 50.08 | State-owned Legal Person | | Zhang Jianbai | 7,412,301 | 2.96 | Domestic Natural Person | | Liu Cun | 2,812,600 | 1.13 | Domestic Natural Person | | Du Chuanxia | 2,012,300 | 0.80 | Domestic Natural Person | | Sun Hua | 1,266,100 | 0.51 | Domestic Natural Person | [Bond-Related Information](index=18&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company reported no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the period - The company has no outstanding corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[62](index=62&type=chunk) [Financial Report](index=18&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This chapter presents the unaudited H1 2025 financial statements, showing a 4.44% increase in total assets and a 3.05% rise in net assets attributable to shareholders, with net profit attributable to shareholders growing 25.52% due to revenue growth, cost reduction, and lower administrative expenses - The financial report in this semi-annual report is **unaudited**[5](index=5&type=chunk)[63](index=63&type=chunk) Consolidated Income Statement Key Items (Unit: CNY) | Item | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 351,300,068.63 | 347,718,860.36 | +1.03% | | Total Operating Costs | 308,025,660.25 | 317,367,537.36 | -2.94% | | Total Profit | 45,770,410.87 | 36,605,902.19 | +25.04% | | Net Profit Attributable to Parent Company Shareholders | 39,571,666.78 | 31,526,682.17 | +25.52% | Consolidated Cash Flow Statement Key Items (Unit: CNY) | Item | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 122,414,735.11 | 136,018,888.06 | -10.00% | | Net Cash Flow from Investing Activities | -50,375,584.42 | -139,672,391.52 | +63.93% | | Net Cash Flow from Financing Activities | -30,848,929.31 | 24,581,466.65 | -225.50% |

截至发稿，惠泉啤酒市值为31亿元。 每经头条（nbdtoutiao）——时速21万公里，外星探测器伪装成彗星将"攻击"地球？哈佛知名教授：建 议全球建立"宇宙防御系统"！中国专家：并无明显异常 （记者 张喜威） 每经AI快讯，惠泉啤酒（SH 600573，收盘价：12.25元）8月7日晚间发布公告称，公司第九届第十六次 董事会会议于2025年8月6日以通讯表决方式召开。会议审议了《关于修订部分治理制度的议案》等文 件。 2024年1至12月份，惠泉啤酒的营业收入构成为：啤酒收入占比97.54%，其他业务占比2.46%。 ...

福建省燕京惠泉啤酒股份有限公司 内部问责制度 第一章 总 则 第一条 为进一步完善福建省燕京惠泉啤酒股份有限公司（以下简称 "公司"）法人治理，健全内部约束和责任追究机制，促进公司董事、高 级管理人员恪尽职守，提高公司决策与经营管理水平，根据《公司法》、 《证券法》、《公司章程》及内部控制制度等相关规定，结合公司实际情 况，制定本制度。 第二条 本制度适用于对公司董事、高级管理人员、各子公司负责人 及其他相关人员在其所管辖的部门及工作职责范围内，因其故意或过失， 不履行或者不作为，造成影响公司发展，贻误工作，给公司造成不良影 响和后果的行为进行责任追究。 第三条 问责对象为公司董事、高级管理人员、各子公司负责人及其 他相关人员（以下统称为"被问责人"）。 第四条 依据本制度进行问责时，应当遵循以下原则： 1、制度面前人人平等； 2、责任与权利对等； 3、谁主管谁负责； 4、实事求是、客观、公平、公正； 5、问责与改进相结合，惩戒与教育相结合。 第二章 职责划分 第五条 公司设立问责指导委员会，主任委员由公司董事长担任，副 主任委员由公司审计委员会主任担任，委员由独立董事、职工董事及总 经理组成。 1 第六条 ...