青岛啤酒迎来了管理层换届后的第一份中报。 近日，青岛啤酒披露中期业绩报告。上半年，公司实现营收204.91亿元，同比提升2.11%；对应归母净利润同比增长7.21%至39.04亿元。 另外，由于第二季度大麦、包材等成本明显下降，青岛啤酒吨成本同比下滑5.1%，当季毛利率同比增长3.05个百分点至45.8%，超过一季度的41.64%。上 半年，青岛啤酒整体毛利率为43.7%。 数据显示，截至6月末，青岛啤酒共实现产品销量473.2万千升，同比增长2.3%。其中主品牌共实现产品销量271.3万千升，同比增长3.9%；中高端以上产 品实现销量199.2万千升，同比增长5.1%。 此前5月召开的股东大会上，青岛啤酒管理层表示，未来将加强南方市场的资源配置，提高完善产品丰富度及包装形式，把握即时零售渠道机会，通过机 制创新推动南方市场发展；且公司正积极通过即时零售及新兴零售渠道推广创新生鲜产品，现已具备一定基础相关产品线，覆盖不同价格带，期望能有更 大发展。 这一系列举措在中期财报中均有所体现。 报告期内，其研发上市轻干、樱花味白啤、浑浊IPA等多款新品；渠道端则积极拓展新渠道，即时零售业务强化闪电仓、开发酒专营等新业 ...

资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 68.41 | | --- | --- | | 总股本/流通股本（亿股）13.64 | / 7.09 | | 总市值/流通市值（亿元）933 | / 485 | | 52 周内最高/最低价 | 81.67 / 53.96 | | 资产负债率(%) | 41.9% | | 市盈率 | 21.44 | | 第一大股东 | 香港中央结算(代理人) | | 有限公司 | | 研究所 证券研究报告：食品饮料 | 公司点评报告 发布时间：2025-08-29 股票投资评级 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 青岛啤酒(600600) 业绩稳健增长，成本红利延续 l 投资要点 公司发布 2025 年中报,实现营业收入/归母净利润/扣非净利润 204.91/39.04/36.32 亿元，同比+2.11%/+7.21%/+5.99%。25H1，公司 毛利率/ ...

Key Insights - The report highlights the significant growth in the nutritional products sector, with New Hope Liuhe (002001.SZ) achieving a revenue of 11.101 billion yuan, a year-on-year increase of 12.76%, and a net profit of 3.603 billion yuan, up 63.46% [10] - The report emphasizes the robust performance of the amino acid market, particularly methionine, with prices rising to 22,200 yuan per ton, reflecting a year-to-date increase of 12.98% [11] - The report notes the steady performance of the vitamin A and E segments, with revenue of 2.085 billion yuan and a net profit of 1.209 billion yuan, maintaining a net profit margin of 58% despite recent price declines [12] Company Analysis - New Hope Liuhe's nutritional products segment accounted for 64.86% of total revenue, with a gross margin of 47.79%, an increase of 11.93 percentage points year-on-year [10] - The company has expanded its methionine production capacity to 460,000 tons per year, positioning it as the third-largest producer globally [11] - The vitamin segment's revenue is expected to remain stable, with recent price adjustments indicating limited further declines [12] Industry Trends - The real estate sector is experiencing a downturn, with a 6.5% year-on-year decline in sales volume and a 4.0% decrease in sales area as of July 2025 [22] - The average price of new residential properties has decreased by 2.6% year-on-year, indicating ongoing pressure in the housing market [23] - Recent policy relaxations in major cities like Beijing and Shanghai are expected to provide some support to the real estate market, although the overall outlook remains cautious [24] Financial Performance - The report indicates that Beike-W (02423.HK) achieved a revenue of 26 billion yuan in Q2 2025, a year-on-year increase of 11%, although net profit declined by 32% [28] - Yuexiu Property (00123.HK) reported a revenue of 47.6 billion yuan, a 34.6% increase, but a net profit decline of 25.2% due to lower gross margins [31] - Zhou Dasheng (002867.SZ) experienced a 43.29% drop in revenue to 4.597 billion yuan, while net profit remained relatively stable, reflecting a 1.27% decline [32] Market Outlook - The report suggests that the non-bank financial sector is poised for growth, driven by a shift in deposit behaviors and increased demand for risk assets [25] - The overall market is in a recovery phase, with expectations of a gradual improvement in economic conditions and investment opportunities in various sectors [26] - The report maintains a positive outlook for companies with strong fundamentals and innovative product offerings, particularly in the nutritional and financial sectors [13][26]

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

收入端：啤酒业务量增价稳，产品结构有所提升。1H25 啤酒业务收入同比+1.9%，其中销量同比 +2.2%，吨价同比-0.3%。销量同比增长主要得益于春节旺季需求较好、年初低库存水平，销量表现优 于行业（啤酒行业1-6 月产量同比-0.3%），吨价小幅度下滑预计主要系货折力度略有增大所致，整体表 现平稳。销量结构有所改善，青岛主品牌销量同比+3.9%，销量占比同比+1.0pt至57.3%，其中中高档产 品销量同比+5.1%，销量占比同比+1.1pt 至42.1%。 2Q25 销量同比+1.0%，千升酒收入同比+0.3%，青岛主品牌销量占比同比+1.5pt 至54.1%，其中中高端 销量占比同比+1.4pt 至39.7%。2Q25 销量增速放缓与需求环比走弱有关，尤其是在6 月旺季，餐饮需求 疲弱。 青岛啤酒公布2025 年半年度业绩：1H25 实现营业总收入204.9 亿元，同比+2.1%；实现归母净利润39.0 亿元，同比+7.2%；实现扣非归母净利润36.3亿元，同比+6.0%。 利润端：成本红利显现，费用控制良好。1H25 毛利率43.7%，同比+2.1pt，主要得益于原料成本下行， 1H25 啤酒吨成 ...

Group 1 - The company maintains a strong performance with slight growth in volume and price, achieving a record high in profit margins while keeping profit forecasts unchanged and maintaining a buy rating [1] - The company forecasts EPS for 2025/26/27 at 3.41/3.64/3.90 CNY, with a target price adjustment to 85.75 CNY based on a 25X PE for 2025, reflecting a premium valuation due to long-term growth potential from multi-category expansion [2] - In H1 2025, the company reported revenue of 20.491 billion CNY, a year-on-year increase of 2.1%, and a net profit attributable to shareholders of 3.904 billion CNY, up 7.2% year-on-year [2] Group 2 - The company experienced a significant decrease in unit costs, leading to a new high in net profit margins, with a gross margin of 43.7% in H1 2025, up 2.09 percentage points year-on-year [3] - In Q2 2025, the company achieved a gross margin of 45.8%, an increase of 3.05 percentage points year-on-year, and a net profit margin of 20.2%, up 0.90 percentage points year-on-year [3] - The sales volume for the main brand reached 2.713 million kiloliters, a year-on-year increase of 3.9%, with mid-to-high-end products achieving a sales volume of 1.992 million kiloliters, up 5.1% year-on-year [2][3]

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 青岛啤酒(600600)公司点评报告 2025 年 08 月 28 日 [Table_Title]销量稳健增长，成本红利释放 ——青岛啤酒 2025 年中报点评 [Table_Summary] 事件 公司公告 2025 年中报。25H1，公司实现总营收 204.91 亿元，同比+2.11%， 归母净利39.04亿元，同比+7.21%，扣非归母净利36.32亿元，同比+5.99%。 25Q2，公司实现总营收 100.46 亿元，同比+1.28%，归母净利 21.94 亿元， 同比+7.32%，扣非归母净利 20.29 亿元，同比+6.02%。 销量稳健增长，产品结构升级 1）上半年销量稳健增长，中高端以上销量占比持续提升。25H1，公司实现 产品销量 473.2 万千升，同比+2.3%；青岛主品牌实现销量 271.3 万千升， 同比+3.9%，其中中高端以上产品销量 199.2 万千升，同比+5.1%，中高端 以上销量占比同比提升 1.1pct 至 42.1%。25Q2，总销量 247.1 万千升，同 比+1.0%；青岛品牌销量 13 ...

在啤酒市场需求扩容下，青岛啤酒交出了业绩"双增"的半年报。 日前，青岛啤酒发布今年半年报，数据显示，该公司上半年营收约204.91亿元，归母净利润约39.04亿元，同比分别增加2.11%和7.21%。南都湾财社-酒水新 消费指数课题组记者注意到，这是青岛啤酒"新帅"姜宗祥任上首份半年报，相比去年营收节节下滑，目前青岛啤酒的营收数据转为"慢增长"。 不过，资本市场对青岛啤酒的业绩"不太买账"，27日起青岛啤酒A股连续两天下跌，28日收盘，个股报68.41元/股跌1.13%；青岛啤酒港股26日开始下跌，截 至28日午间收盘报50.3港元/股跌1.18%。 | 人 / 工安公 製品 | | | | | --- | --- | --- | --- | | | | | 单位:元 币种:人民币 | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年同 | | | (1-6月) | | 期增减(%) | | 营业收入 | 20,491,167,745 | 20.068.307.930 | 2.11 | | 利润总额 | 5,263,157,400 | 4,909,634,563 | 7.20 | | 归属于上 ...

青岛啤酒8月28日大宗交易平台出现一笔成交，成交量5.00万股，成交金额376.00万元，大宗交易成交价 为75.20元，相对今日收盘价溢价9.93%。该笔交易的买方营业部为东北证券股份有限公司上海北艾路证 券营业部，卖方营业部为粤开证券股份有限公司深圳分公司。 证券时报·数据宝统计显示，青岛啤酒今日收盘价为68.41元，下跌0.83%，日换手率为1.54%，成交额为 7.44亿元，全天主力资金净流出2760.02万元，近5日该股累计下跌0.23%，近5日资金合计净流出1.62亿 元。 两融数据显示，该股最新融资余额为5.65亿元，近5日减少1258.84万元，降幅为2.18%。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 5.00 | 376.00 | 75.20 | 9.93 | 东北证券股份有限公司上海 | 粤开证券股份有限公 | | | | | | 北艾路证券营业部 | 司深圳分公司 | 注：本文系新闻报 ...

在啤酒市场需求扩容下，青岛啤酒交出了业绩"双增"的半年报。 日前，青岛啤酒发布今年半年报，数据显示，该公司上半年营收约204.91亿元，归母净利润约39.04亿 元，同比分别增加2.11%和7.21%。南都湾财社-酒水新消费指数课题组记者注意到，这是青岛啤酒"新 帅"姜宗祥任上首份半年报，相比去年营收节节下滑，目前青岛啤酒的营收数据转为"慢增长"。 不过，资本市场对青岛啤酒的业绩"不太买账"，27日起青岛啤酒A股连续两天下跌，28日收盘，个股报 68.41元/股跌1.13%；青岛啤酒港股26日开始下跌，截至28日午间收盘报50.3港元/股跌1.18%。 | | | | 甲位: 兀 中 :人民市 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年同 | | | (1-6月) | | 期增减(%) | | 营业收入 | 20,491,167,745 | 20,068,307,930 | 2.11 | | 利润总额 | 5,263,157,400 | 4,909,634,563 | 7.20 | | 归属于上市公司股东的净利润 | 3,904,3 ...