Investment Rating - The report maintains a "Recommended" rating for Qingdao Beer [2][5] Core Views - The company achieved a revenue of 20.49 billion yuan in H1 2025, representing a year-on-year growth of 2.1%, and a net profit of 3.90 billion yuan, up 7.2% year-on-year [5] - In Q2 2025, revenue reached 10.05 billion yuan, with a year-on-year increase of 1.3%, and a net profit of 2.19 billion yuan, up 7.3% year-on-year [5] - The company continues to optimize its product structure, with a focus on high-end products, which saw sales growth of 3.9% for the main brand and 4.8% for mid-to-high-end products in Q2 2025 [5] - The net profit margin in Q2 2025 was 22.3%, marking a historical high since the company went public, driven by product optimization and a decrease in raw material costs [5] - The report highlights two main growth drivers: a stable competitive landscape in the beer industry and the company's active expansion into new product categories [5] Financial Forecasts - Projected revenue for 2024 is 32.14 billion yuan, with a growth rate of -5.3%, followed by 32.81 billion yuan in 2025, with a growth rate of 2.1% [2][6] - Expected net profit for 2024 is 4.34 billion yuan, with a growth rate of 1.81%, increasing to 4.78 billion yuan in 2025, with a growth rate of 9.97% [2][6] - The gross profit margin is forecasted to improve from 40.23% in 2024 to 41.30% in 2025 [2][6] - The diluted EPS is expected to rise from 3.19 yuan in 2024 to 3.50 yuan in 2025 [2][6] Market Performance - As of August 27, 2025, the closing price of Qingdao Beer was 68.98 yuan, with a market capitalization of 48.9 billion yuan [3] - The report indicates that the company's stock performance has outpaced the CSI 300 index [4]

Core Viewpoint - The company demonstrated a strong profit growth in Q2 2025, outpacing revenue growth, indicating effective cost management and product optimization strategies [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 20.491 billion yuan, a year-on-year increase of 2.11%, and a net profit attributable to shareholders of 3.904 billion yuan, up 7.21% year-on-year [1]. - For Q2 2025, the company reported revenue of 10.046 billion yuan, reflecting a year-on-year growth of 1.28%, while net profit increased by 7.32% to 2.194 billion yuan [1]. - The gross profit margin for Q2 2025 rose by 3.05 percentage points to 45.84%, with a net profit margin of 22.26%, an increase of 1.11 percentage points year-on-year [2]. Group 2: Sales and Product Strategy - The company sold 4.732 million kiloliters of products in the first half of 2025, marking a 2.3% increase year-on-year, with the main brand achieving sales of 2.713 million kiloliters, up 3.9% [1]. - In Q2 2025, product sales reached 2.471 million kiloliters, a 1.0% increase year-on-year, with the main brand and high-end products achieving sales of 1.338 million kiloliters and 0.981 million kiloliters, respectively, growing by 3.9% and 4.8% [1]. - The average price per ton for products in Q2 2025 was 4,065 yuan, reflecting a year-on-year increase of 0.3% [1]. Group 3: Future Outlook - The company maintains a "buy" rating, with expected EPS of 3.52 yuan and 3.85 yuan for 2025 and 2026, corresponding to PE ratios of 20 times and 18 times [2]. - The company is positioned as a leader in the beer industry, with a clear strategy for product structure optimization and easing cost pressures, suggesting a steady recovery in demand [2].

展望未来，该行认为集团有望在下半年维持收入与盈利的增长势头。当前市盈率计估值并未过高，具备 良好的风险回报比，同时市场对中国酒类行业的投资情绪有望改善；H股目标价维持58.8港元，A股目 标价维持81.6元，A/H股评级均由"持有"上调至"买入"。 中银国际发表研究报告指，青岛啤酒上半年净利润按年增长7.2%，收入按年增长2.1%，均符合预期。 次季销量增长较首季略有放缓，但平均售价稳定。如按年比较，次季利润率改善速度较首季加快。 ...

证券研究报告 港股通 青岛啤酒 (168 HK/600600 CH) Q2 量价增长，成本红利延续 华泰研究 中报点评 2025 年 8 月 27 日│中国内地/中国香港 饮料 公司发布 25H1 业绩：25H1 营收/归母净利/扣非归母净利 204.9/39.0/36.3 亿元，同比+2.1%/+7.2%/+6.0%；对应 25Q2 营收/归母净利/扣非归母净利 100.5/21.9/20.3 亿元，同比+1.3%/+7.3%/+6.0%。收入端，25Q2 啤酒销量 /吨酒收入同比+1.0%/+0.3%，受禁酒令影响、Q2 餐饮端需求相对偏弱，低 基数下销量有所增长，白啤、经典增长拉动结构升级拉动与吨价提升；盈利 端，受益原材料成本下行与内部轻量化管理，Q2 毛利率/归母净利率同比 +3.0/+1.2pct 至 45.8%/21.8%。展望来看，随着禁酒令影响逐步减弱，成本 红利延续，下半年盈利韧性有望保持，维持"买入"。 深耕国内国际市场，贯彻执行多产品组合战略 25H1 公司啤酒销量 473.2 万吨，同比+2.3%，吨酒收入同比-0.1%，其中 Q2 销量/吨酒收入同比+1.0%/+0.3%。销量端， ...

Core Viewpoint - Qingdao Beer achieved a net profit attributable to shareholders of 3.9 billion yuan in 1H25, representing a year-on-year increase of 7.2% [1] - The company continues to focus on high-end product development and brand strategy, enhancing competitiveness in the market [1] Financial Performance - In 2Q25, the net profit attributable to shareholders was 2.2 billion yuan, with a year-on-year growth of 7.3% [1] - The gross profit margin for 1H25 was 43.7%, an increase of 2.1 percentage points year-on-year [1] - Beer production costs were 2406 yuan per thousand liters in 1H25, reflecting a decrease of 3.9% year-on-year [1] Sales and Market Strategy - In 2Q25, the total beer sales volume was 2.47 million kiloliters, showing a year-on-year increase of 1.2% [1] - Sales volume for the main Qingdao brand reached 1.34 million kiloliters, up by 3.8% year-on-year, while other brands saw a decline of 1.7% to 1.13 million kiloliters [1] - The company is advancing its brand strategy of "Qingdao Beer main brand + Laoshan Beer as a national second brand" to enhance product competitiveness [1]

2025 年 8 月 27 日 投资要点： 事件：公司发布2025年半年报。 买入（维持） 2025Q2 产品结构持续优化，成本红利带动利润增长 青岛啤酒（600600）2025 年半年报点评 点评： 资料来源：同花顺，东莞证券研究所 相关报告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 公 司 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 | 电话：0769-22119410 | | --- | | 邮箱： | | huangdongyi@dgzq.com.cn | | 主要数据 | | | --- | --- | | 2025 年 8 月 26 | 日 | | 收盘价(元) | 69.78 | | 总市值（亿元） | 951.94 | | 总股本(亿股) | 13.64 | | 流通股本(亿股) | 13.64 | | ROE（TTM） | 15.38% | | 12 月最高价(元) | 83.53 | | 12 月最低价(元) | 51.56 | 点 评 食品饮料行业 股价走势 ...

青岛啤酒财报显示，2025年上半年公司实现产品销量473.2万千升，同比增长2.3%；实现营业收入人民币204.9亿元，同比增长2.1%；实现归属于上市公司股东的净利润人民币39.0亿元，同 财报还提及，青岛啤酒在即时零售业务强化闪电仓、酒专营等新业态布局开发，连续5年交易额高速增长。顺应着数字化、智能化、个性化新型消费发展趋势，生鲜啤酒成为大众消费碎片化、品 深耕产品创新升级 青啤引领生鲜啤酒需求 伴随着中国的啤酒市场正不断"进化"，消费者对于"新鲜"的需求变得越来越高，在此背景下，更新鲜、口感更浓郁的产品受到欢迎。 转自：中国经营网 文/李然 随着啤酒的酿造产生从工业化迈向数智化，领军企业在发展中不断创新，推进生产端的数字化、敏捷化、智能化，推动产品实现特色化和高端化。 青岛啤酒高端生鲜1L铝瓶作为典型代表，在2025年上半年保持稳健增长的同时，也引领中国啤酒行业生鲜化发展趋势。 原浆啤酒因其"不过滤、不稀释、不杀菌"的工艺，最大程度保留了啤酒的原始风味和活性营养物质，被誉为啤酒家族中的"超级液体面包"。 作为行业领导者的青岛啤酒，不仅仅是传统酿造工艺的延续者，更是技术创新的先锋。这家拥有122年历史的企 ...

青岛啤酒（600600） 2025 年中报点评：全渠道协同发力，持续高 质量增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 33,937 | 32,138 | 33,015 | 34,544 | 36,025 | | 同比（%） | 5.49 | (5.30) | 2.73 | 4.63 | 4.29 | | 归母净利润（百万元） | 4,268 | 4,345 | 4,741 | 5,292 | 5,823 | | 同比（%） | 15.02 | 1.81 | 9.12 | 11.61 | 10.05 | | EPS-最新摊薄（元/股） | 3.13 | 3.19 | 3.48 | 3.88 | 4.27 | | P/E（现价&最新摊薄） | 22.30 | 21.91 | 20.08 | 17.99 | 16.35 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司 ...

公司研究 证券研究报 告 青岛啤酒（600600）2025 年中报点评 强推（维持） 逆势稳增，布局修复 目标价：90 元、70 港元 事项： ❖ 公司发布 2025年半年报，25H1公司实现营业总收入 204.9亿元，同增 2.1%； 实现归母净利润 39.0 亿元，同增 7.2%；扣非后归母净利润为 36.3 亿元，同增 6.0%；25Q2 公司实现营业总收入 100.5 亿元，同增 1.3%；实现归母净利润 21.9 亿元，同增 7.3%；扣非后归母净利润为 20.3 亿元，同增 6.0%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 32,138 | 33,156 | 34,288 | 35,067 | | 同比增速(%) | -5.3% | 3.2% | 3.4% | 2.3% | | 归母净利润(百万) | 4,345 | 4,733 | 5,210 | 5,553 | | 同比增速(%) | 1.8% | 8. ...

文/李然 随着啤酒的酿造产生从工业化迈向数智化，领军企业在发展中不断创新，推进生产端的数字化、敏捷 化、智能化，推动产品实现特色化和高端化。 青岛啤酒财报显示，2025年上半年公司实现产品销量473.2万千升，同比增长2.3%；实现营业收入人民 币204.9亿元，同比增长2.1%；实现归属于上市公司股东的净利润人民币39.0亿元，同比增长7.2%。 财报还提及，青岛啤酒在即时零售业务强化闪电仓、酒专营等新业态布局开发，连续5年交易额高速增 长。顺应着数字化、智能化、个性化新型消费发展趋势，生鲜啤酒成为大众消费碎片化、品质化转型的 一个缩影。近年来，青岛啤酒也启动一场领"鲜"的供给变革——曾经只有酿酒师才能品尝的珍品，如今 通过全程冷链和即时零售网络，让消费者在30分钟内就能享受到7天保质期的极致新鲜。 深耕产品创新升级 青啤引领生鲜啤酒需求 伴随着中国的啤酒市场正不断"进化"，消费者对于"新鲜"的需求变得越来越高，在此背景下，更新鲜、 口感更浓郁的产品受到欢迎。 青岛啤酒高端生鲜1L铝瓶作为典型代表，在2025年上半年保持稳健增长的同时，也引领中国啤酒行业 生鲜化发展趋势。 原浆啤酒因其"不过滤、不稀释、不杀 ...