Core Viewpoint - Qingdao Beer reported a strong performance in the first half of 2025, achieving growth in product sales, revenue, and net profit, driven by innovation and market expansion [1] Group 1: Financial Performance - In the first half of 2025, Qingdao Beer achieved product sales of 4.732 million kiloliters, a year-on-year increase of 2.3% [1] - The company reported operating revenue of 20.49 billion yuan, up 2.1% year-on-year [1] - Net profit attributable to shareholders reached 3.9 billion yuan, reflecting a 7.2% year-on-year growth, marking a historical high [1] Group 2: Product Innovation and Upgrading - Qingdao Beer accelerated the cultivation of major and innovative product categories, enhancing brand optimization and product structure [2] - The main brand achieved product sales of 2.713 million kiloliters, a 3.9% increase year-on-year, with mid-to-high-end products seeing a 5.1% growth [2] - New products launched during the period included "light dry, cherry-flavored white beer, hazy IPA, and whole wheat national trend," catering to diverse consumer demands [2] Group 3: Market Strategy and Channel Development - The company focused on domestic market growth, leveraging a full-channel strategy to achieve volume and profit growth across all categories [3] - Qingdao Beer enhanced its global brand influence through international market expansion and product distribution [3] - The company emphasized online channels and new retail formats, with instant retail business experiencing rapid growth for five consecutive years [3]

责任编辑：郭栩彤 日前，青岛啤酒股份有限公司发布2025年半年度报告。上半年，青岛啤酒实现营业收入204.9亿元，同 比增长2.1%；净利润39.04亿元，同比增长7.21%。2025年上半年实现产品销量473.2万千升，同比增长 2.3%。中高端以上产品实现销量199.2万千升，同比增长5.1%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

公 司 报 告 食品饮料 2025年08月27日 青岛啤酒(600600.SH) 收入平稳增长，成本红利释放 推荐 ( 维持) 股价:69.78元 行情走势图 相关研究报告 【平安证券】青岛啤酒（600600.SH）*首次覆盖报 告*百年青啤，行稳致远*推荐20250627 张晋溢 投资咨询资格编号 事项： 青岛啤酒发布2025年中报，1H25实现营收205亿元，同比+2.1%，归母净利 39亿元，同比+7.2%；2Q25实现营收100亿元，同比+1.3%，归母净利22亿 元，同比+7.3%。 平安观点： 研 究 报 告 S1060521030001 ZHANGJINYI112@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 BVG933 wangxingyun937@pingan.com.cn 证券分析师 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 33,937 | 32,138 | 32,874 | 33,985 | 34, ...

Core Viewpoint - The company reported its 2025 H1 results, showing a total revenue of 20.491 billion, a year-on-year increase of 2.11%, and a net profit attributable to shareholders of 3.904 billion, up 7.21% year-on-year, indicating performance in line with expectations [1] Financial Performance - In 2025 Q2, the company achieved total revenue of 10.046 billion, a year-on-year growth of 1.28%, with a net profit of 2.194 billion, increasing by 7.32% year-on-year [1] - The company maintains profit forecasts for 2025-2027, expecting net profits of 4.8 billion, 5.2 billion, and 5.5 billion, representing year-on-year growth rates of 10.3%, 8.6%, and 5.9% respectively [2] - The current stock price corresponds to PE ratios of 20, 18, and 17 for 2025-2027, while the Hong Kong stock price corresponds to lower PE ratios of 13, 12, and 12 [2] Product and Market Strategy - The company continues to implement its brand strategy of "Qingdao Main Brand + Laoshan Beer as a National Second Brand," with a product matrix that includes classic, white beer, and high-end fresh beer, all showing steady sales growth [3] - In 2025 Q2, beer sales reached 2.471 million tons, a year-on-year increase of 1%, with revenue per ton at 4,065.41, up 0.3% year-on-year [2][3] - The sales volume of the main brand and mid-to-high-end products in Q2 was 1.338 million tons and 0.981 million tons, respectively, with year-on-year growth of 3.8% and 4.81% [2] Cost and Margin Analysis - The cost per ton of beer in Q2 was 2,201.88, a decrease of 5.1% year-on-year, primarily due to lower raw material costs [3] - The gross margin for Q2 was 45.84%, an increase of 3.05 percentage points year-on-year [3] - The net profit margin for Q2 was 21.84%, up 1.23 percentage points year-on-year, while the non-recurring net profit margin was 20.2%, an increase of 0.9 percentage points [3] Catalysts for Stock Performance - Improvement in dining consumption and product price increases are seen as catalysts for stock performance [4]

"青岛原浆啤酒与众不同的魅力，就是醇厚和新鲜，喝的时候满口香，那种新鲜、原汁原味的感觉让人 回味悠长。"来自成都的曹先生是一位资深酒客。 曹先生经常和朋友小聚，饭前半小时从"青岛啤酒新鲜直送"小程序，或美团外卖、饿了么、抖音小时达 等平台下单，就近门店接单后，便"闪电"到家，实在是太方便了。"有时候我甚至能买到当天从青岛生 产的原浆，原浆啤酒不但口感鲜美，青啤作为老牌企业的快速响应能力，也让我叹服。"曹先生说。 同时，包装科技的革新也是数字智慧的结晶。为了保证珍稀而娇贵的酵母活性，青岛啤酒原浆在设计啤 酒灌装的瓶身时别具匠心，率先在国际上开创了铝瓶侧拉环铝盖匹配应用，采用多工位一次性收颈技 术，均匀厚度可抵御-0.09兆帕的严苛压力；而28毫米口径与吸氧瓶盖垫的创新设计，以高密封性锁住 鲜活滋味。 冷链是原浆的生命线，而物联网技术则为其装上了"千里眼"。从灌装线诞生那一刻起，每一瓶原浆便进 入全天候数字监护体系。植入冷链车与包装的高精度传感器，实时监控全程5℃恒温环境的微妙变化 ——0.1℃的异常波动即刻触发预警，数据直抵监控中心。 以往，由于运输条件、地理距离等客观条件的限制，原浆啤酒往往以"特产"出现在消 ...

Group 1 - The company achieved a product sales volume of 4.732 million kiloliters in the first half of 2025, representing a year-on-year increase of 2.3% [3] - The company's operating revenue reached RMB 20.49 billion, an increase of 2.1% year-on-year [3] - The net profit attributable to shareholders was RMB 3.90 billion, reflecting a year-on-year growth of 7.2% [3] Group 2 - The domestic beer industry saw a slight decline in production, with a total output of 19.04 million kiloliters, down 0.3% year-on-year [3] - The company focused on innovation-driven high-quality development, leveraging its brand, quality, and distribution network to expand both domestic and international markets [4] - The company maintained a strong position in mainstream channels while leading in emerging channels, with online sales continuing to grow significantly [4] Group 3 - The company plans to invest in structured deposit products with a maximum daily balance of RMB 6 billion over the next 12 months [7][10] - The investment aims to enhance the efficiency of idle funds while ensuring liquidity and safety [9] - The structured deposits are considered low-risk, with floating returns dependent on market conditions [8]

证券代码：600600 证券简称：青岛啤酒 编号：2025-025 青岛啤酒股份有限公司 关于回购注销部分 A 股限制性股票的公告 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。 青岛啤酒股份有限公司（以下简称"公司"）第十一届董事会第二次会议（以 下简称"本次董事会"）于 2025 年 8 月 26 日审议通过了《公司回购注销激励计 划部分 A 股限制性股票事项的议案》。现将有关事项说明如下： 一、已履行的决策程序和信息披露情况 别股东会议及 2020 年第一次 H 股类别股东会（以下合称"股东会及类别股东 会"），分别审议通过了《关于 <青岛啤酒股份有限公司 a="A" ensp="ensp" 股限制性股票激励计划="股 限制性股票激励计划"> （草案）>及其摘要的议案》（以下简称"《激励计划》"或"本次激励计划"）、 《关于 <青岛啤酒股份有限公司 a="A" ensp="ensp" 股限制性股票激励计划实施考核管理办法="股限制 性股票激励计划实施考核管理办法"> 的 议案》及《关于提请股东大会授权董事会办理 A 股限 ...

Core Viewpoint - Qingdao Beer Co., Ltd. reported steady growth in key operational metrics for the first half of 2025, driven by innovation and market expansion strategies, with a focus on enhancing brand influence and product structure [1][2][3]. Financial Performance - Total assets increased to CNY 52.37 billion, up 1.84% from the previous year [1]. - Net assets attributable to shareholders rose to CNY 29.96 billion, reflecting a 3.11% increase [1]. - Revenue for the period reached CNY 20.49 billion, a 2.11% increase year-on-year [1]. - Total profit amounted to CNY 5.26 billion, marking a 7.20% increase [1]. - Net profit attributable to shareholders was CNY 3.90 billion, up 7.21% compared to the same period last year [1]. - Basic and diluted earnings per share were both CNY 2.862, representing a 7.11% increase [1]. Market Strategy - The company emphasized innovation-driven high-quality development, leveraging its brand, quality, and distribution network to expand both domestic and international markets [1][2]. - Qingdao Beer maintained a strong position in mainstream channels while leading in emerging channels, with online sales continuing to grow significantly [2]. - The brand strategy focused on promoting the main brand alongside the secondary brand, Laoshang Beer, through sports and music marketing [2]. Product Development - The company launched several innovative products, including "Light Dry," "Sakura-flavored White Beer," and "Hazy IPA," catering to diverse consumer preferences [3]. - Sales of the main brand reached 2.713 million kiloliters, a 3.9% increase, with mid-to-high-end products achieving a 5.1% growth in sales [2][3]. Shareholder Information - As of the report date, the total number of shareholders was 85,449, with 85,212 holding A-shares and 237 holding H-shares [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 168 關於回購註銷部分A股限制性股票的公告 茲提述(i)青島啤酒股份有限公司（「本公司」）日期為2020年3月23日的公告，內容有關（其 中包括）建議採納A股限制性股票激勵計劃（「本激勵計劃」）；(ii)日期為2020年4月29日的 通函，內容有關（其中包括）建議採納本激勵計劃；(iii)日期為2020年6月8日的公告，內容 有關股東年會及類別股東會通過本激勵計劃有關決議案的投票表決結果；(iv)日期為2020 年6月29日的公告，內容關於向本激勵計劃激勵對象首次授予A股限制性股票的公告；(v) 日期為2020年7月27日的公告，內容關於首次授予結果公告；(vi)日期為2021年3月22日的 公告，內容關於向本激勵計劃激勵對象授予預留部分A股限制性股票的公告；(vii)日期為 2021年5月27日的公告，內容關於本激勵計劃預留股票授予結果的公告；及(viii)日期為 2021年9月30日、2022年9 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 2025年中期業績公佈 青島啤酒股份有限公司（「本公司」或「公司」）董事會（「董事會」）謹此公告本公司及其附屬公 司（「本集團」）根據中國企業會計準則編製的截至2025年6月30日止六個月（「報告期」）的未 經審核的中期業績。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 （股份編號：168） 一、中期財務資料 （除特別註明外，金額單位為人民幣元） 合併資產負債表 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | 資產 | 附註 | 6月30日 | 12月31日 | | | | （未經審計） | | | 流動資產 | | | | | 貨幣資金 | | 16,842,451,076 | 17,978,772,896 | | 交易性金融資產 | | 5,179,128,769 | 2,021 ...