Yanjing Brewery(000729)

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食品饮料周报(25年第37周):品类基本面延续分化,关注三季报业绩表现-20251013
Guoxin Securities· 2025-10-13 15:08
证券研究报告 | 2025年10月13日 食品饮料周报(25 年第 37 周) 优于大市 品类基本面延续分化,关注三季报业绩表现 重点公司盈利预测及投资评级 行情回顾:本周食品饮料(A 股和 H 股)累计下跌 0.16%,其中 A 股食品饮 料(申万食品饮料指数)下跌 0.20%,跑赢沪深 300 约 0.31pct;H 股食品饮 料(恒生港股通食品饮料)上涨 0.42%,跑赢恒生指数 1.44pct,反映防御 性配置需求。本周食品饮料板块涨幅前五分别为庄园牧场(21.07%)、养元饮 品(16.80%)、光明肉业(6.48%)、有友食品(5.27%)和麦趣尔(4.44%)。本周 投资组合平均上涨 0.78%,跑赢食品饮料(申万)指数 0.98pct。 品类基本面延续分化,饮料>食品>酒类。(1)酒类。白酒:景气度及基 本面仍处于磨底阶段,关注秋糖呈现的行业变化。继续优先推荐战略复利优 势、产品增长抓手较多、渠道改革领先行业的泸州老窖;推荐飞天动销改善、 伴随流动性改善价值重估空间打开的贵州茅台;推荐基本面稳健、产品结构 升级、具备全国化放量利器的山西汾酒。啤酒:行业库存良性,静待需求回 暖。继续优先推荐大单 ...
燕京啤酒:截至2025年10月10日公司股东总户数为52093户
Zheng Quan Ri Bao Wang· 2025-10-13 12:41
证券日报网讯燕京啤酒(000729)10月13日在互动平台回答投资者提问时表示,截至2025年10月10日, 公司股东总户数为52,093户。 ...
2025年度上市公司水晶球奖榜单公布





Sou Hu Cai Jing· 2025-10-13 10:38
Core Points - The 2025 Crystal Ball Awards for listed companies were announced, attracting participation from over 100 companies, with awards in four categories: information disclosure, investor relations, shareholder returns, and ESG [1][2] - The awards also recognized individual achievements, with 17 chairpersons, 3 general managers, 4 CFOs, 40 secretaries, 18 representatives, and 7 IR professionals receiving accolades [3] Company Awards - **Information Disclosure Award**: Recognizes companies for their transparency and quality of information shared with investors [3] - **Investor Relations Award**: Acknowledges companies that excel in maintaining effective communication with their investors [3] - **Shareholder Returns Award**: Highlights companies that provide significant returns to their shareholders [3] - **ESG Award**: Focuses on companies that demonstrate strong environmental, social, and governance practices [3] Individual Awards - **Best Chairpersons**: A total of 17 chairpersons received recognition, including individuals from companies like Changzhai Shangs (专云污) and Yanjing Beer (耿超) [4] - **Best General Managers**: 3 general managers were awarded, with notable winners including Xu Yuexiang from Yanjing Beer [5] - **Best CFOs**: 4 CFOs were recognized for their contributions to financial management [5] - **Best Secretaries**: 40 secretaries were awarded for their roles in corporate governance and communication [5] - **Best Representatives**: 18 representatives received accolades for their effectiveness in investor relations [6] - **Best IR Professionals**: 7 IR professionals were recognized for their excellence in investor engagement [6]
食品饮料行业周报:行业继续筑底,关注高股息品种-20251012
Shenwan Hongyuan Securities· 2025-10-12 11:13
Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry, with a focus on structural opportunities within the sector [2][3]. Core Insights - The industry is in a bottoming phase, particularly for the liquor segment, which requires patience as it undergoes inventory destocking and price stabilization. The report emphasizes the importance of identifying structural opportunities in food companies [3][7]. - Key recommendations include high-dividend stocks such as Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao in the liquor sector, and Yili, Qingdao Beer, and Uni-President in the consumer goods sector [3][7][9]. - The report anticipates a 20-30% year-on-year decline in overall liquor demand during the 2025 Mid-Autumn Festival and National Day, with inventory levels expected to increase by 10-20% [8][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector experienced a slight decline of 0.15% last week, with liquor down 1.17%, underperforming the Shanghai Composite Index by 0.52 percentage points [6][32]. - The report highlights the performance of various sub-sectors, noting that beverage and dairy products outperformed the benchmark index [32]. 2. Market Performance of Food and Beverage Sectors - The report indicates that the beverage and dairy sector outperformed the benchmark index by 3.16 percentage points, while the liquor sector underperformed by 0.75 percentage points [32][38]. 3. Liquor Sector Analysis - Current prices for Moutai are 1765 RMB for loose bottles and 1795 RMB for boxed sets, both down 35 RMB from the previous period. The report expects continued pressure on liquor companies' financials through Q3 2025 [8][14]. - The report notes that the liquor industry is entering a destocking phase, with a significant time required for inventory digestion and price stabilization [8][9]. 4. Consumer Goods Sector Analysis - The report maintains a positive outlook on the dairy sector, citing cost reductions and supply-demand improvements as key trends. Recommendations include Yili and New Dairy [9][30]. - The snack and beverage segments are highlighted for their structural growth opportunities, with specific recommendations for companies like Uni-President and Wei Long [9][30].
燕京啤酒最新股东户数环比下降9.16%
Zheng Quan Shi Bao Wang· 2025-10-10 09:54
公司发布的半年报数据显示,上半年公司共实现营业收入85.58亿元,同比增长6.37%,实现净利润 11.03亿元,同比增长45.45%,基本每股收益为0.3913元,加权平均净资产收益率7.27%。(数据宝) 燕京啤酒10月10日披露,截至9月30日公司股东户数为53204户,较上期(9月20日)减少5368户,环比 降幅为9.16%。 证券时报·数据宝统计,截至发稿,燕京啤酒收盘价为12.25元,上涨1.41%,本期筹码集中以来股价累 计上涨1.66%。具体到各交易日,4次上涨,5次下跌。 (文章来源:证券时报网) ...
2025啤酒行业趋势洞察报告
Sou Hu Cai Jing· 2025-10-08 07:42
Core Insights - The Chinese beer industry is experiencing structural transformation and high-quality development, driven by consumption upgrades and the young demographic becoming the core market engine [1][6] - The industry has moved past a period of declining production, showing a clear trend of "stable volume and improved quality" [1][6] Market Overview - In the first ten months of 2024, retail sales of tobacco and alcohol grew by 6.1%, outpacing the overall growth of consumer goods [1][15] - Beer production has rebounded since hitting a low in 2021, maintaining steady growth for four consecutive years, with 2023 seeing low inventory levels and strong confidence among distributors [1][16] - The top five brands (China Resources, Tsingtao, Yanjing, Chongqing, and Zhujiang) control over 70% of the market share, with positive growth in sales, revenue, and net profit in 2023 [1][22] Consumer Demand Trends - The beer market is evolving from a simple alcoholic beverage to a social medium for young consumers, with a significant increase in social media engagement around beer [2] - The "micro-drunk economy" is gaining traction, with beer consumption becoming more about experience rather than just drinking [2] - Flavor innovation and health consciousness are driving product diversification, with traditional yellow beer still dominant but white beer and fruit-flavored beers gaining popularity [2][3] Health and Wellness Trends - The demand for low-alcohol and non-alcoholic beers is rising, with the global market for these products valued at 94.07 billion yuan in 2023, expected to grow by 4% by 2027 [3] - Non-alcoholic beers like Qingdao's non-alcoholic white beer are catering to health-conscious consumers and those with alcohol sensitivities [3] Marketing and Distribution Innovations - Digital marketing and scenario-based innovations are prominent, with platforms like Douyin and Xiaohongshu becoming key for brand promotion [4] - Instant retail is reshaping beer consumption, with brands like Snow Beer and Tsingtao enhancing delivery services to meet consumer demand for immediate access [5] - The rise of experiential marketing through beer festivals and music events is strengthening brand engagement with younger audiences [5] Future Outlook - The Chinese beer industry is shifting from "scale-driven" to "value-driven," focusing on product innovation, channel transformation, and deepening consumer engagement [6] - The market is expected to continue evolving with a focus on personalized and diverse consumer needs, particularly among younger demographics [6]
2025年四季度食品饮料行业投资策略:底部蓄能,强者恒强
Guoxin Securities· 2025-10-08 06:52
2025年10月08日 证券研究报告 | 2025年四季度食品饮料行业投资策略 底部蓄能,强者恒强 行业研究 · 行业专题 食品饮料 投资评级:优于大市(维持) 证券分析师:张向伟 证券分析师:杨苑 证券分析师:柴苏苏 证券分析师:张未艾 联系人:王新雨 zhangxiangwei@guosen.com.cn 021-60933124 021-61761064 021-61761031 021-60875135 S0980523090001 yangyuan4@guosen.com.cn chaisusu@guosen.com.cn zhangweiai@guosen.com.cn wangxinyu8@guosen.com.cn S0980523090003 S0980524080003 S0980525070005 n 市场回顾:受内需和消费者信心不足影响,今年以来食品饮料板块跑输指数,A股和H股累计上涨1%,其中,A股食品饮料(申万)下跌 4.7%,明显跑输沪深300(+17.9%);H股食品饮料(申万)上涨29.5%,跑输恒生指数(+34%)。 ü 品类分化,强者恒强。二季度以来酒类受政策影响,股价持 ...
2025年1-8月中国啤酒产量为2683.3万千升 累计下降0.2%
Chan Ye Xin Xi Wang· 2025-10-02 02:16
上市企业:珠江啤酒(002461),重庆啤酒(600132),燕京啤酒(000729),兰州黄河(000929),惠泉啤 酒(600573) 相关报告:智研咨询发布的《2025-2031年中国无醇啤酒行业市场行情动态及竞争战略分析报告》 根据国家统计局数据显示:2025年8月中国啤酒产量为358万千升,同比下降1.8%;2025年1-8月中国啤 酒累计产量为2683.3万千升,累计下降0.2%。 2020-2025年1-8月中国啤酒产量统计图 数据来源:国家统计局,智研咨询整理 知前沿,问智研。智研咨询是中国一流产业咨询机构,十数年持续深耕产业研究领域,提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力,专注于提供完善的产业解决方案,为您的投资决策赋能。 ...
食品饮料周报:高端酒批价上行,短期或提振市场信心-20250930
Tianfeng Securities· 2025-09-30 15:26
Investment Rating - The industry rating is maintained as "Outperform" [6] Core Views - The high-end liquor prices have rebounded, which may temporarily boost market confidence. The current Shenyin Wanguo white liquor index PE-TTM is at 18.66X, which is 3.13% lower than the reasonable level over the past decade. The dividend returns from leading liquor companies are attractive, and consumer spending is expected to gradually recover, suggesting a focus on recovery opportunities in the sector [1][13][19]. Summary by Sections Market Performance Review - From September 22 to September 26, the food and beverage sector declined by 2.49%, while the Shanghai Composite Index increased by 0.21% and the CSI 300 Index rose by 1.07%. Specific sub-sectors include soft drinks (+0.86%), meat products (-0.02%), beer (-0.77%), snacks (-1.33%), and others [20]. Weekly Updates - **Liquor**: The white liquor sector fell by 3.03%, underperforming the overall food and beverage sector. High-end liquor prices have increased, with Feitian Moutai rising by 90 yuan per bottle over five days. Despite slight pressure on consumption, the price increase may boost market confidence [1][13]. - **Yellow Wine**: Key players like Kuaijishan and Guyuelongshan saw declines of 5.80% and 2.24%, respectively. The sector is entering a verification phase for product distribution and sales [2]. - **Beer**: The beer sector decreased by 0.77%. Notable companies include Qingdao Beer (+0.2%) and Yanjing Beer (+1.7%). Future consumption policies are expected to drive sales recovery [2][14]. - **Soft Drinks**: The soft drink sector showed positive performance, with significant gains from companies like Yangyuan Beverage (+32.49%) and Jinziham (+11.93%). The sector remains attractive due to ongoing trends [3][15]. Investment Recommendations - **White Liquor**: Focus on three main lines: strong beta stocks (e.g., Jiugui Liquor, Shui Jing Fang), recovery concept stocks (e.g., Yingjia Gongjiu), and strong alpha stocks (e.g., Shanxi Fenjiu, Guizhou Moutai) [19]. - **Beer**: Emphasize three main lines: sustained growth stocks (e.g., Dongpeng Beverage, Nongfu Spring), potential performance rebound stocks (e.g., Angel Yeast), and category expansion stocks (e.g., Kuaijishan) [19]. Sector and Individual Stock Performance - The food and beverage sector's dynamic PE ratio is 21.0 times, ranking 22nd among primary industries. The soft drink sector has the highest valuation increase this week, while the health product sector saw the smallest decrease [28]. Key Data Tracking - The average price of fresh milk in major production areas is 3.03 yuan per kilogram, reflecting a year-on-year decrease of 3.50%. The decline in prices has been narrowing since the beginning of the year [18].
中国必选消费品9月价格报告:白酒批价多数下跌,大众品价格多数稳定
Haitong Securities International· 2025-09-30 11:25
Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, and others, indicating a positive outlook for these stocks [1]. Core Insights - The wholesale prices of Baijiu have mostly declined, with notable decreases in prices for Guizhou Moutai and Wuliangye, while prices for most consumer goods remain stable [4][10]. - The report highlights a significant drop in the discount rates for liquid milk products, indicating a shift in consumer purchasing behavior [6][18]. - Overall, the report suggests that the impact of funds is greater, advising attention to low-position stocks and heavyweight stocks in the consumer staples sector [8]. Summary by Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) are 1790 and 1770 yuan, respectively, reflecting a decrease of 55 and 70 yuan from the previous month [4][37]. - Wuliangye's eighth-generation price is 895 yuan, down 25 yuan from last month [4][37]. - Luzhou Laojiao's Guojiao 1573 price increased by 10 yuan to 850 yuan [4][37]. Consumer Goods Pricing - The average discount rate for liquid milk products decreased from 74.8% to 69.4% since the end of August [6][21]. - Discount rates for soft drinks, condiments, instant foods, and beer remained stable, with slight variations in average and median values [19][35]. - The report notes that the discount rate for infant formula products also showed a minor decrease from 89.5% to 88.7% [21][35]. Investment Strategy - The report emphasizes the importance of monitoring low-position stocks and heavyweight stocks due to the greater impact of funds on the market [8].