Investment Rating - The report maintains an "Accumulate" rating for Yanjing Beer (000729.SZ) [1] Core Views - Yanjing Beer reported a significant increase in net profit, with a non-recurring net profit exceeding expectations, indicating ongoing benefits from reforms [4][7] - The company achieved a revenue of 8.56 billion yuan in H1 2025, a year-on-year increase of 6.4%, and a net profit of 1.1 billion yuan, up 45.4% year-on-year [4] - The report highlights the continuous upgrade of product structure and the growth of non-beer businesses, particularly in the beverage segment [5][7] Summary by Sections Financial Performance - In H1 2025, Yanjing Beer achieved a revenue of 8.56 billion yuan, with a net profit of 1.1 billion yuan, and a non-recurring net profit of 1.04 billion yuan, reflecting a year-on-year growth of 39.9% [4] - The second quarter of 2025 saw revenues of 4.73 billion yuan, with a net profit of 940 million yuan, marking a 43% increase year-on-year [4] Sales and Product Structure - Beer revenue in H1 2025 was 7.896 billion yuan, with a sales volume of 2.3517 million kiloliters, showing a 6.9% increase in revenue and a 2.0% increase in volume [5] - The revenue from mid-to-high-end products reached 5.536 billion yuan, up 9.3% year-on-year, while ordinary products saw a revenue of 2.36 billion yuan, a 1.6% increase [5] - Non-beer business segments, including natural water and beverages, reported revenues of 9.41 million yuan and 83.01 million yuan, respectively, with growth rates of 21.1% and 98.7% [5] Cost Management and Profitability - The gross margin for H1 2025 was 45.5%, with a net profit margin of 14.83%, reflecting improvements due to better product mix and cost control [6] - The sales expense ratio decreased to 10.33%, while the management expense ratio also saw a decline, contributing to overall profitability [6] Future Outlook - The report projects net profits for 2025-2027 to be 1.488 billion yuan, 1.789 billion yuan, and 2.071 billion yuan, respectively, with corresponding P/E ratios of 25x, 21x, and 18x [7][9] - Yanjing Beer is expected to leverage its U8 product line for continued growth, with significant potential for cost reduction and efficiency improvements [7]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 11 年 月 日 燕京啤酒（000729.SZ） 中报再超预期，旺季景气延续 事件：公司发布 2025 年中报，25H1 实现营业收入 85.58 亿元，同比+6.37%，实 现归母净利润 11.03 亿元，同比+45.45%，扣非归母净利润 10.36 亿元，同比 +39.91%。其中 25Q2 实现营业收入 47.31 亿元，同比+6.11%，实现归母净利润 9.38 亿元，同比+43.00%，扣非归母净利润 8.83 亿元，同比+38.43%。 大单品放量优化结构，吨价稳步提升拉动收入。1）分量价来看，25H1 公司啤酒 业务实现营业收入 78.96 亿元，同比+6.88%，其中销量和吨价同比分别+2.03% 和+4.75%至 235.17 万千升和 3358 元/吨，啤酒业务收入的增长主要系吨价的提 升带动。2）分产品类别来看，25H1/普通啤酒分别 中高档 实现营业收入 55.36/23.60 亿元，同比分别 +9.3%/+1.6% ，占比分别 +1.6/-1.6pct 至 70.1%/29.9%，毛利率分别为 51.71%/3 ...

公司研究 证 券 研 究 报 告 燕京啤酒（000729）2025 年中报点评 强推（维持） 业绩超预告，升级动能足 目标价：15.5 元 事项： ❖ 公司发布 2025 年中报。25H1 公司实现营业总收入 85.6 亿元，同增 6.4%；实 现归母净利润 11.0 亿元，同增 45.4%，实现扣非归母净利润 10.4 亿元，同增 39.9%；单 Q2 公司实现营业总收入 47.3 亿元，同增 6.1%；实现归母净利润 9.4 亿元，同增 43.0%；实现扣非归母净利润 8.8 亿元，同增 38.4%，超出此前 预告上限。 评论： ❖ 风险提示：U8 推广不及预期，中高端市场竞争加剧，改革初期盈利波动性大。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 14,667 | 15,472 | 16,114 | 16,608 | | 同比增速(%) | 3.2% | 5.5% | 4.1% | 3.1% | | 归母净利润(百万) | 1 ...

Core Insights - Yanjing Beer reported a revenue of 8.558 billion yuan for the first half of 2025, representing a year-on-year growth of 6.37% [1] - The beer sales volume, including managed operations, reached 2.3517 million kiloliters, an increase of 2.03% compared to the previous year [1] - The net profit attributable to shareholders was 1.103 billion yuan, showing a significant year-on-year increase of 45.45% [1] Revenue Breakdown - The revenue from mid-to-high-end products was 5.53577 billion yuan, accounting for 70.11% of the main business revenue, up from 5.06381 billion yuan in the same period last year [2] - Revenue from ordinary products was 2.3600652 billion yuan, representing 29.89% of the main business revenue, slightly up from 2.3239278 billion yuan year-on-year [2] - Total revenue amounted to 7.8958354 billion yuan, compared to 7.3877439 billion yuan in the previous year [2] Channel Performance - Revenue from traditional offline channels was 7.4896936 billion yuan, a growth of 6.02% year-on-year, with costs increasing by 3.97% [3] - Revenue from key account (KA) channels reached 270.2745 million yuan, up 23.04%, with costs rising by 19.37% [3] - E-commerce channels generated 135.8673 million yuan in revenue, reflecting a 30.79% increase, with costs increasing by 30.52% [3] Product Performance - Mid-to-high-end products generated 5.53577 billion yuan in revenue, a 9.32% increase, with costs at 2.6732984 billion yuan, up 6.25%, resulting in a gross margin of 51.71% [4] - Ordinary products brought in 2.3600652 billion yuan, a 1.56% increase, with costs at 1.6170216 billion yuan, up 2.80%, leading to a gross margin of 31.48% [4] Market Expansion Initiatives - The company is advancing the "Hundred Counties Project" to deepen market upgrades and has initiated the "Hundred Cities Project" to enhance high-end market presence [5] - Yanjing Beer continues to expand its community tavern network and is establishing flagship stores for craft beer in first-tier cities [5] - Key products such as Yanjing U8, Yanjing U8 Plus, and various craft beers have shown strong sales performance [5]

2025 年 08 月 11 日 证券分析师 苏铖 证券研究报告·公司点评报告·食品饮料 燕京啤酒（000729） 2025 年中报业绩点评：U8 势能延续，扣非 业绩超预期 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） | 14,213 | 14,667 | 15,436 | 16,230 | 17,010 | | 同比（%） | 7.66 | 3.20 | 5.24 | 5.15 | 4.80 | | 归母净利润（百万元） | 644.71 | 1,055.68 | 1,602.53 | 1,925.88 | 2,274.16 | | 同比（%） | 83.02 | 63.74 | 51.80 | 20.18 | 18.08 | | EPS-最新摊薄（元/股） | 0.23 | 0.37 | 0.57 | 0.68 | 0.81 | | P/E（现价&最新摊薄） | 57.36 | 35.03 | 23.08 ...

21世纪经济报道肖夏综合报道 今年可能是酒业跨界年。前不久啤酒企业密集推出饮料后，最近白酒集体发力，密集推出了啤酒等非白 酒产品。事实上，最近整个酒业都在密集推新，新规格高端白酒、商超定制白酒、创新黄酒、精酿啤 酒、新低度预调酒等等层出不穷。 酒企业绩 燕京啤酒上半年营收、盈利、销量全部正增长饮料业务收入上半年近翻倍 燕京啤酒8月10日晚披露半年报：上半年公司实现啤酒销量（含托管经营）235.17万千升，同比增长 2.03%；实现营业收入85.58亿元，同比增长6.37%，实现归属于上市公司股东的净利润11亿元，同比增 长45.45%，实现扣非归母净利润10.36亿元，同比增长39.91%。 燕京啤酒此前半年业绩预告已经披露了盈利继续大涨，此次半年报确认其营收、啤酒销量继续保持增 长，其中销量2%涨幅超过上半年的行业平均水平。 另外，半年报确认燕京啤酒上半年饮料业务收入同比大涨98.69%，收入8301万元。上半年燕京啤酒推 出了倍斯特汽水，定位全国化单品，已经在燕京啤酒的主力市场全面铺货。 泸州老窖旗下泸州老窖新酒业更早在2022年就推出了百调精酿啤酒，并在今年糖酒会期间推出了百调葡 萄蒸馏酒、猕猴桃蒸馏酒 ...

Macroeconomic Overview - In July, China's CPI was 0.0% year-on-year, slightly better than the expected -0.1%, while the previous month's CPI was 0.1% [4] - Core CPI rose to 0.8% year-on-year, the highest since February 2024, compared to 0.7% in June [4] - July's PPI was -3.6% year-on-year, matching the lowest since July 2023, with a month-on-month decrease of -0.2% [5] Industry Insights - The construction machinery sector showed strong performance, with excavator sales reaching 17,138 units in July, a year-on-year increase of 25.2% [8] - Domestic excavator sales were 7,306 units, up 17.2%, while exports were 9,832 units, increasing by 31.9% [8] - The engineering machinery market is expected to benefit from significant national infrastructure projects, indicating a positive outlook for the sector [8] Semiconductor Sector - Texas Instruments (TI) announced a substantial price increase on over 60,000 products, with price hikes ranging from 10% to over 30% [8] - This price increase reflects a recovery in the industrial control market, suggesting an optimistic outlook for the domestic analog chip industry [9] Automotive Industry - In July, retail sales of passenger vehicles reached 1.826 million units, a year-on-year increase of 6.3% [11] - The retail sales of new energy vehicles (NEVs) were 987,000 units, up 12.0% year-on-year, but down 11.2% month-on-month [11] - The export of NEVs in June was 256,000 units, a 92% increase, indicating a shift towards international markets for growth [11] Consumer Sector - Yanjing Beer reported a revenue of 8.56 billion yuan for the first half of 2025, a year-on-year increase of 6.4% [13] - The net profit for the same period was 1.11 billion yuan, up 45.4%, indicating strong performance in the consumer market [13] - The company is focusing on strategic expansion and upgrading sales channels to enhance market presence [13]

证券时报·数据宝统计，8月11日共有6家公司公布2025年半年报，其中4家净利润同比增长，2家同比下 降，6家营业收入同比增长，净利润和营业收入同时增长的公司有长青股份等4家，业绩增幅翻倍的公司 有1家，其中长青股份增幅最大，达117.75%。（数据宝） 今日公布半年报公司一览 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 002391 | 长青股 份 | 0.0676 | 4227.78 | 117.75 | 208297.40 | 7.28 | | 000729 | 燕京啤 酒 | 0.3913 | 110282.19 | 45.45 | 855824.35 | 6.37 | | 601138 | 工业富 联 | 0.6100 | 1211335.70 | 38.61 | 36075965.3 | 35.58 | | 003008 | 开普检 测 | 0.3900 | 4078.98 | ...

Summary of the Beer Industry Conference Call Industry Overview - The Chinese beer industry has experienced stable sales from 2018 to 2024, with an average annual price increase of approximately 4% [1][2] - Major players like China Resources and Tsingtao have significantly raised winter prices, but sales are expected to face pressure in the first half of 2025 due to alcohol bans and poor restaurant performance [1][3] Key Company Insights Zhujiang Beer - Zhujiang Beer has increased its market share in Guangdong, benefiting from product structure optimization and marketing strategies [1][8] - The company aims to exceed 400,000 tons in sales for 2025, with a mid-term target of 700,000 tons [1][8] Yanjing Beer - Yanjing Beer reported a profit growth rate of 40%-50% in Q2, driven by the U8 product line [1][9] - The company expects a 20%-30% growth in 2025, targeting total sales of 850,000 to 900,000 tons, with a mid-term goal of 1.2 million tons [1][9] Tsingtao Beer - Tsingtao Beer is undergoing inventory reduction and leadership changes, facing challenges from alcohol bans and regional adjustments in 2025 [1][10] - The company anticipates stable dividend rates above 70%, with a Hong Kong stock dividend yield of 5-6% [1][10] Industry Challenges and Trends - The beer industry is expected to maintain some resilience in 2025, but faces significant pressures from slowing winter price growth and the impact of alcohol bans on sales [3][4] - The overall consumption power and decision-making ability of consumers are crucial for maintaining sales performance [4][5] Market Dynamics - The Chinese beer market shows resilience despite a weak overall environment, with companies like Zhujiang and Yanjing performing well in the food and beverage sector [6][11] - The middle-income demographic is driving consumption upgrades, particularly in central provinces [11][12] Cost and Profitability Outlook - Costs for mainstream beer companies are projected to decrease by about 2% annually from 2024 to 2025, with net profit margins expected to exceed 10% [3][14] - The long-term price potential for Chinese beer is significant, with current winter factory prices ranging from 3,500 to 4,000 RMB, compared to much higher prices in North America [15][16] Sales Channels and Consumer Trends - Major sales channels include down-stream distribution, instant retail, and live streaming sales, each accounting for approximately 50% of the market [19] - Instant retail has notably boosted sales in first- and second-tier cities, with significant growth in transaction volumes [17] Future Directions and Investment Opportunities - The future direction of the beer industry will focus on brands like Qingpi, China Resources, and Yanjing, which are expected to benefit from underlying consumer strength despite current challenges [20][22] - Companies like Yanjing, Zhujiang, and Tsingtao are recommended as key investment targets for the next two to three years due to their growth potential and market positioning [22]

| 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 北京燕京啤酒投资有限公司 | 57.41 | | 2 | 香港中央结算有限公司 | 3.36 | | 3 | 北京燕京啤酒集团有限公司 | 1.87 | | 4 | 唐建华 | 1.78 | | 5 | 全国社保基金六零一组合 | 1.35 | | 6 | 中国建设银行股份有限公司-鹏华中证酒交易型开放式指数证券投资基金 | 1.07 | | 7 | 中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金 | 0.74 | | 8 | 中国农业银行股份有限公司-交银施罗德内需增长一年持有期混合型证券投资基 नि | 0.45 | | g | 中国工商银行股份有限公司-易方达研究精选股票型证券投资基金 | 0.45 | | 10 | 中国农业银行股份有限公司-交银施罗德精选混合型证券投资基金 | 0.44 | 公司最新毛利率为45.50%，较上季度毛利率增加2.71个百分点，实现2个季度连续上涨，较去年同期毛利率增加2.14个百分点，实现3年连续上涨。最新ROE 为7.01%，较去年同期ROE增加1.82个百分点 ...