2025 年 10 月 21 日 公司研究 Q3 量价增速有所放缓，利润率持续改善 ——燕京啤酒（000729.SZ）2025 年三季报点评 要点 事件：燕京啤酒 25 年前三季度实现营业收入 134.3 亿元，同比+4.6%；归母净 利润 17.7 亿元，同比+37.4%；扣非归母净利润 16.9 亿元，同比+33.6%。其中， 25Q3 实现营业收入 48.7 亿元，同比+1.5%；归母净利润 6.7 亿元，同比+26%； 扣非归母净利润 6.5 亿元，同比+24.6%。 结构升级叠加费用优化，利润率显著改善。1）25 年前三季度/25Q3 公司毛利率 分别为 47.19%/50.15%，同比+2.1/+2.16pcts，主要受益于以 U8 为代表的中高 档产品销量占比提升带来的产品结构优化，以及部分原材料成本红利释放。2） 25 年前三季度/25Q3 公司销售费用率分别为 11.59%/13.8%，同比-0.4/ -0.06pcts，主要系规模效应释放。3）25 年前三季度/25Q3 管理费用率分别为 10.24%/10.06%，同比-0.98/-0.85pcts。公司持续推进卓越管理体系建设，深 化改 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 16.75 [1][10]. Core Views - The report indicates that the company has shown steady performance despite external pressures, with a focus on cost control and inventory management. The anticipated recovery in consumption and the completion of the "14th Five-Year Plan" are expected to enhance profit elasticity [7][10]. Financial Performance - For the first three quarters of 2025, the company reported revenue of RMB 13.43 billion, a year-on-year increase of 4.6%, and a net profit attributable to the parent company of RMB 1.77 billion, up 37.4% year-on-year. The third quarter alone saw revenue of RMB 4.87 billion, a 1.5% increase year-on-year, and a net profit of RMB 670 million, up 26.0% year-on-year [7][8]. - The company's gross margin for the first three quarters was 47.2%, an increase of 2.1 percentage points year-on-year, with the third quarter gross margin reaching 50.2% [9]. Sales and Market Dynamics - The company's beer sales volume increased by 1.4% year-on-year for the first three quarters, with a slower growth rate in the third quarter due to external factors such as weather and consumption pressures. However, the U8 product line continued to grow healthily [8][9]. Profitability and Cost Management - The report highlights that cost reductions and structural optimization have led to a continuous improvement in profit margins. The company has managed to reduce its sales and management expense ratios, contributing to a net profit margin of 13.2% for the first three quarters [9][10]. Earnings Forecast - The earnings per share (EPS) forecast for 2025 is RMB 0.56, with a projected compound annual growth rate (CAGR) of 27% for net profit from 2025 to 2027, which is higher than the average of comparable companies [10][12].

Core Viewpoint - The company has demonstrated resilience in revenue growth and profitability despite a weak overall consumption environment, particularly through its flagship product U8, which continues to show strong growth potential [1][3]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 13.433 billion yuan, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 1.770 billion yuan, up 37.45% year-on-year [1]. - In Q3 2025, revenue reached 4.875 billion yuan, reflecting a 1.55% year-on-year growth, while net profit attributable to shareholders was 668 million yuan, a 26.00% increase year-on-year [1]. - The sales net profit margin in Q3 2025 improved by 2.79 percentage points to 16.17%, with the sales gross margin increasing by 2.16 percentage points to 50.15% [2]. Product Performance - The U8 product line has maintained a growth rate of 25%-30%, showcasing strong volume and price resilience despite a generally weak consumption environment [1]. - Sales volume for U8 in the first three quarters of 2025 increased by 1.39% to 3.4952 million tons, with revenue per ton rising by 3.13% to 3,843.22 yuan/ton [1]. Strategic Initiatives - The company has implemented a series of strategic reforms under the leadership of Chairman Geng since 2022, focusing on revitalizing the brand and enhancing competitive strength [3]. - The company has initiated multiple dividend distributions, returning 282 million yuan to investors in the first three quarters, with expectations for a steady increase in cumulative dividend rates in 2025 and beyond [3]. Future Outlook - The company is positioned as a quality investment opportunity with both offensive and defensive characteristics, driven by product resilience and anticipated increases in dividend yield [3]. - Profit forecasts for net profit attributable to shareholders for 2025-2027 are updated to 1.602 billion, 1.911 billion, and 2.262 billion yuan, respectively, maintaining a "buy" rating [3].

Core Viewpoint - Yanjing Beer reported a significant increase in net profit for the first three quarters of 2025, with a nearly 40% year-on-year growth, indicating strong financial performance despite a competitive market environment [2][4]. Financial Performance - In Q3 2025, Yanjing Beer achieved revenue of 4.875 billion yuan, a year-on-year increase of 1.55%, and a net profit of 668 million yuan, up 26% [3]. - For the first three quarters of 2025, the company reported total revenue of 13.433 billion yuan, reflecting a 4.57% increase, and a net profit of 1.770 billion yuan, which is a 37.45% increase [3]. - The beer sales volume for the first nine months was 3.495 million kiloliters, showing a growth of 1.39% year-on-year [2]. Profit Distribution - Yanjing Beer announced a cash dividend distribution plan for the first three quarters of 2025, proposing a payout of 1.00 yuan per 10 shares, totaling 282 million yuan [6]. Strategic Initiatives - The company emphasized its commitment to a major product strategy, with the Yanjing U8 brand continuing to perform well, contributing to product structure upgrades and market rejuvenation [6]. - Yanjing Beer is focusing on enhancing its management systems and accelerating digital transformation to improve operational efficiency [6]. Shareholder Changes - Among the top ten circulating shareholders, one increased their holdings, three new shareholders entered, and two reduced their stakes, indicating active market participation [6][7]. Industry Context - The overall beer industry in China is experiencing a period of structural adjustment and transformation, with a slight decline in production reported [8]. - Yanjing Beer is also diversifying its product offerings by introducing beverages like Baisite soda, aiming to create a dual growth model of "beer + beverages" [9].

Core Viewpoint - The article highlights the dividend distribution plans of several A-share companies, indicating a trend of significant cash returns to shareholders. Group 1: Dividend Distribution - 26 A-share companies are undergoing stock rights registration today [1] - Xinjie Electric, Jiuqi Co., and Changjiu Logistics have the highest dividend payouts, distributing 5.90 yuan, 4.00 yuan, and 3.10 yuan per 10 shares respectively [1] - Three additional companies have announced dividend plans, with Industrial Fulian, Yanjing Beer, and Tailong Co. proposing payouts of 3.3 yuan, 1.0 yuan, and 0.2 yuan per 10 shares respectively [1]

Group 1: Company News - Industrial Fulian plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 6.551 billion yuan (before tax) for the first half of 2025 [7] - Ningde Times reported a revenue of 283.072 billion yuan for the first three quarters, a year-on-year increase of 9.28%, and a net profit of 49.034 billion yuan, up 36.20% [5] - DiAo Micro plans to acquire 100% equity of Rongpai Semiconductor, with shares resuming trading on October 21 [7] - China Mobile's third-quarter revenue reached 250.9 billion yuan, a year-on-year increase of 2.5%, with a net profit of 31.1 billion yuan, up 1.4% [6] - Keda Xunfei reported a third-quarter revenue of 6.078 billion yuan, a year-on-year increase of 10.02%, and a net profit of 172 million yuan, up 202.4% [6] - Yanjing Beer achieved a third-quarter revenue of 4.875 billion yuan, a year-on-year increase of 1.55%, with a net profit of 668 million yuan, up 26% [6] - China Shipbuilding expects a net profit of 5.55 billion to 6.15 billion yuan for the first three quarters, a year-on-year increase of 104.30% to 126.39% [6] - Dazhu CNC reported a revenue of 3.903 billion yuan for the first three quarters, a year-on-year increase of 66.53%, and a net profit of 492 million yuan, up 142.19% [6] Group 2: Economic Indicators - The National Bureau of Statistics reported that the GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [1] - The GDP growth by industry showed the primary industry increased by 3.8%, the secondary industry by 4.9%, and the tertiary industry by 5.4% [1] - The quarterly GDP growth rates were 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3, with a quarter-on-quarter growth of 1.1% in Q3 [1] - The People's Bank of China announced that the one-year Loan Prime Rate (LPR) remains at 3.0% and the five-year LPR at 3.5%, unchanged for five consecutive months [1] Group 3: Industry Developments - The Ministry of Industry and Information Technology held a meeting addressing the cement industry's supply-demand imbalance, emphasizing the need for capacity replacement and regulation [3] - The Dalian Commodity Exchange announced an expansion of trading varieties for qualified foreign institutional investors, adding new futures contracts [5] - The China Futures Market Monitoring Center reported that the total funds in the futures market exceeded 2 trillion yuan, marking a 24% increase from the end of 2024 [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-81 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 董事、高级管理人员是否存在对季度报告内容存在异议或无法保证其真实、准确、完整的情况 □是 √否 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 其他符合非经常性损益定义的损益项目的具体情况： □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非经常性损益项目界 定为经常性损益 ...

Core Insights - The Chinese liquor industry is at a historical crossroads, facing both challenges and opportunities due to rational consumption trends and the impact of artificial intelligence on industry logic [1] - The "World Famous Wine Value Conference" held in Wuhan addressed key industry questions regarding the redefinition of liquor value, the shift from scale expansion to value creation, and the globalization of Chinese liquor [1] Industry Trends - The global liquor industry is undergoing structural changes, with the high-end and luxury segments leading growth at a compound annual growth rate (CAGR) of 10.3%, particularly driven by the Asia-Pacific region [2] - The Chinese baijiu market is expanding steadily, with a CAGR of 2.3%, showcasing strong industry resilience and cultural roots [2] - Traditional business banquet markets are contracting, while personalized and emotionally connected consumption scenarios are rapidly emerging, emphasizing the need for liquor brands to adopt innovative strategies for differentiation [2] Consumer Behavior - The concept of rational consumption has gained consensus, with consumers prioritizing products that offer a balance of cost-effectiveness, quality, and emotional value [4] - The long-term development of world-famous liquors should focus on the values of "coexistence, empathy, and sharing," integrating industry with nature and society [4][5] Internationalization Challenges - China's baijiu currently holds only a 2.3% share in the international market, highlighting the need for the industry to overcome misconceptions and adopt successful strategies from international wine markets [7] - Recommendations for internationalization include aligning with international standards, innovating products and marketing strategies, and fostering collaboration among industry players [7] Innovation and Strategy - Leading companies are responding to industry changes through innovative practices, such as digital empowerment, cross-industry collaborations, and enhancing consumer experiences [10] - Anhui Gujing Group is leveraging digitalization to enhance traditional brewing processes and is actively promoting baijiu internationally [12] - Luzhou Laojiao is focusing on brand innovation through product diversification and cultural collaborations to connect with younger consumers [14] - Qingdao Beer is enhancing consumer engagement through innovative product offerings and efficient delivery systems [19] Future Directions - The conference outlined a clear roadmap for the future of Chinese liquor, emphasizing the importance of gratitude towards nature, commitment to quality, and deep emotional resonance with consumers [30] - The industry is encouraged to embrace the philosophy of "coexistence, empathy, and sharing" to navigate the challenges ahead and achieve sustainable growth [30]

Core Insights - Yanjing Beer reported a revenue of 4.875 billion yuan in Q3, a year-on-year increase of 1.55%, and a net profit attributable to shareholders of 668 million yuan, up 26% [1][2] - For the first three quarters, the company achieved a total revenue of 13.43 billion yuan, surpassing the entire revenue of 2022, with a net profit of 1.77 billion yuan, reflecting a growth of over 37% [1][2] - The company maintains a strong growth trajectory, with a net profit margin exceeding 20% [1] Financial Performance - Q3 revenue was 4.875 billion yuan, with a year-on-year growth of 1.55% [2] - Net profit attributable to shareholders for Q3 was 668 million yuan, marking a 26% increase [2] - The net profit for the first three quarters reached 1.77 billion yuan, a growth of over 37% compared to the previous year [1][2] - The basic and diluted earnings per share for Q3 were both 0.2369 yuan, reflecting a 26% increase [2] Market Position and Strategy - Yanjing Beer continues to execute its major product strategy, with the Yanjing U8 brand showing strong growth, contributing to product structure upgrades and improved profitability [3] - Despite a slowdown in growth compared to the first half of the year, where revenue growth was 6.37% and net profit growth was 45.45%, the company remains optimistic about its annual performance [5] - The company plans to distribute a cash dividend of 1 yuan per 10 shares for the first three quarters of 2025, totaling 282 million yuan, signaling a commitment to return value to shareholders [5] Shareholder Activity - Northbound capital slightly reduced its holdings, with Hong Kong Central Clearing Limited decreasing its stake by over 21 million shares, resulting in a holding ratio of 2.65% [5] - The dividend distribution marks the first time in over twenty years that Yanjing Beer has issued dividends outside of the annual distribution, indicating a positive signal to investors [5]

Core Viewpoint - Yanjing Beer has demonstrated resilience in its financial performance, achieving growth in both revenue and net profit despite a slowdown in growth rates compared to the first half of the year [2][5]. Financial Performance - In Q3, Yanjing Beer reported revenue of 4.875 billion yuan, a year-on-year increase of 1.55%, while the net profit attributable to shareholders reached 668 million yuan, reflecting a 26% growth [3][4]. - For the first three quarters of the year, total revenue amounted to 13.433 billion yuan, surpassing the total revenue for the entire year of 2022, with a net profit of 1.770 billion yuan, up over 37% year-on-year [2][3]. Growth Trends - The growth rate of revenue and net profit has slowed in Q3 compared to H1, where revenue growth was 6.37% and net profit growth was 45.45% [7]. - Beer sales saw a slight increase of 2.03% in H1, but only a marginal increase of less than 0.1% in Q3 [7]. Strategic Initiatives - The company is committed to its major product strategy, with Yanjing U8 continuing to show strong growth, contributing to product structure upgrades and improved profitability [5]. - Yanjing Beer announced a profit distribution plan for the first three quarters of 2025, proposing a cash dividend of 1 yuan per 10 shares, totaling 282 million yuan, marking the first dividend distribution outside of annual dividends in over twenty years [7]. Shareholder Engagement - The company has seen a slight reduction in holdings by northern capital, with Hong Kong Central Clearing Limited reducing its stake by over 21 million shares, resulting in a holding ratio of 2.65% [7]. - The dividend payout ratio has fluctuated over the past five years, with a notable increase expected for 2025, indicating a positive signal for investor returns [7].