（编辑 丛可心 王雪儿） 证券日报网12月25日讯 ，燕京啤酒在接受投资者提问时表示，公司以"全渠道融合+区域深耕"为双引 擎，系统激活市场增长潜力，构建全渠道销售网络，优化布局区域策略，在"百县工程"基础上新增"百 城工程"，形成梯度化市场开发策略。通过区域资源倾斜与差异化策略，持续扩大销售网络和市场覆盖 范围，提升渠道覆盖力和渗透率，实现"强势市场深挖潜、新兴市场快布局"的良性循环。公司在新兴市 场和消费新场景中同样展现出积极的市场拓展和产品升级趋势。 ...

Core Viewpoint - Yanjing Beer recognizes the strategic value of digital transformation for traditional manufacturing companies and has integrated digital upgrades into its core strategic initiatives [1] Digital Strategy - The company has developed a "154" digital strategy blueprint to systematically advance its digital construction [1] - Key focus areas include the digital transformation of the supply chain and the establishment of a digital system platform [1] Operational Goals - The company aims to enhance cost efficiency through the introduction of digital technology tools [1] - The objectives include achieving "fully online business, fully connected processes, and data visualization" to create an agile, intelligent, and green supply chain [1]

Group 1 - The core viewpoint of the article is that Yanjing Beer (000729) is actively engaging with investors regarding its market strategies, specifically through its subsidiary Beijing Yanjing Zhonghua Biotechnology Co., Ltd. [1] - Yanjing Nutrition Home is identified as a sales channel that the company is utilizing as part of its market development initiatives [1]

Core Insights - Yanjing Beer has demonstrated strong performance during the "14th Five-Year Plan" period, focusing on strategic restructuring and achieving continuous growth in key economic indicators, outpacing the industry [2] - The company is preparing for the "15th Five-Year Plan," emphasizing high-quality development and innovation as core drivers for future growth [2] Market Development - Yanjing Beer employs a dual-engine strategy of "omni-channel integration + regional deep cultivation" to enhance market coverage and penetration [3] - The company is expanding its sales network and market reach through differentiated strategies, focusing on both established and emerging markets [3] Digital Transformation - The company views digital transformation as a strategic value for traditional manufacturing, implementing a "154" digital strategy blueprint [4] - Key initiatives include the digitalization of the supply chain, aiming for an agile, intelligent, and green supply chain through the integration of digital technologies [4] Product Development - Yanjing Beer is driving product upgrades through research and development, leveraging national-level technical centers and laboratories [5] - The company has developed strategic products like Yanjing U8 and V10 white beer, creating a diverse product matrix that caters to various market segments [5] - An innovative model of "developing a batch, launching a batch, and reserving a batch" is being utilized to meet consumer demands for personalization and diversity [5]

Group 1: Company Overview and Strategic Goals - The company focuses on high-quality development, emphasizing transformation and innovation as key drivers for growth [2] - It aims to enhance operational efficiency, management quality, and development standards through nine major reforms [2] - The company plans to deepen innovation and advance reforms across various fields to strengthen its brand and market presence [2] Group 2: Management and Operational Efficiency - The company implements a comprehensive management system to improve production efficiency, cost control, and product quality [3] - It utilizes automation and smart factory technologies to align with industry best practices, enhancing service quality for customers [3] Group 3: Digital Transformation Achievements - During the "14th Five-Year Plan," the company completed its supply chain digital transformation, significantly reducing operational costs and improving management levels [4] - The digital initiatives have enhanced market responsiveness and customer experience, contributing to the brand's influence and competitiveness [4] Group 4: Product Strategy and Market Growth - The company adheres to a major product strategy, with the Yanjing U8 brand showing strong growth, driving product structure upgrades and profitability [5] - It focuses on integrating channels and deepening regional market engagement to solidify growth foundations [5] Group 5: Shareholder Returns and Dividend Distribution - The company prioritizes shareholder returns, planning to distribute cash dividends based on its 2025 performance [6] - For the first three quarters of 2025, it will distribute cash dividends of 1.00 yuan per 10 shares, totaling approximately 281.85 million yuan [7]

Group 1: Strategic Development - The "14th Five-Year Plan" marks a significant strategic restructuring period for Yanjing Beer, focusing on growth and transformation as key themes [2] - The company aims to maintain a positive development trend through reform and innovation, with a focus on "second entrepreneurship and revitalizing Yanjing" as the main theme of the "15th Five-Year Plan" [2] - Key economic indicators have shown continuous growth for five years, leading the industry and demonstrating strong growth resilience [2] Group 2: Market Development - Yanjing Beer employs a "full-channel integration + regional deep cultivation" strategy to activate market growth potential and optimize regional strategies [3] - The company has introduced the "Hundred Cities Project" to enhance market development strategies, focusing on expanding sales networks and market coverage [3] - There is a positive trend in market expansion and product upgrades in emerging markets and new consumption scenarios [3] Group 3: Digital Transformation - The company recognizes the strategic value of digital transformation for traditional manufacturing and has integrated digital upgrades into its core strategic initiatives [4] - A "154" digital strategy blueprint is being implemented, focusing on supply chain digital transformation and establishing a digital operation system platform [4] - The goal is to achieve "fully online business, fully connected processes, and data visualization," creating an agile, intelligent, and green supply chain [4] Group 4: Product Innovation - Yanjing Beer drives product upgrades through R&D transformation, leveraging its national-level technology center and laboratories [5] - The company has increased R&D efforts to meet diverse consumer demands, developing strategic products like Yanjing U8 and V10 white beer [5] - An innovative model of "developing a batch, launching a batch, and reserving a batch" for product development has matured, covering various market segments [5]

Core Viewpoint - Yanjing Beer has successfully implemented a big product strategy, leading to significant growth momentum and continuous release of growth potential [1] Product Strategy - The company focuses on beer research, production, and sales, forming a product matrix that includes high-end products like U8, V10, Lion King Craft, and Lijiang 1998, mid-range products like fresh beer and refreshing beer, and basic products with regional characteristics [1] - The success of the U8 big product has driven sales growth that consistently outpaces the industry, with profitability accelerating [1] Market Performance - The U8 product has shown strong growth, contributing to an upgrade in product structure, with the proportion of mid-to-high-end beer sales increasing from 54.6% in 2019 to 70.1% in the first half of 2025 [1] - The company plans to launch a "Hundred Cities Project" in 2025, focusing on high-capacity, high-structure, and high-growth cities to build model markets and explore growth potential in strong markets while strengthening its presence in underdeveloped markets [1] Regional Expansion - In the first half of 2025, the North China region accounted for 56.7% of the company's revenue, indicating a strategy of deepening advantages in strong markets while making breakthroughs in weaker markets [1] - The company is committed to advancing its big product strategy, with U8's growth continuing to show strong momentum [1]

Core Insights - On December 24, 2023, brokerage firms provided target prices for listed companies, with notable increases for Haiguang Information, Xingfu Electronics, and Dashang Co., with target price increases of 52.80%, 39.48%, and 33.19% respectively, belonging to the semiconductor, electronic chemicals, and general retail industries [1][2]. Group 1: Target Price Increases - Haiguang Information received a target price of 336.00 yuan, representing a 52.80% increase [2]. - Xingfu Electronics has a target price of 52.00 yuan, indicating a 39.48% increase [2]. - Dashang Co. has a target price of 24.60 yuan, reflecting a 33.19% increase [2]. Group 2: Brokerage Recommendations - A total of 24 listed companies received brokerage recommendations on December 24, with companies like Jiankangyuan, Yanjing Beer, and Bomai Ke receiving one recommendation each [2]. - Haiguang Information's rating was upgraded from "Recommended" to "Strong Buy" by Huachuang Securities [4]. Group 3: First-Time Coverage - On December 24, 12 companies received first-time coverage, including Jiankangyuan with a "Buy" rating from Western Securities, Yanjing Beer with a "Buy" rating from Aijian Securities, and Sailun Tire with a "Buy" rating from Bank of China International [4][5]. - Other companies receiving first-time ratings include Xibu Mining with an "Increase" rating from Bohai Securities and Data Port with a "Buy" rating from Northeast Securities [5].

Core Viewpoint - On December 24, several brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the semiconductor, electronic chemicals, and general retail sectors. Group 1: Target Price Increases - Haiguang Information, Xingfu Electronics, and Dashang Co. have the highest target price increases of 52.80%, 39.48%, and 33.19% respectively, based on the latest closing prices [1] - The target prices for Haiguang Information, Xingfu Electronics, and Dashang Co. are set at 336.00 yuan, 52.00 yuan, and 24.60 yuan respectively [2] Group 2: Brokerage Recommendations - A total of 24 listed companies received brokerage recommendations on December 24, with companies like Jiankangyuan, Yanjing Beer, and Bomai Co. receiving one recommendation each [2] - Haiguang Information's rating was upgraded from "Recommended" to "Strongly Recommended" by Huachuang Securities [4] Group 3: First-Time Coverage - On December 24, 12 companies received first-time coverage from brokerages, including Jiankangyuan with a "Buy" rating from Western Securities and Yanjing Beer with a "Buy" rating from Aijian Securities [4][5] - Other companies receiving first-time ratings include Sailun Tire, Xibu Mining, and Data Port, with ratings of "Buy" or "Increase" from various brokerages [5]

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]