格隆汇8月10日丨燕京啤酒(000729.SZ)公布2025年半年度报告，2025年上半年，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11.03亿元，同比增长45.45%，实现扣除非经常性损益后归属于上市公司股东净利润为 10.36亿元，同比增长39.91%。公司营收规模持续扩大，盈利水平显著增长，核心竞争能力进一步夯 实。 ...

公司目前拥有控股子公司61个，遍布全国19个省(直辖市)，销售区域辐射全国。公司在2025年上半年以 系统性变革为牵引，构建了多维度的价值创造体系;通过深耕九大变革，形成协同效应，管理效能持续 提升，市场活力不断增强。 智通财经APP讯，燕京啤酒(000729.SZ)披露2025年半年度报告，报告期公司实现营收85.58亿元，同比 增长6.37%;归母净利润11.03亿元，同比增长45.45%;扣非净利润10.36亿元，同比增长39.91%;基本每股 收益0.3913元。 ...

智通财经APP讯，燕京啤酒(000729.SZ)披露2025年半年度报告，报告期公司实现营收85.58亿元，同比 增长6.37%;归母净利润11.03亿元，同比增长45.45%;扣非净利润10.36亿元，同比增长39.91%;基本每股 收益0.3913元。 公司目前拥有控股子公司61个，遍布全国19个省(直辖市)，销售区域辐射全国。公司在2025年上半年以 系统性变革为牵引，构建了多维度的价值创造体系;通过深耕九大变革，形成协同效应，管理效能持续 提升，市场活力不断增强。 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights that the liquor industry is gradually releasing pressure from distribution channels, indicating a potential for future growth. It suggests focusing on three main lines: leading brands, high-certainty regional liquors, and elastic stocks benefiting from recovery and increased risk appetite [1][2]. - The snack sector shows significant growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance. The report emphasizes the importance of channel leadership and growth potential in selecting stocks [3][6]. Summary by Sections Liquor Industry - The report notes that the liquor industry is experiencing a deep adjustment, shifting from scale growth to high-quality development. It emphasizes the importance of brand strength and strategic initiatives to capture new consumer trends [2]. - The expected revenue for Zhenjiu Lidong in H1 2025 is projected to be between 2.4 billion to 2.55 billion yuan, reflecting a year-on-year decline of 38.3% to 41.9% due to economic uncertainties and policy impacts [2]. Beer and Beverage Sector - The beer segment shows promising results, with Huiquan Brewery reporting a revenue of 351 million yuan in H1 2025, a year-on-year increase of 1.03%, and a net profit of 40 million yuan, up 25.52% [3]. - Unified Enterprises China achieved a revenue of 17.087 billion yuan in H1 2025, representing a 10.6% year-on-year growth, with a net profit of 1.287 billion yuan, up 33.2% [3]. Snack Sector - The snack sector is highlighted for its recovery in stock prices, with expectations for continued high growth due to new product launches and channel transformations. The report notes a narrowing decline in raw milk prices, which may positively impact the dairy segment [6].

Group 1 - The company, Yanjing Beer, reported a revenue of 8.558 billion yuan for the first half of the year, representing a year-on-year growth of 6.37% [2] - The net profit attributable to shareholders of the listed company was 1.103 billion yuan, showing a significant year-on-year increase of 45.45% [2]

Core Viewpoint - Beijing Yanjing Brewery Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating a strong performance in a competitive beer market [2][4]. Financial Performance - Operating revenue reached approximately 8.56 billion yuan, a year-on-year increase of 6.37% [2]. - Net profit attributable to shareholders was about 1.10 billion yuan, reflecting a substantial growth of 45.45% compared to the previous year [2]. - The net profit after deducting non-recurring gains and losses was approximately 1.04 billion yuan, up 39.91% year-on-year [4]. - Basic earnings per share increased to 0.3913 yuan, a rise of 45.46% from the previous year [2]. - The weighted average return on equity improved to 7.27%, an increase of 1.94 percentage points [2]. Business Overview - The company primarily engages in the manufacturing and sales of beer, water, and beverages, with beer accounting for over 90% of its main business [4]. - As of June 2025, the company operated 61 subsidiaries across 19 provinces, enhancing its market reach [4][5]. Industry Context - The Chinese beer industry is experiencing structural adjustments and a shift towards high-quality development, with a reported production volume of 19.04 million kiloliters in the first half of 2025, a slight decline of 0.3% year-on-year [4][5]. - Major beer companies, including Yanjing Brewery, are focusing on quality improvement and brand building to meet consumer demand for high-quality products [4]. Product Innovation - The company has introduced several new products, including Yanjing U8 and V10 craft beers, which cater to evolving consumer preferences [4][5]. - Yanjing Brewery is also expanding its product portfolio to include beverages like Best Soda, marking a strategic move towards diversifying its offerings [5][6]. Market Strategy - The company employs a dual-engine strategy of "full-channel integration + regional deep cultivation" to activate market growth potential [5]. - It has implemented a "Big County Project" and a new "Big City Project" to enhance market penetration and optimize regional strategies [5][6]. Supply Chain Management - The company is advancing its supply chain digitalization to improve resilience and collaborative capabilities, ensuring traceability and quality control of raw materials [6][7].

| 2025 北京燕京啤酒股份有限公司 | | --- | | 年半年度报告摘 | | 要 | | | | | | | --- | --- | --- | --- | --- | --- | | 证券代码：000729 | 证券简称：燕京啤酒 | | | | 公告编号：2025- | | 66 | | | | | | | 年半年度报告摘要 | 北京燕京啤酒股份有限公司 2025 | | | | | | 一、重要提示 | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | 资者应当到证监 | | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | 非标准审计意见提示 | | | | | | | □适用 ?不适用 | | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | | □适用 ?不适用 | | | | | | | 公司计划本半年度不派发现金红利，不送红股，不以公积金转增 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-65 北京燕京啤酒股份有限公司 第八届董事会第三十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 北京燕京啤酒股份有限公司（以下简称"本公司"、"公司"）第八届董 事会第三十五次会议通知于2025年7月29日以传真、电子邮件等方式送达全体董 事，会议于2025年8月8日以通讯表决形式召开。会议应参加董事6人，实际参加 董事6人，分别为：耿超、谢广军、刘翔宇、郭晓川、周建、刘景伟。本次董事 会会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的 规定。 二、董事会会议审议情况 表决结果：同意票6票，反对票0票，弃权票0票。本议案获得通过。 公司董事会审计委员会审议通过了此项议案。 公司《2025年半年度报告》及《2025年半年度报告摘要》于2025年8月11日 刊登在巨潮资讯网（http://www.cninfo.com.cn）。 表决结果：同意票6票，反对票0票，弃权票0票。本议案获得通过。 会议决定，聘任北京市信利律师事务所为公司常年法律顾 ...

Core Viewpoint - Beijing Yanjing Beer Co., Ltd. has revised its "Reception and Promotion Work System" to enhance communication with investors and ensure compliance with regulatory requirements [1][7]. Summary by Sections Revision Details - The board of directors approved amendments to the "Reception and Promotion Work System" to align with legal and regulatory frameworks [1][7]. - The revised document will be published on August 11, 2025, on the official information disclosure platform [1]. Reception and Promotion Activities - The system defines reception and promotion activities as engagements with investors through various means such as one-on-one communication, site visits, shareholder meetings, and analyst conferences [2]. - The board secretary is designated as the head of reception and promotion activities, ensuring that all communications are properly managed [2]. Information Disclosure Protocols - The company aims to avoid investor relations activities within 30 days prior to the disclosure of regular reports to prevent the leakage of undisclosed significant information [3]. - Any communication regarding the company's operational and financial status must not disclose non-public significant information, adhering strictly to public disclosure protocols [3]. Compliance and Accountability - The company requires specific commitments from individuals involved in direct communications to prevent the unauthorized disclosure of significant information [4]. - A detailed record of all reception and promotion activities must be maintained, including participant details and the content discussed [6][19]. Confidentiality Measures - In cases where confidential information must be shared, the company mandates the signing of non-disclosure agreements to protect sensitive information [6]. - Any leaks or unusual market activities must be reported immediately to the Shenzhen Stock Exchange [6]. Implementation and Effectiveness - The revised system will take effect upon approval by the board and will remain in force unless further amendments are made [7].

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 第八届董事会第三十五次会议，审议通过了《关于修改 <反舞弊制度> 的议案》。 证 券代 码： 000729 证 券简 称：燕 京啤 酒 公 告编 号：2025-78 北京燕京啤酒股份有限公司 根据《中华人民共和国公司法》 《中华人民共和国证券法》 《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》《企业内部控制基本 规范》等有关规定，结合公司实际情况，公司决定对《反舞弊制度》部分条款进 行修订。本次《反舞弊制度》修正案和《反舞弊制度》全文将于 2025 年 8 月 11 日刊登在巨潮资讯网（http://www.cninfo.com.cn）。 修订情况对照表 修订前 修订后 全文"内审部" 全文"内审部"修改为"内部审计部门" 第一条 为防治舞弊，加强公司治理和内部 第一条 为防治舞弊，加强公司治理和内部控 控制，维护公司和股东合法权益，结合公司 制，维护公司和股东合法权益，根据《中华 实际情况，制订本制度。 人民共和国公司法》《中华人民共和国证券 法》《深圳证券交易所上市公司自律监管指 ...