（文章来源：证券日报） 证券日报网讯 2月6日，燕京啤酒发布公告称，近日，公司收到中兴华所《关于变更北京燕京啤酒股份 有限公司2025年度签字注册会计师的告知函》，中兴华所作为公司2025年度财务审计机构和内部控制审 计机构，原指派刘炼先生、刘俊晓女士作为签字注册会计师为公司提供审计服务。因工作变动，刘炼先 生不再担任公司2025年度审计项目签字注册会计师，现指派郭正伟先生为签字注册会计师，继续完成公 司2025年度财务报告审计及内部控制审计的相关工作。本次变更后，为公司提供2025年度审计服务的项 目合伙人、签字注册会计师分别为刘俊晓女士、郭正伟先生。 ...

证券日报网讯 2月6日，燕京啤酒（000729）在互动平台回答投资者提问时表示，公司不断顺应消费趋 势，已推出10°P红枣枸杞啤酒、绿豆风味小麦、茉莉白啤等多款中式特色啤酒，相关产品已在燕京酒 號、狮王精酿品牌上市。公司将持续关注新品研发，为广大消费者提供更优质的产品。 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2026-02 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。 北京燕京啤酒股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 18 日、2025 年 6 月 24 日分别召开公司第八届董事会第三十二次会 议、2024 年度股东会，审议通过了《关于确定 2024 年度财务报告审计报酬 及续聘 2025 年度财务报告审计机构的议案》《关于确定 2024 年度内控审计 报酬及续聘 2025 年度内控审计机构的议案》，同意聘任中兴华会计师事务 所（特殊普通合伙）（以下简称"中兴华所"）为公司 2025 年度财务审计 机构及内部控制审计机构，签字项目合伙人为刘炼先生，签字注册会计师为 刘俊晓女士，具体内容详见公司于 2025 年 4 月 22 日、2025 年 6 月 25 日登 载于《证券时报》《证券日报》《中国证券报》《上海证券报》及巨潮资讯 网（www.cninfo.com.cn）的《拟续聘会计师事务所的公告》（公告编号： 2025-27）及《2024 年度股东会决议公告》（公告编号：202 ...

每经AI快讯，有投资者在投资者互动平台提问：既然能开发燕京U8，为什么不能再开发几款养颜，养 生之类的高端啤酒？ 燕京啤酒（000729.SZ）2月6日在投资者互动平台表示，公司不断顺应消费趋势，已推出10°P红枣枸杞 啤酒、绿豆风味小麦、茉莉白啤等多款中式特色啤酒，相关产品已在燕京酒號、狮王精酿品牌上市。公 司将持续关注新品研发，为广大消费者提供更优质的产品。 （记者 王瀚黎） ...

证券之星消息，2月4日非白酒板块较上一交易日上涨1.18%，燕京啤酒领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600084 | 中信尼雅 | 7.02 | -6.15% | 35.66万 | 2.53亿 | | 600238 | *ST椰岛 | 5.58 | -4.94% | 11.67万 | 6581.71万 | | 000929 | *ST兰黄 | 9.94 | -1.39% | 2.31万 | 2304.71万 | | 600059 | 古越龙山 | 10.22 | 0.00% | 29.85万 | 3.05亿 | | 603779 | 威龙股份 | 6.86 | 0.00% | 7.97万 | 5465.31万 | | 000869 | 张 裕A | 20.80 | 0.48% | 1.84万 | 3825.41万 | | 000752 | ST西发 ...

Industry Overview - The beer industry in China is defined as an alcoholic beverage made primarily from malted barley and wheat, with various classifications based on brewing techniques and yeast types [1] - The industry has a significant degree of product homogeneity due to similar brewing processes among most beer products [1] Industry Chain Analysis - The beer industry has a mature supply chain in China, with upstream suppliers providing raw materials, brewing equipment, and packaging [2][4] - Major beer producers dominate the midstream market, with the top five brands (China Resources Beer, Tsingtao Brewery, Budweiser APAC, Chongqing Brewery, and Yanjing Beer) accounting for over 90% of the market share [2][5] Industry Development History - The Chinese beer industry has evolved from foreign control in the late 19th century to a more localized production model post-1949, with significant growth following the economic reforms [7] - The industry experienced a rapid expansion from 1980 to 1994, followed by a consolidation phase from 1994 to 2005, leading to the establishment of major players [7] - Since 2017, the focus has shifted towards high-end beer production as low-end market growth has plateaued [7] Current Industry Status - Beer production in China has stabilized around 35 million kiloliters, with a slight recovery noted after a decline from 2015 to 2020 [10] - The sales revenue of the beer industry saw a significant increase in 2022, reaching 175.11 billion yuan, a 10.1% year-on-year growth [11] - The demand for high-quality beer products is rising, prompting leading companies to invest in the high-end market segment [14] Pricing Trends - The average price of beer in China has been on the rise, increasing from 14.6 yuan per liter in 2019 to an expected 17.2 yuan per liter by 2024 [15] Competitive Landscape - The beer industry in China exhibits a clear oligopolistic trend, with the top five companies dominating the market [18] - The regional concentration of beer production is high, particularly in coastal areas, with Shandong and Guangdong provinces leading in production capacity [23] Future Industry Outlook - The market size of the beer industry is projected to exceed 240 billion yuan by 2031, driven by increasing consumer demand for quality and unique beer products [24] - The industry is expected to see a rise in concentration and a shift towards high-end products, with digital marketing and innovative strategies becoming key growth drivers [28]

Industry and Company Analysis Summary Industry Overview - The beer industry is currently experiencing a high dividend yield, with leading companies increasing their dividends, providing support for stock prices. The focus is on the recovery of service consumption and inflation expectations driving volume and price growth in 2026 [1][2] - The industry is expected to see a recovery in volume and price due to improved service consumption and inflation expectations [1] Key Companies and Insights China Resources Beer (华润啤酒) - Recognized for its leading position and ongoing premiumization strategy [1] - Projected to achieve a small single-digit volume growth in 2025, with stable pricing and a slight decline in H2 compared to H1. Full-year profit is expected to grow by a high single to double-digit percentage [2] - Anticipated revenue and profit for 2025 are 39.1 billion and 5.8 billion respectively, not accounting for impairments [2] - Dividend payout ratio is expected to gradually increase to 70-80% [2] Chongqing Brewery (重啤) - Q4 trends are better than the same period last year, primarily due to strict inventory control in 2025. The company expects stable or slightly increased sales for the year [2] - Notable growth in U.S. and Xinjiang markets, with double-digit growth for brands like Carlsberg and Fenghua Xueyue [2] Yanjing Beer (燕京) - The company forecasts a slight decline in net profit for Q4, with a year-on-year growth rate of -3% to +44% [3] - Plans to launch a new product, A10, to enhance its product matrix in 2026 [3] - Expected stable cost per ton and potential for operational efficiency improvements [3] Financial Metrics - China Resources Beer has a dividend yield of 4.0% for A shares and 5.5% for H shares [2] - Chongqing Brewery's Q4 performance is expected to show a slight increase in sales, with a focus on inventory management [2] - Yanjing's Q4 revenue is projected to grow by 7%, with an annual profit of 1.2 billion [3] Risks - Potential risks include cost fluctuations, slower-than-expected recovery in demand from the restaurant sector, and increased competition [4]

Core Insights - The Ministry of Commerce and nine other departments have launched the "2026 'Happy Shopping Spring Festival' Special Activity Plan," aiming to create a comprehensive consumption festival during the Spring Festival, focusing on six aspects: food, accommodation, transportation, tourism, shopping, and entertainment [1] Group 1: Industry Opportunities - The new policy provides multiple benefits and broad development space for food and beverage companies, supporting their efforts to seize peak seasons, expand sales, and enhance brand influence [1] - Companies in the Shenzhen Stock Exchange's food and beverage sector are actively leveraging policy benefits through strong product capabilities, improved supply chains, and diversified marketing strategies [2][3] Group 2: Business Strategies - Companies are focusing on core business areas, optimizing product structures, enhancing industry layouts, and strengthening cost control to achieve steady growth in operating performance [2] - For instance, Beijing Yanjing Beer Co., Ltd. has improved revenue and profit through product structure optimization and cost management, while Salted Dried Fruit Co. has developed a full industry chain in leisure foods [2] Group 3: Innovation and R&D - Companies are integrating quality assurance into the entire production and R&D chain, with a strong emphasis on innovation as a key driver of long-term growth [2][3] - Yanjing Beer has established a market-oriented innovation system, achieving significant R&D milestones, including 5 world-leading innovations and numerous patents [3] Group 4: Quality Improvement Initiatives - The Shenzhen Stock Exchange has initiated the "Quality Return Dual Improvement" special action to enhance the quality and investment value of listed companies, with around 500 companies already publishing action plans [4] - Food and beverage companies are actively participating in this initiative, improving operational quality and enhancing their ability to reward investors [5] Group 5: Shareholder Returns - Yanjing Beer has prioritized shareholder returns, distributing significant cash dividends, including a 90% increase in cash dividends compared to the previous year, reflecting a commitment to sharing profits with shareholders [5] - The practices of food and beverage companies illustrate a development path focused on quality foundation and return empowerment, with expectations for continued optimization of shareholder return mechanisms [5]

Core Viewpoint - Yanjing Beer (000729) reported that as of January 30, 2026, the total number of shareholders is 47,607 [1] Summary by Relevant Categories Company Information - Yanjing Beer has a total of 47,607 shareholders as of the specified date [1]

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].