证券代码：000729 证券简称：燕京啤酒 公告编号：2025-03 北京燕京啤酒股份有限公司 第八届监事会第二十三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、监事会会议召开情况 北京燕京啤酒股份有限公司（以下简称"公司"）第八届监事会第二十三次 会议通知于 2025 年 3 月 7 日以传真、电子邮件等方式送达全体监事，会议于 2025 年 3 月 17 日以通讯表决形式召开，会议应出席监事 3 人，实际出席 3 人，分别 为：王莉娜、乔乃清、邓启华。本次监事会会议的召开符合《公司法》、《证券法》 及《公司章程》的有关规定。 二、监事会会议审议情况 1、审议并通过了《关于使用闲置自有资金投资结构性存款的议案》 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。本议案获得通过。 会议决定，同意公司使用暂时闲置的自有资金投资银行结构性存款，单日最 高余额上限为人民币 20 亿元（含 20 亿元），在投资期限内上述额度内资金可循 环投资、滚动使用，但任一时点的交易金额（含前述投资的收益进行再投资的相 关金额）不超过上述额度上限。 监 ...

第八届董事会第三十一次会议决议公告 北京燕京啤酒股份有限公司 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。 一、董事会会议召开情况 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-02 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 第三十一次会议通知于 2025 年 3 月 7 日以传真、电子邮件等方式送达全体董事， 会议于 2025 年 3 月 17 日以通讯表决方式召开。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 1、审议并通过了《关于使用闲置自有资金投资结构性存款的议案》 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。 公司为充分利用暂时闲置的自有资金，进一步提高资金使用效率，在不影响 公司正常运营、严格控制风险的前提下，会议同意公司投资银行发行的结构性存 款，单日最高余额上限为人民币 20 亿元（含 20 亿元），在投 ...

公司发布的三季报数据显示，前三季公司共实现营业收入128.46亿元，同比增长3.47%，实现净利润 12.88亿元，同比增长34.73%，基本每股收益为0.4570元，加权平均净资产收益率8.98%。 1月16日公司发布2024年业绩预告，预计实现净利润10.00亿元至11.00亿元，变动区间为 55.11%~70.62%。（数据宝） 融资融券数据显示，该股最新（3月10日）两融余额为1.94亿元，其中，融资余额为1.89亿元，本期筹码 集中以来融资余额合计减少1237.04万元，降幅为6.13%。 燕京啤酒3月11日在交易所互动平台中披露，截至3月10日公司股东户数为43920户，较上期（2月28日） 减少2341户，环比降幅为5.06%。这已是该公司股东户数连续第2期下降。 证券时报•数据宝统计，截至发稿，燕京啤酒收盘价为11.97元，上涨1.53%，本期筹码集中以来股价累 计上涨1.79%。具体到各交易日，4次上涨，3次下跌。 ...

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer, with a target price of 16.59 CNY, based on a valuation of 468 billion CNY [3][4]. Core Views - Yanjing Beer is expected to see a steady improvement in profitability, driven by the strong growth of its U8 product line and structural upgrades in its product matrix, leading to a slight increase in market share [2][13]. - The overall beer market in China is projected to experience a controlled decline, with Yanjing Beer expected to maintain a stable market share due to its strong brand positioning and product offerings [7][16]. Summary by Sections Financial Forecast and Investment Recommendations - The earnings per share (EPS) for Yanjing Beer is forecasted to be 0.37, 0.53, and 0.64 CNY for the years 2024, 2025, and 2026 respectively, reflecting an upward revision from previous estimates [3]. - Revenue projections for 2024 to 2026 are adjusted to 14,957 million CNY, 15,884 million CNY, and 16,657 million CNY, with corresponding growth rates of 5.2%, 6.2%, and 4.9% [3]. Market Position and Product Development - Yanjing Beer has successfully developed the U8 product as a national mid-to-high-end growth item, contributing to a projected compound annual growth rate (CAGR) of 0.5% in total sales from 2023 to 2027 [21]. - The U8 product is expected to account for approximately 32% of total sales by 2028, driven by its competitive pricing and strong market acceptance [34][35]. Competitive Landscape and Industry Trends - The report highlights that Yanjing Beer has increased its market share from 10.1% in 2021 to 10.8% in 2023, outperforming competitors like Chongqing Beer and Zhujiang Beer during the same period [13][20]. - The overall beer market in China is anticipated to decline at a compound rate of -1.7% from 2023 to 2035, with Yanjing Beer expected to navigate this decline effectively due to its strategic positioning and product offerings [16][19]. Profitability Improvement Measures - Key reforms initiated by Yanjing Beer include focusing on the U8 product, optimizing production lines, and reducing costs, which are expected to enhance the company's profitability compared to its peers [38][39]. - The company's gross margin is projected to improve significantly, benefiting from the increased share of U8 and cost reductions in raw materials [7][38].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has released a 2024 earnings forecast, projecting a net profit attributable to shareholders of 1 to 1.1 billion yuan, representing a year-on-year increase of 55.11% to 70.62%. The net profit excluding non-recurring items is expected to be 950 million to 1.07 billion yuan, reflecting a year-on-year growth of 89.91% to 113.9% [4][10]. - The company anticipates a net profit of -288 to -188 million yuan for Q4 2024, indicating a reduction in losses by 23 to 123 million yuan [4][10]. - The company has shown significant reform results, with net profit increasing from 352 million yuan in 2022 to an expected 1 to 1.1 billion yuan in 2024, marking a twofold increase [10]. - The company is focusing on the U8 product line, enhancing marketing efforts, and improving operational efficiency through team restructuring and digital supply chain management [10]. - The company is expected to continue its growth trajectory, with projected EPS of 0.37, 0.50, and 0.56 yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 30X, 22X, and 20X [10]. Financial Summary - The total revenue for 2024 is estimated at 14.94 billion yuan, with a gross profit of 6.018 billion yuan, resulting in a gross margin of 40% [14]. - The operating profit is projected to be 1.617 billion yuan for 2024, with a corresponding operating margin of 11% [14]. - The net profit attributable to shareholders is expected to reach 1.056 billion yuan in 2024, with an EPS of 0.37 yuan [14].

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.0 to 1.1 billion yuan in 2024, representing a year-on-year growth of 55.11% to 70.62% [2][3] - The strong performance is driven by the robust growth of the U8 product line and internal efficiency improvements [3][4] - The company is positioned for medium to long-term growth due to ongoing reforms and market recovery [4] Financial Summary - Total revenue for 2024 is projected to be 147.48 billion yuan, with a year-on-year growth of 3.8% [5] - Net profit for 2024 is estimated at 1.052 billion yuan, reflecting a year-on-year increase of 63.2% [5] - The gross profit margin is expected to improve to 39.4% in 2024 [5] - Earnings per share (EPS) for 2024 is projected at 0.37 yuan, with a price-to-earnings (PE) ratio of 30.0 [5]

Investment Rating - The investment rating for the company is "Buy" with a current price of 11.20 CNY and a reasonable value of 14.41 CNY [2][3]. Core Views - The report highlights that the company's ongoing reforms are yielding results, leading to significant growth in annual performance. The expected net profit for 2024 is projected to be between 1.0 to 1.1 billion CNY, representing a year-on-year increase of 55.1% to 70.6% [7]. - The company is expected to maintain a strong performance trajectory, with revenue forecasts for 2024, 2025, and 2026 at 148.7 billion CNY, 156.6 billion CNY, and 164.0 billion CNY respectively, reflecting growth rates of 4.6%, 5.3%, and 4.7% [7][8]. - The report emphasizes the company's focus on operational efficiency and cost reduction, which has contributed to improved profitability metrics, including a projected net profit margin increase [7][8]. Financial Summary - Revenue (in million CNY) is forecasted to grow from 14,213 in 2023 to 15,657 in 2025, with a compound annual growth rate (CAGR) of approximately 4.6% [5][8]. - EBITDA is expected to rise from 1,509 million CNY in 2023 to 2,729 million CNY in 2025, indicating a strong operational performance [5][8]. - The net profit attributable to the parent company is projected to increase significantly from 645 million CNY in 2023 to 1,450 million CNY in 2025, with a growth rate of 37.9% [5][8]. - Earnings per share (EPS) is expected to grow from 0.23 CNY in 2023 to 0.51 CNY in 2025 [5][8]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 37.69 in 2023 to 21.77 in 2025, indicating an improving valuation as earnings grow [5][8]. - The report assigns a target P/E of 28 for 2025, leading to a reasonable value estimate of 14.41 CNY per share [7][8].

Investment Rating - The investment rating for the company is "Buy" [6][16]. Core Insights - The company has released its 2024 performance forecast, expecting a net profit attributable to shareholders of 1-1.1 billion yuan, representing a year-on-year growth of 55.11%-70.62%. The non-recurring net profit is projected to be 950-1,070 million yuan, with a year-on-year increase of 89.91%-113.90% [3][12][13]. - The company is focusing on its flagship product U8, enhancing its product structure and marketing strategies, which are expected to drive overall operational momentum upwards. The benefits from ongoing reforms are also anticipated to continue, with further cost reduction and efficiency improvement potential [3][14][15]. - The company is expected to achieve a net profit margin of approximately 7% in 2024, showing a year-on-year improvement. Compared to peers, there is still room for improvement in the company's net profit margin, primarily due to high management expense ratios [15][16]. Financial Projections - The company forecasts revenues of 15.101 billion yuan for 2024, with a growth rate of 6.25%. The net profit is expected to be 1.078 billion yuan, reflecting a growth rate of 67.26% [16][20]. - For the years 2025 and 2026, the projected revenues are 15.941 billion yuan and 16.740 billion yuan, with respective growth rates of 5.56% and 5.01%. The net profits for these years are expected to be 1.343 billion yuan and 1.601 billion yuan, with growth rates of 24.58% and 19.20% [16][20].

Investment Rating - The report maintains an "Accumulate" rating for Yanjing Beer [5] Core Views - Yanjing Beer is expected to achieve a net profit attributable to shareholders of 1.0-1.1 billion yuan in 2024, representing a year-on-year growth of 55.11%-70.62%, exceeding market expectations [2][3] - The company has implemented significant reforms under the leadership of Chairman Geng since 2022, resulting in a sustained net profit growth rate of over 50% for three consecutive years, well above the industry average [2] - The decline in raw material costs in 2024 has positively impacted profit margins, with malt and glass prices decreasing by double digits compared to 2023 [2] Summary by Sections Financial Performance - Yanjing Beer is projected to achieve a net profit of 1.041 billion yuan in 2024, with a growth rate of 61.44% in 2025 and 22.39% in 2026 [4] - The company's net profit margin for the first three quarters of 2024 is reported at 11.79%, which is significantly lower than industry peers, indicating room for improvement as reforms progress [2][3] Sales and Market Strategy - Despite a general slowdown in the beer industry, Yanjing Beer has managed to increase sales through product optimization and a focus on high-end and youth-oriented strategies, particularly with the U8 product line [3] - The U8 product line has shown rapid growth, becoming a key driver of revenue, with marketing efforts including a new endorsement campaign featuring actress Guan Xiaotong [3] Profitability and Valuation - The report raises the 2024 net profit forecast to 1.041 billion yuan, a 6% increase, while maintaining projections for 2025 and 2026 at 1.274 billion yuan and 1.551 billion yuan, respectively [3] - The estimated earnings per share (EPS) for 2024-2026 are projected at 0.37, 0.45, and 0.55 yuan, with corresponding price-to-earnings (P/E) ratios of 30x, 25x, and 20x [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant results from internal reforms, with a forecasted net profit for 2024 expected to be between 1.0 to 1.1 billion, representing a year-on-year growth of 55.11% to 70.62% [6] - The company is expected to continue its growth trajectory, driven by the U8 product line and expansion into new markets, despite some uncertainties in overall demand recovery [6] - The company is implementing nine major reforms to enhance efficiency and reduce losses, which have already shown positive results in Q4 2024 [6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 14,213 million, with a growth rate of 7.7% [5] - The net profit for 2024 is expected to be 1,027 million, with a year-on-year growth of 59.2% [5] - The earnings per share (EPS) for 2024 is forecasted to be 0.36, with a PE ratio of 31 [5] - The company anticipates a steady increase in net profit for 2025 and 2026, with projections of 1,338 million and 1,618 million respectively [6]