证券代码：000729 证券简称：燕京啤酒 公告编号：2025-75 北京燕京啤酒股份有限公司 《接待和推广工作制度》修正案 本公司及董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。 2025 年 8 月 8 日，北京燕京啤酒股份有限公司（以下简称"公司"）召开了 第八届董事会第三十五次会议，审议通过了《关于修改<接待和推广工作制度> 的议案》。 根据《公司法》、《证券法》、中国证监会《上市公司信息披露管理办法》、《深 圳证券交易所股票上市规则》及《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》等法律、法规和规范性文件，结合公司实际情况， 公司决定对《接待和推广工作制度》部分条款进行修订。本次《接待和推广工作 制度》修正案和《接待和推广工作制度》全文于 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 | | 参加。 | | --- | --- | | 第七条 公司在定期报告披露前三十日 | 第七条 公司在定期报告披露前三十日 | | 内应尽量避免进行投资者关系活动，防 | ...

合并资产负债表 2025年6月30日 | 编制单位：北京燕京啤酒股份有限公司 | | 单位：元 | | --- | --- | --- | | 项目 | 期末余额 期初余额 | | | 流动资产： | | | | 货币资金 | 9,237,280,201.22 | 7,454,125,033.95 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 45,705,214.61 | 20,211,214.61 | | 衍生金融资产 | | | | 应收票据 | 650,000.00 | 727,857.92 | | 应收账款 | 212,593,032.84 | 229,501,224.01 | | 应收款项融资 | 1,625,237.02 | 100,000.00 | | 预付款项 | 131,813,566.21 | 135,775,054.03 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 42,475,196.06 | 29,946,002.64 | | 其中：应收利息 | | | | 应收股利 | | ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-69 北京燕京啤酒股份有限公司 《重大事项报告制度》修正案 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。 2025 年 8 月 8 日，北京燕京啤酒股份有限公司（以下简称"公司"）召开了 第八届董事会第三十五次会议，审议通过了《关于修改<重大事项报告制度>的议 案》。 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 股票上市规则》《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》等有关规定，结合公司实际情况，公司决定对《重大事项报告制度》 部分条款进行修订。本次《重大事项报告制度》修正案和《重大事项报告制度》 全文于 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 | 占上市公司最近一期经审计净资产的 | 2、.交易标的（如股权）在最近一个会 | | --- | --- | | 10%以上，且绝对金额超过一千万元，该 | 计年度相关的营业收入占上市公司最 | | 交易涉及的资产净额 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-65 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）。 2、审议并通过了《关于续聘公司法律顾问的议案》 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。 会议决定，聘任北京市信利律师事务所为公司常年法律顾问，任期一年。 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 ...

（记者 胡玲） 每经头条（nbdtoutiao）——特朗普与普京将于15日会晤，为何在阿拉斯加？GPT-5写作"AI味"浓，代码 被指"美而无用"；以色列计划接管加沙城|一周国际财经 每经AI快讯，燕京啤酒8月10日晚间发布公告称，公司第八届第三十五次董事会会议于2025年8月8日以 通讯表决形式召开。会议审议了《2025年半年度报告》等文件。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) The company's board and management guarantee report accuracy, with no cash dividend or share bonus planned for H1 2025 - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility. Geng Chao (Company Head), Yan Jun (Head of Accounting), and Zeng Qiming (Head of Accounting Department) declare the financial report's truthfulness, accuracy, and completeness[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company and its key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Beijing Yanjing Beer Co., Ltd. (stock code: 000729) is a Shenzhen Stock Exchange-listed company with Geng Chao as its legal representative Company Information | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Yanjing Beer | | **Stock Code** | 000729 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Full Company Name** | Beijing Yanjing Beer Co., Ltd. | | **Legal Representative** | Geng Chao | [Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company achieved strong performance with revenue up 6.37% to 8.558 billion yuan, and net profit attributable to shareholders surging 45.45% to 1.103 billion yuan Key Financial Indicators | Key Financial Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 8,558,243,454.91 | 8,045,802,831.46 | 6.37% | | **Net Profit Attributable to Shareholders of Listed Company** | 1,102,821,946.13 | 758,216,121.19 | 45.45% | | **Net Cash Flow from Operating Activities** | 2,815,509,536.71 | 2,573,631,599.73 | 9.40% | | **Basic Earnings Per Share (CNY/share)** | 0.3913 | 0.2690 | 45.46% | | **Weighted Average Return on Net Assets** | 7.27% | 5.33% | Increased by 1.94 percentage points | | **Total Assets** | 24,937,610,053.21 | 23,147,092,477.13 | 7.74% (vs. end of prior year) | | **Net Assets Attributable to Shareholders of Listed Company** | 15,721,843,579.19 | 14,619,021,633.06 | 7.54% (vs. end of prior year) | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, non-recurring gains and losses totaled 66.33 million yuan, primarily from non-current asset disposal gains and government subsidies Non-Recurring Gains and Losses | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | **Gains and Losses from Disposal of Non-Current Assets** | 65,887,639.73 | Primarily land acquisition and storage gains of 74.36 million CNY | | **Government Subsidies Included in Current Profit/Loss** | 18,013,446.94 | Includes enterprise development funds, tax incentives, etc | | **Net Other Non-Operating Income and Expenses** | 6,420,136.88 | - | | **Total** | **66,333,264.81** | (After deducting income tax and minority interest impact) | [Management Discussion and Analysis](index=9&type=section&id=Item%20III.%20Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's operations, financial performance, and strategic initiatives during the reporting period [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) In H1 2025, the company focused on beer manufacturing and sales, achieving 2.03% sales growth and significant revenue and net profit increases through product structure optimization and strategic initiatives H1 2025 Key Operating Performance | Indicator | Amount/Quantity | YoY Growth | | :--- | :--- | :--- | | **Beer Sales (incl. entrusted)** | 2.3517 million kiloliters | 2.03% | | **Operating Revenue** | 8.558 billion CNY | 6.37% | | **Net Profit Attributable to Parent Company** | 1.103 billion CNY | 45.45% | | **Net Profit Attributable to Parent Company (Excl. Non-Recurring Items)** | 1.036 billion CNY | 39.91% | - Company core strategies include: - **Deepening Nine Reforms**: Systematically advancing production, market, and supply chain reforms to enhance management efficiency and operational effectiveness[39](index=39&type=chunk) - **Omni-channel Expansion**: Leveraging "Hundred Counties Project" and the new "Hundred Cities Project" to tap into regional market potential[41](index=41&type=chunk) - **Innovation-Driven**: Implementing a major product strategy (e.g., Yanjing U8, V10) and promoting a "Beer + Beverage" combined marketing approach to build a multi-dimensional market layout[42](index=42&type=chunk) - **Supply Chain Resilience Building**: Advancing supply chain digitalization and establishing long-term partnerships with core suppliers[43](index=43&type=chunk) Beer Product Structure Changes | Product Category | Operating Revenue (CNY) | Proportion of Main Business Revenue | YoY Change (Revenue Proportion) | | :--- | :--- | :--- | :--- | | **Mid-to-High-End Products** | 5,535,770,200 | 70.11% | Increased by 1.57 percentage points | | **Ordinary Products** | 2,360,065,200 | 29.89% | Decreased by 1.57 percentage points | [Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies, encompassing market, product, brand, management, and technology advantages, remained unchanged during the reporting period - The company has formed core competencies primarily consisting of market advantage, product advantage, brand advantage, and management and technology advantages, which remained unchanged during the reporting period[63](index=63&type=chunk) [Main Business Analysis](index=17&type=section&id=III.%20Main%20Business%20Analysis) The company's main business saw robust growth, with beer revenue up 6.88% and gross margin improving, while beverage revenue surged 98.69% and management expenses decreased Key Financial Data YoY Changes | Item | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 8,558,243,454.91 | 8,045,802,831.46 | 6.37% | | **Operating Cost** | 4,663,898,311.43 | 4,556,970,183.20 | 2.35% | | **Selling Expenses** | 883,803,934.11 | 874,260,578.87 | 1.09% | | **Administrative Expenses** | 885,386,725.23 | 918,023,882.86 | -3.56% | | **Income Tax Expense** | 228,115,039.87 | 163,096,703.68 | 39.86% | Operating Revenue Composition (by Product) | Product | Current Period Revenue (CNY) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **Beer** | 7,895,835,411.50 | 92.26% | 6.88% | | **Beverage** | 83,014,961.51 | 0.97% | 98.69% | | **Other Industries** | 662,408,043.41 | 7.74% | 0.66% | Operating Revenue Composition (by Region) | Region | Current Period Revenue (CNY) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **North China** | 4,849,956,565.88 | 56.67% | 5.61% | | **East China** | 898,615,562.77 | 10.50% | 20.48% | | **South China** | 1,830,789,368.99 | 21.39% | 0.30% | | **Central China** | 629,030,893.94 | 7.35% | 15.35% | [Analysis of Assets and Liabilities](index=19&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets reached 24.938 billion yuan, with a significant increase in cash and cash equivalents, while short-term borrowings substantially decreased, indicating improved solvency Major Balance Sheet Item Changes | Item | Period-End Amount (CNY) | Proportion of Total Assets | Change in Proportion vs. Prior Year-End | | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 9,237,280,201.22 | 37.04% | 4.84% | | **Inventories** | 3,904,416,902.67 | 15.66% | -1.39% | | **Fixed Assets** | 7,462,110,577.16 | 29.92% | -2.03% | | **Short-Term Borrowings** | 52,000,000.00 | 0.21% | -2.74% | | **Contract Liabilities** | 1,647,147,518.81 | 6.61% | -0.39% | [Analysis of Investment Status](index=20&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company did not undertake significant equity, non-equity, securities, or derivative investments, nor did it utilize raised funds - The company had no significant equity investments, non-equity investments, securities investments, derivative investments, or utilization of raised funds during the reporting period[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including market competition, raw material price volatility, subsidiary management, and policy changes, which it addresses through internal management optimization - The company identified eight major risks: - **Market Competition Risk**: Industry consolidation may intensify competition, pressuring market share growth[82](index=82&type=chunk) - **Raw Material Price Fluctuation Risk**: Changes in raw material prices significantly impact production costs[83](index=83&type=chunk) - **Subsidiary Management Risk**: The large number and wide distribution of subsidiaries increase management complexity[84](index=84&type=chunk) - **Tax Incentive Policy Change Risk**: Failure to extend high-tech enterprise tax incentives would increase tax costs - **Environmental Protection Risk**: Stricter environmental standards may lead to additional costs and operational risks - **Product Quality and Food Safety Risk**: Any quality or safety issue could adversely affect brand image - **Production Safety Risk**: Incidental factors or improper operations could lead to accidental safety incidents - **Exchange Rate Risk**: Exchange rate fluctuations affect the cost of imported raw materials and equipment [Corporate Governance, Environment, and Society](index=24&type=section&id=Item%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental initiatives, and social responsibility efforts [Corporate Governance](index=24&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company reformed its supervisory board, transferring its functions to the Board's Audit Committee, leading to the departure of former supervisors, with no profit distribution or equity incentive plans for the half-year - The company completed its supervisory board reform on June 24, 2025, no longer setting up a supervisory board, with its functions now exercised by the Board's Audit Committee. Former Supervisory Board Chairman Wang Lina, Supervisor Qiao Naiqing, and Employee Supervisor Deng Qihua consequently resigned[91](index=91&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year. There were no equity incentive plans or employee stock ownership plans during the reporting period[92](index=92&type=chunk)[93](index=93&type=chunk) [Environmental and Social Responsibility](index=24&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its 27 subsidiaries are listed for environmental information disclosure, actively fulfilling environmental and social responsibilities through event support and community engagement - The company and its 27 subsidiaries are included in the list of enterprises required to disclose environmental information by law, with a query index provided[94](index=94&type=chunk) - The company actively fulfills its social responsibilities, including supporting major events like the Two Sessions, and participating in poverty alleviation and rural revitalization through "one-to-one" paired assistance and donations[97](index=97&type=chunk)[98](index=98&type=chunk) [Significant Matters](index=27&type=section&id=Item%20V.%20Significant%20Matters) This section outlines major related party transactions, significant contracts, and other important developments during the reporting period [Significant Related Party Transactions](index=28&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) Related party transactions, primarily for daily operations, totaled approximately 456 million yuan, remaining within the annual approved limit, with significant deposits held at Beijing Holdings Group Finance Co., Ltd - The total amount of the company's daily related party transactions was **455.815 million CNY**, accounting for 62.56% of the approved total limit of **728.5598 million CNY**, not exceeding the limit. Major transactions include purchasing trademarks, beer, and other raw materials from related parties, as well as selling raw materials[110](index=110&type=chunk)[112](index=112&type=chunk) - As of June 30, 2025, the company's deposit principal at Beijing Holdings Group Finance Co., Ltd. was **680.2167 million CNY**, with a loan balance of 0 CNY. This related party transaction has completed the Board of Directors' approval procedures[116](index=116&type=chunk)[117](index=117&type=chunk) [Significant Contracts and Their Performance](index=32&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company engaged in significant contracts including entrusted operations for two subsidiaries, various leasing agreements, and a subsidiary's investment in bank wealth management products - The company conducts entrusted operations for Yanjing Beer (Laizhou) Co., Ltd. and Yanjing Beer (Qufu Sankong) Co., Ltd., collecting an annual management fee of **0.5 million CNY** from each[121](index=121&type=chunk) - As a lessee, the company primarily pays trademark usage fees and land rent to "Yanjing Group"; as a lessor, its subsidiaries generate income from leasing out properties[123](index=123&type=chunk) - The company's controlling subsidiary, Huiquan Beer, uses its idle自有资金 for entrusted wealth management, with a reported transaction amount of **45 million CNY** and an outstanding balance of **45 million CNY** during the reporting period[127](index=127&type=chunk) [Other Significant Matters](index=33&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company established a new wholly-owned subsidiary, Jiangsu Huadong Yanjing Beer Sales Co., Ltd., and announced its H1 2025 performance forecast and 2024 dividend distribution plan - The company newly established a wholly-owned subsidiary, "Jiangsu Huadong Yanjing Beer Sales Co., Ltd.", which has been included in the consolidated financial statements[130](index=130&type=chunk) - On July 22, 2025, the company disclosed its 2024 annual dividend distribution plan: based on a total share capital of 2,818,539,341 shares, a cash dividend of **1.90 CNY** (tax inclusive) per 10 shares will be distributed, totaling **536 million CNY** in cash dividends[130](index=130&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=Item%20VI.%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure and the holdings of its major shareholders [Share Capital Changes](index=35&type=section&id=I.%20Share%20Capital%20Changes) As of the reporting period end, the company's total share capital remained unchanged at 2.819 billion shares, with restricted shares accounting for 10.96% and unrestricted shares for 89.04% Share Capital Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | **Restricted Shares** | 308,932,674 | 10.96% | | **Unrestricted Shares** | 2,509,606,667 | 89.04% | | **Total Share Capital** | **2,818,539,341** | **100.00%** | [Shareholder Information](index=36&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) The company had 47,401 common shareholders, with Beijing Yanjing Beer Investment Co., Ltd. as the controlling shareholder (57.40%), and Hong Kong Securities Clearing Company Limited as the second largest (3.39%) - As of the end of the reporting period, the company had **47,401** common shareholders[137](index=137&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Proportion | Shareholding Quantity (shares) | | :--- | :--- | :--- | | **Beijing Yanjing Beer Investment Co., Ltd.** | 57.40% | 1,617,727,568 | | **Hong Kong Securities Clearing Company Limited** | 3.39% | 95,591,988 | | **Beijing Yanjing Beer Group Co., Ltd.** | 1.87% | 52,686,697 | | **Tang Jianhua** | 1.78% | 50,257,239 | | **National Council for Social Security Fund 601 Portfolio** | 1.35% | 38,025,257 | | **Penghua CSI Liquor ETF** | 1.07% | 30,106,780 | | **CSI 500 ETF** | 0.74% | 20,920,004 | | **BOCOM Schroders Domestic Demand Growth One-Year Holding Mixed Fund** | 0.45% | 12,741,100 | | **E Fund Research Select Stock Fund** | 0.45% | 12,667,578 | | **BOCOM Schroders Select Mixed Fund** | 0.44% | 12,414,267 | [Bond-Related Information](index=38&type=section&id=Item%20VII.%20Bond-Related%20Information) The company had no bond-related activities or outstanding bonds during the reporting period - The company had no bond-related information during the reporting period[143](index=143&type=chunk) [Financial Report](index=39&type=section&id=Item%20VIII.%20Financial%20Report) This section presents the company's financial statements and detailed notes for the reporting period [Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) The unaudited half-year financial report includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity - The company's H1 2025 financial report is unaudited[145](index=145&type=chunk) [Consolidated Balance Sheet](index=40&type=section&id=1.%20Consolidated%20Balance%20Sheet) This section presents the consolidated financial position of the company and its subsidiaries at the end of the reporting period [Consolidated Income Statement](index=44&type=section&id=3.%20Consolidated%20Income%20Statement) This section details the consolidated financial performance, including revenues, expenses, and net profit, for the reporting period [Consolidated Cash Flow Statement](index=47&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) This section outlines the consolidated cash inflows and outflows from operating, investing, and financing activities during the reporting period [Notes to Financial Statements](index=53&type=section&id=III.%20Company%20Overview) The notes provide detailed information on the company's background, financial statement preparation basis, accounting policies, estimates, and specific line item explanations - The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with accounting based on the accrual method[172](index=172&type=chunk) - The company's main business is the manufacturing and sale of beer, with its business license also covering beverages, feed, technology development, and other operating items[170](index=170&type=chunk) [Other Submitted Data](index=132&type=section&id=Item%20IX.%20Other%20Submitted%20Data) This section includes additional data submitted by the company, such as investor relations activities [Investor Relations Activities](index=133&type=section&id=II.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) The company conducted four investor relations activities, engaging with various institutional investors on performance drivers, strategic initiatives, and future plans - The company conducted **4** investor relations activities during the reporting period, including on-site meetings, telephone communications, and online platform exchanges[458](index=458&type=chunk)[460](index=460&type=chunk)[462](index=462&type=chunk) - Key topics discussed with investors included: reasons for company performance growth, the Yanjing U8 major product strategy, new market development, cost control, digital transformation, and the "Beer + Beverage" dual-driven strategy[458](index=458&type=chunk)[462](index=462&type=chunk)

Investment Rating - The investment analysis opinion indicates a positive outlook for traditional consumer leading companies, suggesting they have long-term investment value from a dividend and yield perspective [5]. Core Viewpoints - The report emphasizes that the head companies in traditional consumption have undergone adjustments and are now positioned for long-term investment value. It highlights the potential for performance differentiation among food stocks characterized by new consumption trends, with a focus on companies that possess long-term competitiveness and improvement potential [5]. - In the liquor sector, the report notes that due to slow macro demand recovery and further restrictions on consumption scenarios, sales pressure is expected to remain significant this year, with financial statements also under pressure. Key recommendations include Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao, while also paying attention to Wuliangye, Jinshiyuan, and Yingjiagongjiu [5][6]. - For the mass consumer goods sector, the report suggests that cost advantages will support profitability, and the emergence of new products and channels will foster growth. It recommends leading companies in mature sectors like dairy and beer, and highlights growth opportunities in new retail formats driven by consumer trends towards self-indulgence, health, and convenience [5][7]. Summary by Sections 1. Weekly Industry Insights - The food and beverage sector saw a 0.63% increase last week, with liquor rising by 0.38%. However, it underperformed the broader market, lagging by 1.48 percentage points [4]. - The report ranks the food and beverage sector 26th among 31 sub-industries in terms of performance [4]. 2. Liquor Sector Analysis - Moutai's bottle price is reported at 1875 RMB, with a week-on-week increase of 15 RMB, while the box price remains stable at 1910 RMB. Wuliangye's price is approximately 870 RMB, also stable [6][19]. - The report suggests that high-end liquor prices have stabilized since July, but future trends remain uncertain, advising patience for fundamental changes in the industry [6]. 3. Mass Consumer Goods Sector Analysis - The report increases its recommendation for Uni-President China, noting that the company's mid-year performance exceeded expectations. Forecasted net profits for 2025-2027 are 2.315 billion, 2.579 billion, and 2.843 billion RMB, respectively, with year-on-year growth rates of 25%, 11%, and 10% [7][10]. - The report highlights the continuous improvement in profitability driven by structural upgrades in food and beverage businesses, alongside a focus on expanding into dining, gift boxes, and family consumption scenarios [7]. 4. Market Performance of Sub-sectors - The food and beverage industry underperformed the Shenwan A index by 1.29 percentage points during the period from August 4 to August 8, with various sub-sectors showing mixed performance [35]. - The report indicates that the liquor sector has consistently lagged behind the market, with a notable decline in excess returns compared to the Shenwan A index [36].

Core Points - The 2025 Asia-Olympic International Beer Festival has commenced at the Olympic Park, running from August 8 to August 31, providing a three-week summer celebration for citizens and tourists [1] - The event is organized by the Asia-Olympic Business Circle New Consumption Innovation Alliance and Beichen Group, featuring various activities including food, entertainment, and shopping [1] - The festival showcases a range of products from Yanjing Beer and Urumqi's Wusu Beer, along with concerts and sports events at iconic venues like the Bird's Nest and National Stadium [1] - The event incorporates technology, with AI creative teams producing short videos to demonstrate the application of AI in consumer scenarios, and Beijing Rural Commercial Bank offering financial services to support merchants [1] Industry Insights - The Asia-Olympic region is highlighted as a unique area combining historical Olympic venues with modern urban leisure, aiming to enhance the local experience for visitors [2]

Core Viewpoint - Donghai Securities report indicates that Yanjing Beer is experiencing strong growth momentum, overcoming low profitability challenges, with a clear development direction for the "14th Five-Year Plan" [1] Group 1: Growth Momentum - U8 maintains strong growth momentum, with a continuation of over 30% growth rate in Q1 2025 [1] - From January to May, U8's sales exceeded 400,000 tons, accounting for 23% of total sales, an increase of 5.5 percentage points compared to the end of 2024 [1] Group 2: Market Strategy - The company is solidly advancing market development, with significant performance from major products [1] - Further cost reduction and efficiency improvements are expected to enhance profitability elasticity [1] Group 3: Investment Rating - The report initiates coverage with a "Buy" rating for Yanjing Beer [1]

Group 1: Yanjing Beer (000729) - Company Deep Report - Strong growth momentum, overcoming low profitability issues. Revenue is expected to grow at a CAGR of 5.04% from 2019 to 2024, while net profit attributable to shareholders is projected to grow at a CAGR of 35.64% during the same period [5] - Cost improvements through production and sales separation have led to a 6.62 percentage point increase in capacity utilization to 46.86% from 2019 to 2024, and a 1.59 percentage point decrease in depreciation and amortization as a percentage of revenue to 4.64% [5] - The effective tax rate is expected to decrease by 18.38 percentage points to 15.78% from 2021 to 2024, contributing to an increase in profitability, with the net profit margin projected to reach 7.20% in 2024, up 2.66 percentage points year-on-year [5] Group 2: Yanjing Beer - Market Dynamics - The main consumer demographic for beer is aged 18-49, with beer production stabilizing since 2021 after a decline. The beer industry is expected to see a slight increase in production from 2025 to 2030, with a CAGR of 0.17% in the main consumer group [6] - The beer industry is highly concentrated, with the top five companies holding over 90% market share. The CR5 is projected to reach 90.73% in 2024, indicating limited potential for further concentration, with price increases being the primary driver for performance growth [6] Group 3: Yanjing Beer - Growth Path - The company plans to expand the U8 product line to create a second national flagship product, aiming to enhance the scale and lifecycle of U8 while increasing its market penetration [7] - The company is focusing on underdeveloped markets through initiatives like the "Hundred Counties, Hundred Cities" project, aiming to improve sales efficiency in key regions [7] - Aiming to enhance factory efficiency and reduce costs, the company is implementing a management system with quantifiable metrics and standards, which is expected to improve capacity utilization and profitability [7] Group 4: Collagen Industry - Deep Report - Collagen is a vital component in the human body, providing strength and support to various tissues. It has low immunogenicity and is biodegradable, making it essential for numerous biological functions [10] - Domestic recombinant collagen technology is leading globally, with a complete industrial chain from raw material development to end application, supported by favorable government policies [10][11] - The market for recombinant collagen is expected to grow at a CAGR of 41.4% from 2023 to 2027, surpassing the growth of animal-derived collagen, which is projected at 27.7% [11] Group 5: Collagen Industry - Applications and Market Potential - The light medical beauty market is expanding, with recombinant collagen expected to grow from 4.3 billion yuan in 2023 to 14.3 billion yuan by 2027, a CAGR of 35.4% [12] - In skincare, the market for functional skincare products is projected to grow from 11.5 billion yuan in 2023 to 66.5 billion yuan by 2027, with a CAGR of 54.9% [12] - The private health sector is seeing innovations with recombinant collagen products, such as vaginal dressings, which address specific health issues [12] Group 6: Investment Recommendations - The domestic beauty care market is rapidly evolving, with increasing consumer acceptance of new products and a focus on efficacy and core ingredients. The collagen market is expected to expand significantly [13]