Core Viewpoint - Eight A-shares are undergoing equity registration today, with five companies planning to distribute dividends and three companies planning to increase their share capital [1] Dividend Distribution - Five companies have their equity registration date on December 26, with the largest dividends being distributed by CITIC Publishing, Yanjing Beer, and Longyuan Power, which will pay 1.60 yuan, 1.00 yuan, and 1.00 yuan per 10 shares respectively [1] Capital Increase - Three companies are increasing their share capital, with *ST Lingda, *ST Meigu, and *ST Zhang having the highest capital increase ratios, distributing 15 shares, 13.4278 shares, and 10 shares for every 10 shares held respectively [1] Upcoming Dividend Proposals - Three companies have announced upcoming dividend proposals, with Jinling Sports, Zijin Bank, and Founder Securities planning to distribute dividends of 1.0 yuan, 0.5 yuan, and 0.1 yuan per 10 shares respectively [1]

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，公司以研发变革驱动产品升级焕新，依 靠拥有的国家级技术中心、国家级实验室和雄厚的技术力量，顺应市场需求，持续加大新产品研发力 度，满足消费者的个性化、多元化的消费需求。公司开发燕京U8、V10白啤等全国战略单品，相继孵化 无醇白啤、干啤等差异化特色单品，形成了覆盖大众、中端、中高端市场的产品结构，培育出兼具市场 穿透力与品牌辨识度的大单品矩阵，布局细分市场，"研发一批、上市一批、储备一批"的创新模式更加 成熟。 （编辑 丛可心 王雪儿） ...

（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。 ...

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，公司深刻洞悉数智化转型对传统制造企 业的战略价值，将数字化升级纳入企业核心战略举措，绘制"154"数字化战略蓝图，有序推进数字化建 设。重点推进供应链数字化转型，建立运行数字化系统平台，通过数字化技术工具的导入，深度挖潜成 本效率空间，以"业务全在线、流程全贯通、数据可视化"为目标，着力打造敏捷、智能、绿色的供应 链。 （编辑 丛可心 王雪儿） ...

证券日报网讯 12月25日，燕京啤酒（000729）在互动平台回答投资者提问时表示，燕京营养家是本公 司控股子公司北京燕京中发生物技术有限公司的一种线下销售渠道，是其市场建设举措之一。 ...

近日，北京燕京啤酒股份有限公司（以下简称"燕京啤酒"）发布投资者关系活动记录表，公司于2025年 12月25日在公司会议室接待了机构调研。此次调研活动类别为特定对象调研及电话会议，参与机构包括 中信资管、广发证券共2家机构，合计4人；公司由副总经理、董事会秘书、总法律顾问徐月香负责接待 并回答相关问题。调研中，公司就"十四五"成绩及"十五五"规划、市场建设、数字化转型、产品研发等 核心议题与机构进行了深入交流。 十四五业绩亮眼，十五五规划聚焦高质量发展 谈及"十四五"期间的表现，燕京啤酒表示，过去五年是公司重要的战略重构期，增长和变革成为核心标 签。通过以强大品牌、夯实渠道、培育客户、深耕市场、精实运营为主要发展路径，公司组织内生动力 与活力得到深层次激活，业绩呈现稳步提升态势，主要经济指标连续五年实现增长，且增幅领跑行业， 展现出良好的增长韧性。 对于"十五五"规划，公司正有序推进编制工作，将继续以"二次创业、复兴燕京"为主基调，以改革创新 为根本动力，巩固和延续向好发展态势，全力打造高质量发展新格局。 市场建设双引擎驱动，渠道覆盖与渗透率提升 在市场建设方面，燕京啤酒以"全渠道融合+区域深耕"为双引擎系统 ...

证券代码：000729 证券简称：燕京啤酒 北京燕京啤酒股份有限公司投资者关系活动记录表 编号：2025-16 | 投资者关系活动 | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | √其他 电话会议 | | 参与单位名称及 | 景顺长城基金： 肖峰 张欢 徐亦达 | | 人员姓名 | 广发证券：郝宇新 | | 2 | 家机构共计 4 人 | | 时间 2025 | 年 12 月 25 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书、总法律顾问：徐月香 | | 员姓名 | | | | 1、介绍公司概况 | | | 2、关于"十四五"总结及"十五五"展望 | | | 答：公司围绕"十四五"发展规划，持续推进九大变革，不 | | | 断强化卓越管理体系建设、市场建设、供应链建设、数字化信息 | | | 化建设等重点工作，充分发挥总部职能，采取总分联动的方式切 | | | 实调动分子公司积极性，统筹资源配置，激发市场活力，大力提 | | 投资者关系活动 | 升管理质 ...

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]

首次覆盖方面，12月24日券商共给出了12次首次覆盖，其中健康元获得西部证券给予"买入"评级，燕京啤酒获 得爱建证券给予"买入"评级，赛轮轮胎获得中银国际证券给予"买入"评级，西部矿业获得渤海证券给予"增持"评 级，数据港获得东北证券给予"买入"评级。 南财投研通数据显示，12月24日，券商给予上市公司目标价共6次，按最新收盘价计算，目标价涨幅排名居前的 公司有海光信息、兴福电子、大商股份，目标价涨幅分别为52.80%、39.48%、33.19%，分别属于半导体、电子 化学品、一般零售行业。 | | | | 12月24日目标价值排名 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 688041 | 海光信息 | 华创证券 | 彈推 | 336.00 | 52.80 | | 688545 | 兴福电子 | 中信证券 | 买人 | 52.00 | 39.48 | | 600694 | 大商股份 | 中国国际金融 | 跑赢行业 | 24.60 ...