Investment Rating - The report maintains a "Buy" rating for Yanjing Beer (000729.SZ) [6] Core Views - The company 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% [1] - The company continues to implement the U8 flagship product strategy, focusing on product structure optimization and increasing the proportion of mid-to-high-end products [2] - The digital transformation and supply chain improvements are anticipated to enhance profitability, with net profits projected to grow significantly in the coming years [3] Financial Performance - For 2024, the expected revenue is 15.15 billion yuan, with a year-on-year growth rate of 6.6% [5] - The projected net profit for 2024 is 1.068 billion yuan, with a year-on-year growth rate of 65.7% [5] - The earnings per share (EPS) for 2024 is estimated to be 0.38 yuan [5] Strategic Initiatives - The company is focusing on enhancing its market development system and optimizing channel construction, particularly in the catering sector [2] - The ongoing digital transformation aims to drive management innovation and improve operational efficiency [3] - The company is committed to high-quality development, with a focus on sustainable supply chain practices [3]

Financial Projections - The estimated net profit for 2024 is projected to be between 1 billion and 1.1 billion CNY, representing a year-on-year growth of 55.11% to 70.62%[3] - The basic earnings per share are expected to be between 0.355 CNY and 0.390 CNY, compared to 0.229 CNY in the previous year[3] - The net profit after deducting non-recurring losses is projected to be between 950 million and 1.07 billion CNY, with a year-on-year growth of 89.91% to 113.90%[3] - The financial data in this performance forecast has not been audited by registered accountants, and specific financial figures will be disclosed in the 2024 annual report[4] - Investors are advised to exercise caution as the performance forecast is based on preliminary estimates and actual results may vary[6] Company Strategy and Development - The company emphasizes high-quality development and is implementing nine major transformations, focusing on digital empowerment and all-channel sales[5] - The company is enhancing operational efficiency through refined management practices and cost control measures[5] - The company aims to optimize product structure and sales channels, promoting high-end and youth-oriented strategies[5] - The company is committed to improving service quality, brand influence, and market competitiveness, leading to sustained rapid growth in net profit[5] Product Performance - Sales of the flagship product, Yanjing U8, are experiencing rapid growth, contributing significantly to the overall performance increase[5]

Group 1: Company Overview and Strategy - The company is driven by transformation to enhance growth and competitiveness through continuous improvements in production, marketing, and supply chain management [3] - The company emphasizes high-quality development, innovation, and strong branding as key pathways to enhance profitability [5] - The implementation of the Yanjing U8 flagship product strategy aims to optimize product structure and increase the proportion of mid-to-high-end products [6] Group 2: Market Expansion and Channel Development - The company actively expands into new markets and channels, focusing on deepening its presence in emerging markets and high-end product sectors [4] - The "Hundred County Project" has been initiated to develop advantageous county markets, creating a demonstration effect and improving service quality [8] Group 3: Digital Transformation and Supply Chain Management - The company is accelerating its digital transformation in line with the "14th Five-Year Plan," focusing on enhancing core business capabilities through digital technology [9] - A robust supply chain management system is being established to ensure safety, compliance, and sustainable development across the value chain [9]

编号：2024-16 1 答：公司 2025 年度预算情况是根据公司 2024 年度的实际经 年经营情况进行预测并编制，公司 2025 年度预算情况请关注公司 信息均以在上述指定媒体刊登的信息为准。 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 5、关于公司 2025 年度预算情况 的分析和研判，结合企业经营实际，综合考虑各项因素，对 2025 《上海证券报》和巨潮资讯网（www.cninfo.com.cn），公司所有 2 | --- | --- | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------|------------------------------|-------| | 投资者关系活动 \n类别 | √特定对象调研 □分析师会议 \n ...

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：2024-14 | --- | --- | --- | |--------------------------------|-----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

北京燕京啤酒股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|-----------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | | | | √特定对象调研 □分析师会议 | | | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | 类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | √其他 电话会议 | | | | 参与单位名称及 人员姓名 | 广发证券：符蓉 郝宇新 财通资管：林伟 赵雯 | 张文豪 | | | 时间 2024 | 年 12 月 30 日 | | | | 地点 | 公司会议室 | | | | 上市公司接 ...

Core Viewpoint - Yanjing Beer has integrated ESG principles into its strategic planning since 2017, establishing a dedicated ESG Development Committee to enhance governance, operational efficiency, and innovation quality [1][11][23]. Group 1: ESG Implementation - The company has developed a five-year strategic plan to transform ESG concepts into effective management tools [1]. - Yanjing Beer emphasizes green production and has made significant strides in creating a low-carbon product supply system [2][12]. - The release of the "Carbon Footprint White Paper" highlights the average carbon footprint of a 500ml U8 beer at 100.04 kg CO2 equivalent throughout its lifecycle, showcasing meticulous control over greenhouse gas emissions in every production stage [3][27]. Group 2: Sustainable Practices - Yanjing Beer supports sustainable agricultural practices to reduce carbon emissions from raw materials, enhancing soil health and crop yields [5][17]. - The company has optimized production processes and upgraded equipment to minimize overproduction and energy waste, employing efficient fermentation techniques and water conservation measures [7][14][29]. - Logistics optimization is a key strategy, with the company reducing transportation distances and times to lower carbon emissions during product delivery [8][30]. Group 3: Future Goals and Industry Collaboration - Yanjing Beer aims for a zero-carbon future by deepening the internal dissemination of ESG culture and participating in the formulation of ESG and carbon management standards [9][11][22]. - The company actively engages in industry collaboration to share experiences and drive green transformation across the sector [10][21]. - Yanjing Beer prioritizes sustainable sourcing of raw materials and collaborates with certified suppliers to ensure compliance with environmental standards [17][28]. Group 4: Technological Innovation and Efficiency - The company has established 16 green factories and 6 green supply chain enterprises, serving as models for technological innovation and circular economy practices [15]. - Yanjing Beer is enhancing its digital transformation to improve efficiency in order management, production planning, and logistics [26]. - The company is committed to using renewable energy sources and has installed photovoltaic facilities to increase the proportion of clean energy in its operations [14][18].

%% %% 丨证券研究报告丨 公司研究丨点评报告丨燕京啤酒（000729.SZ） [Table_Title] 燕京啤酒 2024 年三季报点评：运营不断优化， 销量韧劲尽显 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司 2024 年前三季度实现营业收入 128.46 亿元，同比 +3.47% ，归母净利润 12.88 亿元，同 | | 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 燕京啤酒（000729.SZ） cjzqdt11111 公司研究丨点评报告 相关研究 [Table_Title 燕京啤酒 2024 2] 年三季报点评： ...

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证券研究报告 | 2024年10月30日 请务必阅读正文之后的免责声明及其项下所有内容 燕京啤酒（000729.SZ） 优于大市 中国第四大啤酒企业，深化改革促进效益释放 国内第四大啤酒企业，深化改革促复兴。燕京啤酒股份有限公司（以下简称 "公司"）主营啤酒业务，2023 年产销量排名中国啤酒行业第四。公司旗下 有燕京品牌、漓泉啤酒、惠泉啤酒、雪鹿啤酒四大品牌，在北京、广西、内 蒙古市场享有高市场份额。历史上，公司曾通过改革销售模式实现销量快速 提升，成为当时国产啤酒第一品牌，但此后在行业竞争与转型中掉队。2022 年新董事长引领公司加速改革步伐，明确"二次创业，复兴燕京"战略，目 前全面深化改革的效果正逐步释放。 存量竞争时代龙头合力推动高端化，中长期行业仍将延续高端化发展主线。 我国啤酒行业已为存量竞争市场，但产品结构升级的空间仍然充足。合计占 据九成以上市场份额的五大啤酒龙头已达成高端化发展共识，共同重点发力 8 元以上（大高档）细分市场，通过提升高端产品销量占比来实现盈利能力 提升。需求端，啤酒作为高性价比酒类，档次升级的成本较小，消费者对于 价位小幅提升以获得档次提升的接受度较高。虽然 2023 年 ...