Core Viewpoint - Yanjing Beer reported better-than-expected performance, demonstrating operational resilience with both volume and price increases [1] Financial Performance - In H1 2025, the company's net profit attributable to shareholders reached 1.1 billion yuan, a year-on-year increase of 45.4% [1] - Q2 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 4.73 billion, 940 million, and 880 million yuan respectively, showing year-on-year growth of 6.1%, 43.0%, and 38.4% [1] Product Strategy - The company is on track to achieve its annual target of 900,000 tons for U8 [1] - The "Beer + Beverage" strategy is showing initial success, with Beisite soda becoming the first nationwide beverage blockbuster [1] - Revenue from tea beverages increased by 98.7% year-on-year [1] Market Expansion - The "Hundred Cities, Hundred Counties" initiative is deepening, accelerating breakthroughs in weaker markets [1] Efficiency and Management - There is significant room for optimization in capacity utilization and expense ratios through digital systems and an excellent management framework, indicating a clear path for improving profitability [1] Valuation - The company is given a 25x PE for 2025 (previously 27x), corresponding to a target price of 13.5 yuan (unchanged), maintaining an "outperform the market" rating [1]

中银证券8月14日发布研报称，给予燕京啤酒（000729.SZ）买入评级。评级理由主要包括：1）U8延续 高势能表现，带动产品结构升级，1H2025吨价同比+4.8%；2）公司费用率持续优化，2Q25归母净利率 同比提升5.1pct；3）公司多元化业务布局，企业经营势能持续向上。风险提示：原材料成本大幅上涨， 居民消费疲软，终端库存积压，U8增长不及预期，行业竞争加剧。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 民生证券8月14日发布研报称，给予燕京啤酒（000729.SZ）推荐评级。评级理由主要包括：1）预计量 价均跑赢大盘，U8全国化势能持续；2）核心财务指标持续改善，驱动盈利高增；3）改革红利释放+结 构不断改善，持续看好公司利润率弹性。风险提示：原材料价格上涨超预期、啤酒高端竞争加剧、食品 安全问题等。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 12.51 yuan [7]. Core Views - The company has outperformed the industry in terms of both volume and price, with a significant increase in non-recurring net profit exceeding expectations [1][4]. - The company's beer revenue grew by 6.9% year-on-year in H1 2025, with sales volume increasing by 2% to 2.35 million kiloliters, while the total production of major beer companies in China decreased by 0.3% [2]. - The company’s mid-to-high-end product revenue increased by 9.3% to 5.54 billion yuan, accounting for 70% of total beer revenue, indicating a strong growth trajectory for its flagship product U8 [2][4]. Financial Performance Summary - In H1 2025, the company achieved total revenue of 8.558 billion yuan, a year-on-year increase of 6.37%, and a net profit attributable to shareholders of 1.103 billion yuan, up 45.45% year-on-year [1]. - The non-recurring net profit for H1 2025 was 1.036 billion yuan, reflecting a 39.91% increase year-on-year, with the second quarter showing a total revenue of 4.731 billion yuan and a net profit of 938 million yuan [1]. - The company’s non-recurring net profit margin improved by 2.9 percentage points to 12.1%, driven by a 2.8% increase in beer cost per ton and a 1.0 percentage point increase in gross margin [3]. Future Outlook - The report projects revenue growth for 2025-2027 at 6.5%, 5.3%, and 4.5% respectively, with net profits expected to grow by 52.5%, 22.0%, and 18.1% [4][6]. - The company is expected to continue benefiting from the national expansion of its flagship product U8 and ongoing structural improvements, which will enhance profit margins [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 12.51 and an industry rating of "Outperform" [1]. Core Insights - Yanjing Beer has shown impressive performance in the first half of 2025, with revenue of RMB 8.56 billion, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of RMB 1.04 billion, up 39.9% year-on-year. The company's sales volume reached 2.35 million kiloliters, reflecting a 2.0% increase [3][4][7]. - The company's reform benefits are continuously being realized, with improved cost efficiency and sustained high momentum for its flagship product U8. The report anticipates continued growth in profitability [3][4][7]. Summary by Sections Financial Performance - In 1H25, Yanjing Beer reported a revenue of RMB 8.56 billion, with a net profit of RMB 1.04 billion, marking a 39.9% increase year-on-year. The second quarter of 2025 saw revenues of RMB 4.73 billion and a net profit of RMB 0.94 billion, reflecting year-on-year increases of 6.1% and 43.0%, respectively [9]. - The gross profit margin improved to 45.5% in 1H25, up from 43.4% in 1H24, while the net profit margin increased to 12.9% from 9.4% in the same period [9]. Revenue and Profit Forecast - The report projects revenues for 2025 to be RMB 15.43 billion, with a year-on-year growth of 5.2%. The net profit attributable to shareholders is expected to reach RMB 1.51 billion, reflecting a growth of 42.9% [6][12]. - The earnings per share (EPS) is forecasted to be RMB 0.54 for 2025, with a significant increase from previous years [12]. Market Position and Strategy - Yanjing Beer is focusing on enhancing the market share of its U8 product in key markets while also expanding into weaker markets. The company plans to launch new products, including beverages, to diversify its offerings and leverage synergies in production and distribution [7][9]. - The company has shown strong performance in the North China region, with a revenue increase of 5.6%, and is targeting high-growth cities for further market penetration [7].

海通国际8月14日发布研报称，给予燕京啤酒（000729.SZ）优于大市评级，目标价格为13.5元。评级理 由主要包括：1）业绩超预期，量价齐升彰显经营韧性；2）U8放量驱动吨价提升，费用优化验证品牌 力增强；3）改革红利加速释放，盈利能力实现跨越式提升。风险提示：需求恢复缓慢、行业竞争加 剧。 （文章来源：每日经济新闻） ...

截至2025年8月13日15时，燕京啤酒股价报12.51元，较前一交易日下跌0.95%。当日成交量为297202 手，成交金额达3.73亿元。 燕京啤酒属于酿酒行业板块，是国内大型啤酒生产企业之一。公司主要业务为啤酒、饮用水、茶饮料等 产品的生产和销售。 最新数据显示，社保基金在二季度末持有燕京啤酒3802.53万股，持股数量与一季度末持平，占流通股 比例为1.52%。有机构发布报告指出，公司大单品燕京U8持续带动产品结构升级，上半年盈利能力显著 提升。 8月13日，燕京啤酒主力资金净流出6515.27万元，占流通市值的0.21%。近五个交易日累计净流出 7808.15万元，占流通市值的0.25%。 风险提示：市场有风险，投资需谨慎。 ...

Investment Rating - The report maintains an "Outperform" rating for Beijing Yanjing Brewery with a target price of Rmb 13.50, based on a current price of Rmb 12.51 [2][13]. Core Insights - The company's performance exceeded expectations, with robust growth in both volume and average selling price (ASP), highlighting operational resilience. In H1 2025, revenue reached Rmb 8.56 billion, a year-on-year increase of 6.4%, while net profit attributable to shareholders was Rmb 1.10 billion, up 45.4% year-on-year [3][10]. - The growth in beer sales volume and ton price was 2.0% and 4.8%, respectively, reaching 2.352 million tons and Rmb 3,358 [3][10]. - The product structure is continuously optimizing, with revenue from mid-to-high-end products increasing by 9.3% year-on-year, now accounting for 70% of total revenue [3][10]. Financial Performance Summary - Revenue and profit forecasts for the company are as follows: - Revenue for 2024 is projected at Rmb 14.67 billion, increasing to Rmb 15.09 billion in 2025, and Rmb 15.28 billion in 2026 [9]. - Net profit is expected to grow from Rmb 1.06 billion in 2024 to Rmb 1.51 billion in 2025, and Rmb 1.69 billion in 2026, reflecting a growth rate of 64% and 43% for the respective years [9]. - The diluted EPS is forecasted to be Rmb 0.37 in 2024, Rmb 0.53 in 2025, and Rmb 0.60 in 2026 [9]. Operational Efficiency - The company has seen a significant improvement in its net profit margin, which rose to 12.9% in H1 2025, with Q2 net profit margin exceeding 19.8% [5][12]. - The gross profit margin for the beer business improved to 45.7%, with overall gross profit margin at 45.5% [5][12]. - The expense ratios for sales and management have decreased, indicating enhanced operational efficiency [5][11]. Strategic Initiatives - The flagship product U8 is expected to achieve an annual sales target of 900,000 tons, contributing significantly to revenue growth [6][13]. - The "beer + beverage" strategy has shown initial success, with tea beverage revenue increasing by 98.7% year-on-year [6][13]. - The company is deepening its "100 cities and 100 counties" project to accelerate market penetration in weaker regions [6][13].

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company achieved a revenue of 8.56 billion yuan in H1 2025, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.1 billion yuan, up 45.5% year-on-year [1][5] - The beer sales volume increased by 2% to 2.352 million kiloliters, with revenue per kiloliter rising by 4.3% to 3,639.2 yuan, indicating a strong performance against the industry backdrop where production declined by 0.3% [1][2] - The company is focusing on high-end product growth, with mid-to-high-end product revenue growth reaching 9.3%, increasing its revenue share from 68.5% in H1 2024 to 70.1% in H1 2025 [2][3] Financial Performance - The company is projected to achieve revenues of 15.526 billion yuan, 16.389 billion yuan, and 17.260 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.436 billion yuan, 1.794 billion yuan, and 2.085 billion yuan [3][4] - Earnings per share (EPS) are expected to be 0.51 yuan, 0.64 yuan, and 0.74 yuan for the years 2025, 2026, and 2027 respectively [4][3] - The company’s gross margin is projected to improve from 37.6% in 2023 to 44.1% in 2027, indicating a positive trend in profitability [9][4] Market Strategy - The company is implementing a "Hundred Cities Project" to enhance market penetration, aiming to deepen high-end market development in mature markets while accelerating distribution in growth markets [2][3] - The number of distributors has increased to 8,549, a net addition of 157 compared to H1 2024, reflecting the company's commitment to expanding its distribution network [2][3]

出品｜搜狐财经 作者｜饶婷 编辑｜李文贤 近日，燕京啤酒发布半年报，正式拉开国产啤酒上市公司半年报披露大幕。 上半年，燕京啤酒营收增长6.37%，归母净利润更是大涨45.45%。而同期，百威亚太中国市场收入下滑 9.5%，销量降幅达8.2%。 头部企业的业绩反差，恰似当前啤酒行业激烈竞争格局的微观缩影。 数据显示，2025年1-6月,中国规模以上企业累计啤酒产量1904.4万千升,同比下降0.3%。 "量微跌、价快升、利大增。"眺远营销咨询董事长高承远如此概括行业现状，他预测，国内啤酒全年产量 大概率持平或微降1%以内。 搜狐酒业发展研究院专家肖竹青认为，2025年啤酒业的关键词是"高端化内卷+渠道下沉+跨界协同"，外资 品牌需补渠道课，国产龙头则需在高端体验与供应链效率间平衡。 मे Angala 啤酒突围赛:上半年产量降0.3% 百威中国收入再度下滑 燕京、珠江净利润双位数增长 加剧分化的啤酒市场 今年上半年，啤酒企业业绩呈现剧烈分化——百威亚太中国收入再度下滑，而燕京等本土强势品牌持续增 长。 反差背后，是渠道战略差异的具象体现：当传统即饮场景持续萎缩，重仓非现饮渠道的本土酒企，正以更 灵活的渠道组合拳 ...