华西证券研报指出，燕京啤酒25H1归母净利润11.03亿元，同比+45.5%；扣非归母净利润10.36亿元，同 比+39.9%。公司归母净利润表现符合前期预告预期，扣非归母净利润表现超出前期预告预期。拆分量 价来看，公司25H1实现销量235.17万吨，同比+2.03%，对应吨价3357元/吨，同比+4.75%。根据国家统 计局数据，1-6月我国啤酒行业产销量累计同比-0.3%。在啤酒消费相对疲软的环境下，公司实现量价齐 升。华北地区作为公司基地市场稳健增长，华东、华中市场成为公司重要增量来源。认为公司仍将持续 推动改革，有望在报表端释放更多红利。对应8月12日收盘价12.63元/股，PE分别为24/20/18倍，维 持"增持"评级。 ...

券商评级是指证券公司的分析师，通过分析上市公司的财务潜力、财务指标、公司运营治理能力，然后 进行实地考察调研后得出的评论，备受投资者关注。 据证券之星数据库不完全统计，8月13日券商共给予超20家A股上市公司"买入"评级。从行业分布看， 券商8月13日关注的个股聚焦于酿酒、交运设备、汽车整车、生物制品、消费电子、汽车零部件等行 业。 | 股票代码 | 股票简称 | 报告名称 | 评级变动 | 机构 | 近一月个 股研报数 | 行业 | 日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | Q2业绩稳步兑现,看好龙头配置价值 | 买入 | 国金证劳 | 5 | 酿酒行业 | 8月13日 | | 000729 | 康京唯酒 | 燕京啤酒:U8全国化稳步推进,二季度业绩超预 自民 | 智持 | 大平洋 | 5 | 酮酒行Y | 8月13日 | | 603129 | 春风动力 | 公司信息更新报告:202502 //绩超预期, ¥ 务多 点开花、极核增速亮眼 | 买人 | 开源证券 | ਰੋ | 交运设备 | 8月13日 | ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's net profit excluding non-recurring items exceeded expectations, indicating ongoing benefits from reforms [2][6] - The company achieved revenue of 8.558 billion yuan in H1 2025, a year-on-year increase of 6.4%, and a net profit of 1.103 billion yuan, up 45.5% year-on-year [2] - The company continues to push for high-end product development, with significant growth in mid-to-high-end product sales [3][4] Revenue and Profit Performance - In H1 2025, the company sold 2.3517 million tons of beer, a 2.03% increase year-on-year, with an average price of 3,357 yuan per ton, up 4.75% year-on-year [3] - The company's gross profit margin for H1 2025 was 45.5%, reflecting a 2.1 percentage point increase year-on-year [4] - The net profit margin for H1 2025 was 12.9%, an increase of 3.5 percentage points year-on-year [5] Cost and Efficiency - The company has improved its cost efficiency, with a sales expense ratio of 10.3% in H1 2025, down 0.5 percentage points year-on-year [4] - The management expense ratio was also optimized, contributing to overall profit margin improvements [4] Future Outlook - The company is expected to continue benefiting from ongoing reforms, with projected revenues for 2025-2027 adjusted to 15.55 billion, 16.48 billion, and 17.25 billion yuan respectively [8] - Earnings per share (EPS) forecasts for 2025-2027 have been raised to 0.53, 0.62, and 0.71 yuan respectively [8]

Group 1 - The core viewpoint of the report is that Guosen Securities has given Yanjing Beer (000729.SZ) an "outperform" rating based on its strong performance in the beer business and other segments [2] - In the beer business, the second quarter of 2025 saw a decrease in volume but an increase in price, with the flagship product Yanjing U8 continuing to drive product structure upgrades [2] - Other business segments, including tea beverages and mineral water, are showing initial signs of volume growth, leading to a significant increase in gross margin [2] Group 2 - The company's profitability has improved, with a steady decline in expense ratios during the first half of 2025, indicating enhanced profitability [2] - Potential risks include negative impacts on macroeconomic growth from external environments, a significant slowdown in demand growth for mid-to-high-end beer, competitive pressures on the company's core product distribution, and substantial increases in raw material and auxiliary material costs [2]

Group 1 - The core viewpoint of the report is that Yanjing Beer (000729.SZ) is rated as "Buy" with a target price of 14.58 yuan, driven by strong performance in a weak market [2] - The report highlights that both volume and price have increased, supported by the nationwide expansion of U8, which is enhancing the product structure [2] - It notes that the company's reform and efficiency improvements are progressing steadily, leading to a rapid enhancement in profitability [2]

执行法院：湘乡市人民法院 根据天眼查-司法案件数据整理，8月7日燕京啤酒(000729)控股的燕京啤酒（湘潭）有限公司新增1 条被执行人信息，执行标的4.18万元。被执行人信息如下： 案号：(2025)湘0381执1687号 被执行人：燕京啤酒（湘潭）有限公司 身份证号/组织机构代码：19001847-0 执行标的（元）：41760.0 燕京啤酒（湘潭）有限公司成立于1997年10月29日，法定代表人为祝宇宁，注册资本12500万人民 币。天眼查APP股权穿透显示，该公司由燕京啤酒控股，持股占比94.4%。 数据来源：天眼查APP ...

Core Viewpoint - The company, Yanjing Beer, reported strong financial performance in the first half of 2025, with significant growth in both revenue and net profit, indicating effective product and market strategies [3][4]. Financial Performance - In H1 2025, Yanjing Beer achieved operating revenue of 8.56 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.1 billion yuan, up 45.4% year-on-year [3]. - In Q2 2025, the company recorded operating revenue of 4.73 billion yuan, a 6.1% increase year-on-year, and a net profit of 940 million yuan, reflecting a 43% year-on-year growth [3]. Sales and Product Structure - The beer revenue in H1 2025 was 7.896 billion yuan, with a 6.9% year-on-year increase, driven by a 2.0% increase in beer sales volume to 2.3517 million kiloliters and a 4.8% increase in average selling price to approximately 3,358 yuan per kiloliter [4]. - The revenue from mid-to-high-end products reached 5.536 billion yuan, a 9.3% increase year-on-year, while ordinary products generated 2.36 billion yuan, up 1.6% [4]. - Non-beer business also saw rapid growth, with natural water and beverage revenues of 9.41 million yuan and 83.01 million yuan, respectively, marking year-on-year increases of 21.1% and 98.7% [4]. Cost Management and Profitability - The gross profit margins for H1 2025 and Q2 2025 were 45.5% and 47.7%, respectively, with year-on-year changes of +2.14 and -0.63 percentage points [5]. - The sales expense ratio decreased to 10.33% in H1 2025 and 6.02% in Q2 2025, reflecting a reduction in advertising expenses [5]. - The net profit margin for H1 2025 reached 14.83%, an increase of 3.99 percentage points year-on-year, while Q2 2025 saw a net profit margin of 22.03%, up 5.37 percentage points [5]. Market Expansion Strategies - The company is focusing on expanding its U8 product line and enhancing its competitive edge through increased R&D investment and promotion of canned products [6]. - Yanjing Beer is implementing a comprehensive channel strategy, strengthening offline distribution and expanding online retail channels [6]. - The beverage segment is being developed with the launch of the Beiste soft drink, aimed at leveraging synergies with the beer business [7].

Group 1: Steel Industry - In July, the electrolytic aluminum capacity utilization rate reached 98.4%, marking a new high since 2012 [5] - The Ministry of Industry and Information Technology issued the "Steel Industry Normative Conditions (2025 Edition)" on February 8, 2025, and reiterated the need to promote the orderly exit of backward production capacity on July 18, indicating potential recovery in steel sector profitability [5] - The stock price-to-book ratio (PB) of steel stocks is expected to recover alongside profitability [5] Group 2: Wanhuah Chemical (600309.SH) - For the first half of 2025, Wanhuah Chemical reported revenue of 90.901 billion yuan, a year-on-year decrease of 6.35%, and a net profit attributable to shareholders of 6.123 billion yuan, down 25.10% [5] - In Q2 2025, the company achieved revenue of 47.834 billion yuan, a year-on-year decrease of 6.04%, but a quarter-on-quarter increase of 11.07% [5] Group 3: Guoguang Co., Ltd. (002749.SZ) - In the first half of 2025, Guoguang Co., Ltd. achieved revenue of 1.119 billion yuan, a year-on-year increase of 7.33%, and a net profit attributable to shareholders of 231 million yuan, up 6.05% [6] - In Q2 2025, the company reported revenue of 734 million yuan, a year-on-year increase of 8.47% and a quarter-on-quarter increase of 90.44% [6] Group 4: Aishuxin Co., Ltd. (600732.SH) - Aishuxin reported a revenue of 8.446 billion yuan for the first half of 2025, a year-on-year increase of 63.63%, with a net profit attributable to shareholders of -238 million yuan, indicating a narrowing loss [7] - In Q2 2025, the company achieved revenue of 4.311 billion yuan, a year-on-year increase of 62.77%, and a net profit of 63 million yuan, marking a return to profitability [7] Group 5: Huangshanghuang (002695.SZ) - For the first half of 2025, Huangshanghuang reported revenue of 984 million yuan, a year-on-year decrease of 7.19%, while net profit attributable to shareholders increased by 26.90% to 77 million yuan [8] - In Q2 2025, the company achieved revenue of 538 million yuan, a year-on-year decrease of 10.72%, but net profit increased by 16.08% [8] Group 6: Yanjing Beer (000729.SZ) - Yanjing Beer reported revenue of 8.56 billion yuan for the first half of 2025, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.1 billion yuan, up 45.4% [8] - The company experienced a significant improvement in overall net profit margin due to effective sales expense management [8] Group 7: Haitai New Light (688677.SH) - In 2024, Haitai New Light reported revenue of 443 million yuan, a year-on-year decrease of 5.90%, with a net profit of 135 million yuan, down 7.11% [9] - In 2025, the company saw a 24.9% year-on-year increase in revenue in Q1, indicating a recovery as customer inventory levels decreased [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Views - The company reported a total revenue of 8.56 billion yuan for the first half of 2025, representing a year-on-year increase of 6.4%. The net profit attributable to shareholders reached 1.1 billion yuan, up 45.4% year-on-year, exceeding previous performance forecasts [1][9]. - The beer business showed a revenue increase of 6.9% year-on-year in the first half of 2025, driven by the strong performance of the flagship product, Yanjing U8, which is expected to account for over 20% of total sales volume [1][10]. - The company is implementing a "beer + beverage" marketing strategy, which has led to significant growth in other business segments, particularly tea beverages and natural water, with revenue increases of 98.7% and 21.1% respectively [2][10]. Summary by Sections Financial Performance - In the first half of 2025, the beer business's gross margin improved by 1.0 percentage points to 45.7%. The overall gross margin increased by 2.1 percentage points due to lower expense ratios and improved operational efficiency [2][10]. - The company expects to achieve total revenues of 15.59 billion, 16.57 billion, and 17.56 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.57 billion, 1.88 billion, and 2.22 billion yuan for the same years [3][11]. Market Position and Strategy - The flagship product Yanjing U8 has stabilized its pricing and is expected to continue driving sales growth in key markets such as Hunan, Sichuan, and Shandong [3][11]. - The company is undergoing internal reforms aimed at further reducing expense ratios, which is anticipated to enhance profit elasticity [3][11]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 24, 20, and 17 times respectively, indicating a favorable valuation compared to industry peers [3][11].

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [5][4]. Core Insights - The food and beverage sector saw a slight increase of 0.75% during the week of August 4 to August 8, 2025, underperforming the Shanghai Composite Index by 1.37 percentage points [20][1]. - The report highlights the pressure on demand within the liquor industry, prompting companies to innovate and diversify their product offerings to meet consumer needs [2][11]. - The report emphasizes the importance of mid-year performance reports, indicating that companies are focusing on inventory reduction and sales promotion strategies in the short term while planning for long-term consumer engagement and market expansion [2][13]. Summary by Sections 1. Liquor Industry - Companies like Guizhou Moutai and Wuliangye are actively launching new products to adapt to changing consumer preferences, with Moutai's recent product launch achieving significant sales [2][11]. - The report notes that the liquor sector is entering a critical phase for mid-year performance reporting, with expectations of inventory reduction and improved sales strategies [2][13]. - Key investment themes include established leaders with proven resilience, companies showing positive feedback from digital initiatives, and those with potential market share growth [2][13]. 2. Consumer Goods - The beer and beverage sectors are entering a peak season, with expectations for strong performance in mid-year reports [3][14]. - The report indicates a shift in the snack industry towards a model driven by product categories and channels, highlighting the need for brands to enhance their market penetration capabilities [3][15]. - Recommendations include focusing on leading companies in the seasoning and frozen food sectors, which are expected to perform steadily [3][16][17]. 3. Dairy Products - The dairy sector is anticipated to see a gradual recovery in demand, supported by favorable policies and improved supply dynamics [3][18]. - The report suggests that leading dairy companies are well-positioned to benefit from the expected demand rebound in 2025 [3][18]. 4. Beverage Sector - The beverage industry is expected to maintain a favorable outlook, with significant growth opportunities in sugar-free tea and energy drinks [3][19]. - The report highlights the performance of leading companies like Nongfu Spring and Dongpeng Beverage, which are expected to accelerate their market presence [3][19].