证券代码：000729 证券简称：燕京啤酒 公告编号：2025-40 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。 《关联方资金往来管理制度》修正案 | 范运作》、《深圳证券交易所上市公司 | 公司规范运作》、《深圳证券交易所上 | | --- | --- | | 自律监管指引第 7 号——交易与关联 | 市公司自律监管指引第 7 号——交易 | | 交易》、《上市公司监管指引第 8 号— | 与关联交易》、《上市公司监管指引第 | | —上市公司资金往来、对外担保监管要 | 8 号——上市公司资金往来、对外担保 | | 求》及其他有关法律、行政法规、部门 | 监管要求》及其他有关法律、行政法规、 | | 规章和其他规范性文件的规定，结合《公 | 部门规章和其他规范性文件的规定，结 | | 司章程》、各项内控和管理制度和公司 | 合《公司章程》、各项内控和管理制度 | | 实际情况，制定本制度。 | 和公司实际情况，制定本制度。 | | 第七条 公司在执行资金管理与使用制 | 第七条 公司在执行资金管理与使用制 | | 度中，涉及到公司与控股股东、实际控 | ...

北京燕京啤酒股份有限公司 2024 年度独立董事述职报告 （郭晓川） 作为北京燕京啤酒股份有限公司（以下简称"公司"）独立董事，2024年， 本人严格按照《公司法》、《证券法》、《上市公司独立董事管理办法》、《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》等相关 法律法规和《公司章程》的有关规定，谨慎、勤勉、尽责地履行了独立董事的职 责，全面关注公司发展状况，特别是重大经营活动、财务状况、法人治理结构及 规范运作情况，及时了解公司经营情况和财务状况，积极出席相关会议，认真审 议董事会各项议案，发挥独立董事的独立性和专业性，切实维护公司和股东特别 是中小股东的合法利益。 现将本人2024年度独立董事履职情况汇报如下： 一、独立董事的基本情况 （一）个人基本情况 郭晓川：男，中共党员，博士研究生学历，教授。历任宁城老窖、伊利股份、 包头铝业、平庄能源、北方稀土、嘉环科技等上市公司独立董事、内蒙古大学经 济管理学院教授，博士生导师，现任上海大学管理学院教授、博士生导师，兼任 复旦大学管理学院兼职教授、中国大连国家高级经理学院讲座教授、海南椰岛(集 团)股份有限公司独立董事、金河生物科技股份有限 ...

北京燕京啤酒股份有限公司 信息披露管理制度 （2025 年 4 月） 第一章 总 则 第一条 为规范公司信息披露工作，保证公开披露信息的真实、准确、完整、 及时，强化信息披露的责任意识，提高公司信息披露管理水平和信息披露质量， 引导和督促公司做好信息披露及相关工作，保护投资者合法权益，依照《公司法》、 《证券法》、《股票发行与交易管理暂行条例》、《深圳证券交易所股票上市规 则》、《上市公司信息披露管理办法》、《深圳证券交易所上市公司自律监管指 引第 5 号——信息披露事务管理》及《公司章程》，制定本管理制度。 第二条 公司信息披露文件主要包括： (一)招股说明书； (二)募集说明书； (三)上市公告书； 1 （四）定期报告，包括：年度报告、半年度报告、季度报告； 可授权一名代表及董事会办公室处理有关信息披露的具体工作。 （五）临时报告，包括：重大事件公告和公司收购公告； （六）收购报告书 信息披露义务人可以自愿披露与投资者作出价值判断和投资决策有关的信 息。自愿披露的信息应当真实、准确、完整。自愿性信息披露应当遵守公平原则， 保持信息披露的持续性和一致性，不得与依法披露的信息相冲突，不得误导投资 者，不得进行 ...

北京燕京啤酒股份有限公司 合规管理办法 （2025 年 4 月） 第一章 总 则 第一条 为建立健全北京燕京啤酒股份有限公司(以下简称"燕京啤酒"或"公 司")合规管理体系，全面提升公司法治建设和合规经营水平，根据北控集团合 规管理体系建设整体部署，依据《北京控股有限公司合规管理办法（试行）》《北 京燕京啤酒股份有限公司章程》，参照《中央企业合规管理办法》《中央企业合规 管理指引(试行)》等合规管理要求，结合公司实际，制定本办法。 第二条 本办法适用于燕京啤酒总部的合规管理。各所属企业参照本办法执 行或结合本企业实际制定本企业合规管理办法。 所属企业是指公司所属的全资、控股及实际控制的公司。 第三条 本办法所称合规，是指公司经营管理行为和员工履职行为符合国家 法律法规、监管规定、行业准则和国际条约、规则及公司章程、相关规章制度等 要求。本办法涉及的与合规有关的定义如下： 1 （一）坚持党的领导。充分发挥公司党委领导作用，落实全面依法治国战略 部署有关要求，把党的领导贯穿合规管理全过程。 （二）坚持全面覆盖。将合规要求嵌入经营管理各领域、各环节、各层级、 各岗位，贯穿决策、执行、监督全过程，落实到各部门、各单位 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-32 北京燕京啤酒股份有限公司 《董事会提名委员会工作细则》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 4 月 18 日，北京燕京啤酒股份有限公司（以下简称"公司"）召开 了第八届董事会第三十二次会议，审议通过了《关于修改<董事会提名委员会工 作细则>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》、《上市公司独立 董事管理办法》、《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》等相关法律法规，结合公司实际 情况，公司决定对《董事会提名委员会工作细则》部分条款进行修订。本次《董 事会提名委员会工作细则》修正案和《董事会提名委员会工作细则》全文于 2025 年 4 月 22 日刊登在巨潮资讯（http://www.cninfo.com.cn）。 修订情况对照表 | 修订前 | 修订后 | | --- | --- | | 全文"股东大会" | 全文"股东大会"修改为"股东会" | | 第一条 为规范北 ...

北京燕京啤酒股份有限公司 第一章 总 则 第一条 为进一步规范北京燕京啤酒股份有限公司（以下简称"公司"）分 红行为，推动公司建立科学、持续、稳定的分红机制，增强现金分红透明度，保 护中小投资者合法权益，根据《中华人民共和国公司法》、《中华人民共和国证 券法》、《上市公司监管指引第 3 号——上市公司现金分红》、《深圳证券交易 所股票上市规则》及《公司章程》的有关规定，结合公司实际情况，制定本制度。 第二章 公司分红政策 第二条 公司重视对投资者的合理投资回报，严格依照《公司法》《证券法》 和公司章程的规定，健全现金分红制度，实行持续、稳定、合理的利润分配政策， 并兼顾公司的可持续发展。 1、公司可以采用现金、股票或者两者结合的方式分配股利，可以进行中期 现金分红。公司具备现金分红条件应当采用现金分红进行利润分配。如果公司采 用股票股利进行利润分配的，应当具有公司成长性、每股净资产的摊薄等真实合 理因素。 2、公司董事会应当综合考虑所处行业特点、发展阶段、自身经营模式、盈 利水平以及是否有重大资金支出安排等因素，区分下列情形，并按照公司章程规 定的程序，在公司利润分配不超过累计可分配利润的范围，不损害公司持续 ...

Financial Performance - In 2024, Beijing Yanjing Beer achieved beer sales of 4.0044 million kiloliters, a year-on-year increase of 1.57%, with Yanjing U8 sales reaching 696,000 kiloliters, up 31.40%[3]. - The company reported operating revenue of 14.667 billion yuan, a year-on-year growth of 3.20%, and operating profit of 1.609 billion yuan, an increase of 56.96%[3]. - The net profit attributable to shareholders reached 1.056 billion yuan, marking a year-on-year increase of 63.74%, with major economic indicators hitting historical highs[3]. - The company's operating revenue for 2024 reached ¥14,667,016,921.50, representing a 3.20% increase from ¥14,212,857,297.00 in 2023[32]. - Net profit attributable to shareholders for 2024 was ¥1,055,678,539.28, a significant increase of 63.74% compared to ¥644,714,424.03 in 2023[32]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥1,040,637,380.31, up 108.03% from ¥500,225,523.73 in 2023[32]. - The net cash flow from operating activities for 2024 was ¥2,548,966,185.50, an increase of 81.05% from ¥1,407,868,568.33 in 2023[32]. - Basic earnings per share for 2024 were ¥0.375, a 63.76% increase from ¥0.229 in 2023[32]. - The company reported a quarterly revenue of ¥4,800,336,798.81 in Q3 2024, with a net profit of ¥529,871,750.36 for the same quarter[36]. Product Development and Innovation - The company launched new products including Lion King Craft Beer and Yanjing No. 9, while enhancing the product structure to increase the proportion of mid-to-high-end products[8]. - A total of 16 new invention patents and 53 utility model patents were granted during the year, with one research achievement recognized as reaching international leading standards[8]. - The company launched several new products, including the upgraded Yanjing Fresh Beer and Yanjing U8, which targets younger consumers with innovative brewing techniques[46][47]. - The company’s premium craft beer series, including Lion King Craft Beer, caters to high-quality and specialty market demands[47]. - The company is focusing on developing differentiated products to meet diverse consumer demands, with ongoing R&D efforts[89]. Market Presence and Strategy - The company operates 60 subsidiaries across 18 provinces, enhancing its market presence nationwide[43]. - The company has maintained its main business of manufacturing and selling beer since its listing, with no changes reported[30]. - The company’s main business, beer production and sales, accounts for over 90% of its total operations, with a focus on optimizing product structure and expanding new channels[43]. - The company is actively pursuing a national product matrix to expand its market presence[119]. - Future plans include expanding market presence in the East China region, addressing competitive challenges and enhancing brand visibility[125]. Sustainability and ESG Initiatives - The company is committed to green development, with 17 "green factories" and 6 "green supply chain enterprises" established, alongside ongoing carbon management initiatives[9]. - The ESG management system certification was achieved, reflecting an upgrade in governance capabilities and contributing to sustainable high-quality development[13]. - The company is committed to sustainable development and has integrated ESG principles into its core strategy[55]. - The company has implemented a five-year ESG strategic plan to integrate ESG principles into its business operations, enhancing environmental, social, and economic benefits[170]. - The company has 13 factories recognized as "national green factories" and 4 as "provincial green factories," highlighting its commitment to environmental protection[115]. Corporate Governance and Management - The company has established a comprehensive compliance system integrating risk, legal, internal control, compliance, and audit to ensure stable operation and safety[170]. - The company has a well-defined corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board, operating independently from the controlling shareholder[144]. - The management team has a strong focus on quality and safety, with several members holding advanced certifications in quality management and engineering[154][157]. - The company has established independent personnel and compensation management systems, ensuring separation from the controlling shareholder's influence[143]. - The company has confirmed that no current directors, supervisors, or senior management members are receiving remuneration from related parties[164]. Environmental Compliance - The company strictly adheres to national and local environmental protection laws and industry standards, including the Environmental Protection Law and various pollution discharge standards[193]. - All pollutant discharge permits for the company and its subsidiaries are valid and operational, with the latest permits issued until 2029[194][195]. - The total COD emissions for Beijing Yanjing Brewery Co., Ltd. are 124.42 tons, with a maximum allowable discharge of 1143.764 tons per year, indicating no exceedance of standards[197]. - The company has implemented environmental assessments and received approvals for all its operations, ensuring compliance with local regulations[194]. - Overall, all reported facilities maintained their discharge levels within regulatory limits, indicating compliance with environmental standards[199].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - In March, retail sales showed a month-on-month recovery, increasing consumer demand focus. The retail sales growth rate in March was 5.9% year-on-year, up 1.9 percentage points from January-February, indicating a sustained recovery in consumption driven by previous policy stimuli. Looking ahead, the importance of domestic demand is expected to rise amid external demand disturbances, with consumption policies likely to be further enhanced to boost demand recovery [5][6] - The food and beverage index increased by 1.47% this week, with notable stock performances from Anji Food (+50.00%), Gui Faxiang (+14.58%), and Zuming Shares (+12.00%). The report emphasizes the resilience of essential consumer goods, predicting a sustained increase in attention towards these products due to improving consumer confidence and income [5][11] Summary by Sections Alcohol Industry - The high-end liquor segment remains strong, with recommendations for Kweichow Moutai, Wuliangye, and Luzhou Laojiao. The next tier of liquor, represented by Shanxi Fenjiu, is also recommended as it continues to expand nationally. For real estate liquor, companies like Yingjia Gongjiu and Jiansiyuan are highlighted [5][6] - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, a year-on-year increase of 15.9%. The company aims for a revenue growth of around 9% in 2025 [6][33] - Wuliangye's revenue for Q3 2024 is expected to be 173 billion yuan, with a net profit of 59 billion yuan, reflecting a stable shareholder return strategy [6][33] Food Industry - The food index saw a rise of 1.47% this week, with significant gains in essential consumer goods. The report suggests that the demand for essential goods will continue to grow, supported by policies aimed at boosting consumption and improving household income [5][11] - Anji Food reported a revenue of 110.77 billion yuan for Q1-Q3 2024, with a year-on-year growth of 7.84%. The company is positioned well in the frozen food market, despite facing some pressure from the macroeconomic environment [8][33] - Dongpeng Beverage's revenue for Q1-Q3 2024 reached 125.58 billion yuan, a 45.34% increase year-on-year, indicating strong growth in the functional beverage sector [8][33] Key Company Announcements - Kweichow Moutai is recruiting operators for its products on major platforms, aiming to expand its market presence [16] - Jinhuijiu reported a revenue of 11.1 billion yuan for Q1 2025, a year-on-year increase of 3.0% [17]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 14.67 billion yuan, a net profit attributable to shareholders of 1.06 billion yuan, and a net profit excluding non-recurring items of 1.04 billion yuan for 2024, representing year-on-year increases of 3.2%, 63.7%, and 108% respectively [2][6]. - For Q4 2024, the company recorded a revenue of 1.82 billion yuan, with a net profit attributable to shareholders of -0.23 billion yuan, indicating a year-on-year revenue increase of 1.3% and a reduction in losses [2][6]. - The forecast for Q1 2025 estimates a net profit attributable to shareholders between 160 to 172 million yuan, reflecting a year-on-year growth of 56% to 67.7% [2][6]. Summary by Sections Revenue and Profitability - In 2024, the company achieved a total revenue of 14.67 billion yuan, with a net profit of 1.06 billion yuan and a net profit excluding non-recurring items of 1.04 billion yuan, marking significant growth compared to the previous year [2][6]. - The company’s net profit margin for 2024 was 7.2%, an increase of 2.7 percentage points from 2023 [11]. Sales Volume and Pricing - The total sales volume for 2024 was 4 million hectoliters, a year-on-year increase of 1.6%, with the U8 product line achieving a sales volume of 696,000 hectoliters, up 31.4% [11]. - The average price per ton for 2024 increased by 1.6% year-on-year, although it saw a decline of 7% in Q4 due to disruptions in non-alcoholic business [11]. Future Outlook - The company is expected to continue its high-quality development, with projected earnings per share (EPS) of 0.50 yuan for 2025 and 0.57 yuan for 2026, corresponding to price-to-earnings (PE) ratios of 25X and 22X respectively [11]. - The company anticipates maintaining a growth rate of over 30% for the U8 product line in Q1 2025, which will contribute to ongoing improvements in both volume and pricing [11].

Core Viewpoint - The Chinese beer industry is facing multiple challenges in 2024, including consumption segmentation, cost pressures, and localized competition from international brands, leading to a trend of "volume decline and price increase" [2] Industry Overview - The overall revenue of the beer industry in 2024 has decreased by 5.7% year-on-year, making it the only category in the food and beverage sector to experience negative growth [2] - The performance of the six major listed beer companies—Budweiser APAC, China Resources Beer, Tsingtao Brewery, Yanjing Beer, Chongqing Beer, and Zhujiang Beer—has shown further differentiation [2][3] Company Performance - Budweiser APAC reported a revenue of 62.46 billion RMB, down 8.90%, and a net profit of 7.26 billion RMB, down 14.79% [9] - China Resources Beer achieved revenue of 38.635 billion RMB, a slight decline of 0.76%, with net profit down 8.03% to 4.739 billion RMB [9] - Tsingtao Brewery's revenue was 32.138 billion RMB, down 5.30%, but net profit increased by 1.81% to 4.345 billion RMB [9] - Chongqing Beer reported revenue of 14.645 billion RMB, down 1.15%, and net profit of 1.115 billion RMB, down 16.61% [9] - Zhujiang Beer and Yanjing Beer were the exceptions, with Zhujiang Beer achieving revenue growth of 6.56% to 5.731 billion RMB and net profit growth of 29.95% to 810 million RMB [11] - Yanjing Beer also saw revenue growth of 3.20% to 14.667 billion RMB and net profit growth of 63.74% to 1.055 billion RMB [11] Market Trends - The market is experiencing a shift towards high-end products, with Zhujiang Beer and Yanjing Beer benefiting from product structure adjustments and capturing high-end consumption scenarios [3][12] - Analysts suggest that the beer industry must continue to pursue high-end strategies and expand online channels to find new growth opportunities [3][15] - The competition in the high-end market is intensifying, prompting companies to innovate and refine operations to discover new growth points [15] Strategic Adjustments - Companies are adjusting their product structures towards high-end offerings, with Zhujiang Beer reporting that 90% of its revenue comes from mid-to-high-end products [14] - Yanjing Beer has successfully launched its flagship product, Yanjing U8, achieving a sales volume of 696,000 kiloliters, a year-on-year increase of 31.40% [14] - Budweiser APAC, despite being a high-end market leader, has seen a significant decline in sales, down 11.8%, attributed to weak consumer spending [14] - China Resources Beer reported that mid-range and above products accounted for over 50% of its sales for the first time, indicating a commitment to high-end strategies [14]