Core Viewpoint - The first quarter of 2025 saw significant performance differences between beer and wine companies, with Yanjing Beer and Zhujiang Beer showing strong growth in revenue and profit, while Zhangyu A experienced only marginal growth in both metrics [1][4]. Group 1: Yanjing Beer Performance - Yanjing Beer reported a revenue of approximately 38.27 billion yuan, representing a year-on-year increase of 6.69% [3]. - The net profit attributable to shareholders was about 1.65 billion yuan, reflecting a substantial year-on-year growth of 61.1% [3]. - The company achieved a beer sales volume of 995,000 kiloliters, with its flagship product, Yanjing U8, maintaining a growth rate exceeding 30% [1]. Group 2: Zhujiang Beer Performance - Zhujiang Beer recorded a revenue of approximately 12.27 billion yuan, which is a year-on-year increase of 10.69% [2]. - The net profit attributable to shareholders was around 1.57 billion yuan, showing a year-on-year growth of 29.83% [2]. - Despite Yanjing Beer having over three times the revenue of Zhujiang Beer, the net profit difference was only 800 million yuan [2]. Group 3: Zhangyu A Performance - Zhangyu A reported a revenue of approximately 8.11 billion yuan, with a minimal year-on-year increase of 0.01% [4]. - The net profit attributable to shareholders was about 1.59 billion yuan, indicating a slight year-on-year growth of 0.21% [4]. - The net profit excluding non-recurring gains and losses was approximately 1.53 billion yuan, which represents a year-on-year decline of 0.82% [4]. Group 4: Shareholder Information - As of the first quarter of 2025, the total number of ordinary shareholders for Yanjing Beer, Zhujiang Beer, and Zhangyu A were approximately 43,000, 26,000, and 43,000 respectively [7]. - There was a notable decline in the number of ordinary shareholders for all three companies compared to the first quarter of 2024, with Yanjing Beer and Zhujiang Beer experiencing reductions of over 30% [7].

上 市 公 司 食品饮料 2025 年 04 月 24 日 燕京啤酒 (000729) ——2024 年圆满收官 2025Q1 实现开门红 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 24 日 | | --- | --- | | 收盘价（元） | 12.62 | | 一年内最高/最低（元） | 13.68/8.10 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 0.79 | | 流通 A 股市值（百万元） | 31,671 | | 上证指数/深证成指 | 3,297.29/9,878.32 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.25 | | 资产负债率% | 32.81 | | 总股本/流通 A 股（百万） | 2,819/2,510 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12- ...

2025.04. 24 4月24日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 四连板先达股份：目前烯草酮产品成交价格稳中有升 后续价格具有不确定性 先达股份发布股票交易异常波动公告，公司近期关注到有相关媒体关于烯草酮产品的报道。公司所产 烯草酮产品主要销往海外市场，主要销售季节为每年4—8月份。目前烯草酮产品成交价格稳中有 升，产品供应趋于紧张，但受市场竞争、原材料价格等因素影响，后续价格具有不确定性。 恒瑞医药：一季度净利润18.74亿元 同比增长36.9% 恒瑞医药披露一季报，公司2025年第一季度实现营业收入72.06亿元，同比增长20.14%；净利润 18.74亿元，同比增长36.9%。 珀莱雅：一季度净利润3.9亿元 同比增长28.87% 珀莱雅披露一季报，公司2025年第一季度实现营业收入23.59亿元，同比增长8.13%；净利润3.9亿 元，同比增长28.87%。 超声电子：一季度净利润同比增长142.26% 超声电子发布一季报，2025年第一季度营业收入14.66亿元，同比增长15.81%；归母净利润4177.25 万元，同比增长142 ...

燕京啤酒（000729.SZ）2024 年年报点评 核心财务指标持续改善，改革逻辑加速兑现 2025 年 04 月 24 日 ➢ 事件：2025 年 4 月 21 日，公司发布 2024 年年报。2024 年公司实现总营 收 / 归 母 净 利 润 / 扣 非 归 母 净 利 润 146.67/10.56/10.41 亿元， 分 别 同 比 +3.20%/+63.74%/+108.03%。经测算，24Q4 公司实现总营收/归母净利润/扣 非归母净利润 18.21/-2.32/-2.21 亿元，营收同比+1.32%，归母口径利润减亏 0.79 亿元，扣非归母口径减亏 1.45 亿元。 ➢ 销量跑赢大盘，U8 势能维持。24 年公司啤酒营收同比增 1.0%，其中销量 同比+1.6%至 400 万千升（同期我国规上啤酒企业总产量同比-0.6%），销量跑 赢大盘。结构端看，中高档产品营收同比+2.2%至 88.7 亿元，占啤酒营收比重 同比+0.7pct，其中 U8 销量同比+31%至 70 万千升，维持良好势能。24 年吨 价同比微降 0.6%，我们预计与 24Q4 货折兑付节奏有关。其他业务收入合计同 比+29% ...

Financial Performance - The company's revenue for Q1 2025 reached CNY 3,826,830,012.83, representing a year-on-year increase of 6.69%[4] - Net profit attributable to shareholders was CNY 165,275,724.04, marking a significant growth of 61.10% compared to the same period last year[4] - The net cash flow from operating activities increased by 49.02% to CNY 1,333,175,730.77[4] - Total operating revenue for the current period reached ¥3,826,830,012.83, an increase of 6.67% compared to ¥3,586,956,685.47 in the previous period[16] - Net profit for the current period was ¥227,175,328.82, representing a significant increase of 75.55% from ¥129,441,588.37 in the previous period[17] - Earnings per share (EPS) for the current period was ¥0.0569, compared to ¥0.0364 in the previous period, indicating a growth of 56.25%[17] Assets and Liabilities - Total assets at the end of the reporting period were CNY 23,716,993,591.40, up 2.46% from the previous year[4] - Total current assets amount to ¥11,927,672,877.15, slightly up from ¥11,905,450,452.01 at the beginning of the period[13] - The company's total liabilities increased to ¥7,781,780,587.55 from ¥7,423,160,895.60, marking a rise of 4.83%[14] - Total equity attributable to shareholders rose to ¥14,784,297,357.10, up from ¥14,619,021,633.06, reflecting an increase of 1.13%[14] Cash Flow - Operating cash flow for the current period was ¥1,333,175,730.77, an increase of 49.2% compared to ¥894,630,453.45 in the previous period[18] - Total cash inflow from operating activities was ¥5,062,895,248.79, up from ¥4,497,876,789.72, reflecting a growth of 12.5%[18] - Cash outflow from operating activities totaled ¥3,729,719,518.02, compared to ¥3,603,246,336.27, representing an increase of 3.5%[18] - Cash inflow from other operating activities increased to ¥349,659,336.13 from ¥202,117,545.57, a rise of 73%[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 42,738[10] - The largest shareholder, Beijing Yanjing Beer Investment Co., Ltd., holds 57.40% of shares, totaling 1,617,727,568 shares[10] Expenses - The company reported a significant increase in sales expenses, which rose by 40.03% to CNY 599,018,253.08 due to increased market investments[8] - The company reported a decrease in research and development expenses to ¥62,917,477.42 from ¥68,256,454.03, a decline of 7.73%[16] - Cash paid for purchasing goods and services was ¥2,278,502,945.38, compared to ¥2,055,257,168.86, marking an increase of 10.9%[18] - Cash paid for employee compensation was ¥735,569,347.16, slightly up from ¥704,703,648.33, indicating a growth of 4.4%[18] Strategic Initiatives - The company plans to continue its strategic initiatives to enhance governance and promote sustainable development[7]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][7]. Core Views - The company achieved a revenue of 14.67 billion yuan in 2024, representing a year-on-year growth of 3.2%, while net profit increased by 63.7% to 1.06 billion yuan [3][11]. - The core product, Yanjing U8, saw a sales growth rate of 31.4%, becoming a key driver of performance growth [4][12]. - The company is expected to continue benefiting from ongoing reforms, which are anticipated to enhance management efficiency and profitability [7][14]. Financial Performance - The revenue from the beer business rose by 1.0% year-on-year to 13.23 billion yuan, with a gross profit margin of 42.6% [4][13]. - The company plans to distribute a cash dividend of 1.90 yuan per 10 shares, resulting in a total cash dividend payout of 536 million yuan [3][11]. - The projected net profits for 2025, 2026, and 2027 are 1.44 billion yuan, 1.49 billion yuan, and 1.52 billion yuan, respectively, with corresponding EPS of 0.51 yuan, 0.53 yuan, and 0.54 yuan [7][10]. Market Position and Strategy - The company has successfully optimized its product structure, with medium-high-end beer accounting for 67.0% of revenue [4][12]. - The number of dealers increased to 8,632, reflecting the company's expansion strategy across various channels [6][14]. - The company has effectively controlled costs, leading to improved profitability metrics, including a net profit margin of 9.0% [5][13].

4月22日 ， 燕京啤酒（ 000729） （证券代码：000729.SZ）披露《2024年度可持续发展报告》，系统展 现公司在环境、社会与治理（ESG ）领域的战略导向与实践成果。作为中国民 族啤酒工业的代表性企 业，燕京啤酒 坚定以高质量发展为目标，以可持续发展战略为引擎，打造全流程、系统化的ESG 治理 体系，成为国内首家通过ESG 管理体系认证的啤酒企业，在推动产业绿色转型、共建责任生态方面迈 出关键步伐。 2024年，公司各项主要经济指标持续向好，实现营业收入146.67亿元，同比增长3.2%；归母净利润 10.57亿元，同比增长63.74%。在经营稳健增长的基础上，燕京啤酒将可持续理念深度嵌入公司治理、 生产运营、技术创新、品牌管理等各个环节，探索出一条以ESG构筑核心竞争力的转型路径。 党建引领发展 以"红色引擎"驱动企业高质量转型 在推动可持续发展进程中，燕京啤酒以党建为引领，深化"红色引擎"作用，将党建全面融入公司治理、 生产经营与文化建设。2024年，公司系统构建"党建融入治理、强化思想引领、夯实组织基础、聚焦队 伍建设、着力载体创新"五大举措，打造以"燕京红燕"为核心的党建品牌，推动党建 ...

Core Viewpoint - Yanjing Beer has reported record high revenue and net profit for 2024, demonstrating strong growth, resilience, and potential in a challenging beer industry environment, positioning itself as a benchmark for growth amid market competition [1]. Financial Performance - In 2024, Yanjing Beer achieved operating revenue of 14.67 billion yuan, a year-on-year increase of 3.20% [4]. - Operating profit reached 1.61 billion yuan, up 56.96% year-on-year [4]. - Total profit amounted to 1.57 billion yuan, reflecting a 51.26% increase [4]. - The net profit attributable to shareholders was 1.06 billion yuan, marking a 63.74% rise, while the net profit after deducting non-recurring gains and losses was 1.04 billion yuan, up 108.03% [4]. Product and Market Development - Yanjing Beer is focusing on a "premiumization and youth-oriented" strategy, developing a multi-tiered product matrix and rapidly launching new products to align with consumer trends [6]. - The company has upgraded its sales channels and achieved a beer sales volume of 4.00 million kiloliters, a 1.57% increase year-on-year, with Yanjing U8 sales reaching 696,000 kiloliters, up 31.40% [9]. Management and Operational Efficiency - Yanjing Beer has integrated ESG principles into its core strategy, establishing a "green brewing-responsible supply chain-value co-creation" system to promote sustainable and high-quality development [11]. - The company has enhanced its production management structure and implemented advanced tools to improve quality control and cost efficiency [11]. - In supply chain management, Yanjing Beer has digitized its logistics and procurement processes, enhancing overall supply chain management capabilities [13]. Future Outlook - Yanjing Beer aims to maintain strategic focus and confidence in development, preparing for a strong finish to the 14th Five-Year Plan and a solid start to the 15th Five-Year Plan, ensuring sustainable high-quality growth [15].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][7]. Core Views - The company achieved a revenue of 14.67 billion yuan in 2024, representing a year-on-year growth of 3.2%, while net profit increased by 63.7% to 1.06 billion yuan [3][11]. - The core product, Yanjing U8, saw a sales growth rate of 31.4%, becoming a key driver of performance growth [4][12]. - The company is expected to continue benefiting from cost control and operational efficiency improvements, with projected net profits for 2025-2027 of 1.44 billion, 1.49 billion, and 1.52 billion yuan respectively [7][14]. Financial Performance - The beer business revenue rose by 1.0% year-on-year to 13.23 billion yuan, with a gross profit margin of 42.6% [4][13]. - The company plans to distribute a cash dividend of 1.90 yuan per 10 shares, resulting in a total cash dividend payout of 536 million yuan [3][11]. - The gross margin improved by 3.1 percentage points to 40.7%, and the net margin increased by 3.0 percentage points to 9.0% [5][13]. Market Position and Strategy - The company has made significant progress in product structure upgrades, with medium-high-end beer accounting for 67.0% of revenue [4][12]. - The number of dealers increased to 8,632, reflecting a successful expansion strategy [6][14]. - The company is focusing on national market layout and omni-channel expansion to enhance operational efficiency [6][14].

Investment Rating - The report maintains a "Buy" investment rating for Yanjing Beer [1] Core Views - The company has demonstrated robust performance with total revenue and net profit for 2024 reaching 14.667 billion and 1.056 billion yuan, respectively, reflecting a year-on-year growth of 3% and 64% [2] - The beer business has shown significant improvement in gross margin, particularly in mid-to-high-end products, with a gross margin increase of 4.16 percentage points to 48.09% [3] - The company is expected to continue benefiting from the growth of its U8 product line and ongoing cost control measures, leading to sustained high profit growth [9] Summary by Sections Financial Performance - In 2024, total revenue was 14.667 billion yuan, with a net profit of 1.056 billion yuan, marking a 3% increase in revenue and a 64% increase in net profit year-on-year [2] - The gross margin for 2024 was 41%, up 3.1 percentage points, while the net margin was 9%, also up 3 percentage points [2] - Operating cash flow significantly improved, reaching 2.549 billion yuan, a year-on-year increase of 81% [2] Beer Business Insights - Beer revenue for 2024 was 13.230 billion yuan, with mid-to-high-end products contributing 8.865 billion yuan, reflecting a 2.15% increase [3] - The total beer sales volume was 4.0044 million kiloliters, with U8 maintaining over 30% growth, achieving sales of 696,000 kiloliters [3] Channel and Regional Performance - Revenue from traditional, KA, and e-commerce channels was 13.925 billion, 486 million, and 255 million yuan, respectively, with e-commerce channel gross margin increasing by 0.44 percentage points to 28.35% [8] - Regional revenue showed growth in North and East China, with North China revenue at 7.830 billion yuan, up 5.39% [8] Profit Forecast - The company is projected to have EPS of 0.51, 0.62, and 0.75 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 25, 21, and 17 times [9]