Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company's revenue and net profit for 2024 are projected to be 14.67 billion and 1.06 billion RMB, respectively, reflecting a year-on-year growth of 3.20% and 63.74% [7] - The company continues to focus on its U8 flagship product and high-end strategy, expecting to maintain high double-digit growth in U8 sales [7] - The report indicates a significant improvement in profit margins due to product structure upgrades and cost reductions, with a gross margin increase of 3.09 percentage points to 40.72% [7] Financial Performance Summary - Total revenue for 2023 is reported at 14.21 billion RMB, with a projected increase to 14.67 billion RMB in 2024, representing a 7.66% year-on-year growth [1] - The net profit attributable to the parent company is expected to rise from 644.71 million RMB in 2023 to 1.06 billion RMB in 2024, marking an 83.02% increase [1] - The earnings per share (EPS) is forecasted to grow from 0.23 RMB in 2023 to 0.37 RMB in 2024 [1] Sales and Market Strategy - The company achieved a total beer sales volume of approximately 400.44 million liters in 2024, with a year-on-year increase of 1.57% [7] - The U8 product line saw a sales volume of 69.60 million liters, reflecting a robust growth of 31.40% year-on-year [7] - The report notes that the company has added 98 new distributors in domestic regions, enhancing its market presence [7] Cost and Efficiency Improvements - The report attributes the increase in profitability to several factors, including the upgrade of product structure, release of cost benefits, and internal reforms that improved operational efficiency [7] - The sales and management expense ratios have decreased, contributing to an overall improvement in the company's profitability metrics [7]

Investment Rating - The report maintains a "Recommendation" rating for Yanjing Beer (000729.SZ) [10][15] Core Views - Yanjing Beer achieved a revenue of 14.7 billion yuan in 2024, a year-on-year increase of 3.2%, and a net profit of 1.06 billion yuan, up 63.7% year-on-year, aligning with preliminary reports [5][10] - The company anticipates a net profit of 160 to 172 million yuan for Q1 2025, representing a growth of 56.0% to 67.7% year-on-year [5] - The U8 product line continues to show strong sales momentum, with a volume increase of 31.4% year-on-year, contributing to 17.4% of total sales [9][10] Summary by Sections Financial Performance - In 2024, Yanjing Beer reported a revenue of 14.67 billion yuan, with a net profit of 1.06 billion yuan, reflecting significant growth compared to the previous year [5][10] - The company’s gross margin improved to 40.7%, an increase of 3.1 percentage points year-on-year, driven by cost optimization [9][10] - The forecast for 2025 and 2026 indicates continued growth in net profit, with estimates of 1.46 billion yuan and 1.77 billion yuan respectively [10][12] Sales and Market Position - Yanjing Beer’s beer sales reached 4 million kiloliters in 2024, surpassing the industry average, which saw a slight decline of 0.6% [9] - The average selling price of beer remained stable at 3,304 yuan per kiloliter, with a slight decrease of 0.6% year-on-year [9] - The company’s product structure is improving, with mid-to-high-end products generating significant revenue [9] Regional Performance - Revenue growth varied by region, with North China showing a robust increase of 5.4%, while South China remained stable with a 0.3% increase [9] - Traditional sales channels generated 139.3 million yuan, reflecting a 3% increase, while e-commerce channels also saw growth [9] Future Outlook - The company plans to increase dividends to 540 million yuan, representing 51% of the net profit, indicating a commitment to shareholder returns [10] - The report anticipates continued growth in the U8 product line and improved profitability through cost control and efficiency enhancements [10]

Core Viewpoint - Yanjing Beer reported a growth in revenue and net profit for 2024, but the growth rates have slowed compared to previous years, indicating challenges in maintaining momentum in a competitive market [1][3][4]. Financial Performance - In 2024, Yanjing Beer achieved a revenue of approximately 14.667 billion yuan, representing a year-on-year growth of 3.2% [4][5]. - The net profit attributable to shareholders was about 1.056 billion yuan, showing a significant increase of 63.74% year-on-year [4][10]. - The growth rates for both revenue and net profit have declined compared to 2023, where revenue grew by 7.66% and net profit by 83.02% [4][5]. Sales Volume - The total beer sales volume for 2024 reached 4.0044 million kiloliters, with a modest year-on-year growth of 1.57% [1][6]. - This growth rate is a slowdown compared to previous years, where sales growth was over 4% in both 2022 and 2023 [5][6]. Product Performance - Yanjing U8, a key product, saw its sales volume reach 696,000 kiloliters in 2024, marking a year-on-year increase of 31.4% [1][9]. - However, the growth rate of Yanjing U8 has been declining, with previous years showing growth rates of over 50% in 2022 and over 36% in 2023 [9]. Market Position and Strategy - The company is facing intensified competition in the beer market, particularly in the high-end segment, which is becoming increasingly crowded [3][9]. - The revenue share from mid-to-high-end products has been increasing, reaching 67.01% in 2024, while the share from regular products has decreased to 32.99% [7][9]. - The gross margin for mid-to-high-end products was 48.09% in 2024, compared to 31.49% for regular products [7]. Dividend and Asset Management - Yanjing Beer announced a cash dividend plan, proposing to distribute approximately 536 million yuan, which accounts for 50.73% of the net profit for the year [10]. - The company plans to recognize asset impairment losses of approximately 74.1652 million yuan for the year, reflecting a proactive approach to asset management [10].

Investment Rating - The report maintains a "Strong Buy" rating for Yanjing Beer (000729) with a target price of 15.5 CNY, indicating an expected performance exceeding the benchmark index by over 20% in the next six months [1][7][27]. Core Insights - Yanjing Beer reported a revenue of 14.667 billion CNY for 2024, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 1.056 billion CNY, reflecting a significant year-on-year growth of 63.74% [1][3]. - The company plans to distribute a cash dividend of 1.9 CNY per 10 shares, totaling approximately 536 million CNY, which represents a 90% increase in dividends [1]. - The company’s U8 product line saw a remarkable sales increase of 31.4% in 2024, contributing to a structural upgrade with mid-to-high-end products accounting for 67.01% of revenue [7]. Financial Performance Summary - **2024 Financials**: - Total revenue: 14.667 billion CNY - Net profit: 1.056 billion CNY - Earnings per share (EPS): 0.37 CNY - Price-to-earnings (P/E) ratio: 34 [3][4]. - **Future Projections**: - Expected revenue growth for 2025 is projected at 5.3%, with net profit anticipated to reach 1.451 billion CNY, a growth of 37.4% [3][4]. - The company aims for a revenue target of 9% growth for 2025, reflecting confidence in operational improvements and market expansion [7]. Market Dynamics - The report highlights that Yanjing Beer has successfully navigated a challenging market environment, with a 1.6% increase in overall sales volume to 4.004 million kiloliters in 2024, despite a slight decline in average price per ton [7]. - The company’s gross margin improved to 42.6%, up by 3.7 percentage points, driven by cost reductions and operational efficiencies [7]. Strategic Outlook - Yanjing Beer is entering a positive operational cycle, with ongoing reforms expected to enhance efficiency in procurement, production, and management, thereby accelerating performance [7]. - The report emphasizes the potential for further profit margin improvements, given the current net profit margin of 9% and the anticipated continuation of cost benefits [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-13 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。 一、2024年度财务决算报告 （一）主要会计数据及财务指标变动情况 单位：万元 （二）财务状况、经营成果及现金流量 1、财务状况 1.1、资产结构及变动情况 单位：万元 2024年末，公司资产2,314,709万元，较期初增加9.03%，其中，流动资产1,190,545万元，占资产总额的 51.43%，非流动资产1,124,164万元，占比48.57%。主要项目的变动情况说明如下： 1、货币资金745,413万元，较去年同期增加24,243万元，增幅3.36%。 2、应收票据73万元，较去年同期减少102万元，降幅58.41%，主要是应收票据减少所致。 北京燕京啤酒股份有限公司（以下简称"本公司"）2024年度财务会计报表，经中兴华会计师事务所（特 殊普通合伙）审计鉴证，出具了标准无保留意见的审计报告。结合公司合并报表数据，我们编制了公司 2024年度财务决算报告，同时根据2025年公司计划编制 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-42 北京燕京啤酒股份有限公司 《会计师事务所选聘制度》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。 根据《国有企业、上市公司选聘会计师事务所管理办法》、《上市公司章程指 引》、《深圳证券交易所股票上市规则》等相关的法律法规要求，结合公司实际情 况，公司决定对《会计师事务所选聘制度》部分条款进行修订，此议案须提交公 司股东会审议通过后方可实施。本次《会计师事务所选聘制度》修正案和《会计 师事务所选聘制度》（修订预案，待股东大会审批）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 为规范北京燕京啤酒股份有限 | 第一条 为规范北京燕京啤酒股份有限公司 | | 公司（以下简称"公司"）选聘（含续聘、 | （以下简称"公司"）选聘（含 | | 改聘）会计师事务所的行为，切实维护 | 续聘、改 ...

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。 根据《中华人民共和国公司法》《上市公司治理准则》《公司章程》等法 律法规和制度规定，第八届董事会薪酬与考核委员会第九次会议审议了《关于 对董事、高级管理人员2024年度薪酬确认的议案》《关于2025年度董事、高级 管理人员薪酬方案的议案》，并提交董事会审议。公司于2025年4月18日召开第 八届董事会第三十二次会议审议了《关于对董事、高级管理人员2024年度薪酬 确认的议案》《关于2025年度董事、高级管理人员薪酬方案的议案》，同日召 开第八届监事会第二十四次会议，审议了《关于对监事2024年度薪酬确认的议 案》《关于2025年度监事薪酬方案的议案》，全体董事、监事回避表决，直接 提交公司股东会审议。具体内容公告如下： 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-18 北京燕京啤酒股份有限公司 关于董监高 2024 年度薪酬确认及 2025 年度薪酬方案的公告 一、2024年度薪酬确认情况 （一）董事、高级管理人员2024年度薪酬 经核算，公司2024年度董事、高级管理人员税前薪酬情况如下： ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-28 北京燕京啤酒股份有限公司 关于修改《公司章程》的公告 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。 北京燕京啤酒股份有限公司（以下简称"公司"）于2025年4月18日召开第 八届董事会第三十二次会议和第八届监事会第二十四次会议，审议通过了《关于 修改<公司章程>的议案》。该议案须提交公司股东会以特别决议通过后方可实施。 现将有关情况公告如下： 一、关于修订《公司章程》并取消监事会相关制度的原因及依据 本次修改《公司章程》具体情况如下： | 修订前 | 修订后 | | --- | --- | | 目录内容 | 目录内容与正文内容同步修改 | | 全文"股东大会" | 全文"股东大会"修改为"股东会" | | 全文"半数以上" | 全文"半数以上"修改为"过半数" | | 全文"监事" | 删去全文"监事" | | 1.1 为适应社会主义市场经济发展的要 | | | 求，建立中国特色现代国有企业制度， | 1.1 为适应社会主义市场经济发展的要求，建 | | 规范北京燕京啤酒股份有限公司（以下 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-22 北京燕京啤酒股份有限公司 关于举行 2024 年度网上业绩说明会暨征集相关问题的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 北京燕京啤酒股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日披露 2024 年年度报告。为了让广大投资者进一步了解公司 2024 年年度报告和经营情 况，公司将举办 2024 年度业绩说明会，与投资者进行沟通交流，在信息披露允 许的范围内就投资者普遍关注的问题进行回答，并听取投资者的意见和建议。 一、业绩说明会相关安排 1、时间：2025 年 5 月 15 日（星期四）下午 15:00-16:30。 4、公司出席人员：董事长耿超先生；总经理谢广军先生；总会计师严峻先 生；副总经理、董事会秘书、总法律顾问徐月香女士；独立董事郭晓川先生。 本次业绩说明会上公司将邀请券商分析师进行解读。 如因行程安排有变，出席人员可能会有调整。 二、投资者问题征集及方式 为充分尊重投资者、提升交流的针对性，现就 2024 年度网上业绩说明会提 前向投资者公开征集问 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-13 北京燕京啤酒股份有限公司 2024 年度财务决算报告及 2025 年度财务预算报告 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。 北京燕京啤酒股份有限公司（以下简称"本公司"）2024 年度财务会计报 表，经中兴华会计师事务所（特殊普通合伙）审计鉴证，出具了标准无保留意见 的审计报告。结合公司合并报表数据，我们编制了公司 2024 年度财务决算报告， 同时根据 2025 年公司计划编制了 2025 年度财务预算报告，现就公司财务运作情 况报告如下： 一、2024 年度财务决算报告 （一）主要会计数据及财务指标变动情况 单位：万元 | 项目 | 2024.12.31 | 本报告期初 | 增减变动幅度 | | --- | --- | --- | --- | | 总资产 | 2,314,709.25 | 2,123,092.07 | 9.03% | | 归属于上市公司股东的所有者 | 1,461,902.16 | 1,384,519.70 | 5.59% | | 权益 | | | | | 股本（ ...