证券代码：000729 证券简称：燕京啤酒 公告编号：2025-03 北京燕京啤酒股份有限公司 第八届监事会第二十三次会议决议公告 本公司及监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、监事会会议召开情况 北京燕京啤酒股份有限公司（以下简称"公司"）第八届监事会第二十三次 会议通知于 2025 年 3 月 7 日以传真、电子邮件等方式送达全体监事，会议于 2025 年 3 月 17 日以通讯表决形式召开，会议应出席监事 3 人，实际出席 3 人，分别 为：王莉娜、乔乃清、邓启华。本次监事会会议的召开符合《公司法》、《证券法》 及《公司章程》的有关规定。 二、监事会会议审议情况 1、审议并通过了《关于使用闲置自有资金投资结构性存款的议案》 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。本议案获得通过。 会议决定，同意公司使用暂时闲置的自有资金投资银行结构性存款，单日最 高余额上限为人民币 20 亿元（含 20 亿元），在投资期限内上述额度内资金可循 环投资、滚动使用，但任一时点的交易金额（含前述投资的收益进行再投资的相 关金额）不超过上述额度上限。 监 ...

第八届董事会第三十一次会议决议公告 北京燕京啤酒股份有限公司 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。 一、董事会会议召开情况 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-02 北京燕京啤酒股份有限公司（以下简称"本公司"、"公司"）第八届董事会 第三十一次会议通知于 2025 年 3 月 7 日以传真、电子邮件等方式送达全体董事， 会议于 2025 年 3 月 17 日以通讯表决方式召开。会议应参加董事 6 人，实际参加 董事 6 人，分别为：耿超、谢广军、刘翔宇、郭晓川、周建、刘景伟。本次董事 会会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规 定。 二、董事会会议审议情况 1、审议并通过了《关于使用闲置自有资金投资结构性存款的议案》 表决结果：同意票 6 票，反对票 0 票，弃权票 0 票。本议案获得通过。 公司为充分利用暂时闲置的自有资金，进一步提高资金使用效率，在不影响 公司正常运营、严格控制风险的前提下，会议同意公司投资银行发行的结构性存 款，单日最高余额上限为人民币 20 亿元（含 20 亿元），在投 ...

Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]

公司发布的三季报数据显示，前三季公司共实现营业收入128.46亿元，同比增长3.47%，实现净利润 12.88亿元，同比增长34.73%，基本每股收益为0.4570元，加权平均净资产收益率8.98%。 1月16日公司发布2024年业绩预告，预计实现净利润10.00亿元至11.00亿元，变动区间为 55.11%~70.62%。（数据宝） 融资融券数据显示，该股最新（3月10日）两融余额为1.94亿元，其中，融资余额为1.89亿元，本期筹码 集中以来融资余额合计减少1237.04万元，降幅为6.13%。 燕京啤酒3月11日在交易所互动平台中披露，截至3月10日公司股东户数为43920户，较上期（2月28日） 减少2341户，环比降幅为5.06%。这已是该公司股东户数连续第2期下降。 证券时报•数据宝统计，截至发稿，燕京啤酒收盘价为11.97元，上涨1.53%，本期筹码集中以来股价累 计上涨1.79%。具体到各交易日，4次上涨，3次下跌。 ...

Investment Rating - The industry investment rating is "Recommended" [3][29] Core Insights - The demand recovery post-Spring Festival is relatively weak, aligning with expectations. The feedback from the Spring Festival indicates a nearly 10% year-on-year decline in the sales of liquor, despite a noticeable improvement in the month-on-month performance. The liquor sector is entering a low season, and with companies like Wuliangye and Jinshiyuan halting shipments to maintain prices, the fundamental outlook is unlikely to improve significantly in the short term. The consumer goods sector shows a continued recovery, but the feedback from the Spring Festival is weak, particularly in the restaurant supply chain, which is expected to face short-term pressure. The condiment sector is showing a steady recovery, while dairy products are expected to decline year-on-year. The absolute growth rate of snack foods remains high, but growth is expected to cool due to a high base. Overall, the sector is likely to remain weak in the short term, but a gradual recovery is anticipated throughout the year, making it a good candidate for medium to long-term investment [4][6][10]. Summary by Sections Liquor Sector - The feedback from the Spring Festival indicates a continuation of the decline in the liquor industry, with an expected drop of nearly 10%. Post-holiday, the price of Moutai has stabilized and slightly increased, while Wuliangye's price has rebounded significantly after halting shipments. The first half of 2025 is expected to remain weak, but medium-term prospects may improve as domestic policies take effect. High-end liquor is recommended for long-term investment, with specific companies such as Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao highlighted [6][7]. Consumer Goods Sector - The consumer goods sector shows a slight recovery in sales post-Spring Festival, but overall performance remains weak. The restaurant supply chain continues to struggle, while the condiment sector is experiencing a steady recovery. Dairy products are expected to decline year-on-year, and the growth rate of snack foods is anticipated to decrease due to a high base. The sector is characterized by essential demand, and performance may exceed that of the liquor sector. Companies such as Yili, Tianwei, Anjixin, Qianwei Central Kitchen, and Haitian Flavoring are recommended for medium to long-term investment [6][7]. Market Performance - The sector has experienced a slight pullback in the first three trading days post-holiday, primarily due to weak fundamental feedback. The overall decline for the sector in 2025 is 6.9%, attributed to systemic adjustments and weak fundamental performance [10][11].

Investment Rating - The industry investment rating is "Recommended" [3][26] Core Views - The sector experienced a rebound of 2.3% this week, primarily due to a systematic market rebound, although the fundamental feedback remains subdued [4][9] - The liquor sector has seen a relatively smooth landing during the Spring Festival, but it is now entering a low season with both demand and inventory under pressure, making it unlikely for the fundamentals to improve significantly [4][6] - The consumer goods sector continues to recover, with policies like "consumption vouchers" in cities like Shanghai potentially benefiting the restaurant supply chain [4][6] - The overall sector may lack short-term catalysts and is expected to remain relatively weak, but there is potential for gradual improvement throughout the year [4][6] Summary by Sections Liquor Sector - The Spring Festival sales were relatively stable, but the industry is now entering a low season with weak demand, leading manufacturers to control supply and maintain prices [6] - The price of Moutai remains stable at around 2250 yuan per bottle, while Wuliangye is around 930 yuan per bottle [11] - The sector's fundamentals are becoming less influential on market trends, with a growing sensitivity to macroeconomic policies and capital changes [6] Consumer Goods Sector - The introduction of "consumption vouchers" in Shanghai is expected to have a marginally positive impact on consumer goods [6] - Sales during the Spring Festival showed a slight recovery, particularly in condiments and snacks, although overall performance remains relatively weak [6] - Raw material prices, such as milk and sugar, are on a downward trend, which is favorable for profit margins [6][17] Recommended Companies - Recommended companies include Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Tianwei Food, Anjui Food, Yili, Haitian Flavoring, Qianwei Central Kitchen, and Yanjing Beer [4][6]

Investment Rating - The industry rating is maintained as "Outperform" [7] Core Insights - The food and beverage sector has shown a recovery with a weekly increase of 1.77%, outperforming the Shanghai Composite Index which decreased by 2.22% [25] - The liquor segment is expected to see valuation recovery as major companies focus on channel optimization and marketing strategies ahead of the upcoming political meetings [2][13] - The beer and beverage sectors are anticipated to benefit from improved consumer demand in 2025, driven by promotional policies and a recovery in the restaurant and nightlife sectors [3][14] Summary by Sections Market Performance Review - The food and beverage sector saw a weekly increase of 1.77%, while the Shanghai Composite Index fell by 2.22%. Specific segments included: - Liquor: +1.64% - Dairy: +3.00% - Meat products: +3.52% - Pre-processed foods: +2.37% - Other alcoholic beverages: +0.59% - Beer: +2.84% - Soft drinks: +2.42% - Snacks: +4.30% [25] White Liquor Insights - The white liquor segment increased by 1.64%, with companies like Jiuziyuan and Yingjia Gongjiu showing significant gains. The current valuation is considered reasonable and low, with a PE-TTM of 19.50X [2][13] - Major liquor companies are focusing on channel management and marketing to rebuild confidence in the market, especially as the political meetings approach [2][13] Beer and Beverage Insights - The beer segment increased by 2.84%, with Budweiser Asia announcing a 7% increase in dividends and a management change. The Chinese market for Budweiser is projected to decline by 11.8% in 2024, but strategies are being implemented to enhance market share [3][15] - The beverage sector, including brands like China Red Bull, reported a slight revenue increase of 1.3% in 2024, reaching 21.09 billion yuan [3][17] Consumer Goods Insights - The snack segment led the market with a notable increase, while dairy products also performed well with a 3.00% rise. The report emphasizes three investment themes: "restaurant supply," "overseas expansion," and "raw milk turning point" [3][16] - The overall consumer goods sector is expected to benefit from lower inventory levels and seasonal demand as the market recovers [5][24] Investment Recommendations - Recommended stocks include leading liquor brands such as Moutai, Wuliangye, and Shanxi Fenjiu, as well as consumer goods companies like Yili and Mengniu in the dairy sector [5][24] - The report suggests focusing on companies with strong fundamentals and reasonable valuations, particularly in the consumer goods sector, which is expected to show strong elasticity in 2025 [5][24]

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer, with a target price of 16.59 CNY, based on a valuation of 468 billion CNY [3][4]. Core Views - Yanjing Beer is expected to see a steady improvement in profitability, driven by the strong growth of its U8 product line and structural upgrades in its product matrix, leading to a slight increase in market share [2][13]. - The overall beer market in China is projected to experience a controlled decline, with Yanjing Beer expected to maintain a stable market share due to its strong brand positioning and product offerings [7][16]. Summary by Sections Financial Forecast and Investment Recommendations - The earnings per share (EPS) for Yanjing Beer is forecasted to be 0.37, 0.53, and 0.64 CNY for the years 2024, 2025, and 2026 respectively, reflecting an upward revision from previous estimates [3]. - Revenue projections for 2024 to 2026 are adjusted to 14,957 million CNY, 15,884 million CNY, and 16,657 million CNY, with corresponding growth rates of 5.2%, 6.2%, and 4.9% [3]. Market Position and Product Development - Yanjing Beer has successfully developed the U8 product as a national mid-to-high-end growth item, contributing to a projected compound annual growth rate (CAGR) of 0.5% in total sales from 2023 to 2027 [21]. - The U8 product is expected to account for approximately 32% of total sales by 2028, driven by its competitive pricing and strong market acceptance [34][35]. Competitive Landscape and Industry Trends - The report highlights that Yanjing Beer has increased its market share from 10.1% in 2021 to 10.8% in 2023, outperforming competitors like Chongqing Beer and Zhujiang Beer during the same period [13][20]. - The overall beer market in China is anticipated to decline at a compound rate of -1.7% from 2023 to 2035, with Yanjing Beer expected to navigate this decline effectively due to its strategic positioning and product offerings [16][19]. Profitability Improvement Measures - Key reforms initiated by Yanjing Beer include focusing on the U8 product, optimizing production lines, and reducing costs, which are expected to enhance the company's profitability compared to its peers [38][39]. - The company's gross margin is projected to improve significantly, benefiting from the increased share of U8 and cost reductions in raw materials [7][38].

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.0 to 1.1 billion yuan in 2024, representing a year-on-year growth of 55.11% to 70.62% [2][3] - The strong performance is driven by the robust growth of the U8 product line and internal efficiency improvements [3][4] - The company is positioned for medium to long-term growth due to ongoing reforms and market recovery [4] Financial Summary - Total revenue for 2024 is projected to be 147.48 billion yuan, with a year-on-year growth of 3.8% [5] - Net profit for 2024 is estimated at 1.052 billion yuan, reflecting a year-on-year increase of 63.2% [5] - The gross profit margin is expected to improve to 39.4% in 2024 [5] - Earnings per share (EPS) for 2024 is projected at 0.37 yuan, with a price-to-earnings (PE) ratio of 30.0 [5]

Investment Rating - The investment rating for the company is "Buy" with a current price of 11.20 CNY and a reasonable value of 14.41 CNY [2][3]. Core Views - The report highlights that the company's ongoing reforms are yielding results, leading to significant growth in annual performance. The expected net profit for 2024 is projected to be between 1.0 to 1.1 billion CNY, representing a year-on-year increase of 55.1% to 70.6% [7]. - The company is expected to maintain a strong performance trajectory, with revenue forecasts for 2024, 2025, and 2026 at 148.7 billion CNY, 156.6 billion CNY, and 164.0 billion CNY respectively, reflecting growth rates of 4.6%, 5.3%, and 4.7% [7][8]. - The report emphasizes the company's focus on operational efficiency and cost reduction, which has contributed to improved profitability metrics, including a projected net profit margin increase [7][8]. Financial Summary - Revenue (in million CNY) is forecasted to grow from 14,213 in 2023 to 15,657 in 2025, with a compound annual growth rate (CAGR) of approximately 4.6% [5][8]. - EBITDA is expected to rise from 1,509 million CNY in 2023 to 2,729 million CNY in 2025, indicating a strong operational performance [5][8]. - The net profit attributable to the parent company is projected to increase significantly from 645 million CNY in 2023 to 1,450 million CNY in 2025, with a growth rate of 37.9% [5][8]. - Earnings per share (EPS) is expected to grow from 0.23 CNY in 2023 to 0.51 CNY in 2025 [5][8]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 37.69 in 2023 to 21.77 in 2025, indicating an improving valuation as earnings grow [5][8]. - The report assigns a target P/E of 28 for 2025, leading to a reasonable value estimate of 14.41 CNY per share [7][8].