行业规模见顶之下，燕京啤酒（000729.SZ）却成为增长最快的选手。 上半年的销量同比增长2%至235.2万千升，吨价上涨4.75%至3358元/吨，推动收入达85.58亿元；归母净 利润11.03亿元，超2024年全年水平。 燕京啤酒的增长逻辑未变：中高端大单品燕京U8占比提升，以及内部改革释放的降本红利成为了核心 驱动。 上半年，以燕京U8为代表的中高档产品收入达55.36亿元，同比增长9.32%，占主营业务比重提升1.67个 百分点至70.11%。 高毛利产品占比提升不仅能直接提升赚钱效应，亦可通过推高吨价的方式摊薄消费税。 同时，燕京啤酒一直在各个子公司、工厂推进"卓越管理体系"：通过产销分离优化冗余人员、整合工厂 降低折旧摊销实现降本增效。 2020年至2024年，燕京啤酒员工总数由27984人降至19965人，降幅约达三成，同时人均创收由39万元增 长至73万元。 四年间，公司营收增长34%，净利润翻了4.4倍。 不过高增长背后，有着高端化滞后的历史性低基数效应。直到2024年，燕京啤酒9%的利润率，较比同 期华润啤酒、青岛啤酒的12%仍有差距。 机构普遍认为，大单品渗透和降本增效趋势将持续。 ...

北京控股(00392)公布燕京啤酒（000729）(000729.SZ)2025年上半年业绩，营业收入约85.58亿元，同比 增长6.37%;归属燕京啤酒股东净利润约11.03亿元，同比增长45.45%。 ...

智通财经APP讯，北京控股(00392)公布燕京啤酒(000729.SZ)2025年上半年业绩，营业收入约85.58亿 元，同比增长6.37%;归属燕京啤酒股东净利润约11.03亿元，同比增长45.45%。 ...

智通财经记者 | 武冰聪 智通财经编辑 | 牙韩翔 8月11日，燕京啤酒发布了一份增长势头明显的2025年半年报。 智通财经从中看到，上半年，该公司实现啤酒销量（含托管经营）235.17万千升，同比增长2.03%；实 现营业收入85.58亿元，同比增长6.37%，实现归属于上市公司股东的净利润11.03亿元，同比增长 45.45%。 近 三年，燕京啤酒上半年的营收与净利润持续增长/制图：智通财经 武冰聪 回顾燕京啤酒此前业绩，这家公司已经连续三年保持半年报利润增速超40%。2024年全年，燕京啤酒实 现营收146.67亿元，同比增长3.2%；实现净利润10.56亿元，同比增长63.74%。也就是说，今年上半年 其净利润已经超过了2024全年。 在燕京啤酒半年报中，智通财经看到，该公司上半年饮料业务收入同比大涨98.69%，收入达到8301万 元。据了解，上半年燕京啤酒推出了倍斯特汽水，定位全国化单品，已邀请大张伟担任品牌代言人。 大 张伟成为倍斯特汽水代言人/图片来源：截图自燕京宣传视频 除拿货价之外，据自媒体财经天下消息，在空瓶返利方面，上述经销商称，一箱大窑的空瓶子可以返2 元，而倍斯特退一箱空瓶返3元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：392） 海外監管公告 本海外監管公告乃由北京控股有限公司（「本公司」）根據香港聯合交易所有限公司 （「聯交所」）證券上市規則第 13.10B 條刊登。 本公司的附屬公司北京燕京啤酒股份有限公司（「燕京啤酒」）已於 2025 年 8 月 11 日於 深圳證券交易所網站（http://www.szse.cn）公佈其按照中國的「企業會計準則」編製截止 2025 年 6 月 30 日止六個月的未經審核業績，主要財務指標如下： | | 利潤表 | | | | --- | --- | --- | --- | | | 截至 6 月 30 | 日止六個月 | | | | 2025 年 | 2024 年 | | | | 未經審核 | 未經審核 | | | | （人民幣千元） | （人民幣千元） | 變幅 | | 營業收入 | 8,558,243 | 8,045,803 | +6 ...

56只个股今日获机构买入型评级，爱旭股份最新评级被调高，16股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布71条买入型评级记录，共涉及56只个股。燕京啤酒关 注度最高，共获6次机构买入型评级记录。 | 688331 | 荣昌生物 | 1 | 4.46 | | 医药生物 | | --- | --- | --- | --- | --- | --- | | 688383 | 新益昌 | 1 | 2.38 | | 机械设备 | | 688475 | 萤石网络 | 1 | 2.25 | | 计算机 | | 688630 | 芯碁微装 | 1 | 6.00 | | 机械设备 | | 688631 | 莱斯信息 | 1 | 3.08 | | 计算机 | | 688981 | 中芯国际 | 1 | 0.35 | | 电子 | | 836247 | 华密新材 | 1 | 22.13 | 156.58 | 汽车 | | 002780 | 三夫户外 | 1 | -0.57 | 43.40 | 纺织服饰 | | 002271 | 东方雨虹 | 1 | 1.94 | 26.75 | 建筑材料 | （文章来源：证券时报网 ...

燕京啤酒8月11日披露，截至8月10日公司股东户数为45231户，较上期（7月31日）减少4829户，环比降 幅为9.65%。这已是该公司股东户数连续第2期下降。 公司发布的半年报数据显示，上半年公司共实现营业收入85.58亿元，同比增长6.37%，实现净利润 11.03亿元，同比增长45.45%，基本每股收益为0.3913元，加权平均净资产收益率7.27%。 机构评级来看，近一个月该股获9家机构买入评级。预计目标价最高的是华泰证券，8月11日华泰证券发 布的研报给予公司目标价16.50元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 证券时报·数据宝统计，截至发稿，燕京啤酒收盘价为12.61元，下跌3.89%，本期筹码集中以来股价累 计上涨1.53%。具体到各交易日，6次上涨，1次下跌。 融资融券数据显示，该股最新（8月8日）两融余额为1.84亿元，其中，融资余额为1.79亿元，本期筹码 集中以来融资余额合计增加2597.75万元，增幅为16.94%。 ...

证券之星消息，8月11日非白酒板块较上一交易日下跌0.49%，燕京啤酒领跌。当日上证指数报收于 3647.55，上涨0.34%。深证成指报收于11291.43，上涨1.46%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000752 | ST西发 | 10.85 | 1.97% | 17.44万 | 1.92亿 | | 601579 | 会稽山 | 19.17 | 1.16% | 7.52万 | + 1.44亿 | | 000929 | *ST兰黄 | 8.24 | 1.10% | 1.78万 | 1453.30万 | | 000869 | 张裕A | 21.74 | 0.98% | 1.46万 | 3164.17万 | | 600543 | 草高股份 | 6.71 | 0.90% | 9.10万 | 6097.86万 | | 603779 | 威龙股份 | 7.70 | 0.52% | 6.99万 | 5377.19万 | | 002568 | 百润股份 | 2 ...

Core Viewpoint - Qingdao Beer (600600.SH) reported a strong performance in the first half of 2025, with revenue of 8.558 billion yuan, a year-on-year increase of 6.37%, and a net profit of 1.103 billion yuan, up 45.45% year-on-year, indicating resilience and growth potential in a challenging market environment [1][4][10]. Financial Performance - The company achieved a revenue of 8.558 billion yuan, compared to 8.046 billion yuan in the same period last year, reflecting a growth rate of 6.37% [4]. - The net profit attributable to shareholders reached 1.103 billion yuan, with a year-on-year growth of 45.45%, indicating improved profitability and cost control [4]. - The net cash flow from operating activities was 2.816 billion yuan, a significant increase of 9.40% year-on-year, showcasing strong cash flow health [1][4]. Industry Context - The beer industry faced overall pressure in the first half of 2025, with a slight decline in production of 0.3% year-on-year, indicating a shift towards a saturated market with intensified competition among leading companies [2][10]. - The industry is undergoing a structural adjustment, moving from quantity growth to quality enhancement, with a focus on high-end, diversified, and personalized products [2][12]. Growth Drivers - Qingdao Beer’s growth is attributed to long-term strategic planning and short-term tactical execution, including insights into consumer trends, product structure optimization, and effective market channel management [3][10]. - The company’s main business, beer production and sales, generated 7.896 billion yuan, accounting for 92.27% of total revenue, with contributions from other categories like natural water and tea beverages [4][5]. Regional Performance - The North China region remains the core profit source, contributing 4.850 billion yuan, or 56.67% of total revenue, while other regions also showed growth [5]. - The company implemented a gradient development strategy, enhancing high-end product penetration in mature markets and accelerating distribution in growing markets [7]. Cost Control and Supply Chain Management - The company’s operating costs increased by only 2.35% year-on-year, significantly lower than revenue growth, indicating effective cost management [9]. - Supply chain optimization and digital transformation have improved inventory turnover and reduced costs, with a 3.67% decrease in beer inventory [9]. Marketing and Channel Strategy - Qingdao Beer adopted a comprehensive channel and marketing strategy, achieving a revenue of 7.490 billion yuan from offline channels, with significant growth in key account and online channels [6][7]. - The company’s innovative marketing approaches, including cultural IP development and community engagement, have enhanced brand visibility and consumer experience [7][8]. Future Outlook - The beer industry is expected to see further concentration, with companies like Qingdao Beer that establish comprehensive advantages in products, channels, and supply chains likely to gain more development space [11]. - The shift from scale expansion to quality enhancement and from price competition to value competition reflects broader trends in the Chinese consumer goods industry [12].

Core Viewpoint - Yanjing Beer reported strong financial results for the first half of 2025, achieving a net profit of 11.03 billion yuan, a year-on-year increase of 45.45%, surpassing the total net profit of 10.56 billion yuan for the entire previous year, highlighting its resilience in a challenging consumer market [1][8]. Financial Performance - The company achieved operating revenue of 85.58 billion yuan in the first half of 2025, representing a year-on-year growth of 6.37% [1]. - Beer sales, including managed operations, reached 2.3517 million kiloliters, an increase of 2.03% compared to the previous year [1]. - The net profit attributable to shareholders was 11.03 billion yuan, marking a 45.45% increase year-on-year, with a basic earnings per share of 0.39 yuan, up 45.46% [1][5]. Strategic Initiatives - Yanjing Beer is actively pursuing nine major reforms to enhance management efficiency, market layout, and supply chain construction, aiming for sustainable and high-quality development [3]. - The high-end product line, represented by Yanjing U8, saw revenue growth of 9.32%, contributing 55.36 billion yuan to total revenue, increasing its share of main business revenue from 68.54% to 70.11% [3][4]. Market Position and Industry Context - Despite a general decline in the beer industry, with a reported 0.6% decrease in production for large-scale breweries in 2024, Yanjing Beer has managed to achieve positive growth, becoming the only company in the top five to report revenue growth [7][9]. - The company’s strategic move to introduce the "beer + beverage" dual-drive strategy aims to expand its market presence and enhance brand value [4][9]. Growth Trends - Yanjing Beer has consistently reported impressive growth over the past four years, with a total revenue increase of approximately 34% and a net profit growth of about 4.4 times since 2020 [8]. - The company’s performance in the second quarter of 2025 saw a net profit of 9.38 billion yuan, a year-on-year increase of approximately 42.99%, marking the highest quarterly net profit since its listing [5].