Financial Performance - Total revenue for Q3 2024 reached ¥4,800,336,798.81, a slight increase of 0.19% year-on-year, while year-to-date revenue was ¥12,846,139,630.27, up 3.47% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥529,871,750.36, representing a significant increase of 19.84%, and year-to-date net profit reached ¥1,288,087,871.55, up 34.73% year-on-year[2] - The company achieved a net profit of ¥520,492,365.81 after deducting non-recurring gains and losses, marking a 21.68% increase for the quarter and a 45.68% increase year-to-date[2] - Total operating revenue for Q3 2024 reached ¥12,846,139,630.27, an increase from ¥12,415,700,831.45 in Q3 2023, representing a growth of approximately 3.5%[13] - Operating profit for the period was ¥1,759,490,007.32, compared to ¥1,373,852,671.10 in the previous year, indicating a significant increase of about 28.1%[13] - The company reported a total profit of ¥1,765,020,298.26, compared to ¥1,387,394,443.91 in the previous year, showing an increase of approximately 27.2%[13] - Basic earnings per share increased to ¥0.4570 from ¥0.3392, representing a growth of approximately 34.7%[13] Assets and Liabilities - The total assets of the company as of the end of Q3 2024 were ¥24,931,508,291.12, reflecting a growth of 17.43% compared to the end of the previous year[2] - Cash and cash equivalents increased by 50.00% to ¥10,817,732,911.28 from ¥7,211,697,954.81 due to improved cash flow from operations[6] - Short-term borrowings rose by 225.41% to ¥1,757,619,711.45 from ¥540,117,708.28, reflecting increased bank loans for operational liquidity[6] - Total current liabilities increased to ¥8.81 billion from ¥6.26 billion, reflecting a growth of approximately 40.5%[12] - The total assets of the company reached ¥24.93 billion, up from ¥21.23 billion, indicating an increase of around 17.5%[12] - The company's total equity rose to ¥15.91 billion from ¥14.78 billion, showing an increase of about 7.6%[12] - The inventory decreased slightly to ¥3.85 billion from ¥3.86 billion, a reduction of approximately 0.2%[11] - The accounts receivable decreased to ¥192.72 million from ¥205.33 million, a decline of about 6.1%[11] - The company reported a significant increase in other payables, which rose to ¥3.70 billion from ¥2.65 billion, an increase of approximately 39.5%[12] - The retained earnings increased to ¥5.35 billion from ¥4.34 billion, reflecting a growth of about 23.3%[12] Operational Efficiency - The company has focused on cost control and efficiency improvements through enhanced management systems and supply chain optimization[4] - Research and development expenses decreased by 33.74% to ¥216,767,871.43 from ¥327,127,413.22 due to reduced R&D activities[6] - Sales expenses for the period were ¥1,539,536,863.83, slightly down from ¥1,585,569,027.92, a decrease of about 2.9%[13] - The company's total operating costs were ¥11,156,822,981.26, marginally up from ¥11,151,692,900.59, reflecting a slight increase of about 0.05%[13] Strategic Initiatives - The company has implemented a digital transformation strategy to enhance sales efficiency and customer experience across both online and offline channels[4] - The introduction of the premium product Yanjing U8 has significantly boosted sales and optimized the company's sales structure[4] - The company disclosed plans for future product development and market expansion, although specific figures were not provided in the report[9] Shareholder Information - The company’s major shareholder, Beijing Yanjing Beer Investment Co., Ltd., holds a 57.40% stake, totaling 1,617,727,568 shares[7] - The total number of ordinary shareholders at the end of the reporting period was 58,631[7] Cash Flow and Investments - Cash received from investment activities increased by 40.02% to ¥4,438,000,000.00 from ¥3,169,560,000.00, indicating higher cash inflows from investment activities[6] - Cash paid for investment activities rose by 52.13% to ¥8,853,800,000.00 from ¥5,820,000,000.00, reflecting increased cash outflows for investments[6] Reporting and Compliance - The third quarter report of Beijing Yanjing Beer Co., Ltd. is unaudited[16] - The company will implement new accounting standards starting in 2024[16] - The report was released on October 25, 2024[16] - The board of directors is chaired by Geng Chao[16] - No specific financial performance metrics or user data were provided in the report[16] - There are no details on future outlook or performance guidance in the report[16] - No information on new products, technologies, market expansion, or mergers and acquisitions was mentioned[16] - The report does not include any financial adjustments or significant changes[16] - The company did not disclose any revenue figures or growth percentages[16] - The report is the first to apply the new accounting standards for the year[16]

北京燕京啤酒股份有限公司 总法律顾问制度 第二章 总法律顾问任职管理 第四条 总法律顾问任职条件 （2024 年 10 月） 第一章 总则 第一条 为全面推进北京燕京啤酒股份有限公司（以下简称"燕京啤酒"或 "公司"）法治建设，切实发挥公司总法律顾问在推动公司法治建设、风险防范、 合规管理体系建设中的重要作用，根据《国有企业法律顾问管理办法》《企业法 律审核工作若干规定》等相关规定，结合公司实际，制定本制度。 第二条 本制度适用于燕京啤酒。燕京啤酒子公司可参照本制度，制定相应 的管理制度或实施细则，其中，上市子公司需聘任总法律顾问，其他子公司可参 照本制度，结合自身实际情况适时聘任总法律顾问。本制度所指"子公司"为公 司控股或具有实际控制权的企业。 第三条 燕京啤酒总法律顾问是经董事会决议后聘任，直接对本企业法定代 表人或主要负责人负责，全面领导本企业法律事务与合规管理工作的企业高级管 理人员。 （三）存在法律法规、监管规则等制度规范规定禁止担任国有企业、上市公 司高级管理人员情形之一的。 （一）拥护、执行党和国家的基本路线、方针和政策，熟悉并自觉贯彻执行 国有资产监管的法律、法规和规章、政策，秉公尽责，严守 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2024-53 北京燕京啤酒股份有限公司 第八届监事会第二十二次会议决议公告 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"）第八届监事会第二十二次 会议通知于 2024 年 10 月 15 日以传真、电子邮件等方式送达全体监事，会议于 2024 年 10 月 25 日以通讯表决形式召开，符合《公司法》、《证券法》及《公司 章程》的有关规定。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。 经审核，监事会认为董事会编制和审议公司 2024 年第三季度报告的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司《2024 年第三季度报告》于 2024 年 10 月 26 日刊登在巨潮资讯网 （http://www.cninfo.com.cn）。 三、备查文件 1、公司第八届监事会第二十二次会议决议； 二、监事会会议审议情况 ...

证券代码：000729 证券简称：燕京啤酒 北京燕京啤酒股份有限公司投资者关系活动记录表 编号：2024-13 | --- | --- | --- | --- | |-----------------------|-----------------------------------------|----------------------------------------------------------|-----------------------| | | √特定对象调研 □分析师会议 | | | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | 类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | 参与单位名称及 | □其他 | | | | 人员姓名 | 财通证券：吴文德 | 长江食品：冯萱 | | | 时间 2024 | 年 9 月 24 日 | | | | 地点 上市公司接待人 | 公司会议室 副总经理、董事会秘书：徐月香 | | | | 员姓名 | 1 、介绍公司概况 | | | | | | | | | | 2、公司实施九大变革成效 | 答：燕 ...

证券代码：000729 证券简称：燕京啤酒 编号：2024-12 | --- | --- | --- | --- | |--------------------------------|-----------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：000729 证券简称：燕京啤酒 北京燕京啤酒股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|--------------------------------------|-----------------------------------------|----------------------------------------------------------| | | | | 编号： 2024-11 | | | √特定对象调研 □分析师会议 | | | | | □媒体采访 □业绩说明会 | | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | | 类别 | □现场参观 | | | | | □其他 | | | | 参与单位名称及 人员姓名 | 中信证券：陈戈扬 蒋祎 | 唐亮 | | | 时间 2024 | 年 9 月 18 日 | | | | 地点 公司会议室 | | | | | 上市公司接待人 员姓名 | 副总经理、董事会秘书：徐月香 | | | | | | | | | | 1 ...

[ T able_StockInfo] 2024 年 08 月 23 日 证券研究报告•2024 年中报点评 买入 （首次） 当前价：9.46 元 燕京啤酒（000729）食品饮料 目标价：11.61 元（6 个月） 高端化势能强劲，利润端改善明显 [Table_Summary 事件：公司发布] 2024年中报，上半年实现收入 80.5亿元，同比+5.5%，实现归 母净利润 7.6亿元，同比+47.5%；其中 24Q2实现收入 44.6亿元，同比+8.8%， 实现归母净利润 6.6 亿元，同比+46%。 高端化升级势能强劲，H1 吨价表现出色。量方面，24H1 公司实现销量 230.5 万吨，同比增长 0.6%；在二季度主销区雨水偏多以及整体啤酒需求疲软的大环 境下，上半年销量实现正增长表现已优于行业。分档次看，24H1 中高档/普通产 品分别实现收入 50.6/23.2亿元，同比增速分别为+10.6%/-6.4%,其中大单品 U8 预计 Q2增速约 30%，带动高档啤酒延续高增态势。价方面，随着整体产品结构 持续提升，24H1公司吨价同比+4%至 3205元/吨水平。分渠道看，上半年传统 渠 道 /KA 渠 ...

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company reported a revenue of 8.046 billion yuan for the first half of 2024, representing a year-on-year increase of 5.52%. The net profit attributable to shareholders was 758 million yuan, up 47.54% year-on-year [3] - The trend of product premiumization continues, with the U8 flagship product showing steady growth. In H1 2024, revenue from mid-to-high-end products was 5.064 billion yuan, up 10.61% year-on-year, while revenue from regular products was 2.324 billion yuan, down 6.41% year-on-year [3] - The company's gross margin improved to 43.36%, an increase of 1.81 percentage points year-on-year, driven by a higher proportion of high-margin mid-to-high-end products and continued raw material cost benefits [3] - The company is advancing its flagship product strategy and optimizing its product structure and pricing system, which is expected to further enhance profit elasticity in the future [3] - The profit forecast for the company has been adjusted, with net profits expected to be 970 million yuan, 1.27 billion yuan, and 1.54 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 50%, 31%, and 21% [3][4] Financial Summary - For H1 2024, the company achieved a revenue of 8.046 billion yuan and a net profit of 758 million yuan, with a net profit margin of 9.42%, an increase of 2.68 percentage points year-on-year [3] - The company's total assets are projected to grow from 212.31 billion yuan in 2023 to 249.47 billion yuan in 2026 [5] - The company's earnings per share (EPS) is expected to increase from 0.23 yuan in 2024 to 0.55 yuan in 2026 [4][5]

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 燕京啤酒（000729）公司半年报点评 2024 年 08 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-------------------------------------------------|-------------| | 08[Table_StockInfo 月 22日收盘价（元）] | 9.53 | | 52 周股价波动（元） | 7.59-10.77 | | 总股本/流通 A 股（百万股） | 2819/2510 | | 总市值/流通市值（百万元） | 26861/23917 | | 相关研究 | | | [Table_ReportInfo] 《开门红兑现，旺季弹性可期》 | 2024.04.28 | | 《U8 高增驱动量价齐升，盈利改善持续兑现》 | | | 2024.04.18 | | | 《营收稳健增长，经营效率持续改善》 | | | 2023.10.27 | | | 市场表现 | | [Table_QuoteInfo] 燕京啤酒 海通综指 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.25 CNY per share [3][6]. Core Insights - The company reported a revenue of 8.05 billion CNY for the first half of 2024, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 760 million CNY, up 47.5%, with a net profit margin increase of 2.9 percentage points to 10.8% [1][2]. - The growth of the U8 product line is expected to be rapid, while the growth of the Liqueur brand is anticipated to slow down. In the first half of 2024, the mid-to-high-end beer segment generated 5.06 billion CNY in revenue, a year-on-year increase of 10.6%, while the ordinary beer segment saw a revenue of 2.32 billion CNY, down 6.4% [1][2]. - The gross profit margin increased to 43.4%, benefiting from structural upgrades and a decrease in raw material costs, particularly imported barley [1][2]. Financial Summary - The company forecasts earnings per share of 0.32 CNY, 0.42 CNY, and 0.50 CNY for 2024, 2025, and 2026 respectively, with a slight downward adjustment in revenue projections for 2024-2025 [2][6]. - The company's cash flow remains robust, and using the FCFF valuation method, the equity value is estimated at 37.3 billion CNY [6][8]. - The projected revenue for the company is expected to grow from 14.21 billion CNY in 2023 to 15.41 billion CNY in 2024, reflecting a year-on-year growth of 8.4% [5][12].