公司研究丨点评报告丨珠江啤酒（002461.SZ） [Table_Title] 珠江啤酒 2025 年中报点评：创新驱动，高质发 展 报告要点 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary] 公司 2025H1 营业总收入 31.98 亿元（同比+7.09%）；归母净利润 6.12 亿元（同比+22.51%）， 扣非净利润 5.87 亿元（同比+23.31%）。 公 司 2025Q2 营业总收入 19.71 亿元（同比 +4.96%）；归母净利润 4.55 亿元（同比+20.17%），扣非净利润 4.41 亿元（同比+18.8%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 research.95579.com 1 珠江啤酒（002461.SZ） cjzqdt11111 [Table_Title 珠江啤酒 2025 2] 年中报点评：创新驱动，高质发 展 [Table_Summary2] 事件描述 ...

9月5日，广东省商业联合会和广州国际会展集团举行广东优品展新闻发布会，正式对外发布展会筹办进展和亮 点，全方位解码这一"内外贸一体化新平台"，并公开回应媒体大众关切问题，向国内外采购商和消费者发出邀 约。本次新闻发布会顺利召开，标志着这个以"展演销融合"模式为亮点的优品盛会临近在即，也为9月12日开幕的 展会掀起"金秋优品盛荟"热潮。 锚定"双循环"，打造内外贸一体化新平台 会上，备受瞩目的"群星嘉年华演唱会"与"馆城联动嘉年华"活动及为主展区引流的联动细节同步发布。据贾定艳 介绍，群星嘉年华演唱会将邀请华语乐坛知名歌手参演，汇聚了黄凯芹、侧田、庄心妍、阿梨粤、赵让、胡鸿钧 共6位流量明星歌手，现已全面公开售票，组委会也会通过"舞台快闪+产品展示"形式强化品牌曝光。 "馆城联动嘉年华"则覆盖正佳广场、北京路广百、保利时光里等热门商圈，并分别设置了广东优品展分会场和体 验互动专区，实现"展会主展馆现场+城市顶流商圈"的场景联动，让"展场即消费场"从概念落地为现实。 "展会的核心价值，在于推动'广东制造'从世界工厂向全球品牌升级。"贾定艳强调，通过"展演销"三位一体模式， 展会旨在助力国内企业打通产销对接、"外贸 ...

"展会的核心价值，在于推动'广东制造'从世界工厂向全球品牌升级。"广东省商业联合会执行会长兼秘 书长贾定艳在9月5日的广东优品展发布会上表示。 据介绍，此次展会有家电电子馆、服饰美妆馆、玩具文创馆、健康食品馆、家具家居馆五大展区，1086 家广东知名及新锐企业展出近万种消费优品，其中不乏美的、TCL、大疆、奥飞、万家乐、珠江啤酒、 王老吉、陈李济等行业龙头。 9月去哪儿扫货？官方严选的广东好货将集结亮相！南都湾财社记者从广东省商务厅获悉，作为"外贸优 品中华行"的重要一站，9月12日至14日，首届广东优品展将在广交会展馆开幕，千家广东知名企业将带 来近万种消费优品，涵盖家电电子、服饰美妆、玩具文创、健康食品和家具家居五大领域。预计将吸引 全球近2200家采购商及超10万人次观众到场。 发布会上，各方代表对展会寄予期待。采购商代表、中免市内免税品（广州）有限公司董事总经理李嘉 表示，"目前在中免市内免税店，国潮工艺品受到了较多关注。我们希望借助优品展，链接更多优质的 广东本土产品进入店内销售，促成更多交易。"李嘉透露，未来将继续深化与广东本土企业的合作，共 同探索"优质优价"的新消费模式，让更多"广东好货"通过 ...

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

2020-2025年1-7月中国啤酒产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：珠江啤酒（002461）,重庆啤酒（600132）,燕京啤酒（000729）,兰州黄河（000929）,惠泉啤 酒（600573） 相关报告：智研咨询发布的《2025-2031年中国无醇啤酒行业市场行情动态及竞争战略分析报告》 根据国家统计局数据显示：2025年7月中国啤酒产量为374万千升，同比增长1.9%；2025年1-7月中国啤 酒累计产量为2327万千升，累计增长0.6%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.77 CNY [7]. Core Views - The company reported strong performance in H1 2025, with revenue, net profit, and net profit excluding non-recurring items reaching 3.198 billion, 612 million, and 587 million CNY respectively, representing year-on-year growth of 7.09%, 22.51%, and 23.31% [1]. - The company is expected to continue its growth trajectory, driven by the strong performance of its flagship product, 97 Pure Draft, and an increasing focus on high-end beer sales [4]. - The report highlights the company's ability to outperform industry trends, with a projected revenue growth of 6.2%, 5.0%, and 4.1% for 2025, 2026, and 2027 respectively [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.971 billion CNY, with net profit and net profit excluding non-recurring items at 455 million and 441 million CNY, reflecting year-on-year growth of 4.96%, 20.18%, and 18.80% respectively [1][2]. - The company’s beer revenue in H1 2025 grew by 7.8%, with volume and price increasing by 5% and 3% respectively [2][3]. Cost and Profitability - The company experienced a decrease in cost per ton by 2.8% in Q2 2025, primarily due to lower raw material prices, leading to an increase in gross margin by 3.0 percentage points [3]. - The net profit margin for H1 2025 improved by 2.4 percentage points, supported by stable expense ratios [3]. Market Outlook - The report expresses optimism about the growth potential of 97 Pure Draft, particularly in the South China market, where consumer demand and product structure are favorable [4]. - The company plans to enhance its marketing strategies and expand its high-end product offerings to sustain growth [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 6.087 billion, 6.388 billion, and 6.648 billion CNY, with corresponding net profits of 973 million, 1.106 billion, and 1.214 billion CNY [6][11].

Group 1 - On August 29, Zhujiang Beer saw a 1.70% increase in stock price with a trading volume of 129 million yuan, while the net financing buy was -4.49 million yuan [1] - As of August 29, the total margin balance for Zhujiang Beer was 197 million yuan, accounting for 0.83% of its market capitalization, indicating a high level compared to the past year [1] - The company primarily generates revenue from beer sales, which constitutes 96.94% of its total revenue, with other segments contributing minimally [1] Group 2 - As of June 30, Zhujiang Beer had 24,500 shareholders, a decrease of 4.67%, while the average circulating shares per person increased by 4.90% to 90,336 shares [2] - For the first half of 2025, Zhujiang Beer reported a revenue of 3.198 billion yuan, representing a year-on-year growth of 7.09%, and a net profit of 612 million yuan, up 22.51% year-on-year [2] - Since its A-share listing, Zhujiang Beer has distributed a total of 2.164 billion yuan in dividends, with 919 million yuan distributed in the last three years [3] Group 3 - As of June 30, 2025, the top ten circulating shareholders of Zhujiang Beer included Hong Kong Central Clearing Limited, which reduced its holdings by 17.7649 million shares, while several new institutional shareholders entered the top ten list [3]

Financial Performance - The company reported a total revenue of 3.198 billion yuan for the first half of 2025, representing a year-on-year increase of 7.09% [1] - The net profit attributable to shareholders reached 612 million yuan, up 22.51% year-on-year [1] - In Q2 2025, total revenue was 1.971 billion yuan, with a year-on-year growth of 4.96%, and net profit was 455 million yuan, increasing by 20.17% [1] Profitability Metrics - The gross margin improved to 51.85%, reflecting a year-on-year increase of 5.74% [1] - The net margin rose to 19.44%, showing a year-on-year increase of 13.69% [1] - Total selling, administrative, and financial expenses amounted to 584 million yuan, accounting for 18.27% of revenue, a decrease of 1.62% year-on-year [1] Earnings and Cash Flow - Earnings per share (EPS) increased to 0.28 yuan, a rise of 22.5% compared to the previous year [1] - The operating cash flow per share was 0.3 yuan, down 9.59% year-on-year [1] - The company's net asset value per share was 4.86 yuan, reflecting a year-on-year increase of 5.37% [1] Investment Returns - The company's return on invested capital (ROIC) was 5.38% last year, indicating average capital returns [3] - The historical median ROIC over the past decade was 3.29%, suggesting weak investment returns [3] Fund Holdings - The largest fund holding in the company is the Yin Hua Sheng Shi Selected Flexible Allocation Mixed Fund, with 6.4802 million shares newly entering the top ten holdings [4] - Other funds that have newly entered the top ten holdings include Xin Ao Zhi Cheng Selected Mixed A and Peng Hua Consumption Leading Mixed Fund [4]

Core Viewpoint - Guangzhou Zhujiang Brewery Co., Ltd. reported a revenue increase of 7.09% year-on-year for the first half of 2025, reaching approximately CNY 3.20 billion, with a net profit attributable to shareholders of CNY 612 million, reflecting a growth of 22.51% [6][10]. Company Overview and Financial Indicators - The company operates primarily in beer production and sales, holding a leading technological advantage and strong brand recognition in South China [6][7]. - The total assets at the end of the reporting period were approximately CNY 15.92 billion, showing a slight increase of 0.10% compared to the previous year [10][12]. - The basic earnings per share increased by 22.50% to CNY 0.2766 [10]. Business Performance - The beer production volume for the first half of 2025 was 74.92 million hectoliters, a year-on-year increase of 6.71% [10]. - The company’s high-end beer product sales grew by 14.16%, indicating a shift towards premium offerings [7][9]. - The company’s sales revenue from e-commerce channels reached approximately CNY 32.63 million, with a significant year-on-year growth of 47.72% [9]. Market Trends and Strategies - The Chinese beer industry is experiencing a trend towards high-end products, with overall beer production among large enterprises declining by 0.3% year-on-year [6][7]. - The company is focusing on innovation and brand expansion, participating in various industry exhibitions and cultural events to enhance brand visibility [7][8]. - The company is also investing in green and intelligent manufacturing processes, with new production lines being established to meet market demands [7][8]. Financial Performance Analysis - The operating costs increased by 1.18% to approximately CNY 1.54 billion, while sales expenses rose by 6.37% [10][12]. - The net cash flow from operating activities showed a significant increase, reflecting improved operational efficiency [10]. - The company reported a decrease in financial expenses by 30.14%, contributing positively to the overall profit margin [10].

公司报告期无优先股股东持股情况。 | 4.89% | | 0.84% | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 比上年度 | | | | | | 本报告期末 | | | | | | | | | 本报告期末 | 上年度末 | | | | | | 总资产（元） | | | | 15,923,789,813.94 | 15,907,993,645.32 | 末增减 | | | | | 0.10% | | | | | | | | | | | 归属于上市公司股东的净资产（元） | | | | | 10,746,014,077.63 | | | | | | 10,509,964,718.88 | | | 2.25% | | | | | | | | | | | | | | 单 | | | | | 位：股 | | | | | | | | | | | 报告期末普通股股东总 | | | | | 报告期末表决权恢复的优先股股东总 | | | | | | 数 | | | | 数（如有） | | | | | | | | ...