燕京啤酒(000729) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's board and management guarantee report accuracy, with no cash dividend or share bonus planned for H1 2025 - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility. Geng Chao (Company Head), Yan Jun (Head of Accounting), and Zeng Qiming (Head of Accounting Department) declare the financial report's truthfulness, accuracy, and completeness[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025[5] Company Profile and Key Financial Indicators This section provides an overview of the company and its key financial performance metrics for the reporting period Company Profile Beijing Yanjing Beer Co., Ltd. (stock code: 000729) is a Shenzhen Stock Exchange-listed company with Geng Chao as its legal representative Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Yanjing Beer | | Stock Code | 000729 | | Listing Exchange | Shenzhen Stock Exchange | | Full Company Name | Beijing Yanjing Beer Co., Ltd. | | Legal Representative | Geng Chao | Key Accounting Data and Financial Indicators In H1 2025, the company achieved strong performance with revenue up 6.37% to 8.558 billion yuan, and net profit attributable to shareholders surging 45.45% to 1.103 billion yuan Key Financial Indicators | Key Financial Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,558,243,454.91 | 8,045,802,831.46 | 6.37% | | Net Profit Attributable to Shareholders of Listed Company | 1,102,821,946.13 | 758,216,121.19 | 45.45% | | Net Cash Flow from Operating Activities | 2,815,509,536.71 | 2,573,631,599.73 | 9.40% | | Basic Earnings Per Share (CNY/share) | 0.3913 | 0.2690 | 45.46% | | Weighted Average Return on Net Assets | 7.27% | 5.33% | Increased by 1.94 percentage points | | Total Assets | 24,937,610,053.21 | 23,147,092,477.13 | 7.74% (vs. end of prior year) | | Net Assets Attributable to Shareholders of Listed Company | 15,721,843,579.19 | 14,619,021,633.06 | 7.54% (vs. end of prior year) | Non-Recurring Gains and Losses Items and Amounts During the reporting period, non-recurring gains and losses totaled 66.33 million yuan, primarily from non-current asset disposal gains and government subsidies Non-Recurring Gains and Losses | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 65,887,639.73 | Primarily land acquisition and storage gains of 74.36 million CNY | | Government Subsidies Included in Current Profit/Loss | 18,013,446.94 | Includes enterprise development funds, tax incentives, etc | | Net Other Non-Operating Income and Expenses | 6,420,136.88 | - | | Total | 66,333,264.81 | (After deducting income tax and minority interest impact) | Management Discussion and Analysis This section provides a detailed analysis of the company's operations, financial performance, and strategic initiatives during the reporting period Company's Main Business Activities During the Reporting Period In H1 2025, the company focused on beer manufacturing and sales, achieving 2.03% sales growth and significant revenue and net profit increases through product structure optimization and strategic initiatives H1 2025 Key Operating Performance | Indicator | Amount/Quantity | YoY Growth | | :--- | :--- | :--- | | Beer Sales (incl. entrusted) | 2.3517 million kiloliters | 2.03% | | Operating Revenue | 8.558 billion CNY | 6.37% | | Net Profit Attributable to Parent Company | 1.103 billion CNY | 45.45% | | Net Profit Attributable to Parent Company (Excl. Non-Recurring Items) | 1.036 billion CNY | 39.91% | - Company core strategies include: - Deepening Nine Reforms: Systematically advancing production, market, and supply chain reforms to enhance management efficiency and operational effectiveness[39] - Omni-channel Expansion: Leveraging "Hundred Counties Project" and the new "Hundred Cities Project" to tap into regional market potential[41] - Innovation-Driven: Implementing a major product strategy (e.g., Yanjing U8, V10) and promoting a "Beer + Beverage" combined marketing approach to build a multi-dimensional market layout[42] - Supply Chain Resilience Building: Advancing supply chain digitalization and establishing long-term partnerships with core suppliers[43] Beer Product Structure Changes | Product Category | Operating Revenue (CNY) | Proportion of Main Business Revenue | YoY Change (Revenue Proportion) | | :--- | :--- | :--- | :--- | | Mid-to-High-End Products | 5,535,770,200 | 70.11% | Increased by 1.57 percentage points | | Ordinary Products | 2,360,065,200 | 29.89% | Decreased by 1.57 percentage points | Analysis of Core Competencies The company's core competencies, encompassing market, product, brand, management, and technology advantages, remained unchanged during the reporting period - The company has formed core competencies primarily consisting of market advantage, product advantage, brand advantage, and management and technology advantages, which remained unchanged during the reporting period[63] Main Business Analysis The company's main business saw robust growth, with beer revenue up 6.88% and gross margin improving, while beverage revenue surged 98.69% and management expenses decreased Key Financial Data YoY Changes | Item | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,558,243,454.91 | 8,045,802,831.46 | 6.37% | | Operating Cost | 4,663,898,311.43 | 4,556,970,183.20 | 2.35% | | Selling Expenses | 883,803,934.11 | 874,260,578.87 | 1.09% | | Administrative Expenses | 885,386,725.23 | 918,023,882.86 | -3.56% | | Income Tax Expense | 228,115,039.87 | 163,096,703.68 | 39.86% | Operating Revenue Composition (by Product) | Product | Current Period Revenue (CNY) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Beer | 7,895,835,411.50 | 92.26% | 6.88% | | Beverage | 83,014,961.51 | 0.97% | 98.69% | | Other Industries | 662,408,043.41 | 7.74% | 0.66% | Operating Revenue Composition (by Region) | Region | Current Period Revenue (CNY) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | North China | 4,849,956,565.88 | 56.67% | 5.61% | | East China | 898,615,562.77 | 10.50% | 20.48% | | South China | 1,830,789,368.99 | 21.39% | 0.30% | | Central China | 629,030,893.94 | 7.35% | 15.35% | Analysis of Assets and Liabilities Total assets reached 24.938 billion yuan, with a significant increase in cash and cash equivalents, while short-term borrowings substantially decreased, indicating improved solvency Major Balance Sheet Item Changes | Item | Period-End Amount (CNY) | Proportion of Total Assets | Change in Proportion vs. Prior Year-End | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 9,237,280,201.22 | 37.04% | 4.84% | | Inventories | 3,904,416,902.67 | 15.66% | -1.39% | | Fixed Assets | 7,462,110,577.16 | 29.92% | -2.03% | | Short-Term Borrowings | 52,000,000.00 | 0.21% | -2.74% | | Contract Liabilities | 1,647,147,518.81 | 6.61% | -0.39% | Analysis of Investment Status During the reporting period, the company did not undertake significant equity, non-equity, securities, or derivative investments, nor did it utilize raised funds - The company had no significant equity investments, non-equity investments, securities investments, derivative investments, or utilization of raised funds during the reporting period[76][77][78] Risks Faced by the Company and Countermeasures The company faces risks including market competition, raw material price volatility, subsidiary management, and policy changes, which it addresses through internal management optimization - The company identified eight major risks: - Market Competition Risk: Industry consolidation may intensify competition, pressuring market share growth[82] - Raw Material Price Fluctuation Risk: Changes in raw material prices significantly impact production costs[83] - Subsidiary Management Risk: The large number and wide distribution of subsidiaries increase management complexity[84] - Tax Incentive Policy Change Risk: Failure to extend high-tech enterprise tax incentives would increase tax costs - Environmental Protection Risk: Stricter environmental standards may lead to additional costs and operational risks - Product Quality and Food Safety Risk: Any quality or safety issue could adversely affect brand image - Production Safety Risk: Incidental factors or improper operations could lead to accidental safety incidents - Exchange Rate Risk: Exchange rate fluctuations affect the cost of imported raw materials and equipment Corporate Governance, Environment, and Society This section details the company's governance structure, environmental initiatives, and social responsibility efforts Corporate Governance The company reformed its supervisory board, transferring its functions to the Board's Audit Committee, leading to the departure of former supervisors, with no profit distribution or equity incentive plans for the half-year - The company completed its supervisory board reform on June 24, 2025, no longer setting up a supervisory board, with its functions now exercised by the Board's Audit Committee. Former Supervisory Board Chairman Wang Lina, Supervisor Qiao Naiqing, and Employee Supervisor Deng Qihua consequently resigned[91] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year. There were no equity incentive plans or employee stock ownership plans during the reporting period[92][93] Environmental and Social Responsibility The company and its 27 subsidiaries are listed for environmental information disclosure, actively fulfilling environmental and social responsibilities through event support and community engagement - The company and its 27 subsidiaries are included in the list of enterprises required to disclose environmental information by law, with a query index provided[94] - The company actively fulfills its social responsibilities, including supporting major events like the Two Sessions, and participating in poverty alleviation and rural revitalization through "one-to-one" paired assistance and donations[97][98] Significant Matters This section outlines major related party transactions, significant contracts, and other important developments during the reporting period Significant Related Party Transactions Related party transactions, primarily for daily operations, totaled approximately 456 million yuan, remaining within the annual approved limit, with significant deposits held at Beijing Holdings Group Finance Co., Ltd - The total amount of the company's daily related party transactions was 455.815 million CNY, accounting for 62.56% of the approved total limit of 728.5598 million CNY, not exceeding the limit. Major transactions include purchasing trademarks, beer, and other raw materials from related parties, as well as selling raw materials[110][112] - As of June 30, 2025, the company's deposit principal at Beijing Holdings Group Finance Co., Ltd. was 680.2167 million CNY, with a loan balance of 0 CNY. This related party transaction has completed the Board of Directors' approval procedures[116][117] Significant Contracts and Their Performance The company engaged in significant contracts including entrusted operations for two subsidiaries, various leasing agreements, and a subsidiary's investment in bank wealth management products - The company conducts entrusted operations for Yanjing Beer (Laizhou) Co., Ltd. and Yanjing Beer (Qufu Sankong) Co., Ltd., collecting an annual management fee of 0.5 million CNY from each[121] - As a lessee, the company primarily pays trademark usage fees and land rent to "Yanjing Group"; as a lessor, its subsidiaries generate income from leasing out properties[123] - The company's controlling subsidiary, Huiquan Beer, uses its idle自有资金 for entrusted wealth management, with a reported transaction amount of 45 million CNY and an outstanding balance of 45 million CNY during the reporting period[127] Other Significant Matters The company established a new wholly-owned subsidiary, Jiangsu Huadong Yanjing Beer Sales Co., Ltd., and announced its H1 2025 performance forecast and 2024 dividend distribution plan - The company newly established a wholly-owned subsidiary, "Jiangsu Huadong Yanjing Beer Sales Co., Ltd.", which has been included in the consolidated financial statements[130] - On July 22, 2025, the company disclosed its 2024 annual dividend distribution plan: based on a total share capital of 2,818,539,341 shares, a cash dividend of 1.90 CNY (tax inclusive) per 10 shares will be distributed, totaling 536 million CNY in cash dividends[130] Share Changes and Shareholder Information This section details the company's share capital structure and the holdings of its major shareholders Share Capital Changes As of the reporting period end, the company's total share capital remained unchanged at 2.819 billion shares, with restricted shares accounting for 10.96% and unrestricted shares for 89.04% Share Capital Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares | 308,932,674 | 10.96% | | Unrestricted Shares | 2,509,606,667 | 89.04% | | Total Share Capital | 2,818,539,341 | 100.00% | Shareholder Information The company had 47,401 common shareholders, with Beijing Yanjing Beer Investment Co., Ltd. as the controlling shareholder (57.40%), and Hong Kong Securities Clearing Company Limited as the second largest (3.39%) - As of the end of the reporting period, the company had 47,401 common shareholders[137] Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Proportion | Shareholding Quantity (shares) | | :--- | :--- | :--- | | Beijing Yanjing Beer Investment Co., Ltd. | 57.40% | 1,617,727,568 | | Hong Kong Securities Clearing Company Limited | 3.39% | 95,591,988 | | Beijing Yanjing Beer Group Co., Ltd. | 1.87% | 52,686,697 | | Tang Jianhua | 1.78% | 50,257,239 | | National Council for Social Security Fund 601 Portfolio | 1.35% | 38,025,257 | | Penghua CSI Liquor ETF | 1.07% | 30,106,780 | | CSI 500 ETF | 0.74% | 20,920,004 | | BOCOM Schroders Domestic Demand Growth One-Year Holding Mixed Fund | 0.45% | 12,741,100 | | E Fund Research Select Stock Fund | 0.45% | 12,667,578 | | BOCOM Schroders Select Mixed Fund | 0.44% | 12,414,267 | Bond-Related Information The company had no bond-related activities or outstanding bonds during the reporting period - The company had no bond-related information during the reporting period[143] Financial Report This section presents the company's financial statements and detailed notes for the reporting period Financial Statements The unaudited half-year financial report includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity - The company's H1 2025 financial report is unaudited[145] Consolidated Balance Sheet This section presents the consolidated financial position of the company and its subsidiaries at the end of the reporting period Consolidated Income Statement This section details the consolidated financial performance, including revenues, expenses, and net profit, for the reporting period Consolidated Cash Flow Statement This section outlines the consolidated cash inflows and outflows from operating, investing, and financing activities during the reporting period Notes to Financial Statements The notes provide detailed information on the company's background, financial statement preparation basis, accounting policies, estimates, and specific line item explanations - The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with accounting based on the accrual method[172] - The company's main business is the manufacturing and sale of beer, with its business license also covering beverages, feed, technology development, and other operating items[170] Other Submitted Data This section includes additional data submitted by the company, such as investor relations activities Investor Relations Activities The company conducted four investor relations activities, engaging with various institutional investors on performance drivers, strategic initiatives, and future plans - The company conducted 4 investor relations activities during the reporting period, including on-site meetings, telephone communications, and online platform exchanges[458][460][462] - Key topics discussed with investors included: reasons for company performance growth, the Yanjing U8 major product strategy, new market development, cost control, digital transformation, and the "Beer + Beverage" dual-driven strategy[458][462]