燕京啤酒上半年净利预增超四成，扣非净利增速却显著放缓

Core Viewpoint - Yanjing Beer is expected to report a significant increase in net profit for the first half of 2025, driven by systematic reforms and a multi-dimensional value creation system [1][3]. Financial Performance - The company anticipates a net profit of approximately 10.62 billion to 11.37 billion yuan for the first half of 2025, representing a year-on-year growth of 40% to 50% [1]. - For the first quarter of 2025, Yanjing Beer reported a net profit of 1.65 billion yuan, a substantial increase of 61.1% year-on-year [3]. - The projected net profit for the second quarter of 2025 is estimated to be between 8.97 billion and 9.72 billion yuan, reflecting a year-on-year growth of 36.74% to 48.17% [3]. Profitability Trends - Despite the strong growth in profitability, the growth rate of the net profit excluding non-recurring items has shown a noticeable slowdown compared to the same period in 2024 [3]. - In the first half of 2024, the company achieved a net profit of 7.58 billion yuan, with a year-on-year growth of 47.54% [3]. Strategic Initiatives - The company is committed to advancing its "big product" strategy centered around Yanjing U8, focusing on continuous product innovation and market promotion to enhance brand influence and market share [4]. - Yanjing Beer has introduced a range of mid-to-high-end products, including Yanjing V10 and Lion King Craft Beer, to cater to diverse consumer needs [4]. Market Development - The company plans to pursue both meticulous market cultivation and strategic expansion, enhancing its market development system [5]. - Yanjing Beer is actively expanding into new markets and channels, adapting to the shift towards personalized and scenario-based consumption in the beer market [5].