啤酒行业上半年业绩预告：珠江啤酒Q2利润增速走弱、全国化进程迟缓，ST西发利润大增背后存隐忧

Core Insights - The beer industry in the A-share market is showing positive performance, with four out of seven companies reporting profit growth, leading to a median net profit growth rate of 32.50% for the sector [1] Group 1: Company Performance - Yanjing Beer is leading in profit scale, with an expected profit range of 1.062 billion to 1.137 billion yuan, attributed to reforms in production, market, and supply chain [1] - ST Xifa is expected to see a significant net profit growth rate between 88.61% and 182.91%, primarily driven by non-recurring gains, including debt recovery and government subsidies [3] - Zhujiang Beer anticipates a net profit of approximately 575 million to 797 million yuan, with a growth rate of 15% to 25%, but its second-quarter growth has slowed to 16.86% compared to 35.63% in the previous year [4][6] Group 2: Market Dynamics - Zhujiang Beer has a strong product, 97 Pure Draft, which has been performing well since its launch in late 2019, but its business remains highly concentrated in the South China region [6][8] - In contrast, Yanjing Beer has a more balanced market presence, with 53.39% of revenue from North China and 26.23% from South China, while Zhujiang Beer struggles with lower gross margins outside South China [8]