燕京啤酒2025年中报：盈利能力显著增强，费用控制得当

Core Insights - The company has significantly improved its profitability, with total revenue reaching 8.558 billion yuan, a year-on-year increase of 6.37%, and net profit attributable to shareholders rising by 45.45% to 1.103 billion yuan [1] - Effective cost control has been demonstrated, with total selling, administrative, and financial expenses amounting to 1.668 billion yuan, representing 19.49% of revenue, a decrease of 7.26 percentage points year-on-year [2] - The main business, primarily beer sales, has shown stable growth, contributing 7.896 billion yuan, which accounts for 92.26% of total revenue, with a gross margin of 45.66% [3] - The company's cash flow situation is strong, with cash and cash equivalents at 9.237 billion yuan, and accounts receivable decreased by 25.37% to 213 million yuan, indicating good collection performance [4] - Overall, the company has excelled in profitability, cost control, main business growth, and cash flow, enhancing its market competitiveness and operational efficiency through systematic reforms [5]