Ge Long Hui A P P·2025-08-29 08:21Core Viewpoint - Qingdao Beer demonstrated steady growth in the first half of 2025, benefiting from cost advantages and maintaining its leading position in the industry [1] Industry Summary - In the first half of 2025, the domestic beer industry saw a total production of 19.04 million tons, a slight decline of 0.3% year-on-year [1] - Despite the overall industry stability, Qingdao Beer achieved a sales increase [1] Company Summary - In the first half of 2025, Qingdao Beer’s main brand achieved product sales of 2.713 million tons, representing a year-on-year growth of 3.9% [1] - Sales of mid-to-high-end products reached 1.992 million tons, with a year-on-year increase of 5.1% [1] - The classic series, Qingdao White Beer, high-end fresh 1L aluminum bottles, and ultra-high-end products all maintained steady growth in sales [1] - The company continues to strengthen its market position across all channels, with emerging channels leading the industry [1] - The instant retail business has experienced rapid growth in transaction volume for five consecutive years [1] - The company’s leading position in the industry remains solid, with a projected dividend yield of 3.52% for 2025, maintaining a "buy" rating [1]