研报掘金丨万联证券：维持珠江啤酒“增持”评级，高档啤酒销量增速亮眼，盈利能力稳步提升

Core Viewpoint - Zhujiang Beer reported a net profit attributable to shareholders of 612 million yuan in the first half of 2025, representing a year-on-year increase of 22.51% [1] Financial Performance - The net profit for Q2 2025 reached 455 million yuan, showing a year-on-year growth of 20.17% [1] - Both gross margin and net margin have steadily improved, while management expense ratio has slightly increased [1] - Sales expense ratio, financial expense ratio, and R&D expense ratio have all seen slight declines [1] Market Dynamics - The sales growth of high-end beer is notable, contributing to the steady improvement in profitability [1] - The South China region remains the primary market for the company, with a net increase of 39 distributors in the first half of 2025, including 8 new distributors in Guangdong [1] Strategic Outlook - The company continues to pursue high-end product offerings, which is expected to sustain steady growth through the release of profits from premium products [1] - The anticipated decline in raw material costs in 2024 is expected to extend into 2025, enhancing the company's profitability and supporting continued growth in net profit [1] - The company maintains an "overweight" rating [1]