燕京啤酒(000729)：U8高增持续 改革成效持续兑现确定性强

Group 1 - The company achieved revenue of 8.56 billion yuan in 25H1, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.1 billion yuan, a year-on-year increase of 45.4% [1] - The company's beer sales and average selling price (ASP) increased by 2.0% and 4.8% respectively in 25H1, outperforming the industry average [1] - The company's gross margin increased by 1.0 percentage points year-on-year, and the operating profit margin rose by 4.6 percentage points to 17.4% in 25H1 [1] Group 2 - The company is expected to maintain strong internal reform momentum, with profit margins likely to continue improving [2] - The company forecasts revenues of 15.54 billion yuan, 16.31 billion yuan, and 17.07 billion yuan for the years 25-27, with year-on-year growth rates of 6.0%, 4.9%, and 4.7% respectively [2] - The company anticipates net profits of 1.52 billion yuan, 1.81 billion yuan, and 2.10 billion yuan for the years 25-27, with year-on-year growth rates of 44.4%, 18.8%, and 15.9% respectively [2]