燕京啤酒Q3旺季降速 首次季报分红｜酒业财报观察

Core Viewpoint - Yanjing Beer has demonstrated resilience in its financial performance, achieving growth in both revenue and net profit despite a slowdown in growth rates compared to the first half of the year [2][5]. Financial Performance - In Q3, Yanjing Beer reported revenue of 4.875 billion yuan, a year-on-year increase of 1.55%, while the net profit attributable to shareholders reached 668 million yuan, reflecting a 26% growth [3][4]. - For the first three quarters of the year, total revenue amounted to 13.433 billion yuan, surpassing the total revenue for the entire year of 2022, with a net profit of 1.770 billion yuan, up over 37% year-on-year [2][3]. Growth Trends - The growth rate of revenue and net profit has slowed in Q3 compared to H1, where revenue growth was 6.37% and net profit growth was 45.45% [7]. - Beer sales saw a slight increase of 2.03% in H1, but only a marginal increase of less than 0.1% in Q3 [7]. Strategic Initiatives - The company is committed to its major product strategy, with Yanjing U8 continuing to show strong growth, contributing to product structure upgrades and improved profitability [5]. - Yanjing Beer announced a profit distribution plan for the first three quarters of 2025, proposing a cash dividend of 1 yuan per 10 shares, totaling 282 million yuan, marking the first dividend distribution outside of annual dividends in over twenty years [7]. Shareholder Engagement - The company has seen a slight reduction in holdings by northern capital, with Hong Kong Central Clearing Limited reducing its stake by over 21 million shares, resulting in a holding ratio of 2.65% [7]. - The dividend payout ratio has fluctuated over the past five years, with a notable increase expected for 2025, indicating a positive signal for investor returns [7].