燕京啤酒Q3旺季降速 首次季报分红

Core Insights - Yanjing Beer reported a revenue of 4.875 billion yuan in Q3, a year-on-year increase of 1.55%, and a net profit attributable to shareholders of 668 million yuan, up 26% [1][2] - For the first three quarters, the company achieved a total revenue of 13.43 billion yuan, surpassing the entire revenue of 2022, with a net profit of 1.77 billion yuan, reflecting a growth of over 37% [1][2] - The company maintains a strong growth trajectory, with a net profit margin exceeding 20% [1] Financial Performance - Q3 revenue was 4.875 billion yuan, with a year-on-year growth of 1.55% [2] - Net profit attributable to shareholders for Q3 was 668 million yuan, marking a 26% increase [2] - The net profit for the first three quarters reached 1.77 billion yuan, a growth of over 37% compared to the previous year [1][2] - The basic and diluted earnings per share for Q3 were both 0.2369 yuan, reflecting a 26% increase [2] Market Position and Strategy - Yanjing Beer continues to execute its major product strategy, with the Yanjing U8 brand showing strong growth, contributing to product structure upgrades and improved profitability [3] - Despite a slowdown in growth compared to the first half of the year, where revenue growth was 6.37% and net profit growth was 45.45%, the company remains optimistic about its annual performance [5] - The company plans to distribute a cash dividend of 1 yuan per 10 shares for the first three quarters of 2025, totaling 282 million yuan, signaling a commitment to return value to shareholders [5] Shareholder Activity - Northbound capital slightly reduced its holdings, with Hong Kong Central Clearing Limited decreasing its stake by over 21 million shares, resulting in a holding ratio of 2.65% [5] - The dividend distribution marks the first time in over twenty years that Yanjing Beer has issued dividends outside of the annual distribution, indicating a positive signal to investors [5]