Yanjing Brewery(SZ:000729) Guo Ji Jin Rong Bao·2025-10-23 09:20Core Viewpoint - Yanjing Beer reported a revenue of 13.433 billion yuan for the first three quarters of the year, marking a year-on-year growth of 4.57%, while the net profit attributable to shareholders increased by 37.45% to 1.77 billion yuan [2][3] Financial Performance - In Q3, Yanjing Beer achieved a revenue of 4.875 billion yuan and a net profit of 668 million yuan [2] - The revenue growth rate for Q1 was 6.69% and for net profit was 61.1%, which decreased to 6.11% and 43% in Q2, and further declined to 1.55% and 26% in Q3 [3] - Total beer sales reached 3.4952 million kiloliters, a year-on-year increase of 1.39%, with a price per ton of approximately 3,843 yuan, up 3.13% [3] Cost Management - Operating costs increased slightly by 0.57% to approximately 7.09 billion yuan, while management expenses decreased by about 66 million yuan to 1.376 billion yuan [3] - The company recorded an asset disposal gain of 76 million yuan, compared to a loss of 974,300 yuan in the same period last year, contributing over 140 million yuan to profit [3] Product Performance - The main contributor to Yanjing Beer's performance remains the U8 product line, which has maintained a growth rate of 25% to 30% this year [4] - U8's sales for 2024 are projected at 696,000 kiloliters, reflecting a year-on-year growth of 31.4%, down from over 36% in 2023 and over 50% in 2022 [4] - To meet the target of 1 million kiloliters by 2025, U8's growth rate needs to exceed 43.7%, which is currently insufficient based on recent data [4]