Yanjing Brewery(SZ:000729) Chang Jiang Shang Bao·2026-01-22 00:05Core Viewpoint - Yanjing Beer is experiencing rapid growth in its operating performance, with a projected net profit of 1.584 billion to 1.742 billion yuan for 2025, representing a year-on-year increase of 50% to 65% [1][6]. Group 1: Financial Performance - The net profit for 2025 is expected to mark the fifth consecutive year of growth since 2021, with a significant increase in profitability [2][8]. - The company anticipates a non-recurring net profit of approximately 1.457 billion to 1.561 billion yuan for 2025, reflecting a year-on-year growth of 40% to 50% [6]. - Historical revenue figures show consistent growth from 11.961 billion yuan in 2021 to 14.667 billion yuan in 2024, with net profits increasing from 228 million yuan to 1.056 billion yuan during the same period [7]. Group 2: Strategic Initiatives - Yanjing Beer is committed to a big product strategy, focusing on the Yanjing U8, which is priced at 8 yuan, and is experiencing steady growth [3][9]. - The company is optimizing its product matrix, which includes a three-tier structure of "mid-to-high-end + mid-range + regional specialties" [4]. - Yanjing Beer is actively pursuing brand modernization through a strategy of "youthfulness, fashion, and premiumization," alongside a gradient market development strategy [11][12]. Group 3: Market Trends - The beer industry is witnessing a shift, with the 8 yuan price range becoming increasingly profitable, as it replaces traditional low-priced products [10]. - Yanjing Beer is benefiting from this trend by focusing on the most lucrative price segment, which has contributed to its substantial profits [10]. - The company is also expanding its market presence and sales channels, adapting to changing consumer preferences towards personalized and scenario-based consumption [12]. Group 4: Cost Management - Sales expenses for Yanjing Beer have remained stable at around 1.6 billion yuan over recent years, indicating effective cost management [5][13]. - The company has maintained a consistent advertising budget of approximately 500 million yuan annually from 2021 to 2024 [12]. Group 5: Diversification - Yanjing Beer is diversifying its product offerings beyond beer, incorporating beverages into its marketing strategy to create a multi-dimensional market presence [13].