燕京啤酒（000729）：中报再超预期，旺季景气延续

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported strong performance in H1 2025, with revenue of 8.558 billion yuan, a year-on-year increase of 6.37%, and a net profit attributable to shareholders of 1.103 billion yuan, up 45.45% year-on-year [1]. - The growth in revenue is primarily driven by an increase in average selling price, with beer business revenue reaching 7.896 billion yuan, a 6.88% increase year-on-year, supported by a 4.75% rise in price per ton [1][4]. - The company is focusing on high-end product penetration in mature markets while accelerating its presence in emerging markets [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 4.731 billion yuan, a 6.11% increase year-on-year, and a net profit of 938 million yuan, up 43% year-on-year [1]. - The gross margin for Q2 2025 was 47.70%, with a notable decrease of 0.63 percentage points due to cost release [3]. - The company’s subsidiaries, such as Liqueur Beer and Huichuan Beer, also showed stable growth, with revenues of 2 billion yuan and 351 million yuan, respectively [3]. Market Strategy - The company is enhancing its product mix with the U8 series and exploring new revenue streams through "beer + beverage" marketing strategies [4]. - Sales in various regions showed diverse growth, with the East China region experiencing a 20.5% increase in revenue [2]. Future Outlook - The company expects a strong performance in the upcoming seasons, with projected net profits for 2025-2027 to grow by 38.2%, 22.3%, and 17.6%, reaching 1.46 billion yuan, 1.78 billion yuan, and 2.1 billion yuan, respectively [4].