珠江啤酒（002461）：创新驱动，高质发展

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 3.198 billion yuan for H1 2025, representing a year-on-year increase of 7.09%. The net profit attributable to shareholders was 612 million yuan, up 22.51% year-on-year, while the net profit excluding non-recurring items was 587 million yuan, an increase of 23.31% year-on-year [2][4]. - In Q2 2025, the company achieved a total revenue of 1.971 billion yuan, reflecting a year-on-year growth of 4.96%. The net profit attributable to shareholders was 455 million yuan, up 20.17% year-on-year, and the net profit excluding non-recurring items was 441 million yuan, an increase of 18.8% year-on-year [2][4]. Summary by Sections Revenue and Profitability - For H1 2025, the company’s sales volume reached 734,100 kiloliters, a year-on-year increase of 5.1%. In Q2 2025, the sales volume was 439,500 kiloliters, up 1.1% year-on-year. The company has optimized its product structure, with high-end product sales increasing by 14.16% [11]. - The overall ton price for H1 2025 increased by 1.89% year-on-year, with Q2 2025 showing a ton price increase of 3.81% year-on-year. Revenue growth by product category showed high-end products up 15.86%, mid-range down 17.47%, and mass-market up 7.5% [11]. Cost and Margin - The company benefited from cost reductions, with the ton cost in Q2 2025 decreasing by 2.83% year-on-year. The gross margin improved by 3 percentage points to 56.11%, while the operating expense ratio decreased by 0.32 percentage points to 19.91% [11]. - The net profit margin for Q2 2025 increased by 2.93 percentage points to 23.1% [11]. Innovation and Product Development - The company has focused on innovation-driven development, launching several new products such as the auspicious Pearl River Beer in 500ml cans and Snow Fortress Craft White Beer in 980ml cans. It is also actively expanding into new retail channels to promote high-end development [11]. Earnings Forecast - The expected EPS for 2025, 2026, and 2027 is projected to be 0.46 yuan, 0.53 yuan, and 0.58 yuan, respectively, with corresponding PE ratios of 23, 20, and 18 times [11].