Yanjing Brewery(SZ:000729) 光大证券研究·2025-07-08 09:03Core Viewpoint - Yanjing Beer is expected to achieve significant profit growth in the first half of 2025, driven by cost reduction and efficiency improvement strategies, alongside the expansion into new markets and channels [3][4][5]. Group 1: Financial Performance - Yanjing Beer forecasts a net profit attributable to shareholders of 1.062-1.137 billion yuan for H1 2025, representing a year-on-year increase of 40%-50% [3]. - For Q2 2025, the company anticipates a net profit of 896-972 million yuan, reflecting a year-on-year growth of 36.7%-48.3% [3]. Group 2: Cost Management - The company has implemented a "multi-dimensional cost reduction and efficiency enhancement" model, utilizing digital tools to track raw material price fluctuations and optimize procurement strategies [4]. - Despite improvements in production costs, Yanjing Beer remains in the mid-to-lower tier of the industry regarding labor productivity and energy costs, indicating further optimization potential [4]. Group 3: Market Expansion - Yanjing Beer is leveraging the U8 brand to explore new markets, launching the "Hundred Cities Project" in 2025 to enhance product visibility in high-tier cities [6]. - The company is also embracing the rise of instant retail channels by strengthening partnerships and optimizing its product matrix to enhance market competitiveness [7]. Group 4: Diversification Strategy - In 2025, Yanjing Beer will implement a "Beer + Beverage" marketing strategy, promoting its "Beiste" soda and leveraging synergies in production and supply chains [8]. - The company is also seeing positive market reception for its natto-related products, contributing to revenue growth and diversification [8].