Yanjing Brewery(SZ:000729) 光大证券研究·2025-08-12 23:06Core Viewpoint - The company, Yanjing Beer, reported strong financial performance in the first half of 2025, with significant growth in both revenue and net profit, indicating effective product and market strategies [3][4]. Financial Performance - In H1 2025, Yanjing Beer achieved operating revenue of 8.56 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.1 billion yuan, up 45.4% year-on-year [3]. - In Q2 2025, the company recorded operating revenue of 4.73 billion yuan, a 6.1% increase year-on-year, and a net profit of 940 million yuan, reflecting a 43% year-on-year growth [3]. Sales and Product Structure - The beer revenue in H1 2025 was 7.896 billion yuan, with a 6.9% year-on-year increase, driven by a 2.0% increase in beer sales volume to 2.3517 million kiloliters and a 4.8% increase in average selling price to approximately 3,358 yuan per kiloliter [4]. - The revenue from mid-to-high-end products reached 5.536 billion yuan, a 9.3% increase year-on-year, while ordinary products generated 2.36 billion yuan, up 1.6% [4]. - Non-beer business also saw rapid growth, with natural water and beverage revenues of 9.41 million yuan and 83.01 million yuan, respectively, marking year-on-year increases of 21.1% and 98.7% [4]. Cost Management and Profitability - The gross profit margins for H1 2025 and Q2 2025 were 45.5% and 47.7%, respectively, with year-on-year changes of +2.14 and -0.63 percentage points [5]. - The sales expense ratio decreased to 10.33% in H1 2025 and 6.02% in Q2 2025, reflecting a reduction in advertising expenses [5]. - The net profit margin for H1 2025 reached 14.83%, an increase of 3.99 percentage points year-on-year, while Q2 2025 saw a net profit margin of 22.03%, up 5.37 percentage points [5]. Market Expansion Strategies - The company is focusing on expanding its U8 product line and enhancing its competitive edge through increased R&D investment and promotion of canned products [6]. - Yanjing Beer is implementing a comprehensive channel strategy, strengthening offline distribution and expanding online retail channels [6]. - The beverage segment is being developed with the launch of the Beiste soft drink, aimed at leveraging synergies with the beer business [7].