| 项目 | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | | 24.000 | રે | 29,000 | 11,689.34 | | | 比上年同期增长 | 105.32% | 2 | 148.09% | | | 扣除非经常性损益 后的净利润 | | 21,885 | ~ | 26,885 | 7,589.69 | | | 比上年同期增长 | 188.35% | 2 | 254.23% | | | 基本每股收益 | | 0.6502 元/股 | 2 | 0.7857 元/股 | 0.3192 元/股 | | | 比上年同期增长 | 103.70% | ~ | 146.15% | | 报告期内，公司实现营业收入约为41.56亿元，同比2024年上升约13.46%。其中，海外市场经过多年的持续深耕与科学布局，进一步深化本地化运营，构 建起高效协同的全球渠道网络，打造出差异化的品牌优势，增强了在国际市场的竞争力。目前业务已覆盖超140个国家，实现营业收入约31.93亿元，同比 增长约8.94%，继续保持良 ...

毛利率方面，2025年公司毛利率约为31%，同比2024年上升约3.5个百分点。这得益于公司多维度的战略举措：研发端坚持"技术领先"战略，以技术创新为核 心增长引擎，持续加大研发投入，构建"研发投入-技术突破-市场溢价"的良性循环；产品和交付端推进"大单品"战略，通过科学产品规划、智能制造与供应 链协同优化，实现规模化、标准化高效生产；市场端持续强化品牌影响力，构筑服务护城河，聚焦高价值项目与优质客户，提升客户全生命周期价值。 费用管控与运营效率方面，公司秉持战略前瞻性和长期主义投入理念，在前沿技术研发、全球化能力打造、本地化运营提升、品牌建设、组织能力提升、人 才激励及渠道体系优化等关键领域持续布局投入。同时主动收缩低效市场投入，将资源聚焦于高价值市场、产品、优质客户和高效渠道，推动费用投入更精 准高效，期间费用率同比下降约0.8个百分点。此外，公司注重高质量、精细化运营，通过筛选优质客户、聚焦高质量订单、严格执行信用政策，强化应收 账款管理，应收周转天数缩短约16天；依托"大单品"战略与精益生产模式，提升存货周转效率，库存周转天数缩短约3天，2025年实现经营性现金流净额约 8.24亿元，同比2024年大 ...

答：公司在"十四五"圆满收官基础上，有序推进"十五五" 规划编制与落地，核心聚焦四件大事：深化卓越管理体系建设、 深耕市场建设、加速供应链转型、大力度推进数字化建设。治理 改革方面，启动 ESG"领先"工程、治理"三化"工程、"四位 一体"管理融合创新工程、审计价值赋能提升工程及市值管理工 程，以更优治理为高质量发展奠定基础。 4、公司积极拓展新市场和新渠道 答：公司坚持市场精耕细作与战略性扩张并行推进，持续加 强市场开发体系建设。随着啤酒消费模式向悦己消费、场景化消 费的转变，公司积极拓展新市场和新渠道，同步完成销售渠道结 构升级，实现全国化布局与销量双突破，形成规模效应。 证券代码：000729 证券简称：燕京啤酒 北京燕京啤酒股份有限公司投资者关系活动记录表 编号：2025-17 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 电话会议 参与单位名称及 人员姓名 易方达：黄逸群 时间 2025 年 12 月 26 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书、总法律顾问：徐月香 投资者关系活动 主要内容介绍 ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 24 日 大单品战略成效显著，成长动能持续释放 ——燕京啤酒（000729.SZ）首次覆盖报告 投资要点： 食品饮料 | 买入（首次评级） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 市场数据： | | 2025 | 年 | 12 月 | 23 | 日 | | 收盘价（元） | | | | | 12.04 | | | 一年内最高/最低（元） | | | | | 14.36/10.7 | | | 市净率 | | | | | 2.1 | | | 股息率（分红/股价） | | | | | 1.58 | | | 流通 A | 股市值（百万元） | | | | 30,216 | | | 报告原因： | | | | | | | 注："股息率"以最近一年已公布分红计算 | 基础数据： | | 2025 | 月 | | 日 | | | 年 | 09 | 30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

曲公司 and Comment E 约 主力 2025 年 12 月 23 日 江中药业 固本拓新，胃肠健康领导者 报告原因: 首次覆盖 (首次评级) | 市场数据: 2025 年 12 月 22 日 | | --- | | 收盘价（元) 24.73 | | 一年内最高/最低（元） 24.98/20.83 | | 市净率 4.1 | | 股息率% (分红/股价) 4.85 | | 流通 A 股市值 (百万元) 15,547 | | 上证指数/深证成指 3,917.36/13,332.73 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 5.98 | | 资产负债率% | 35.46 | | 总股本/流通 A 股 (百万) | 635/629 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对 (600750) 沪深300指数 (收益率) 一 40% 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 凌静怡 A0230522060001 ...

华润啤酒 20251222 摘要 啤酒行业淡季稳定，竞争格局未见显著变化，中国啤酒企业销售单价略 有下降，但幅度不大。2025 年全年销量增长低单位数，高端品牌喜力 保持约 20%增长，整体市场趋于稳定。 华润啤酒预计 2026 年铝罐提价影响有限，毛利率有望受益于材料成本 压力减小和高端化产品推动而提升，费用控制将持续，对明年持谨慎乐 观态度，量价预计与 2025 年相似。 面对 6~10 元价格区间竞品竞争，华润啤酒将微调策略应对，坚持高端 化路径，加强与代加工、贴牌合作，满足消费者个性化需求，并通过数 据分析精准把握消费变化。 高端化发展仍有空间，关键在于提供高品质、高定位的理由，精准定位 目标客户群并有效推广。大单品战略覆盖面广，引领区域价格定位，展 示产品组合优势。 华南地区特别是广东省是啤酒销量最大的省份，华润啤酒将积极推动华 南区发展，以期获得更大市场份额，总部搬迁深圳旨在优化资源配置， 服务长远发展目标。 Q&A 今年（2025 年）整体餐饮市场的情况如何？华润啤酒在不同区域的业务表现 如何？ 今年（2025 年），整体餐饮市场呈现出稳定状态，虽然部分区域和结构性复 苏迹象初现，但整体数据并未 ...

Group 1: Strategic Achievements - The "14th Five-Year Plan" is a crucial strategic restructuring period for Yanjing Beer, focusing on transformation and strong brand development, resulting in continuous growth in key economic indicators for five consecutive years [2][3] - The implementation of a major product strategy has effectively upgraded the product structure, with significant improvements in operational efficiency and development quality [2][3] Group 2: Transformation Initiatives - The company views transformation as essential for survival and development, emphasizing ideological, governance, organizational, operational, production, marketing, research and development, and cultural changes to enhance management effectiveness and team vitality [2][3] - A robust organizational mechanism has been established to activate internal motivation and vitality, marking growth and transformation as key themes during the "14th Five-Year Plan" [2][3] Group 3: Major Product Strategy - Yanjing Beer is committed to advancing the major product strategy centered around Yanjing U8, increasing the proportion of mid-to-high-end products, which has positively impacted product structure optimization and profitability [4] - The Yanjing U8 has received widespread consumer acclaim, maintaining strong growth since its launch, and is recognized as one of the most promising national products in recent years [4] Group 4: ESG Governance and Management - The company integrates ESG principles into its development strategy and operations, establishing a "green brewing-responsible supply chain-value co-creation" system to promote sustainable and high-quality development [5][6] - Achievements include certifications in ESG management, compliance management, innovation management, and anti-bribery management systems, reflecting a significant upgrade in governance capabilities [6]

Core Insights - Changan Qiyuan A06 has received over 30,000 orders within a month of its launch, but long delivery times have led to customer complaints [2][5][6] - The production capacity constraints at the Changan Ford second factory are the primary reason for the extended delivery times [3][5] - Changan Qiyuan is pursuing a "big product" strategy, aiming for annual sales of 200,000 units for key models, with Qiyuan A06 seen as a potential flagship [7][8] Production and Delivery Issues - The delivery cycle for Qiyuan A06 is currently at least one month due to limited factory capacity, with most vehicles being delivered to customers who placed orders in early November [3][5] - The Changan Ford second factory, which has been modified to produce Qiyuan A06, has a designed capacity of 350,000 units but is currently ramping up to produce 70,000 units annually [3][5] - As of November 30, Qiyuan A06 has accumulated orders exceeding 30,000, indicating a supply-demand imbalance [5] Customer Reactions - Some customers have opted to cancel their orders due to the lengthy wait times, particularly with the impending end of purchase subsidy policies [6] - Changan Qiyuan is exploring solutions to address the delays, including production material guarantees and tax policy support [6] Sales Strategy - Changan Qiyuan's strategy includes the development of "big products" that can achieve sales of over 20,000 units annually, with Qiyuan A06 and other models like Q05 identified as potential candidates [7][8] - The current sales performance shows that while Qiyuan has exceeded 30,000 units in sales for several months, reliance on models like Lumin is insufficient for long-term success [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated strong adaptability to market trends over its 20-year development, transitioning from a follower to a leader in the Chinese snack industry [2][15] - The company has established a comprehensive competitive advantage in channels, supply chain, and brand management, positioning itself to become a platform-type snack enterprise [3][18] - The company is expected to achieve significant profit growth, with net profits projected to reach 819.71 million, 1,008.28 million, and 1,224.11 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 28%, 23%, and 21% [1][3] Summary by Sections Company Overview - The company has evolved through three stages: initial exploration (2005-2016), rapid expansion (2017-2020), and strategic upgrade (2021-present) [15][17] - During the initial phase, the company focused on capturing offline channel benefits through direct sales and partnerships with major supermarkets [15] - The rapid expansion phase saw the introduction of new product lines and innovative sales strategies, such as the "store island" model, which significantly boosted sales [16] Strategic Developments - The company has initiated a multi-brand and multi-category strategy, aiming for a comprehensive channel and supply chain upgrade [17][18] - The introduction of the "1+7" strategy in 2023 aims to cultivate various sub-brands, focusing on one core sub-brand every 1-2 years [18][19] - The company has successfully launched notable products like "Big Devil" and "Egg Emperor," enhancing its market presence [18] Financial Performance - The company has shown a steady increase in revenue, with a projected compound annual growth rate (CAGR) of 32.5% from 2021 to 2024 [18] - Profit margins have improved, with net profit margins reaching approximately 14% in 2025, driven by scale effects and brand strength [48] - The company's financial metrics indicate strong inventory and receivables turnover, outperforming industry averages [53]

Company Overview - Baima Tea is a leading tea brand and retail chain in China, covering all six major tea categories and tea-related products [2] - In 2024, Baima Tea is expected to rank first in the number of domestic tea chain stores and hold the largest market share in both Oolong and black tea categories [2] - The company has achieved a revenue and profit CAGR of 8.6% and 16.2% respectively over the past three years, with projected revenues and net profits of 2.143 billion and 224 million yuan in 2024 [2] - Baima Tea operates three main brands: the core Baima Tea brand, the sub-brand Xinjihua focusing on high-end Pu'er tea, and the newly established sub-brand Wanshanhong targeting younger consumers [2] Industry Landscape - The high-end tea market is growing faster than the overall market, with a projected market size of 325.8 billion yuan in 2024 and a high-end segment expected to reach 103.1 billion yuan [3] - The high-end tea market is anticipated to grow at a CAGR of 5.6% from 2024 to 2029 [3] - The Chinese tea market is characterized by a long-standing issue of "having categories but no brands," leading to a highly fragmented high-end tea market with a CR5 of approximately 5.6% in 2024 [3] - Baima Tea is expected to hold a market share of about 1.7% in the high-end tea market in China, ranking first [3] Brand Development - Baima Tea is recognized for its deep cultural heritage, being led by a descendant of a 300-year-old tea-making family and inheritor of the Intangible Cultural Heritage of Tieguanyin tea [4] - The company has established a strong brand image as a high-end tea brand in China, with a nationwide sales network covering various city tiers [4] - By mid-2025, Baima Tea plans to have a total of 3,585 stores, with 90% being franchise stores [4] - The company has successfully created a flagship product, "Saizhenzhu," which addresses consumer choice anxiety in the tea market [4] Future Growth Drivers - The company plans to increase its store penetration by adding 1,500 new stores within three years and upgrading existing stores to enhance customer experience and sales efficiency [5] - Baima Tea aims to strengthen its flagship product strategy and expand its product matrix to cover various price ranges and consumer demographics [5] - The company is exploring the development of pure tea beverages and expanding sales channels to establish Baima Pure Tea as a new growth point [5]