Core Viewpoint - Yanjing Beer has achieved continuous growth in performance over the past four years, with confidence in meeting its "14th Five-Year Plan" goals, despite challenges in the beer industry [1][4]. Performance Summary - In 2024, Yanjing Beer reported a beer sales volume of 4.0044 million kiloliters, a year-on-year increase of 1.57%. The total revenue reached approximately 14.667 billion yuan, up 3.2%, while net profit surged to about 1.056 billion yuan, marking a 63.74% increase. The net profit excluding non-recurring items was approximately 1.041 billion yuan, up 108.03% [2]. - Over the past four years, Yanjing Beer's revenue has grown by approximately 34%, and net profit has increased by about 4.4 times [2]. Product Strategy - Yanjing Beer has implemented a major product marketing strategy, focusing on high-end products like Yanjing U8, V10, and others. Yanjing U8 has seen a significant increase in sales, with its share of total sales rising by 14 percentage points since 2020 [3]. - In 2024, Yanjing U8's sales reached 696,000 kiloliters, a year-on-year increase of 31.4%, and it continues to maintain a growth rate of over 30% in 2025 [3]. Industry Context - The Chinese beer industry is undergoing significant transformation, characterized by accelerated high-end transformation, refined cost control, and digital reconstruction across the value chain. Yanjing Beer aims to build a differentiated competitive advantage in response to these challenges [4]. - The industry is facing a slowdown, with a reported decline of 0.6% in beer production among large-scale enterprises in China in 2024, making it the only negative growth category in the food and beverage sector [2]. Future Plans - Yanjing Beer has outlined key initiatives for the coming years, including enhancing management systems, deepening market development, accelerating supply chain transformation, and advancing digitalization [5]. - The company has set ambitious goals for its "15th Five-Year Plan," focusing on improving growth quality and achieving sustainable performance [4][5].