8月26日，青岛啤酒发布2025年半年度报告。报告期内，青岛啤酒坚持以创新驱动高质量发展，充 分发挥品质、品牌、渠道网络等优势积极开拓海内外市场，持续优化产品结构提升及提高运营效率， 2025年上半年实现产品销量473.2万千升，同比增长2.3%；实现营业收入204.9亿元，同比增长2.1%；实 现归属于上市公司股东的净利润39亿元，同比增长7.2%，呈现销量、营收、净利润三增的良好态势， 净利交出历史新高答卷。 深耕产品创新升级 坚持全渠道发力即时零售高速增长 强化市场运营打开增量空间 报告期内，青岛啤酒持续深耕国内市场，以增长为先导，以结构为支撑，以创新为驱动，夯实全档 位、全品类、全渠道发展优势，三大战略带市场均实现量利双增长。在国际市场，公司持续推进海外市 场产品分销覆盖和品牌传播，青岛啤酒全球品牌影响力持续提升。 通过坚持全渠道发力，青岛啤酒主流渠道市场地位不断夯实，新兴渠道保持行业领先。线上渠道持 续深化运营传统平台，聚焦发力新媒体、新渠道；即时零售业务强化闪电仓、酒专营等新业态布局开 发，连续5年交易额高速增长。 报告期内，青岛啤酒继续推进实施"青岛啤酒主品牌+崂山啤酒全国性第二品牌"的品牌战略 ...

报告期内，公司继续推进实施"青岛啤酒主品牌+崂山啤酒全国性第二品牌"的品牌战略，聚焦体育营销 和音乐营销积极开展品牌推广和产品营销活动，通过多场景营销实践提升消费者体验及强化消费者互 动，品牌和产品竞争力持续提升，引领消费扩容升级。 公司坚持全渠道发力，主流渠道市场地位不断夯实，新兴渠道保持行业领先。报告期内，线上渠道持续 深化运营传统平台，聚焦发力新媒体、新渠道;即时零售业务强化闪电仓、酒专营等新业态布局开发， 连续 5 年交易额高速增长。 公司加速培育大单品及创新品类产品，持续推进品牌优化和产品结构提升，加快青岛主品牌 "1+1+1+2+N"产品组合发展，其中经典系、青岛白啤、高端生鲜 1L 铝瓶及超高端产品销量均保持稳健 增长。报告期内，青岛啤酒主品牌共实现产品销量 271.3 万千升，同比增长 3.9%;其中中高端以上产品 实现销量 199.2 万千升，同比增长 5.1%。 智通财经APP讯，青岛啤酒股份(00168)公布2025年中期业绩，营业收入约204.91亿元，同比增长2.11%; 归属于上市公司股东的净利润约39.04亿元，同比增长7.21%;基本每股收益2.862元。 报告期内，公司持续深 ...

Core Viewpoint - The company reported lower-than-expected performance for 2024 and Q1 2025, with a decline in revenue but an increase in net profit for the full year 2024 [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 6.949 billion, a year-on-year decrease of 5.20%, while net profit attributable to shareholders was 586 million, an increase of 16.05% [1] - In Q4 2024, the company reported revenue of 1.661 billion, a year-on-year increase of 0.34%, and net profit of 55 million, a year-on-year increase of 0.13% [1] - In Q1 2025, the company achieved revenue of 1.925 billion, a year-on-year decrease of 8.04%, and net profit of 265 million, a year-on-year increase of 0.7% [1] Group 2: Business Strategy and Operations - The company is optimizing its multi-format operations, with department stores, supermarkets, and electronics contributing 32.71%, 34.22%, and 21.58% to total revenue, respectively [2] - In 2024, the company plans to introduce over 2,000 new brands in department stores and enhance the shopping experience by increasing the share of experiential formats [2] - The company is focusing on direct sourcing for fresh produce and optimizing logistics to enhance its private label offerings, aiming for a private label sales share of over 20% [2] Group 3: Store Structure and Online Channels - The company operates 63 department stores, 19 supermarkets, and 9 electronics stores, with a net reduction of 5, 8, and 3 stores, respectively [3] - The online channel, based on "Tian Gou Wang," generated a GMV of 148 million, with sales reaching 93.05 million [3] - The new management team aims to revamp 20 key stores and open 12 franchise stores in lower-tier cities to drive growth [3] Group 4: Profitability and Cost Control - The company has improved profitability through better supplier collaboration and an increased sales share of high-margin products, achieving gross margins of 39.61% in 2024 and 44.80% in Q1 2025 [4] - The company has effectively managed operating and marketing expenses, with a period expense ratio of 23.68% in 2024 and 22.0% in Q1 2025, both showing a year-on-year decline [4] - The sales, management, and financial expense ratios have shown mixed results, with some categories experiencing slight increases while others decreased [4] Group 5: Investment Outlook - The company maintains a "buy" rating, supported by its strong regional presence and the new chairman's extensive experience in commercial real estate [5] - The company has adjusted its net profit forecasts for 2025-2026 to 672 million and 759 million, respectively, while introducing a new forecast of 821 million for 2027 [5] - The company is expected to maintain a stable dividend payout, with a dividend rate exceeding 50% for 2023-2024 [5]