Core Viewpoint - Yanjing Beer reported strong financial performance in the first half of the year, with revenue of 8.558 billion yuan, a year-on-year increase of 6.37%, and a net profit of 1.103 billion yuan, up 45.45% year-on-year, driven by its focus on high-end products and major brands [2][4]. Group 1: Financial Performance - Yanjing Beer achieved revenue of 8.558 billion yuan in the first half of the year, reflecting a 6.37% year-on-year growth [2]. - The net profit attributable to shareholders reached 1.103 billion yuan, representing a 45.45% increase compared to the previous year [2]. - The beer segment accounted for 92.26% of total revenue, approximately 7.896 billion yuan, with mid-to-high-end beers contributing 5.536 billion yuan, a 9.3% increase year-on-year [4]. Group 2: Market Dynamics - The overall beer consumption in the industry was weak, but Yanjing Beer managed a 2.03% increase in sales volume to 2.3517 million tons, with an average price per ton rising by 4.75% to 3,357.5 yuan [4]. - The company aims for its U8 product line to reach a sales target of 1 million kiloliters, requiring a growth rate of over 43.7% this year to meet its "14th Five-Year Plan" goals [4]. Group 3: Strategic Initiatives - Yanjing Beer is increasing investment in the U8 product system to enhance competitiveness and is focusing on promoting canned products and retail channels [6]. - The company is implementing a "total and sub-building" model to strengthen its market presence in underdeveloped areas, expanding from its "Hundred Counties Project" to a "Hundred Cities Project" [6]. Group 4: Regional Performance - The North China region remains a key revenue contributor, generating approximately 4.85 billion yuan, a 5.61% increase, but its market share has decreased from 57.08% to 56.67% [7][8]. - The South China region showed the slowest growth at 0.3%, with revenue of 1.83 billion yuan, while the Central and Eastern China regions experienced over 15% growth [8]. Group 5: New Product Launch - Yanjing Beer launched the Beiste soft drink in March, aiming to create a second growth curve, with initial flavors including orange, lychee, and mixed fruit [8][9]. - The Beiste soft drink is positioned as a national beverage product, priced competitively to attract market share, although its revenue contribution remains minimal at 0.83 million yuan, accounting for less than 1% of total revenue [10].

| | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | √其他 电话会议 | | 参与单位名称及 | 富国基金：赵宗俊、李元博、彭陈晨、毛联永、杨勇胜 | | 人员姓名 | 国盛证券：李梓语、黄越 | | 2 | 家机构共计 7 人 | | 时间 | 2025 年 7 月 10 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书、总法律顾问：徐月香 | | 员姓名 | 1、介绍公司概况 | | | 2、关于市场拓展与业务推进 | | | 答：在市场拓展与业务推进上，公司从产品、渠道和区域三 | | | 方面协同发力。产品端，持续加大 U8 产品体系研发投入，提升产 | | | 品竞争力，同时加大罐装产品推广力度，重点发力零售渠道，以 | | | 满足消费者多样化需求。渠道端，深化品销协同策略，线下强化 | | 投资者关系活动 | 终端铺货，提高产品市场覆盖率；线上拓展即时零售渠道，打破 | | 主要内容介绍 | 传统渠道壁垒，构建全渠道 ...