Core Viewpoint - The beer industry is under pressure, but Yanjing Beer (000729.SZ) shows stable growth in performance, with significant increases in revenue and net profit in the first three quarters of 2025 [1][3]. Financial Performance - In the first three quarters of 2025, Yanjing Beer achieved beer sales of 3.4952 million kiloliters, a year-on-year increase of 1.39% [1][6]. - The company reported revenue of 13.433 billion yuan, up 4.57% year-on-year, and a net profit of 1.770 billion yuan, reflecting a 37.45% increase [1][3]. - Quarterly breakdown shows Q1 revenue at 3.827 billion yuan (up 6.69%), Q2 at 4.731 billion yuan (up 6.11%), and Q3 at 4.875 billion yuan (up 1.55%) [3]. Product Performance - The flagship product, Yanjing U8, continues to grow, driving product structure upgrades and market rejuvenation [1][4]. - Mid-to-high-end products performed exceptionally well, with revenue of 5.536 billion yuan in the first half of 2025, a 9.32% increase, accounting for 70.11% of main business revenue [1][9]. Dividend Distribution - Yanjing Beer plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 282 million yuan [2][3]. Historical Performance - Since 2021, Yanjing Beer has consistently increased revenue and net profit, with net profit growth rates of 15.82%, 54.51%, 83.02%, and 63.74% from 2021 to 2024 [5]. Market Strategy - The company is focusing on a "full-channel integration + regional deep cultivation" strategy to solidify market growth and enhance supply chain efficiency through digital transformation [4][7].