山城啤酒"内战"戛然而止。 （作者｜周琦编辑｜张广凯） 1月6日，重庆啤酒一纸公告，给持续五年的纠纷按下暂停键。 公告显示，公司与参股公司重庆嘉威啤酒有限公司（下称"重庆嘉威"）在二审阶段正式签署《调解协议》，诉讼程序以调解结案。 公司公告 这意味着，从2020年首起诉讼算起，拉锯数年的包销合同纠纷终于走出法院，回到生意场。 截至1月7日收盘，重庆啤酒报52.39元/股，市值为253.55亿元。 根据协议，重庆啤酒或其子公司将向嘉威一次性支付1亿元（不含税），用以结清截至2025年12月31日前全部的"量价差结算款"。 款项支付完成后，双方就此前包销协议履行相关事项的所有争议将终结，后续互不索赔、互不追究责任。 更重要的是，双方设定了三年过渡期。 在重庆啤酒12月发布的"拟签订《调解协议》公告"中，双方也就过渡期的合作方式，达成约定。 公司公告 合作的最后三年里，重庆啤酒每年固定向重庆嘉威采购14.26万千升啤酒，平均采购价4000元/千升（不含增值税），按年度结算多退少补。 若嘉威全年销量不足14.26万千升，公司须次年3月31日前补量；补量未足，按缺口阶梯现金补偿（≤11万千升部分2500元/千升，余18 ...

Core Points - Yanjing Beer reported a revenue of 4.875 billion yuan for Q3 2025, a year-on-year increase of 1.55%, and a net profit of 668 million yuan, up 26% year-on-year [1] - For the first three quarters of 2025, the company achieved a total revenue of 13.433 billion yuan, representing a 4.57% increase, and a net profit of 1.770 billion yuan, which is a 37.45% increase year-on-year [1] - Despite strong financial results, the company's stock price fell by 4.56% on October 21, closing at 11.92 yuan per share [1] - Several securities firms maintained "overweight" or "buy" ratings following the earnings report [1] Financial Performance - The gross profit margin for Q3 reached 50.15%, with both revenue and net profit being the highest for the same period in history [2] - The company’s strategic focus on its flagship product, Yanjing U8, has driven product structure upgrades and improved profitability [2] - Yanjing U8's sales have shown consistent growth since its launch in 2020, with sales figures reaching 696,000 kiloliters projected for 2024 [2] Market Position - In the first half of 2025, Yanjing Beer generated 7.896 billion yuan from beer products, accounting for 92.26% of total revenue, with a gross margin of 45.66% [3] - The revenue from mid-to-high-end beer products was 5.536 billion yuan, reflecting a 9.32% year-on-year increase, but the growth rate has slowed to single digits [3] - The Chinese beer industry is perceived to be in a contraction phase, with the top five companies holding over 90% of the market share [3] Dividend Distribution - Yanjing Beer announced a cash dividend distribution plan for the first three quarters of 2025, proposing a total cash dividend of 282 million yuan [4] - The company has a history of consistent dividends since its listing in 1997, with a cumulative dividend amount of 4.779 billion yuan [5] Shareholder Activity - Notable shareholder Tang Jianhua has held Yanjing Beer shares for eight years, with a current holding valued at approximately 599 million yuan [6]