Core Viewpoint - The company has demonstrated resilience in revenue growth and profitability despite a weak overall consumption environment, particularly through its flagship product U8, which continues to show strong growth potential [1][3]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 13.433 billion yuan, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 1.770 billion yuan, up 37.45% year-on-year [1]. - In Q3 2025, revenue reached 4.875 billion yuan, reflecting a 1.55% year-on-year growth, while net profit attributable to shareholders was 668 million yuan, a 26.00% increase year-on-year [1]. - The sales net profit margin in Q3 2025 improved by 2.79 percentage points to 16.17%, with the sales gross margin increasing by 2.16 percentage points to 50.15% [2]. Product Performance - The U8 product line has maintained a growth rate of 25%-30%, showcasing strong volume and price resilience despite a generally weak consumption environment [1]. - Sales volume for U8 in the first three quarters of 2025 increased by 1.39% to 3.4952 million tons, with revenue per ton rising by 3.13% to 3,843.22 yuan/ton [1]. Strategic Initiatives - The company has implemented a series of strategic reforms under the leadership of Chairman Geng since 2022, focusing on revitalizing the brand and enhancing competitive strength [3]. - The company has initiated multiple dividend distributions, returning 282 million yuan to investors in the first three quarters, with expectations for a steady increase in cumulative dividend rates in 2025 and beyond [3]. Future Outlook - The company is positioned as a quality investment opportunity with both offensive and defensive characteristics, driven by product resilience and anticipated increases in dividend yield [3]. - Profit forecasts for net profit attributable to shareholders for 2025-2027 are updated to 1.602 billion, 1.911 billion, and 2.262 billion yuan, respectively, maintaining a "buy" rating [3].

Core Insights - Yanjing Beer reported significant growth in its 2025 semi-annual report, with beer sales reaching 2.3517 million kiloliters, a year-on-year increase of 2.03%, and revenue of 8.558 billion yuan, up 6.37%. The net profit attributable to shareholders was 1.103 billion yuan, marking a 45.45% increase [1][3]. Financial Performance - The company has maintained a net profit growth rate exceeding 40% for three consecutive years in its semi-annual reports. In 2024, Yanjing Beer achieved a total revenue of 14.667 billion yuan, a 3.2% increase, and a net profit of 1.056 billion yuan, up 63.74% [3][10]. - The beverage segment saw a remarkable revenue increase of 98.69% in the first half of the year, reaching 83.01 million yuan, driven by the launch of the Beisite soda [4][12]. Product Development - Yanjing Beer introduced Beisite soda, targeting a nationwide market with flavors like lychee, orange, and mixed fruit. The pricing strategy is competitive, with a box of soda sold at approximately 27.5 yuan, lower than similar products [6][12]. - The company aims to leverage its beer production and sales foundation to expand into new categories and consumption scenarios, particularly in dining establishments [7][12]. Market Strategy - Yanjing Beer is focusing on a "beer + beverage" marketing strategy to cater to younger consumers, enhancing its product offerings in dining environments such as hot pot and barbecue restaurants [7][12]. - The company is also responding to market trends, with a projected compound annual growth rate of 4% for the low/no-alcohol beverage market by 2028, indicating a strategic pivot towards non-alcoholic options [12][14]. Competitive Landscape - The Chinese beer market is highly competitive, with the top five companies holding over 90% market share. Yanjing Beer faces challenges in a saturated market, particularly as the overall beer production declined by 0.6% in 2024 [10][12]. - The introduction of Beisite soda is seen as a potential second growth curve for Yanjing Beer, as the company seeks to diversify its product line amidst declining beer sales [10][12].

2025 年 08 月 11 日 证券分析师 苏铖 证券研究报告·公司点评报告·食品饮料 燕京啤酒（000729） 2025 年中报业绩点评：U8 势能延续，扣非 业绩超预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 14,213 | 14,667 | 15,436 | 16,230 | 17,010 | | 同比（%） | 7.66 | 3.20 | 5.24 | 5.15 | 4.80 | | 归母净利润（百万元） | 644.71 | 1,055.68 | 1,602.53 | 1,925.88 | 2,274.16 | | 同比（%） | 83.02 | 63.74 | 51.80 | 20.18 | 18.08 | | EPS-最新摊薄（元/股） | 0.23 | 0.37 | 0.57 | 0.68 | 0.81 | | P/E（现价&最新摊薄） | 57.36 | 35.03 | 23.08 ...