证券研究报告 | 公司点评 gszqdatemark 2025 07 08 年 月 日 燕京啤酒（000729.SZ） 业绩再超预期，旺季表现亮眼 事件：公司发布 2025 年半年度业绩预告，公司上半年预计实现归母净利 润 10.62 至 11.37 亿元，同比增长 40%至 50%；扣非归母净利润 9.26 至 10.00 亿元，同比增长 25%至 35%，基本每股收益 0.3766-0.4035 元/股。 业绩表现亮眼，U8 稳健增长。25Q2 预计实现归母净利润 8.96 至 9.72 亿 元，同比增长 36.7%至 48.3%；扣非归母净利润 7.73 至 8.47 亿元，同比 增长 21.1%至 32.7%。公司坚定推进大单品战略，以燕京 U8 为核心，通 过持续的产品创新和市场推广，不断提升品牌影响力和市场份额。同时， 公司还推出了燕京 V10、狮王精酿等一系列中高端产品，形成了丰富的产 品线，满足了不同消费者的需求。我们认为 U8 系列产品势能强劲，2025 年全年有望保持较高增长速度。 紧跟行业发展趋势，深耕市场体系建设。公司坚持市场精耕细作与战略性 扩张并行推进，持续加强市场开发体系建设。随 ...

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [4][7]. Core Viewpoints - Yanjing Beer is expected to continue its strong growth trajectory, particularly with its U8 product series, which has gained significant consumer recognition and is projected to maintain high growth rates in 2025 [1][4]. - The company is focusing on cost control and enhancing operational efficiency through a "multi-dimensional cost reduction and efficiency enhancement" model, leveraging supply chain collaboration and digital tools [2]. - Yanjing Beer plans to deepen its management system, strengthen market development, accelerate supply chain transformation, and push for digitalization as part of its strategic initiatives [3]. Financial Projections - The company anticipates a significant increase in net profit, with projections of 1.434 billion, 1.753 billion, and 2.054 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 35.9%, 22.2%, and 17.2% [4][6]. - Revenue is expected to grow from 14.213 billion yuan in 2023 to 15.653 billion yuan in 2025, with a compound annual growth rate of approximately 6.7% [6][4]. - The report highlights an improvement in profitability metrics, with the net profit margin projected to increase from 4.5% in 2023 to 11.8% in 2027 [6].