金种子酒三年未扭亏 伴随着6月结束，酒企也逐渐开启"旺季倒计时"。而在众多企业陆续为开启旺季部署相关营销策略时，金种子酒却用一纸人事调整公告为即将到来的旺季埋 下悬念。7月2日，安徽金种子酒业股份有限公司发布公告称，公司董事会于近日收到公司董事、总经理何秀侠的辞职报告。因工作调整，何秀侠请求辞去公 司第七届董事会董事、董事会战略与ESG委员会委员、提名委员会委员及总经理职务。 针对此次人事调整，金种子酒相关部门向北京商报记者表示，何秀侠的辞职不会影响公司董事会的正常运行，亦不会对公司的日常运营产生不利影响。金种 子酒将继续聚焦白酒主业，深化市场改革和营销创新。 对于此次何秀侠离职，酒水行业研究者、千里智库创始人欧阳千里指出，近年来金种子酒业绩不佳，自然会使得小股东们产生微词，需要大股东作出回应， 而主要负责人离岗往往会缓和矛盾。 一面是华润啤酒董事会主席侯孝海辞任，另一面是金种子酒总经理何秀侠离职，同一时期华润系两家酒企高管纷纷辞职，推动着华润系"白+啤"战略版图站 上选择的十字路口。7月8日，北京商报记者登录国家企业信用信息公示系统查询获悉，截至目前金种子酒业法人、总经理一职仍为何秀侠。据了解，何秀侠 于7 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【金工】被动资金持续加仓港股ETF，医药主题基金净值优势显著——基金市场与ESG产品周报20250707 本周国内权益市场涨势延续，各类基金指数均实现正收益，权益类基金净值表现占优，国内新基市场热度回 落。行业主题基金方面，各赛道主题基金净值延续上涨，医药主题基金净值涨幅重居首位，TMT、国防军工 主题基金本周表现相对较弱。股票型ETF资金保持流出，资金净流出208.17亿元，主要减仓大盘宽基ETF，港 股ETF资金持续显著流入，资金净流入78.21亿元。 （祁嫣然 /马元心 ）2025-07-07 您可点击今日推送内容的第1条查看 【金工】市场或转向风格均衡——金融工程市场跟踪周报20250707 上周A股震荡上涨，交 ...

[晨会纪要 Table_NewTitle]20250708 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 重点推荐 财经要闻 [Table_Reportdate] 2025年07月08日 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.商保目录将推出，新药上市在加快————医药生物行业周报（2025/06/30- 2025/07/04） ➢ 2.重视新品类和新渠道下的α机会——食品饮料行业周报（2025/6/30-2025/7/6） ➢ 3.旷达科技（002516）：汽车内饰主业稳健增长，2024年员工持股首批解锁落地——公司 简评报告 ➢ 4.国产GPU新秀IPO获受理，EDA对华禁令解封——电子行业周报2025/6/30 ...

近日，青岛啤酒节在全国各地激情延续，市民们相聚畅谈、把酒言欢。（青岛啤酒 供图） 饮酒观赛 啤酒节遇见"苏超"联赛 转自：中工网 这个周末，青岛啤酒节遇见"苏超"联赛，拉满话题流量，不仅为各地市民提供抚慰人心的情绪价值，更是打造了夏日解压、消暑的沉浸场景，在全国各地掀起一波沉浸式体验的消费热潮。 当华灯初上，热浪渐消，结束了一天的忙碌，约上三五好友，畅谈相聚，把酒言欢，在欢快的干杯声中，"烟火气"逐渐升腾……这个周末，青岛啤酒节在全国各地激情延续。在内蒙古呼和浩特、 而在山东潍坊，虽然气温接近40℃，也难抵好客山东的如火热情。"潍坊青岛啤酒节热情比朝天锅还滚烫"，网友在社交平台如此分享。啤酒的清凉、演出的激情，攒出了一个魅力四射的"鸢都消 市民和游客在畅饮中感受生活的喜悦，在欢聚中共享夏日的激情。（青岛啤酒 供图） 一杯杯清凉的啤酒，一串串喷香的烤肉……从青岛啤酒经典1903，到爽口的纯生、醇厚的原浆、浓郁的白啤，再到汉斯小木屋，每一位市民和游客在畅饮中感受生活的喜悦，在欢聚中共享夏日的 自西向东，从南到北，青岛啤酒节扎根于每一座城市，不仅在于它亲近热烈的自然属性，更把所在城市的自然、人文、历史、科技等文化个 ...

2025 年 7 月 8 日 公司研究 利润维持快速增长，积极探索多元化业务 风险提示：原材料成本上涨快于预期；区域竞争加剧；大单品拓展低于预期。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 14,213 | 14,667 | 15,588 | 16,415 | 17,096 | | 营业收入增长率 | 7.66% | 3.20% | 6.28% | 5.30% | 4.15% | | 归母净利润（百万元） | 645 | 1,056 | 1,457 | 1,737 | 2,012 | | 归母净利润增长率 | 83.01% | 63.74% | 37.99% | 19.21% | 15.88% | | EPS（元） | 0.23 | 0.37 | 0.52 | 0.62 | 0.71 | | ROE（归属母公司)（摊薄） | 4.66% | 7.22% | 9.37% | 10.47% | 11.31% | | P/E | 56 | 3 ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 12.77 | | --- | --- | | 总股本/流通股本（亿股）28.19 | / 25.10 | | 总市值/流通市值（亿元）360 | / 320 | | 周内最高/最低价 52 | 14.36 / 8.26 | | 资产负债率(%) | 32.1% | | 市盈率 | 34.05 | | 第一大股东 | 北京燕京啤酒投资有限 | | 公司 | | 二季度公司 U8 销量继续保持增长势头，带动公司整体上半年实 现销量和均价的增长。公司通过数字化采购和生产端卓越管理实现成 本优化，2025 年原料采购价格取得较低水平，同时通过标准化管理使 能耗、人力等成本持续下降。利润端公司有望继续享受经营改革红利。 l 盈利预测与投资建议 我 们 预 计 公 司 2025-2027 年 分 别 实 现 营 收 155.73/164.27/172.35 亿元，同比增长 6.17%/5.48%/4.92%；实现归 母 净 利 润 14.84/17.95/20.34 亿 元 ， 同 比 增 长 ...

2025 年 7 月 8 日 事件：燕京啤酒发布 2025 年半年度业绩预告，25H1 预计实现归母净利润 10.62-11.37 亿元，同比增长 40%-50%；预计实现扣非归母净利润为 9.26-10.00 亿元，同比增长 25%-35%。其中 25Q2 预计实现归母净利润 8.96-9.72 亿元， 同比增长 36.7%-48.3%；预计实现扣非归母净利润 7.73-8.47 亿元，同比增长 21.1%-32.7%。 25Q2 利润维持高增，降本增效持续推进。公司在一季度"开门红"的基础上， 二季度继续保持高质量发展态势。公司构建了"立体化降本增效"模型，助力实 现降本增效：一方面公司借助数字化工具跟踪大宗物料价格波动，在低位锁定采 购价格，同时在保障供应安全的前提下，灵活运用长短期采购策略以降低成本； 另一方面通过标准化管理减少生产过程中的浪费及损耗，使啤酒年吨成本降低。 尽管公司生产成本已有改善，但在行业中仍处于中下游水平，劳动生产率、能耗 成本等仍有优化空间。 公司预计 2025 年行业原材料成本（如麦芽、玻瓶）仍处下行周期，燕京啤酒将 持续强化管理以释放成本红利，同时在人才方面推进梯队建设、优化 ...

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [1] Core Views - The company is expected to continue its high growth momentum, driven by the U8 product line, with a projected net profit growth of 40% to 50% year-on-year for the first half of 2025 [7] - The report highlights the effectiveness of regional and channel collaboration, which is anticipated to sustain the high growth rate of the U8 product [7] - The company is positioned as a quality investment in the beer sector, benefiting from both offensive and defensive strategies, with expectations of improved dividend yields in the future [7] Financial Forecasts - Total revenue is projected to grow from 14,213 million RMB in 2023 to 17,010 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 4.80% [1] - The net profit attributable to the parent company is expected to increase significantly from 644.71 million RMB in 2023 to 2,204.42 million RMB in 2027, with a peak growth rate of 83.02% in 2023 [1] - The earnings per share (EPS) is forecasted to rise from 0.23 RMB in 2023 to 0.78 RMB in 2027, indicating a strong upward trend in profitability [1] Market Data - The closing price of Yanjing Beer is reported at 12.77 RMB, with a market capitalization of approximately 35,992.75 million RMB [5] - The company has a price-to-earnings (P/E) ratio of 55.83 for 2023, which is expected to decrease to 16.33 by 2027, indicating improving valuation metrics [1] Operational Insights - The report emphasizes the ongoing reforms within the company, which are expected to yield positive results in terms of sales and profitability [7] - The U8 product line is highlighted as a key driver of growth, with sales volume expected to maintain a growth rate of over 30% [7]

Key Insights - The report highlights a recovery in the real estate market, with new home sales showing slight improvement while the second-hand home market remains subdued. Price stabilization is anticipated, with land premium rates at low levels [2][4] - The fixed income market is expected to remain strong, particularly in credit bonds, with a focus on medium to high-grade industrial bonds and city investment bonds for investment opportunities [3][5] - The international fertilizer prices have risen significantly, driven by increased global planting areas and limited new production capacity, benefiting domestic leading companies in the fertilizer sector [4] - The transportation sector is experiencing a mixed performance, with passenger transport profitability improving due to strong travel demand, while freight transport shows divergence in profitability across different segments [5][6] - The automotive industry is entering a phase of consolidation, with a focus on key players in the humanoid robot market, as technological advancements continue to drive market confidence [6][7] - The communication sector is projected to see a 7% year-on-year increase in net profit for the second quarter, with strong performance expected from telecom operators and the optical communication segment [8] Fixed Income - The credit bond market is expected to continue its upward trend, with a focus on long-term investments and opportunities in high-quality city investment bonds [3] - Investors are advised to consider extending duration in their portfolios and to look for wave opportunities in the credit market [3] Fertilizer Industry - International fertilizer prices have increased by 42% for urea, 24% for diammonium phosphate, and 23% for potash since the beginning of the year, while domestic prices show a mixed trend [4] - The report recommends companies like Hualu Hengsheng and Xingfa Group as beneficiaries of the improving fertilizer demand and profitability [4] Transportation Sector - The second quarter is expected to show improved profitability in passenger transport, particularly in aviation and railways, driven by strong travel demand [5] - Freight transport profitability is mixed, with some segments experiencing growth while others face challenges due to competition and demand fluctuations [5] Automotive Industry - The humanoid robot market is shifting towards a more competitive landscape, with a focus on companies that have strong supply chain orders and innovative technology [6] - The report suggests that the market will increasingly favor companies with significant advancements in technology and production capabilities [6] Communication Sector - The communication sector is expected to see a 7% increase in net profit, with strong growth in the optical communication and IDC segments [8] - The report highlights the potential for continued expansion in the communication industry, driven by domestic and international demand [8]

Group 1 - The company expects a significant increase in net profit for the first half of 2025, projecting a range of 1.06-1.14 billion yuan, representing a year-on-year growth of 40%-50% [1] - The company anticipates a non-recurring net profit of 930-1,000 million yuan for the same period, reflecting a year-on-year increase of 25%-35% [1] - For Q2 2025, the expected net profit is projected to be between 900-970 million yuan, with a year-on-year growth of approximately 37%-48% [1] Group 2 - The U8 product line continues to show strong growth, with sales of 696,000 tons in 2024, marking a year-on-year increase of 31.4% [2] - In the first five months of 2025, total sales of the Yanjing U8 series have surpassed 400,000 tons, increasing its share of total sales by 5.5 percentage points to 23% [2] - The company aims to enhance efficiency in strong markets while increasing efforts in weaker markets, focusing on high-capacity and high-growth cities [2] Group 3 - The company has shown consistent performance improvements, with revenue projected to grow from 11.96 billion yuan in 2021 to 14.67 billion yuan in 2024, reflecting a CAGR of 7.0% [3] - The U8 product line's sales are expected to increase from 260,000 tons in 2021 to 696,000 tons in 2024, with a CAGR of 38.8% [3] - The net profit is projected to rise from 230 million yuan in 2021 to 1.06 billion yuan in 2024, indicating a CAGR of 66.7% [3]