每经AI快讯，1月20日，燕京啤酒（000729）(000729.SZ)发布2025年度业绩预告，预计归属于上市公司 股东的净利润为158,352万元~174,187万元，比上年同期增长50%~65%。报告期内，公司坚定推进大单 品战略，围绕产品力、品牌力、渠道力积极探寻创新路径，深化卓越管理体系建设，推行品牌年轻化、 时尚化、高端化建设，实施梯度化市场开发策略，燕京U8继续保持稳健增长态势。2025年度非经常性 损益主要系公司确认了子公司土地收储款，增加归母净利润约1.32亿元。 ...

格隆汇1月20日丨燕京啤酒(000729.SZ)公布，预计2025年1月1日至2025年12月31日归属于上市公司股东 的净利润盈利：158,352万元-174,187万元，比上年同期增长：50.00%-65.00%；扣除非经常性损益后的 净利润盈利：145,689万元-156,096万元，比上年同期增长：40.00%-50.00%。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 ...

北京商报讯（记者 刘一博 冯若男）1月20日，北京商报记者从鲜啤福鹿家公众号获悉，2025年鲜啤福鹿 家全年上新20款；德式小麦全年销量第一、一年卖出1亿斤；2025年全年新签门店1607家，截止2025年 底全年门店共计1808家，已覆盖全国300+城市。 ...

人民财讯1月20日电，燕京啤酒(000729)1月20日发布业绩预告，预计2025年归母净利15.84亿元—17.42 亿元，同比增长50%—65%。报告期内，公司坚定推进大单品战略，围绕产品力、品牌力、渠道力积极 探寻创新路径，深化卓越管理体系建设，推行品牌年轻化、时尚化、高端化建设，实施梯度化市场开发 策略，燕京U8继续保持稳健增长态势。 转自：证券时报 ...

格隆汇1月20日丨燕京啤酒(000729.SZ)公布，预计2025年1月1日至2025年12月31日归属于上市公司股东 的净利润盈利：158,352万元-174,187万元，比上年同期增长：50.00%-65.00%；扣除非经常性损益后的 净利润盈利：145,689万元-156,096万元，比上年同期增长：40.00%-50.00%。 ...

Core Insights - The report indicates that the adjustment period for high-end liquor is expected to end, highlighting the long-term investment value in this sector. The price of mainstream liquor has decreased from approximately 2200 yuan around the Spring Festival in 2025 to about 1560 yuan currently, with a notable decline since June [4][30][32] - The beer industry is anticipated to benefit from a low base effect in 2026, with emerging retail channels and government consumption stimulus policies expected to drive recovery [5][42] - The dairy industry is currently in a transitional phase, with low milk prices expected to rebound as demand improves and supply stabilizes. The long-term growth potential remains strong due to ongoing consumption upgrades [5][60][63] - The condiment sector is projected to benefit from a gradual recovery in restaurant consumption, with both B2B and B2C channels expected to see improved sales as consumer spending recovers [5][79] Liquor Industry - High-end liquor is expected to stabilize after a period of adjustment, with long-term investment value becoming more apparent. The market share of premium liquor brands continues to rise, and the consumption upgrade trend remains intact despite short-term impacts [4][30][34] - The competition in the mid-range liquor segment has intensified, with brands experiencing varying levels of performance due to market pressures. The demand for mid-range products has been notably affected by weak business consumption [36][39] - Inventory management is crucial, with manufacturers actively controlling supply to maintain price stability. The introduction of information systems has improved inventory management capabilities [40][39] Beer Industry - The beer market is expected to recover due to a low base effect from 2025, with national leaders likely to benefit significantly. The rise of instant retail channels is also anticipated to drive growth in non-on-premise beer sales [42][43] - The industry is entering a mature phase, with a focus on premiumization and product structure upgrades. The market share of high-end products is increasing, reflecting a shift in consumer preferences [47][50] - Cost stability is expected in 2026, with barley prices remaining low and contributing to profit margins. The overall cost structure is anticipated to support profitability in the beer sector [51][53] Dairy Industry - The dairy sector is currently experiencing a down cycle in milk prices, but a rebound is expected as demand improves and supply stabilizes. The long-term growth potential remains strong due to increasing consumer preferences for high-quality dairy products [60][63] - The population base in China supports the demand for dairy products, with significant growth potential in rural areas where consumption is currently lower compared to urban areas [66][70] - The industry is witnessing a shift towards high-quality growth, with leading companies focusing on improving profitability through better cost management and efficiency [60][77] Condiment Industry - The condiment sector is expected to benefit from a gradual recovery in restaurant consumption, with B2B channels likely to see significant improvements as consumer spending increases [79][84] - The industry has shown resilience, with a stable growth rate over the past five years. The market size for condiments has surpassed 650 billion yuan, driven by rising consumer demand and changing eating habits [83][84] - Cost advantages are anticipated in 2026, with raw material prices remaining low, which will help maintain stable growth in the condiment sector [79][80]

| 600132 | 重庆啤 | 1.30 | 0.78 | 2610.71 | 13.17 | | --- | --- | --- | --- | --- | --- | | | 酒 | | | | | | 002969 | 嘉美包 装 | 10.00 | 2.35 | 2319.87 | 5.13 | | 002419 | | | | | | | | 天虹股 份 | 0.00 | 2.85 | 1649.1 1 | 8.38 | | 000752 | ST西发 | 0.00 | 1.40 | 347.45 | 8.26 | | 300892 | 品渥食 品 | -1.94 | 7.55 | 164.15 | 0.99 | | 601952 | 苏垦农 发 | 0.53 | 0.66 | 144.12 | 1.68 | | 600573 | 惠泉啤 酒 | 0.84 | 2.98 | 72.1 1 | 0.81 | | 603919 | 金徽酒 | 1.02 | 0.68 | -105.67 | -1.48 | | 300412 | 迦南科 技 | 0.34 | 3.61 | -206.69 | -2.10 ...

该行认为，去年第四季销售亦会因2026年农历新年时间较迟而受到更大负面影响。对中国啤酒行业的偏 好次序保持不变，依次为华润啤酒(00291)、百威亚太及青岛啤酒（600600）(00168)。 花旗发布研报称，将百威亚太(01876)2025至2027年销售预测分别下调3%、4%及4%，以反映2025年下 半年中国业务前景较预期逊色。由于经营杠杆转弱，该行将百威亚太2025至2027年核心净利润预测分别 下调10%、10%及9%，目标价由12.4港元下调至11.4港元，维持"买入"评级。 ...

该行认为，去年第四季销售亦会因2026年农历新年时间较迟而受到更大负面影响。对中国啤酒行业的偏 好次序保持不变，依次为华润啤酒(00291)、百威亚太及青岛啤酒(00168)。 智通财经APP获悉，花旗发布研报称，将百威亚太(01876) 2025至2027年销售预测分别下调3%、4%及 4%，以反映2025年下半年中国业务前景较预期逊色。由于经营杠杆转弱，该行将百威亚太2025至2027 年核心净利润预测分别下调10%、10%及9%，目标价由12.4港元下调至11.4港元，维持"买入"评级。 ...

花旗发表报告，将百威亚太2025至2027年销售预测分别下调3%、4%及4%，以反映2025年下半年中国业 务前景较预期逊色；去年第四季销售亦会因2026年农历新年时间较迟而受到更大负面影响。由于经营杠 杆转弱，该行将百威亚太2025至2027年核心净利润预测分别下调10%、10%及9%，目标价由12.4港元下 调至11.4港元，维持"买入"评级。花旗对内地啤酒行业的偏好次序保持不变，依次为华润啤酒、百威亚 太及青岛啤酒。 ...