证券研究报告 食品饮料 | 非白酒 港股|首次覆盖报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 林若尧 SAC：S1350525070002 linruoyao@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 08 月 | 25 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 28.58 | | | 一年内最高/最低（港 | | | | 36.00/21.60 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 92,718.58 | | | 流通市值（百万港元） | | | | | 92,718.58 | | | 资产负债率（%） | | | | | 43.72 | | | 资料来源：聚源数据 | | | | | | | 华润啤酒(00291.HK) 投资评级： 增持（首次） ——啤酒高端化有序推进 ...

记者丨宁晓敏 实习生丨陈欣 出品丨鳌头财经 2025年上半年，在消费行业复杂多变、啤酒和白酒行业均处调整期的大背景下，华润啤酒（00291.HK）凭借高质量和高端化发展战略以及"啤酒+白酒"双赋 能商业模式，交出亮眼成绩单。 8月19日，华润啤酒发布中期财报显示，公司毛利率、未计利息及税项前盈利、股东应占溢利等均创历史新高，核心经营数据全面向好，展现出强大的市场 竞争力和发展潜力。 整体来看，华润啤酒的啤酒业务呈现销量稳健增长、产品结构优化等四大特点，白酒业务则通过四大赋能坚持长期主义。 未来，华润啤酒定能持续领跑酒类市场，实现更高质量的发展。 财务稳健，核心经营数据创下新纪录 "2025年上半年，面对消费行业复杂多变的环境，华润啤酒始终坚持高质量和高端化发展战略，深化'啤酒+白酒'双赋能的商业模式，交出了一份良好的业绩 答卷。" 近日，面对上半年业绩表现，华润啤酒执行董事及总裁赵春武做了上述精准的判断。 当前，我国啤酒和白酒行业均处于调整期。作为行业龙头，华润啤酒业绩逆势上涨。 8月19日，华润啤酒发布截至2025年6月30日止未经审核中期业绩报告显示，公司上半年综合营业额为239.42亿元，同比增长0.8 ...

华润啤酒(00291.HK)日前在香港举行2025年上半年业绩发布会。报告期内，公司实现营收239.4亿元， 同比增长0.8%；股东应占溢利为57.89亿元，同比增长23.04%。董事会宣布派发中期股息每股人民币 0.464元，较去年同期增长24.4%。 今年以来，五粮液（000858）、珍酒李渡等企业纷纷宣布跨界推出啤酒产品，引发市场关注。对此，华 润啤酒执行董事及总裁赵春武在业绩发布会上回应，这说明啤酒行业更具有吸引力，相信在竞争中各个 企业均能发挥所长。其表示，啤酒行业的高端化远未到达天花板，公司继续将扩大高端化作为首要战 略。 啤酒业务方面，华润啤酒上半年未经审计营业额为231.61亿元，同比增长2.6%；实现啤酒销量约648.7 万千升，同比上升2.2%。高端啤酒产品持续发力，上半年普高档及以上啤酒销量同比增长超过10%。其 中，"喜力"在上年高基数的情况下，销量仍突破两成增长，"老雪"销量同比增长超过70%，"红爵"销量 比去年同期实现翻倍增长。 公司持续推动优化产能布局，于报告期内已停止营运两间啤酒厂。于2025年6月底，公司在中国共营运 60家啤酒厂，年产能约1920万千升。 新产品上市方面， ...

中国商报（记者 周子荑 文/图）8月19日，啤酒行业龙头企业华润啤酒发布半年报。从整体来看，该公司营收、利润都实现了一定增长，啤酒业务多项指标 亮眼。但受白酒行业整体承压影响，其白酒业务收入下滑。 华润啤酒管理层表示，华润啤酒的高端化战略已见成效，未来公司将继续把高端化战略放在首位。 净利润同比增长23% 财报数据显示，今年上半年，华润啤酒综合营业额为239.42亿元，同比增长0.8%；股东应占溢利为57.89亿元，同比增长23%；毛利率为48.9%，同比提高了2 个百分点。 华润啤酒旗下啤酒业务多项指标亮眼。具体而言，今年上半年，该公司啤酒业务营业额为231.61亿元，同比增长2.6%；啤酒业务股东应占溢利同比增长 17.3%；啤酒产品销量为648.7万千升，同比增长2.2%。 值得一提的是，持续的高端化发展带动公司平均销售价格同比上升0.4%，还有原材料采购成本的节约，推动今年上半年公司啤酒业务毛利率同比上升2.5个 百分点至48.3%。 据了解，今年上半年，华润啤酒开发了德式小麦啤酒、茶啤如黄山毛峰和信阳毛尖、果啤、青稞啤酒、海南啤酒等特色产品，满足个性化和差异化的消费需 求。也推出了高端产品"垦十四" ...

Core Viewpoint - The high-end beer market still has significant growth potential, and the company will continue to prioritize high-end strategies while also exploring personalized and niche products [1][3][14] Financial Performance - In the first half of 2025, the company reported revenue of RMB 239.42 billion, a year-on-year increase of 0.8% [2] - The company's pre-tax profit and net profit attributable to shareholders were RMB 76.91 billion and RMB 57.89 billion, reflecting year-on-year growth of 20.8% and 23.0% respectively [2] - Beer business revenue reached RMB 231.61 billion, with a year-on-year increase of 2.6% [2] Market Position - The company has surpassed Budweiser APAC in revenue, which declined by 5.6% to USD 31.36 billion (approximately RMB 225.63 billion) in the same period [2] - High-end products such as Heineken, Old Snow, and Red Duke saw sales growth exceeding 20%, 70%, and 100% respectively in the first half of the year [3] New Retail Strategy - The company has experienced significant growth in online and instant retail, with overall transaction value increasing by 40% and 50% year-on-year [5] - Collaborations with major platforms like Alibaba, Meituan, JD.com, and Ele.me have been established to enhance consumer engagement and product development [5] Product Innovation - The company is focusing on flexible supply and personalized products, with new offerings such as 1L craft beers and various flavored lagers [6] - The introduction of local brands and products is seen as a way to meet consumer demand for personalization [7] Industry Trends - The beer industry is witnessing a shift towards high-end and personalized products, while the low-end segment faces challenges from both high-end and budget brands [6] - The company acknowledges the competitive landscape and the need for continuous innovation to maintain market relevance [6][14] Consumer Behavior - Changes in consumer purchasing behavior have been noted, with a shift towards online and instant retail channels, particularly among younger demographics [5][8] - The company is adapting to these changes by enhancing its product offerings and marketing strategies to cater to evolving consumer preferences [5][8]

近日，由中国企业改革与发展研究会与华润啤酒（控股）有限公司联合主办的"ESG 中国·国麦（华润啤酒）行"活动在呼伦贝尔正式启幕。 华润集团副总经理蓝屹在活动中表示，华润啤酒扎根土地，建立标准化种植基地达1.6万余亩，持续优化国麦品质，书写下中国原料酿中国啤酒和啤酒品牌 文化自信、历史自信的精彩一笔。同时实现了从种植到酿造的全产业链融合发展，有力推动了国家乡村振兴战略的实施，实现了经济效益、生态效益和社会 效益的共赢。 当前，ESG已成为央企迈向世界一流的标尺。产业链供应链的自主可控、安全高效已成为大国经济必备的重要特征。中国是全球最大的啤酒市场之一，近 90%的啤麦依赖进口，很大程度上制约了行业发展，在此背景下，"国麦振兴"有着特别的意义。 在当天的活动中，多位领导嘉宾致辞，为项目纵深推进锚定航向，为持续推动产业链韧性提升和ESG理念下的乡村振兴新模式探索凝聚发展智慧。 中国企业改革与发展研究会第一副会长刘明忠指出，中国企业推动ESG在农业与制造业融合领域走深走实，重点要在三方面持续发力：一是强化政策引领， 激活产业链可持续发展动能。二是深化科技赋能，锻造可持续发展核心引擎。三是凝聚协同合力，共筑ESG价值生 ...

Core Viewpoint - The "2025 Domestic Barley Industry Integration Development Forum and Social Responsibility Theme Event" held in Yangzhou aims to address the challenges faced by the domestic barley industry, focusing on achieving self-sufficiency in the beer barley supply chain and promoting the integration of the entire industry chain from breeding to consumption [2][3]. Group 1: Industry Challenges and Initiatives - China's beer industry has a high dependence on imported barley, with an import dependency rate of 90%, which poses challenges for cost control and brand competitiveness [3]. - China Resources Beer has taken the lead in promoting the "National Barley Revitalization" strategy, focusing on standardizing planting bases, malt processing, beer production, and brand marketing to enhance the domestic barley supply chain [3][4]. - The company aims to complete 20,000 acres of standardized domestic barley planting in Inner Mongolia, Northwest China, and Jiangsu by 2025 [3]. Group 2: Achievements and Innovations - Over the past three years, significant progress has been made in increasing the application ratio of domestic malt, expanding planting areas, and improving varieties and planting techniques [5]. - The domestic barley has undergone multiple generations of improvement since 1995, with modern breeding techniques being gradually adopted since 2020 [5]. - The "Yangnong Pi 14" variety is expected to achieve a yield of 767.5 kg per acre in 2024, setting a new record for barley yield in Jiangsu [5][6]. Group 3: Industry Collaboration and Ecosystem - The relationship between the beer and barley industries has evolved into a collaborative ecosystem, focusing on technology co-research, risk-sharing, and value-sharing [9]. - The "National Barley Revitalization" plan has facilitated cooperation between upstream and downstream sectors of the beer industry [9][10]. - A comprehensive collaboration model has been established, where research institutions work closely with farmers to provide technical guidance, ensuring high-quality barley production [10]. Group 4: Sustainability and Future Prospects - The integration of local production and sales in the barley supply chain is seen as a significant step towards reducing carbon emissions [11]. - The innovative branding of products like "Ken 14" reflects a commitment to local culture and quality, enhancing consumer perception of domestic products [12].

Core Viewpoint - The article emphasizes the importance of domestic barley production in China's beer industry, highlighting the "National Barley Revitalization" strategy initiated by China Resources Beer to reduce reliance on imported barley and enhance local agricultural practices [1][3][5]. Group 1: Industry Overview - China is the largest beer market globally, with nearly 90% of its barley imported. In 2022, China imported 14.24 million tons of barley, a year-on-year increase of 25.8% [3][5]. - The "National Barley Revitalization" strategy aims to transform the barley supply chain from breeding to standardized planting, ensuring quality and cost control [3][4]. Group 2: Company Initiatives - China Resources Beer has established a standardized barley planting pilot base in Inner Mongolia, covering 3,000 acres in 2023, with plans to expand to 12,000 acres in 2024 [3][4]. - The company has developed a collaborative model involving enterprises, research institutions, and farmers, enhancing integration across the barley production chain [4]. Group 3: Future Prospects - Despite the decrease in imported barley prices, China Resources Beer plans to continue purchasing around 100,000 tons of domestic barley for beer production, indicating a commitment to the "National Barley Revitalization" strategy [5][6]. - The company aims to cultivate high-yield and high-quality barley varieties, with the "Yangnong Beer 14" variety achieving a record yield of 767.5 kg per acre in Jiangsu Province [6].