白酒业务方面，25H1 白酒收入7.81 亿元，同比-33.7%，其中大单品摘要占白酒收入接近80%，政策趋 严使得商务、高端宴席等明显受损，对销售拖累明显。 机构：东吴证券 研究员：苏铖/郭晓东 投资要点 事件：华润啤酒公告2025 年中报，25H1 实现营收239.42 亿元，同比+0.8%，归母净利润57.89 亿元，同 比+23.0%，不计特别项目的EBIT 为71.05 亿元，同比+11.3%，不计特别项目的EBITDA 为83.36 亿元， 同比+10.7%。公司派发中期股息0.464 元/股，同比+24.4%，中期派息率保持26%。 啤酒韧性升级，白酒主动调整。啤酒业务方面，25H1 啤酒收入231.61亿元，同比+2.6%，量价拆分来 看，25H1 销量648.7 万吨，同比+2.2%，吨价3570 元/吨，同比+0.4%。上半年面临消费弱β，公司积极 拥抱新消费趋势，一方面传统大单品仍韧性增长，次高档及以上销量增速中至高单位数，其中喜力销量 增长超20%，老雪销量增长超70%，红爵销量增长超100%；另一方面，开发德式小麦啤酒、茶啤、果 啤、青稞啤酒等特色产品，满足个性化和差异化消费需求，亦 ...

证券研究报告·海外公司点评·食物饮品(HS) 华润啤酒（00291.HK） 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） | 38,932 | 38,635 | 39,155 | 40,389 | 41,791 | | 同比(%) | 10.40 | (0.76) | 1.35 | 3.15 | 3.47 | | 归母净利润（百万元） | 5,153 | 4,739 | 6,017 | 6,106 | 6,548 | | 同比(%) | 18.62 | (8.03) | 26.97 | 1.48 | 7.23 | | EPS-最新摊薄（元/股） | 1.59 | 1.46 | 1.85 | 1.88 | 2.02 | | P/E（现价&最新摊薄） | 16.38 | 17.81 | 14.02 | 13.82 | 12.89 | [Table_Tag] [Table_Summary] 投资要点 ◼ 高端化、成本红利 ...

Core Viewpoint - The development of the beer industry in China, heavily reliant on imported raw materials, necessitates a stable supply chain, which is being addressed by China Resources Beer through its "National Barley Revitalization" initiative [1][3][7]. Group 1: National Barley Revitalization Initiative - China Resources Beer has successfully established a standardized planting and processing process for domestic barley, enhancing the resilience and safety of the supply chain [3][4]. - The initiative has led to the establishment of over 16,000 acres of standardized planting bases, improving the quality of domestic barley and contributing to local economic growth [4][5]. - The "Keng Fourteen" beer, a product of this initiative, has become a new cultural and tourism symbol for the local area, promoting local consumption [3][4]. Group 2: Economic and Social Impact - The project has increased the barley planting area in Hulunbuir by approximately 50%, boosting local farmers' income and confidence in the domestic barley industry [5][6]. - The initiative aligns with national rural revitalization strategies, creating economic, ecological, and social benefits [4][7]. - The collaboration with local enterprises and experts has resulted in improved barley quality, making it competitive with imported varieties [5][6]. Group 3: ESG Integration - The "National Barley Revitalization" initiative is not merely a planting program but a comprehensive industry upgrade that integrates ESG principles into the entire supply chain [7][8]. - The project aims to enhance supply chain security while reducing carbon emissions through optimized processes and local production [7][8]. - The establishment of the "ESG China National Barley Practice Base" signifies a commitment to sustainable agricultural practices and serves as a model for industry-wide upgrades [8].