连续为挽价"下猛药"的金沙酒业，并未缓解终端市场价格下滑的态势。8月26日，针对华润啤酒旗下白酒品牌金沙酒业核心单品摘要在终端市场表现，北京 商报记者走访市场发现，目前在部分烟酒店内，53度500ml金沙摘要（珍品）成交价为488元/瓶。而在饿了么平台中，该产品成交价再度下探达460元/瓶。 终端市场价格下探，仅仅是华润白酒业务所面临挑战中的一个侧面。财报数据显示，上半年华润啤酒旗下白酒业务营业额仅7.81亿元，相较于去年同期下跌 超三成。从收购前的57.66亿元到收购后的21.49亿元，华润白酒板块（因华润啤酒白酒板块仅并表金沙酒业，故此华润白酒板块业务相关数据为金沙酒业相 关数据）业绩下降，不仅受金沙酒业在终端市场渠道价格倒挂影响，更是白酒行业深度调整的结果。如今，当白酒旺季即将来临时，华润白酒版图将如 何"迎战"？ 上半年华润旗下啤酒业务股东应占溢利大幅增长23%至57.89亿元的另一面，是白酒业务营业额下滑33.7%的现实。 据华润啤酒公告数据，1—6月华润旗下白酒业务实现营业额7.81亿元，其中大单品"摘要"贡献白酒业务营业额接近八成。相较于去年同期的11.78亿元，经粗 略计算，同比下降33.7% ...

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 ...

点击注册小程序 查看完整报告 报告摘要 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。 25H1公司关停2间啤酒厂，截至2025年6月底共营运60间啤酒厂，年产能约1920万千升。若扣除25H1因产能优 化所产生的固定资产减值和一次性员工补偿及安置费用约2.41亿元，以及投资搬迁协议确认的收益约8.27亿 元，公司EBIT同比上升11.3%至71.05亿元。25H1公司宣派中期股息每股0.464元，同比增长24.4%。 高端啤酒表现亮眼，白酒业务积极调整应对行业压力 25H1公司啤酒业务表现亮眼，高端化战略持续推进，"喜力"、"雪花纯生"、"老雪"等核心品牌均实现快速增 长。展望未来，公司将继续聚焦高端化"3+N"品牌组合，推动长期增长："十五五"期间，"喜力"业务不仅要做 大，还要保持高质量增长，充分展现档次和 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][7][16] Core Views - The company demonstrated robust resilience in the first half of 2025, with a revenue of RMB 23.94 billion (+0.8% YoY) and a net profit of RMB 5.79 billion (+23.0% YoY) [4][13] - The beer business achieved volume and price growth, leading the industry in premiumization, with beer revenue of RMB 23.16 billion (+2.6% YoY) and sales volume of 6.487 million kiloliters (+2.2% YoY) [5][14] - The baijiu business is undergoing significant adjustments, with revenue declining to RMB 780 million (-33.7% YoY), prompting a strategic restructuring [6][15] Financial Performance Summary - The company reported a gross margin of 48.9% (+2.0 percentage points YoY) and a net margin of 24.2% (+4.4 percentage points YoY) in 1H25 [4][13] - Core EBIT reached RMB 7.11 billion (+11.3% YoY), with an EBITDA margin improvement of 3.1 percentage points to 34.8% [4][13] - The forecasted EPS for 2025-2027 is RMB 1.72, RMB 1.80, and RMB 1.91 respectively, with a target price maintained at HK$36 [2][16] Business Segment Analysis - The beer segment showed strong performance with a price per ton of RMB 3,570 (+0.4% YoY) and a significant increase in premium product sales [5][14] - The baijiu segment faced challenges due to government consumption restrictions, leading to a strategic shift towards more flexible pricing and product strategy adjustments [6][15] Market Position and Valuation - The company is positioned as the largest beer enterprise in China, with significant advantages in channels, costs, and brand recognition [7][16] - The current P/E ratio of 15 is below the industry average, indicating substantial valuation recovery potential [7][16]

Group 1: Pop Mart's Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year increase of 204.4% [1] - The founder Wang Ning projected that the company's annual revenue could reach 30 billion yuan easily [1] - The Americas market showed remarkable growth with a staggering increase of 1142.3% [1] - Plush toys generated 6.14 billion yuan in revenue, surpassing the sales of figurines for the first time, with the LABUBU series contributing 34.7% to total revenue [1] - To address supply shortages, the production capacity for plush toys has been ramped up to 30 million units per month, a tenfold increase compared to the same period last year [1] Group 2: Xinba's Withdrawal from Live Streaming - Xinba announced his permanent exit from the live streaming industry for the fifth time, citing severe lung damage due to chronic bronchitis [3] - The Xin Xuan Group has faced multiple controversies regarding product quality, including issues with sanitary napkins and exaggerated claims about milk powder [3] - The public believes that the company must enhance quality control and rebuild trust following Xinba's departure [3] Group 3: Meituan's International Expansion - Meituan's international food delivery brand Keeta officially launched in Doha, Qatar, marking its second entry into the Middle East after Saudi Arabia [3] - The company plans to expand further into more Middle Eastern markets and aims to enter Brazil within a few months [3] Group 4: China Resources Beer Performance - China Resources Beer reported a revenue of 23.942 billion yuan for the first half of 2025, a year-on-year increase of 0.8% [14] - The company's net profit attributable to shareholders rose by 23% to 5.789 billion yuan [14] - The beer business generated 23.161 billion yuan in revenue, with a gross margin increase of 2.5 percentage points to 48.3% [14] Group 5: Three Squirrels New E-commerce Company - Three Squirrels has established a new e-commerce company focusing on the sale of agricultural products and maternal and infant goods [15] - The new company is wholly owned by Three Squirrels and aims to diversify its product offerings [15] Group 6: JD's Response to Market Expansion - JD responded to rumors about expanding its operations outside the Fifth Ring Road in Beijing, clarifying that there are no plans for such expansion [16] - The company is collaborating with existing community stores for its layout in the Beijing area [16] Group 7: LV's Beauty Store Launch - LV opened its first global beauty store in Nanjing, showcasing its strategic ambition in the Chinese market [17] - The store will feature a new beauty series, with global online pre-sales starting on August 25 [17] Group 8: Moutai's E-commerce Initiative - Moutai has partnered with Taobao Flash Sale to launch over 1,000 official stores, offering a "30-minute delivery" service for genuine Moutai products [19] - The initiative aims to connect Moutai's experience centers and over 6,500 themed terminal stores nationwide [19] Group 9: Cainiao's Supply Chain Collaboration - Cainiao has formed a deep supply chain partnership with the national brand Jianlibao, optimizing the direct-to-consumer model [20] - This collaboration aims to reduce logistics costs and enhance consumer experience, with plans to expand the model to Jianlibao's national production bases [20] Group 10: Meituan's Online Reservation Service - Meituan launched an online reservation service for restaurants ahead of the Qixi Festival, responding to increased demand for dining reservations [21] - The service includes a dynamic ranking of popular restaurants based on customer reviews and reservation trends [21]

6月27日，华润啤酒发布公告称，侯孝海因有意投入更多时间于个人安排，决定辞任执行董事、董事会主席，且不再担任董事会辖下财务委员会主席，执 行委员会、购股权总务委员会成员。华润啤酒表示，侯孝海辞任后，董事会主席职位将暂时悬空，直至公司委任合适继任人。公司执行董事及总裁赵春武 暂时承担过渡期间董事会主席的工作及责任。截至今日，华润啤酒尚未正式公布新的"掌门人"。 赵春武出席了此次财报后举办的业绩发布会，他称，现任管理层对于下一步发展有着高度共识，对于此前侯孝海带领下的华润啤酒战略，以延续和发扬为 主，不会有太大改动。 新京报 记者 王子扬 中国基金报 记者 夏天 8月19日，华润啤酒发布2025年中期业绩：上半年营收239.42亿元，同比增长0.8%；股东应占溢利57.89亿元，同比增长23%。 侯孝海离职后，暂时承担董事会主席工作及责任的华润啤酒执行董事及总裁赵春武出席业绩说明会，提到侯孝海离职一事，他表示"舍不得"。 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1 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 35.0 per share, indicating a potential upside of 23.8% from the current price of HKD 28.28 [1][6][15]. Core Insights - The company has successfully implemented a high-end strategy and the "Three Precision" approach, resulting in a revenue of RMB 239.42 billion for the first half of 2025, a year-on-year increase of 0.8%. EBIT grew by 20.8% to RMB 76.91 billion, and net profit attributable to shareholders increased by 23.0% to RMB 57.89 billion [3][8]. - The beer segment continues to focus on high-end products, with revenue reaching RMB 231.61 billion, up 2.6% year-on-year, and sales volume increasing by 2.2% to 6.487 million tons. The average selling price rose by 0.4% to RMB 3,570 per ton, driven by the growth of premium products [4][10]. - The white wine segment faced challenges, with revenue declining by 33.7% to RMB 7.81 billion, and EBITDA dropping by 47.1% to RMB 2.18 billion. The company is actively adjusting its strategy to enhance the performance of its white wine products [5][14]. Financial Summary - For the first half of 2025, the company reported a gross margin of 48.9%, an increase of 2.0 percentage points year-on-year, and a net profit margin of 24.2%, up 4.4 percentage points [8]. - The company expects net profits for 2025 to be RMB 56.46 billion, with projections of RMB 57.02 billion and RMB 62.14 billion for 2026 and 2027, respectively [6][15]. - The financial outlook includes a slight adjustment in profit forecasts due to one-time contributions and ongoing adjustments in the white wine business [6][15].

Investment Rating - The report maintains a "Strong Buy" rating for China Resources Beer (00291.HK) [2][8] Core Views - The company reported strong performance in its high-end segment, with earnings exceeding expectations and significant growth in profitability [2][8] - For the first half of 2025, the company achieved revenue of 23.94 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.79 billion yuan, up 23.0% [2][4] - The interim dividend was set at 0.464 yuan per share, reflecting a 24.4% increase, with a payout ratio of 26% [2] Financial Performance Summary - Revenue and profit growth: The company’s revenue for 2025H1 was 23.94 billion yuan, with EBIT at 7.69 billion yuan, marking a 20.8% increase, and net profit at 5.79 billion yuan, up 23.0% [2][4] - Beer sales volume reached 6.487 million kiloliters, a 2.2% increase, with an average price of 3,570.4 yuan per kiloliter, up 0.44% [8][10] - The beer business's EBIT margin improved, with a gross margin of 48.3%, an increase of 2.5 percentage points year-on-year [8][10] Business Segment Analysis - High-end product performance: Sales of premium and above products grew over 10%, while mid-to-low-end products saw slight increases due to a high base [8][10] - Cost management: The beer business achieved a cost reduction of 4.2% year-on-year, contributing to improved profitability [8][10] - White wine segment under pressure: Revenue from the white wine business fell by 34.0% to 0.781 billion yuan, primarily due to policy disruptions affecting consumption [8][10] Future Outlook - The company is focused on high-end product development and operational efficiency improvements through digitalization and cost management strategies [8][10] - Profit forecasts for 2025-2027 have been adjusted to 5.87 billion yuan, 6.40 billion yuan, and 6.79 billion yuan respectively, reflecting a positive outlook for profitability [8][10] - The target price is set at 40.00 HKD, with a corresponding PE ratio of approximately 20X for 2025E [4][8]

2022年，华润啤酒以高达123亿元的对价，将贵州金沙窖酒酒业有限公司（以下简称金沙酒业）55.19%股权收入囊中，创下当时中国白酒并购史上最大交 易纪录。 在华润啤酒的蓝图里，这绝非一次简单的财务投资，而是其构建"啤酒+白酒"双轮驱动战略的核心支点，旨在切入利润更丰厚、抗周期性更强的白酒赛 道。收购完成后，华润啤酒迅速派驻高管团队，启动对金沙酒业的深度整合，从管理架构到渠道体系进行大刀阔斧的改革，试图将啤酒领域的成功模式复 制到白酒领域。 【导读】2022年豪掷超百亿元收购金沙酒业以来，华润系的白酒雄心正遭遇前所未有的拷问 8月19日，华润啤酒（证券代码：00291.HK）2025年半年报出炉。报告期内，公司营收同比增长0.8%至239.42亿元，股东应占溢利同比增长23.0%至57.89 亿元。 在这份净利润增速亮眼的财报里，一串数字却让投资者感到一丝"寒意"：白酒业务营业额仅为7.81亿元，其中"摘要"贡献白酒业务营业额接近八成；未计 利息及税项前盈利为-1.52亿元，上年同期盈利为4800万元。 这意味着，自2022年豪掷超百亿元收购金沙酒业以来，华润系的白酒雄心正遭遇前所未有的现实拷问。 金沙酒业业 ...

【导读】2022年豪掷超百亿元收购金沙酒业以来，华润系的白酒雄心正遭遇前所未有的拷问 见习记者 夏天 金沙酒业业绩"变脸" 2022年，华润啤酒以高达123亿元的对价，将贵州金沙窖酒酒业有限公司（以下简称 金沙酒业 ）55.19%股权收入囊中，创下当时中国白 酒并购史上最大交易纪录。 在华润啤酒的蓝图里，这绝非一次简单的财务投资，而是其构建"啤酒+白酒"双轮驱动战略的核心支点，旨在切入利润更丰厚、抗周期性更 强的白酒赛道。收购完成后，华润啤酒迅速派驻高管团队，启动对金沙酒业的深度整合，从管理架构到渠道体系进行大刀阔斧的改革，试 图将啤酒领域的成功模式复制到白酒领域。 然而，理想很丰满，现实却很骨感。自被收购后，金沙酒业的业绩并未如预想般迎来大发展。 华润啤酒 公布的一组数据显示， 收购前 的 2019 年 — 2021年， 金沙酒业 营收分别为 8.78亿元、17.67亿元和36.41亿元，同期税后 利润分别为1.56亿元、6.15亿元和13.15亿元。 而 到了2023年，华润啤酒年报显示，其白酒业务 的 营业额、未计利息及税项前盈利分别为20.83亿元、1.3亿元。 由于在华润啤酒的白酒板块中，只并表了金 ...