在中国啤酒行业总量趋稳的背景下，青岛啤酒通过产品结构优化、渠道创新和精准市场策略，今年上半 年，公司呈现销量、营收、净利三增的良好态势，交出净利润历史新高答卷。 青岛啤酒公布的2025年半年度报告显示，公司上半年实现产品销量473.2万千升，同比增长2.3%；营业 收入达204.9亿元，同比增长2.1%；归属于上市公司股东的净利润约39亿元，同比增长7.2%。 这一成绩在今年上半年中国啤酒行业总量基本稳定、规模以上企业产量同比微降0.3%的背景下显得尤 为亮眼。公司表示，报告期内，公司坚持以创新驱动高质量发展，充分发挥青岛啤酒的品牌、品质、渠 道网络等优势积极开拓海内外市场，持续优化产品结构提升及提高运营效率，主要经营指标保持稳健增 长。 加速培育大单品 报告期内，青岛啤酒加速培育大单品及创新品类产品，持续推进品牌优化和产品结构提升。与此同时， 加快青岛主品牌"1+1+1+2+N"产品组合发展，做强主力大单品，加速打造高端生鲜及超高端产品。其 中，经典系、青岛白啤、高端生鲜1L铝瓶及超高端产品销量均保持稳健增长。 数据显示，报告期内，青岛啤酒主品牌共实现产品销量271.3万千升，同比增长3.9%；其中中高端以 ...

青岛啤酒迎来了管理层换届后的第一份中报。 近日，青岛啤酒披露中期业绩报告。上半年，公司实现营收204.91亿元，同比提升2.11%；对应归母净利润同比增长7.21%至39.04亿元。 另外，由于第二季度大麦、包材等成本明显下降，青岛啤酒吨成本同比下滑5.1%，当季毛利率同比增长3.05个百分点至45.8%，超过一季度的41.64%。上 半年，青岛啤酒整体毛利率为43.7%。 数据显示，截至6月末，青岛啤酒共实现产品销量473.2万千升，同比增长2.3%。其中主品牌共实现产品销量271.3万千升，同比增长3.9%；中高端以上产 品实现销量199.2万千升，同比增长5.1%。 此前5月召开的股东大会上，青岛啤酒管理层表示，未来将加强南方市场的资源配置，提高完善产品丰富度及包装形式，把握即时零售渠道机会，通过机 制创新推动南方市场发展；且公司正积极通过即时零售及新兴零售渠道推广创新生鲜产品，现已具备一定基础相关产品线，覆盖不同价格带，期望能有更 大发展。 这一系列举措在中期财报中均有所体现。 报告期内，其研发上市轻干、樱花味白啤、浑浊IPA等多款新品；渠道端则积极拓展新渠道，即时零售业务强化闪电仓、开发酒专营等新业 ...

在啤酒市场需求扩容下，青岛啤酒交出了业绩"双增"的半年报。 日前，青岛啤酒发布今年半年报，数据显示，该公司上半年营收约204.91亿元，归母净利润约39.04亿 元，同比分别增加2.11%和7.21%。南都湾财社-酒水新消费指数课题组记者注意到，这是青岛啤酒"新 帅"姜宗祥任上首份半年报，相比去年营收节节下滑，目前青岛啤酒的营收数据转为"慢增长"。 不过，资本市场对青岛啤酒的业绩"不太买账"，27日起青岛啤酒A股连续两天下跌，28日收盘，个股报 68.41元/股跌1.13%；青岛啤酒港股26日开始下跌，截至28日午间收盘报50.3港元/股跌1.18%。 | | | | 甲位: 兀 中 :人民市 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年同 | | | (1-6月) | | 期增减(%) | | 营业收入 | 20,491,167,745 | 20,068,307,930 | 2.11 | | 利润总额 | 5,263,157,400 | 4,909,634,563 | 7.20 | | 归属于上市公司股东的净利润 | 3,904,3 ...

| | | | 单位: 元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年同 | | | (1-6月) | | 期增减(%) | | 营业收入 | 20,491,167,745 | 20.068.307.930 | 2.11 | | 利润总额 | 5.263.157.400 | 4.909.634.563 | 7.20 | | 归属于上市公司股东的净利润 | 3.904.325.353 | 3.641.652.772 | 7.21 | | 归属于上市公司股东的扣除非经 常性损益的净利润 | 3.631.640.266 | 3.426.521.909 | 5.99 | | 经营活动产生的现金流量净额 | 4.799.544.157 | 5.713.872.510 | -16.00 | | | 本报告期末 | 上年度末 | 本报告期末比上年 | | | | | 度末增减(%) | | 归属于上市公司股东的净资产 | 29.962,756,389 | 29.060.384.527 | 3.11 | | 总资产 | 52.369. ...

公司研究 证券研究报 告 青岛啤酒（600600）2025 年中报点评 强推（维持） 逆势稳增，布局修复 目标价：90 元、70 港元 事项： ❖ 公司发布 2025年半年报，25H1公司实现营业总收入 204.9亿元，同增 2.1%； 实现归母净利润 39.0 亿元，同增 7.2%；扣非后归母净利润为 36.3 亿元，同增 6.0%；25Q2 公司实现营业总收入 100.5 亿元，同增 1.3%；实现归母净利润 21.9 亿元，同增 7.3%；扣非后归母净利润为 20.3 亿元，同增 6.0%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 32,138 | 33,156 | 34,288 | 35,067 | | 同比增速(%) | -5.3% | 3.2% | 3.4% | 2.3% | | 归母净利润(百万) | 4,345 | 4,733 | 5,210 | 5,553 | | 同比增速(%) | 1.8% | 8. ...

Core Viewpoint - Qingdao Beer reported a strong performance in the first half of 2025, achieving growth in product sales, revenue, and net profit, driven by innovation and market expansion [1] Group 1: Financial Performance - In the first half of 2025, Qingdao Beer achieved product sales of 4.732 million kiloliters, a year-on-year increase of 2.3% [1] - The company reported operating revenue of 20.49 billion yuan, up 2.1% year-on-year [1] - Net profit attributable to shareholders reached 3.9 billion yuan, reflecting a 7.2% year-on-year growth, marking a historical high [1] Group 2: Product Innovation and Upgrading - Qingdao Beer accelerated the cultivation of major and innovative product categories, enhancing brand optimization and product structure [2] - The main brand achieved product sales of 2.713 million kiloliters, a 3.9% increase year-on-year, with mid-to-high-end products seeing a 5.1% growth [2] - New products launched during the period included "light dry, cherry-flavored white beer, hazy IPA, and whole wheat national trend," catering to diverse consumer demands [2] Group 3: Market Strategy and Channel Development - The company focused on domestic market growth, leveraging a full-channel strategy to achieve volume and profit growth across all categories [3] - Qingdao Beer enhanced its global brand influence through international market expansion and product distribution [3] - The company emphasized online channels and new retail formats, with instant retail business experiencing rapid growth for five consecutive years [3]

Core Viewpoint - Qingdao Beer Co., Ltd. reported steady growth in key operational metrics for the first half of 2025, driven by innovation and market expansion strategies, with a focus on enhancing brand influence and product structure [1][2][3]. Financial Performance - Total assets increased to CNY 52.37 billion, up 1.84% from the previous year [1]. - Net assets attributable to shareholders rose to CNY 29.96 billion, reflecting a 3.11% increase [1]. - Revenue for the period reached CNY 20.49 billion, a 2.11% increase year-on-year [1]. - Total profit amounted to CNY 5.26 billion, marking a 7.20% increase [1]. - Net profit attributable to shareholders was CNY 3.90 billion, up 7.21% compared to the same period last year [1]. - Basic and diluted earnings per share were both CNY 2.862, representing a 7.11% increase [1]. Market Strategy - The company emphasized innovation-driven high-quality development, leveraging its brand, quality, and distribution network to expand both domestic and international markets [1][2]. - Qingdao Beer maintained a strong position in mainstream channels while leading in emerging channels, with online sales continuing to grow significantly [2]. - The brand strategy focused on promoting the main brand alongside the secondary brand, Laoshang Beer, through sports and music marketing [2]. Product Development - The company launched several innovative products, including "Light Dry," "Sakura-flavored White Beer," and "Hazy IPA," catering to diverse consumer preferences [3]. - Sales of the main brand reached 2.713 million kiloliters, a 3.9% increase, with mid-to-high-end products achieving a 5.1% growth in sales [2][3]. Shareholder Information - As of the report date, the total number of shareholders was 85,449, with 85,212 holding A-shares and 237 holding H-shares [3].

智通财经8月26日讯（记者 朱万平）得益于产品结构升级、原材料成本下降等因素，青岛啤酒 （600600.SH）上半年营收增长约2%情况下，净利润同比增长约7%，实现了销量与利润双增长的核心 业绩目标。上半年，公司在山东等核心市场仍实现了销量上升，但在华南、东南等重点市场销量略降。 今日晚间，青岛啤酒公告称，今年上半公司实现营收204.9亿元，同比增长2.1%；归母净利润39.04亿 元，同比增长7.2%。受益于渠道拓展等因素，上半年，青岛啤酒实现销量473.2万千升，同比增长 2.3%，好于啤酒行业同期整体表现。 分季度来看，今年Q2青岛啤酒实现营收100.46亿元，同比增长1.28%；归母净利润为21.94亿元，同比增 长7.32%。在费用方面，上半年青岛啤酒销售费用和管理费用与去年同期基本持平；但因利率下降使得 利息收入同比减少，公司财务费用同比增加了约8300多万。 产品结构优化是青岛啤酒上半年的一大亮点。上半年，公司中高端以上产品销量达199.2万千升，同比 增长5.1%，公司中高端以上产品销量占公司整体销量的比例也提升至约42%。上半年，青岛啤酒研发上 市了"轻干、樱花味白啤、浑浊IPA及全麦国潮、 ...

Core Viewpoint - Qingdao Beer achieved a revenue of over 20.49 billion yuan in the first half of 2025, with a net profit growth of 7.2% despite a 0.3% decline in the overall beer industry [1][4][6] Financial Performance - Revenue for the first half of 2025 reached 20.49 billion yuan, representing a year-on-year increase of 2.11% [6] - Net profit attributable to shareholders was 3.904 billion yuan, up 7.21% year-on-year [6] - Net profit excluding non-recurring items was 3.632 billion yuan, reflecting a growth of 5.99% [6] - Basic earnings per share were 2.862 yuan, an increase of 7.11% compared to the previous year [6] - Net cash flow from operating activities was 4.799 billion yuan, down 16.00% year-on-year [3][6] Market Position and Strategy - Qingdao Beer maintained its market share through channel advantages, achieving a product sales volume of 4.732 million kiloliters, a 2.3% increase year-on-year, while the overall industry faced a decline [1][4] - The growth in profit was driven by continuous optimization of product structure, with mid-to-high-end product sales increasing by 5.1%, surpassing the overall sales growth [4] - The company is advancing its strategy of "Qingdao Beer main brand + Laoshan Beer as a national second brand," focusing on upgrading the product mix of the main brand [4] - The main brand's sales volume reached 2.713 million kiloliters, a 3.9% increase, with high-value mid-to-high-end products accounting for 1.992 million kiloliters, up 5.1% [4] Innovation and New Channels - The company is focusing on new consumer groups and demands by launching innovative products such as "light dry beer," "sakura-flavored white beer," and "hazy IPA" to meet diverse market needs [4] - Qingdao Beer is solidifying its market position in mainstream channels while leading in emerging channels, with significant growth in its instant retail business through new operational models [5]

Core Insights - Qingdao Beer reported a 2.3% year-on-year increase in product sales, reaching 4.732 million kiloliters in the first half of 2025 [1] - The company achieved a revenue of RMB 20.49 billion, reflecting a 2.1% year-on-year growth [1] - Net profit attributable to shareholders was RMB 3.9 billion, showing an increase compared to the previous year [1] Group 1 - The company continues to deepen its focus on the domestic market, prioritizing growth, supported by structural advantages and driven by innovation [1] - Qingdao Beer is enhancing its product portfolio by accelerating the cultivation of major products and innovative categories, while optimizing its brand and product structure [1] - The main brand's product combination strategy, "1+1+1+2+N," is being developed, with steady sales in classic series, Qingdao White Beer, high-end fresh 1L aluminum bottles, and ultra-high-end products [1] Group 2 - The company is targeting new growth opportunities by focusing on "new demographics, new demands, new products, new channels, and new scenarios" [1] - Continuous product innovation and upgrades are being pursued, with several new products launched during the reporting period, including "light dry, cherry-flavored white beer, hazy IPA, and whole wheat national trend" [1]