北京燕京啤酒股份有限公司投资者关系活动记录表 | | 力城市市场。 | | --- | --- | | | 4、关于"十五五" 规划推进与治理升级 | | | 答：公司在"十四五"圆满收官基础上，有序推进"十五五" | | | 规划编制与落地，核心聚焦四件大事：深化卓越管理体系建设、 | | | 深耕市场建设、加速供应链转型、大力度推进数字化建设。治理 | | | 改革方面，启动 ESG"领先"工程、治理"三化"工程、"四位 | | | 一体"管理融合创新工程、审计价值赋能提升工程及市值管理工 | | | 程，以更优治理为高质量发展奠定基础。 | | | 5、关于创新业务布局 | | | 答：为顺应年轻消费群体需求，公司今年持续推进"啤酒+ | | | 饮料"组合营销策略，以倍斯特汽水为创新支点，依托啤酒与汽 | | | 水在生产设备、供应链、餐饮及商超终端的高度协同优势，优先 | | | 切入火锅店、烧烤店、夜市等餐饮现饮场景，通过"倍爽倍欢乐" | | | 的情感共鸣强化品牌渗透。此举不仅满足消费者多样化选择，更 | | | 拓展了经销商经营范围，降低单一品类依赖，推动有限多元化战 | | 略落地。 | ...

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [4][7]. Core Viewpoints - Yanjing Beer is expected to continue its strong growth trajectory, particularly with its U8 product series, which has gained significant consumer recognition and is projected to maintain high growth rates in 2025 [1][4]. - The company is focusing on cost control and enhancing operational efficiency through a "multi-dimensional cost reduction and efficiency enhancement" model, leveraging supply chain collaboration and digital tools [2]. - Yanjing Beer plans to deepen its management system, strengthen market development, accelerate supply chain transformation, and push for digitalization as part of its strategic initiatives [3]. Financial Projections - The company anticipates a significant increase in net profit, with projections of 1.434 billion, 1.753 billion, and 2.054 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 35.9%, 22.2%, and 17.2% [4][6]. - Revenue is expected to grow from 14.213 billion yuan in 2023 to 15.653 billion yuan in 2025, with a compound annual growth rate of approximately 6.7% [6][4]. - The report highlights an improvement in profitability metrics, with the net profit margin projected to increase from 4.5% in 2023 to 11.8% in 2027 [6].