Core Insights - The relocation of China Resources Snow Beer headquarters to Shenzhen is viewed as a strategic move amid a significant industry adjustment, marking a shift from "scale expansion" to "value competition" in the Chinese beer market [1][10] Industry Overview - The Chinese beer industry has entered a prolonged period of declining production, with national beer output in November 2025 at 1.596 million kiloliters, a year-on-year decrease of 5.8%, indicating the end of the "volume growth" era and a shift towards "price growth" as a survival strategy for market participants [2][4] Company Performance - China Resources Snow Beer reported a slight revenue increase of 0.8% to 23.942 billion yuan in the first half of 2025, with a significant profit growth of 23% to 5.789 billion yuan and a record high gross margin of 48.9%, driven primarily by high-end product sales, which grew over 10% year-on-year [4] - Other companies in the industry, such as Qingdao Beer and Yanjing Beer, also reported revenue growth, with Qingdao Beer achieving 29.37 billion yuan in revenue, a 1.4% increase, and Yanjing Beer’s mid-year report showing a 9.32% increase in revenue from mid-range products [4] Market Dynamics - The relocation of the headquarters to Shenzhen is part of a broader strategy to optimize resources and align with national strategies, while also reflecting a changing market landscape, with the eastern region contributing over 40% of revenue and showing the highest profit growth [6] - The South China market is becoming increasingly competitive for high-end beer consumption, with major players like Budweiser and Qingdao Beer making significant investments in the region [6] Channel Transformation - The beer industry is experiencing a profound transformation in distribution channels, with traditional retail and dining channels growing steadily, while online platforms for instant retail are rapidly expanding, becoming a new engine for reaching younger consumers [7][9] - Companies are leveraging consumer data to drive product development, with China Resources Snow Beer launching an exclusive product in collaboration with Meituan, and other brands like Qingdao Beer and Budweiser enhancing their online presence and delivery efficiency [9]

Investment Rating - The report maintains a "Buy" rating for the company [4][14] Core Insights - The company is expected to benefit from strong reform momentum, with significant potential for national expansion of its U8 product line, projected to exceed 1.5 million tons in the future. The expansion of products priced at 10 yuan and above offers substantial growth opportunities, which may enhance product structure and profitability [2][10] - The beer industry is stabilizing, with leading regional players like Yanjing Beer showing advantages in market share growth through premium products. The report anticipates that the recovery of dining scenarios and terminal consumption will drive profitability through structural upgrades and price increases [10][22] Financial Summary - Total revenue is projected to grow from 14,213 million yuan in 2023 to 17,143 million yuan in 2027, with annual growth rates of 7.7%, 3.2%, 5.4%, 5.8%, and 4.9% respectively [3][11] - Net profit attributable to the parent company is expected to rise from 645 million yuan in 2023 to 2,319 million yuan in 2027, reflecting growth rates of 83.0%, 63.7%, 52.7%, 24.0%, and 16.1% respectively [3][11] - Earnings per share (EPS) is forecasted to increase from 0.23 yuan in 2023 to 0.82 yuan in 2027 [3][11] Business Strategy and Market Position - The company is undergoing comprehensive reforms aimed at enhancing management efficiency and operational effectiveness, which have already led to significant improvements in sales and profitability. The net profit margin is projected to increase from 1.9% in 2021 to 7.2% in 2024 [10][37] - The U8 product line is expected to continue its growth trajectory, with a potential to become a major contributor to sales, targeting a volume of over 1 million tons by 2026 [10][14] - The company is also focusing on expanding its high-end product offerings, which are anticipated to further optimize its product structure and profitability [10][14]

证券日报网12月25日讯 ，燕京啤酒在接受投资者提问时表示，公司以研发变革驱动产品升级焕新，依 靠拥有的国家级技术中心、国家级实验室和雄厚的技术力量，顺应市场需求，持续加大新产品研发力 度，满足消费者的个性化、多元化的消费需求。公司开发燕京U8、V10白啤等全国战略单品，相继孵化 无醇白啤、干啤等差异化特色单品，形成了覆盖大众、中端、中高端市场的产品结构，培育出兼具市场 穿透力与品牌辨识度的大单品矩阵，布局细分市场，"研发一批、上市一批、储备一批"的创新模式更加 成熟。 （编辑 丛可心 王雪儿） ...

近日，北京燕京啤酒股份有限公司（以下简称"燕京啤酒"）发布投资者关系活动记录表，公司于2025年 12月25日在公司会议室接待了机构调研。此次调研活动类别为特定对象调研及电话会议，参与机构包括 中信资管、广发证券共2家机构，合计4人；公司由副总经理、董事会秘书、总法律顾问徐月香负责接待 并回答相关问题。调研中，公司就"十四五"成绩及"十五五"规划、市场建设、数字化转型、产品研发等 核心议题与机构进行了深入交流。 十四五业绩亮眼，十五五规划聚焦高质量发展 谈及"十四五"期间的表现，燕京啤酒表示，过去五年是公司重要的战略重构期，增长和变革成为核心标 签。通过以强大品牌、夯实渠道、培育客户、深耕市场、精实运营为主要发展路径，公司组织内生动力 与活力得到深层次激活，业绩呈现稳步提升态势，主要经济指标连续五年实现增长，且增幅领跑行业， 展现出良好的增长韧性。 对于"十五五"规划，公司正有序推进编制工作，将继续以"二次创业、复兴燕京"为主基调，以改革创新 为根本动力，巩固和延续向好发展态势，全力打造高质量发展新格局。 市场建设双引擎驱动，渠道覆盖与渗透率提升 在市场建设方面，燕京啤酒以"全渠道融合+区域深耕"为双引擎系统 ...

证券代码：000729 证券简称：燕京啤酒 北京燕京啤酒股份有限公司投资者关系活动记录表 编号：2025-16 | 投资者关系活动 | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | √其他 电话会议 | | 参与单位名称及 | 景顺长城基金： 肖峰 张欢 徐亦达 | | 人员姓名 | 广发证券：郝宇新 | | 2 | 家机构共计 4 人 | | 时间 2025 | 年 12 月 25 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书、总法律顾问：徐月香 | | 员姓名 | | | | 1、介绍公司概况 | | | 2、关于"十四五"总结及"十五五"展望 | | | 答：公司围绕"十四五"发展规划，持续推进九大变革，不 | | | 断强化卓越管理体系建设、市场建设、供应链建设、数字化信息 | | | 化建设等重点工作，充分发挥总部职能，采取总分联动的方式切 | | | 实调动分子公司积极性，统筹资源配置，激发市场活力，大力提 | | 投资者关系活动 | 升管理质 ...

Group 1: Strategic Achievements - The "14th Five-Year Plan" is a crucial strategic restructuring period for Yanjing Beer, focusing on transformation and strong brand development, resulting in continuous growth in key economic indicators for five consecutive years [2][3] - The implementation of a major product strategy has effectively upgraded the product structure, with significant improvements in operational efficiency and development quality [2][3] Group 2: Transformation Initiatives - The company views transformation as essential for survival and development, emphasizing ideological, governance, organizational, operational, production, marketing, research and development, and cultural changes to enhance management effectiveness and team vitality [2][3] - A robust organizational mechanism has been established to activate internal motivation and vitality, marking growth and transformation as key themes during the "14th Five-Year Plan" [2][3] Group 3: Major Product Strategy - Yanjing Beer is committed to advancing the major product strategy centered around Yanjing U8, increasing the proportion of mid-to-high-end products, which has positively impacted product structure optimization and profitability [4] - The Yanjing U8 has received widespread consumer acclaim, maintaining strong growth since its launch, and is recognized as one of the most promising national products in recent years [4] Group 4: ESG Governance and Management - The company integrates ESG principles into its development strategy and operations, establishing a "green brewing-responsible supply chain-value co-creation" system to promote sustainable and high-quality development [5][6] - Achievements include certifications in ESG management, compliance management, innovation management, and anti-bribery management systems, reflecting a significant upgrade in governance capabilities [6]

Core Insights - The Chinese beer industry is undergoing a transformation from scale expansion to quality enhancement, with Yanjing Beer leading this change through a "second entrepreneurship" initiative and a commitment to "reviving Yanjing" [1][2] - Yanjing Beer has achieved continuous growth in sales, revenue, and profit, with net profit increasing from 197 million in 2020 to 1.056 billion in 2024, and brand value surpassing 237.9 billion, earning a spot in the "Asia's 500 Most Valuable Brands" [1][14] Transformation and Strategy - Yanjing Beer is implementing a comprehensive transformation involving nine major reforms across various aspects such as ideology, organization, mechanism, production, operation, marketing, research and development, culture, and governance [2][4] - The company has established a new organizational structure to enhance operational efficiency, focusing on five key centers: production, marketing, supply chain, accounting evaluation, and technology research and development [5][7] Market Positioning - Yanjing Beer is focusing on high-end products and new consumer trends, with the Yanjing U8 product becoming a significant success, achieving a sales volume increase from 110,000 kiloliters in 2020 to nearly 700,000 kiloliters in 2024, reflecting a compound annual growth rate of 62% [8][10] - The company has successfully increased the proportion of mid-to-high-end products from less than 60% in 2020 to 67.01% in 2024, with expectations to exceed 70% in the first half of 2025 [10][13] Financial Performance - Yanjing Beer has shown strong financial resilience, achieving a beer sales volume of 4.0044 million kiloliters and revenue of 14.667 billion in 2024, with net profit reaching 1.056 billion [13] - The company's gross profit margin has improved from 39.19% in 2020 to 45.66% in the first half of 2025, driven by the optimization of high-end product structures and effective supply chain management [13][14] Brand Value and Recognition - Yanjing Beer has been recognized for its brand value, ranking 237.916 billion in the "China's 500 Most Valuable Brands" list and maintaining its position in "Asia's 500 Most Valuable Brands" [14] - The company has embraced a new positioning as "China's own beer," showcasing the quality and charm of Chinese manufacturing through various initiatives, including ESG management and carbon footprint reporting [14][15]

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [3][8]. Core Insights - The food and beverage industry experienced a slight revenue increase of 0.17% year-on-year in the first three quarters of 2025, but the net profit attributable to shareholders declined by 4.58% [3][15]. - The third quarter of 2025 saw a significant decline in both revenue and profit, with revenues dropping by 4.75% year-on-year and net profits decreasing by 14.61% [3][15]. - The report highlights that the macroeconomic policies aimed at boosting domestic demand are expected to lead to a recovery in performance and valuation for the food and beverage sector [16]. Summary by Sections 1. Industry Overview - The food and beverage sector's overall revenue for the first three quarters of 2025 was CNY 8309.16 billion, with a net profit of CNY 1711.64 billion [3][15]. - The third quarter alone generated revenue of CNY 2500.62 billion, with a net profit of CNY 434.96 billion [3][15]. 2. Subsector Performance 2.1 Baijiu (Chinese liquor) - The baijiu sector faced significant pressure, with revenues and net profits declining in the third quarter of 2025 [24]. - Major brands like Moutai and Fenjiu performed relatively well despite the overall downturn [24]. - The report notes a 20%-30% decline in sales during traditional festive periods, with regional variations in performance [24]. 2.2 Beer - The beer sector maintained steady demand, achieving a revenue of CNY 620.52 billion in the first three quarters, up 2.02% year-on-year, and a net profit of CNY 94.84 billion, up 11.82% [29]. - The third quarter saw revenues of CNY 203.20 billion, with a net profit increase of 11.30% [29]. 2.3 Snacks - The snack sector showed positive growth, with revenues and net profits increasing in the third quarter [3][29]. 2.4 Soft Drinks - The soft drink sector experienced a strong performance, particularly in the third quarter, with leading companies showing significant growth [3][29]. 2.5 Dairy Products - The dairy sector continued to face demand challenges, but there were signs of marginal improvement as raw milk prices stabilized [4][29]. 2.6 Condiments - The condiment sector is undergoing intense competition, but leading companies are outperforming the overall market [4][29]. 3. Investment Recommendations - The report suggests focusing on resilient companies with strong growth potential, such as Dongpeng Beverage, Yili, and Moutai, among others [8][24].

Core Insights - The Chinese beer industry has evolved significantly over the past century, transitioning from traditional brewing to industrial production, and has been the world's largest producer and consumer of beer since 2002 [1][2][3] - The industry is now facing a period of stock competition, with a need for innovation and quality improvement to maintain international competitiveness [1][4] Historical Development - The first Chinese brewery was established in Harbin in 1900, followed by others in major cities, leading to the emergence of local brands [2] - The beer industry saw rapid growth post-1949, with significant expansion in production and variety, particularly after the implementation of the "beer special project" in 1985 [2][3] - By 1993, China surpassed Germany in beer production, and by 2002, it became the world's largest beer producer with a total output of 24.03 million tons [2][3] Market Dynamics - The industry has entered a phase of stock competition since 2013, with a decline in traditional beer demand due to demographic shifts and changing consumer preferences towards healthier options [3][4] - The proportion of consumers aged 60 and above has increased, while the main consumer group (ages 20-40) has decreased, leading to a natural decline in beer production [3] Competitive Landscape - The market is highly concentrated, with major brands like China Resources, Tsingtao, and Yanjing holding over 70% of the market share [4] - Companies are shifting focus from expansion to high-quality development, adapting to new consumer trends and demands [4][5] Consumer Trends - There is a noticeable shift in consumer preferences towards high-end, refined, and diversified beer products, prompting companies to innovate in flavors and marketing strategies [5][6][9] - The rise of craft beer reflects a growing consumer desire for unique flavors and experiences, with many new entrants in the market [12][13] Pricing and Revenue - The average selling price of beer has become a key driver for revenue growth, with companies targeting the premium market segment [8] - Major brands have reported significant growth in mid-to-high-end product sales, indicating a successful transition towards premiumization [8] Sustainability and Innovation - The industry is increasingly focusing on sustainability, with initiatives aimed at reducing carbon emissions and improving water efficiency [21][22][23] - Companies are investing in advanced technologies and practices to enhance production efficiency and environmental responsibility [25][26] Supply Chain Challenges - The beer industry faces challenges related to raw material supply, particularly barley and hops, which are heavily imported [30][35][36] - Efforts are being made to improve domestic production and quality of these essential ingredients to ensure supply chain security [35][36] Future Outlook - The industry is expected to continue evolving with a focus on innovation, quality, and sustainability, aiming to enhance its global competitiveness [37][38] - There is a strong emphasis on cultural branding and international market penetration to elevate the global presence of Chinese beer brands [38]

Core Viewpoint - The article discusses the challenges faced by Budweiser APAC in the Chinese beer market, highlighting the need for strategic reforms under the new CEO, Cheng Yanjun, to address declining sales and market share [1][18]. Group 1: Performance Overview - Budweiser APAC has experienced a continuous decline in beer sales for eight consecutive quarters, with a 3.1% drop in the Chinese market during Q4 2023 [3][4]. - In 2024, the company reported an 8.8% decline in beer sales and a 7% decline in revenue, with the Chinese market seeing an 11.8% drop in sales and a 13% drop in revenue [3][4]. - For the first nine months of 2025, Budweiser APAC's beer sales were 6.614 billion liters, down 7% year-on-year, and revenue was $4.691 billion, down 6.6% [4][5]. Group 2: Market Challenges - The company faces significant challenges in the Chinese market due to a shift in consumer preferences towards non-drinking channels, which now account for over 60% of beer sales, surpassing traditional drinking channels [11][12]. - Budweiser APAC's market share in China decreased by 149 basis points in 2024, and it lost its position as the revenue leader in the Chinese beer industry to China Resources Beer [12][13]. - The company has struggled to adapt to the fast-growing 8-10 yuan price segment, where local brands have gained a strong foothold [12][13]. Group 3: Strategic Changes - Cheng Yanjun, the new CEO, has initiated a comprehensive reform strategy focusing on regaining market share and enhancing the company's presence in non-drinking channels [15][18]. - The company aims to leverage its Budweiser and Harbin brands, with Budweiser maintaining a premium positioning and Harbin targeting the core price segment [15][18]. - Despite some initial improvements in Q2 2025, the company reported a further decline in revenue and sales in Q3 2025, indicating the complexity of the market environment [16][18]. Group 4: Future Outlook - The effectiveness of the new strategies implemented by Cheng Yanjun will be critical in determining Budweiser APAC's performance in 2026, as the company navigates the challenges of adapting to local market dynamics [18][19].