8月10日，燕京啤酒发布2025年上半年财报。披露公司上半年实现营业收入85.58亿元，同比增长6.37%；啤酒销量（含托管经营）235.17万千升，同比增长 2.03%；归母净利润11.03亿元，同比增长45.45%。 | 产品 | 营业收入 | 比上年同 | 营业成本 | 比上年同期 | 毛利率 | | --- | --- | --- | --- | --- | --- | | | (万元) | 期增减 | (万元) | 增减 | | | 中高档产品 | 553,577.02 | 9.32% | 267,329.84 | 6.25% | 51.71% | | 普通产品 | 236,006.52 | 1.56% | 161,702.16 | 2.80% | 31.48% | | 地区 | 2024 年末数量 | 新增数量 | 减少数量 | 2025 年 | | --- | --- | --- | --- | --- | | 国内区域 | 8632 | 1017 | 1100 | | | 合计 | 8632 | 1017 | 1100 | | 图片来源：企业公告截图 公司推进"百县工程"深化市场形态升级，启动 ...

Group 1 - The company achieved a total revenue of 14.667 billion yuan in 2024, representing a year-on-year growth of 3.20%, and a net profit attributable to shareholders of 1.056 billion yuan, which saw a significant increase of 63.74% [1] - The beer sales volume reached 4.0044 million kiloliters, with a year-on-year increase of 1.57%, driven primarily by the strong performance of the flagship product, Yanjing U8, which sold 696,000 kiloliters, up 31.40% [2] - The company's strategic adjustments since 2022, focusing on product structure optimization and channel refinement, have led to a substantial increase in operating profit by 56.96% and total profit by 51.26% [2] Group 2 - The craft beer market is expected to exceed 100 billion yuan by 2025, with a penetration rate of 6.3%, but the industry remains fragmented with a low concentration (CR5 below 20%) [3] - Yanjing's craft beer series faces competition from both domestic brands like Youbrew and foreign brands like Goose Island, with a market share of only 1.2% in 2024 [3] - The company's growth model relies on regional focus and single product breakthroughs, which may help avoid pressure from leading companies in the short term, but long-term challenges include a limited product line and low management efficiency [3]