[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 青岛啤酒(600600)公司点评报告 2025 年 08 月 28 日 [Table_Title]销量稳健增长，成本红利释放 ——青岛啤酒 2025 年中报点评 [Table_Summary] 事件 公司公告 2025 年中报。25H1，公司实现总营收 204.91 亿元，同比+2.11%， 归母净利39.04亿元，同比+7.21%，扣非归母净利36.32亿元，同比+5.99%。 25Q2，公司实现总营收 100.46 亿元，同比+1.28%，归母净利 21.94 亿元， 同比+7.32%，扣非归母净利 20.29 亿元，同比+6.02%。 销量稳健增长，产品结构升级 1）上半年销量稳健增长，中高端以上销量占比持续提升。25H1，公司实现 产品销量 473.2 万千升，同比+2.3%；青岛主品牌实现销量 271.3 万千升， 同比+3.9%，其中中高端以上产品销量 199.2 万千升，同比+5.1%，中高端 以上销量占比同比提升 1.1pct 至 42.1%。25Q2，总销量 247.1 万千升，同 比+1.0%；青岛品牌销量 13 ...

Core Insights - Qingdao Beer achieved a revenue of 20.49 billion yuan in H1 2025, a year-on-year increase of 2.1%, and a net profit attributable to shareholders of 3.9 billion yuan, up 7.2% year-on-year [1] - The company reported a steady growth in sales volume and continued structural upgrades, with H1 2025 sales volume reaching 4.73 million kiloliters, a 2.3% increase year-on-year [2] Revenue and Profitability - In H1 2025, the sales price per kiloliter was 4,330 yuan, a slight decrease of 0.1% year-on-year, while the sales volume for Q2 2025 was 1.005 billion yuan, up 1.3% year-on-year [2] - The gross profit margin for H1 2025 was 43.7%, an increase of 2.09 percentage points year-on-year, attributed to a decline in raw material prices [3] Strategic Developments - The company has implemented a new product strategy focusing on a combination of classic, pure, and white beers, while also expanding into fresh beer products and high-end offerings [4] - The new management emphasizes sales growth as a primary goal, with a focus on enhancing market share and exploring new consumption scenarios in southern markets [4] Market Expansion - Qingdao Beer is actively expanding into potential overseas markets, including South Korea, Mongolia, Kazakhstan, and West Africa, to drive overall sales growth [4] - The company has seen significant growth in its online business and new retail formats, achieving high transaction growth for five consecutive years [2] Financial Forecast - The net profit forecasts for 2025-2027 have been adjusted to 4.722 billion, 5.043 billion, and 5.294 billion yuan respectively, reflecting a slight downward revision due to soft beer consumption [5] - The company maintains a strong channel and brand advantage in the beer industry, with a "buy" rating upheld [5]