Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company achieved a revenue of 8.56 billion yuan in H1 2025, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.1 billion yuan, up 45.5% year-on-year [1][5] - The beer sales volume increased by 2% to 2.352 million kiloliters, with revenue per kiloliter rising by 4.3% to 3,639.2 yuan, indicating a strong performance against the industry backdrop where production declined by 0.3% [1][2] - The company is focusing on high-end product growth, with mid-to-high-end product revenue growth reaching 9.3%, increasing its revenue share from 68.5% in H1 2024 to 70.1% in H1 2025 [2][3] Financial Performance - The company is projected to achieve revenues of 15.526 billion yuan, 16.389 billion yuan, and 17.260 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.436 billion yuan, 1.794 billion yuan, and 2.085 billion yuan [3][4] - Earnings per share (EPS) are expected to be 0.51 yuan, 0.64 yuan, and 0.74 yuan for the years 2025, 2026, and 2027 respectively [4][3] - The company’s gross margin is projected to improve from 37.6% in 2023 to 44.1% in 2027, indicating a positive trend in profitability [9][4] Market Strategy - The company is implementing a "Hundred Cities Project" to enhance market penetration, aiming to deepen high-end market development in mature markets while accelerating distribution in growth markets [2][3] - The number of distributors has increased to 8,549, a net addition of 157 compared to H1 2024, reflecting the company's commitment to expanding its distribution network [2][3]

| 最新收盘价（元） | 13.12 | | --- | --- | | 总股本/流通股本（亿股）28.19 | / 25.10 | | 总市值/流通市值（亿元）370 | / 329 | | 52 周内最高/最低价 | 14.36 / 9.02 | | 资产负债率(%) | 32.1% | | 市盈率 | 34.99 | | 第一大股东 | 北京燕京啤酒投资有限 | | 公司 | | 研究所 股票投资评级 买入|维持 个股表现 2024-08 2024-10 2025-01 2025-03 2025-05 2025-08 -13% -7% -1% 5% 11% 17% 23% 29% 35% 41% 燕京啤酒 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：食品饮料 | 公司点评报告 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 燕京啤酒(000729) 25Q2 扣非净利润略超预期，改革红利持续 ...

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].

Group 1: Company Strategy and Planning - The company is currently evaluating the "14th Five-Year Plan" and preparing for the "15th Five-Year Plan," aiming for continuous performance growth and achieving the "Five Battles, Five Victories" goal [2][3] - Key focus areas include enhancing management systems, deepening market development, accelerating supply chain transformation, and advancing digitalization [3][10] - The company is committed to improving governance through five major initiatives, including ESG construction and value management [3][10] Group 2: Human Resource Development - The company achieved a "double improvement" in personnel quality and average income during the "14th Five-Year Plan" period, supporting sustainable development [3][10] - A comprehensive talent management system will be established, focusing on recruitment, training, and retention to build a competitive workforce [3][10] Group 3: Product Strategy - The company has implemented a major product marketing strategy, with key products like Yanjing U8 and V10 showing significant sales growth [4][5] - In 2024, Yanjing U8 sales reached 696,000 hectoliters, a year-on-year increase of 31.4% [5] - Future growth strategies for Yanjing U8 include enhancing product quality, increasing market penetration, and leveraging new retail partnerships [5][6] Group 4: Market Development - The company emphasizes the development of emerging markets as a key growth strategy, focusing on high-capacity and high-growth potential areas [6][10] - Initiatives include the "Hundred Counties Project" and "Hundred Cities Project" to enhance market visibility and product accessibility [6][10] Group 5: Cost Management - The beer industry is experiencing a historic cost reduction cycle, with lower prices for key raw materials [7][10] - The company aims to optimize procurement costs and enhance production efficiency through a "multi-dimensional cost reduction" model [7][10] Group 6: Online Channel Development - New retail channels are rapidly emerging, driven by consumer demand for convenience [8][9] - The company plans to strengthen partnerships and optimize product offerings to enhance market competitiveness [8][9] Group 7: Industry Trends - The Chinese beer industry is undergoing significant transformation, characterized by premiumization, refined cost control, and digital restructuring [10][11] - The company aims to maintain growth and competitive advantage through strategic restructuring and operational efficiency improvements [10][11] Group 8: Beverage Diversification - The company has launched a "beer + beverage" marketing strategy to cater to younger consumers, enhancing brand influence and market share [12][13] - This strategy leverages existing operational experience in beverage sales to reduce reliance on single product categories [12][13]