Investment Rating - The report maintains a "Buy" rating for Yanjing Beer (000729.SZ) [6] Core Views - The company achieved a strong start in Q1 2025, with total revenue of 3.827 billion yuan, a year-on-year increase of 6.69%, and a net profit attributable to shareholders of 165 million yuan, up 61.10% year-on-year [1] - The main product U8 continues to grow at over 30%, supported by high-quality development and strategic reforms [1] - The company is focusing on digital transformation and supply chain improvements to enhance profitability [2] - The report projects significant growth in net profit for 2025-2027, with expected increases of 37.1%, 23.9%, and 21.4% respectively, reaching 1.45 billion yuan, 1.79 billion yuan, and 2.18 billion yuan [3] Financial Performance - In Q1 2025, the gross margin was 42.79%, an increase of 5.61 percentage points year-on-year, attributed to the rapid growth of mid-to-high-end products [2] - The net profit margin improved by 1.46 percentage points to 4.32% [2] - The company’s revenue is projected to grow from 14.213 billion yuan in 2023 to 18.378 billion yuan in 2027, with a compound annual growth rate of approximately 6.6% [5] - The earnings per share (EPS) is expected to rise from 0.23 yuan in 2023 to 0.77 yuan in 2027 [5] Strategic Initiatives - The company is committed to high-quality development, focusing on optimizing product structure and sales channels, and enhancing high-end and youth-oriented strategies [3] - The implementation of nine major reforms and digital empowerment is expected to further improve operational efficiency [3] - The company aims to build a sustainable supply chain ecosystem by enhancing safety, compliance, and supplier empowerment [2]

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [6] Core Views - The company achieved a strong start in Q1 2025, with total revenue of 3.827 billion yuan, a year-on-year increase of 6.69%, and a net profit attributable to shareholders of 165 million yuan, up 61.10% year-on-year [1] - The main product U8 continues to grow at over 30%, supported by high-quality development and strategic reforms [1][3] - The company is focusing on digital transformation and supply chain improvements to enhance profitability [2] Financial Performance - In Q1 2025, the gross margin was 42.79%, an increase of 5.61 percentage points year-on-year, attributed to the rapid growth of mid-to-high-end products [2] - The net profit margin increased by 1.46 percentage points to 4.32%, indicating a steady improvement in profitability [2] - The company forecasts net profits for 2025-2027 to grow by 37.1%, 23.9%, and 21.4% respectively, reaching 1.45 billion, 1.79 billion, and 2.18 billion yuan [3] Strategic Initiatives - The company is committed to high-quality development, focusing on optimizing product structure and sales channels, and enhancing high-end and youth-oriented strategies [3] - Digital empowerment and all-channel sales are key areas of focus, with expectations for improved operational efficiency [3] - The company aims to build a sustainable supply chain ecosystem through collaboration with upstream and downstream partners [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-50 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 董事、监事、高级管理人员是否存在对季度报告内容存在异议或无法保证其真实、准确、完整的情况 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 □是 √否 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 二、股东信息 （一） 普通股股东总数和表决权恢复的优先股股东数量及前十名股东持股情况表 单位：股 公司不存在其他符合非经常性损益定义的损益项目的具体 ...

上 市 公 司 食品饮料 2025 年 04 月 24 日 燕京啤酒 (000729) ——2024 年圆满收官 2025Q1 实现开门红 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 24 日 | | --- | --- | | 收盘价（元） | 12.62 | | 一年内最高/最低（元） | 13.68/8.10 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 0.79 | | 流通 A 股市值（百万元） | 31,671 | | 上证指数/深证成指 | 3,297.29/9,878.32 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.25 | | 资产负债率% | 32.81 | | 总股本/流通 A 股（百万） | 2,819/2,510 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12- ...

燕京啤酒（000729.SZ）2024 年年报点评 核心财务指标持续改善，改革逻辑加速兑现 2025 年 04 月 24 日 ➢ 事件：2025 年 4 月 21 日，公司发布 2024 年年报。2024 年公司实现总营 收 / 归 母 净 利 润 / 扣 非 归 母 净 利 润 146.67/10.56/10.41 亿元， 分 别 同 比 +3.20%/+63.74%/+108.03%。经测算，24Q4 公司实现总营收/归母净利润/扣 非归母净利润 18.21/-2.32/-2.21 亿元，营收同比+1.32%，归母口径利润减亏 0.79 亿元，扣非归母口径减亏 1.45 亿元。 ➢ 销量跑赢大盘，U8 势能维持。24 年公司啤酒营收同比增 1.0%，其中销量 同比+1.6%至 400 万千升（同期我国规上啤酒企业总产量同比-0.6%），销量跑 赢大盘。结构端看，中高档产品营收同比+2.2%至 88.7 亿元，占啤酒营收比重 同比+0.7pct，其中 U8 销量同比+31%至 70 万千升，维持良好势能。24 年吨 价同比微降 0.6%，我们预计与 24Q4 货折兑付节奏有关。其他业务收入合计同 比+29% ...

北京燕京啤酒股份有限公司 2025 年第一季度报告 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-50 北京燕京啤酒股份有限公司 □是 √否 一、主要财务数据 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 董事、监事、高级管理人员是否存在对季度报告内容存在异议或无法保证其真实、准确、完整的情况 □是 √否 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经审计 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 | | 本报告期 | 上年同期 | 本报告期比上年 同期增减（%） | | --- | --- | --- | --- | | 营业收入（元） | 3,826,830,012.83 | 3,586,956,685.47 | 6 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][7]. Core Views - The company achieved a revenue of 14.67 billion yuan in 2024, representing a year-on-year growth of 3.2%, while net profit increased by 63.7% to 1.06 billion yuan [3][11]. - The core product, Yanjing U8, saw a sales growth rate of 31.4%, becoming a key driver of performance growth [4][12]. - The company is expected to continue benefiting from ongoing reforms, which are anticipated to enhance management efficiency and profitability [7][14]. Financial Performance - The revenue from the beer business rose by 1.0% year-on-year to 13.23 billion yuan, with a gross profit margin of 42.6% [4][13]. - The company plans to distribute a cash dividend of 1.90 yuan per 10 shares, resulting in a total cash dividend payout of 536 million yuan [3][11]. - The projected net profits for 2025, 2026, and 2027 are 1.44 billion yuan, 1.49 billion yuan, and 1.52 billion yuan, respectively, with corresponding EPS of 0.51 yuan, 0.53 yuan, and 0.54 yuan [7][10]. Market Position and Strategy - The company has successfully optimized its product structure, with medium-high-end beer accounting for 67.0% of revenue [4][12]. - The number of dealers increased to 8,632, reflecting the company's expansion strategy across various channels [6][14]. - The company has effectively controlled costs, leading to improved profitability metrics, including a net profit margin of 9.0% [5][13].

4月22日 ， 燕京啤酒（ 000729） （证券代码：000729.SZ）披露《2024年度可持续发展报告》，系统展 现公司在环境、社会与治理（ESG ）领域的战略导向与实践成果。作为中国民 族啤酒工业的代表性企 业，燕京啤酒 坚定以高质量发展为目标，以可持续发展战略为引擎，打造全流程、系统化的ESG 治理 体系，成为国内首家通过ESG 管理体系认证的啤酒企业，在推动产业绿色转型、共建责任生态方面迈 出关键步伐。 2024年，公司各项主要经济指标持续向好，实现营业收入146.67亿元，同比增长3.2%；归母净利润 10.57亿元，同比增长63.74%。在经营稳健增长的基础上，燕京啤酒将可持续理念深度嵌入公司治理、 生产运营、技术创新、品牌管理等各个环节，探索出一条以ESG构筑核心竞争力的转型路径。 党建引领发展 以"红色引擎"驱动企业高质量转型 在推动可持续发展进程中，燕京啤酒以党建为引领，深化"红色引擎"作用，将党建全面融入公司治理、 生产经营与文化建设。2024年，公司系统构建"党建融入治理、强化思想引领、夯实组织基础、聚焦队 伍建设、着力载体创新"五大举措，打造以"燕京红燕"为核心的党建品牌，推动党建 ...

Core Viewpoint - Yanjing Beer has reported record high revenue and net profit for 2024, demonstrating strong growth, resilience, and potential in a challenging beer industry environment, positioning itself as a benchmark for growth amid market competition [1]. Financial Performance - In 2024, Yanjing Beer achieved operating revenue of 14.67 billion yuan, a year-on-year increase of 3.20% [4]. - Operating profit reached 1.61 billion yuan, up 56.96% year-on-year [4]. - Total profit amounted to 1.57 billion yuan, reflecting a 51.26% increase [4]. - The net profit attributable to shareholders was 1.06 billion yuan, marking a 63.74% rise, while the net profit after deducting non-recurring gains and losses was 1.04 billion yuan, up 108.03% [4]. Product and Market Development - Yanjing Beer is focusing on a "premiumization and youth-oriented" strategy, developing a multi-tiered product matrix and rapidly launching new products to align with consumer trends [6]. - The company has upgraded its sales channels and achieved a beer sales volume of 4.00 million kiloliters, a 1.57% increase year-on-year, with Yanjing U8 sales reaching 696,000 kiloliters, up 31.40% [9]. Management and Operational Efficiency - Yanjing Beer has integrated ESG principles into its core strategy, establishing a "green brewing-responsible supply chain-value co-creation" system to promote sustainable and high-quality development [11]. - The company has enhanced its production management structure and implemented advanced tools to improve quality control and cost efficiency [11]. - In supply chain management, Yanjing Beer has digitized its logistics and procurement processes, enhancing overall supply chain management capabilities [13]. Future Outlook - Yanjing Beer aims to maintain strategic focus and confidence in development, preparing for a strong finish to the 14th Five-Year Plan and a solid start to the 15th Five-Year Plan, ensuring sustainable high-quality growth [15].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][7]. Core Views - The company achieved a revenue of 14.67 billion yuan in 2024, representing a year-on-year growth of 3.2%, while net profit increased by 63.7% to 1.06 billion yuan [3][11]. - The core product, Yanjing U8, saw a sales growth rate of 31.4%, becoming a key driver of performance growth [4][12]. - The company is expected to continue benefiting from cost control and operational efficiency improvements, with projected net profits for 2025-2027 of 1.44 billion, 1.49 billion, and 1.52 billion yuan respectively [7][14]. Financial Performance - The beer business revenue rose by 1.0% year-on-year to 13.23 billion yuan, with a gross profit margin of 42.6% [4][13]. - The company plans to distribute a cash dividend of 1.90 yuan per 10 shares, resulting in a total cash dividend payout of 536 million yuan [3][11]. - The gross margin improved by 3.1 percentage points to 40.7%, and the net margin increased by 3.0 percentage points to 9.0% [5][13]. Market Position and Strategy - The company has made significant progress in product structure upgrades, with medium-high-end beer accounting for 67.0% of revenue [4][12]. - The number of dealers increased to 8,632, reflecting a successful expansion strategy [6][14]. - The company is focusing on national market layout and omni-channel expansion to enhance operational efficiency [6][14].