Core Insights - Yanjing Beer reported a total revenue of 14.667 billion yuan for the year 2024, representing a year-on-year growth of 3.20%, while net profit reached 1.056 billion yuan, up 63.74% year-on-year [1] - Despite strong financial performance, the growth rates for both revenue and net profit have declined compared to 2023 [1] - In Q4, Yanjing Beer achieved an operating income of 1.82 billion yuan, a 1.3% increase year-on-year, and reduced its net loss from 311 million yuan to 232 million yuan [1] Revenue and Profit Performance - The flagship product, Yanjing U8, saw a significant sales increase, reaching 696,000 kiloliters, a growth of 31.4% year-on-year, and is expected to maintain over 30% growth in Q1 2025 [1] - The company experienced a notable change in cash flow, with a net cash flow from investment activities of -2.861 billion yuan, a decline of 212.35% year-on-year, primarily due to increased cash outflows from investment products and time deposits [1] Future Plans and Dividends - For 2025, Yanjing Beer plans to invest approximately 1.5 billion yuan in development projects, including technological upgrades and new enterprises, to be funded through self-raised capital and bank loans [2] - The company announced a cash dividend of 1.9 yuan per 10 shares (including tax), amounting to 536 million yuan, which represents 50.73% of the net profit for 2024 [2] - Yanjing Beer anticipates a Q1 2025 profit of between 160 million and 172 million yuan, reflecting a year-on-year increase of 55.96% to 67.66% [2]

Core Viewpoint - Yanjing Beer reported a growth in revenue and net profit for 2024, but the growth rates have slowed compared to previous years, indicating challenges in maintaining momentum in a competitive market [1][3][4]. Financial Performance - In 2024, Yanjing Beer achieved a revenue of approximately 14.667 billion yuan, representing a year-on-year growth of 3.2% [4][5]. - The net profit attributable to shareholders was about 1.056 billion yuan, showing a significant increase of 63.74% year-on-year [4][10]. - The growth rates for both revenue and net profit have declined compared to 2023, where revenue grew by 7.66% and net profit by 83.02% [4][5]. Sales Volume - The total beer sales volume for 2024 reached 4.0044 million kiloliters, with a modest year-on-year growth of 1.57% [1][6]. - This growth rate is a slowdown compared to previous years, where sales growth was over 4% in both 2022 and 2023 [5][6]. Product Performance - Yanjing U8, a key product, saw its sales volume reach 696,000 kiloliters in 2024, marking a year-on-year increase of 31.4% [1][9]. - However, the growth rate of Yanjing U8 has been declining, with previous years showing growth rates of over 50% in 2022 and over 36% in 2023 [9]. Market Position and Strategy - The company is facing intensified competition in the beer market, particularly in the high-end segment, which is becoming increasingly crowded [3][9]. - The revenue share from mid-to-high-end products has been increasing, reaching 67.01% in 2024, while the share from regular products has decreased to 32.99% [7][9]. - The gross margin for mid-to-high-end products was 48.09% in 2024, compared to 31.49% for regular products [7]. Dividend and Asset Management - Yanjing Beer announced a cash dividend plan, proposing to distribute approximately 536 million yuan, which accounts for 50.73% of the net profit for the year [10]. - The company plans to recognize asset impairment losses of approximately 74.1652 million yuan for the year, reflecting a proactive approach to asset management [10].

Investment Rating - The report maintains a "Strong Buy" rating for Yanjing Beer (000729) with a target price of 15.5 CNY, indicating an expected performance exceeding the benchmark index by over 20% in the next six months [1][7][27]. Core Insights - Yanjing Beer reported a revenue of 14.667 billion CNY for 2024, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 1.056 billion CNY, reflecting a significant year-on-year growth of 63.74% [1][3]. - The company plans to distribute a cash dividend of 1.9 CNY per 10 shares, totaling approximately 536 million CNY, which represents a 90% increase in dividends [1]. - The company’s U8 product line saw a remarkable sales increase of 31.4% in 2024, contributing to a structural upgrade with mid-to-high-end products accounting for 67.01% of revenue [7]. Financial Performance Summary - **2024 Financials**: - Total revenue: 14.667 billion CNY - Net profit: 1.056 billion CNY - Earnings per share (EPS): 0.37 CNY - Price-to-earnings (P/E) ratio: 34 [3][4]. - **Future Projections**: - Expected revenue growth for 2025 is projected at 5.3%, with net profit anticipated to reach 1.451 billion CNY, a growth of 37.4% [3][4]. - The company aims for a revenue target of 9% growth for 2025, reflecting confidence in operational improvements and market expansion [7]. Market Dynamics - The report highlights that Yanjing Beer has successfully navigated a challenging market environment, with a 1.6% increase in overall sales volume to 4.004 million kiloliters in 2024, despite a slight decline in average price per ton [7]. - The company’s gross margin improved to 42.6%, up by 3.7 percentage points, driven by cost reductions and operational efficiencies [7]. Strategic Outlook - Yanjing Beer is entering a positive operational cycle, with ongoing reforms expected to enhance efficiency in procurement, production, and management, thereby accelerating performance [7]. - The report emphasizes the potential for further profit margin improvements, given the current net profit margin of 9% and the anticipated continuation of cost benefits [7].

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：2025-13 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、2024年度财务决算报告 （一）主要会计数据及财务指标变动情况 单位：万元 （二）财务状况、经营成果及现金流量 1、财务状况 1.1、资产结构及变动情况 单位：万元 2024年末，公司资产2,314,709万元，较期初增加9.03%，其中，流动资产1,190,545万元，占资产总额的 51.43%，非流动资产1,124,164万元，占比48.57%。主要项目的变动情况说明如下： 1、货币资金745,413万元，较去年同期增加24,243万元，增幅3.36%。 2、应收票据73万元，较去年同期减少102万元，降幅58.41%，主要是应收票据减少所致。 北京燕京啤酒股份有限公司（以下简称"本公司"）2024年度财务会计报表，经中兴华会计师事务所（特 殊普通合伙）审计鉴证，出具了标准无保留意见的审计报告。结合公司合并报表数据，我们编制了公司 2024年度财务决算报告，同时根据2025年公司计划编制 ...

关于授权公司及子公司对外捐赠额度的公告 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。 一、对外捐赠事项概述 2025 年 4 月 18 日，北京燕京啤酒股份有限公司（以下简称"公司"）召开 了第八届董事会第三十二次会议，审议通过了《关于授权公司及子公司对外捐赠 额度的议案》。同意公司及公司子公司 2025 年度实施各类对外捐赠总额共计不 超过 500 万元人民币，并提请股东会授权公司董事会、总经理办公会审批对外捐 赠事项。本次捐赠事项尚需提交公司股东会审议。 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-23 北京燕京啤酒股份有限公司 二、对外捐赠对公司的影响 本次对外捐赠有利于提升公司社会形象，符合公司积极承担社会责任的要求。 本次捐赠资金来源为公司自有资金，不会对公司的生产经营产生重大不利影响， 不涉及关联交易，不存在损害公司及其他股东特别是中小股东利益的情形。 特此公告。 北京市燕京啤酒股份有限公司董事会 二〇二五年四月十八日 1 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-11 北京燕京啤酒股份有限公司 2024 年度监事会报告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 2024 年度，监事会严格按照《公司法》、《证券法》、《公司章程》《监 事会议事规则》等法律法规及规章制度的规定，诚实守信，勤勉尽责，本着对 股东负责的态度，履行了监事会的各项职责。本年度公司监事会共召开六次会 议，列席了历次董事会会议、出席了 2023 年度股东大会，对公司规范运作、重 要投资、关联交易等事项进行了检查，并密切关注国内外经济形势的变化对公 司产生的影响和所采取的应对措施，对公司董事、总经理及其他高级管理人员 履行职责的合法、合规性进行监督，在维护股东权益、促进公司依法规范运作 方面起到了积极的作用，较好地维护了公司利益和全体股东的合法权益。 一、报告期内监事会工作情况 报告期内，公司监事会成员出席了公司 2023 年度股东大会，列席了公司召 开的历次董事会会议，在会议中根据会议议题和监督职责发表了相关意见和建 议，对会议的程序和内容依法予以监督，并组织参与了股东大会的监票工作 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-28 北京燕京啤酒股份有限公司 关于修改《公司章程》的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 北京燕京啤酒股份有限公司（以下简称"公司"）于2025年4月18日召开第 八届董事会第三十二次会议和第八届监事会第二十四次会议，审议通过了《关于 修改<公司章程>的议案》。该议案须提交公司股东会以特别决议通过后方可实施。 现将有关情况公告如下： 一、关于修订《公司章程》并取消监事会相关制度的原因及依据 本次修改《公司章程》具体情况如下： | 修订前 | 修订后 | | --- | --- | | 目录内容 | 目录内容与正文内容同步修改 | | 全文"股东大会" | 全文"股东大会"修改为"股东会" | | 全文"半数以上" | 全文"半数以上"修改为"过半数" | | 全文"监事" | 删去全文"监事" | | 1.1 为适应社会主义市场经济发展的要 | | | 求，建立中国特色现代国有企业制度， | 1.1 为适应社会主义市场经济发展的要求，建 | | 规范北京燕京啤酒股份有限公司（以下 ...

2024 年度可持续发展报告 1 CONTENTS 目录 | 关于本报告 | 02 | | --- | --- | | 董事长致辞 | 03 | | 关于燕京啤酒 | 04 | | 未来展望 | 130 | | 荣誉奖项 | 131 | | 关键绩效表 | 136 | | 指标索引表 | 142 | | 报告鉴证 | 144 | | 读者反馈 | 145 | 变革引领发展 绿色播种希望 | 党建领航新征程 | 09 | | --- | --- | | 以稳治企强根基 | 10 | | 可持续发展管理 | 17 | | 严守内控防风险 | 28 | | 紧守道德基准线 | 35 | | 严防税务风险 | 36 | | 环境综合管理 | 39 | | --- | --- | | 应对气候变化 | 44 | | 资源能源高效管理 | 64 | | 严格污废管理 | 69 | | 生态系统与生物多样性保护 | 72 | | 研发创新产品 | 75 | | --- | --- | | 保障产品质量 | 79 | | 优质客户服务 | 86 | | 塑造可持续供应链 | 93 | | 严护数据安全 | 100 | | 保 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-13 北京燕京啤酒股份有限公司 2024 年度财务决算报告及 2025 年度财务预算报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 北京燕京啤酒股份有限公司（以下简称"本公司"）2024 年度财务会计报 表，经中兴华会计师事务所（特殊普通合伙）审计鉴证，出具了标准无保留意见 的审计报告。结合公司合并报表数据，我们编制了公司 2024 年度财务决算报告， 同时根据 2025 年公司计划编制了 2025 年度财务预算报告，现就公司财务运作情 况报告如下： 一、2024 年度财务决算报告 （一）主要会计数据及财务指标变动情况 单位：万元 | 项目 | 2024.12.31 | 本报告期初 | 增减变动幅度 | | --- | --- | --- | --- | | 总资产 | 2,314,709.25 | 2,123,092.07 | 9.03% | | 归属于上市公司股东的所有者 | 1,461,902.16 | 1,384,519.70 | 5.59% | | 权益 | | | | | 股本（ ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-42 北京燕京啤酒股份有限公司 《会计师事务所选聘制度》修正案 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 根据《国有企业、上市公司选聘会计师事务所管理办法》、《上市公司章程指 引》、《深圳证券交易所股票上市规则》等相关的法律法规要求，结合公司实际情 况，公司决定对《会计师事务所选聘制度》部分条款进行修订，此议案须提交公 司股东会审议通过后方可实施。本次《会计师事务所选聘制度》修正案和《会计 师事务所选聘制度》（修订预案，待股东大会审批）于 2025 年 4 月 22 日刊登在 巨潮资讯（http://www.cninfo.com.cn）。 修订情况对照表 | 修订前 | 修订后 | | --- | --- | | 全文"股东大会" | 全文"股东大会"修改为"股东会" | | 第一条 为规范北京燕京啤酒股份有限 | 第一条 为规范北京燕京啤酒股份有限公司 | | 公司（以下简称"公司"）选聘（含续聘、 | （以下简称"公司"）选聘（含 | | 改聘）会计师事务所的行为，切实维护 | 续聘、改 ...