Beijing Yanjing Brewery Co. (000729) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached ¥8.56 billion, up 6.37% year-over-year; net profit attributable to shareholders was ¥1.10 billion, up 45.45% year-over-year; adjusted net profit (excluding non-recurring items) rose 39.91% year-over-year.

• Beer sales volume (including managed operations) was 2.35 million kiloliters, up 2.03% year-over-year; core business remains beer, accounting for over 90% of main business revenue.

• Operating cash flow increased 9.40% year-over-year to ¥2.82 billion; basic and diluted EPS were both ¥0.3913, up 45.46% year-over-year.

Financial highlights

• Gross margin for beer segment was 45.66%, up 1.01 percentage points year-over-year; overall gross margin improved due to product mix optimization and cost control.

• Net assets attributable to shareholders at period end were ¥15.72 billion, up 7.54% from year-end 2024; total assets reached ¥24.94 billion, up 7.74%.

• Non-recurring gains totaled ¥663 million, mainly from land storage, government subsidies, and asset disposals.

Outlook and guidance

• The company will continue to focus on high-quality, sustainable growth, deepening reforms, digital transformation, and supply chain resilience in H2 2025.

• No interim dividend, bonus shares, or capital reserve to share capital conversion planned for H1 2025.