燕京啤酒扣非业绩略超预期，经营势能向上

中金公司08-12

一、公司业绩表现亮眼公司发布的2025年中报显示，1H25营收和利润均超市场预期。营收同比增长6.4%，销量增长2.0%，ASP(平均售价)提升4.7%，吨成本上涨2.8%。归母净利润和扣非归母净利润分别同比大增45.4%和39.9%，毛利率、销售费用率、管理费用率及归母净利润率均有显著优化。其中，扣非归母净利润超出预告上限，主要得益于成本费用下降幅度超预期。二、产品结构优化推动高增长公司持续优化...

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