The Hualong Securities Research Report pointed out that the product structure of Yanjing Brewery has been optimized and upgraded, and the performance growth rate is impressive. 2026H1 Yanjing Brewery's net profit attributable to shareholders of listed companies is estimated to be 1,379 billion yuan to 1,489 billion yuan, an increase of 25.00% to 35.00% year-on-year, and 1.03 billion yuan in the same period last year. The single product Yanjing A10 launched by the company at the end of March 2026 is a new wholemeal flagship product launched in the year the company's “15th Five-Year Plan” started. Yanjing U8 is one of the company's core products during the “14th Five-Year Plan” period. It has outstanding long-term value and broad room for market growth. 2026H1 Yanjing Brewery is steadily advancing the implementation of the “15th Five-Year Plan”, focusing on the “one core and two wings” strategic layout, with the main beer business as the core, continuing to promote the growth of large single products such as Yanjing U8 and Yanjing A10, driving the optimization and upgrading of the product structure; expanding diverse consumption scenarios and enriching the product matrix with beverages and health food as the two wings. Maintain the company's “gain” rating.

The Hualong Securities Research Report pointed out that the product structure of Yanjing Brewery has been optimized and upgraded, and the performance growth rate is impressive. 2026H1 Yanjing Brewery's net profit attributable to shareholders of listed companies is estimated to be 1,379 billion yuan to 1,489 billion yuan, an increase of 25.00% to 35.00% year-on-year, and 1.03 billion yuan in the same period last year. The single product Yanjing A10 launched by the company at the end of March 2026 is a new wholemeal flagship product launched in the year the company's “15th Five-Year Plan” started. Yanjing U8 is one of the company's core products during the “14th Five-Year Plan” period. It has outstanding long-term value and broad room for market growth. 2026H1 Yanjing Brewery is steadily advancing the implementation of the “15th Five-Year Plan”, focusing on the “one core and two wings” strategic layout, with the main beer business as the core, continuing to promote the growth of large single products such as Yanjing U8 and Yanjing A10, driving the optimization and upgrading of the product structure; expanding diverse consumption scenarios and enriching the product matrix with beverages and health food as the two wings. Maintain the company's “gain” rating.