Yanjing Beer Makes a Strong "Breakthrough": Achieves Record Highs in Revenue and Net Profit by 2025

On the evening of April 2, Yanjing Beer released its 2025 performance quick report. The data shows that for 2025, the company achieved beer sales volume of 4.053 million kiloliters, up 1.21% year over year; Yanjing U8 sales volume of 0.9 million kiloliters, up 29.31% year over year; operating revenue of 15.333 billion yuan, up 4.54%; and net profit attributable to shareholders of 1.679 billion yuan, up 59.06%. Revenue and profit both hit the highest levels in history.

In the era of inventory competition in the beer industry, Yanjing has used a string of impressive figures to prove to the market the power of “revival,” completing a stunning transformation from “bottoming out and rebounding” to “a decisive breakthrough in the face of adversity.” Why can Yanjing Beer ride out the cycle and grow against the trend? At the critical turning point for the industry’s shift from “scale expansion” to “value deepening,” with this beer leader that has been around for more than 40 years, what exactly has it gotten right?

Four years of doubling growth: a performance record spanning the cycle

Since the new management team took office in May 2022, Yanjing Beer has been enterprising and ambitious, proactively advancing change, and the results are reflected in the statements, driving strong, sustained growth in operating performance against the market trend.

The data shows that in 2022, the company achieved net profit attributable to shareholders of 352 million yuan, up 54.51%. At that time, this growth rate had already begun to show its edge, but the market more often viewed it as a restorative growth driven by a low base.

However, over the next three years, Yanjing broke all doubts with sustained high growth. In 2023, the company’s net profit attributable to the parent reached 645 million yuan, with a year-on-year increase of as much as 83.02%. In 2024, the company’s performance rose another level: net profit attributable to the parent first exceeded the 1 billion yuan mark, reaching 1.056 billion yuan, up 63.74% year over year.

In the past year, 2025, Yanjing Beer’s strong momentum showed no sign of slowing down. The performance quick report shows that in 2025, the company achieved net profit attributable to the parent of 1.679 billion yuan, up 59.06% year over year. This means that from 2022 to 2025, Yanjing Beer’s net profit attributable to the parent soared from 352 million yuan to beyond the 1.6 billion yuan scale. For four consecutive years, it maintained exceptionally high growth rates of over 50%, with its growth rate ranking among the top in the industry.

It is also worth noting that the company’s losses narrowed significantly in the fourth quarter of 2025. Compared with the net profit attributable to the parent loss of 232 million yuan in the fourth quarter of 2024, the company’s net loss in the fourth quarter of 2025 narrowed sharply to 91 million yuan, strongly demonstrating the strong effects of cost control and profit release.

U8 takes the helm: a victory of the single “big product” strategy

Behind growth that rides out the cycle, there must be solid product logic. Looking back at Yanjing’s development path over these four years, the rise of Yanjing U8 is undoubtedly the central thread running through it all.

In 2022, the starting point of this high-growth cycle, Yanjing U8 sales volume reached 0.39 million kiloliters, up more than 50%, initially showing the potential of a big single product. In 2023, U8 continued to maintain rapid growth of 36%, with sales exceeding 0.53 million kiloliters. By 2024, Yanjing U8 sales volume reached 0.696 million kiloliters, up 31.40%. In 2025, Yanjing U8 sales volume jumped to 0.9 million kiloliters, up 29.31%.

Yanjing U8’s big single product has not only contributed stable revenue and profit to Yanjing Beer, but has also become an important carrier for brand-to-consumer communication. Through continuous product iteration and scenario-based marketing, it keeps strengthening consumers’ recognition and preferences.

The success of Yanjing U8 is not only a victory in terms of sales, but also a reflection of Yanjing Beer’s strategic resolve. As the company’s management responded at the time, between Yanjing’s clear taste and Yanjing U8, the company firmly chose U8, which it believed had greater potential for making the brand younger.

This choice enabled Yanjing Beer to seize the wave of consumption upgrading, with the revenue share of mid-to-high-end products continuing to rise. In the first half of 2025, revenue from mid-to-high-end products reached 5.536 billion yuan, up 9.32%, and the results of product structure upgrading were significant.

As U8 continued to maintain steady growth momentum in 2025, the scale effects of U8 as a “million-ton-class” potential big single product are accelerating. This provides solid assurance for the company’s continued increase in unit price and the stability of gross margin.

On March 25, the company launched a new big single product, “Yanjing A10 All-Grain Special Brew.” This is the latest breakout product newly developed by Yanjing Beer after Yanjing U8. It is built on the core philosophy of “pure craftsmanship, a classic brew,” aiming to become a benchmark for quality in the industry.

The launch of Yanjing A10 is not only a completion of the product line, but also an important move in Yanjing’s strategy to make its brand younger and to move upmarket.

In today’s new era of beer consumption, Yanjing Beer has formed a clear product strategy: on one hand, using Yanjing U8 to tap into the mass market that is getting younger; on the other hand, using mid-to-high-end products represented by Yanjing A10 to meet the demand for consumption upgrading. Together, the two are like two wheels and two wings, jointly carrying Yanjing Beer’s strategic determination for “a second start in business and a revival of the brand.”

Meanwhile, Yanjing Beer is also actively advancing product diversification. In addition to beer and beverage products such as Beisit, it has also laid out health foods such as natto, and its development momentum is promising. The company promotes combination marketing of “beer + beverages,” implements a diversified strategy, builds a three-dimensional market layout, and aims to create new growth drivers.

Looking ahead: Yanjing’s revival is well-timed

The sustained improvement in Yanjing Beer’s performance over the past five years provides a successful example for the transformation and upgrading of traditional enterprises. This transformation is reflected not only in financial data, but also in changes in its operating philosophy. From pursuing scale to focusing on quality; from extensive investment to refined operations—Yanjing Beer is undergoing a profound revolution in business management.

From a capital perspective, this “structural improvement” is more attractive than simple scale growth. It means that even in an industry that is overall stagnant, there is still room to create incremental growth by reconstructing products and channels. As the scale dividend gradually fades and the competition in China’s beer industry shifts from scale expansion to value deepening, the industry is entering deep waters.

At the same time, the company places high importance on shareholders’ investment returns. While maintaining growth in operating performance, it continues to increase the dividend payout ratio. For 2024, the company paid a cash dividend of 0.19 yuan per share (including tax). In addition, in mid-2025, the company made its first dividend payout—cash dividends of 1.00 yuan per 10 shares (including tax). By adding an interim dividend, it implements the policy of “improving quality and efficiency, and returning value,” delivering “real money and real benefits” directly to investors.

Industry experts say that Yanjing Beer’s growth against the trend is not accidental and not just good luck. The resilience behind this outperformance comes from the resonance among strategic focus, governance changes, and opportunities of the times. And with the push for brand rejuvenation, fashion, and premiumization, Yanjing Beer’s development momentum and potential will be further released.

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