Fangzheng Securities: Yanjing Beer achieved a good start in Q1 2026 and maintains a "recommend" rating.

Fangzheng Securities research report pointed out that Yanjing Beer achieved a good start in 26Q1, with the flagship product U8 maintaining double-digit high growth, and profit achieving double-digit growth. The company achieved revenue of 15.33 billion yuan for the full year of 2025, an increase of 4.5% year-on-year, achieving a net profit attributable to the mother of 1.68 billion yuan, an increase of 59.1% year-on-year. The company is expected to achieve a net profit attributable to the mother of 260-270 million yuan in 26Q1, an increase of 55% to 65% year-on-year, and is expected to achieve a non-net profit attributable to the mother of 250-270 million yuan, an increase of 65% to 75% year-on-year. The momentum of U8 continues, maintaining double-digit high growth in 26Q1, with profitability continuing to improve. The new product A10 will be launched in March 2026, expecting to bring incremental growth. Maintaining a "recommended" rating.