Core Viewpoint - Qingdao Beer Company demonstrated resilience in its financial performance amidst a slowing consumer recovery and increasing industry competition, achieving a revenue of 32.138 billion yuan in 2024, a year-on-year decline of 5.30%, while net profit grew by 1.81% to 4.345 billion yuan, marking five consecutive years of profit growth [1][2]. Financial Performance - In 2024, Qingdao Beer reported a revenue of 32.138 billion yuan, down 5.30% year-on-year, but net profit increased by 1.81% to 4.345 billion yuan [1][2]. - The company achieved a gross margin increase of 1.57 percentage points to 40.23% and a net margin increase of 1.16 percentage points to 13.98% in 2024 [2]. - Operating cash flow significantly improved, reaching 5.155 billion yuan, a year-on-year increase of 85.58% [2]. Strategic Initiatives - The growth in net profit is attributed to the company's focus on high-end product strategies, with mid-to-high-end product sales reaching 3.154 million kiloliters, accounting for 41.8% of total sales [3]. - The introduction of innovative products like the A series of "Aogute" and "Nikaqi White Beer" has diversified the product line and contributed to profit growth [3]. - The company accelerated its digital transformation, with online product sales increasing by 21% in 2024, marking 12 consecutive years of growth [3]. Market Expansion - Qingdao Beer is strengthening its presence in traditional markets while actively expanding online channels and new retail models to enhance brand loyalty [4]. - Despite a decline in total sales, the main brand's sales reached 4.34 million kiloliters, maintaining a leading market share [4]. - The company is also expanding its international market presence, distributing products in over 120 countries and regions, enhancing brand recognition through international exhibitions and tasting events [4]. Sustainability Efforts - Qingdao Beer has been recognized as the first "Sustainable Lighthouse Factory" in the global food and beverage industry, with 23 factories awarded national green factory status [5]. - The company is integrating industrial internet and IoT technologies to optimize supply chain efficiency and promote energy-saving initiatives, contributing to its ESG performance [5]. - The company aims to leverage its brand, quality, and distribution network to expand market presence and enhance operational and profitability capabilities [5].

Core Viewpoint - Qingdao Beer continues to experience a trend of "profit growth without revenue growth," with a reported revenue decline despite a slight increase in net profit [1][3][6]. Financial Performance - In 2024, Qingdao Beer reported total revenue of approximately 32.138 billion yuan, a year-on-year decrease of 5.3% [1][3]. - The net profit attributable to shareholders was about 4.345 billion yuan, reflecting a year-on-year increase of 1.81% [1][7]. - The company has achieved net profit growth for five consecutive years, despite declines in production, sales, and overall revenue [1][6]. Market Trends - The beer industry is facing challenges such as consumption downgrade and reduced consumption scenarios, leading to decreased sales [4][10]. - National beer production among large enterprises fell to 35.213 million kiloliters, a decrease of 0.6% year-on-year [4]. - Qingdao Beer’s main brand sales dropped by 4.84%, while the sales revenue also declined by 5.07% [4]. Seasonal Losses - Qingdao Beer reported a fourth-quarter loss of 645 million yuan, marking the sixth consecutive year of fourth-quarter losses [2][9]. - The winter season is traditionally a sales slump for the beer industry, impacting overall annual performance [9]. Strategic Responses - Experts suggest that Qingdao Beer should innovate product offerings and diversify strategies to address seasonal losses [2][10]. - The company has seen a 21% year-on-year increase in online product sales, maintaining growth for 12 consecutive years [10]. - Qingdao Beer is focusing on supply chain optimization and fresh delivery services to meet diverse consumer needs [10]. Product Strategy - The company has been launching high-end products, with mid-to-high-end product sales reaching 3.154 million kiloliters, accounting for 41.8% of total sales [7][8]. - Qingdao Beer aims to enhance brand loyalty among younger consumers through high-end beer strategies and marketing efficiency [8].

Core Viewpoint - The beer giants in China, including Tsingtao Brewery, Budweiser APAC, and China Resources Beer, are facing challenges in achieving sustained growth, with Tsingtao Brewery reporting a decline in revenue and a slight increase in profit for 2024 [1][2]. Revenue and Profit Summary - Tsingtao Brewery's revenue for 2024 was 32.138 billion yuan, a decrease of 5.30% year-on-year, equating to a reduction of approximately 1.8 billion yuan [1]. - The net profit attributable to shareholders was 4.345 billion yuan, reflecting a year-on-year increase of 1.81%, while the net profit excluding non-recurring items was 3.951 billion yuan, up 6.19% [1]. - The overall sales volume for Tsingtao Brewery in 2024 was 7.538 million kiloliters, down approximately 5.9% from 8.007 million kiloliters in 2023 [2]. Market Performance Summary - The main brand of Tsingtao Brewery achieved a revenue of 22.083 billion yuan in 2024, a decline of about 5.1%, while other brands generated 9.495 billion yuan, down 6.4% [2]. - The revenue from the Shandong market, Tsingtao Brewery's primary market, was 22.095 billion yuan, accounting for approximately 70% of total revenue, with a decline of over 6% [3]. - All major markets, including Shandong, North China, South China, and East China, experienced revenue declines in 2024, with East China seeing a nearly 10% drop [3]. Industry Trends and Competition - The beer industry has been in a state of stagnant competition since 2014, with a 0.6% year-on-year decline in beer production among large-scale enterprises in 2024 [4]. - The trend towards premiumization remains a core theme in the industry, with Tsingtao Brewery reporting that the proportion of mid-to-high-end products in total sales increased from 40.5% to 41.8% [5]. - Tsingtao Brewery has launched several new high-end products, including "One Century Legend" and "Amber Lager," as part of its strategy to enhance product structure [5][6]. Competitive Landscape - The competition in the high-end market has intensified, with Budweiser APAC reporting a revenue decline of approximately 9% and a net profit decrease of 14.8% in 2024 [8]. - China Resources Beer also faced a revenue decline of 3.57% in 2024, although it reported a growth of over 9% in high-end beer sales following its acquisition of Heineken China [9]. - Tsingtao Brewery aims to optimize its product structure and expand its market presence in mid-to-high-end products to create new growth opportunities [9].

Group 1 - The core viewpoint of the articles highlights the increasing quality of stock recommendations from brokerages, with a notable rise in the number of recommended stocks and their performance in March [1][5] - In March, brokerages recommended a total of 266 stocks, with 130 stocks (48.87%) experiencing price increases, and 5 stocks achieving over 30% growth [2][3] - The most recommended stock in April so far is Qingdao Beer, receiving recommendations from 9 brokerages, followed by Muyuan Foods, Gree Electric, and BYD, each receiving 5 recommendations [5] Group 2 - The highest performing stock in March was Shenghong Technology, which rose by 58.69%, followed by Keri International with a 42.45% increase [2] - The distribution of recommended stocks by industry shows that the industrial and information technology sector had the highest number of recommendations, with 59 stocks, followed by materials with 41 stocks [3] - The brokerage stock index reflects the research capabilities of brokerages, with the "Zhongshan Securities Gold Stock Index" leading with a 10.26% increase in March [4] Group 3 - Analysts suggest that April is a critical month for stock price and performance correlation due to the annual and quarterly report disclosures, with a focus on high dividend and value stocks [5][6] - Key investment themes for April include stable banks and insurance, consumer sectors benefiting from policy support, and non-ferrous metals [6]

Core Viewpoint - The beer industry in China is experiencing a decline in sales volume, with major players facing challenges, while some smaller brands are showing growth in both sales and profitability [1][2][4]. Sales Performance - In 2024, major beer companies in China reported sales volume changes: Budweiser APAC down 11.8%, Qingdao Beer down 5.86%, China Resources Beer down 2.5%, Chongqing Beer down 0.75%, Yanjing Beer up 1.6%, and Zhujiang Beer up 2.62% [2][4]. - The overall beer production in China decreased by 0.6% in 2024, indicating a decline in consumer sentiment towards daily fast-moving consumer goods [2]. Market Dynamics - The gap in market share among major players has narrowed, with leading companies like China Resources, Qingdao, and Budweiser all experiencing declines in revenue and sales, while Yanjing and Zhujiang have continued to grow beyond industry levels [4]. - Zhujiang Beer saw a nearly 37% increase in net profit, while Yanjing Beer’s net profit surged by over 50% [4]. Premiumization Trends - Yanjing Beer achieved total sales exceeding 4 million kiloliters in 2024, with its flagship product Yanjing U8 selling close to 700,000 kiloliters, marking a growth rate of over 30% for two consecutive years [5]. - Zhujiang Beer reported a nearly 14% increase in sales of high-end beer products in 2024 [5]. Challenges for Leading Brands - Budweiser APAC faced a 1.4% decline in revenue per hectoliter in China, while Qingdao Beer’s sales of mid-to-high-end products dropped by 2.65% [6]. - Despite overall revenue and sales declines, leading beer companies emphasize that their premium products continue to grow, with China Resources Beer reporting that mid-range and above beer sales exceeded 50% of total sales for the first time [7]. Pricing and Profitability - The ton price for major brands in 2024 was as follows: China Resources Beer over 3,300 yuan, Qingdao Beer over 4,200 yuan, Budweiser APAC over 5,300 yuan, Chongqing Beer over 5,200 yuan, while Yanjing and Zhujiang Beer were around 3,100 yuan and 3,800 yuan respectively [9]. - Despite slight revenue declines, China Resources and Qingdao Beer still reported revenues exceeding 36 billion yuan and 32 billion yuan respectively, indicating a significant lead over smaller competitors [11]. Future Outlook - The beer industry, while facing volume declines, still has potential for slow growth if price increases can outpace volume decreases [11].

Group 1: Qingdao Beer - Qingdao Beer reported a revenue of 32.14 billion yuan in 2024, a year-on-year decrease of 5.3% [1] - The net profit attributable to shareholders was 4.34 billion yuan, reflecting a year-on-year increase of 1.8% [1] - The company plans to distribute a cash dividend of 2.2 yuan per share, totaling approximately 3 billion yuan, which represents 69.07% of the net profit [1] Group 2: Moutai Market Research - Moutai completed its first quarter market research, indicating a stable growth in sales of Moutai and sauce-flavored liquor across various provinces [2] - Feedback from channel partners highlighted that the overall market performance showed steady growth, laying a solid foundation for achieving annual sales targets [2] - Moutai's strong market performance is expected to positively influence the high-end liquor sector and enhance overall market expectations [2] Group 3: Collaboration in Guizhou Liquor Industry - Executives from Moutai, Xijiu, and Guotai visited Guizhou Zhenjiu, emphasizing collaboration within the Guizhou liquor industry [3] - The visits aim to enhance industry interaction and promote the integration of liquor sales with lifestyle experiences [3] - This series of activities is anticipated to increase market attention on Zhenjiu and the entire Guizhou liquor sector, boosting investor confidence and promoting high-quality industry development [3]

2、多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。以持有ETF总市值计算， 截至2024年末，中央汇金投资有限责任公司持有ETF总 市值为6616.97亿元，中央汇金资产管理有限责任公司持有ETF总市值为3821.84亿元，两家公司合计持有ETF总市值突破万亿元。 3、银行消费贷利率或将迎来重要变化。 部分股份行、国有大行地方分行人士透露，接到总行通知称，消费贷利率4月起上调，3%以下产品或被叫停。 今 年消费贷市场竞争激烈，个别银行产品利率低至2.4%，近期多家银行密集跟进政策举措，"松绑"相应消费贷产品。 // 热点聚焦 // 1、 交通银行、中国银行、建设银行和邮储银行齐齐发布公告称，董事会通过了向特定对象发行A股股票的议案，并对外发布关于财政部战略投资该行的 公告。财政部将以现金方式认购中国银行、建设银行全部新发行股份，并包揽交通银行、邮储银行超过九成的新发行股份，合计出资规模达5000亿元。 四家银行此番集中公告意味着财政部发行特别国债补充大行资本落地在即。交行特别指出，本次发行完成后，财政部持股比例超过30%，将成为该行控股 股东。而在本次发行完成前，交行无控股股东、实际控制人 ...

Financial Performance - The total operating revenue for 2024 was RMB 32,137,830,111, a decrease of 5.3% compared to RMB 33,936,522,741 in 2023[7] - The net profit for 2024 reached RMB 4,491,776,686, representing an increase of 3.3% from RMB 4,348,198,924 in 2023[8] - The company's main business revenue for 2024 was RMB 31,578,857,295, a decrease of approximately 5.5% from RMB 33,405,795,047 in 2023[24] - Total operating income for 2024 was RMB 32,137,830,111, down from RMB 33,936,522,741 in 2023, reflecting a decline of about 5.3%[24] - The company reported a total profit of RMB 5,881,493,000 for 2024, compared to RMB 5,746,407,302 in 2023, indicating a growth of about 2.3%[26] Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 51,420,385,832, up from RMB 49,256,011,349 in 2023, indicating a growth of 4.4%[5] - The total liabilities increased to RMB 21,560,843,821 in 2024, compared to RMB 21,001,264,174 in 2023, reflecting a rise of 2.7%[6] - The total equity attributable to shareholders of the parent company rose to RMB 29,060,384,527 in 2024 from RMB 27,449,478,216 in 2023, an increase of 5.9%[6] - The total accounts receivable as of December 31, 2024, was RMB 269,289,669, a decrease of 3.2% from RMB 277,721,354 on December 31, 2023[14] - The total accounts payable increased to RMB 3,053,514,829 as of December 31, 2024, up from RMB 2,952,827,066 in 2023, representing an increase of approximately 3.4%[20] Earnings and Dividends - The basic earnings per share for 2024 was RMB 3.191, up from RMB 3.139 in 2023, marking an increase of 1.7%[8] - The company proposed a cash dividend of RMB 2.20 per share for 2024, totaling RMB 3,001,232,934, pending shareholder approval[23] - Diluted earnings per share for 2024 rose to 3.187 compared to 3.132 in 2023, reflecting an increase of 1.76%[2] Research and Development - Research and development expenses for 2024 were RMB 102,766,675, slightly higher than RMB 100,637,006 in 2023, indicating a focus on innovation[7] - The company has established a national key laboratory for beer fermentation, enhancing its R&D capabilities and maintaining a technological lead in the domestic beer market[42] Market Presence and Product Development - The company plans to continue expanding its market presence and investing in new product development to drive future growth[4] - The company launched new products including the "Aogute A Series, Nikashi White Beer, and Alcohol-Free Beer Series" to meet diverse consumer demands[40] - The company reported a 21% year-on-year increase in online product sales, continuing a 12-year growth streak[39] - Tsingtao Beer has launched a series of new products, including "Legend of a Lifetime," "Centennial Journey," and "Amber Lager," enhancing brand image and meeting market demand[42] Challenges and Future Outlook - The company faces challenges such as intense market competition and fluctuating raw material prices, which may impact future sales and profitability[49] - The beer industry in China is entering a stable development phase, with increasing market concentration and opportunities for high-end product growth[44] - The company aims to drive high-quality development through innovation, focusing on personalized and differentiated consumer demands[46] Corporate Governance and Structure - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes there is adequate oversight[53] - The company plans to expedite the re-election and appointment of the board of directors and supervisory board to ensure continuity and stability[52] - The company has no new significant litigation or arbitration matters during the reporting period[64] Investments and Acquisitions - The company has invested approximately RMB 66.665 million in the new Qingdao Brewery Phase II project, which commenced construction in March 2024[59] - The registered capital of the financial company was increased from RMB 1 billion to RMB 2 billion, with approval received on July 12, 2024[61] - The company acquired 46% equity in Beijing Qingdao Beer Sanhuan Co., Ltd. for RMB 101.2 million, increasing its ownership to 75%[62] - A new subsidiary, Qingdao Jiuyuan Technology Co., Ltd., was established with a registered capital of RMB 50 million on November 5, 2024[63] Operational Efficiency and Digital Transformation - The company plans to accelerate digital transformation and enhance operational efficiency through technology[48] - The company is expanding its high-end product supply capacity through digital and intelligent upgrades in its factories[60]

内部控制审计报告 德师报(审)字(25)第 S00230 号 (第 1 页，共 2 页) 青岛啤酒股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了青岛啤酒股份有限公司（以下简称"青岛啤酒公司"）2024 年 12 月 31 日的财务 报告内部控制的有效性。 青岛啤酒股份有限公司 内部控制审计报告 2024 年 12 月 31 日止年度 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是青岛啤酒公司 董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 1 一、 企业对内部控制的责任 内部控制审计报告(续) 德师报(审)字(25)第 S0 ...

青岛啤酒股份有限公司 2024 年度独立董事述职报告 本人盛雷鸣，作为青岛啤酒股份有限公司（以下简称"公司"）第十届董事 会独立董事，在 2024 年，严格按照《中华人民共和国公司法》、中国证监会《上 市公司独立董事管理办法》以及《青岛啤酒股份有限公司独立董事制度》等有关 法律、法规和制度规定，积极出席公司独立董事专门会议、董事会及专门委员会 会议，仔细审议董事会各项议案，审慎、认真、勤勉地履行了独立董事职责。现 将本人在 2024 年度履行独立董事职责情况报告如下： 一、 独立董事的基本情况 2021 年 6 月 28 日，公司召开 2020 年年度股东大会，选举本人为公司第十 届董事会独立董事。本人同时在董事会下设的审计与内控委员会、提名与薪酬委 员会和战略与投资委员会中出任委员，且于 2024 年 6 月担任提名与薪酬委员会 的主席。本人简历详见公司 2024 年年度报告。本人已按要求向董事会提交了关 于 2024 年度独立董事独立性情况的自查报告，确认本人不存在可能影响独立性 的情况。 二、独立董事年度履职情况 （一）出席董事会及股东会会议情况 2024 年度，公司召开临时股东会和年度股东会各 1 次 ...