Core Viewpoint - Qingdao Beer announced the acquisition of 100% equity in Shandong Jimo Huangjiu Brewery for 665 million yuan, marking its first entry into the Huangjiu sector, aimed at diversifying its business and creating new growth points amid declining beer sales [1][2] Group 1: Acquisition Details - The acquisition price includes 6.65 billion yuan and the amount of profit and loss during the price adjustment period [1] - Jimo Huangjiu has a registered capital of 55 million yuan, with total assets of 908 million yuan and net assets of 203 million yuan as of the end of 2024 [1][3] - The acquisition is expected to complement Qingdao Beer's seasonal sales fluctuations, enhancing product diversity and market channels [3] Group 2: Financial Performance - Qingdao Beer reported a 5.30% decline in revenue in 2024, while net profit grew by 1.81%, indicating a slowdown in growth [1][2] - Jimo Huangjiu achieved revenue of 166 million yuan in 2024, a year-on-year increase of 13.5%, with net profit of 30.47 million yuan, up 38% [3] Group 3: Market Context - The beer industry is facing a shift towards stock competition, with major players seeking new growth drivers due to declining sales [1][4] - The Huangjiu market is characterized by strong regional branding but has not seen significant growth compared to beer and other spirits [6][7] - The beverage industry is also experiencing intense competition, with packaging drinking water's market share dropping below 50% [7] Group 4: Strategic Implications - The acquisition reflects a broader trend among beverage giants exploring diversification in response to market saturation [4][5] - Qingdao Beer aims to leverage its extensive distribution network of 11,622 dealers to enhance the market presence of Jimo Huangjiu and other regional brands [3] - The effectiveness of this diversification strategy remains uncertain, as the integration of different alcoholic beverages poses management challenges [4][5]

Core Viewpoint - Qingdao Beer is taking a significant step in its diversification process by acquiring 100% equity of Shandong Jimo Yellow Wine Factory for 665 million RMB [1][3]. Group 1: Acquisition Details - On May 7, the company signed a share transfer agreement with Xinhua Jin Group and Shandong Lujin Import and Export Group to acquire the entire equity of Jimo Yellow Wine [3]. - The acquisition price is 665 million RMB, which includes the amount of profit and loss adjustments during the price adjustment period [3]. - After the completion of the transaction, Jimo Yellow Wine will become a wholly-owned subsidiary of Qingdao Beer and will be included in the company's consolidated financial statements [3]. Group 2: Company Background - Jimo Yellow Wine, established in 1949, is a significant representative of traditional Chinese yellow wine, known for its unique flavor and rich cultural heritage [3]. - The brand "Jimo" was awarded the title of "Chinese Time-Honored Brand" by the Ministry of Commerce in 2006, and its traditional brewing technique is recognized as a provincial intangible cultural heritage [3]. Group 3: Financial Performance - In 2024, Jimo Yellow Wine achieved a main business income of 166.41 million RMB, representing a year-on-year growth of 13.5% [4]. - The net profit for the same year was 30.47 million RMB, showing a year-on-year increase of 38.0% [4]. - As of December 31, 2024, Jimo Yellow Wine had total assets of 908 million RMB and a net asset value of 203 million RMB [4]. Group 4: Strategic Rationale - The acquisition aligns with Qingdao Beer's strategy to drive high-quality development through innovation and expand its non-beer business for diversified growth [5]. - The complementary sales effect between "Jimo Yellow Wine" and Qingdao Beer products is expected to enhance market competitiveness and open new growth avenues [6]. - The overall performance of the yellow wine market has been stable, contrasting with the declining growth in the beer sector, where Qingdao Beer reported a revenue decrease of 5.3% in 2024 [6].

Core Viewpoint - The Chinese beer industry faces significant challenges in 2024, with a notable decline in sales and a shift in consumer behavior impacting revenue and profit margins [1][4][5]. Revenue and Profit Summary - In 2024, seven listed beer companies achieved a total revenue of approximately 152.13 billion yuan and a net profit of about 17.44 billion yuan [1]. - The revenue distribution among these companies shows three main tiers: over 30 billion yuan, between 10 billion and 30 billion yuan, and below 10 billion yuan [1]. - Budweiser APAC leads with a revenue of 62.46 billion yuan, followed by China Resources Beer and Tsingtao Brewery with revenues of 38.64 billion yuan and 32.14 billion yuan, respectively [1]. Performance Disparity - 57% of the beer companies experienced a decline in sales volume, attributed to a decrease in on-the-go consumption and high-end product sales [1][4]. - Among the seven companies, four reported a decrease in revenue, with Budweiser APAC, China Resources Beer, Tsingtao Brewery, and Chongqing Beer showing declines of 8.9%, 0.76%, 5.3%, and 1.15%, respectively [2][3]. - Conversely, Yanjing Beer, Zhujiang Beer, and Huichuan Beer saw revenue increases of 3.2%, 6.56%, and 5.44%, respectively [2]. Market Challenges - The decline in on-the-go consumption channels, such as restaurants and bars, has significantly impacted beer sales [4][5]. - The average per capita consumption in the restaurant sector dropped to 39.8 yuan, a decrease of 6.6% year-on-year, with the beverage segment experiencing the most significant decline [4]. - High-end product sales are also under pressure, with Budweiser APAC's market share in the high-end segment falling from approximately 50% to 42% [5]. Strategic Shifts - Beer companies are shifting focus from traditional on-premise sales to new consumption scenarios, particularly instant retail, which is gaining traction [6][7]. - Instant retail for beer has seen significant growth, with a reported 83% increase in market size from 2020 to 2022 [6]. - Companies like China Resources Snow Beer and Tsingtao Brewery are exploring customized products and services to meet evolving consumer demands [6]. Future Trends - The competition in the beer industry is transitioning from channel acquisition to the exploration of consumer scenarios, especially in the high-end segment [7]. - The future development of the beer market is expected to focus on technology-driven high-end products and the capture of instant consumption scenarios [7].

5月7日晚间，啤酒行业龙头青岛啤酒发布公告称，将收购即墨黄酒100%股权。啤酒龙头涉足黄酒赛道 的原因是什么，是否意味着沉寂多年的黄酒品类要起势？ 公告显示，青岛啤酒拟与新华锦集团有限公司、山东鲁锦进出口集团有限公司及山东即墨黄酒厂有限公 司签署《股权转让协议》，拟以6.65亿元及价格调整期损益金额之和的对价，收购新华锦集团与鲁锦集 团合计持有的即墨黄酒100%股权。交易完成后，即墨黄酒将成为青岛啤酒的全资子公司，标志着这家 啤酒龙头企业跨入黄酒赛道。 来源：中国商报 青岛啤酒此举是否标志着黄酒要起势？对此，一位酒行业观察人士认为，早在几年前，黄酒就被认为要 迎来风口期，但实际发展并不理想。在他看来，黄酒的受众群体很小、门槛很低，目前很难实现大的发 展。青岛啤酒此举只是小规模探索。 "青岛啤酒涉足黄酒类似茅台涉足葡萄酒业务，茅台葡萄酒上市之前曾被很多人看好，但上市后实际销 售情况一般，只是作为礼赠产品较受市场欢迎。"上述分析人士认为。 不久前，青岛啤酒刚发布了2025年一季报。财报数据显示，今年一季度，青岛啤酒实现营收104.46亿 元，同比增长2.91%；实现净利润17.1亿元，同比增长7.08%；销量为2 ...

Employment Changes - Budweiser APAC reduced its workforce from approximately 25,000 employees in 2023 to over 21,000 in 2024, resulting in a decrease of about 4,000 employees, which is a reduction rate of approximately 16% [1] - Yanjing Beer reduced its workforce by 1,440 employees, with total employees dropping from 21,405 in 2023 to 19,965 in 2024 [2][5] - China Resources Beer employed around 26,000 people in 2024, down from about 27,000 in 2023, a decrease of 1,000 employees [6] - Qingdao Beer saw a reduction of 817 employees, with total employees decreasing from 30,687 in 2023 to 29,870 in 2024, a reduction rate of 2.66% [8] Financial Performance - Budweiser APAC's beer sales in 2024 were 8.481 million kiloliters, a year-on-year decline of 8.8%, with revenue of $6.246 billion, down 7%, and normalized EBITDA of $1.807 billion, down 6.3% [2] - Yanjing Beer achieved beer sales of 4.0044 million kiloliters in 2024, a year-on-year increase of 1.57%, with revenue of 14.667 billion yuan, up 3.20%, and net profit attributable to shareholders of 1.056 billion yuan, up 63.74% [6] - China Resources Beer reported a total revenue of 38.635 billion yuan in 2024, a slight decline of 0.76%, with net profit attributable to shareholders of 4.739 billion yuan, down 8.03%, and a gross margin of 42.6%, which is an increase of 1.2 percentage points [8] - Qingdao Beer reported revenue of 32.138 billion yuan in 2024, a decrease of 5.3%, while net profit attributable to shareholders was 4.345 billion yuan, an increase of 1.81%, and net profit excluding non-recurring items was 3.951 billion yuan, up 6.19% [10]

值得注意的是，此前青岛啤酒集团与青岛饮料集团实施战略性重组整合，此次重组旨在深化国企改革， 推动食品饮料产业提质升级，构建"10+1"创新型产业体系的重要布局。此次重组后，两大企业将实现资 源共享和优势互补。青岛啤酒集团可借助青岛饮料集团在水饮料和葡萄酒领域的优势，拓展啤酒主业之 外的新业务；青岛饮料集团则能利用青岛啤酒集团在渠道、品牌、供应链、资本等方面的优势，助力旗 下优质产品迅速扩展全国市场，提升竞争力。 编辑 李严 校对 赵琳 新京报讯（记者王子扬）5月8日，新京报记者了解到，啤酒企业青岛啤酒股份有限公司（简称"青岛啤 酒"）已与新华锦集团有限公司（简称"新华锦集团"）、山东鲁锦进出口集团有限公司（简称"鲁锦集 团"）及山东即墨黄酒厂有限公司（简称"即墨黄酒"）签订股权转让协议。青岛啤酒拟从新华锦集团和 鲁锦集团处受让其合计持有的即墨黄酒100%股权，相关对价为6.65亿元与价格调整期损益金额之和。 本次股权收购交易完成交割后，青岛啤酒将持有即墨黄酒全部股权，即墨黄酒成为其全资子公司，纳入 公司合并报表范围。 根据公告，即墨黄酒始建于1949年，1980年成立即墨县黄酒厂，生产销售的"即墨"牌即墨老酒 ...

Core Insights - The report indicates that the increase in investment hotspots has weakened the performance of consumer stocks in China [1] - The consumer sector is experiencing slow growth, with a lack of fundamental catalysts in the short term, although long-term asset revaluation logic remains intact [8] Industry Overview - In April 2025, five out of eight tracked industries maintained positive growth, while two experienced negative growth and one remained flat. The industries with single-digit growth included dairy (+3.4%), dining (+3.1%), soft drinks (+2.7%), condiments (+2.3%), and frozen foods (+1.5%). The declining sectors were mass-market and below liquor (-10.7%) and mid-to-high-end liquor (-1.5%), with the beer industry remaining flat [3][10] - The revenue for the high-end liquor sector in April was 26.4 billion yuan, down 1.5% year-on-year, while the cumulative revenue for the first four months was 167 billion yuan, up 0.3% year-on-year [12] - The mass-market liquor sector saw a revenue of 15 billion yuan in April, down 10.7% year-on-year, with a cumulative revenue of 75.2 billion yuan for the first four months, down 13.9% year-on-year [13] - The beer industry reported a revenue of 14 billion yuan in April, remaining flat year-on-year, with a cumulative revenue of 60.6 billion yuan, showing a slight decline of 0.2% [14] Price Trends - In April, the wholesale prices of high-end liquor such as Feitian Moutai continued to decline, with prices for whole boxes and individual bottles down by 70 yuan compared to the previous month [4][22] - The prices of most high-end liquor remained stable, while mid-range and lower-end liquor prices saw more declines than increases [12][13] Cost Analysis - The cost indices for various products in April showed increases for beer (+2.69%), frozen foods (+1.67%), dairy (+1.09%), while condiments (-0.12%), instant noodles (-0.18%), and soft drinks (-1.58%) experienced declines [5] - The prices of packaging materials varied, with aluminum can prices rising by 8.37% year-on-year, while glass, plastic, and pulp prices fell by 23.17%, 20.90%, and 4.59% respectively [5] Investment Recommendations - The report suggests waiting for the right opportunity to increase positions in consumer stocks, particularly in the dairy sector, soft drinks, and liquor, with specific companies highlighted for potential investment [8]

Group 1 - Qingdao Beer has established a new biotechnology company named Qingdao Beer Biotechnology Co., Ltd. with a registered capital of 421 million yuan [1] - The legal representative of the new company is Yang Zhengguo [1] - The business scope of the new company includes research and development of biological organic fertilizers, composite microbial fertilizers, biomass energy technology services, and solid waste treatment [1] Group 2 - Qingdao Beer holds 100% ownership of the newly established biotechnology company [1]

Summary of Conference Call Records Company and Industry Involved - **Company**: Qingdao Beer (青岛啤酒) - **Industry**: Huangjiu (黄酒) Industry Key Points and Arguments 1. **Acquisition Announcement**: Qingdao Beer announced the acquisition of 100% equity in Jimo Huangjiu from Xinhua Jin Group and Lujin Group for a total consideration of RMB 665 million, including adjustments for profit and loss during the price adjustment period [1] 2. **Financial Performance of Jimo Huangjiu**: In 2024, Jimo Huangjiu achieved a revenue of RMB 166 million, representing a year-on-year growth of 13.5%. The net profit reached RMB 30.47 million, with a year-on-year increase of 38.0%, resulting in a net profit margin of 18.3% [1] 3. **Asset Overview**: As of December 31, 2024, Jimo Huangjiu reported total assets of RMB 908 million and net assets of RMB 203 million [1] 4. **Valuation Metrics**: The acquisition price corresponds to a Price-to-Sales (PS) ratio of 4.0x, Price-to-Earnings (PE) ratio of 21.8x, and Price-to-Book (PB) ratio of 3.3x [1] 5. **Industry Trends**: The Huangjiu industry is undergoing a period of competitive optimization and product upgrades, which is expected to drive profitability improvements in the medium to long term [2] 6. **Market Positioning**: Leading companies in the Huangjiu sector are enhancing their offerings by focusing on younger and premium products. Recent price increases by leading brands indicate a clear trend of market optimization [2] 7. **Regional Influence**: Jimo Huangjiu, as a representative of Northern Huangjiu, holds significant influence in the North China market. The acquisition by Qingdao Beer is expected to further develop Northern Huangjiu and enhance its market presence [2] 8. **Future Growth Opportunities**: The Huangjiu industry is anticipated to experience new growth opportunities, with recommendations to focus on leading brands such as Kuaijishan and Guyuelongshan [2] 9. **Strategic Expansion**: Since the recent restructuring, Qingdao Beer has been actively expanding its portfolio, including the acquisition of assets from Qingdao Beverage Group, aiming for a revenue target of RMB 10 billion and a profit target of RMB 1 billion by 2029 [2] 10. **Synergy Potential**: The acquisition of local high-quality Huangjiu assets is expected to enhance Qingdao Beer's product lineup and leverage existing distribution channels for greater synergy [2]

Group 1 - Moutai Culture announced that Zhang Yixing has officially become its brand ambassador, aiming to enhance its market presence and brand image [1] - Moutai Culture focuses on the integration of liquor and tourism, with core businesses including industrial tourism, cultural product development, and event planning [1] - The upcoming "2025 Guizhou Huangxiaoxi T² Music and Art Festival" will feature Zhang Yixing, further promoting Moutai's brand and cultural identity [1] Group 2 - Qingdao Beer plans to acquire 100% equity of Shandong Jimo Yellow Wine for a total consideration of RMB 665 million, enhancing its diversification strategy [2] - In 2024, Jimo Yellow Wine reported a revenue of RMB 166 million, a 13.5% increase year-on-year, and a net profit of RMB 30.47 million, up 38% [2] - The acquisition is expected to enrich Qingdao Beer's product line and strengthen its competitive position in the market [2] Group 3 - Guizhou Moutai repurchased 934,800 shares in April, accounting for 0.0744% of its total share capital, with a total expenditure of RMB 1.44 billion [3] - As of the end of April 2025, Moutai has repurchased a total of 2.0175 million shares, representing 0.1606% of its total share capital, with a cumulative expenditure of RMB 3.039 billion [3] - The share buyback reflects Moutai's confidence in its value and is likely to boost market sentiment in the liquor sector [3]