Group 1 - The company announced the appointment of Jin Hanquan as Executive Director and President effective from October 10, 2025 [1] - Li Nan has been appointed as a Non-Executive Director of the company [1] - Yang Hongxia has been appointed as the Chief Financial Officer of the company [1]

Core Viewpoint - China Resources Beer (00291) announced key executive appointments effective from October 10, 2025, indicating a strategic shift in leadership [1] Group 1 - Mr. Jin Hanquan has been appointed as the Executive Director and President of the company [1] - Mr. Li Nan has been appointed as a Non-Executive Director [1] - Ms. Yang Hongxia has been appointed as the Chief Financial Officer [1]

（於香港註冊成立的有限公司） （ 股 份 代 號： 291（ 港 幣 櫃 台 ）及 80291（ 人 民 幣 櫃 台 ）） 董事名單及其角色和職能 華潤啤酒（控股）有限公司董事會（「董事會」）成員載列如下： 獨立非執行董事 黃大寧先生 李家祥博士 賴顯榮先生 陳智思先生 下述表格提供相關董事會成員在各個委員會中所擔任的最新職位。 | 董事 | 委員會 | | | 審核委員會 薪酬委員會 執行委員會 財務委員會 提名委員會 | | | | --- | --- | --- | --- | --- | --- | --- | | 趙春武 | | | | M | C | M | | 金漢權 | | | | M | M | | | 郭巍 | | | | | M | M | | 黃大寧 | | M | M | | | C | | 李家祥 | | C | M | | | M | | 賴顯榮 | | M | C | | | | | 陳智思 | | M | | | | M | 附註： C 有關委員會的主席 執行董事 趙春武先生 （董事會主席） 金漢權先生 （總裁） 非執行董事 Daniel Robinson先生 郭巍女士 王成 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 – 1 – （於香港註冊成立的有限公司） （ 股 份 代 號： 291（ 港 幣 櫃 台 ）及 80291（ 人 民 幣 櫃 台 ）） (1)執行董事及總裁之委任； (2)非執行董事之委任； (3)首席財務官之委任；及 (4)董事委員會組成變動 (1) 金漢權先生獲委任為本公司執行董事及總裁，以及董事會轄下執行委員會、 財務委員會及購股權總務委員會各自之成員； (2) 李楠先生獲委任為本公司非執行董事；及 (3) 陽紅霞女士獲委任為本公司首席財務官。 董事會宣佈，自二零二五年十月十日起， 執行董事及總裁之委任 華潤啤酒（控股）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」， 各自爲一位「董事」）會（「董事會」）謹此宣佈，金漢權先生（「金先生」）獲委任為本公司 執行董事及總裁（「總裁」），自二零二五年十月十日起生效。 金先生之履歷詳情如下： 金先生，47歲，於二零二二年加入本公司，擔任 ...

Core Insights - The dairy sector has shown signs of recovery following the "Double Festival" period, with stocks like Zhuangyuan Pasture experiencing significant price increases driven by the broader consumer market trend [2] - The average purchase price of fresh milk in major production areas has stabilized, indicating a potential recovery in supply and demand dynamics within the industry [3] Group 1: Market Performance - Zhuangyuan Pasture (002910.SZ) has seen its stock price hit the daily limit for two consecutive days, contributing to an overall rise in dairy stocks [2] - Other dairy companies, such as Knight Dairy (920786.BJ) and New Dairy, have also reported stock price increases of 4.44% and 5.85%, respectively [2] - The company reported a revenue of 420 million yuan in the first half of 2023, a year-on-year decrease of 1.3%, while its net profit attributable to shareholders was -30 million yuan, reflecting a 68.5% year-on-year increase [2] Group 2: Price Trends - The average price of fresh milk rose from 3.02 yuan/kg in August to 3.04 yuan/kg in late September, indicating a halt in the previous downward trend [3] - Prices for scattered milk have shown significant increases, with reports of prices rising from 2.5 yuan/kg to 4.2 yuan/kg in Hebei, and from 2.1 yuan/kg to between 3.5 and 3.7 yuan/kg in Ningxia [3] Group 3: Market Dynamics - Despite initial price increases, scattered milk prices have begun to decline post-festival, with prices in Hebei dropping to 2.8 yuan/kg, suggesting ongoing market pressures [4] - Analysts note that the rise in milk prices is influenced by both inventory preparations for the festival and ongoing adjustments in production capacity, but the sustainability of market recovery remains uncertain due to increasing fragmentation in dairy product consumption [4]

Group 1: Market Overview - A-shares opened lower and experienced fluctuations, with the Shanghai Composite Index testing the 3900-point support level, while the ChiNext Index fell over 3% below 3200 points [1] - The market saw a stable trading volume, with technology growth stocks undergoing significant adjustments, particularly the STAR Market Index which dropped over 4% [1] Group 2: Food and Beverage Sector - The food and beverage sector showed resilience, with the beverage and dairy segments leading the gains, as the sector index rose over 2% for the fifth consecutive day [2] - Notable performers included Zhuangyuan Pastoral, which hit the daily limit, and Yangyuan Beverage, which also reached the daily limit, alongside other companies like New Dairy and Dongpeng Beverage [2] - The positive sentiment was bolstered by PepsiCo's Q3 earnings report, which revealed revenues of $23.94 billion, slightly above Wall Street's expectations, and an adjusted EPS of $2.29, exceeding the forecast [2] Group 3: Pre-prepared Food Standards - The State Council's Food Safety Committee is prioritizing the establishment of national standards for pre-prepared foods, following recent controversies, which will enhance consumer rights and transparency in the restaurant sector [2] - The draft for the national food safety standards for pre-prepared foods has passed review and is set to be publicly consulted [2] Group 4: Cultivated Diamond Sector - The cultivated diamond sector opened significantly higher, with the sector index rising over 4% to reach a historical high [4] - Key stocks included Huanghe Whirlwind, which hit the daily limit and achieved a new annual high, and Sifangda, which also opened at a 20% limit up [4] - The Ministry of Commerce and the General Administration of Customs announced export controls on various synthetic diamond products, which may impact the sector [4] Group 5: Investment Opportunities - Analysts suggest that the food and beverage industry presents structural investment opportunities driven by policies to boost domestic demand and trends in rational, emotional, and health-oriented consumption [3] - Focus areas for investment include the beverage sector, particularly energy drinks, the snack industry with innovative channels and products, and health products targeting younger consumers [3]

Core Viewpoint - The dairy industry shows signs of recovery following the recent holiday season, with milk prices beginning to rise, although the sustainability of this trend remains uncertain [1][3]. Group 1: Market Performance - Dairy stocks, particularly Zhuangyuan Pasture (002910.SZ), have experienced significant gains, with Zhuangyuan Pasture hitting the daily limit for the second consecutive day, driven by a broader consumer market rally [1]. - Other dairy companies also saw increases, with Knight Dairy (920786.BJ) up 4.44% and New Dairy up 5.85%, while several stocks rose over 2% [1]. Group 2: Financial Performance - Zhuangyuan Pasture reported a revenue of 420 million yuan in the first half of 2023, a year-on-year decrease of 1.3%, and a net profit attributable to shareholders of -30 million yuan, which is a 68.5% increase compared to the previous year [3]. - Major domestic dairy companies have shown signs of bottoming out after two years of decline, with expectations for recovery in the second half of the year [3]. Group 3: Milk Price Trends - The average purchase price of fresh milk in major production areas rose from 3.02 yuan/kg in August to 3.04 yuan/kg in late September, indicating a stabilization in prices [3]. - Prices for spot milk have seen significant increases, with prices in Hebei rising from 2.5 yuan/kg to 4.2 yuan/kg, and in Ningxia from 2.1 yuan/kg to between 3.5 and 3.7 yuan/kg [3]. Group 4: Market Dynamics - Analysts expect that the demand for dairy products will peak during the holiday season, potentially leading to a more balanced supply-demand situation [4]. - However, post-holiday, spot milk prices have begun to decline, with prices in Hebei dropping to 2.8 yuan/kg, indicating ongoing market pressures [4]. - The dairy market is experiencing fragmentation in consumption patterns, which may affect the sustainability of the recovery [4].

Market Overview - A-shares opened lower and experienced fluctuations, with the Shanghai Composite Index testing the 3900-point support level. The tech growth stocks faced significant adjustments, with the Sci-Tech Innovation 50 index dropping over 4% and falling below 1500 points, while the ChiNext index fell over 3% and dropped below 3200 points. Market trading volume remained stable [1]. Sector Performance - The food and beverage, cultivated diamond, cement, and ground weaponry sectors saw the largest gains, while energy metals, semiconductors, photovoltaic equipment, and medical services sectors experienced the largest declines [3]. Food and Beverage Sector - The food and beverage sector showed resilience, with the beverage and dairy segments leading the gains. The sector index surged over 2%, marking its fifth consecutive day of increase. Notable stocks included Zhuangyuan Pasture, which hit the daily limit shortly after opening, and Yangyuan Beverage, which also reached the daily limit. Other significant gainers included New Dairy and Dongpeng Beverage [5][4]. - Other segments within the food sector, such as snack foods, agricultural product processing, prepared dishes, and condiments, also saw upward movement, with companies like Baba Foods and Shuangta Foods leading the gains [7]. - PepsiCo reported third-quarter earnings of $23.94 billion, slightly above Wall Street's expectation of $23.85 billion, with adjusted earnings per share of $2.29, exceeding the anticipated $2.27. This positive news led to a significant increase in Pepsi's stock price, which rose over 4%, marking its largest single-day gain in three months [7]. - The State Council's Food Safety Committee has prioritized the "prepared dishes controversy," leading to the development of national standards for prepared dishes. The draft of the food safety standards, led by the National Health Commission, has passed review and will soon be open for public consultation [7]. - Wanlian Securities suggests that under the influence of policies to boost domestic demand and trends in rational, emotional, and health consumption, there are structural investment opportunities in the food and beverage industry. Key areas of focus include the beverage sector, particularly energy drinks, and snack foods that innovate in channels and categories, as well as health products targeting young consumers [8]. Cultivated Diamond Sector - The cultivated diamond sector opened significantly higher, with the sector index rising over 4% to reach a historical high. Notable stocks included Huanghe Whirlwind, which hit the daily limit and achieved a new annual high, and Sifangda, which also opened at the daily limit price [10]. - The Ministry of Commerce and the General Administration of Customs announced export controls on various superhard material products, including synthetic diamond micro-powder and single crystals, following State Council approval [12].

Core Insights - The article discusses a successful marketing campaign by Snow Beer, focusing on the integration of beer consumption with local barbecue culture, enhancing brand recognition and sales through targeted strategies [1][37]. Group 1: Marketing Strategy - The campaign utilized a "national tour" theme, linking Snow Beer with barbecue experiences, achieving over 410 million topic exposures and over 10 million interactions [1][25]. - The strategy emphasized local cultural differences, creating a unique identity for Snow Beer in various cities, thus enhancing brand resonance with consumers [2][34]. - Influential local figures were engaged to promote the brand, effectively bridging the gap between the product and local consumer preferences [3][6]. Group 2: Consumer Engagement - The campaign fostered social connections by associating Snow Beer with friendship and shared experiences, positioning it as a catalyst for social gatherings [6][20]. - Interactive topics were created to encourage consumer participation, transforming the brand message into a widely accepted lifestyle choice [7][22]. - The use of social media and local influencers helped amplify the campaign's reach, creating a strong emotional connection with the audience [20][32]. Group 3: Sales Conversion - The campaign successfully converted online engagement into offline sales, with a notable increase in restaurant sales by 320% following the promotional activities [28][33]. - Special meal packages were introduced to cater to group dining experiences, effectively lowering consumer decision-making costs and enhancing sales efficiency [28][30]. - The integration of online and offline strategies allowed for precise tracking of consumer behavior, optimizing future marketing efforts [33][34]. Group 4: Long-term Brand Positioning - The campaign aimed to establish a sustainable competitive advantage by embedding the brand into the local barbecue culture, ensuring long-term consumer loyalty [37]. - A nationwide exploration strategy was implemented, involving local influencers to create authentic brand experiences in retail environments [34][37]. - The overall approach transformed Snow Beer from a mere product into a cultural symbol associated with barbecue gatherings, achieving a synergistic effect between brand awareness and sales performance [37].

Core Insights - The Chinese beer industry is experiencing structural transformation and high-quality development, driven by consumption upgrades and the young demographic becoming the core market engine [1][6] - The industry has moved past a period of declining production, showing a clear trend of "stable volume and improved quality" [1][6] Market Overview - In the first ten months of 2024, retail sales of tobacco and alcohol grew by 6.1%, outpacing the overall growth of consumer goods [1][15] - Beer production has rebounded since hitting a low in 2021, maintaining steady growth for four consecutive years, with 2023 seeing low inventory levels and strong confidence among distributors [1][16] - The top five brands (China Resources, Tsingtao, Yanjing, Chongqing, and Zhujiang) control over 70% of the market share, with positive growth in sales, revenue, and net profit in 2023 [1][22] Consumer Demand Trends - The beer market is evolving from a simple alcoholic beverage to a social medium for young consumers, with a significant increase in social media engagement around beer [2] - The "micro-drunk economy" is gaining traction, with beer consumption becoming more about experience rather than just drinking [2] - Flavor innovation and health consciousness are driving product diversification, with traditional yellow beer still dominant but white beer and fruit-flavored beers gaining popularity [2][3] Health and Wellness Trends - The demand for low-alcohol and non-alcoholic beers is rising, with the global market for these products valued at 94.07 billion yuan in 2023, expected to grow by 4% by 2027 [3] - Non-alcoholic beers like Qingdao's non-alcoholic white beer are catering to health-conscious consumers and those with alcohol sensitivities [3] Marketing and Distribution Innovations - Digital marketing and scenario-based innovations are prominent, with platforms like Douyin and Xiaohongshu becoming key for brand promotion [4] - Instant retail is reshaping beer consumption, with brands like Snow Beer and Tsingtao enhancing delivery services to meet consumer demand for immediate access [5] - The rise of experiential marketing through beer festivals and music events is strengthening brand engagement with younger audiences [5] Future Outlook - The Chinese beer industry is shifting from "scale-driven" to "value-driven," focusing on product innovation, channel transformation, and deepening consumer engagement [6] - The market is expected to continue evolving with a focus on personalized and diverse consumer needs, particularly among younger demographics [6]