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。 (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)) 截至二零二五年六月三十日止六個月之中期業績 華潤啤酒(控股)有限公司 -1- ⚫ 本集團於二零二五年上半年的未經審計之綜合營業額為人民幣 23,942,000,000 元， 同比增長 0.8%。受益於啤酒業務高端化戰略的持續發展和原材料採購成本的節 約，二零二五年上半年本集團的毛利率同比上升 2.0 個百分點至創新高的 48.9%。 本集團於二零二五年上半年未經審計之未計利息及稅項前盈利及股東應佔溢利亦 分别創新高至人民幣 7,691,000,000 元及人民幣 5,789,000,000 元，分别同比增長 20.8%和 23.0%，其中，啤酒業務的未經審計之未計利息及稅項前盈利及股東應佔 溢利分別同比增長 13.8%和 17.3%。 ⚫ 啤酒業務方面，本集團於二零二五年上半年實現啤酒銷量約 6,487,00 ...

Core Viewpoint - The Shanghai Municipal Government and China Resources (Group) Co., Ltd. signed a strategic cooperation agreement to enhance collaboration across multiple sectors, aiming for mutual benefits and high-quality development [1] Group 1: Strategic Cooperation - The agreement emphasizes leveraging Shanghai's technological innovation, industrial clustering, and business environment alongside China Resources' diverse industry strengths and expertise in state-owned capital investment [1] - The partnership will focus on cooperation in key areas such as integrated circuits, pharmaceuticals and healthcare, energy services, urban construction and operation, industrial finance, and technology and emerging industries [1] Group 2: Goals and Objectives - The collaboration aims to achieve complementary advantages between central and local governments, promoting high-quality development and integration [1] - The initiative supports China Resources in its goal to become a globally competitive world-class enterprise while assisting Shanghai in becoming a modern international metropolis with global influence [1]

市委常委、市委秘书长华源参加相关活动。市委常委、副市长陈杰与王崔军代表双方签约。 龚正、王祥明出席签约活动并见证签约。 根据协议，双方将充分发挥上海科技创新、产业集聚、营商环境等综合优势，充分发挥华润集团多元产 业优势和国有资本投资公司专业优势，建立多领域、多层次、全方位的战略合作关系，重点推动集成电 路、医药医疗、能源服务、城市建设运营、产业金融、科技与新兴产业等领域合作，实现央地优势互 补、互利共赢，推动央地融合高质量发展，助推华润集团加快建设成为具有全球竞争力的世界一流企 业，助力上海加快建成具有世界影响力的社会主义现代化国际大都市。 上海市人民政府与华润（集团）有限公司今天（8月18日）在沪签署战略合作协议。市委书记陈吉宁， 市委副书记、市长龚正会见华润集团董事长王祥明、总经理王崔军一行。龚正、王祥明出席签约活动并 见证签约。 ...

本报记者梁傲男 作为啤酒产业的核心原材料，大麦价格波动频繁，给啤酒企业带来了高昂的成本压力，也对产业链的韧 性与安全构成了严峻挑战。当前，国内大麦种植呈现出"散而小"的格局，缺乏规模优势，且国产大麦 的"均一性"欠佳。 大麦如何种植？选择何种品种？种出的大麦是否符合啤酒酿造要求？成为摆在产学研各方面前亟待共同 攻克的课题。 为解决上述问题，华润啤酒（控股）有限公司（以下简称"华润啤酒"）发起了"国麦振兴"项目，为国产 大麦产业难题的解决提供了关键路径。在该项目中，众多专家学者携手合作，推动形成了一套覆盖大麦 种子培育、田间灌溉与农药施肥、麦芽厂烘焙以及啤酒厂酿造等全链条的标准化种植及加工流程。 这一流程的建立，对国产大麦实现规模化种植以及酒企构建特色产品体系起到了积极的推动作用。 "呼伦贝尔去年实现3400万人的游客量，未来计划把国麦啤酒的品鉴融入旅游餐饮消费中，为文旅发展 锦上添花。"呼伦贝尔农垦集团总经理臧著强在接受《证券日报》记者采访时表示，集团将深化与各方 的合作，守牢粮食安全底线，探索全产业链升级路径。 国家大麦青稞产业技术体系首席科学家郭刚刚对《证券日报》记者分析称："国麦振兴"计划既是突破产 业 ...

Core Viewpoint - The article highlights the transformation of the domestic barley industry in China, driven by China Resources Beer’s "National Barley Revitalization" project, which aims to reduce reliance on imported barley and enhance the quality and production of domestic barley for the brewing industry [2][3][4]. Group 1: Industry Transformation - The "National Barley Revitalization" strategy initiated by China Resources Beer in 2021 has led to significant changes in the domestic barley landscape, moving from a reliance on nearly 90% imported barley to a growing domestic production [2][3]. - The project has resulted in a notable increase in the planting area of domestic barley, driven by an order-based agricultural model and collaborative efforts among industry peers [3][4]. - The quality of domestic barley has improved significantly, addressing previous issues such as high protein content and inconsistent quality, which hindered its use in brewing [7][8]. Group 2: Economic and Social Impact - The initiative aligns with national goals for rural revitalization, contributing to farmer income and promoting sustainable agricultural practices [6][9]. - The establishment of standardized planting bases covering over 16,000 acres has been a key achievement, enhancing the quality of domestic barley and supporting the overall development of the beer industry [10][11]. - The launch of the "ESG China National Barley Practice Base" signifies a commitment to integrating ESG principles with agricultural modernization, providing a model for industry development [9][10]. Group 3: Future Outlook - China Resources Beer plans to maintain a stable procurement ratio of around 10% for domestic barley, with expectations for gradual increases as quality continues to improve [8]. - The company emphasizes the importance of domestic barley as a reliable alternative to imported barley, especially in light of global supply chain uncertainties [6][8]. - The successful launch of high-end products like "Keng Fourteen," made entirely from domestic barley, challenges the perception that domestic barley cannot produce quality beer, marking a significant milestone for the industry [7][8].

Core Viewpoint - The resignation of Hou Xiaohai as Chairman of China Resources Beer marks a significant leadership change, with potential implications for the company's strategic direction and performance in a competitive market [1][9]. Group 1: Leadership Transition - Hou Xiaohai resigned to focus on personal matters, confirming no disagreements with the board [1][3]. - Zhao Chunwu, the current Executive Director and President, will temporarily assume the responsibilities of the Chairman until a suitable successor is appointed [3][10]. - Hou has been a pivotal figure in the company for over two decades, contributing to its growth and strategic initiatives [3][4]. Group 2: Company Performance Under Hou - Under Hou's leadership from 2016 to 2021, the company saw significant revenue growth, with operating income increasing from HKD 29.732 billion to HKD 33.387 billion and net profit rising from HKD 1.098 billion to HKD 4.587 billion [4]. - However, in 2024, the company faced challenges, reporting a revenue of HKD 41.332 billion (up 1.3%) and a net profit of HKD 3.758 billion (down 18.1%), marking the first decline in both metrics since 2017 [5]. Group 3: Strategic Initiatives - Hou initiated a "4+4" brand matrix to enhance product offerings and drive premiumization in the beer segment [4]. - The company closed 36 breweries to reduce operational costs, resulting in a workforce reduction of over 50% from 58,200 employees in 2016 to approximately 26,000 by the end of 2024 [4]. - The company expanded into the white liquor market, acquiring stakes in Shandong Jingzhi and Anhui Jinzongzi, and completed a significant acquisition of 55.19% of Jinsha Liquor for HKD 12.3 billion [6][8]. Group 4: Challenges in White Liquor Segment - The acquisitions in the white liquor sector have not yielded expected results, with Jinsha Liquor's revenue dropping from HKD 3.641 billion in 2021 to HKD 1.574 billion in 2024 [8]. - The company acknowledged that the white liquor business is still in the integration phase and requires time to realize synergies and improve performance [8]. Group 5: Market Reactions and Future Outlook - Following Hou's resignation, speculation arose regarding his future, with rumors of potential roles in other companies, though he stated he would not pursue such opportunities [9][10]. - The board reassured that Hou's departure would not disrupt operations, and the search for a new chairman is underway [10]. - The company faces critical questions about its ability to navigate the competitive beverage market and the effectiveness of its dual strategy in the future [11].

Core Insights - The article highlights the top short-selling stocks in the market, focusing on their short-selling ratios, amounts, and deviation values [1][2][3] Short-Selling Ratios - The top three stocks by short-selling ratio are: - China Resources Beer-R (80291) at 100.00% - Bank of China Hong Kong-R (82388) at 88.69% - Kuaishou-WR (81024) at 80.08% [1][2] Short-Selling Amounts - The leading stocks by short-selling amount are: - Alibaba-SW (09988) with a short-selling amount of 2.949 billion - Tencent Holdings (00700) with 2.711 billion - Meituan-W (03690) with 2.333 billion [1][3] Deviation Values - The stocks with the highest deviation values are: - China Resources Beer-R (80291) at 51.62% - Kuaishou-WR (81024) at 43.86% - Bank of China Hong Kong-R (82388) at 39.84% [1][2][3]

Core Viewpoint - The event "ESG China·Guomai (China Resources Beer) Action" highlights the integration of ESG principles in the beer industry, emphasizing the importance of domestic barley cultivation and the "Guomai Revitalization" strategy initiated by China Resources Beer to enhance the industry chain and support rural revitalization [2][10]. Group 1: ESG and Industry Development - China Resources Beer has established over 16,000 acres of standardized planting bases to optimize the quality of domestic barley, contributing to the integration of the entire industry chain from planting to brewing [2]. - The "Guomai Revitalization" strategy aligns with the State-owned Assets Supervision and Administration Commission's directive to enhance control over the industry chain, providing a replicable model for high-quality industry development [2][10]. - The event served as a platform to promote the integration of ESG principles with agricultural industrialization, marking the establishment of the "ESG China·Guomai Practice Base" as a demonstration platform [10]. Group 2: Product and Market Impact - The new product "Keng Shisi" is made from 100% domestic malt, sourced from the specially cultivated Keng barley variety, ensuring high quality and excellent extraction rates for brewing [4]. - The launch of "Keng Shisi" is seen as a four-win outcome: boosting confidence in domestic barley development, adapting to diverse beer product structures, responding to national rural revitalization initiatives, and enhancing the social responsibility image of leading enterprises [8]. - The collaboration between China Resources Beer and Hulunbuir Agricultural Reclamation Group aims to transform traditional agriculture into a modern, branded industry, positioning Hulunbuir as a national "Guomai Granary" [10].

Core Insights - The craft beer sector is witnessing an influx of brands from various industries, including major liquor and food companies, as they seek growth opportunities amid a competitive landscape in the high-end liquor market [1][4]. Group 1: Market Entry and Strategy - Wuliangye's subsidiary launched a craft beer named "Fenghuolun," priced at 19.5 yuan per can, targeting consumers aged 25 to 49 and aiming to capture the mid-to-high-end beer market [1][2]. - Other companies like Zhenjiu Lidu and Luzhou Laojiao have also entered the craft beer market, with Zhenjiu Lidu's "Niushi News" priced at 88 yuan per bottle, emphasizing a new consumer experience [2][3]. - The entry of food companies like Haoxiangni and Three Squirrels into the craft beer market reflects a broader trend of diversification among brands seeking new revenue streams [1][4]. Group 2: Industry Trends and Growth - The Chinese craft beer market is projected to grow from 428 billion yuan in 2022 to 680 billion yuan by 2024, with a compound annual growth rate of 26.7%, and is expected to exceed 1 trillion yuan by 2025 [6]. - The craft beer segment is attractive due to its high gross margins, typically ranging from 55% to 65%, which are significantly higher than those of industrial beers [6]. - The shift in consumer preferences towards higher-quality and premium experiences is driving the growth of craft beer, as companies leverage existing distribution networks and brand equity to support higher price points [4][6]. Group 3: Competitive Landscape - Major players like China Resources Beer, Qingdao Beer, and Budweiser APAC dominate over 90% of the market, while craft beer brands and regional players compete for the remaining share [5]. - The overall beer production in China has been declining since reaching a peak of 50.62 million kiloliters in 2013, with a projected production of 35.21 million kiloliters in 2024 [5]. - The high-end beer segment has shown robust growth since 2020, contributing significantly to the profits of leading beer companies [5][6]. Group 4: Future Outlook - Experts predict that the trend of cross-industry collaboration in the alcoholic beverage sector will intensify, with a focus on quality enhancement and brand development [7][8]. - The high-end beer market is expected to continue evolving, with an emphasis on product innovation and meeting the diverse needs of consumers [7].

转自：草原云 活动现场举行了国麦振兴实践基地授牌仪式与战略签约仪式，为推动国麦产业发展注入新动力。此外， 别具一格的麦田走秀也让观众眼前一亮。身着特色服饰的模特们手持国麦、农优产品和特色饮品，在大 麦田间展示出独特的魅力。 8月11日，以"一麦相承、共酿美好"为主题的"ESG中国・国麦（华润啤酒）行"活动在呼伦贝尔农垦拉 布大林农牧场第三（连）队大麦田举办。 活动现场。 此次活动汇聚了中国企业改革与发展研究会、国家大麦青稞技术体系、黑龙江农垦科学院、华润集团、 华润啤酒、自治区国资委服务局、呼伦贝尔农垦及相关企业的代表，共同探讨ESG理念下的发展新路 径。 论坛环节。 活动现场，4位受邀嘉宾登台致辞，表达了对ESG理念的深刻理解，以及对此次活动促进各方合作、推 动可持续发展的殷切期望。在《ESG中国企业的探索之旅》论坛环节，嘉宾们围绕融入生态、自然、草 原等内容，结合各自领域积极建言献策，探讨如何在企业发展中更好地践行ESG理念。 签约仪式。 模特走秀。 "ESG中国·企业行"是"ESG中国"平台的重要组成部分，旨在促进企业利益相关方通过沟通与参与，更好 地推动企业在环境、社会和企业治理（ESG）方面的持续发 ...