长江商报消息●长江商报记者 沈右荣 转让资产，华润啤酒（0291.HK）的动作再度引发市场关注。 近日，上海联合产权交易所有限公司官方微信公众号"上海联交所"发布多个资产处置项目推介，涉及雪 花啤酒的驻马店工厂资产、汕头工厂资产和达州工厂资产等。 2024年4月以来，华润啤酒在"上海联交所"微信公众号频频推介处置项目，主要是各地工厂资产。 截至2024年底，华润啤酒在全国各地有62家工厂。而在2016年底，工厂数量为98家。这意味着，8年 间，华润啤酒净关闭了36家工厂。 关闭工厂、转让工厂资产，可能有产能升级、提高产能利用率考虑。而备受关注的是，华润啤酒独特 的"啤+白"双轮驱动模式将面临严峻考验。 2025年6月，侯孝海卸任华润啤酒董事会主席。侯孝海掌舵期间，华润啤酒异军突起，踏上了行业巅 峰。5年前，侯孝海执意进军白酒，通过收购，"啤+白"双轮驱动格局形成。然而，除了"摘要"，华润啤 酒的白酒没有翻出多少浪花。 2024年，华润啤酒罕见地出现了营收、净利双降局面。 啤酒企业做白酒，既有理论上的互补，也存现实上的差异。华润啤酒的"啤+白"双轮驱动模式将面临考 验。 再现转让啤酒厂房资产 华润啤酒再度筹划转 ...

近日，上海联合产权交易所有限公司官方微信公众号"上海联交所"发布多个资产处置项目推介，涉及雪花啤酒的 驻马店工厂资产、汕头工厂资产和达州工厂资产等。 2024年4月以来，华润啤酒在"上海联交所"微信公众号频频推介处置项目，主要是各地工厂资产。 截至2024年底，华润啤酒在全国各地有62家工厂。而在2016年底，工厂数量为98家。这意味着，8年间，华润啤酒 净关闭了36家工厂。 关闭工厂、转让工厂资产，可能有产能升级、提高产能利用率考虑。而备受关注的是，华润啤酒独特的"啤+白"双 轮驱动模式将面临严峻考验。 2025年6月，侯孝海卸任华润啤酒董事会主席。侯孝海掌舵期间，华润啤酒异军突起，踏上了行业巅峰。5年前， 侯孝海执意进军白酒，通过收购，"啤+白"双轮驱动格局形成。然而，除了"摘要"，华润啤酒的白酒没有翻出多少 浪花。 2024年，华润啤酒罕见地出现了营收、净利双降局面。 长江商报消息 ●长江商报记者 沈右荣 转让资产，华润啤酒（0291.HK）的动作再度引发市场关注。 根据"上海联交所"发布的信息，华润啤酒拟转让雪花啤酒的驻马店工厂资产、汕头工厂资产和达州工厂资产等。 本次拟转让的驻马店工厂，位于河南省南 ...

Core Viewpoint - The liquor industry is undergoing unprecedented executive changes across various segments, reflecting deep-seated challenges and transformation pains amid multiple pressures such as declining performance, high inventory, and weak consumer demand [1][4]. Group 1: Executive Changes - The trend of executive turnover in the liquor industry, which began in 2024, has expanded beyond just the liquor segment to include beer and yellow wine [3]. - Notable changes in the liquor sector include the resignation of Yanghe's chairman Zhang Liandong and the appointment of Gu Yu as his successor, as well as similar transitions in other companies like Jinzhongzi and Guizhou Moutai [3]. - In the beer industry, significant leadership changes occurred with the resignation of China Resources Beer chairman Hou Xiaohai and the retirement of Zhujiang Beer chairman Wang Zhibin, leading to new appointments [3]. Group 2: Industry Challenges - The liquor industry's executive changes are indicative of a deep transformation driven by pressures from consumption shifts, intensified competition, and policy adjustments [5]. - The slowing macroeconomic growth has led to decreased consumer spending power and willingness, significantly impacting liquor products as discretionary items [5]. - The younger generation's changing consumption attitudes are influencing liquor consumption, prompting companies to seek younger management to tap into this market [5]. Group 3: Strategic Adjustments - The introduction of the "new alcohol ban" policy in May has created additional pressure on the industry, despite its limited direct impact on actual sales [5]. - The decline in government consumption from 40% in 2011 to approximately 5% in 2023 has further affected market confidence, leading to a drop in high-end liquor wholesale prices [5]. - Companies are increasingly focusing on differentiated competition and precise market segmentation to survive, developing product lines tailored to various consumption scenarios such as banquets, gifts, personal use, and collections [6].

Core Viewpoints - The liquor instant retail market is entering a rapid development phase, with significant room for channel penetration. Instant retail is defined as a "supply revolution" driven by consumer lifestyles, transitioning from "selling products" to "selling scenarios" [6][8] - The transformation of liquor channel models is accelerating, making the rapid development of instant retail a necessity. As the competition landscape for liquor stabilizes, consumers are increasingly pursuing price-performance ratios through diversified channels, leading to a contraction in traditional channel profits [7][10] - Liquor companies are actively embracing channel changes and expanding into instant retail and online channels. Instant retail is not just a sales channel but a way for liquor brands to integrate into residents' lifestyles, enhancing consumer engagement [7][10] Market Overview - The liquor instant retail market is projected to reach a scale of 36 billion yuan in 2024, with a penetration rate of approximately 1.8%. The growth potential remains vast, with estimates suggesting the market could reach 60-90 billion yuan by 2030 [6][20] - Instant retail channels are categorized into two main models: platform models that integrate resources (e.g., Meituan Flash Purchase) and self-operated models that maintain strong supply chain control [8][21] - The rapid growth of instant retail channels is driven by changing consumer lifestyles and the need for efficiency, with a focus on enhancing consumer experiences and meeting demand in lower-tier markets [10][20] Industry Opportunities - Instant retail creates opportunities for the liquor industry, such as serving as a trial ground for younger products and facilitating collaboration between liquor companies and platforms to co-create products [8][10] - The traditional profit margins in liquor channels are shrinking, prompting companies to adopt digital management and consumer-centric strategies to enhance efficiency [7][10] - The beer segment, with non-immediate consumption channels accounting for 60%, is also seeing a shift towards instant retail, which helps capture market share in lower-tier cities [10][20] Company Strategies - Major liquor brands are actively recruiting operators on multiple platforms, with companies like Moutai and Qingdao Beer launching new products and innovative sales models [7][10] - Companies are leveraging instant retail to enhance operational efficiency and product innovation, with a focus on high-end product offerings and consumer engagement [8][10] - The collaboration between liquor companies and platforms is expected to foster a more efficient and consumer-oriented sales environment, driving growth in the sector [7][10]

Group 1 - The "Fortune" Global 500 list serves as a benchmark for measuring international competitiveness among enterprises, with 130 Chinese companies making the list this year, including 85 state-owned enterprises [1] - The threshold for entering the Global 500 has increased due to improved operating conditions for listed companies, highlighting the challenges faced by state-owned enterprises in terms of transformation and sustainable growth [1] - In the Guangdong-Hong Kong-Macao Greater Bay Area, there are 10 state-owned enterprises on the list, primarily located in Guangzhou, Shenzhen, and Hong Kong, with Guangzhou having the highest number [1] Group 2 - Among the 124 Chinese mainland companies on the list, 49 saw their rankings rise while 68 experienced declines, with most state-owned enterprises in the Greater Bay Area also facing ranking drops [2] - China Resources ranked 67th, improving by 5 positions, while China Electronics rose 8 places to 427th, marking its 15th consecutive year on the list [3] - GAC Group, which has been on the list for 13 years, fell 71 places to 252nd, reflecting broader challenges in the automotive industry despite rapid growth in electric vehicle production [4] Group 3 - Guangzhou Industrial Control, which debuted on the list in 2023, ranked 406th this year, maintaining stability despite external challenges [5] - Guangzhou Pharmaceutical Group ranked 459th and is the only Chinese company in the pharmaceutical sector to be listed, focusing on innovation and international expansion to maintain competitiveness [5] - Shenzhen Investment Holding is the only city-owned state enterprise from Shenzhen on the list, ranking 414th this year, with a focus on technology and finance [6]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others [1]. Core Insights - The report highlights that most baijiu wholesale prices have stabilized, with specific price changes noted for various brands. For instance, the price of Feitian Moutai (case) is 1915 yuan, down by 35 yuan from the previous month, and down 665 yuan year-on-year [3][9]. - Discounts on liquid milk and beer have decreased compared to previous months, indicating a shift in pricing strategies within the consumer goods market [5][22]. Summary by Sections Baijiu Pricing - Guizhou Moutai's prices for different products have shown a decline, with Feitian Moutai (case) at 1915 yuan, down 35 yuan month-on-month and 665 yuan year-on-year [3][9]. - Wuliangye's eighth-generation price is 930 yuan, stable compared to last month and unchanged year-on-year [4][9]. - Luzhou Laojiao's Guojiao 1573 remains at 860 yuan, unchanged from last month and down 40 yuan year-on-year [4][9]. Consumer Goods Discounts - The average discount rate for liquid milk has decreased to 79.1% from 73.8% at the end of June, while the median discount rate increased to 80.3% [5][22]. - Beer discounts have also seen a slight increase, with average and median rates at 83.6% and 87.0%, respectively, compared to 81.1% and 84.6% in late June [5][22]. - Discounts for infant formula and instant foods have remained stable, with average rates at 93.0% and 94.3%, respectively [7][22].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華潤啤酒(控股)有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00291 | | 說明 | | | | | | | 多櫃檯證券代號 | 80291 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,244, ...

果然财经｜华润啤酒拟再转让多个工厂资产，已关停啤酒厂36家 热门评论我要评论 微信扫码 移动端评论 近日，华润啤酒（00291.HK）在上海联合产权交易所有限公司微信公众号"上海联交所"发布多个资产 处置项目推介，包括雪花啤酒的驻马店工厂资产、汕头工厂资产和达州工厂资产等。华润啤酒2024年年 报显示，报告期内，其工厂数量为62家。对比其2021年底的65家啤酒厂，也就是近三年又关闭3家啤酒 工厂。据华润啤酒2021年报，为推动优化产能布局，于2021年内已停止营运5家啤酒厂。 大众报业·齐鲁壹点23分钟前 果然财经｜华润啤酒拟再转让多个工厂资产，已关停啤酒厂36家 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱： 1790179766@qq.com ...

Core Viewpoint - The beer stocks have experienced a significant decline, with Budweiser APAC down 5.47%, Qingdao Beer down 5.06%, and China Resources Beer down 4.04% as of the report time. The decline is attributed to a decrease in beer production and external consumption pressures, including a recent ban on alcohol sales [1]. Industry Summary - As of June 2025, the beer production volume of large-scale enterprises in China reached 4.12 million kiloliters, showing a year-on-year decrease of 0.2%. For the first half of the year, the cumulative beer production was 19.04 million kiloliters, down 0.3% year-on-year [1]. - The market sentiment has been affected by the alcohol ban, but there are signs of recovery as the beer consumption season approaches, coupled with positive consumer policy adjustments in China, which may lead to marginal improvements in beer demand [1]. Policy Impact - The Central Political Bureau held a meeting on July 30, emphasizing the expansion of domestic demand with a focus on improving livelihoods. This consumption stimulus policy is expected to alleviate the pressure on beer sales and sales expectations that have been impacted by external consumption environments and the alcohol ban [1].

此外，7月30日中央政治局召开会议，方正证券指出，本次政治局会议着力强调扩大内需，以民生为抓 手。此前啤酒行业受外部消费环境+禁酒令等影响，销量&销量预期承压。此次消费刺激政策有望修复 对啤酒板块旺季表现的预期。 消息面上，2025年6月，我国规模以上企业啤酒产量412.0万千升，同比下降0.2%。1-6月，中国规模以 上企业累计啤酒产量1904.4万千升，同比下降0.3%。东莞证券指出，禁酒令发布后，短期市场情绪放 大，啤酒亦受到一定扰动。纠偏后，近期市场情绪有所回暖。目前，属于啤酒消费旺季，叠加我国消费 政策定调积极，预计啤酒需求或边际改善。 啤酒股午后跌幅扩大，截至发稿，百威亚太(01876)跌5.47%，报8.29港元；青岛啤酒（600600）股份 (00168)跌5.06%，报49.7港元；华润啤酒(00291)跌4.04%，报26.15港元。 ...