Group 1 - The new chairman of China Resources Beer, Zhao Chunwu, will officially take over on September 3, 2025, after being appointed as the chairman and chairman of the finance committee [1] - Zhao Chunwu has extensive experience in the company, having joined China Resources Snow Beer in 2003 and held various key positions, including general manager of several regional companies [1] - The previous chairman, Hou Xiaohai, resigned on June 27, 2023, to focus on personal matters, leading to Zhao Chunwu temporarily assuming the chairman's responsibilities [2] Group 2 - Under Hou Xiaohai's leadership, China Resources Beer saw significant growth, with the company achieving a revenue of 23.942 billion yuan in the first half of 2025, a year-on-year increase of 0.8%, and a net profit of 5.789 billion yuan, up 23% [4] - The beer business generated revenue of 23.161 billion yuan, reflecting a 2.6% year-on-year growth, while the liquor business contributed 0.781 billion yuan, accounting for nearly 80% of the liquor business revenue [4] - The company is committed to a long-term and high-end development strategy, focusing on a dual empowerment business model of "beer + liquor" to navigate the complex consumer environment [4]

Core Viewpoint - The appointment of Zhao Chunwu as the new chairman of China Resources Beer marks a significant leadership transition within the company, following the departure of the previous chairman, Hou Xiaohai, less than three months ago [3]. Group 1: Leadership Transition - Zhao Chunwu has been promoted from president to chairman and will also serve as the chairman of the company's finance committee [2]. - Zhao has been with China Resources Snow Beer for 22 years, having held various managerial positions across different regions before becoming the vice president of China Resources Beer in May 2022 [3]. - During the interim period after Hou Xiaohai's departure, Zhao assumed the responsibilities of the chairman, indicating a smooth transition within the leadership [3][5]. Group 2: Business Performance - In the first half of the year, China Resources Beer reported a 2.6% year-on-year increase in beer revenue and a 2.2% increase in sales volume, outperforming the overall industry, which saw a 0.3% decline in beer production among large enterprises [3][4]. - The growth in sales is attributed to the positive impact of high-end product offerings, with premium and above beer sales growing by over 10% year-on-year [4]. - The "Heineken" brand maintained a growth rate of over 20%, while "Old Snow" saw a more than 70% increase in sales, and "Red Duke" sales doubled [4]. Group 3: Strategic Focus - Zhao Chunwu's primary tasks will include maintaining China Resources Beer's leadership position in the Chinese beer market and further enhancing the product mix towards high-end offerings to improve profitability [4]. - The board of directors expressed confidence in Zhao's management and leadership capabilities, believing he is the best candidate to drive the company's further development [4].

Investment Rating - The industry investment rating is "Positive" (maintained) [2][9] Core Viewpoints - Recent policies aimed at boosting consumption, such as the "2025 Shaoxing City Consumption Promotion Policy," are expected to benefit cyclical sectors, particularly in the liquor and restaurant chains [5] - The policy includes subsidies for banquet consumption, which will directly stimulate demand for liquor and benefit suppliers in the banquet consumption chain [5] - The report anticipates that similar policies may be adopted in other regions, which could enhance overall consumer demand and support the recovery of liquor demand and banquet supply chain enterprises [5] - The restaurant industry is currently at the bottom of its cycle but is expected to gradually recover due to ongoing policy support, with specific recommendations for various segments including liquor, restaurant chains, beer, and yellow wine [5] Summary by Sections Recent Market Performance - The food and beverage sector has shown a performance of -7% over the last 12 months, compared to 2% for the CSI 300 and 11% for the Shanghai Composite Index [4] Policy Impact - The Shaoxing policy provides tiered subsidies for banquet consumption, with a maximum of 5,000 yuan for events with five tables or more and total spending exceeding 10,000 yuan [5] - The policy is expected to stimulate banquet consumption during the upcoming Mid-Autumn Festival and National Day holidays, benefiting liquor demand [5] Investment Recommendations - The report recommends focusing on the following companies: - Liquor: Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Shede Liquor, Gujing Gongjiu, Yingjia Gongjiu, and Jinshiyuan [5] - Restaurant Chains: Hai Tian Wei Ye, Anji Food, Angel Yeast, and Qianwei Central Kitchen [5] - Beer: Qingdao Beer, China Resources Beer, and Yanjing Beer [5] - Yellow Wine: Kuaijishan and Guyue Longshan [5]

Core Viewpoint - China Resources Beer announced a leadership change, with Zhao Chunwu transitioning from President to Chairman of the Board effective September 3, 2025, while also taking on the role of Chairman of the Finance Committee [1] Group 1: Leadership Changes - Zhao Chunwu has been appointed as Chairman of the Board and Chairman of the Finance Committee, indicating a consolidation of leadership roles within the company [1] - Non-executive director Guo Wei has been appointed as a member of the Finance Committee, suggesting a strengthening of the committee's oversight [1] - The position of President will be temporarily vacant, with Zhao Chunwu assuming responsibilities during the transition period, highlighting the importance of continuity in leadership [1] Group 2: Company Strategy - The Board emphasizes the distinction between the roles of Chairman and President, indicating a strategic approach to governance and leadership [1] - Zhao Chunwu's extensive experience is expected to provide ongoing leadership and stability for the company during this transition [1]

华润啤酒(00291)发布公告，自2025年9月3日起，(1)执行董事赵春武先生已由总裁获调任为主席及获委 任为公司财务委员会主席;以及(2)非执行董事郭巍女士已获委任为公司财务委员会成员。 ...

智通财经APP讯，华润啤酒(00291)发布公告，自2025年9月3日起，(1)执行董事赵春武先生已由总裁获 调任为主席及获委任为公司财务委员会主席;以及(2)非执行董事郭巍女士已获委任为公司财务委员会成 员。 ...

格隆汇9月3日丨华润啤酒(00291.HK)发布公告，自2025年9月3日起，执行董事赵春武已由总裁获调任为 董事会主席及获委任为财务委员会主席；以及非执行董事郭巍已获委任为财务委员会成员。 ...

Daniel Robinson先生 郭巍女士 王成偉先生 （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： 執行董事 趙春武先生 （董事會主席） 趙偉先生 （首席財務官） 非執行董事 香港，二零二五年九月三日 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。 | | 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 | | | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | | | | | | | 趙春武 | | | | M | C | M | | 趙偉 | | | | | 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 | ...

華潤啤酒（控股）有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，執行董 事趙春武先生（「趙先生」）由本公司總裁調任為董事會主席（「主席」），自本公告日期 起生效（「調任」）。 以下為趙先生之簡歷： 趙先生，五十四歲，於二零二二年五月起獲委任為本公司副總裁，並於二零二三年 八月起獲委任為執行董事並由本公司副總裁調任為總裁。彼為本公司執行委員會、 提名委員會、財務委員會及購股權普通委員會各自之成員。 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 ）） 總裁調任為董事會主席及董事委員會組成變動 董事會宣佈，自二零二五年九月三日起， 總裁調任為董事會主席 – 1 – (1) 執行董事趙春武先生已由總裁獲調任為主席及獲委任為本公司財務委員會 主席；以及 (2) 非執行董事郭巍女士已獲委任為本公司財務委員會成員。 趙先生亦擔任華 ...

Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is experiencing a downturn, with many companies reporting declines in revenue and net profit, while other alcoholic beverages like beer and yellow wine are capitalizing on this opportunity to attract younger consumers [1][2][3]. Baijiu Industry Performance - The total revenue of baijiu companies in the first half of 2025 was 241.51 billion yuan, a slight decrease of 0.9% from 2024 [1]. - The net profit attributable to shareholders was 94.56 billion yuan, down 1.2% from the previous year [1]. - Only six out of twenty baijiu companies reported positive revenue growth, with Kweichow Moutai leading at 91.1 billion yuan, a 9% increase [2]. - Thirteen companies experienced declines in both revenue and net profit, indicating a widespread downturn in the baijiu sector [3]. Other Alcoholic Beverages - The beer sector showed positive growth, with most companies reporting revenue increases, particularly Qingdao Beer, which exceeded 20 billion yuan in revenue [5]. - The total revenue of other alcoholic beverages, including beer, yellow wine, and pre-mixed drinks, was 5.3 billion yuan, with net profits totaling 700 million yuan [6]. - Companies like Zhangyu A and Bai Run Holdings dominated the pre-mixed drink market, with revenues close to 1.5 billion yuan each [6]. Market Trends and Consumer Behavior - The liquor market is becoming younger and more diversified, with a trend towards lower alcohol content beverages [1][7]. - Baijiu companies are actively seeking to attract younger consumers through marketing and product innovation, such as smaller packaging and lower alcohol options [7][8]. - Cross-industry collaborations are emerging, with beer companies like China Resources Beer venturing into the baijiu market, and baijiu brands launching beer products [9]. Future Outlook - The baijiu industry is expected to undergo further adjustments, with upcoming festivals like Mid-Autumn and National Day serving as critical indicators for market recovery [3]. - The success of lower alcohol products and cross-industry collaborations remains to be seen, as companies adapt to changing consumer preferences [8][9].