晨星发表报告指，将护城河较窄的华润啤酒的公允价值估值下调3%至37.5港元，同时将2025-2029年的 盈利预测下调4-5%。该行仍认为该股估值被低估，2025年4.4%的股息率也支撑这一观点。该行将华润 啤酒的白酒业务五年销售的复合年增长率预测，从7%下调至3%，反映行业需求前景疲软。同时预计该 公司旗下公司"金沙酒业"品牌组合在高端白酒市场的表现将落后于其他品牌。此外，由于低端啤酒价格 承压，该行将2026年的价格增长预期下调2个百分点。喜力啤酒的渠道扩张仍是啤酒业务销量增长的主 要驱动力。 ...

丨证券研究报告丨 行业研究丨专题报告丨啤酒 [Table_Title] "每食每刻"系列之（十五）：逆境求变，啤酒 企业探寻多元化发展之路 research.95579.com 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 报告要点 请阅读最后评级说明和重要声明 [Table_Summary] 2013 年啤酒行业以量为核心驱动力的增长阶段落下帷幕，啤酒公司积极谋求高端化转型。随着 2018 年行业在成本压力之下重启了提价，优化产品结构更加成为啤酒厂商的共识，价升利增的 逻辑链条成为行业在多年激励竞争博弈后的均衡解，自此开启了连续多年的业绩高速兑现。但 2023 年后，现饮场景需求偏弱，行业价增放缓，啤酒企业纷纷踏上探寻多元化发展之路。 %% %% 分析师及联系人 %% %% [Table_Author] 1 [Table_Title "每食每刻"系列之（十五）：逆境求变，啤酒 2] 企业探寻多元化发展之路 [Table_Summary2] 逆境求变，啤酒企业探寻多元化发展之路 中国啤酒产量于 2013 年见顶下滑，啤酒行业以量为核心驱动力的增 ...

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 | | | | 3,244,176,905 | | 0 | | 3,244,176,905 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,244,176,905 | | 0 | | 3,244,176,905 | 第 2 頁 共 10 頁 v 1.1.1 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12月31日 | 狀態: 新提交 | | ...

Core Insights - The relocation of China Resources Snow Beer headquarters to Shenzhen is viewed as a strategic move amid a significant industry adjustment, marking a shift from "scale expansion" to "value competition" in the Chinese beer market [1][10] Industry Overview - The Chinese beer industry has entered a prolonged period of declining production, with national beer output in November 2025 at 1.596 million kiloliters, a year-on-year decrease of 5.8%, indicating the end of the "volume growth" era and a shift towards "price growth" as a survival strategy for market participants [2][4] Company Performance - China Resources Snow Beer reported a slight revenue increase of 0.8% to 23.942 billion yuan in the first half of 2025, with a significant profit growth of 23% to 5.789 billion yuan and a record high gross margin of 48.9%, driven primarily by high-end product sales, which grew over 10% year-on-year [4] - Other companies in the industry, such as Qingdao Beer and Yanjing Beer, also reported revenue growth, with Qingdao Beer achieving 29.37 billion yuan in revenue, a 1.4% increase, and Yanjing Beer’s mid-year report showing a 9.32% increase in revenue from mid-range products [4] Market Dynamics - The relocation of the headquarters to Shenzhen is part of a broader strategy to optimize resources and align with national strategies, while also reflecting a changing market landscape, with the eastern region contributing over 40% of revenue and showing the highest profit growth [6] - The South China market is becoming increasingly competitive for high-end beer consumption, with major players like Budweiser and Qingdao Beer making significant investments in the region [6] Channel Transformation - The beer industry is experiencing a profound transformation in distribution channels, with traditional retail and dining channels growing steadily, while online platforms for instant retail are rapidly expanding, becoming a new engine for reaching younger consumers [7][9] - Companies are leveraging consumer data to drive product development, with China Resources Snow Beer launching an exclusive product in collaboration with Meituan, and other brands like Qingdao Beer and Budweiser enhancing their online presence and delivery efficiency [9]

Core Viewpoint - The consumer sector has faced significant challenges in the past year, with many sub-sectors experiencing declines despite overall market growth. The focus on domestic demand and consumption has not translated into positive performance for many consumer-related industries [1][5]. Consumer Sector Performance - In the first half of the year, 10 out of 16 declining industries were from the consumer sector, indicating a broader trend of underperformance [1]. - The white liquor sector, a key component of the consumer market, has seen a year-to-date decline of 12.44%, with major brands like Wuliangye experiencing significant drops in revenue and profit [6][9]. - The professional chain sector has been particularly hard-hit, with a year-to-date decline of 14.72%, exemplified by the struggles of companies like Renrenle [16][20]. White Liquor Sector - The white liquor industry is facing its eighth consecutive year of production decline, with both volume and price dropping simultaneously [10]. - Wuliangye reported a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters, marking its first negative growth in a decade [9]. - The industry is shifting from a growth-driven model to one focused on consumer choice, with a need for companies to adapt to changing consumer preferences [15]. Professional Chain Sector - The professional chain sector is experiencing a crisis, with many physical stores closing and traditional business models failing [16][20]. - Renrenle, once a leading private supermarket, has seen its market value plummet and is now facing delisting due to ongoing financial struggles [21][24]. - The shift towards online shopping and personalized consumer demands has further exacerbated the challenges faced by traditional retail chains [24][25]. Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also faced declines, with the beer segment seeing a notable drop in sales and profits [27][32]. - Budweiser APAC reported an 8.2% decline in domestic sales and a 24.4% drop in net profit, reflecting broader industry challenges [32][33]. - The market is witnessing a trend of cross-industry competition, with liquor companies diversifying into new beverage categories [34]. Publishing Sector - The publishing industry has shown resilience despite a 10.4% decline in the overall market for printed books, with listed companies managing to increase net profits by 14.65% [43][44]. - However, leading companies like Zhongwen Media are struggling, with significant revenue and profit declines due to changes in educational material procurement policies [45][48]. Seasoning Sector - The seasoning industry has faced a 6.04% decline, with companies like Qianhe Flavor struggling due to falling revenues and a loss of consumer trust [51][55]. - The industry is experiencing a shift in consumer preferences and increased competition, necessitating a reevaluation of business strategies [60]. Traditional Chinese Medicine Sector - The traditional Chinese medicine sector is facing challenges, with companies like Pian Zai Huang reporting significant declines in revenue and profit due to rising costs and regulatory pressures [61][66]. - The industry is undergoing a transformation as companies seek to innovate and diversify their product offerings [70]. Digital Media Sector - The digital media industry has seen a 4.95% decline, with companies like Mango TV reporting significant drops in revenue and profit due to changing consumer behaviors and market dynamics [71][74]. - The sector is grappling with the need to adapt to new content consumption trends while facing pressure from traditional advertising models [75]. Kitchen and Bathroom Appliances Sector - The kitchen and bathroom appliance sector has experienced a 4.11% decline, largely due to reduced demand from the real estate market [78][79]. - Companies like Boss Electric are facing revenue declines for the first time in years, highlighting the challenges of adapting to a changing market landscape [79][80]. White Goods Sector - The white goods sector has seen a 2.02% decline, with major players like Gree Electric facing significant revenue and profit pressures due to increased competition and market saturation [83][84]. - The industry is shifting towards a focus on product quality and brand strength as external stimuli diminish [88]. Hotel and Restaurant Sector - The hotel and restaurant sector has faced a 1.37% decline, with revenue pressures stemming from changing consumer spending habits and increased competition from online platforms [89][92]. - Companies are beginning to adopt more refined operational strategies to navigate the challenging market environment [96].

Core Viewpoint - The article discusses the significant downturn in various consumer sectors, particularly the liquor and retail industries, highlighting the challenges and potential opportunities for recovery amidst changing consumer behaviors and market dynamics [2][4][43]. Group 1: Liquor Industry - The liquor sector, especially the white liquor segment, has faced substantial declines, with the overall white liquor market down by 12.44% this year [9][15]. - Major brands like Wuliangye have reported significant drops in revenue and profit, with a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters [17]. - The white liquor industry is experiencing a shift from a growth-driven model to one focused on consumer preferences, with a need for companies to adapt to changing consumption patterns [26][27]. Group 2: Retail Industry - The professional chain sector has seen a dramatic decline of 14.72%, with many traditional retail models struggling to survive [28][30]. - Companies like Renrenle have faced severe financial difficulties, leading to a significant reduction in store numbers and ultimately triggering delisting procedures [34][35]. - The shift towards online shopping and changing consumer preferences have forced traditional retailers to innovate or face extinction [36][39]. Group 3: Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also suffered, with a reported decline of 11.61% this year [40]. - Major players like Budweiser APAC have experienced significant sales drops, with a 9.5% revenue decrease and a 24.4% decline in net profit [46]. - The industry is witnessing a trend of cross-industry competition, with liquor companies diversifying into other beverage categories to adapt to market changes [51][56]. Group 4: Publishing Industry - The publishing sector has faced a 7.22% decline, with the overall market for printed books down by 10.40% [60]. - Despite the downturn, some publishing companies have managed to increase profits through cost control and operational efficiency, with a 14.65% rise in net profit for listed companies [61][62]. - The industry is undergoing significant transformation, moving from traditional sales models to more dynamic content management and IP development strategies [70][71]. Group 5: Seasoning Industry - The seasoning sector has seen a 6.04% decline, with companies like Qianhe Flavor struggling due to a drop in revenue and profit [74]. - The industry is facing challenges from both market saturation and changing consumer preferences, necessitating a shift in strategy for many companies [81]. Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector has experienced a 5.02% decline, with companies like Pian Zai Huang facing significant revenue and profit drops [86]. - The industry is under pressure from regulatory changes and increased competition, pushing companies to innovate and diversify their product offerings [91][92]. Group 7: Digital Media - The digital media sector has reported a 4.95% decline, with traditional advertising models struggling to adapt to new market realities [97][100]. - Companies like Mango TV have seen significant revenue drops, highlighting the challenges of maintaining profitability in a rapidly changing landscape [101][104]. Group 8: Kitchen and Bathroom Appliances - The kitchen and bathroom appliance sector has faced a 4.11% decline, with major players like Boss Electric experiencing revenue drops for the first time in years [112]. - The industry is grappling with reduced demand due to a slowdown in the real estate market, necessitating a shift towards innovation and international expansion [117][118]. Group 9: White Goods - The white goods sector has seen a 2.02% decline, with companies like Gree Electric facing significant challenges due to market saturation and increased competition [126][129]. - The industry is shifting towards a more rational consumer base that prioritizes product quality and brand reputation over traditional growth drivers [133]. Group 10: Hotel and Restaurant Industry - The hotel and restaurant sector has experienced a 1.37% decline, with many businesses struggling to convert increased tourism into profits [140][141]. - The industry is witnessing a shift towards more refined operational models, with companies focusing on member engagement and digital transformation to enhance profitability [142][143].

本报讯 （记者梁傲男）12月26日，由《证券日报》社有限责任公司主办的"2025证券市场年会"在北京 香格里拉饭店圆满落幕。本次年会以"改革与创新资本市场新出发"为主题，汇聚行业协会负责人、经济 学家、上市公司负责人、金融机构负责人等多位重磅嘉宾，共同探讨在高质量发展新阶段下，资本市场 深化改革的路径与创新发展的未来。 在社会责任领域，华润啤酒聚焦产业链自主可控与乡村赋能，于2023年联合国家大麦青稞产业技术体 系、呼伦贝尔农垦集团等机构，共同发起"国麦振兴"行动，推动国产啤麦从种植到酿造的全程品质升级 与产业链重构。2024年12月份，华润啤酒成功推出首款100%国产麦芽酿造啤酒"垦十四"，实现了从"麦 田到酒瓶"的完整闭环，不仅打破了我国啤酒大麦长期依赖进口的格局，更显著提升了中国啤酒产业链 的自主可控能力。 权威榜单的认可进一步印证了华润啤酒的ESG实力，公司荣登"中国ESG上市公司先锋100（2025）"榜 单，排名较上年提升20名；并在今年首次增设的"中国ESG上市公司央企先锋100（2025）"榜单中位列 第34名，两项排名的突破既展现出公司在ESG发展道路上的坚实步伐，更彰显了其作为央企在推动行 ...

安利（中国）公共事务副总裁赖伟民表示，扎根广东30年，安利中国实现了从"落地"到"全球创新枢 纽"的完整跨越。30年来安利累计在粤纳税超1000亿元。中国市场连续22年成为安利全球最大市场。 据介绍，广东是全国外资大省。改革开放以来，外资持续看好广东，累计设立外资企业超过37万家，实 际利用外资规模突破6000亿美元，世界500强企业有350多家已在广东投资兴业。2025年广东实际使用外 资增长9.2%，在全国主要经济大省中一枝独秀。广东在利用外资方面持续出台政策组合拳。"十四五"期 间出台利用外资专项政策25项，从2018年到2025年，每年都在省级层面出台吸引和利用外资的重磅政 策。 安德里茨（中国）有限公司首席财务官文靖介绍，集团总部位于奥地利，扎根佛山超过28年，通过本土 化研发、技术转移和人才培养，已形成覆盖中国的生产、销售和服务网络，在北京、上海、成都、无锡 等地设有分公司，在佛山建立智能制造基地，是集团在亚太地区的重要枢纽。 【深圳商报讯】（驻穗记者 张莹）12月26日，省商务厅联合中信银行广州分行举办2025广东省跨国公 司地区总部政策宣讲暨授牌仪式。 会上向沃尔玛（中国）投资有限公司、华润万 ...

运营商财经网 周颖/文 近日，金沙酒业核心管理层人员发生调动，韩玉国升任为公司副总经理兼营销中心总经理。 运营商财经网副总编刘平表示，在白酒板块业绩表现不及预期的背景下，华润此次任命了一位从基层一 线成长起来的白酒营销老兵管理核心销售工作，而他能否带领金沙酒业应对挑战，还需市场检验。 （责任编辑：周颖） 公开资料显示，韩玉国于2007年加入金沙酒业，从公司遵义销售部的基层业务员做起，后历任多个管理 岗位，并与其团队在五年时间内，将遵义市场的年销售额从418万元提升至1亿元左右。2019年，韩玉国 成为湖北市场负责人，并带领团队在三年时间里将湖北市场的销售额从1500万元提升至1.6亿元。 2023年华润啤酒收购金沙酒业后，韩玉国通过竞聘获任为湘鄂赣大区总经理，后于今年12月份升任为公 司副总经理兼营销中心总经理，统筹负责公司市场、销售与品牌等工作，而原营销中心总经理王维龙已 从公司离职，任职仅一年左右。可以看出，韩玉国长期在一线工作，积累了丰富的白酒营销经验。 据悉，华润啤酒自2022年斥资123亿元收购金沙酒业55.19%股权后，多次更换董事长、总经理等核心管 理岗位，来自华润体系的高管占据重要位置。 但在 ...

Core Viewpoint - The company Baina Qiancheng plans to acquire 100% of Zhonglian Century through a combination of share issuance and cash payment, aiming to enhance its digital marketing capabilities and achieve synergy in operations [2][4][11]. Group 1: Acquisition Details - Baina Qiancheng intends to issue shares and pay cash to acquire 100% of Zhonglian Century, along with raising matching funds from no more than 35 specific investors [2][4]. - The transaction's final price will be based on an evaluation report from a qualified asset appraisal agency, which is still pending completion [4]. Group 2: Zhonglian Century Overview - Zhonglian Century is a digital marketing service provider leveraging AI and big data, focusing on one-stop digital marketing solutions for industries such as telecommunications, finance, and e-commerce [2][4][5]. - The company has developed a robust R&D system and core technologies, including various intelligent marketing systems and algorithms, aimed at enhancing customer acquisition and operational efficiency [5]. Group 3: Financial Performance - In the first three quarters of the current year, Zhonglian Century reported a net profit of 178 million, surpassing its total net profit for the previous year [7]. - Financial data indicates that Zhonglian Century's total assets reached approximately 102.14 billion, with total liabilities of about 56.07 billion, and owner’s equity of around 46.07 billion as of September 30, 2025 [8]. Group 4: Strategic Rationale - Baina Qiancheng aims to enhance its competitive edge by integrating Zhonglian Century's advanced digital marketing technologies with its existing media resources and brand services [11]. - The acquisition is expected to optimize Baina Qiancheng's business structure and improve its overall competitiveness in the market [11].