华润啤酒 20251222 摘要 啤酒行业淡季稳定，竞争格局未见显著变化，中国啤酒企业销售单价略 有下降，但幅度不大。2025 年全年销量增长低单位数，高端品牌喜力 保持约 20%增长，整体市场趋于稳定。 华润啤酒预计 2026 年铝罐提价影响有限，毛利率有望受益于材料成本 压力减小和高端化产品推动而提升，费用控制将持续，对明年持谨慎乐 观态度，量价预计与 2025 年相似。 面对 6~10 元价格区间竞品竞争，华润啤酒将微调策略应对，坚持高端 化路径，加强与代加工、贴牌合作，满足消费者个性化需求，并通过数 据分析精准把握消费变化。 高端化发展仍有空间，关键在于提供高品质、高定位的理由，精准定位 目标客户群并有效推广。大单品战略覆盖面广，引领区域价格定位，展 示产品组合优势。 华南地区特别是广东省是啤酒销量最大的省份，华润啤酒将积极推动华 南区发展，以期获得更大市场份额，总部搬迁深圳旨在优化资源配置， 服务长远发展目标。 Q&A 今年（2025 年）整体餐饮市场的情况如何？华润啤酒在不同区域的业务表现 如何？ 今年（2025 年），整体餐饮市场呈现出稳定状态，虽然部分区域和结构性复 苏迹象初现，但整体数据并未 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Insights - In the first three quarters of 2025, the Chinese fast-moving consumer goods (FMCG) market exhibited distinct characteristics of "price reduction, volume increase, structural differentiation, and channel reshaping." The overall market average price decreased by 2.4% year-on-year, but the decline has narrowed, indicating price stabilization. Third to fifth-tier cities have become the main drivers of sales recovery, while competition in first and second-tier cities has intensified. Notably, packaged food sales led with a growth rate of 3.4%, although the momentum is slowing due to price sensitivity. Beverages are the only category to experience a decline, significantly impacted by price wars and competition from freshly brewed tea drinks [2][4][27]. Summary by Sections Market Overview - The FMCG market in China is characterized by a "price reduction, volume increase" trend, with a 2.4% year-on-year decline in average prices, which is stabilizing. Sales growth in lower-tier cities contributed approximately 80% to market growth, with a year-on-year increase of 4-6% [17][21][27]. Category Performance - Packaged food sales grew by 3.4% year-on-year, driven by stable demand for core and snack food categories. However, growth momentum is slowing, with quarterly growth rates of 4.6%, 4.2%, and 2.9%. In contrast, the beverage category saw a 1.1% decline in sales, despite a 3.6% increase in volume, primarily due to a 4.6% drop in average prices [21][25][27]. Channel Dynamics - The channel landscape is evolving, with traditional offline channels continuing to shrink. Emerging formats such as warehouse membership stores and snack collection stores are experiencing rapid growth, with increases of approximately 40%, 51%, and 92% respectively. E-commerce channels also showed resilience with a growth rate of about 7% [22][27]. Subsector Performance - The food and beverage sector has seen a mixed performance, with the overall index down 3.66% since the beginning of the year, lagging behind the CSI 300 index. However, subsectors like snack foods, food composites, and soft drinks have shown relative strength in recent weeks [29][35]. Industry Trends - The liquor industry is undergoing strategic adjustments, with major companies like Kweichow Moutai and Wuliangye implementing market reforms. Fast food and coffee brands are leveraging price adjustments and co-branding initiatives to attract consumers. The soft drink sector is focusing on product innovation and brand exposure, while the dairy sector is investing in capacity expansion and governance changes [35][36][37].

本报讯 （记者梁傲男）在"双碳"目标纵深推进、高质量发展成为时代核心命题的背景下，ESG已从企 业可持续发展的"选修课"转变为关乎长远竞争力的"必答题"。近日，华润啤酒（控股）有限公司（以下 简称"华润啤酒"）在深圳雪花大厦举办"ESG战略提升规划项目启动会暨ESG卓越实践建设推进仪式"。 润啤酒/供图 中国企业改革与发展研究会会长，国务院国资委原党委委员、秘书长彭华岗，中央广播电视总台财经节 目中心活动部制片人、"中国ESG发布"暨榜样盛典负责人刘星，中国企业改革与发展研究会可持续发展 委员会副秘书长伊怀海，责任云研究院执行院长张阳光等领导专家及媒体嘉宾出席会议。华润啤酒总裁 金汉权，华润啤酒党委副书记徐麟及公司核心团队共同参会。各方围绕ESG理念融入企业战略的路径展 开深入探讨，并见证仪式的举办。此次活动不仅是华润啤酒总部正式南迁深圳后在ESG领域迎来的首个 国家级权威认可，更标志着公司ESG工作从优秀实践迈向系统化、战略化提升的新阶段。 刘星表示，责任品牌是传统品牌的全面升级，其内核是扎实的ESG实践，是将ESG绩效转化为具有感召 力的品牌叙事、与利益相关方建立情感连接的关键桥梁。她强调，对于华润啤酒这 ...

| 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 华润啤酒-R(80291) | 49.10 万元 | 100.00% | 32.32% | | 安踏体育-R(82020) | 8.91 万元 | 100.00% | 17.57% | | 长城汽车-R(82333) | 2.58 万元 | 100.00% | 26.95% | | 京东健康-R(86618) | 5070.00元 | 100.00% | 25.81% | | 中银香港-R(82388) | 85.77 万元 | 92.59% | 48.85% | | 联想集团-R(80992) | 271.21 万元 | 81.64% | 7.90% | | 中国移动-R(80941) | 774.48 万元 | 77.63% | 28.95% | | 阿里巴巴-SWR(89988) | 413.94 万元 | 70.34% | 34.26% | | 商汤-WR(80020) | 164.13 万元 | 66.00% | 2.92% | | 小米集团-WR(81810) | 273.77 万元 ...

回顧12月16日專欄【中銀做客】專欄中提到：中銀國際董事Niki：其實我們選擇窩輪工具的出發點，都是分析正股和市場大市情況。這段時間， 無論是美聯儲的會議方向，還是中央經濟工作會議，都能看出擴大內需會繼續成為國家的重點方針之一。所以在消費股方面，我建議大家除了關 注一些IP類的特殊消費板塊，普通的內需類股票也值得繼續關注。比如華潤啤酒（291），今天沒有什麼特別的大新聞，但股價表現強於大市， 大市今天跌了超過2%，而華潤啤酒現在還漲了1%多。所以大家除了可以買相關內需消費板塊的股票，也可以考慮用部分資金配置一些高槓桿的 認購證，來放大利潤回報。大家可能以為我們平時只聊大科技股、晶片股、商品股這些，但其實中銀國際發行了很多類型的窩輪工具。比如零售 股方面，李寧、安踏、蒙牛、華潤啤酒等，我們都有相關的窩輪產品。 給大家說個資訊，今年年初我們覆蓋的股票類別大概四五十只，到今年年底（2025年），覆蓋面已經擴大到超過110只股票了，所以很多板塊和 類型都有涉及。如果大家對任何比較特別的股票感興趣，除了買正股，還想關注它們的窩輪，中銀國際都提供了相應的參考平臺。回到華潤啤 酒，我們也有相關的窩輪工具供大家參考，比如23 ...

近日，华润啤酒全国总部正式迁入深圳宝安雪花科创城，并启用全新总部大楼。 这一里程碑式调整不仅标志着华润啤酒发展进入新阶段，也体现了大型消费品企业在产业布局、区域协同与全球竞争力提升方面的战略选择。 此次总部迁移与新办公大楼的启用，意味着华润啤酒将在新时代下进一步深化"品质化、科技化、全球化"转型。 根据企业发布的数据，华润啤酒在全国拥有60家啤酒厂，年产能约1920万千升，持续巩固行业龙头地位。 2025年上半年，该公司营收239.42亿元，同比增长0.8%；股东应占综合溢利为57.89亿元，同比增加23.04%，创下新高。其中啤酒业务营业额为231.61亿 元，同比增长2.6%，毛利率达48.3%，公司高端化及成本红利推动毛利率、净利率同步上升。 来源：华润置地深圳公司微信公众号 2013年，华润啤酒以约53.84亿元人民币完成对金威啤酒的并购，开启了品牌整合与产业网络优化。 2019年，华润啤酒正式宣布在深圳设立总部，并与宝安区签署合作框架协议，计划总投资约100亿元，对原工业片区实施整体改造与升级。 项目由华润置地与华润啤酒联合推进，形成总建筑面积约115万平方米的产城综合体，集总部办公、精酿工厂、啤酒 ...

2025年12月，大连产权交易所的一则挂牌公告，再次将华润啤酒的"隐痛"摆上了台面。 雪花啤酒齐齐哈尔富区工厂的土地使用权及房屋建筑物，正在进行第三次转让。价格从9月的635万元一路下调至508万元，降幅超过120万元，却依然无人 问津。这并非个案，就在同一个月，已停产长达六年的华润雪花长春工厂终于完成了注销，而在此之前，其资产经历了四次挂牌、降价40%仍流拍的尴尬 局面。 败走"龙兴之地"：一场持续八年的资产清算 对于华润啤酒而言，东北不仅是市场，更是"龙兴之地"。但如今，这里成了急需甩掉的沉重包袱。 大连产权交易所的挂牌信息，揭开了华润啤酒在东北资产处置困境的冰山一角。截至2025年末，华润啤酒在东北挂牌转让的工厂多达8家，涵盖黑龙江依 兰、齐齐哈尔，辽宁铁岭、葫芦岛及吉林长春等地。这些工厂的命运无非就是关停、闲置、挂牌、流拍、降价、再流拍。 以齐齐哈尔富区工厂为例，几百万的转让价对于一家上市公司而言九牛一毛，但迟迟无法成交的背后，是这些资产尴尬的现实处境：地处三四线城市或县 城，地理位置偏僻，本地工业需求萎缩，且啤酒生产设备专用性强，改造难度极大。 令人唏嘘的是长春工厂。这家成立于2001年的工厂，前身 ...

Core Insights - The closure of the China Resources Snow Beer (Changchun) factory marks the end of an era for the company in Northeast China, with the factory officially deregistered after six years of inactivity [1][3] - China Resources Beer has shut down 36 factories since 2017, resulting in nearly 30,000 layoffs as part of its operational optimization strategy [1][5] Group 1: Company Strategy and Operations - The Changchun factory was part of China Resources Beer's strategic presence in Northeast China, reflecting the company's 30-year development in the region [3] - The company has reduced the number of operational breweries in mainland China from 98 to 62 between 2016 and 2023 as part of its "streamlining" plan [5] - The chairman of China Resources Beer, Hou Xiaohai, explained that the closures were driven by competitors achieving higher profits with fewer employees [6] Group 2: Market Dynamics - The Chinese beer market has shifted from a fragmented landscape to a competitive environment dominated by five major players, including China Resources Snow Beer and Tsingtao Brewery [12] - From 2017 to 2022, the market share of high-end beer products in China increased from 9.66% to 12.61%, with revenue share rising from 30.4% to 36.48% [8] - To address its shortcomings in the high-end market, China Resources Beer acquired Heineken China in April 2019 and established a high-end brand matrix [13] Group 3: Future Developments - Despite the closures, China Resources Beer is not completely exiting Northeast China; a new brewery project in Chaoyang with an annual production capacity of 300,000 kiloliters is under construction, expected to start trial production in October 2025 [10] - This new project is anticipated to generate an annual output value of 1 billion yuan and create 1,000 jobs [10] - The city of Shenyang is actively promoting itself as "China's Beer Capital," with its beer production in 2023 reaching 694,000 kiloliters, accounting for 41.6% of the province's total output [15]

"这是我曾经工作的地方，如今都停工六年了。"在一则关于华润雪花长春工厂的短视频里，前工厂员工张朝忍不住感慨。 2019年，华润雪花长春工厂因华润啤酒整体产能优化按下暂停键，但因多起劳动纠纷，注销流程迟迟未能落地。2025年末，一纸华润雪花啤酒（长春）有 限公司的注销公告，为这家已停产六年的老啤酒厂画上了句号。 雪花长春工厂的兴衰，几乎浓缩了华润啤酒在东北的三十年。而今，这家从东北起家的啤酒巨头，正面临比开疆拓土时更复杂的挑战，员工安置、资产处 置、历史包袱消化，每一道题都不好解。 长春工厂的转身并非孤例。据时代财经获悉，截至目前，华润啤酒在东北仍有多家淘汰工厂面临资产处置困境。 华润啤酒的这场东北"大撤退"，就像沉入水底的硬币，涟漪至今未散。值得一提的是，12月12日，华润啤酒宣布将全国总部由北京搬入深圳，进一步将资 源重心向华南倾斜。 长春工厂六年拉锯 华润啤酒的东北扩张史，绕不开雪花长春工厂的身影。 工商信息显示，华润雪花啤酒（长春）有限公司成立于2001年10月，地处吉林省农安县。但在老员工记忆中，这家工厂的历史远早于2001年。 "大概1990年那会，每次路过啤酒厂都能闻到酒糟香，那会威士龙啤酒是真好 ...

Investment Rating - The investment rating for the beer industry is "Positive" and is maintained [6]. Core Insights - As of December 12, 2025, Meituan's liquor instant retail platform "Yaimasongjiu" has surpassed 2,000 stores, serving nearly 30 million users, with a transaction volume exceeding 6 billion yuan, entering the top three liquor brands, indicating strong growth momentum [2][4]. - The instant retail platform leverages digitalization to better understand consumer preferences and trends, allowing beer companies that can quickly respond to market demands and create popular products to gain larger market shares in new channels [2][4]. Summary by Sections Industry Overview - The rapid expansion of the instant retail platform has prompted beer companies to increasingly engage in this sector. By early 2025, several beer brands have indicated their plans to enter the instant retail market [4]. - Qingdao Beer, for instance, has been strengthening its layout in instant retail and flash warehouse models, while China Resources Beer has collaborated with "Yaimasongjiu" to launch self-operated products [4]. Market Dynamics - The traditional beer sales channels are primarily focused on dining and distribution, where suppliers have more control. The open nature of instant retail platforms challenges these traditional barriers, presenting opportunities for the beer industry [4]. - Companies that can quickly adapt to market needs and create hit products are expected to thrive in this competitive landscape [4]. Recommended Companies - The report specifically recommends investing in Qingdao Beer, Yanjing Beer, China Resources Beer, and Chongqing Beer due to their strong positioning in the evolving market [2][4].