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 ...

港股啤酒股普遍上涨，其中，华润啤酒涨2.34%，青岛啤酒股份涨1.4%，百威亚太涨0.6%。 消息上，兴业证券发研报称，展望来看，核心消费人群数量在未来5年仍有支撑，啤酒行业消费量有望 保持平稳，同时借鉴海外经验，并结合中国经济高质量发展、区域间升级节奏差异带来的充足市场纵 深、现饮渠道占比较高带来更高提价自主性和升级潜力等现实因素，该行认为啤酒高端化仍是中长期的 主要趋势以及竞争的胜负手，此外第二曲线外延探索有望打开长期想象空间。(格隆汇) | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00291 | 华润啤酒 | 27.060 2.34% | | 00168 | 青岛啤酒股份 | 50.800 1.40% | | 01876 | 百威亚太 | 8.470 0.59% | ...

Core Viewpoint - The event "ESG China · China National Barley (Beer) Journey" organized by China Resources Beer aims to promote sustainable development through the integration of local barley cultivation and the beer industry, highlighting the importance of ESG principles in the industry [1][3]. Group 1: Event Overview - The event will take place on August 11 in Hulunbuir, showcasing a theme of "One Barley, Brewing a Better Future" and providing an immersive experience in barley cultivation [1]. - The event will feature a variety of activities that combine industry, technology, nature, and culture, emphasizing the achievements of the "National Barley Revitalization" project initiated in 2021 [3][4]. Group 2: Industry Integration and Dialogue - The event will host discussions among guests from government, enterprises, academia, and research sectors, focusing on important topics such as ESG and cultural tourism integration [4]. - Key questions will be explored, including how barley can connect ecological protection, industrial upgrading, and rural revitalization, and how national barley culture can become a new cultural tourism brand [4]. Group 3: Immersive Experience - Attendees will experience the full value chain from barley cultivation to beer production, with demonstrations of standardized barley planting techniques and malting processes [5]. - The event will also feature product tastings of new and popular beers from China Resources Beer, along with interactive sessions to engage participants in the beer brewing process [7]. Group 4: Sustainable Development and Future Vision - A special "Godly Workspace" will allow participants to engage in barley harvesting activities, symbolizing the collaborative efforts required for the ongoing "National Barley Revitalization" initiative [9]. - The event aims to highlight the resilience and upgrading of the industry chain through the cultivation of domestic barley, showcasing the potential for ESG principles to yield fruitful outcomes in the future [9].

Core Viewpoint - The domestic liquor industry is actively promoting technological innovation and digital transformation to enhance quality, reduce costs, and improve efficiency in response to changing consumer demands and increasing market competition [1][2]. Market Overview - The Chinese liquor market is undergoing a rapid transformation, with changes in consumption patterns, structures, and philosophies. Major liquor companies are focusing on digitalization to improve production efficiency and product quality while reducing operational costs [2][4]. - According to the China Alcoholic Drinks Association, by the end of 2024, the total consumption of alcoholic beverages in China will remain below 50 million kiloliters, with baijiu and beer dominating the market, accounting for approximately 93% of total consumption [4]. Baijiu Industry - The baijiu industry, as the absolute leader in the Chinese liquor market, has seen a slowdown in growth after rapid expansion. In 2024, the production of baijiu from large-scale enterprises is expected to be 4.145 million kiloliters, a year-on-year decrease of 1.8%, while sales revenue is projected to reach 796.384 billion yuan, a growth of 5.3% [5]. - The market is increasingly concentrated among leading brands, with top companies like Kweichow Moutai and Wuliangye capturing a significant share of industry profits. In 2024, 20 A-share baijiu companies are expected to generate total revenue of 442.2 billion yuan and net profits of 166.6 billion yuan [5][6]. - Changing consumer preferences, particularly among younger consumers, are driving the industry towards lower-alcohol products and international market expansion [6]. Beer Industry - The beer industry in China is experiencing a "volume decline and price increase" trend, with 2024 beer production expected to be 35.213 million kiloliters, a decrease of 0.6% year-on-year. However, revenue and profits are on the rise, with sales revenue increasing from 147.45 billion yuan in 2018 to 186.3 billion yuan in 2023 [9][10]. - Major players like Budweiser APAC, China Resources Beer, and Tsingtao Brewery are leveraging brand strength and market share to maintain their leading positions. The industry is also seeing a shift towards high-end products and digital transformation [10][13]. - Craft beer and non-alcoholic beer are emerging as rapidly growing segments, with craft beer consumption expected to reach 230,000 kiloliters by 2025, reflecting a compound annual growth rate of 17% [10]. Digital and Intelligent Transformation - The liquor industry is embracing digital and intelligent technologies as core drivers of transformation. Companies are implementing automation, big data analytics, and blockchain technology to enhance production efficiency and consumer trust [15][21]. - Kweichow Moutai is leading in digital transformation with initiatives like the "i Moutai" platform, which integrates various operational aspects and utilizes blockchain for product traceability [17][18]. - Wuliangye is investing in multiple projects to enhance its digital capabilities, including smart warehousing and supply chain management [19][20]. - China Resources Beer is integrating IoT and data-driven approaches to automate production processes and enhance operational efficiency [21][22]. - Tsingtao Brewery is advancing its digital strategy across its entire business chain, focusing on data collection, product development, and smart logistics [26][27]. Notable Projects - The Luzhou Laojiao Intelligent Packaging Center, recognized as the first "lighthouse factory" in the baijiu industry, showcases advanced automation and digital integration in its operations [29][31]. - China Resources Snow Beer has launched a JIT intelligent corridor project to enhance supply chain efficiency, marking a significant step towards digital transformation in the beverage supply chain [33].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights that the liquor industry is gradually releasing pressure from distribution channels, indicating a potential for future growth. It suggests focusing on three main lines: leading brands, high-certainty regional liquors, and elastic stocks benefiting from recovery and increased risk appetite [1][2]. - The snack sector shows significant growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance. The report emphasizes the importance of channel leadership and growth potential in selecting stocks [3][6]. Summary by Sections Liquor Industry - The report notes that the liquor industry is experiencing a deep adjustment, shifting from scale growth to high-quality development. It emphasizes the importance of brand strength and strategic initiatives to capture new consumer trends [2]. - The expected revenue for Zhenjiu Lidong in H1 2025 is projected to be between 2.4 billion to 2.55 billion yuan, reflecting a year-on-year decline of 38.3% to 41.9% due to economic uncertainties and policy impacts [2]. Beer and Beverage Sector - The beer segment shows promising results, with Huiquan Brewery reporting a revenue of 351 million yuan in H1 2025, a year-on-year increase of 1.03%, and a net profit of 40 million yuan, up 25.52% [3]. - Unified Enterprises China achieved a revenue of 17.087 billion yuan in H1 2025, representing a 10.6% year-on-year growth, with a net profit of 1.287 billion yuan, up 33.2% [3]. Snack Sector - The snack sector is highlighted for its recovery in stock prices, with expectations for continued high growth due to new product launches and channel transformations. The report notes a narrowing decline in raw milk prices, which may positively impact the dairy segment [6].

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。 梁偉強 （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）） 董事會會議召開日期 茲通告華潤啤酒（控股）有限公司（「本公司」）將於二零二五年八月十九日（星期二）於香 港灣仔港灣道二十六號華潤大廈23樓2301&2310室舉行董事會會議，以（其中包括）考慮 及通過（如適用）本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及 其發佈，以及考慮及通過（如適用）宣派中期股息。 華潤啤酒（控股）有限公司 公司秘書 謹啟 香港，二零二五年八月七日 於本公告日期，本公司執行董事為趙春武先生（總裁）及趙偉先生（首席財務官）。本公司 非執行董事為 Daniel Robinson 先生、郭巍女士及王成偉先生。本公司獨立非執行董事則 為黃大寧先生、李家祥博士、賴顯榮先生及陳智思先生。 ...

Core Viewpoint - The article discusses the challenges and opportunities faced by the traditional "salt soda" beverage industry in China, highlighting the need for innovation and market expansion to attract younger consumers and compete with larger beverage brands [2][7][22]. Group 1: Historical Context and Market Position - Salt soda originated in the 1950s as an electrolyte drink for laborers in hot environments, quickly becoming popular among the general public in the Shanghai region [4][5]. - The main brands in the salt soda category include "Yanzhong," "Zhengguanghe," and "Xuefeili," with Yanzhong being the market leader, selling 150 million bottles in Shanghai in 2021 [6][13]. - The sales of salt soda are highly seasonal, peaking during the summer months, and are primarily concentrated in the Yangtze River Delta region [15][19]. Group 2: Challenges Faced by the Industry - Salt soda brands face significant challenges in expanding beyond their traditional markets due to a lack of consumer awareness in other regions [17][18]. - The industry is heavily reliant on offline sales channels, with online sales accounting for less than 20% of total sales for leading brands like Yanzhong [19]. - The competition from major beverage brands and the evolving consumer preferences pose a threat to the traditional salt soda market, which is struggling to adapt [22][25]. Group 3: Opportunities for Growth - There is potential for salt soda brands to expand their market presence by leveraging regional brands that have already established a foothold in other heavy industrial cities [24]. - The low price point of around 2 yuan per bottle and the low-calorie content make salt soda appealing to cost-conscious consumers [25]. - Innovations such as new flavors and smaller packaging sizes are being introduced to attract younger consumers and adapt to current market trends [22][25].

Core Viewpoint - China Resources Beer is actively promoting the disposal of underperforming factories as part of its long-term strategy to optimize production capacity and transition towards high-end products, marking the culmination of its "3+3+3" strategy after nine years of reform [1][10][24]. Group 1: Factory Closures and Capacity Optimization - China Resources Beer has initiated the transfer of assets from three factories, including those in Zhumadian, Shantou, and Dazhou, as part of its ongoing factory closure initiative [1]. - Since 2017, the company has closed 36 breweries, with a goal to reduce the number of operational breweries to around 60 by 2024, stabilizing the count at this level [6][8]. - The company’s production capacity has slightly decreased from 1,910 million liters in 2023 to approximately 1,900 million liters in 2024, reflecting a 0.5% decline [8]. Group 2: Financial Performance and Strategic Goals - From 2016 to 2024, China Resources Beer’s revenue increased from 28.69 billion yuan to 38.64 billion yuan, while net profit surged from 629 million yuan to 4.739 billion yuan, indicating an almost eightfold increase in profit [17]. - The company’s gross margin improved from 33.71% to 42.64% during the same period, showcasing effective cost management and operational efficiency [17]. - Despite the positive long-term outlook, the company reported a decline in both revenue and net profit for the first time since 2017, highlighting the challenges faced during the transition [24]. Group 3: High-End Product Development - In 2024, sales of high-end and above beers grew by 9%, with sales volume exceeding 2.5 million kiloliters, a significant increase from 1.46 million kiloliters in 2020 [19]. - The company’s premium products, such as "Heineken" and "Snow Beer," have shown substantial growth, with "Heineken" maintaining nearly 20% growth in 2023 [19]. - However, the overall sales volume of mid-to-high-end products did not show significant improvement compared to 2023, indicating a potential plateau in this segment [21]. Group 4: Industry Context and Future Outlook - The beer industry in China has been undergoing a transformation, with many companies, including China Resources Beer, closing factories to adapt to changing market demands and focus on high-quality production [13][16]. - The shift from quantity to quality in production reflects a broader trend in the industry, where efficiency and product quality are becoming more critical than sheer production volume [16]. - As the "3+3+3" strategy concludes, the company is expected to continue exploring new consumption scenarios and partnerships to enhance its market presence and adapt to evolving consumer preferences [24].

Core Viewpoint - The dual-brand strategy of金沙酒业 has failed, leading to significant financial losses and inventory issues for distributors, with no hope of recovering initial investments [2][9]. Group 1: Financial Performance -金沙酒业's revenue for the previous year was 21.49 billion yuan, showing only a 4% increase year-on-year, which is significantly below the 123 billion yuan valuation at the time of acquisition [2][9]. - The company's price-to-earnings ratio has plummeted from a peak of 20 times to less than 5 times [2]. - In 2023,金沙酒业's revenue and net profit fell by 51.2% and 41%, respectively, with total revenue recorded at only 20.67 billion yuan [6]. Group 2: Inventory and Sales Challenges - Distributors report severe inventory backlogs, particularly for the flagship product 摘要珍品, with significant price drops leading to losses [2][3]. - The批价 for 摘要珍品 has decreased from 485 yuan to 392 yuan per bottle, a drop of approximately 20% within four months [4]. - Distributors express a lack of confidence in recovering costs, with some stating they only hope to sell off existing stock [3]. Group 3: Management and Strategic Issues - Frequent changes in leadership reflect the company's anxiety over management effectiveness, with three different directors in one year [8]. - The ambitious goal of reaching 100 billion yuan in sales has not been met, with金沙酒业's revenue still far from this target [9]. - The dual-brand strategy of 摘要 and 金沙回沙 has not succeeded, with 摘要 contributing 70% of revenue while the回沙 brand remains underperforming [9].

前期大涨的军工和创新药冲高回落，大消费等蓝筹股反弹，PEEK材料概念股临近上午收盘爆发，11:08到11:10，中欣氟材（002915）2分钟直线涨停。此 外，银行股再度走强，农业银行再创历史新高，浙商银行、浦发银行、中信银行上涨。 截至上午收盘，上证指数上涨0.53%，深证成指上涨0.14%，创业板指下跌0.26%。全市场超3300只个股上涨。 板块方面，PEEK材料、消费电子、光刻 机、成飞概念等板块涨幅居前，中药、智谱AI、创新药等板块跌幅居前。 今天上午，上证指数再度站上3600点，全市场半日成交额近1.02万亿元，较昨日上午放量860亿元。 PEEK材料概念股上涨 上纬新材股价突破百元 上纬新材今日复牌再度走强，上午上涨8.65%，股价突破百元，总市值为403.48亿元。上纬新材此前因股价异动，自7月31日开市起停牌。该股自7月初启 动一波强势上涨行情，今年以来累计涨幅为1408.8%。 | 上纬新材 ▽ | ค 688585 科创 融 L1 | | | --- | --- | --- | | 100.03 | 105.88 市值 403.48亿 量比 1.53 | 间 | | 89.73 | 4. ...