Core Viewpoint - The article highlights the transformation of the domestic barley industry in China, driven by China Resources Beer’s "National Barley Revitalization" project, which aims to reduce reliance on imported barley and enhance the quality and production of domestic barley for the brewing industry [2][3][4]. Group 1: Industry Transformation - The "National Barley Revitalization" strategy initiated by China Resources Beer in 2021 has led to significant changes in the domestic barley landscape, moving from a reliance on nearly 90% imported barley to a growing domestic production [2][3]. - The project has resulted in a notable increase in the planting area of domestic barley, driven by an order-based agricultural model and collaborative efforts among industry peers [3][4]. - The quality of domestic barley has improved significantly, addressing previous issues such as high protein content and inconsistent quality, which hindered its use in brewing [7][8]. Group 2: Economic and Social Impact - The initiative aligns with national goals for rural revitalization, contributing to farmer income and promoting sustainable agricultural practices [6][9]. - The establishment of standardized planting bases covering over 16,000 acres has been a key achievement, enhancing the quality of domestic barley and supporting the overall development of the beer industry [10][11]. - The launch of the "ESG China National Barley Practice Base" signifies a commitment to integrating ESG principles with agricultural modernization, providing a model for industry development [9][10]. Group 3: Future Outlook - China Resources Beer plans to maintain a stable procurement ratio of around 10% for domestic barley, with expectations for gradual increases as quality continues to improve [8]. - The company emphasizes the importance of domestic barley as a reliable alternative to imported barley, especially in light of global supply chain uncertainties [6][8]. - The successful launch of high-end products like "Keng Fourteen," made entirely from domestic barley, challenges the perception that domestic barley cannot produce quality beer, marking a significant milestone for the industry [7][8].

Core Viewpoint - The resignation of Hou Xiaohai as Chairman of China Resources Beer marks a significant leadership change, with potential implications for the company's strategic direction and performance in a competitive market [1][9]. Group 1: Leadership Transition - Hou Xiaohai resigned to focus on personal matters, confirming no disagreements with the board [1][3]. - Zhao Chunwu, the current Executive Director and President, will temporarily assume the responsibilities of the Chairman until a suitable successor is appointed [3][10]. - Hou has been a pivotal figure in the company for over two decades, contributing to its growth and strategic initiatives [3][4]. Group 2: Company Performance Under Hou - Under Hou's leadership from 2016 to 2021, the company saw significant revenue growth, with operating income increasing from HKD 29.732 billion to HKD 33.387 billion and net profit rising from HKD 1.098 billion to HKD 4.587 billion [4]. - However, in 2024, the company faced challenges, reporting a revenue of HKD 41.332 billion (up 1.3%) and a net profit of HKD 3.758 billion (down 18.1%), marking the first decline in both metrics since 2017 [5]. Group 3: Strategic Initiatives - Hou initiated a "4+4" brand matrix to enhance product offerings and drive premiumization in the beer segment [4]. - The company closed 36 breweries to reduce operational costs, resulting in a workforce reduction of over 50% from 58,200 employees in 2016 to approximately 26,000 by the end of 2024 [4]. - The company expanded into the white liquor market, acquiring stakes in Shandong Jingzhi and Anhui Jinzongzi, and completed a significant acquisition of 55.19% of Jinsha Liquor for HKD 12.3 billion [6][8]. Group 4: Challenges in White Liquor Segment - The acquisitions in the white liquor sector have not yielded expected results, with Jinsha Liquor's revenue dropping from HKD 3.641 billion in 2021 to HKD 1.574 billion in 2024 [8]. - The company acknowledged that the white liquor business is still in the integration phase and requires time to realize synergies and improve performance [8]. Group 5: Market Reactions and Future Outlook - Following Hou's resignation, speculation arose regarding his future, with rumors of potential roles in other companies, though he stated he would not pursue such opportunities [9][10]. - The board reassured that Hou's departure would not disrupt operations, and the search for a new chairman is underway [10]. - The company faces critical questions about its ability to navigate the competitive beverage market and the effectiveness of its dual strategy in the future [11].

Core Insights - The article highlights the top short-selling stocks in the market, focusing on their short-selling ratios, amounts, and deviation values [1][2][3] Short-Selling Ratios - The top three stocks by short-selling ratio are: - China Resources Beer-R (80291) at 100.00% - Bank of China Hong Kong-R (82388) at 88.69% - Kuaishou-WR (81024) at 80.08% [1][2] Short-Selling Amounts - The leading stocks by short-selling amount are: - Alibaba-SW (09988) with a short-selling amount of 2.949 billion - Tencent Holdings (00700) with 2.711 billion - Meituan-W (03690) with 2.333 billion [1][3] Deviation Values - The stocks with the highest deviation values are: - China Resources Beer-R (80291) at 51.62% - Kuaishou-WR (81024) at 43.86% - Bank of China Hong Kong-R (82388) at 39.84% [1][2][3]

Core Viewpoint - The event "ESG China·Guomai (China Resources Beer) Action" highlights the integration of ESG principles in the beer industry, emphasizing the importance of domestic barley cultivation and the "Guomai Revitalization" strategy initiated by China Resources Beer to enhance the industry chain and support rural revitalization [2][10]. Group 1: ESG and Industry Development - China Resources Beer has established over 16,000 acres of standardized planting bases to optimize the quality of domestic barley, contributing to the integration of the entire industry chain from planting to brewing [2]. - The "Guomai Revitalization" strategy aligns with the State-owned Assets Supervision and Administration Commission's directive to enhance control over the industry chain, providing a replicable model for high-quality industry development [2][10]. - The event served as a platform to promote the integration of ESG principles with agricultural industrialization, marking the establishment of the "ESG China·Guomai Practice Base" as a demonstration platform [10]. Group 2: Product and Market Impact - The new product "Keng Shisi" is made from 100% domestic malt, sourced from the specially cultivated Keng barley variety, ensuring high quality and excellent extraction rates for brewing [4]. - The launch of "Keng Shisi" is seen as a four-win outcome: boosting confidence in domestic barley development, adapting to diverse beer product structures, responding to national rural revitalization initiatives, and enhancing the social responsibility image of leading enterprises [8]. - The collaboration between China Resources Beer and Hulunbuir Agricultural Reclamation Group aims to transform traditional agriculture into a modern, branded industry, positioning Hulunbuir as a national "Guomai Granary" [10].

Core Insights - The craft beer sector is witnessing an influx of brands from various industries, including major liquor and food companies, as they seek growth opportunities amid a competitive landscape in the high-end liquor market [1][4]. Group 1: Market Entry and Strategy - Wuliangye's subsidiary launched a craft beer named "Fenghuolun," priced at 19.5 yuan per can, targeting consumers aged 25 to 49 and aiming to capture the mid-to-high-end beer market [1][2]. - Other companies like Zhenjiu Lidu and Luzhou Laojiao have also entered the craft beer market, with Zhenjiu Lidu's "Niushi News" priced at 88 yuan per bottle, emphasizing a new consumer experience [2][3]. - The entry of food companies like Haoxiangni and Three Squirrels into the craft beer market reflects a broader trend of diversification among brands seeking new revenue streams [1][4]. Group 2: Industry Trends and Growth - The Chinese craft beer market is projected to grow from 428 billion yuan in 2022 to 680 billion yuan by 2024, with a compound annual growth rate of 26.7%, and is expected to exceed 1 trillion yuan by 2025 [6]. - The craft beer segment is attractive due to its high gross margins, typically ranging from 55% to 65%, which are significantly higher than those of industrial beers [6]. - The shift in consumer preferences towards higher-quality and premium experiences is driving the growth of craft beer, as companies leverage existing distribution networks and brand equity to support higher price points [4][6]. Group 3: Competitive Landscape - Major players like China Resources Beer, Qingdao Beer, and Budweiser APAC dominate over 90% of the market, while craft beer brands and regional players compete for the remaining share [5]. - The overall beer production in China has been declining since reaching a peak of 50.62 million kiloliters in 2013, with a projected production of 35.21 million kiloliters in 2024 [5]. - The high-end beer segment has shown robust growth since 2020, contributing significantly to the profits of leading beer companies [5][6]. Group 4: Future Outlook - Experts predict that the trend of cross-industry collaboration in the alcoholic beverage sector will intensify, with a focus on quality enhancement and brand development [7][8]. - The high-end beer market is expected to continue evolving, with an emphasis on product innovation and meeting the diverse needs of consumers [7].

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].