Short Selling Ratios - The top three stocks with the highest short selling ratios are China Resources Beer-R (80291) at 100.00%, China Mobile-R (80941) at 86.07%, and Kuaishou-WR (81024) at 80.01% [1][2] Short Selling Amounts - The highest short selling amounts are for Meituan-W (03690) at 3.021 billion, Alibaba-SW (09988) at 1.950 billion, and Tencent Holdings (00700) at 1.645 billion [1][2] Deviation Values - The stocks with the highest deviation values are China Resources Beer-R (80291) at 55.21%, Kuaishou-WR (81024) at 40.66%, and China Mobile-R (80941) at 40.21% [1][2]

8月30日上午，《中国经营报》记者打开淘宝闪购，搜索"勇闯天涯"，可以看到该产品售价为34元/件 （500ml×12瓶），加上即时配送费也不过40元/件。 此前的几日，淘宝闪购成都片区的勇闯天涯和纯生系列则显示停货。记者从华润啤酒（00291.HK）方 面证实，公司四川营销中心日前发布《关于即时零售平台勇闯、纯生系列全面停货的通知》。这背后原 因，是即时零售平台发起的价格大战。 一场价格战引发的停货风波 "近期，四川区域部分即时零售平台针对雪花啤酒消费者的补贴，被不良商贩利用倒卖并形成利益链。 此行为不仅损害了百姓消费权益，也破坏了行业健康发展生态。"8月26日，华润雪花啤酒四川营销中心 发出的通知表示。 记者注意到，近期，由于京东、淘宝陆续加入即时零售赛道，引发美团闪购、京东秒送、淘宝闪购等平 台的价格大战，且于8月进入白热化阶段。 "我司产品华润啤酒产品（尤以'勇闯'系列为突出）多次出现价格突破红线标准的情况，据监测，勇闯 产品破价率连连攀升，部分平台消费者到手价突破30元/件，这一现象不仅扰乱了正常的市场价格体 系，更被不良商贩倒卖销售形成利益链条，对营销中心线上业务的良性运营造成了不利影响，更潜藏着 ...

8月28日，随着珠江啤酒（002461.SZ）披露中报业绩，中国啤酒Top6公司的中报都已披露完成。百威亚太（01876.HK）成为啤酒Top6公司里营收和净利润 跌幅最大的公司，分别为-8.06%、-24.4%。中国啤酒是一个巨头垄断的行业，近3年啤酒Top6公司的市场份额均在90%以上。 中国市场拖累业绩，致使百威亚太失守行业营收第一的位置，被华润啤酒（00291.HK）超越。华润啤酒和百威亚太的营收分别是239.42亿元、222.75亿元， 净利润分别是57.89亿元、29.05亿元。 （作者 郑淯心） 今年2月，百威亚太宣布全球首席供应链运营官程衍俊自4月1日起出任百威亚太首席执行官及联席主席一职，接替执掌帅印7年的杨克。 在此次财报电话会上，程衍俊说，百威亚太将加速拓展非即饮渠道。即饮渠道指餐饮、夜店、KTV等渠道，非即饮渠道指商场、电商等渠道。过去，百威 亚太的渠道优势在即饮渠道，尤其在广东、福建等沿海地区，这些渠道贡献了其在中国市场的主要销量。 对比行业水平，非即饮渠道在百威中国的占比依然偏低。百威亚太首席财务官Ignacio Lares说，目前，非即饮渠道占百威中国约50%的生意，行业水平约为 ...

Investment Rating - The report assigns an "Outperform" rating to several companies including China Feihe, Huazhu, and others, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report indicates a slight rebound in spot costs for essential consumer goods, with most indices showing an increase, while futures indices generally declined [35]. - The overall trend in the consumer goods sector reflects a mixed performance, with some categories experiencing cost increases while others face declines [8][35]. Summary by Category Beer - The spot cost index for beer increased by 0.39% month-on-month, while the futures index decreased by 6.06%. Year-to-date changes show a decline of 4.17% for spot and 6.16% for futures [36][13]. - Glass prices initially rose but later fell, with month-on-month changes of +0.3% for spot and -13.9% for futures [12]. Seasonings - The spot cost index for seasonings decreased by 0.16% month-on-month, while the futures index fell by 5.93%. Year-to-date changes are -1.76% for spot and -6.01% for futures [37]. - Domestic soybean prices have increased due to supply contraction, while imported soybeans remain weak [16]. Dairy - The spot cost index for dairy products increased by 0.7% month-on-month, while the futures index decreased by 1.44%. Year-to-date changes are -3.2% for spot and -2.11% for futures [38]. - Fresh milk prices have declined to 3.02 yuan/kg, with various factors contributing to price pressures [19]. Instant Noodles - The spot cost index for instant noodles increased by 1.3% month-on-month, while the futures index decreased by 2%. Year-to-date changes are -3.01% for spot and -4.21% for futures [39]. - Palm oil prices have risen, impacting overall costs [23]. Frozen Foods - The spot cost index for frozen foods increased by 1.15% month-on-month, while the futures index rose by 0.97%. Year-to-date changes are -1.83% for spot and -2.74% for futures [40]. - Vegetable prices have shown significant fluctuations due to seasonal demand [27]. Soft Drinks - The spot cost index for soft drinks increased by 0.78% month-on-month, while the futures index decreased by 5.63%. Year-to-date changes are -4.99% for spot and -8.6% for futures [41]. - PET prices are stable to weak, reflecting changes in demand and inventory levels [31].

Group 1 - Zhuhai is enhancing support for low-altitude economy development by formulating a "policy package" to leverage its resources and platforms, aiming to establish a competitive low-altitude industry cluster [2] - Rongtai Health has entered a strategic partnership with Aoshark Intelligent to explore "human-machine symbiosis" applications in health technology and robotics [3] - The Hong Kong Securities and Futures Commission reported a significant increase in IPO fundraising, with a total of 51 IPOs raising HKD 128 billion, marking a year-on-year increase of over 610% [4] Group 2 - China Resources Beer announced a halt in the supply of certain products to instant retail platforms in response to market chaos caused by price wars, aiming to maintain product value and brand competitiveness [4] - Mixue Group reported a revenue of CNY 14.87 billion for the first half of the year, a year-on-year increase of 39.3%, with a net profit of CNY 2.718 billion, up 44.1% [5] - FWD Group signed a ten-year lease with Swire Properties, becoming the largest single office tenant in Taikoo Place, with an office space of 330,000 square feet [6] Group 3 - Wahaha confirmed that the 29.4% stake directly held by Zong Qinghou has been fully inherited by his daughter, Zong Fuli, following a notarized will [7] - Cainiao Network employees will receive a "double year-end" bonus if they were employed as of August 1, with the special bonus to be distributed by the end of August [8] - Jia Yueting executed a stock purchase plan, acquiring approximately USD 200,000 worth of Faraday Future common stock, indicating confidence in the company's future [11]

Core Viewpoint - The company reported a stable performance in its beer business for the first half of 2025, while the white liquor segment faced significant challenges due to reduced demand from business banquets [1][2]. Group 1: Beer Business Performance - In H1 2025, the company achieved beer revenue of 240.75 billion yuan, a year-on-year increase of 6.69%, with sales volume reaching 6.487 million kiloliters, up 2.19% year-on-year [1]. - The company continued to push for premiumization, with revenue per kiloliter increasing by 4.4% year-on-year, and sales of premium and above beer growing over 10% [1]. - The company’s gross margin improved to 48.88%, an increase of 1.97 percentage points year-on-year, driven by a 0.41% decrease in beer cost per kiloliter [1]. Group 2: White Liquor Business Challenges - The white liquor segment reported revenue of 7.83 billion yuan in H1 2025, a decline of 33.53% year-on-year, primarily due to the impact of reduced business banquet scenarios [2]. - The white liquor business incurred an EBIT loss of 1.52 billion yuan, attributed to the significant drop in revenue [2]. - The company plans to enhance pricing strategies and optimize expenses to improve sales in the second half of the year [2]. Group 3: Financial Outlook and Dividends - The company declared an interim dividend of 0.464 yuan per share, with a payout ratio of 26.07%, reflecting a year-on-year increase of 0.34 percentage points [2]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.93, 1.97, and 2.09 yuan, corresponding to price-to-earnings ratios of 14, 13, and 13 times based on the closing price on August 25, 2025 [2].

26日，贵州金沙窖酒酒业有限公司（简称"金沙酒业"）出品的珍品版摘要3代批发参考价格为372元。在 销售端，记者近日询问多家白酒经销商发现，该产品售价已经跌至400元左右，调货价格370元左右，有 经销商表示目前摘要酒价格已经出现了倒挂。 元，未计利息及税项前盈利为亏损1.52亿元，2024年同期为盈利4800万元，营业额中有接近八成由摘要 酒贡献。 对于业绩波动，华润啤酒副总裁、华润酒业控股有限公司总经理魏强表示，上半年国内餐饮市场受政策 影响较大，白酒消费场景缺失，给白酒销售带来较大挑战，公司也在积极调整产品结构，应对市场变 化。华润啤酒2025年半年报显示，企业未来仍将继续集中发展摘要等产品，推动宴席等场所消费，并借 力啤酒业务的销售网络，促进下半年销售提升。 在2024年12月，金沙酒业摘要酒"上游"战略发布会上，金沙酒业董事长范世凯表示，摘要酒始终坚持高 端产品的定位不会变，永远不会"以价换量"。具体而言，"摘要酒的定价不会进行调整，坚持摘要酒基 础产品实际成交价500至600元，并向上构建900元价位段产品。" 据了解，贵州金沙窖酒酒业有限公司位于贵州省毕节市金沙县赤水河流域酱香白酒集聚区，是贵州 ...

【华润啤酒回应四川部分产品停供淘宝、京东、美团：即时零售价格战致市场乱象】智通财经8月27日 电，华润啤酒四川营销中心日前发布《关于即时零售平台勇闯、纯生系列全面停货的通知》。通知指 出，为应对因即时零售行业价格战导致的市场乱象，坚决维护公司产品的市场价值与品牌核心竞争力， 营销中心拟对即时零售平台勇闯、纯生系列产品全面停止销售。对此，华润啤酒方面对蓝鲸新闻记者回 应称，四川区域部分即时零售平台针对雪花啤酒购买的消费者补贴，被不良商贩利用倒卖形成利益链， 既损害了百姓消费权益，也破坏了行业健康发展生态。"四川营销中心已对即时零售的供货进行调整， 目的是保障多方合作共赢模式的持续推进。目前，四川营销中心正与各即时零售平台保持积极、畅通地 沟通。"华润啤酒如是称。（蓝鲸新闻） 转自：智通财经 ...

为稳住终端售价连下"猛药"的金沙酒业，并未止住下滑走势。8月26日，针对华润啤酒旗下白酒品牌 ——金沙酒业的核心单品"摘要"的终端市场表现，北京商报记者走访市场发现，目前在部分烟酒店内， 53度500毫升装的金沙摘要（珍品）成交价为488元/瓶。在饿了么平台上，该产品的成交价已下探至460 元/瓶。 终端市场价格下探，仅是华润啤酒白酒业务所面临的挑战之一。财报显示，今年上半年华润啤酒旗下白 酒业务的营业额仅有7.81亿元，同比下跌超三成。从收购金沙酒业前的57.66亿元到收购后的21.49亿 元，华润啤酒白酒板块的业绩下降，不仅受金沙酒业在终端市场渠道价格倒挂的影响，更是白酒行业深 度调整的结果。如今，当白酒旺季即将来临时，华润啤酒的白酒版图将如何"迎战"？ 白酒业务下滑超三成 今年上半年，华润旗下啤酒业务股东应占溢利大幅增长23%至57.89亿元的另一面，是白酒业务营业额 下滑33.7%。据华润啤酒的公告数据，今年上半年，华润旗下白酒业务营业额为7.81亿元，其中大单 品"摘要"贡献白酒业务近八成的营业额。相较去年同期的11.78亿元，经粗略计算，同比下降33.7%。 对于业绩波动，华润啤酒副总裁、华润酒业 ...

连续为挽价"下猛药"的金沙酒业，并未缓解终端市场价格下滑的态势。8月26日，针对华润啤酒旗下白酒品牌金沙酒业核心单品摘要在终端市场表现，北京 商报记者走访市场发现，目前在部分烟酒店内，53度500ml金沙摘要（珍品）成交价为488元/瓶。而在饿了么平台中，该产品成交价再度下探达460元/瓶。 终端市场价格下探，仅仅是华润白酒业务所面临挑战中的一个侧面。财报数据显示，上半年华润啤酒旗下白酒业务营业额仅7.81亿元，相较于去年同期下跌 超三成。从收购前的57.66亿元到收购后的21.49亿元，华润白酒板块（因华润啤酒白酒板块仅并表金沙酒业，故此华润白酒板块业务相关数据为金沙酒业相 关数据）业绩下降，不仅受金沙酒业在终端市场渠道价格倒挂影响，更是白酒行业深度调整的结果。如今，当白酒旺季即将来临时，华润白酒版图将如 何"迎战"？ 上半年华润旗下啤酒业务股东应占溢利大幅增长23%至57.89亿元的另一面，是白酒业务营业额下滑33.7%的现实。 据华润啤酒公告数据，1—6月华润旗下白酒业务实现营业额7.81亿元，其中大单品"摘要"贡献白酒业务营业额接近八成。相较于去年同期的11.78亿元，经粗 略计算，同比下降33.7% ...