Core Viewpoint - The article emphasizes the importance of domestic barley production in China's beer industry, highlighting the "National Barley Revitalization" strategy initiated by China Resources Beer to reduce reliance on imported barley and enhance local agricultural practices [1][3][5]. Group 1: Industry Overview - China is the largest beer market globally, with nearly 90% of its barley imported. In 2022, China imported 14.24 million tons of barley, a year-on-year increase of 25.8% [3][5]. - The "National Barley Revitalization" strategy aims to transform the barley supply chain from breeding to standardized planting, ensuring quality and cost control [3][4]. Group 2: Company Initiatives - China Resources Beer has established a standardized barley planting pilot base in Inner Mongolia, covering 3,000 acres in 2023, with plans to expand to 12,000 acres in 2024 [3][4]. - The company has developed a collaborative model involving enterprises, research institutions, and farmers, enhancing integration across the barley production chain [4]. Group 3: Future Prospects - Despite the decrease in imported barley prices, China Resources Beer plans to continue purchasing around 100,000 tons of domestic barley for beer production, indicating a commitment to the "National Barley Revitalization" strategy [5][6]. - The company aims to cultivate high-yield and high-quality barley varieties, with the "Yangnong Beer 14" variety achieving a record yield of 767.5 kg per acre in Jiangsu Province [6].

Core Viewpoint - The China Securities Hong Kong 300 Leisure Index (H300 Leisure) has shown a decline of 6.48% over the past month, but has increased by 3.86% over the last three months and 1.65% year-to-date [2] Group 1: Index Performance - The H300 Leisure Index is currently reported at 2622.85 points [1] - The index reflects the overall performance of listed companies in various themes such as banking, transportation, resources, infrastructure, logistics, and leisure, selected from the China Securities Hong Kong 300 Index [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] Group 2: Index Holdings - The top ten weighted companies in the H300 Leisure Index are Tencent Holdings (12.0%), NetEase-S (11.48%), Kuaishou-W (10.64%), Baidu Group-SW (10.57%), Yum China (9.36%), Trip.com Group-S (8.2%), Meituan-W (7.81%), Galaxy Entertainment (5.15%), China Resources Beer (3.1%), and Haidilao (2.79%) [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100.00% allocation [2] Group 3: Sector Allocation - The sector allocation of the H300 Leisure Index includes Leisure Services (39.89%), Digital Media (38.67%), Cultural Entertainment (12.69%), Alcohol (7.30%), and Marketing & Advertising (1.45%) [2] Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

过去十余年，百事集团全球业绩从2013年的4049.26亿元人民币稳步增长至2024年的6650.17亿元， 展现出强劲的增长韧性与卓越的全球经营能力。持续巩固和拓展其在本土食品与饮料行业的领先地位。 在全球经济重塑与科技变革并行的时代，食品与饮料行业正步入一场深层次的系统性重构。FBIF2025 全体大会，汇聚全球领袖与思想先行者，以"系统性增长逻辑"为主线，穿越短期波动，重塑可持续增长 的底层方法论。 面对老龄化社会、消费分级、中增长市场的机遇与挑战，行业需要超越传统打法，在"用户资产沉淀"中 夯实内力，在"国际化双轮驱动"中拓展增长疆域。同时，AI驱动的新质生产力、智能供应链体系的重 塑，正在重构产品开发、渠道连接与组织效率的新边界。从战略并购与整合，到全球价值链重构， FBIF2025全体大会将前瞻性洞察新一轮行业洗牌与创新浪潮的方向，助力企业在不确定中掌握确定 性，在变量中锚定增长极。 这里，不仅是趋势的预见者，更是未来产业格局的塑造者。 大会主席致辞 强基固本，乘势而上：在变局中打造增长新范式 【分享时间】 5月10日 9:00-9:15 【分享嘉宾】虞坚 ，总经理， 央视市场研究（CTR） 【 ...

记者了解到，今年2月份，由金沙酒业旗下"摘要酒"独家冠名的总裁读书会"美好生活，书香中国"城市 行活动再启新程，首站于海南海口举办。 范世凯表示，以"美好生活，书香中国"城市行为战略支点，我们正将这种价值共振推向更深维度。通过 思想磁场与产业土壤的交互赋能，让经典理论与实战智慧在标杆企业中生根；通过摘要书友会、书香进 企业，让知识共享与经营升级产生化学反应，让全民阅读的星火点亮更多企业。 "中国人的精神世界里，好书与美酒从来都是相映成辉的知己。"范世凯提到，"摘要酒"正是金沙酒业对 书酒文化的当代诠释。金沙酒业将以上游战略为指引，在书酒共生的长河中守护文化的根脉，让传统工 艺与现代精神相拥，让地理基因与人文情怀共振，让每一滴酒都成为传递东方智慧的媒介。 （文章来源：证券日报） 本报讯 （记者张敏见习记者梁傲男）4月22日至4月23日，总裁读书会2025第九届中国企业领袖读享盛 典在北京举办。本届中国企业领袖读享盛典着重关注企业家领读示范作用，旨在深入推进全民阅读，大 力推动书香企业建设。 华润啤酒（控股）有限公司副总裁、贵州金沙窖酒酒业有限公司（以下简称"金沙酒业"）董事长范世凯 致辞时表示，总裁读书会作为现 ...

Group 1 - The report from Guotai Haitong predicts a shift in the food and beverage competitive landscape, creating localized opportunities for growth. It maintains a positive outlook on sequential recovery, declining costs, and moderate competition for the year [1] - The sales performance has exceeded expectations, with stable movement in the market despite structural pressures. The report anticipates significant improvement in the output of industry leaders from late February to March, with Qingdao Beer expected to show a month-on-month improvement [2] - The competitive landscape is performing better than expected, with a high certainty of declining costs. The management strategy of China Resources Beer focuses on efficiency, and there has been no intensification of competition or price wars, leading to a favorable competitive environment [3] Group 2 - Brands are increasing their presence in new channels, which is expected to positively impact sales in the short term and enhance brand momentum in the medium term. This could potentially alter the competitive landscape in the long run [4] - Major beer companies are accelerating their expansion into beverage and non-beer sectors, with examples including Qingdao Beer Group's acquisition of Nestlé's Vitality and Chongqing Beer launching new flavored sodas [4]

Core Viewpoint - China Resources Beer reported a decline in revenue and profit for 2024, while showing significant improvement in cash flow from operating activities [1][2]. Financial Performance - The turnover for 2024 was RMB 38.635 billion, a decrease of 0.76% from RMB 38.932 billion in 2023 [1][2]. - Profit attributable to shareholders was RMB 4.739 billion, down 8.03% from RMB 5.153 billion in the previous year [1][2]. - Basic earnings per share decreased to RMB 1.46 from RMB 1.59 in 2023 [2]. - The group’s gross margin increased by 1.2 percentage points to 42.6% [2]. - Earnings before interest and taxes rose by 2.9% to RMB 6.344 billion [2]. - Operating cash flow increased significantly by 67.0% to RMB 6.928 billion [1]. Dividends - The interim dividend per share was RMB 0.373, up from RMB 0.287 in 2023, while the final dividend was RMB 0.387 compared to RMB 0.349 in the previous year [2]. ESG Performance - The Sichuan Liangshan and Anhui Bengbu factories achieved carbon neutrality certification, and six factories were recognized as national "green factories" [3]. - The ESG rating improved from BBB to A, placing the company among the leading firms in the Chinese beverage industry [3]. Regulatory Issues - The company faced administrative penalties for construction without approval, totaling over RMB 2 million, which were not disclosed in the annual report or ESG report [3]. - Specific penalties included RMB 2.2945 million for unauthorized construction activities and RMB 30,000 for safety management failures [3].

Group 1 - The core viewpoint of the news is the performance of the China Securities Hong Kong 300 Leisure Index, which has seen a decline of 15.19% over the past month but an increase of 3.60% over the past three months, with a year-to-date decrease of 0.33% [1] - The China Securities Hong Kong 300 Leisure Index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include Tencent Holdings (11.72%), NetEase-S (11.24%), Kuaishou-W (10.7%), Baidu Group-SW (10.16%), Yum China (9.2%), Meituan-W (8.52%), Trip.com Group-S (8.35%), Galaxy Entertainment (5.09%), China Resources Beer (3.21%), and Qingdao Beer Co. (2.78%) [1] Group 2 - The industry composition of the holdings in the China Securities Hong Kong 300 Leisure Index shows that leisure services account for 40.54%, digital media for 37.99%, cultural entertainment for 12.43%, alcohol for 7.67%, and marketing and advertising for 1.38% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year, and weight factors are adjusted accordingly [2]

Core Viewpoint - The Chinese beer industry is facing multiple challenges in 2024, including consumption segmentation, cost pressures, and localized competition from international brands, leading to a trend of "volume decline and price increase" [2] Industry Overview - The overall revenue of the beer industry in 2024 has decreased by 5.7% year-on-year, making it the only category in the food and beverage sector to experience negative growth [2] - The performance of the six major listed beer companies—Budweiser APAC, China Resources Beer, Tsingtao Brewery, Yanjing Beer, Chongqing Beer, and Zhujiang Beer—has shown further differentiation [2][3] Company Performance - Budweiser APAC reported a revenue of 62.46 billion RMB, down 8.90%, and a net profit of 7.26 billion RMB, down 14.79% [9] - China Resources Beer achieved revenue of 38.635 billion RMB, a slight decline of 0.76%, with net profit down 8.03% to 4.739 billion RMB [9] - Tsingtao Brewery's revenue was 32.138 billion RMB, down 5.30%, but net profit increased by 1.81% to 4.345 billion RMB [9] - Chongqing Beer reported revenue of 14.645 billion RMB, down 1.15%, and net profit of 1.115 billion RMB, down 16.61% [9] - Zhujiang Beer and Yanjing Beer were the exceptions, with Zhujiang Beer achieving revenue growth of 6.56% to 5.731 billion RMB and net profit growth of 29.95% to 810 million RMB [11] - Yanjing Beer also saw revenue growth of 3.20% to 14.667 billion RMB and net profit growth of 63.74% to 1.055 billion RMB [11] Market Trends - The market is experiencing a shift towards high-end products, with Zhujiang Beer and Yanjing Beer benefiting from product structure adjustments and capturing high-end consumption scenarios [3][12] - Analysts suggest that the beer industry must continue to pursue high-end strategies and expand online channels to find new growth opportunities [3][15] - The competition in the high-end market is intensifying, prompting companies to innovate and refine operations to discover new growth points [15] Strategic Adjustments - Companies are adjusting their product structures towards high-end offerings, with Zhujiang Beer reporting that 90% of its revenue comes from mid-to-high-end products [14] - Yanjing Beer has successfully launched its flagship product, Yanjing U8, achieving a sales volume of 696,000 kiloliters, a year-on-year increase of 31.40% [14] - Budweiser APAC, despite being a high-end market leader, has seen a significant decline in sales, down 11.8%, attributed to weak consumer spending [14] - China Resources Beer reported that mid-range and above products accounted for over 50% of its sales for the first time, indicating a commitment to high-end strategies [14]

Core Viewpoint - In 2024, China Resources Beer (00291.HK) experienced a decline in both revenue and net profit, with total revenue at 38.635 billion yuan, a slight decrease of 0.76% year-on-year, and net profit attributable to shareholders at 4.739 billion yuan, down 8.03% year-on-year [1] Group 1: Beer Business Performance - The beer business revenue was 36.486 billion yuan, a year-on-year decrease of 1%, with sales volume at approximately 10.874 million kiloliters, down 2.5% year-on-year [1] - Despite the decline in revenue and sales volume, the gross profit margin for the beer business increased by 0.9 percentage points to 41.1% due to the high-end strategy and a decrease in some packaging costs [2][3] - High-end beer sales grew by over 9% year-on-year, with brands like "Heineken" seeing nearly 20% growth, while "Snow" and "Red Duke" sales nearly doubled [2] Group 2: Cash Flow and Financial Health - The net cash inflow from operating activities increased by 67% to 6.928 billion yuan, marking a five-year high [1][6] - The average selling price of beer rose by 1.5% year-on-year, contributing to the improved gross profit margin [2] Group 3: White Wine Business Performance - The white wine business revenue grew by 4% to 2.149 billion yuan, although it fell short of the previously estimated growth target of over 30% [4][6] - The gross profit margin for the white wine business increased by 5.6 percentage points to 68.5% [6] - The brand "Abstract" under the white wine segment saw a 35% increase in sales, contributing over 70% to the white wine business revenue [6][7] Group 4: Strategic Focus and Future Outlook - The company plans to continue focusing on high-end products like "Heineken," "Snow Pure," and "superX" to drive growth in 2025 [3] - The company is expected to seek breakthroughs amid the dual pressures of declining beer sales and slowing white wine growth [7]

Financial Performance - For the year ended December 31, 2024, the total turnover was RMB 38,635 million, a decrease of 0.8% compared to RMB 38,932 million in 2023[81]. - Profit attributable to shareholders for 2024 was RMB 4,739 million, down from RMB 5,153 million in 2023, representing a decrease of 8.0%[81]. - Basic earnings per share for 2024 were RMB 1.46, compared to RMB 1.59 in 2023, reflecting a decline of 8.2%[81]. - The Group's consolidated turnover for 2024 was RMB 38,635,000,000, with EBIT of RMB 6,574,000,000 and profit attributable to shareholders of RMB 4,739,000,000[99]. - The Group's EBIT, excluding certain one-off items, increased by 2.9% year-on-year to RMB 6,344,000,000, while net cash from operating activities rose by 67.0% year-on-year to RMB 6,928,000,000[99]. - The Group's overall beer sales volume in 2024 was approximately 10,874,000 kilolitres, a decrease of 2.5% year-on-year, with revenue from beer business slightly declining by 1.0% to RMB 36,486,000,000[113]. - The beer segment's turnover decreased by 0.2% to RMB 38,254 million in 2024, while the Baijiu segment saw a growth of 3.7% to RMB 2,161 million[92]. - The Group's EBITDA for the beer business increased by 2.4% year-on-year to RMB 7,881,000,000, excluding certain one-off expenses[115][119]. - The Group's baijiu business achieved a year-on-year turnover increase of 4.0% to RMB 2,149,000,000, with a gross profit margin rising by 5.6 percentage points to 68.5%[161]. - The Group's baijiu business achieved an EBITDA of RMB 852,000,000, representing a year-on-year increase of 0.5 percentage points[163]. Operational Highlights - In 2024, CR Beer achieved a net cash from operating activities increase of 67.0%[22]. - The gross profit margin reached 42.6%, hitting a five-year high[22]. - Sales volume of premium beer segment and above increased by 9%[22]. - Sales volume of premium baijiu "Zhaiyao" rose by 35%[22]. - The Group's premium beer sales volume increased by over 9% year-on-year, with "Heineken®" achieving nearly 20% growth and "Li" seeing a 35% increase[114][118]. - The average selling price of beer rose by 1.5% year-on-year, contributing to a gross profit margin increase of 0.9 percentage points to 41.1% for 2024[115][119]. - The Group launched new products including the super-premium "Nong Li" and the premium "Ken 14", achieving significant sales growth[150][153]. - The Group operated 62 breweries across 25 provinces in Mainland China, with an annual production capacity of approximately 19,000,000 kilolitres[152]. - The Group's current liabilities were RMB 26,054,000,000, with a current ratio of 0.60, indicating sufficient resources to meet liabilities and commitments[171][176]. Strategic Initiatives - CR Beer established a dual empowerment model for beer and baijiu businesses to drive integrated development[30]. - The company is advancing the revitalization of the domestic beer barley industry through collaboration with the National Barley and Highland Barley Industry Technology System[30]. - The Group is committed to the "Winning at Premiumisation" strategy from 2023 to 2025, focusing on high-quality development and technological innovation[98]. - The Group is committed to technological innovation and digital empowerment, focusing on high-quality procurement, manufacturing excellence, and integrated supply chain management to enhance profitability[132]. - The Group plans to deepen its penetration of existing channels and expand into emerging channels such as online business and instant delivery to improve channel efficiency and profitability[131]. - The Group is actively promoting green development and aims for more factories to obtain carbon-neutral certification and National Green Plant designations[140]. - The Group's focus on "Domestic Barley* Revitalisation" supports rural revitalisation and promotes green agriculture development[158]. Awards and Recognition - The Group achieved high-quality growth in turnover and profit for three consecutive years, receiving the "2023 China Resources Group High-Quality Development Comprehensive Award – Silver Award"[41]. - The Group's Snow Beer topped the 2024 China Brand Power Index (C-BPI®) for the beer industry, and both "Snow Beer" and "Brave the World" were recognized among the "2024 China's 500 Most Valuable Brands"[46]. - The Group received the Outstanding Sustainable Enterprise Award for Listed Company (Beverage) at the ESG Green Development & Carbon Neutrality Awards 2023[55]. - The Group was recognized with the Outstanding ESG Corporate Award for Listed Company (Brewing) at the ESG Award 2024[61]. - The Group was awarded the Most Growing Listed Company in Consumer Goods Sector in the 2024 Reputation List of Listed Companies[75]. - The Group received multiple prestigious awards, including the "Directors Of The Year Awards" for three consecutive years and the "Climate Governance Awards" in 2024, highlighting its achievements in corporate governance and investor relations[199]. Investor Relations - The Group's investor relations efforts were recognized with multiple awards, including eight awards in Institutional Investor's "2024 All-Asia Executive Team" rankings[44]. - The Group maintained close communication with over 4,600 fund managers and analysts through nearly 400 meetings across various locations, including Shanghai, Beijing, Singapore, the UK, and the US[195]. - The Group's management actively addressed market concerns during investor and analyst meetings attended by over 100 participants[195]. - The Group's commitment to transparency and timely information disclosure was emphasized through various communication channels, including teleconferences and investor conferences[194]. - The Group aims to enhance corporate governance transparency and safeguard the long-term interests of shareholders in the future[200]. Future Outlook - The Group maintains a cautiously optimistic outlook for its overall performance in 2025, bolstered by national policies to boost consumer spending and steady economic growth[135]. - CR Beer aims for sustained rapid double-digit sales volume growth for "Heineken®" and expects "superX" to regain stronger sales momentum post-revitalisation in 2024[130]. - The Group plans to implement a "streamlined, precise, and lean" strategy to respond to new consumption trends and enhance competitive positioning[159].