影视制作企业百纳千成(300291)拟收购数字营销服务商厦门众联世纪股份有限公司（简称"众联世纪"） 100%股份，预计构成重大资产重组。经公司申请，百纳千成股票将于2025年12月26日（星期五）开市 起复牌。 12月25日晚，百纳千成公告，公司拟以发行股份及支付现金方式直接及间接取得众联世纪 100%股份， 并向不超过35名特定投资者发行股份募集配套资金。 据公告，本次百纳千成发行股份购买资产的发行价格为4.8元/股，停牌前百纳千成股价为5.33元/股，本 次募集配套资金拟用于支付本次并购交易中的现金对价、本次交易税费、中介机构费用等，募集配套资 金具体用途及金额将在重组报告书中予以披露。 众联世纪成立于2013年1月21日，是一家以数字化+智能化技术为基础的数字营销服务商，依托其自研 的全场景全链路营销技术服务系统，其业务主要聚焦于为通信、金融、电商等行业的客户提供优质的一 站式数字化智能营销解决方案。 众联世纪主营业务涵盖了数字化营销的广告代理、媒体代理、广告竞价交易和广告展示等全产业链环 节。中国移动、中国联通和中国电信以及招商银行、中信银行、兴业银行、光大银行、泰康保险、京 东、美团等均与众联世纪 ...

百纳千成将复牌。 12月25日晚，百纳千成（300291）发布公告称，公司拟通过发行股份及支付现金的方式直接及间接取得目标公司 众联世纪100.00%股份，并向不超过35名特定投资者发行股份募集配套资金。公司股票将于2025年12月26日（星 期五）开市起复牌。 根据预案，百纳千成拟向国科鼎鑫、林欣扬等7名交易对方购买其合计持有的众联世纪64.15%股份；拟向林欣 扬、连志尧、骆龙泉等4名交易对方购买其持有的兴聚盛传100%股权，以间接取得众联世纪24.53%股份；拟向林 欣扬、连志尧、骆龙泉等20名交易对方购买其持有的鼎创世纪100%财产份额（其中由上市公司指定的全资子公司 现金购买鼎创世纪1%的GP财产份额），以间接取得众联世纪11.33%股份。 百纳千成主要从事多格式影视业务及营销业务。公告显示，众联世纪是一家专业的数字化智能化营销综合服务 商，依托自研的全场景全链路营销技术服务系统，为客户提供优质的一站式数字化智能化营销解决方案，已成为 通信行业数字营销的头部服务商之一，并逐步将业务拓展至金融、电商等行业。通过本次交易，百纳千成可拓展 营销业务布局，接入中国主流的数字广告流量与云计算生态，为客户提供更 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 百纳千成将复牌。 12月25日晚，百纳千成（300291）发布公告称，公司拟通过发行股份及支付现金的方式直接及间接取得 目标公司众联世纪100.00%股份，并向不超过35名特定投资者发行股份募集配套资金。公司股票将于 2025年12月26日（星期五）开市起复牌。 根据预案，百纳千成拟向国科鼎鑫、林欣扬等7名交易对方购买其合计持有的众联世纪64.15%股份；拟 向林欣扬、连志尧、骆龙泉等4名交易对方购买其持有的兴聚盛传100%股权，以间接取得众联世纪 24.53%股份；拟向林欣扬、连志尧、骆龙泉等20名交易对方购买其持有的鼎创世纪100%财产份额（其 中由上市公司指定的全资子公司现金购买鼎创世纪1%的GP财产份额），以间接取得众联世纪11.33%股 份。 百纳千成主要从事多格式影视业务及营销业务。公告显示，众联世纪是一家专业的数字化智能化营销综 合服务商，依托自研的全场景全链路营销技术服务系统，为客户提供优质的一站式数字化智能化营销解 决方案，已成为通信行业数字营销的头部服务商之一，并逐步将业务拓展至金融、电商等行业。通过本 次交易，百纳 ...

Core Viewpoint - China’s largest beer giant, China Resources Beer, has officially relocated its headquarters from Beijing to Shenzhen, marking a strategic shift towards southern markets and high-end product development [2][6][10]. Group 1: Company Strategy and Relocation - The relocation to Shenzhen is part of a broader strategy to enhance collaboration within the supply chain and tap into the growing market potential in Guangdong, which is projected to produce 4.75 million kiloliters of beer in 2024, making it the largest beer province in China [7][10]. - The new headquarters will not only serve as a decision-making center but will also integrate research, development, and brand experience, facilitating innovation and internal collaboration [10][12]. - The move is seen as a response to the challenges faced in the northeastern market, where the company has been closing inefficient factories and reducing its operational footprint [6][12]. Group 2: Market Performance and Financials - The company has experienced a decline in sales and profits due to market saturation and operational adjustments, with a reported revenue of 38.635 billion RMB in 2024, a slight decrease of 0.76% year-on-year, and a net profit of 4.739 billion RMB, down 8.03% [18][19]. - The beer segment showed a revenue increase of 2.6% in the first half of 2025, while the white wine segment saw a significant decline of nearly 34%, indicating a disparity in performance across product lines [18][20]. - The company has faced challenges in its high-end product strategy, with its own brands lagging behind partners like Heineken, which saw over 30% growth in high-end products [21][22]. Group 3: Challenges and Future Outlook - The exit from the northeastern market has not been without difficulties, including high costs associated with asset disposals and the impact on local employment and tax revenues [12][16]. - The company is exploring new product categories, such as yellow wine, in an attempt to innovate and expand its market presence, although the long-term success of these initiatives remains uncertain [23][24]. - As competition intensifies from both traditional beer rivals and new entrants from other industries, the company must navigate the complexities of market dynamics while maintaining a focus on high-end product development and operational efficiency [26].

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。 背景 茲提述本公司日期為二零一三年十二月二十日、二零一六年十二月二十二日、二零 一九年十二月十七日及二零二三年三月二十四日的公告，內容有關（其中包括）訂 立二零一三年框架貸款協議、二零一六年框架貸款協議、二零一九年貸款框架協議 及二零二三年框架貸款協議。由於二零二三年框架貸款協議將於二零二五年十二月 三十一日屆滿，且預期本集團將於其屆滿後繼續進行其項下擬進行的交易，故本公 司已於二零二五年十二月二十三日根據二零二六年框架貸款協議訂立新貸款安排， 據此經考慮本集團的經營規模及現金水平後更新年度貸款上限。 （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 ）） 重續持續關連交易 訂立二零二六年框架貸款協議 二零二六年框架貸款協議 茲提述本公司日期為二零一三年十二月二十日、二零一六年十二月二十二日、二 零一九年十二月十七日及二零二三年三月二十 ...

Summary of China Resources Beer Conference Call Company and Industry Overview - **Company**: China Resources Beer - **Industry**: Beer Industry in China Key Points and Arguments 1. **Market Stability**: The beer industry is currently in a stable off-peak season, with no significant changes in the competitive landscape. Sales prices for Chinese beer companies have slightly decreased, but the extent is minimal. Overall sales volume growth for 2025 is expected to be in the low single digits, with high-end brands like Heineken maintaining around 20% growth, indicating a stable market trend [2][5]. 2. **2026 Outlook**: For 2026, the impact of aluminum can price increases is expected to be limited. Profit margins may improve due to reduced material cost pressures and the push for high-end products. The company maintains a cautiously optimistic outlook, anticipating that volume and price dynamics will be similar to those in 2025 [2][6]. 3. **Competitive Strategy**: In response to competition in the 6-10 RMB price range, the company plans to adjust its strategy slightly while adhering to a high-end development path. This includes strengthening partnerships with contract manufacturing and private label collaborations to meet personalized consumer demands [2][7]. 4. **High-End Development Potential**: There is still significant room for high-end development. The key is to provide compelling reasons for consumers to purchase high-quality, high-positioned products. The company emphasizes the importance of accurately targeting customer segments and effective promotion [2][9]. 5. **Regional Focus**: The South China region, particularly Guangdong Province, is identified as the largest beer sales area. The company aims to actively promote development in South China to capture a larger market share. The relocation of the headquarters to Shenzhen is intended to optimize resource allocation and support long-term development goals [2][10][12]. 6. **Impact of Management Changes**: Recent management changes have not led to significant strategic shifts. The long-term development approach remains unchanged, focusing on both beer and liquor businesses. However, the liquor business will require more flexible operational adjustments to enhance product quality and stabilize the high-end market [4][11][14]. 7. **Liquor Business Outlook**: The liquor business is seen as having substantial growth potential, particularly in regional markets. The company plans to maintain investment in this area despite current challenges, with a focus on improving product quality and direct consumer engagement [4][15][16]. 8. **Emerging Channels**: New channels such as delivery services and instant retail are gaining traction, emphasizing convenience and experiential consumption rather than just low prices. The company is exploring collaborations with major retailers and delivery platforms to enhance product offerings [19]. 9. **Craft Beer Segment**: The craft beer segment is characterized by differentiated products, including fruit-flavored and tea-flavored beers. Although current sales are low, there is significant growth potential, especially through targeted marketing strategies [18]. 10. **Long-Term Industry Perspective**: The overall industry is not expected to face sudden competitive pressures or changes. The company has achieved sales growth and profit improvement over the past four years, with an average annual profit improvement of over one percentage point [21]. Additional Important Insights - The company recognizes the need for precise consumer demand analysis to adapt to changing preferences, particularly in the 8-10 RMB price range [8]. - The relocation of the headquarters is a strategic move to enhance brand image and focus on the Guangdong market, marking a significant milestone in the company's history [13]. - The company is cautious about potential divestitures in the liquor business, emphasizing the importance of long-term strategic development over short-term market pressures [16][17].

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 ...

Group 1 - The core point of the article highlights the top short-selling ratios and amounts for various companies, indicating significant market interest in these stocks [1][2]. - China Resources Beer (80291), Anta Sports (82020), and Great Wall Motors (82333) have the highest short-selling ratios at 100% [1][2]. - Xiaomi Group (01810), Tencent Holdings (00700), and Alibaba-SW (09988) lead in short-selling amounts, with 1.229 billion, 1.054 billion, and 830 million respectively [1][2]. Group 2 - The top ten short-selling ratios include China Resources Beer (100.00%), Anta Sports (100.00%), and Great Wall Motors (100.00%) [2]. - The top ten short-selling amounts show Xiaomi Group at 1.229 billion, Tencent Holdings at 1.054 billion, and Alibaba-SW at 830 million [2]. - The highest deviation values are led by Bank of China Hong Kong (48.85%), Alibaba-SW (34.26%), and China Resources Beer (32.32%) [1][2].

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 ...