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。 （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 ）） (1)執行董事之委任； (2)獨立非執行董事之委任；及 (3)董事委員會組成變動 董事會宣佈，自二零二五年十一月十八日起， 執行董事之委任 徐先生，49歲，彼負責本公司群團、組織人事、辦公室、學習與創新中心等管理 工作；徐先生自二零二三年十月加入本公司，曾任本公司副總裁等職。徐先生於 一九九七年七月獲得遼寧大學授予的文學學士學位。 除上文所披露者外，徐先生於過往三年內並無於其他上市公眾公司擔任任何董事職 務，亦無於本公司及本集團其他成員公司擔任任何職務。除上文所披露者外，徐先 生現時及過往並無與本公司任何董事、高級管理人員或主要或控股股東有任何關 係。 本公司與徐先生之間並無就其獲委任為執行董事訂立任何服務合約，彼於本公司並 無固定服務年期，惟須根據本公司《組織章程細則》（「組織章 ...

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。 （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 ）） 持續關連交易 二零二六年商務出行服務框架協議 二零二六年商務出行服務框架協議 二零二六年商務出行服務框架協議的主要條款載列如下： 日期： 二零二五年十一月十八日 訂約方： 本公司及華潤數字科技 茲提述本公司日期為二零二二年十二月二十日有關訂立商務出行服務框架協議的 公告。鑒於商務出行服務框架協議將於二零二五年十二月三十一日屆滿，且預期 本集團於商務出行服務框架協議屆滿後將繼續進行其項下擬進行的交易，董事會 欣然宣佈，於二零二五年十一月十八日，本公司與華潤數字科技訂立二零二六年 商務出行服務框架協議的新安排，據此華潤數字科技集團同意繼續向本集團提供 若干商務出行服務，期限自二零二六年一月一日至二零二八年十二月三十一日為 期三年。 上市規則的涵義 中國華潤附屬公司華潤股份為華潤（集團） ...

Core Viewpoint - Daiwa's report indicates that China Resources Beer is adapting to new retail channels and developing new flavors to cater to the rapidly changing preferences of young Chinese consumers [1] Company Strategy - The management of China Resources Beer emphasizes the importance of real-time retail and the introduction of new flavors such as juice beer and tea-flavored beer to meet consumer demands [1] - Daiwa believes that China Resources Beer possesses strong execution capabilities and flexible strategies to respond to the fast-changing preferences of Chinese consumers, maintaining a preference over its main competitors [1] Financial Outlook - Due to a potential slowdown in the growth rate of average selling prices and profit margins, Daiwa has lowered its core earnings per share forecast for China Resources Beer by 4% for the years 2025 to 2027 [1] - The "Buy" rating is reiterated, with the target price adjusted from HKD 38 to HKD 36, based on a target price-to-earnings ratio of 18 times for the next year [1]

Core Insights - The Chinese beer industry has evolved significantly over the past century, transitioning from traditional brewing to industrial production, and has been the world's largest producer and consumer of beer since 2002 [1][2][3] - The industry is now facing a period of stock competition, with a need for innovation and quality improvement to maintain international competitiveness [1][4] Historical Development - The first Chinese brewery was established in Harbin in 1900, followed by others in major cities, leading to the emergence of local brands [2] - The beer industry saw rapid growth post-1949, with significant expansion in production and variety, particularly after the implementation of the "beer special project" in 1985 [2][3] - By 1993, China surpassed Germany in beer production, and by 2002, it became the world's largest beer producer with a total output of 24.03 million tons [2][3] Market Dynamics - The industry has entered a phase of stock competition since 2013, with a decline in traditional beer demand due to demographic shifts and changing consumer preferences towards healthier options [3][4] - The proportion of consumers aged 60 and above has increased, while the main consumer group (ages 20-40) has decreased, leading to a natural decline in beer production [3] Competitive Landscape - The market is highly concentrated, with major brands like China Resources, Tsingtao, and Yanjing holding over 70% of the market share [4] - Companies are shifting focus from expansion to high-quality development, adapting to new consumer trends and demands [4][5] Consumer Trends - There is a noticeable shift in consumer preferences towards high-end, refined, and diversified beer products, prompting companies to innovate in flavors and marketing strategies [5][6][9] - The rise of craft beer reflects a growing consumer desire for unique flavors and experiences, with many new entrants in the market [12][13] Pricing and Revenue - The average selling price of beer has become a key driver for revenue growth, with companies targeting the premium market segment [8] - Major brands have reported significant growth in mid-to-high-end product sales, indicating a successful transition towards premiumization [8] Sustainability and Innovation - The industry is increasingly focusing on sustainability, with initiatives aimed at reducing carbon emissions and improving water efficiency [21][22][23] - Companies are investing in advanced technologies and practices to enhance production efficiency and environmental responsibility [25][26] Supply Chain Challenges - The beer industry faces challenges related to raw material supply, particularly barley and hops, which are heavily imported [30][35][36] - Efforts are being made to improve domestic production and quality of these essential ingredients to ensure supply chain security [35][36] Future Outlook - The industry is expected to continue evolving with a focus on innovation, quality, and sustainability, aiming to enhance its global competitiveness [37][38] - There is a strong emphasis on cultural branding and international market penetration to elevate the global presence of Chinese beer brands [38]

Core Viewpoint - Daiwa's report indicates that China Resources Beer (00291) is adapting to new retail channels and developing new flavors to cater to the rapidly changing preferences of young Chinese consumers [1] Group 1: Company Strategy - The management of China Resources Beer emphasized the importance of aligning with instant retail and introducing new flavors such as fruit-flavored and tea-flavored beers [1] - The company is expected to maintain a competitive edge over its main rivals due to its strong execution capabilities and flexible strategies [1] Group 2: Financial Outlook - Daiwa has lowered its earnings per share forecast for China Resources Beer by 4% for the years 2025 to 2027, citing potential slowdowns in average selling price and profit margin expansion [1] - The target price for the stock has been adjusted from HKD 38 to HKD 36, based on a projected price-to-earnings ratio of 18 times for the next year [1]

智通财经APP获悉，大和发布研报称，于上周五(14日)在大和香港投资会议上接待了华润啤酒(00291)的 管理层，他们强调迎合即时零售等新渠道，并开发新口味(如果汁啤酒、茶味啤酒)，以迎合中国年轻消 费者快速变化的喜好。因平均售价和利润率扩张速度可能放缓，大和下调润啤2025至2027年每股核心盈 测4%;重申"买入"评级，并将目标价从38港元下调至36港元，基于目标明年市盈率18倍。大和相信，因 润啤拥有强大的执行力和灵活策略，能应对中国消费者喜好的快速变化，持续偏好润啤多于其主要竞争 对手。 ...

Core Viewpoint - The Chinese beer industry is transitioning from a phase of rapid growth to one of quality improvement and brand building, driven by changing consumer preferences and market dynamics [3][5][6]. Industry Development - The Chinese beer industry has evolved significantly over the past century, becoming the world's largest producer and consumer of beer since 2002, with a peak production of 50.62 million tons in 2013 [2][4]. - The industry has seen a shift from traditional brewing to industrial production, with major policy support since the 1980s leading to a rapid increase in production capacity and the emergence of numerous regional brands [4][5]. Market Dynamics - The beer market is now characterized by intense competition and a focus on quality over quantity, as traditional beer consumption declines and health-conscious trends rise among consumers [5][6]. - By 2023, the proportion of the population aged 60 and above reached 21.1%, while the main consumer demographic (ages 20-40) decreased from 35% to 28%, indicating a shift in market dynamics [5]. Consumer Trends - There is a growing demand for high-end, diverse, and premium beer products, with companies focusing on innovation and brand differentiation to meet these evolving consumer preferences [10][11][12]. - The rise of craft beer reflects a broader trend towards product differentiation and unique consumer experiences, with major brands entering the craft beer space [14][15]. Strategic Initiatives - Major beer companies are implementing high-end strategies, with products priced above 10 yuan gaining traction, and some brands even entering the ultra-premium market [10]. - Companies are also focusing on product diversification to cater to different consumer segments, with a notable increase in the variety of beer offerings [11][12]. Technological Advancements - The industry is leveraging digital and smart manufacturing technologies to enhance production efficiency and reduce carbon emissions, with companies like Qingdao Beer leading the way in smart factory initiatives [30][31]. - The adoption of instant retail models is reshaping sales channels, allowing for rapid delivery and increased consumer engagement [16][17]. Sustainability Efforts - The beer industry is increasingly focused on achieving carbon neutrality and sustainable practices, with initiatives aimed at reducing water and energy consumption throughout the production process [21][22][23]. - Companies are collaborating with upstream and downstream partners to promote green practices across the entire value chain, including the use of low-carbon packaging and transportation methods [26]. Challenges and Opportunities - The industry faces challenges related to raw material dependency, particularly for barley and hops, which are largely imported, impacting supply chain security [34][35]. - There is a need for innovation in product development to create globally recognized Chinese beer brands, emphasizing the importance of cultural elements in marketing strategies [36][37][38].

Core Insights - The beer industry is experiencing a slowdown in overall growth, with companies facing challenges in increasing profits while revenues remain stagnant [2][8] - The recent "Double 11" shopping festival saw significant online sales for major beer brands, but the competitive landscape is shifting towards high-end products and diverse consumption scenarios [2][6] Group 1: Market Trends - Major beer brands like Tsingtao, Budweiser, and Yanjing dominated online sales during "Double 11," with Tsingtao's exclusive 211ml small white beer seeing a nearly 4-fold increase in sales [2] - The beer market is transitioning from a speed competition to a focus on high-end products and diverse consumption scenarios, indicating a need for innovation and adaptation [2][8] Group 2: Product Innovation - Companies are focusing on product innovation to meet changing consumer demands, with new categories like non-alcoholic and low-calorie beers gaining traction [3][9] - Carlsberg China emphasizes the importance of high-end products and fine management, while Budweiser Asia Pacific highlights the need for technological advancements in brewing processes [4][5] Group 3: Consumption Scenarios - The traditional consumption scenarios for beer are weakening, prompting companies to explore new experiences such as outdoor activities and urban street culture [6][7] - Tsingtao Beer is creating experiential venues like museums and beer gardens to enhance consumer engagement, while Carlsberg is aligning its brands with specific dining experiences [6][7] Group 4: Industry Outlook - Despite the current challenges, the long-term growth potential of the Chinese beer market remains strong, with a focus on quality and innovation [8][9] - Industry leaders stress the importance of collaboration and shared efforts to drive innovation and quality improvements across the sector [9]

Investment Rating - The report maintains a positive investment rating for the restaurant supply chain sector, suggesting increased attention due to signs of demand recovery and growth potential for quality companies [2][38]. Core Insights - The restaurant supply chain sector is experiencing a shift where companies are transitioning from being mere supporters to active drivers of innovation and demand, highlighting the importance of R&D and innovation capabilities [10][22]. - The industry is witnessing a structural opportunity as the chain restaurant rate continues to rise, with expectations for further growth in the coming years [18][10]. - Current valuations in the sector are at historically low levels, indicating potential for recovery as demand improves [30][34]. - The report emphasizes the importance of mergers and acquisitions as companies seek to enhance their competitive positions and bind key customers [22][24]. Summary by Sections Industry Status - Overall demand in the restaurant sector remains weak, but signs of recovery are evident, particularly during holiday periods [10][11]. - The restaurant supply chain industry is projected to maintain a compound annual growth rate of over 15% in the next three years, outperforming the broader restaurant market [14][10]. Company Changes - Companies are increasingly focusing on R&D and innovation to meet the evolving demands of chain restaurants, which require standardized and stable supply [22][10]. - Mergers and acquisitions are being utilized to strengthen customer relationships and enhance resource capabilities [24][22]. - New retail channels are being explored to drive growth, with companies expanding into high-end and online markets [25][10]. Valuation Analysis - The current valuation of the sector is below the 20th percentile of the past decade, suggesting significant upside potential as demand recovers [34][30]. - The report notes that the valuation decline over the past five years has been primarily due to reduced demand and high initial valuations [30][34]. Investment Recommendations - The report suggests increasing focus on specific companies such as Haidilao, Angel Yeast, and others, which are expected to benefit from demand recovery and improved operational performance [38][39].

Summary of China Resources Beer Conference Call Company Overview - **Company**: China Resources Beer - **Industry**: Beer and Alcoholic Beverages Key Points Sales Performance - Third-quarter sales maintained a growth rate of over 20%, consistent with the first half of the year, indicating stable operations despite industry challenges in October [2][4] - The overall sales contribution for the year is primarily from the first half, with the second half expected to contribute less [2][4] Profit Margins and Cost Management - The gross margin improved in the first half due to increased use of Australian barley, but the effect diminished in the second half [2][4] - The company anticipates that a rise in aluminum prices in 2026 will be manageable, with potential price increases or high-end product offerings to offset costs [2][5] Market Dynamics - The beer market is not experiencing significant price pressure, with short-term fluctuations influenced by channel inventory and promotions [2][8] - Emerging brands like Mixue Ice City are seen as beneficial for market expansion, introducing new consumer segments and preferences [2][9] Product Strategy - For 2026, the company plans to continue launching niche differentiated products while maintaining a strong base of major products [3][10] - Currently, niche products account for a small percentage of overall sales, but there are plans to enhance their market presence over the next five years [2][11] Consumer Trends and Marketing - The company is adapting to changing consumer preferences by testing new products through e-commerce and KOL channels, but will also consider traditional sales channels based on product suitability [2][13] - New product launches in the 8-10 RMB and 10-12 RMB price ranges will focus on high-end differentiated products without heavy marketing investments initially [2][12] Future Outlook - The overall economic environment will significantly influence sales and pricing strategies in 2026, with expectations of stability compared to 2025 [3][10] - The company remains confident in its long-term strategies for high-end products and the white liquor business, with ongoing adjustments based on market conditions [2][15] Additional Insights - The white liquor market is under pressure due to restrictions and slow recovery in business dining, prompting the company to explore beer channels for white liquor sales [2][4] - The company is committed to a long-term plan that includes a focus on differentiated products and expansion in key regions like the Greater Bay Area [2][15]