Core Insights - The report indicates a stabilization in food and beverage demand, with signs of recovery becoming increasingly clear [1] - The core conclusion emphasizes a transition between old and new market dynamics, prioritizing market share [4] Industry Review - The food and beverage industry faced pressure in Q2 due to seasonal consumption declines and policy impacts, with significant differentiation among segments. Notably, the liquor and beer sectors were most affected, while beverages and snacks continued to show good growth [6] - Alcoholic beverages, particularly high-end liquor, are undergoing adjustments due to policy changes, while lower-alcohol options are experiencing growth. The report suggests monitoring long-term trading opportunities in the liquor sector [6][12] - The beverage sector remains robust, with double-digit growth expected in categories like electrolyte water and coconut water. The report highlights the upcoming IPO of a coconut water brand, projecting an 80% revenue growth for 2024 [6] - The snack industry is transitioning from channel expansion to category-driven growth, with strong momentum expected to continue into 2026 [6] - The restaurant supply chain is experiencing weak demand, but signs of stabilization are emerging, particularly in basic condiments and frozen prepared foods [6] Investment Recommendations - The report recommends focusing on sectors sensitive to policy changes, such as liquor, beer, and dairy products, with specific stock picks including Guizhou Moutai and Yanjing Beer [6] - It suggests selecting strong individual stocks with clear market share gains or strong earnings certainty, such as Dongpeng Beverage and Haitian Flavoring [6] - High dividend yields are highlighted as a significant safety net in the current weak market environment, with Chongqing Beer being a notable example [6] Liquor Sector Analysis - The liquor index has underperformed the broader market, with a 12% decline year-to-date, primarily due to weakening consumer demand and increased competition [12] - The report notes that the performance of individual liquor stocks has diverged, with some brands gaining market share while others struggle [13] - Guizhou Moutai's price has seen a significant decline, with a year-on-year drop exceeding 20%, impacting overall sector valuations [12][19] Profitability Forecasts - The report anticipates that many companies will struggle to meet their growth targets in 2025, with a general downward revision of revenue growth expectations [44] - It highlights that the external environment remains uncertain, putting pressure on demand, and companies are focusing on inventory reduction and sales promotion [45]

Core Insights - Chongqing Beer has been recognized as the only liquor brand from Chongqing in the first batch of "Chinese Consumer Famous Brands" selected by the Ministry of Industry and Information Technology in April this year [2] - Despite a 30% decline in beer production over the past decade and a mere 32% consumption share among Generation Z, Chongqing Beer managed to achieve a 1.93% increase in sales in Q1 2025, positioning itself among China's top five beer companies [2][5] - The company has a rich history, being one of the first beer manufacturers in New China, and has successfully launched high-end products like Chongqing Pure Draft since 2002 [3] Industry Context - The Chinese beer industry has entered a painful transformation phase, with a 30.1% decline in production from its peak in 2013 and a 5.7% decrease in industry revenue in 2024, making it the only declining category in the food and beverage sector [5] - The industry is now in a "stock game" phase, focusing on brand competition rather than volume expansion, prompting Chongqing Beer to target younger consumers while maintaining its brand heritage [5] Marketing Strategies - Chongqing Beer has engaged in innovative marketing strategies to resonate with younger audiences, such as hosting a symphonic concert that attracted nearly 2.9 million online viewers, blending classical and local music [6] - The company organized a dragon boat race event that incorporated interactive elements and social media engagement to appeal to younger demographics, successfully revitalizing traditional activities [7] - A vertical marathon event at the deepest subway station in the country was branded as "Chongqing Pure Draft Ascend Race," connecting with young people's aspirations and urban experiences [8][9] Brand Representation - The brand's approach to endorsements has evolved, recently featuring Hong Kong star Chen Xiaochun as a spokesperson, aligning with the brand's image of camaraderie and resonating with local culture [9] - The inclusion of diverse brand ambassadors, such as Sichuan singer Jike Junyi, aims to reach various regional preferences and interest groups [9]

重庆啤酒 20250627 摘要 2025 年上半年啤酒行业销量持平，嘉士伯在中国传统优势区域表现稳 定，但受消费需求疲软影响，暂缓新区域扩张，侧重现有区域增长机会。 原材料及包材采购成本下降对毛利率有积极影响，但全年产销量是关键 变量，需关注整体消费情况及市场竞争表现。佛山工厂折旧增加导致固 定费用增加。 乐堡品牌持续增长成为第一大品牌，乌苏品牌销量面临挑战但积极进行 产品创新和结构升级，1,664 品牌受娱乐渠道未复苏影响承压。 乌苏啤酒全年销量约 80 万吨，疆内占比超 60%，疆外市场面临高端产 品价格压力，公司认为乌苏品牌将走向有序发展，维持基础体量。 现饮渠道收入占比下降至 44%以下，非现饮渠道占比超过 56%，即时 零售等新模式带来结构性变化，公司积极布局歪马送酒、酒小二等新型 渠道。 公司推出一升罐装精酿产品，并拓展非啤酒赛道，试水大理胖儿汽水、 天山鲜果庄园橙汁味汽水和电解质能量饮料，探索多元化发展机会。 公司 2025 年无新增产能扩张计划，资本开支预计大幅下降，股东回报 主要以现金分红为主，分红比例已达较高水平，未来或考虑产业链并购 整合或业务多元化。 佛山工厂折旧需要多少时间完全完成 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：2025-017 重庆啤酒股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.90元 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | | ? 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 三、 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | | 四、 分配实施办法 除股东嘉士伯啤酒厂香港有限公司和 CARLSBERG CHONGQING LIMITED ...

证券代码：600132 证券简称：重庆啤酒 公告编号：2025-017 重庆啤酒股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.90元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 29 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本483,971,198股为基数，每股派发现金红利0.90 元（含税），共计派发现金红利43 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 4 June 2025 | 10:12PM HKT Chongqing Brewery (600132.SS): Consumer & Leisure Corporate Day: Steady premiumization in off-trade channels amid flattish trends We hosted Chongqing Brewery at our Consumer & Leisure Corporate Day on Jun 4. Key takeaways: 1) Recent updates: The company noted a still soft recovery in on-trade channels following the Jan-Feb uptick driven by CNY. Channel mix in 1Q remained roughly unchanged vs. last year at 45:55 for on-trade/off-trade. By brand, YTD p ...

依托深厚的品牌积淀与持续的产品创新，重啤已发展成为中国五大啤酒公司之一，构建起覆盖全国的销 售网络。基于这一网络，重庆啤酒正致力于打造成为具有全国影响力的品牌，推广"吃重庆火锅、喝重 庆啤酒"的正宗重庆体验，传播重庆城市文化。 中新网重庆新闻6月4日电（记者 刘相琳）近日，重庆市商务委公布《第八批重庆老字号》名单，"重庆 啤酒"等74个品牌被认定为第八批重庆老字号。这是重庆啤酒近日入选首批中国消费名品后，再获殊 荣。 诞生于1958年的重庆啤酒已有67年历史，是新中国成立后最早创建的本土啤酒品牌之一。作为重庆啤酒 股份有限公司(以下称"重啤")的代表品牌，重庆啤酒自上市之初便确立了清爽透冽、醇和顺滑、鲜活明 快的口感风格，既能完美契合重庆火锅的麻辣鲜香，也能平衡烧烤与江湖菜的浓烈风味。 在此基础上，重啤不断探索风味创新，除重庆纯生、重庆国宾等经典产品外，近年来还推出重庆国宾醇 麦、重庆精酿白啤、重庆精酿黑啤等系列新品，持续满足消费者多元化需求。 目前，重庆啤酒已实现全国销售，并在四川、贵州、湖南等地成长为当地的重要啤酒品牌。 重啤相关负责人表示，老字号历史悠久、文化底蕴深厚，品牌价值和经济价值巨大。此次获评重 ...

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of Chongqing Beer Co., Ltd. was convened and conducted in accordance with relevant laws, regulations, and the company's articles of association [1][4][19]. Group 1: Meeting Procedures - The meeting was convened by the company's 10th Board of Directors, and the notice for the meeting was properly announced [4][3]. - The actual meeting took place on May 29, 2025, at 14:00 in Guangzhou, and provided both on-site and online voting options for shareholders [3][4]. - The voting times for the online platform were specified, allowing shareholders to vote during designated trading hours [3][7]. Group 2: Qualifications of Participants - The convenor of the meeting met the qualifications as per the Company Law and relevant regulations [4]. - Shareholders eligible to attend included those registered by the end of trading on May 23, 2025, with a total of 11 attendees representing 290,402,318 shares, accounting for 60.0040% of total shares [4][5]. - A total of 679 shareholders participated via online voting, representing 46,873,677 shares, or 9.6852% of total shares [7]. Group 3: Voting Procedures and Results - The meeting adhered to the agenda outlined in the notice, with no additional items introduced for voting [8][19]. - Voting results showed overwhelming support for the proposed resolutions, with the majority receiving over 99% approval from attending shareholders [8][10][12]. - Specific voting results included: - 337,088,734 shares in favor (99.9444%) for one resolution [8] - 336,905,534 shares in favor (99.8901%) for another resolution [9] - 336,621,007 shares in favor (99.8058%) for yet another resolution [9].

Core Points - The board of directors of Chongqing Brewery Co., Ltd. held its first meeting of the 11th session on May 29, 2025, where several key resolutions were passed [1][2][3] Group 1: Board Committees - The 11th Board's Strategic Committee consists of five members, with Lee Chee Kong as the chairman [1] - The Audit Committee is chaired by Yuan Yinghong, with four other members [2] - The Nomination Committee is led by Sheng Xuejun, with two additional members [2] - The Compensation and Assessment Committee is chaired by Zhu Qianyu, with two other members [2] Group 2: Executive Appointments - Jo?o Miguel Ventura Rego Abecasis was elected as the chairman of the 11th Board [2] - Lee Chee Kong was appointed as the president of the company, with a term aligned with the 11th Board [3] - Chin Wee Hua was appointed as the vice president and financial officer of the company [4] - Deng Wei was appointed as the secretary of the board, having served in various roles since 2000 [5] - Li Xiaoyu was appointed as the representative for securities affairs [5] Group 3: Subsidiary Management Changes - The board approved changes in the management of the subsidiary, Carlsberg Chongqing Brewery Co., Ltd. [5]

2024 年年度股东会的 法律意见书 二〇二五年五月 北京市中伦（重庆）律师事务所 关于重庆啤酒股份有限公司 北京市中伦（重庆）律师事务所 关于重庆啤酒股份有限公司 2024 年年度股东会的 法律意见书 法律意见书 致：重庆啤酒股份有限公司 北京市中伦（重庆）律师事务所（以下简称"本所"）受重庆啤酒股份有限 公司（以下简称"公司"）委托，指派律师出席公司 2024 年年度股东会（以下简 称"本次股东会"），并就贵公司本次股东会的召集和召开程序、召集人资格、出 席会议人员资格、本次股东会的表决程序、表决结果等相关问题出具本法律意见 书。 本法律意见书根据已发生或存在的事实，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股东会规则》等法律、法规、规范性文件以及 《上海证券交易所上市公司自律监管指南第 2 号-业务办理：第四号-股东会网络 投票》（以下简称"《2 号指南》"）、《重庆啤酒股份有限公司章程》（以下简称"《公 司章程》"）的相关规定出具。 本法律意见书仅供贵公司本次股东会之目的使用，不得被其他任何人用于其 他任何目的。本所律师同意将法律意见书随贵公司本次股东会其他信息披露资料 1 ...