Investment Focus - The report emphasizes the strategy of investing in stocks with high dividends and improved fundamentals, particularly in the essential consumer sector [1][6] - Key stocks recommended for investment include Kweichow Moutai, Wuliangye, and Yili, all rated as "Outperform" [1] Industry Overview - In May 2025, six out of eight tracked industries maintained positive growth, with the restaurant sector growing by 3.7%, beer by 3.3%, and soft drinks by 3.1% [3][8] - The industries experiencing negative growth include mass-market and above mid-range liquor, with declines of 13.0% and 2.5% respectively [3][8] Price Trends - In May, the price of Moutai continued to decline, while high-end products like Wuliangye stabilized [4] - The overall price trend in the liquor market showed more declines than increases, particularly in the mid-range segment [4][10] Cost Analysis - The cost index for soft drinks, seasonings, and other categories showed slight increases, while beer and instant noodles experienced declines [4] - Packaging material prices have decreased significantly compared to last year, with aluminum can prices up by 12.01% [4] Fund Flows - As of the end of May, net inflows into Hong Kong Stock Connect amounted to 41.99 billion yuan, with the essential consumer sector's market capitalization share at 5.65% [5] - The food additives sector saw an increase in market share, while the dairy sector experienced a slight decrease [5] Valuation Metrics - The PE historical percentile for A-share food and beverage stocks was 19% (21.5x), a decrease from the previous month [5] - H-share essential consumer sector PE historical percentile increased to 34% (18.8x), reflecting a rise in valuation [5] Recommendations - The report suggests waiting for opportunities or buying high-dividend stocks, as the current fundamentals lack catalysts for growth [6] - Key stocks with high dividend yields include Master Kong, Uni-President, and China Feihe, among others [6]

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 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：2025-015 重庆啤酒股份有限公司 2024年年度股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 29 日 (二)股东会召开的地点：广东省广州市天河区金穗路 62 号侨鑫国际金融中心 13 层 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 690 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 337,275,995 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 69.6892 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议召集人为公司第十届董事会，会议以现场记名投票和网络投票相结 合的方式进行表决；本次会议由董事长 João Abecasis 先 ...

重庆啤酒股份有限公司 第十一届董事会第一次会议决议公告 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个别及连带责任。 证券代码：600132 证券简称：重庆啤酒 公告编号：临 2025-016 重庆啤酒股份有限公司第十一届董事会第一次会议通知于 2025 年 5 月 24 日发出，会议 于北京时间 2025 年 5 月 29 日下午 4 点在广州办公室以现场加视频会议的方式召开。应出席 会议董事 9 名，实际出席会议董事 9 名。会议由董事长 João Abecasis 先生主持。公司高级 管理人员列席了本次会议。本次会议的召开符合《中华人民共和国公司法》和《公司章程》 的规定，会议召开合法有效。经参与表决董事审议，以书面表决方式通过了以下议案： 一、关于组成公司第十一届董事会专门委员会的议案; 1 任西欧地区挑战者市场副总裁。2017 年，他成为法国 Kronenbourg 董事总经理，2019 年起 出任集团首席商务官并进入执行委员会。加入嘉士伯前，João 曾在联合利华担任一系列销 售和营销方面职务。自 2022 年 9 月起， ...

Summary of Chongqing Beer Conference Call Company Overview - The conference call discusses Chongqing Beer, focusing on its performance and strategies in the beer and beverage industry for 2025 [2][3][4]. Key Points and Arguments Industry and Market Conditions - The beer industry is facing challenges due to high concentration, with the top five companies holding 93% market share, and competition from supermarkets and e-commerce platforms [4][9]. - The company is responding to uncertainties such as increased U.S. tariffs and domestic economic conditions by launching more SKUs and flavors of beer and beverages [2][3]. Sales Performance - In Q1 2025, brands like Carlsberg, Lebao, and Dali Fenghua Xueyue saw sales growth, while Uusu, Chongqing, and 1,664 experienced slight declines, though the decreases were limited [2][5]. - The company introduced a one-liter canned craft beer product to meet market demand for richer beer flavors, focusing on high-end canned products for 2025 [5][6]. New Product Launches - New beverage products, including orange-flavored soda and functional drinks, were launched in regions like Yunnan and Xinjiang, with sales data still under analysis [2][6]. - The company is exploring non-beer businesses, including carbonated drinks, tea, protein water, and juices, to counteract the slow decline in beer sales [6][18]. Pricing Strategy - The retail price for one-liter canned products in core markets is around 15 RMB, while premium products range from 18 to 20 RMB [8]. - The 8 to 10 RMB price range has seen growth, particularly for brands like Lebao and Uusu, which have maintained a steady presence in this segment [8][17]. Strategic Focus - The company is implementing a balanced strategy to achieve growth in sales, gross margin, and profit through new channels and diverse product offerings [4][9]. - There is a focus on urban market penetration and effective management of existing large cities rather than expanding into new ones [11]. Inventory and Supply Chain - The company reported a healthy inventory trend in 2025, following a period of destocking in late 2024 [10]. - The introduction of flexible supply chains by small breweries is increasing competition, but large breweries maintain advantages in product development and brand strength [13]. Future Outlook - The company plans to continue innovating and adapting to consumer trends, with a focus on optimizing product structure and expanding market coverage through emerging channels like instant retail [18][14][15]. - The performance of new products and their impact on sales will be closely monitored, especially in the peak consumption seasons [18]. Additional Important Insights - The craft beer concept remains unclear, with many small breweries producing low-cost products that do not meet true craft standards [12]. - The company is actively engaging with instant retail platforms to enhance product visibility and meet consumer demand for quick access [14][15].

Core Insights - The beer sector experienced a rise of 1.14%, ranking 7th among concept sectors, with 15 stocks increasing in value, led by Lehui International, Qingdao Beer, and Zhujiang Beer, which rose by 10.02%, 3.05%, and 3.05% respectively [1][2][3] - The sector saw a net inflow of 0.92 billion yuan, with 13 stocks receiving net inflows, and five stocks exceeding 10 million yuan in net inflow, with Lehui International leading at 392.99 million yuan [2][3] Sector Performance - The beer concept sector had a positive performance with notable gains from key players such as Lehui International, Qingdao Beer, and Chongqing Beer, while stocks like Jinzongzi and Zhuhai Zhongfu faced declines [1][2] - The top gainers in the beer sector included Lehui International with a 10.02% increase, followed by Qingdao Beer at 3.05% and Chongqing Beer at 2.64% [3][4] Fund Flow Analysis - Lehui International, *ST Lanhua, and Jinhui Wine had the highest net inflow ratios at 11.44%, 7.57%, and 6.64% respectively, indicating strong investor interest [3][4] - The main inflow of funds was concentrated in Lehui International, which attracted 392.99 million yuan, followed by Qingdao Beer and Chongqing Beer with inflows of 270.70 million yuan and 224.53 million yuan respectively [2][3]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Core Viewpoint - The ongoing trademark dispute between Carlsberg's Chongqing Brewery and Chongqing Jiawei Brewery over the "Shancheng Beer" brand has intensified, with recent trademark registrations by Carlsberg indicating a strategic move to solidify its ownership and market position [1][3][5]. Group 1: Trademark Registration and Ownership - Carlsberg's Chongqing Brewery has recently obtained multiple trademark registrations for "Shancheng Beer" between May 6 and May 19, 2025, asserting its complete ownership of the brand [1]. - The trademark registrations include various designs and names associated with "Shancheng Beer," highlighting Carlsberg's commitment to securing its brand identity [4][5]. - Chongqing Jiawei claims that the agreement to use the "Shancheng" trademark was intended to provide them with permanent usage rights, which they argue is essential for their sustainable development [5]. Group 2: Legal Disputes and Market Dynamics - The legal battle between Chongqing Brewery and Chongqing Jiawei has been ongoing, stemming from Jiawei's role as a contract manufacturer for "Shancheng Beer" [1][2]. - Following a legal defeat, Chongqing Brewery emphasized that it has sufficient production capacity and criticized the partnership with Jiawei as detrimental to its interests [1][5]. - Chongqing Jiawei contends that the collaboration has significantly benefited Carlsberg and Chongqing Brewery, enhancing their market position and brand authority in the region [2]. Group 3: Future Implications - The recent trademark registrations by Carlsberg may lead to renewed conflicts with Chongqing Jiawei, as the latter's rights to the "Shancheng" brand are closely tied to the existing sales agreements, which are set to expire in January 2029 [5]. - The ongoing trademark battle and the associated legal disputes could have significant implications for both companies' market strategies and brand positioning in the competitive beer industry [5].