Market Strategy - The market is experiencing continuous volume contraction, with the retail sector showing resilience [5][10] - The overall A-share market saw a decline of 1.45%, with the Shanghai Composite Index down 1.11% and the ChiNext Index down 2.10% [9][10] - The retail sector is expected to benefit from government policies aimed at boosting consumption, especially as the year-end shopping season approaches [10][11] Company Tracking - Chongqing Beer (600132.SH) is involved in a lawsuit and is planning to sign a mediation agreement, which may impact its financials positively [38][41] - Miao Ke Lan Duo (600882.SH) announced expected related party transactions for 2026, with a projected decrease in procurement amounts compared to 2025 [33][35] - YH Bio (688575.SH) received two medical device registration certificates, indicating potential growth in its product offerings [36] - Mingyang Smart Energy (601615.SH) won a bid for a significant offshore wind power project valued at 1.834 billion yuan, enhancing its market position in renewable energy [42][44] Industry Dynamics - The Three Gorges Jiangsu Dafeng 800 MW offshore wind power project has achieved full capacity grid connection, marking a significant advancement in China's offshore wind energy capabilities [31][32] - The National Development and Reform Commission emphasized the need to enhance domestic consumption and support various sectors, including e-commerce and health care, to stimulate economic growth [21][22]

Core Viewpoint - The lawsuit between Chongqing Beer and Chongqing Jiawei Beer Co., Ltd. is progressing towards a potential settlement in the second instance, focusing on the sales expense agreement in the original distribution contract [1][2]. Group 1: Legal Dispute Background - The dispute originated from a 20-year exclusive distribution agreement signed on January 5, 2009, where Chongqing Beer was to distribute "Shancheng Beer" produced by Chongqing Jiawei [1]. - After the acquisition of Chongqing Beer by Carlsberg in 2013, adjustments made by Carlsberg led to a reduction in sales volume for Chongqing Jiawei, resulting in financial losses [1]. - Negotiations between Carlsberg and Chongqing Jiawei regarding compensation for losses have been ongoing, with a significant amount of 38 million yuan in sales expenses being disputed since 2017 [2]. Group 2: Settlement Agreement - A proposed settlement agreement indicates that Chongqing Beer or its subsidiaries will pay Chongqing Jiawei a total of 100 million yuan (excluding tax) within 10 days after the agreement takes effect [3]. - The settlement stipulates that neither party can claim any breach of the distribution agreement until December 31, 2025, and all previous claims related to the agreement are waived [3][4]. - Starting from January 1, 2026, Chongqing Jiawei will no longer pay or bear transportation or sales expenses for the distributed beer [5]. Group 3: Financial Implications - The accounting treatment related to the case is expected to allow Chongqing Beer to reverse a previously recognized liability of 254 million yuan and recognize a new liability of 217 million yuan [5]. - This adjustment is projected to increase Chongqing Beer's total profit for 2025 by approximately 37.11 million yuan and net profit attributable to shareholders by about 19.08 million yuan [6]. Group 4: Recent Financial Performance - In the first three quarters of the year, Chongqing Beer reported revenue of 13.059 billion yuan, a slight decrease of 0.03% year-on-year, with net profit attributable to shareholders declining by 6.83% to 1.241 billion yuan [7]. - The third quarter alone saw revenue of 4.22 billion yuan, with a year-on-year net profit drop of 12.71%, amounting to approximately 376 million yuan [7]. - Product performance varied, with high-end beer showing slight growth, while mainstream and economy products experienced declines of 3.15% and 10.5% respectively [9].

此外，双方达成调解预计将使重庆啤酒本年度净利润有所增加。重庆啤酒公告称，根据《调解协议》约 定，并依据《企业会计准则》相关规定，经与审计机构沟通，公司下属实施该包销业务的控股子公司嘉 士伯重庆啤酒有限公司拟将以前年度基于本案一审判决计提的预计负债25,402.92万元冲回，同时，基于 谨慎性原则，拟计提一次性支付的量价差结算款等负债21,692.37万元。上述会计处理预计增加公司2025 年度利润总额3,710.55万元、归属于上市公司股东的净利润1,907.96万元。 12月15日晚，重庆啤酒发布关于公司涉及诉讼进展暨拟签订《调解协议》的公告称，重庆啤酒、重庆嘉 威拟在二审阶段达成调解，如顺利达成调解，则诉讼程序将以调解结案。双方诉讼起始于2023年，彼时 重庆嘉威主张重庆啤酒未依约履行包销义务要求赔偿，当地法院于2025年3月一审判决重庆啤酒向重庆 嘉威支付约3.53亿元，重庆啤酒不服并上诉，此后诉讼进入二审阶段。 重庆啤酒公告称，为彻底解决公司与重庆嘉威本次诉讼涉及的合同纠纷，在重庆高院的调解下，双方协 商拟签订《调解协议》，《调解协议》已经公司董事会会议审议通过，尚需提交公司2025年第三次临时 股东 ...

12月16日，重庆啤酒股份有限公司（下称"重庆啤酒"，600132.SH）发布公告称，与重庆嘉威啤酒有限公司（下称"嘉威"）拟在二审阶段达成调解，如顺利 达成调解，则诉讼程序将以调解结案。 公告显示，双方拟签署的《调解协议》主要内容包括：重庆啤酒或其子公司向嘉威一次性支付截至2025年12月31日的全部量价差结算款1亿元（不含税）， 同时就重庆啤酒与嘉威2026年至2028年期间产品包销方面的合作方式进行约定，以及约定嘉威分红等相关事宜。 之前的一审判决判令重庆啤酒在判决生效之日起10日内向嘉威支付3.53亿元，驳回嘉威其他诉讼请求及重庆啤酒反诉请求。 诉讼涉及的合同纠纷主要是双方于2007年签署的《战略合作协议》、2009年签署的《产品包销框架协议》、2016年的《补充协议》《产品包销备忘录》、 2019年的《备忘录二》《备忘录三》及为履行该等协议和备忘录而签署和/或形成的所有会议纪要、会谈备忘录等文件（统称"包销协议文件"）的履行而产 生的争议。 重庆啤酒表示，经与审计机构沟通，重庆啤酒下属实施该包销业务的控股子公司嘉士伯重庆啤酒有限公司拟将以前年度基于本案一审判决计提的预计负债 2.54亿元冲回。同时， ...

Group 1 - The non-white liquor sector increased by 0.16% on December 16, with Huichuan Beer leading the gains [1] - The Shanghai Composite Index closed at 3824.81, down 1.11%, while the Shenzhen Component Index closed at 12914.67, down 1.51% [1] - Key stocks in the non-white liquor sector showed varied performance, with the highest gain being 3.23% for Yuanzhi Ban [1] Group 2 - The non-white liquor sector experienced a net outflow of 25.06 million yuan from main funds, while retail investors saw a net inflow of 53.38 million yuan [2] - The trading volume and turnover for key stocks in the non-white liquor sector varied, with Yuanzhi Ban achieving a turnover of 421 million yuan [1][2] - The net inflow from retail investors was significant, indicating a potential shift in market sentiment towards the non-white liquor sector [2][3] Group 3 - Specific stocks like Baorun Co. and Huichuan Beer had notable net inflows from retail investors, while others like ST Lanhua and Jin Feng Wine experienced net outflows [3] - The data indicates a mixed sentiment among institutional and retail investors, with some stocks attracting retail interest despite overall sector outflows [3] - The performance of individual stocks varied significantly, highlighting the importance of stock selection within the non-white liquor sector [3]

证券日报网讯12月15日晚间，重庆啤酒（600132）发布公告称，公司将于2025年12月31日召开2025年第 三次临时股东会。 ...

证券日报网讯 12月15日晚间，重庆啤酒发布公告称，公司第十一届董事会第六次会议审议通过《关于 召开公司2025年第三次临时股东会的议案》等多项议案。 （文章来源：证券日报） ...

北京商报讯（记者 刘一博 冯若男）12月15日晚间，重庆啤酒就与重庆嘉威啤酒有限公司（以下简称"重 庆嘉威"）的合同纠纷案发布公告称，双方拟在二审阶段达成调解，并签署《调解协议》，尚需提交公 司2025年第三次临时股东大会审议。 根据协议，重庆啤酒或其子公司将向重庆嘉威一次性支付截至2025年12月31日的量价差结算款1亿元 （不含税），双方互相放弃历史索赔。2026至2028年期间，公司每年向重庆嘉威固定采购14.26万千升 啤酒，采购价4000元/千升，并约定补量机制与现金补偿标准。包销合作将于2028年底终止，不再续 期。 对此，重庆啤酒方面表示，本次调解将冲回此前计提的预计负债2.54亿元，同时新增计提2.17亿元，预 计增加公司2025年度利润总额3710.55万元、归母净利润1907.96万元。 据了解，公开资料显示，重庆啤酒与重庆嘉威的合同纠纷源于双方自2007年起围绕《战略合作协议》及 后续多份包销协议履行产生的争议。重庆嘉威于2023年10月向法院提起诉讼，主张重庆啤酒未依约履行 包销义务，一审法院于2025年3月判决重庆啤酒向重庆嘉威支付约3.53亿元，重庆啤酒不服并上诉，纠 纷进入二审阶 ...

Investment Rating - The investment rating for the beer industry is "Positive" and is maintained [6]. Core Insights - As of December 12, 2025, Meituan's liquor instant retail platform "Yaimasongjiu" has surpassed 2,000 stores, serving nearly 30 million users, with a transaction volume exceeding 6 billion yuan, entering the top three liquor brands, indicating strong growth momentum [2][4]. - The instant retail platform leverages digitalization to better understand consumer preferences and trends, allowing beer companies that can quickly respond to market demands and create popular products to gain larger market shares in new channels [2][4]. Summary by Sections Industry Overview - The rapid expansion of the instant retail platform has prompted beer companies to increasingly engage in this sector. By early 2025, several beer brands have indicated their plans to enter the instant retail market [4]. - Qingdao Beer, for instance, has been strengthening its layout in instant retail and flash warehouse models, while China Resources Beer has collaborated with "Yaimasongjiu" to launch self-operated products [4]. Market Dynamics - The traditional beer sales channels are primarily focused on dining and distribution, where suppliers have more control. The open nature of instant retail platforms challenges these traditional barriers, presenting opportunities for the beer industry [4]. - Companies that can quickly adapt to market needs and create hit products are expected to thrive in this competitive landscape [4]. Recommended Companies - The report specifically recommends investing in Qingdao Beer, Yanjing Beer, China Resources Beer, and Chongqing Beer due to their strong positioning in the evolving market [2][4].

协议终止后不再续期 重庆啤酒与重庆嘉威啤酒有限公司（以下简称嘉威）的合同纠纷有望迎来终结。 12月15日晚间，重庆啤酒发布公告称，公司与嘉威拟在二审阶段达成调解，并签署《调解协议》，如顺 利达成调解，诉讼程序将以调解结案。 记者了解到，拟签署的《调解协议》包括：重庆啤酒或其子公司向嘉威一次性支付截至2025年12月31日 前的全部量价差结算款人民币1亿元（不含税）；就重庆啤酒与嘉威2026年至2028年期间产品包销方面 的合作方式进行约定，以及约定嘉威分红等相关事宜。 支付1亿元了结旧账 长期悬而未决的重大诉讼，不仅是财务上的"定时炸弹"，更是萦绕在管理层与投资者心头的不确定 性"阴云"。重庆啤酒与嘉威的这场合同纠纷，在2024年便已对公司业绩造成了实质性的显著拖累。 根据公司2025年3月的公告，针对一审判决，公司基于谨慎性原则计提了高达2.54亿元的预计负债，直 接导致公司2024年归母净利润同比下滑16.61%。 而此番达成调解，通过一揽子解决方案，有望从根本上移除这颗"巨雷"。 根据《调解协议》约定的会计处理，其核心是"冲回旧账，计提新债"，重庆啤酒下属实施该包销业务的 控股子公司嘉士伯重庆啤酒有限公 ...