证券代码：600132 股票简称：重庆啤酒 公告编号：临 2025-031 重庆啤酒股份有限公司 关于预计 2026 年度日常关联交易的公告 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： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2025 年 11 月 12 日，重庆啤酒股份有限公司（以下简称"公司"或"本公司"） 召开第十一届董事会 2025 年第四次独立董事专门会议审议通过了《关于预计 2026 年度日常关联交易的议案》；同日公司召开第十一届董事会第五次会议，鉴于本议案 系关联交易议案，关联董事对本议案予以回避，非关联董事表决通过 2026 年日常关 联交易额度共 40,016.23 万，其中授权许可 24,163.36 万，采购或销售 15,852.87 万， 同时授权管理层和相关业务部门签署相关关联交易合同或协议。 本议案将提交公司 2025 年第二次临时股东会审议。 1 本事项需提交 2025 年第二次临时股东会审议。 本次日常关联交易预计为正常生产经营所需，遵循各方自愿、公平合理 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：2025-032 重庆啤酒股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 4 日 16 点 00 分 召开地点：广东省广州市天河区金穗路 62 号侨鑫国际金融中心 13 层 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年12月4日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 4 日 至2025 年 12 月 4 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2025-027 重庆啤酒股份有限公司 第十一届董事会第五次会议决议公告 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。 重庆啤酒股份有限公司第十一届董事会第五次会议通知于 2025 年 11 月 7 日发出，会议 于北京时间 2025 年 11 月 12 日下午 2 点 30 分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、 关于嘉士伯重庆啤酒有限公司 2025 年中期利润分配方案的议案； 份有限公司关于 2026 年度委托理财的公告》（公告编号临 2025-029 号）。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。本议案已经公司独立董事专门会议审议通 过。 同意公司控股子公司嘉士伯重 ...

重庆啤酒股份有限公司 证券代码：600132 证券简称：重庆啤酒 公告编号：临 2025-028 关于 2025 年度中期利润分配方案的公告 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： 重庆啤酒股份有限公司（以下简称"公司"）拟向全体股东派发现金红利， 每 股 派 发 现 金 红 利 人 民 币 1.30 元 （ 含 税 ）， 合 计 分 配 现 金 红 利 人 民 币 629,162,557.40 元（含税）。 本次中期利润分配以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将在相关公告中披露。 本次中期利润分配方案需提交 2025 年第二次临时股东会审议后方可实 施。 一、利润分配方案的内容 截至 2025 年 6 月 30 日，公司母公司报表中期末未分配利润为人民币 814,402,242.53 元。经董事会决议，公司拟以实施权益分派股权登记日登记的总 股本为基数进行中期 ...

Core Viewpoint - Chongqing Brewery (600132.SH) announced that its controlling subsidiary, Carlsberg Chongqing Brewery Co., Ltd., along with its subsidiaries, plans to invest up to RMB 3 billion in short-term bank wealth management products and money market funds using idle self-owned funds [1] Investment Details - The total investment amount is capped at RMB 3 billion [1] - The maximum investment limit for a single bank wealth management product and a single money market fund is set at RMB 500 million [1]

Core Viewpoint - Chongqing Brewery (600132) announced plans to invest up to 3 billion yuan of idle funds into short-term bank wealth management products and money market funds [1] Investment Details - The maximum investment limit for a single bank wealth management product and a single money market fund is set at 500 million yuan [1]

Core Viewpoint - Chongqing Brewery announced a cash dividend distribution plan for the 2025 interim period, proposing a cash dividend of RMB 1.3 per share (before tax), totaling RMB 629 million (before tax) for all shareholders [1] Summary by Category - **Dividend Distribution** - The company plans to distribute a cash dividend of RMB 1.3 per share to all shareholders [1] - The total cash dividend distribution amounts to RMB 629 million [1]

Market Overview - The non-liquor sector increased by 0.69% compared to the previous trading day, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - ST Xifa (000752) closed at 11.93, up 3.38% with a trading volume of 71,300 shares and a transaction value of 84.28 million [1] - Wujing Beer (000729) closed at 12.73, up 2.33% with a trading volume of 419,300 shares [1] - Other notable performers include *ST Lanhua (000929) up 2.29%, CITIC Niyah (600084) up 1.39%, and Huishan (601579) up 0.88% [1] Capital Flow Analysis - The non-liquor sector experienced a net outflow of 28.91 million from institutional investors and 32.46 million from retail investors, while retail investors saw a net inflow of 61.37 million [2] - The capital flow data indicates a mixed sentiment among different investor types, with retail investors showing a positive trend [2] Individual Stock Capital Flow - Kuaijishan (601579) had a net outflow of 57.29 million from institutional investors, while it saw a net inflow of 2.66 million from retail investors [3] - Zhirun Co. (002568) experienced a net inflow of 829.31 thousand from institutional investors, but a net outflow from retail investors [3] - Other stocks like ST Xifa (000752) and Pearl River Beer (002461) also showed varied capital flows, indicating differing investor confidence [3]

Core Insights - The beer sector has seen a rise of 2.48% as of the market close on November 10, ranking it 9th among concept sectors [1] - Within the beer sector, 28 stocks increased in value, with notable gains from Pinwa Food (up 8.84%), Luzhou Laojiao (up 8.23%), and Jinhui Wine (up 6.17%) [1] Market Performance - The top-performing concept sectors today include Dairy (up 4.36%), Cultivated Diamonds (up 3.46%), and Baijiu (up 3.01%) [2] - The beer concept sector recorded a net inflow of 387 million yuan, with 22 stocks experiencing net inflows, and 9 stocks seeing inflows exceeding 10 million yuan [2] - Luzhou Laojiao led the net inflow with 173 million yuan, followed by Qingdao Beer (58.07 million yuan), He Bai Group (28.30 million yuan), and Jinzongzi Wine (27.12 million yuan) [2] Fund Flow Analysis - The stocks with the highest net inflow ratios include Rhine Biology (10.76%), Qingdao Beer (10.60%), and Chongqing Beer (10.28%) [3] - The beer concept fund inflow rankings show Luzhou Laojiao with a daily increase of 8.23% and a turnover rate of 1.94%, while Qingdao Beer increased by 1.89% with a turnover rate of 1.18% [3][4] - Other notable stocks include He Bai Group (up 4.59%), Jinzongzi Wine (up 3.90%), and Pinwa Food (up 8.84%) [4]

Summary of the Conference Call for Chongqing Beer Industry Overview - The beer industry is experiencing a slight decline in overall sales for 2025, but specific brands such as Carlsberg, Fenghua Xueyue, Lebao, and Wusu are showing growth [2][6] - The company is focusing on high-end product development, with a significant emphasis on products priced above 4 RMB [2][9] Key Points and Arguments Brand Performance - Carlsberg continues to grow in the South China market [2][6] - Fenghua Xueyue has achieved double-digit growth after nationwide promotion [2][6] - Lebao remains the company's second-largest product, continuing its growth trend [2][6] - Wusu brand is maintaining high-end pricing and positive growth both inside and outside Jiangsu, with an estimated sales volume of 730,000 to 740,000 tons in 2024 and expected growth in 2025 [2][7] Market Dynamics - The company is segmented by geographic latitude, with significant growth in Xinjiang, where market share exceeds 90% [10][11] - The South China region is outperforming the Central region [11] Cost and Margin Outlook - A decrease in costs is expected to significantly contribute to gross margins in 2025, although the rate of decline is anticipated to narrow in 2026 [2][13] - The company typically locks in pricing and volume for the next year by January, with preliminary indications suggesting continued cost reduction in 2026, albeit at a lower rate than in 2025 [13] Product Innovation and New Channels - The company is actively exploring new retail channels and product innovations, launching over 30 new products in 2025, including tea-flavored beer and low-alcohol variants [4][14] - The introduction of one-liter canned products is a key focus for 2026 [4][14] Consumer Trends and Challenges - The decline in the economy segment (priced below 4 RMB) is noted, but it represents a small portion of total sales (approximately 3%) [9] - The overall consumption environment is under pressure, impacting mainstream product categories [3][8] Financial Health and Dividend Policy - The company maintains a 100% dividend policy, with a strong cash flow position supporting this strategy [4][19] - The depreciation from the new Foshan factory, which began operations in August 2024, is expected to increase from 40 million RMB in 2024 to over 90 million RMB in 2025, impacting costs [4][19] Future Outlook - The company remains cautious about 2026, with no clear recovery signs yet, but anticipates potential adjustments based on demand recovery [5][14] - Despite concerns over profit declines, the company is viewed as having a strong defensive position in the A-share market, with expectations for gradual improvement in the dining scene [20] Additional Important Insights - The company is adapting to new retail trends, including instant retail and O2O models, to enhance marketing and brand development [3] - The impact of the recent alcohol regulations on sales has been managed effectively, with strategies in place to stabilize sales [17][18]