格隆汇10月30日｜重庆啤酒(600132.SH)发布2025年第三季度报告，第三季度营收为42.20亿元，同比增 长0.41%；净利润为3.76亿元，同比下降12.71%。前三季度营收为130.59亿元，同比微降0.03%；净利润 为12.41亿元，同比下降6.83%。业绩下滑主要由于消费市场仍处于恢复阶段，市场竞争加剧，叠加原 料、包材、能源等成本波动影响，导致利润承压。 ...

重庆啤酒股份有限公司 2025 年第三季度报告 证券代码：600132 证券简称：重庆啤酒 重庆啤酒股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 4,219,528,375.46 | 0.41 | 13,058,752, ...

Group 1 - The report on the Free Cash Flow (FCF) Top 99 for A-share listed companies in 2024 was led by a team from Tsinghua University and published on October 28, 2025 [2][3] - The concept of high-quality development for enterprises is defined as the ability to continuously generate free cash flow and cash value added [3][4] - The report emphasizes that the ability to create cash value is the only standard for assessing whether a listed company creates shareholder value [4][5] Group 2 - The 2024 FCF Top 99 list includes companies that have been evaluated based on their ability to generate free cash flow over a long-term window, specifically from their IPO or reverse merger year to the end of 2024 [19][20] - The report highlights the increasing attention from capital markets and investors towards the free cash flow generation capabilities of listed companies, with various indices and funds being launched based on this metric [7][8] - The report calls for improved disclosure practices regarding free cash flow and cash value added in annual reports, as well as enhancements to the cash flow statement [8][9] Group 3 - The 2024 FCF Top 99 list includes notable companies such as Focus Media, Kweichow Moutai, and Chongqing Beer, with their respective FCFOE values indicating their cash flow generation efficiency [10][24] - The report identifies new entrants and dropouts from the FCF Top 99 list, with reasons for changes in rankings based on compliance with established standards and performance metrics [25][26][27] - The report provides a detailed analysis of the trends in FCFOE among the listed companies, indicating shifts in performance across various sectors [33][34]

Market Performance - The non-liquor sector increased by 0.09% compared to the previous trading day, with *ST Lanhua leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Highlights - *ST Lanhua closed at 8.91, with a rise of 3.36% and a trading volume of 44,800 shares, totaling a transaction value of 39.68 million yuan [1] - Huaiqian Beer (惠泉啤酒) and ST Xifa (ST西发) also showed modest gains of 0.69% and 0.54%, respectively [1] - Zhangyu A (张裕A) experienced a decline of 1.51%, closing at 21.53 with a trading volume of 33,500 shares [2] Capital Flow Analysis - The non-liquor sector saw a net outflow of 797,100 yuan from institutional investors, while retail investors experienced a net outflow of 6,544,780 yuan [2] - Speculative funds had a net inflow of 66,245,000 yuan, indicating a shift in investor sentiment [2] Individual Stock Capital Flow - Kuaijishan (会稽山) had a net outflow of 27,921,000 yuan from institutional investors, while it saw a net inflow of 12,754,600 yuan from speculative funds [3] - Qingdao Beer (青岛啤酒) recorded a net inflow of 20,624,600 yuan from institutional investors, with a significant net outflow of 40,225,200 yuan from retail investors [3]

Core Viewpoint - The 2025 Ninth Beijing A Eight by Eight Brewing Plan is being held in Beijing, showcasing 136 craft beers from 16 breweries from China and Nordic regions, emphasizing collaboration and cultural exchange in craft brewing [1] Group 1: Event Overview - The event took place from October 24 to 25, 2025, under the theme "Young Blood × OG" [1] - The Beijing A Eight by Eight Brewing Plan has evolved since its inception in 2017, transforming from a simple cross-border brewing experiment into an annual gathering for brewers, beer enthusiasts, and cultural creators [1] Group 2: Company Background - Beijing A is a craft beer brand under Chongqing Brewery Co., Ltd., which began its collaboration with Nordic breweries in 2016 [1] - The partnership with Norway's Ngne brewery marked Beijing A's first deep engagement with Nordic craft beer culture [1] Group 3: Future Directions - The brewing plan continues to focus on themes of collaboration, creativity, and boundary-pushing, with intentions to invite more breweries to participate in the future [1]

Core Viewpoint - The company will hold an investor briefing on October 31, 2025, to discuss its Q3 2025 financial results and address investor inquiries [2][3][4]. Group 1: Meeting Details - The investor briefing is scheduled for October 31, 2025, from 09:45 to 11:15 [2][4]. - The location of the meeting is the Shanghai Stock Exchange Roadshow Center, which will be accessible via video live stream and online interaction [2][4]. - Investors can submit questions from October 24 to October 30, 2025, through the Roadshow Center website or via the company's email [2][5]. Group 2: Participants - Key participants in the briefing will include the President, CFO, and several board members, ensuring a comprehensive discussion of the company's performance [4][6]. Group 3: Investor Participation - Investors can join the briefing online on the specified date and time, with the company committed to addressing common questions during the session [4][5].

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2025-026 重庆啤酒股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： ● 投资者可于 2025 年 10 月 24 日（星期五）至 10 月 30 日（星期四）前登录上证路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 董 事 会 办 公 室 邮 箱 CBCSMIR@carlsberg.asia 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 重庆啤酒股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日发布公司 2025 年 第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财 务状况，公司计划于 2025 年 10 月 31 日（星期五）09:45-11:15 举行 2025 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络 ...

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

Market Overview - The non-liquor sector experienced a decline of 0.28% on the previous trading day, with Yanjing Beer leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Notable gainers in the non-liquor sector included: - Mogao Co., Ltd. (600543) with a closing price of 5.97, up 2.93% [1] - Jinfeng Wine Industry (600616) at 5.64, up 2.36% [1] - Piao Chuan Shipbuilding (600573) at 11.90, up 2.15% [1] - Conversely, stocks such as Xian Dong Beer (000729) and Zhi Run Co., Ltd. (002568) saw declines of 1.50% and 0.94%, respectively [2] Trading Volume and Capital Flow - The non-liquor sector saw a net outflow of 49.94 million yuan from institutional investors, while retail investors contributed a net inflow of 93.74 million yuan [2] - The trading volume for notable stocks included: - Xian Dong Beer with a volume of 225,500 shares and a transaction amount of 281 million yuan [2] - Zhi Run Co., Ltd. with a volume of 87,000 shares and a transaction amount of 230 million yuan [2] Investor Behavior - Major stocks like Jinfeng Wine Industry and Zhi Run Co., Ltd. experienced mixed capital flows, with Jinfeng Wine Industry seeing a net inflow of 15.59 million yuan from institutional investors [3] - Retail investors showed a preference for stocks like *ST Yedao, which had a net inflow of 147.38 million yuan [3]

Market Overview - On October 16, the non-liquor sector rose by 0.29% compared to the previous trading day, with Guyue Longshan leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Guyue Longshan (600059) closed at 10.35, up 3.92% with a trading volume of 362,400 shares and a turnover of 376 million yuan [1] - Kuaijishan (601579) closed at 24.85, up 3.41% with a trading volume of 364,700 shares and a turnover of 881 million yuan [1] - Other notable performers include *ST Yedao (600238) up 1.17%, Zhirun Co. (002568) up 0.48%, and Chongqing Beer (600132) up 0.22% [1] Capital Flow - The non-liquor sector experienced a net outflow of 129 million yuan from institutional investors, while retail investors saw a net inflow of 184 million yuan [2] - The table of capital flow indicates that *ST Yedao had a net inflow of 1.58 million yuan from institutional investors, while it faced a net outflow of 2.22 million yuan from retail investors [3] Individual Stock Analysis - *ST Yedao (600238) had a net inflow of 158,810 yuan from institutional investors, but a net outflow of 221,770 yuan from retail investors [3] - Mogaogufen (600543) saw a net inflow of 152,120 yuan from institutional investors, with a net outflow of 206,640 yuan from retail investors [3] - Chongqing Beer (600132) faced a net outflow of 652,000 yuan from institutional investors, while retail investors contributed a net inflow of 346,940 yuan [3]