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 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].

Core Viewpoint - The ongoing legal disputes between Chongqing Beer and its subsidiary, Jiawei Beer, are significantly impacting the company's financial performance, with a reported 16.61% decline in net profit for 2024 amid a weak beer consumption market [2][5][6]. Trademark Registration - Carlsberg Chongqing Beer, a subsidiary of Chongqing Beer, successfully registered the "Mountain City Beer" trademark on May 21, 2024, after multiple applications [3][4]. - The company has filed over ten applications for the "Mountain City Beer" trademark as part of its routine management and protection of trademark assets [3][4]. Financial Performance - In 2024, Chongqing Beer reported a revenue of 14.645 billion yuan, a decrease of 1.15% year-on-year, and a net profit of 1.115 billion yuan, down 16.61% [5][6]. - The decline in net profit is attributed to provisions for losses related to the ongoing disputes with Jiawei Beer, amounting to 254 million yuan [6]. Internal Disputes - The disputes primarily revolve around a 20-year exclusive distribution agreement signed in 2009, with allegations of breach of contract from Jiawei Beer against Chongqing Beer [5][6]. - Jiawei Beer claims that Chongqing Beer has violated the agreement since 2011, leading to a court ruling in 2023 that ordered Chongqing Beer to pay 353 million yuan to Jiawei Beer [5][6]. Market Conditions - The overall beer market in China is under pressure, with both international and local brands experiencing declining sales [7]. - In 2024, the revenue from international brands was 5.308 billion yuan, a modest increase of 0.58%, while local brand revenue fell to 8.862 billion yuan, a decrease of 3.3% [7]. Future Outlook - Chongqing Beer maintains a cautiously optimistic view for the beer industry in 2025, anticipating a more favorable environment due to improving macroeconomic conditions, despite ongoing challenges such as increased competition and cost fluctuations [8][9].

Core Viewpoint - The beverage industry is undergoing significant transformation, with a focus on new alcoholic beverages such as craft beer, pre-mixed drinks, non-alcoholic beverages, and low-alcohol options becoming key growth areas for companies [1][2]. Group 1: New Beverage Trends - The emergence of "fresh beer" stores like "Xianpifulu" in Chongqing offers a variety of craft beer at competitive prices, attracting consumers with low-cost options [2][5]. - The store's pricing strategy includes selling 500ml beers for as low as 6.6 yuan, significantly lower than traditional craft beer prices [5][20]. - Companies are increasingly blurring the lines between alcoholic and non-alcoholic beverages, with major beer brands launching soft drink lines to leverage existing distribution channels [6][12]. Group 2: Market Dynamics - Beer companies like Chongqing Beer and Yanjing Beer are expanding into the soft drink market, launching products like "Dali Cang'e" and "Beisite Jia Bing" to capture a share of the growing beverage market [6][8]. - The soft drink market is projected to grow at an annual rate of 8.58%, while beer production is expected to decline by 1.9% in 2024, prompting beer companies to diversify into beverages [12][13]. - The competitive landscape in the beverage industry is intense, with established brands dominating various segments, making it challenging for new entrants to gain market share [15][22]. Group 3: Strategic Considerations - The strategy of beer companies entering the beverage market is driven by the potential for channel synergy and the need to adapt to changing consumer preferences [11][12]. - Companies are leveraging their existing distribution networks to introduce new products, enhancing production efficiency and market reach [12][13]. - The low entry barriers for new beverage products have intensified competition, requiring companies to innovate rapidly to maintain relevance [22][28]. Group 4: Challenges in the Alcoholic Beverage Sector - Beverage companies venturing into alcoholic drinks face challenges related to product positioning, distribution, and quality expectations from consumers [23][25]. - Recent launches of low-alcohol products by beverage brands have not gained significant traction in the market, indicating potential misalignment with consumer preferences [26][27]. - The need for high-quality base alcohol in pre-mixed drinks is critical, as consumer expectations for taste and quality continue to rise [27][28].

Group 1 - The core point of the news is that Chongqing Beer has successfully registered the "Mountain City Beer" trademark, which is part of its routine management and protection of its trademark assets [2] - The trademark registration was conducted by Carlsberg Chongqing Beer Co., Ltd., a subsidiary of the listed company Chongqing Beer, which has registered a total of 9 "Mountain City Beer" trademarks this year [2] - The trademarks are classified under category 32, which pertains to beer beverages, with application dates set for May 29, 2024, and September 30, 2024, and registration announcement dates for April 14, 2025, and April 28, 2025 [2] Group 2 - The attention surrounding the "Mountain City Beer" trademark is linked to ongoing distribution disputes between Chongqing Beer and its affiliate Chongqing Jiawei Beer Co., Ltd., primarily focused on the distribution agreement rather than trademark ownership [3] - The historical context includes a joint venture established in 1997, where Chongqing Beer became the major shareholder, and subsequent changes in ownership and operational structure leading to the current disputes [3] - The disputes intensified in 2024, with Chongqing Jiawei accusing Carlsberg of monopolizing the "Mountain City" brand and Chongqing Beer countering that Jiawei was attempting to leverage public opinion to gain control over the brand post-2029 [3] Group 3 - As of March 14, 2023, Chongqing Beer lost a first-instance court ruling regarding the distribution dispute, which ordered the company to pay approximately 353 million yuan to Chongqing Jiawei, and Chongqing Beer has since appealed the decision [4]

重庆啤酒股份有限公司 二零二四年年度股东大会 会议资料 二零二五年五月二十九日 本次会议采取现场投票与网络投票相结合的方式。本次股东大会将通过上海证券交 易所交易系统向公司股东提供网络投票平台，股东可以在网络投票时间内通过上述系统 行使表决权。 现场会议召开时间为：2025 年 5 月 29 日（星期四）下午 14:00； 网络投票时间为：2025 年 5 月 29 日（星期四）上午 9:30－11:30，下午 13:00－15:00。 五、投票表决的有关事宜 股东大会会议须知 尊敬的股东及股东代表： 您好！ 欢迎参加重庆啤酒股份有限公司 2024 年年度股东大会。为保证本次会议的顺利进行， 以下事项希望得到您的配合和支持。 一、董事会以维护全体股东的合法权益、维持大会正常秩序和提高议事效率为原则， 认真履行《公司章程》规定的职责，做好召集、召开股东大会的各项工作。 二、股东参加股东大会依法享有发言权、质询权、表决权等权利。股东参加股东大 会，应认真履行其法定权利和义务，不得侵犯其他股东的权益，不得扰乱大会的正常秩 序。 三、大会设立秘书处，具体负责大会有关程序方面的事宜。 四、参加会议的基本情况 1、出席本 ...

ABOUT THE REPORT PRESIDENT'S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDICES ABOUT THE REPORT This report represents the third Environmental, Social and Governance ("ESG") report of Chongqing Brewery Co., Ltd. (the "Company"). Its primary purpose is to present our ESG policies, management practices, and performance to stakeholders, providing a more comprehensive understanding of our ESG efforts. Time Span The report covers the period from January 1, 2024 to December 31, 2024 ("2024", "report ...

Group 1: *ST Lan Huang - The company announced its first stock repurchase on May 13, buying back approximately 259,600 shares, which accounts for 0.14% of its total share capital, with a total transaction amount of about 1.86 million yuan [1] - The repurchase was conducted at a maximum price of 7.25 yuan per share and a minimum price of 7.10 yuan per share, funded by the company's own and raised funds [1] - The repurchase plan, approved in March, aims to use 20 million to 30 million yuan for share buybacks, with a maximum price limit of 9.70 yuan per share, indicating the company's confidence in future development [1] Group 2: Huazhi Wine - The company reported a year-on-year profit decline for 2024 and the first quarter of 2025, attributing it to a cyclical deep adjustment in the liquor industry and a decrease in the market price of major liquor brands, leading to reduced gross margins and revenue [2][3] - In response to the changing economic environment, the company is adjusting its store development strategy to a multi-format collaborative model, focusing on three types of store formats: "Huazhi Wine", "Huazhi Wine Cellar", and "Huazhi Preferred" [2] - The differentiated marketing strategy and product supply system for different store formats aim to enhance market adaptability and competitiveness, allowing the company to better reach various consumer groups [3] Group 3: Moutai Cultural Tourism - The "Central Video × Moutai Cultural Tourism" music festival is set to take place on May 17, 18, and 20, featuring stars like Han Hong and Xiao Jingteng, with a focus on brand promotion and youth engagement [4] - This event represents an important step in Moutai Cultural Tourism's strategy to modernize its brand and integrate cultural tourism, enhancing brand exposure through cross-industry activities [4] - The music festival is part of Moutai's efforts to inject new momentum into its cultural tourism business, showcasing innovative attempts at brand rejuvenation [4]