Group 1: Industry Overview - The demand for liquor, particularly white liquor, has shown slight improvement as the Mid-Autumn Festival and National Day approach, indicating a potential seasonal boost in sales [1] - The beer industry, however, has not yet shown signs of recovery after a prolonged downturn since early 2020, with production in 2024 expected to decline by 0.6% year-on-year [2][4] - The beer sector's revenue for the first half of 2025 is projected at 41.534 billion yuan, a year-on-year increase of 2.75%, while net profit is expected to rise by 11.81% to 6.512 billion yuan [4] Group 2: Company Performance - Major beer companies are experiencing varied performance, with Qingdao Beer reporting a revenue of 20.491 billion yuan, a year-on-year increase of 2.11%, while Chongqing Beer saw a slight decline in revenue [6] - Budweiser APAC, once a leader in the domestic beer market, reported a 6.1% decline in total beer sales and a 5.6% drop in revenue for the first half of 2025, with net profit down 24.4% [7][8] - The competitive landscape is shifting, with Budweiser APAC's market share falling to around 40%, indicating a significant change in the rankings among domestic beer companies [8][9] Group 3: Market Trends - The beer market has transitioned from a phase of rapid growth to one of saturation, with a notable shift towards high-end products, which now account for 72.7% of Qingdao Beer's sales [12][14] - The average price of beer in China remains relatively low compared to global standards, suggesting potential for future price increases [19] - The rise of the Z generation as a key consumer group is driving demand for craft and low-alcohol beers, with expected consumption growth rates of 17% for craft beer by 2025 [20] Group 4: Strategic Developments - Beer companies are diversifying their product lines, with some entering the yellow wine market and others focusing on beverage innovations to capture new consumer segments [22][23] - The rise of instant retail channels has become a significant sales avenue for beer, with sales penetration reaching 6.5% and expected to grow rapidly [23][24] - The beer industry is expected to recover from its current low point through new product categories and channel expansions, with a projected market size in instant retail expected to exceed 1.2 trillion yuan by 2026 [26]

Group 1 - The core viewpoint of the article is that the liquor industry, particularly the white liquor sector, is showing signs of recovery as demand improves, while the beer sector continues to struggle with declining sales and market challenges [1][2][3]. - The white liquor market is expected to see a gradual improvement in sales velocity as the peak season approaches [2]. - In contrast, the beer sector has not shown any signs of recovery, with production in 2024 expected to decline by 0.6% compared to the previous year, reaching 35.213 million kiloliters, which is only 70% of the peak production capacity seen a decade ago [6]. Group 2 - The beer industry's financial performance is under pressure, with total revenue for the beer sector in the first half of 2025 reaching 41.534 billion yuan, a year-on-year increase of 2.75%, while net profit rose by 11.81% to 6.512 billion yuan [8]. - Major beer companies are experiencing a divergence in performance, with Qingdao Beer reporting a revenue of 20.491 billion yuan, a year-on-year increase of 2.11%, while Chongqing Beer saw a slight decline in revenue [9]. - Budweiser APAC, once the leader in the domestic beer market, reported a total beer sales volume of 4.363 billion liters in the first half of 2025, a decline of 6.1%, with revenue dropping by 5.6% to 3.136 billion USD [10][11]. Group 3 - The beer market has shifted from a phase of rapid growth to one of stock competition, with the peak in beer sales occurring in 2013, leading to overcapacity issues [15]. - The high-end beer market has become increasingly competitive, with domestic brands struggling to maintain their market share against foreign brands [17][19]. - Despite the challenges, the average price of beer in China remains low compared to global standards, indicating potential for future price increases [29][31]. Group 4 - The rise of the Z generation as a key consumer group is driving demand for craft and low-alcohol beers, with expected consumption of craft beer reaching 230,000 kiloliters by 2025, growing at a compound annual growth rate of 17% [33][36]. - Beer companies are exploring new growth avenues, including diversifying into other alcoholic beverages like yellow wine and soft drinks [39][40]. - The instant retail channel is emerging as a significant sales avenue for beer, with sales in this channel expected to reach 780 billion yuan in 2024, growing at a compound annual growth rate of 23% [50][52]. Group 5 - The article concludes that after several years of valuation adjustments, some leading beer companies now present attractive investment opportunities due to their stable cash flows and generous dividends [56][58]. - The beer sector is showing signs of bottoming out, but a full recovery will depend on improvements in the overall consumption environment [59].

"重庆是嘉士伯在中国的家，对这一点，我们非常自豪。重庆不仅是嘉士伯中国业务的中心，更是我们长 期深耕中国的坚实支点。" 来渝参加第十九届重庆市市长国际经济顾问团会议的嘉士伯集团执行副总裁乔 若昂（João Abecasis）表示，嘉士伯希望借助其在全球积累的"AI+"实践经验，助力重庆的食品和农产品加 工产业高质量发展。 嘉士伯集团执行副总裁乔若昂。 嘉士伯在渝投资超100亿元 AI赋能全链条 来自丹麦的嘉士伯集团是全球三大啤酒集团之一，已有178年历史。之所以把重庆称为"家"，因为嘉士伯 在中国的所有优质啤酒资产，都归属于重庆本土企业——重庆啤酒股份有限公司。 "嘉士伯一直看好重庆发展前景，持续投资重庆。"乔若昂说。作为率先在中国投资的丹麦公司之一，嘉士 伯在华投资累计已超过200亿元，其中超过100亿元投在了重庆。这也让重啤从一个区域型企业，成长为中 国五大啤酒公司之一，运营着由27家酒厂组成的生产供应网络和覆盖全国的销售网络，年营收近150亿 元，纳税约26亿元。 在重啤近年来高质量发展的背后，"AI+"发挥了重要作用。嘉士伯集团执行副总裁乔若昂表示，"AI+"已经 融入业务的全链条，帮助企业实现更智能 ...

重庆啤酒股份有限公司第十一届董事会第三次会议通知于2025年9月20日发出，会议于北京时间2025年9 月25日下午2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Jo?o 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、关于修订《高级管理人员薪酬与绩效考核管理方案》的议案 董事会薪酬与考核委员会通过修订后的高级管理人员 2025 年度薪酬方案，主要内容如下：公司高级管 理人员实行年薪制，年薪由年度基本薪酬及年度绩效奖金组成。年度绩效奖金根据年度经营业绩及个人 全年工作目标完情况进行核定。董事会同意高级管理人员薪酬与绩效考核管理方案的修订。 公司董事兼总裁Lee Chee Kong先生、董事兼副总裁Chin Wee Hua先生因利益冲突回避表决。 表决结果：赞成7票，反对0票，弃权0票。本议案已经公司董事会薪酬与考核委员会审议通过。 重庆啤酒股份有限公司 第十一届董事会第三次会议决议公告 证券代码：60013 ...

Core Insights - The Chengdu-Chongqing economic circle has seen its GDP grow from less than 6.3 trillion yuan in 2019 to 8.7 trillion yuan in 2024, marking an increase in its share of the national economy from 6.3% to 6.5% [1] - The brand value of listed companies in the Chengdu-Chongqing region has significantly increased, with Wuliangye and Luzhou Laojiao leading the rankings [2][3] Company Insights - Wuliangye (000858.SZ) ranks first with a brand value of 305.96 billion yuan, followed by Luzhou Laojiao (000568.SZ) at 107.67 billion yuan, and Changan Automobile (000625.SZ) at 84.56 billion yuan [2][3] - The beverage industry in the Chengdu-Chongqing region has seen a brand value increase of 117.02 billion yuan over the past four years, making it the highest among all industries [6][8] Industry Insights - The automotive industry in the region has surpassed a brand value of 100 billion yuan, reaching 123.15 billion yuan in 2025 [6][8] - The equipment industry has doubled the number of listed companies over the past four years, indicating a significant growth in this sector [8][10] - The agricultural sector has experienced a decline in brand value, primarily due to the shift of Tongwei Co., Ltd. (600438.SH) from agriculture to the equipment sector [6][8] Regional Insights - Chengdu has the highest increase in both the total brand value of listed companies and the number of companies listed over the past four years [4][5] - The Chengdu-Chongqing region serves as a strategic support for the Yangtze River Economic Belt and is a key demonstration area for the country's new urbanization efforts [2]

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2025-025 重庆啤酒股份有限公司 第十一届董事会第三次会议决议公告 公司董事兼总裁 Lee Chee Kong 先生、董事兼副总裁 Chin Wee Hua 先生因利益冲突回 避表决。 表决结果：赞成 7 票，反对 0 票，弃权 0 票。本议案已经公司董事会薪酬与考核委员会 审议通过。 特此公告。 重庆啤酒股份有限公司 董 事 会 1 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三次会议通知于 2025 年 9 月 20 日发出，会议 于北京时间 2025 年 9 月 25 日下午 2 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、 关于修订《高级管 ...

Market Overview - On September 24, the non-liquor sector increased by 0.2% compared to the previous trading day, with Yanjing Beer leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Non-Liquor Sector Performance - The following companies in the non-liquor sector showed notable performance: - Xianjing Beer (Code: 000729) closed at 12.25, up 2.25% with a trading volume of 338,500 shares and a turnover of 414 million yuan [1] - Caogao Co. (Code: 600543) closed at 5.81, up 1.93% with a trading volume of 59,100 shares and a turnover of 34.13 million yuan [1] - ST Xifa (Code: 000752) closed at 11.40, up 1.88% with a trading volume of 32,000 shares and a turnover of 36.20 million yuan [1] - Weilang Co. (Code: 603779) closed at 6.96, up 1.46% with a trading volume of 39,400 shares and a turnover of 27.29 million yuan [1] - Huichuan Beer (Code: 600573) closed at 11.47, up 1.24% with a trading volume of 17,800 shares and a turnover of 20.32 million yuan [1] Capital Flow Analysis - On the same day, the non-liquor sector experienced a net outflow of 72.39 million yuan from institutional investors, while retail investors saw a net inflow of 68.12 million yuan [2] - The following companies had significant capital flows: - Yanjing Beer (Code: 000729) had a net inflow of 8.75 million yuan from institutional investors, while retail investors contributed a net inflow of 33.91 million yuan [3] - ST Xifa (Code: 000752) had a net inflow of 1.24 million yuan from institutional investors, but a net outflow from retail investors [3] - Zhujiang Beer (Code: 002461) had a net inflow of 1.20 million yuan from institutional investors and a net inflow from retail investors [3]

Core Viewpoint - The Chinese beer market is experiencing a significant shift, with domestic giants gaining ground against foreign competitors, particularly in the context of the "takeout war" that has revitalized the industry [4][6][30]. Group 1: Market Dynamics - The competitive landscape of the Chinese beer market is changing, with domestic brands outperforming foreign giants in the first half of 2025 [4][6]. - In the first half of 2025, China’s beer market saw a decline in overall production by 0.3%, continuing a trend of stagnation [18]. - Despite the overall market decline, domestic giants like China Resources Beer, Qingdao Beer, and Yanjing Beer achieved over 2% growth in sales [19][20]. Group 2: Performance of Major Players - China Resources Beer surpassed Budweiser APAC to become the market leader, with a revenue of approximately 239.42 billion RMB, a 0.8% increase year-on-year [10][11]. - Budweiser APAC reported a revenue of 31.36 billion USD (approximately 224.5 billion RMB), a 5.6% decline year-on-year, marking the worst performance among the top five [9]. - Yanjing Beer and Chongqing Beer are in a tight race for the fourth position, with Yanjing Beer achieving a net profit growth of 45.45%, surpassing Chongqing Beer [13][14]. Group 3: Impact of Instant Retail - The "takeout war" has provided a new growth driver for the beer industry, with instant retail becoming a significant channel for sales [17][21]. - Qingdao Beer reported a nearly 60% increase in sales through instant retail platforms, significantly outperforming the industry average [26]. - China Resources Beer noted a nearly 40% growth in its online business and a 50% increase in its instant retail business [27]. Group 4: Foreign Brands' Struggles - Foreign brands, particularly Budweiser APAC and Chongqing Beer, are facing challenges, with Budweiser's sales in China declining by 8.2% [10][30]. - The high-end beer market, once dominated by Budweiser, is seeing its advantages eroded by the growth of domestic brands [30][33]. - Both Budweiser APAC and Chongqing Beer are shifting focus to non-immediate channels in response to declining performance in traditional immediate consumption venues [36][37].

Market Overview - On September 22, the non-liquor sector declined by 1.06%, with ST Xifa leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Key stocks in the non-liquor sector showed mixed performance, with notable declines in several companies: - ST Xifa (code: 000752) closed at 11.56, down 2.86% with a trading volume of 48,700 shares and a turnover of 56.94 million yuan [2] - Other significant declines included: - Kweichow Moutai (code: 600238) down 2.68% - Jin Feng Wine (code: 600616) down 2.29% - Zhang Yu A (code: 000869) down 2.11% [2] Capital Flow Analysis - The non-liquor sector experienced a net outflow of 111 million yuan from institutional investors, while retail investors saw a net inflow of 87.04 million yuan [2][3] - Specific stock capital flows indicated: - Zhujiang Beer (code: 002461) had a net outflow of 8.75 million yuan from institutional investors [3] - ST Xifa (code: 000752) also faced significant outflows, totaling 6.74 million yuan from institutional investors [3] - Retail investors showed a net inflow of 3.50 million yuan in ST Xifa [3]

Investment Rating - The report maintains a recommendation for the food and beverage industry [4] Core Viewpoints - The A-share food and beverage industry has seen a decline of 1.48% over the past two weeks, underperforming the Shanghai Composite Index by 1.68 percentage points and the Shenzhen Component Index by 5.29 percentage points [1][11] - In the sub-sectors, processed food (+0.71%) and soft drinks (+0.39%) have increased, while snacks (-5.82%), other alcoholic beverages (-3.70%), and baked goods (-3.23%) have experienced significant declines [1][11] - Key stocks such as Qianwei Yangchu (+21.28%), Richen Co. (+14.10%), and Weizhi Xiang (+10.87%) have shown notable gains, while Kweichow Moutai (-13.07%), Ziyan Food (-11.79%), and Jiahe Food (-11.54%) have faced substantial losses [1][11] Summary by Sections Market Review - The A-share food and beverage industry has declined by 3.37% year-to-date, underperforming the Shanghai Composite Index by 17.35 percentage points and the Shenzhen Component Index by 28.88 percentage points [11] - The total retail sales in August reached 396.68 billion yuan, growing by 3.4% year-on-year, with a slight decrease of 0.3 percentage points compared to July [3][54] Key Data Tracking - The price of Feitian Moutai has decreased by 30 yuan for original boxes and 40 yuan for loose packaging compared to two weeks ago, with current prices at 1,830 yuan and 1,800 yuan respectively [2][26] - The average price of fresh milk in major production areas is 3.03 yuan per kilogram, down 3.5% year-on-year [34] Key Events Tracking - The national standard for sterilized milk has been revised, prohibiting the addition of reconstituted milk in long-term pure milk [3][54] - The snack brand Mingming Hen Mang has surpassed 20,000 stores, becoming the first in the domestic leisure food and beverage chain industry to achieve this milestone [3][54] Investment Recommendations - In the liquor sector, it is advised to closely monitor price trends and sales performance, focusing on high-end liquor companies with strong brand and channel capabilities such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao [7][56] - For consumer goods, the beer industry remains stable, and there is high demand in segments like snacks and energy drinks [7][57]