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]

Investment Rating - The report provides a positive investment rating for the low-alcohol and beverage sectors, recommending specific companies based on their performance and market positioning [2]. Core Insights - The report emphasizes the structural recovery in the consumer goods sector, highlighting the importance of channel dynamics and product innovation in driving growth [2][25]. - It identifies key players in the beer segment, such as Yanjing Beer and Zhujiang Beer, which are expected to outperform due to their strong regional presence and operational efficiency [2][11]. - The report also notes the challenges faced by the seasoning and food supply sectors, particularly due to weak downstream demand, but suggests potential for recovery as the restaurant industry stabilizes [2][26]. Summary by Sections Beer Sector - The beer sector experienced a revenue of 41.73 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [7]. - Major companies like Qingdao Beer and China Resources Beer showed mixed performance, with Qingdao Beer achieving a revenue increase of 1.9% [11][12]. - The report highlights the impact of channel structure on revenue performance, with companies like Yanjing and Zhujiang benefiting from a higher proportion of non-immediate sales channels [11][12]. Yellow Wine Sector - The yellow wine sector reported a revenue of 1.93 billion yuan in the first half of 2025, reflecting a year-on-year growth of 3.4% [26]. - Kuaijishan, a leading player, achieved a double-digit growth rate of 11% in the same period, driven by its high-end and youth-oriented strategies [26][27]. - The report indicates a trend of market share concentration among leading companies, with Kuaijishan and Guyue Longshan capturing a larger portion of the market [31]. Seasoning and Food Supply Sector - The seasoning and food supply sector faced revenue pressure due to weak restaurant demand, but companies that successfully launched new products or expanded channels showed resilience [2][26]. - The report suggests that a recovery in restaurant demand could lead to increased supply chain needs, benefiting leading companies in the sector [2][26]. Beverage Sector - The beverage sector is highlighted for its high growth potential, particularly for companies like Dongpeng Beverage, which is expanding its national presence [2]. - The report recommends focusing on companies that are effectively navigating the competitive landscape and capitalizing on emerging consumer trends [2][26].

Core Insights - Chongqing Beer reported a net profit attributable to shareholders of 865 million yuan for the first half of 2025, a year-on-year decrease of 4.03% [1] - In Q2 2025, the net profit attributable to shareholders was 392 million yuan, reflecting a year-on-year decline of 12.70% [1] Financial Performance - For H1 2025, the revenue from high-end products increased by 0.04% year-on-year, while mainstream products decreased by 0.92%, and economy products increased by 5.39% [1] - In Q2 2025, high-end product revenue decreased by 1.09% year-on-year, mainstream products decreased by 3.59%, and economy products increased by 4.79% [1] Market Trends - The proportion of canned products in non-immediate consumption channels continued to rise in H1 2025, with significant growth in sales of brands such as Wusu and 1664, and double-digit growth for brands like Carlsberg and Fenghua Xueyue [1] Earnings Forecast - The company has adjusted its profit forecast downward primarily due to the impact of weak dining consumption, with corresponding price-to-earnings ratios of 22X, 21X, and 20X for the upcoming periods [1] - The firm maintains a "Buy" rating on the stock [1]

Group 1: Macro Strategy and Market Overview - The report highlights a gradual convergence of overseas central bank policies, impacting asset allocation strategies [3][28] - In the A-share market, major indices saw significant gains in early September, with the CSI 100 and CSI 500 indices rising by 4.45% and 6.33% respectively [3][28] - The central bank's net cash injection was 196.1 billion yuan, maintaining a loose liquidity environment with DR007 staying below 1.48% [3][28] Group 2: Agricultural Bank of China - The Agricultural Bank of China is expected to benefit from the release of potential in county economies, with greater credit growth opportunities compared to peers [4] - The bank has the lowest non-performing loan ratio among its peers, with a strong ability to manage risks related to real estate exposure [4] - Future profit growth is projected at 1.98%, 3.94%, and 4.63% for 2025-2027, with corresponding BPS values of 7.69, 8.12, and 8.53 yuan [4] Group 3: Unmanned Forklifts Industry - The unmanned forklift market is experiencing rapid growth, with shipments increasing from 2,700 units in 2019 to an estimated 19,500 units in 2023, representing a penetration rate of 1.66% [6] - The market size for unmanned forklifts in China is projected to reach 2.385 billion USD in 2023, accounting for 45% of the global market [6] - Major players in the industry include Linde, Hangcha, and Geek+, with significant advancements in technology and market share [6][10] Group 4: Communication Sector - Runxin Technology - Runxin Technology reported a revenue of 1.358 billion yuan in H1 2025, marking a 16.42% year-on-year increase, with net profit rising by 18.23% [13][34] - The company is focusing on AIoT and automotive electronics, diversifying its revenue sources and enhancing long-term growth potential [34] - The firm has established strong partnerships with leading semiconductor suppliers, which bolsters its competitive edge in the market [34] Group 5: Semiconductor Testing Industry - Weicet Technology - Weicet Technology achieved a revenue of 634 million yuan in H1 2025, reflecting a 47.53% increase, with net profit soaring by 831.03% [36][39] - The company is expanding its testing capacity for high-end and reliable chips, with significant investments in new facilities [37] - The semiconductor market is expected to maintain optimistic growth, driven by advancements in AI and automotive electronics [39] Group 6: Pharmaceutical Sector - China Resources Pharmaceutical - China Resources Pharmaceutical reported a revenue of 131.867 billion yuan in H1 2025, a 2.5% increase, while net profit decreased by 20.3% due to impairment losses [21] - The company is focusing on external growth through acquisitions and innovation in its pharmaceutical business [21] - The firm has successfully launched 21 new products in H1 2025, with a robust pipeline of 476 projects under development [21]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Views - The company's revenue for H1 2025 was 8.839 billion yuan, a slight decrease of 0.24% year-on-year, with a net profit attributable to shareholders of 865 million yuan, down 4.03% year-on-year. In Q2 2025, revenue was 4.484 billion yuan, a decline of 1.84% year-on-year, and net profit was 392 million yuan, down 12.70% year-on-year [1][2]. - The company experienced a slight increase in sales volume in H1 2025, reaching 1.8008 million kiloliters, up 0.95% year-on-year, while the average price per ton decreased by 1.2% to 4,908 yuan per kiloliter. The cost per ton also saw a reduction of 2.4% year-on-year [1]. - The company’s profitability was impacted by an increase in the income tax rate, which rose by 7.41 percentage points to 27.26% year-on-year in H1 2025. The net profit margin for H1 2025 was 9.79%, down 0.39 percentage points year-on-year [2]. Revenue and Profit Forecast - The company is projected to achieve revenue growth of 0.7%, 2.4%, and 2.7% for the years 2025 to 2027, reaching 14.7 billion, 15.1 billion, and 15.5 billion yuan respectively. The net profit attributable to shareholders is expected to grow by 8.2%, 4.5%, and 5.0% during the same period, reaching 1.21 billion, 1.26 billion, and 1.32 billion yuan respectively [3]. - The report indicates a downward adjustment in profit forecasts primarily due to weak dining consumption [3]. Financial Data and Valuation - The company’s total revenue for 2023 is estimated at 14.814 billion yuan, with a growth rate of 5.53%. The net profit attributable to shareholders is projected at 1.337 billion yuan, reflecting a growth rate of 5.78% [4]. - The report provides various financial ratios, including a projected P/E ratio of 21.95 for 2025 and an EV/EBITDA ratio of 6.30 for the same year [4].

证券代码：600132 证券简称：重庆啤酒 公告编号：临2025-024 活动将于2025年9月25日15:00-17:00举行，投资者可以登录"全景路演"平台（http://rs.p5w.net）参与本次 活动。 届时，公司相关高管人员将参加本次活动，通过网络在线交流形式，就投资者所关心的问题，与投资者 进行"一对多"形式的在线沟通与交流。欢迎广大投资者踊跃参与！ 特此公告。 重庆啤酒股份有限公司 重庆啤酒股份有限公司 关于参加"重庆辖区上市公司2025年投资者 网上集体接待日暨半年度业绩说明会活动"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。 为进一步提高上市公司投资者关系管理水平，促进公司完善公司治理，助力上市公司高质量发展，在重 庆证监局指导下，重庆上市公司协会联合深圳市全景网络有限公司举办"重庆辖区上市公司2025年投资 者网上集体接待日暨半年度业绩说明会"活动。 董 事 会 2025年9月17日 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2025-024 1 活动将于 2025 年 9 月 25 日 15:00-17:00 举行，投资者可以登录"全景路演"平台 （http://rs.p5w.net）参与本次活动。 届时，公司相关高管人员将参加本次活动，通过网络在线交流形式，就投资者所关心的 问题，与投资者进行"一对多"形式的在线沟通与交流。欢迎广大投资者踊跃参与！ 特此公告。 重庆啤酒股份有限公司 董 事 会 2025 年 9 月 17 日 重庆啤酒股份有限公司 关于参加"重庆辖区上市公司 2025 年投资者网上集体接待日 暨半年度业绩说明会活动"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。 为进一步提高上市公司投资者关系管理水平，促进公司完善公司治理，助力上市公司高 质量发展，在重庆证监局指导下，重庆上市公司协会联合深圳市全景网络有限公司举办"重 庆辖区上市公司 2025 年投资者网上集体接待日暨半年度业绩说明会"活动。 ...

Group 1: Industry Trends - This year is expected to see the highest number of new liquor products launched in recent years, with companies intensively releasing new products ahead of the peak season in September [1] - The 14th China (Guizhou) International Wine Expo concluded with a total trade volume of 18.639 billion yuan, a 72.29% increase from the previous year, and attendance reaching 279,800, doubling from last year [2] Group 2: Company Developments - Chongqing Beer has become the official strategic partner of the 2025 Chongqing Super League, marking a significant sponsorship move as the league expands to include 38 districts and counties [3] - The company Zhenjiu Liudu announced a stock incentive plan for its alliance merchants, offering long-term benefits including stock rewards based on purchase volumes, with the first batch of merchants receiving approximately 150,000 yuan in stock rewards [5] - Luzhou Laojiao's major shareholder completed a share buyback of 234,500 shares for approximately 299.99 million yuan, increasing their stake to 26.13% [6] - Chuanjiu Group announced a 3 billion yuan investment in a standardized raw liquor project, aiming to unify quality control and production processes [7] - Luzhou Laojiao launched a new version of its Erqu liquor, targeting mass consumers with a focus on pure grain fermentation and a new 42-degree product [9] - The upgraded Guizhou Moutai (premium) was officially launched at the wine expo, featuring enhanced packaging and a selling price of 3,299 yuan [11] - Langjiu and Penfolds collaborated to release a limited edition gift box, priced at 8,899 yuan, exclusively available at Langjiu's estate [12] - The new "Taiyuan Light Bottle Wine" was introduced, adhering to Moutai's production standards and focusing on a selective distribution strategy [13] - The company Jinzongzi announced the appointment of Guo Jibao as the new financial director following the resignation of the previous director [19]

Market Overview - On September 12, the non-liquor sector declined by 1.05%, with Bai Run Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - The following stocks in the non-liquor sector experienced notable price changes: - Bai Run Co., Ltd. (002568) closed at 25.91, down 1.78% with a trading volume of 95,000 shares and a turnover of 248 million yuan [2] - ST Xifa (000752) closed at 11.96, down 1.56% with a trading volume of 67,800 shares and a turnover of 82.15 million yuan [2] - Xianjing Beer (000729) closed at 11.82, down 1.34% with a trading volume of 227,600 shares and a turnover of 270 million yuan [2] Capital Flow - The non-liquor sector saw a net outflow of 145 million yuan from institutional investors, while retail investors had a net inflow of 123 million yuan [2][3] - The following stocks had significant capital flows: - Gu Yue Long Shan (600059) had a net inflow of 11.18 million yuan from institutional investors, but a net outflow of 7.20 million yuan from retail investors [3] - Chongqing Beer (600132) had a net inflow of 7.43 million yuan from institutional investors, with a net outflow of 14.01 million yuan from retail investors [3]

证券代码：600132 证券简称：重庆啤酒 公告编号：2025-023 重庆啤酒股份有限公司 2025年第一次临时股东会决议公告 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： (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十一届董事会，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Jo?o Abecasis先生主持，会议的召开及表决方式符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的出席情况 1、公司在任董事9人，出席9人。董事长 Jo?o Abecasis 先生，董事Alan Choi蔡泓汉先生、Andrew Emslie 先生、Lee Chee Kong 先生、Chin Wee Hua 先生、吕彦东先生，独立董事袁英红女士、盛学军先 生、朱乾宇女士出席了会议； ● 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9月10日 (二)股东会召开的地点：广东省广州市天河区金穗路 62 ...