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 ...

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。 证券代码：600132 证券简称：重庆啤酒 公告编号：2025-023 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 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 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 | 1,338 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 309,283,351 | | 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（%） | 63.9053 | (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 João Abec ...

北京市中伦（重庆）律师事务所 关于重庆啤酒股份有限公司 2025 年第一次临时股东会的 法律意见书 二〇二五年九月 北京市中伦（重庆）律师事务所 关于重庆啤酒股份有限公司 2025 年第一次临时股东会的 法律意见书 致：重庆啤酒股份有限公司 北京市中伦（重庆）律师事务所（以下简称"本所"）受重庆啤酒股份有限 公司（以下简称"公司"）委托，指派律师出席公司 2025 年第一次临时股东会（以 下简称"本次股东会"），并就贵公司本次股东会的召集和召开程序、召集人资格、 出席会议人员资格、本次股东会的表决程序、表决结果等相关问题出具本法律意 见书。 本法律意见书根据已发生或存在的事实，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股东会规则》等法律、法规、规范性文件以及 《上海证券交易所上市公司自律监管指南第 2 号-业务办理：第四号-股东会网络 投票》（以下简称"《2 号指南》"）、《重庆啤酒股份有限公司章程》（以下简称"《公 司章程》"）的相关规定出具。 1. 本次股东会由 2025 年 8 月 13 日召开的贵公司第十一届董事会第二次会 议作出决议召集。 2. 贵公司董事会已于 2025 ...

Market Overview - On September 10, the non-liquor sector declined by 0.27% compared to the previous trading day, with *ST Lanhua leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the non-liquor sector included *ST Yedao, which rose by 3.22% to close at 6.74, and ST Xifa, which increased by 1.76% to 11.57 [1] - Conversely, *ST Lanhua fell by 2.18% to 8.51, and Zhujiang Beer decreased by 1.22% to 10.53 [2] Trading Volume and Value - The trading volume and value for selected stocks in the non-liquor sector showed significant activity, with Gu Yue Long Shan recording a trading volume of 113,300 hands and a transaction value of 114 million yuan [1] - The total net outflow of funds in the non-liquor sector was 8.89 million yuan from main funds, while retail investors saw a net inflow of 28.12 million yuan [2] Fund Flow Analysis - Ba Run Co. had a main fund net inflow of 26.84 million yuan, while retail investors experienced a net outflow of 4.98 million yuan [3] - The fund flow analysis indicates that while main funds were withdrawing, retail investors were actively buying into certain stocks, such as Huaiqian Beer, which saw a net inflow of 2.76 million yuan from retail investors [3]

Group 1 - The article discusses the trend of tea brands entering the coffee market, highlighting the rapid growth of the coffee sector in China, which is expected to reach a trillion yuan by 2025. Brands like Cha Yan Yue Se and Mi Xue Bing Cheng are launching coffee products to capture this market [3] - The resurgence of iced tea is noted, with brands like Nongfu Spring and Yuanqi Forest introducing new products that emphasize health and low sugar content. The iced tea market, traditionally dominated by brands like Master Kong, is seeing new entrants aiming to disrupt the status quo [4] - The rise of street vendors is impacting traditional restaurants, as low-cost and convenient options attract consumers. This shift is supported by policy changes and market dynamics, leading to a more diverse food service ecosystem [5] Group 2 - The decline of sugary beverages is evident, with health-conscious products gaining popularity among younger consumers. Yuanqi Forest's new health-focused product line has seen significant growth, indicating a shift towards traditional health concepts in beverage innovation [6] - Instant drink brands like Xiangpiaopiao are facing challenges as consumer preferences shift towards fresh and convenient options. Despite attempts to diversify, these brands struggle to maintain relevance in a rapidly evolving market [7] - The emergence of hard discount retailing in China is reshaping the market, with retailers focusing on high-quality, low-cost products. This model emphasizes supply chain optimization and has gained traction among consumers seeking value [9] Group 3 - Nongfu Spring has achieved a significant milestone by ranking third in the global soft drink brand value list, driven by its dual-engine strategy of water and beverages, and a strong health positioning [10][11] - Master Kong is redefining instant noodles by focusing on consumer satisfaction and product innovation, achieving revenue growth through a diversified product matrix [12] - New product launches in the health beverage sector, such as Panpan's jasmine tea and Yiwei's new yogurt drinks, reflect a growing consumer interest in health-oriented products [13][14] Group 4 - Mengniu's collaboration with popular IPs like Nezha has proven successful, with significant sales figures indicating effective engagement with younger consumers through innovative marketing strategies [15] - The rapid expansion of brands like Mr. Ice Cream, which focuses on high-quality, handmade ice cream, highlights the competitive landscape in the dessert market [16] - Wahaha's investment in a new beverage production facility in Xi'an aims to enhance its production capabilities and market presence, leveraging the region's established food and beverage ecosystem [17] Group 5 - The beverage market is witnessing a shift towards health and unique flavor experiences, with brands like Reesun Yogurt innovating to meet consumer demands for fresh and diverse products [18] - McDonald's has reported strong performance in China, with plans for aggressive expansion and a focus on local sourcing to enhance its supply chain efficiency [19] - The success of community-focused dining concepts, such as Xiong Daye's handmade dumplings, illustrates the growing trend of personalized and culturally rich food experiences [20] Group 6 - The traditional tea brand Wu Yutai is diversifying into the bakery and coffee market, showcasing a trend of established brands exploring new culinary territories [21] - Yanjing Beer is focusing on premiumization and expanding its product offerings, while also experimenting with low-cost beverage options to create new revenue streams [23] - Huangshanghuang's acquisition of a controlling stake in Lixing Food aims to enhance its product portfolio in the freeze-dried food sector, indicating a strategic move towards emerging market opportunities [24] Group 7 - Chongqing Beer is adapting its strategy by increasing its online presence and expanding into non-alcoholic beverages, reflecting a broader trend in the beverage industry towards diversification and innovation [25] - Huangshi Group is focusing on the water buffalo milk sector, leveraging technological advancements and strategic investments to strengthen its market position [27]

Market Overview - On September 3, the non-liquor sector declined by 1.06%, with Weilang Co. leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers included *ST Lanhua, which rose by 3.60% to close at 8.91, and Huaiqi Mountain, which increased by 3.36% to 25.83 [1] - Conversely, Weilang Co. fell by 3.02% to 7.06, and ST Xifa dropped by 2.74% to 10.63 [2] Trading Volume and Value - The trading volume and value for various stocks were highlighted, with Huaiqi Mountain recording a trading volume of 428,600 shares and a transaction value of 1.144 billion [1] - Weilang Co. had a trading volume of 83,900 shares and a transaction value of 60.11 million [2] Capital Flow Analysis - The non-liquor sector saw a net inflow of 115 million from institutional investors, while retail investors experienced a net outflow of 57.45 million [2][3] - The capital flow for specific stocks indicated that Huaiqi Mountain had a net inflow of 168 million, while *ST Lanhua experienced a net inflow of 9.55 million [3]

二零二五年九月十日 股东会会议须知 尊敬的股东及股东代表： 您好！ 重庆啤酒股份有限公司 二零二五年第一次临时股东会 会议资料 欢迎参加重庆啤酒股份有限公司 2025 年第一次临时股东会。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、召开股东会的各项工作。 二、股东参加股东会依法享有发言权、质询权、表决权等权利。股东参加股东会， 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 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 9 月 10 日（星期三）下午 16:30； 网络投票时间为：2025 年 9 月 10 日（星期三）上午 9:30－11:30，下午 13:00－15:00。 五、投票表决的有关事宜 1、出席本次现场会 ...

Core Viewpoint - The Chinese beer industry is experiencing a slight growth in production, with a reported increase in output for the first half of 2025 compared to the previous year [1]. Industry Summary - According to the National Bureau of Statistics, the beer production in China reached 3.74 million kiloliters in July 2025, marking a year-on-year growth of 1.9% [1]. - The cumulative beer production from January to July 2025 was 23.27 million kiloliters, reflecting a cumulative growth of 0.6% [1]. - The report by Zhiyan Consulting provides insights into the market dynamics and competitive strategies of the non-alcoholic beer industry in China from 2025 to 2031 [1]. Company Summary - Listed companies in the beer sector include Zhujiang Beer (002461), Chongqing Beer (600132), Yanjing Beer (000729), Lanzhou Yellow River (000929), and Huichuan Beer (600573) [1].

Core Viewpoint - The report highlights that Chongqing Beer (600132) has maintained stable sales in Q2 2025, but rising tax rates have pressured profitability, leading to a "buy" rating from Southwest Securities [1] Financial Performance - In H1 2025, the company achieved revenue of 8.84 billion yuan, a slight decrease of 0.2% year-on-year, and a net profit attributable to shareholders of 870 million yuan, down 4% year-on-year [2] - In Q2 2025, revenue was 4.48 billion yuan, a decline of 1.8% year-on-year, with a net profit of 390 million yuan, down 12.7% year-on-year [2] - Q2 2025 sales volume was 917,000 tons, remaining stable year-on-year, but the average price per ton decreased by 1.9% to 4,755 yuan [2][3] Market Dynamics - The current drinking consumption demand is weak, impacting the on-premise channel, while the company is actively expanding non-on-premise channels to mitigate the decline in restaurant sales [2] - Revenue growth rates for different beer categories in Q2 2025 were -1.1% for high-end, -3.6% for mainstream, and +4.8% for economy beers [2] Cost and Profitability - The gross margin for H1 2025 was 49.8%, up 0.6 percentage points year-on-year, with Q2 gross margin at 51.2%, an increase of 0.7 percentage points [3] - The tax rate increased by 7.4 percentage points year-on-year to 27.3% in Q2 2025, contributing to a net profit margin decline of 2.2 percentage points to 17.6% [3] Future Outlook - The company is expected to enhance profitability through the expansion of non-on-premise channels and the introduction of new products, with a focus on high-end brands [4] - Forecasted earnings per share (EPS) for 2025-2027 are 2.42 yuan, 2.62 yuan, and 2.78 yuan, respectively, with corresponding dynamic price-to-earnings ratios of 23x, 21x, and 20x [4]

Core Viewpoint - The company reported a slight decline in revenue and net profit for the first half of 2025, with ongoing challenges in the beverage consumption market impacting performance [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 8.84 billion yuan, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 870 million yuan, down 4% [1]. - In Q2 2025, revenue was 4.48 billion yuan, a decline of 1.8% year-on-year, while net profit was 390 million yuan, down 12.7% [1]. - The company’s gross margin for H1 2025 was 49.8%, an increase of 0.6 percentage points year-on-year, with Q2 gross margin at 51.2%, up 0.7 percentage points [2]. Sales and Market Dynamics - Q2 2025 saw stable sales volume of 917,000 tons, with a slight year-on-year change, while the average price per ton decreased by 1.9% to 4,755 yuan [1]. - The revenue growth rates for different beer price segments in Q2 2025 were -1.1% for premium, -3.6% for mainstream, and +4.8% for economy beers [1]. - The company is actively expanding its non-beverage channels to offset declines in the beverage sector, with new product launches contributing to a diversified portfolio [3]. Cost and Profitability - The company’s selling expense ratio in Q2 2025 was 17.4%, reflecting a slight increase, while advertising and marketing expenses decreased by 3% year-on-year [2]. - The effective tax rate increased by 7.4 percentage points to 27.3% in Q2 2025, impacting net profit margins, which fell by 2.2 percentage points to 17.6% [2]. Future Outlook - The company anticipates continued improvement in profitability driven by the recovery of mid-to-high-end brand sales and the expansion of non-beverage channels [3]. - The forecasted earnings per share (EPS) for 2025-2027 are 2.42 yuan, 2.62 yuan, and 2.78 yuan, with corresponding dynamic price-to-earnings ratios of 23x, 21x, and 20x [3].