证券代码：600132 证券简称：重庆啤酒 公告编号：2025-014 重庆啤酒股份有限公司 关于召开2024年年度股东大会的通知 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 股东大会召开日期：2025年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 本次股东大会拟使用上证所信息网络有限公司（以下简称"上证信息"） 提供的股东会"一键通"提醒服务，委托上证信息通过智能短信等形式， 向有投票权的股东定向推送股东大会信息。 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 29 日 14 点 00 分 召开地点：广东省广州市天河区金穗路 62 号侨鑫国际金融中心 13 层 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 29 日 至2025 年 5 月 29 日 本公司董事会及全体董事保证本公告内容不存 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2025-012 重庆啤酒股份有限公司 第十届董事会第二十一次会议决议公告 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。 重庆啤酒股份有限公司第十届董事会第二十一次会议通知于 2025 年 4 月 19 日发出，会 议于北京时间 2025 年 4 月 29 日上午 9 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。公司监 事和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、 公司 2025 年第一季度报告； 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的《重庆啤酒 股份有限公司 2025 年第一季度报告》。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。本议案已经公司董事会审计委员会审议通 过。 二、 关 ...

Financial Performance - The company achieved operating revenue of CNY 4,355,306,415.67, a year-on-year increase of 1.46% compared to CNY 4,292,542,727.03[5] - Net profit attributable to shareholders reached CNY 472,682,480.54, reflecting a growth of 4.59% from CNY 451,938,986.11 in the same period last year[5] - The net cash flow from operating activities was CNY 1,350,003,945.36, marking a significant increase of 24.91% compared to CNY 1,080,755,377.22[5] - Total operating revenue for Q1 2025 was approximately ¥4.36 billion, a slight increase of 1.5% compared to ¥4.29 billion in Q1 2024[24] - Net profit for Q1 2025 reached approximately ¥941.27 million, representing a 4.7% increase from ¥898.96 million in Q1 2024[25] - The total profit for Q1 2025 was approximately ¥1.15 billion, an increase from ¥1.11 billion in Q1 2024[25] Sales and Distribution - The company sold 883,500 hectoliters of beer, which is a 1.93% increase from 868,000 hectoliters in the previous year[8] - The high-end product segment generated CNY 2,602,880,086.08 in revenue, a 1.21% increase from the previous year[13] - Revenue from the wholesale channel was CNY 4,238,381,757.22, up 1.63% from CNY 4,170,312,573.17 in the same period last year[11] - The company added 233 new distributors, resulting in a total of 3,080 distributors by the end of the reporting period, an increase of 14 from the previous year[12] - The company expects continued growth in both sales volume and revenue in the upcoming quarters, driven by market expansion strategies[8] Assets and Liabilities - Total assets at the end of the reporting period were CNY 11,676,098,282.41, up 6.45% from CNY 10,968,339,719.39 at the end of the previous year[6] - The total liabilities decreased to RMB 8,284,880,916.01 from RMB 8,514,681,613.95, reflecting a reduction of approximately 2.7%[21] - The company's inventory decreased to RMB 1,786,175,481.49 from RMB 2,185,835,620.72, a decline of approximately 18.3%[19] - The total equity of the company increased to RMB 3,391,217,366.40 from RMB 2,453,658,105.44, representing a growth of about 38.2%[21] Cash Flow and Investments - Cash flow from operating activities for Q1 2025 was approximately ¥1.35 billion, an increase from ¥1.08 billion in Q1 2024[28] - Cash and cash equivalents increased significantly to RMB 1,770,484,162.20 from RMB 1,081,659,074.07, marking a growth of about 63.8%[19] - Cash and cash equivalents at the end of Q1 2025 totaled approximately ¥1.77 billion, down from ¥2.92 billion at the end of Q1 2024[29] - Investment activities resulted in a net cash outflow of approximately ¥647.92 million in Q1 2025, compared to a net outflow of ¥848.99 million in Q1 2024[29] Shareholder Information - The equity attributable to shareholders increased by 39.83% to CNY 1,657,329,108.14 from CNY 1,185,220,264.01[6] - The company reported no significant changes in the top ten shareholders or their shareholding structure during the reporting period[16] Research and Development - The company reported a decrease in research and development expenses to approximately ¥1.77 million in Q1 2025 from ¥4.70 million in Q1 2024[24] Other Financial Metrics - Basic and diluted earnings per share for Q1 2025 were both ¥0.98, compared to ¥0.93 in Q1 2024[25] - Other comprehensive income after tax for Q1 2025 was approximately -¥6.17 million, compared to -¥4.81 million in Q1 2024[25]

第一条 为规范重庆啤酒股份有限公司（以下简称"公司"）董事会的行为 和决策程序，提高董事会的工作效率和科学决策水平，更好发挥公司董事会的作 用，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国 证券法》《上市公司治理准则》等法律法规、规范性文件和《重庆啤酒股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，特制定本规则。 第二条 本规则适用于公司董事会、董事会各专门委员会、董事及本规则涉 及的有关部门和人员。 第二章 董事会及其职权 第三条 公司设董事会，董事会对股东会负责。 董事会设审计、提名、薪酬与考核、战略四个专门委员会。专门委员会成员 全部由董事组成，其中审计委员会、提名委员会、薪酬与考核委员会中独立董事 应过半数并担任召集人。审计委员会行使《公司法》规定的监事会的职权。审计 委员会中至少应有一名独立董事是会计专业人士且担任召集人，审计委员会成员 应当为不在公司担任高级管理人员的董事。专门委员会的组成、职责、实施细则 等由董事会研究制定。 董事会下设董事会办公室，处理董事会日常事务。 重庆啤酒股份有限公司 董事会议事规则 （2025 年修订） 第一章 总则 第四条 董事会 ...

重庆啤酒股份有限公司 CHONGQING BREWERY CO., LTD. 章 程 二零二五年五月二十九日修订 | 第一章 | 总则 | | 4 | | --- | --- | --- | --- | | 第二章 | 经营宗旨和范围 | | 5 | | 第三章 | 股份 | | 6 | | 第一节 | 股份发行 | | 6 | | 第二节 | 股份增减和回购 | | 7 | | 第三节 | 股份转让 | | 8 | | 第四章 | 股东和股东会 | | 10 | | 第一节 | 股东的一般规定 | | 10 | | 第二节 | 股东会的一般规定 | | 14 | | 第三节 | 股东会的召集 | | 17 | | 第四节 | 股东会的提案与通知 | | 19 | | 第五节 | 股东会的召开 | | 21 | | 第六节 | 股东会的表决和决议 | | 24 | | 第五章 | 董事和董事会 | | 30 | | 第一节 | 董事的一般规定 | | 30 | | 第二节 | 独立董事 | | 34 | | 第三节 | 董事会 | | 38 | | 第四节 | 董事会专门委员会 | | 44 | | 第五节 ...

重庆啤酒股份有限公司 股东会议事规则 （2025 年修订） 第一章 总则 第一条 为规范重庆啤酒股份有限公司（以下简称"公司")的行为，维护股 东合法权益，保证股东会依法行使职权，提高股东会议事效率，保证股东会会议 的程序和决议内容有效，促使股东会会议的顺利进行，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》，以及《重庆啤酒股份 有限公司章程》（以下简称"《公司章程》"）的规定，特制定本议事规则。公司股 东会的召集、提案、通知、召开等事项适用本规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关规 定召开股东会，保证股东能够依法行使权利。公司董事会应当切实履行职责，认 真、按时组织股东会。公司全体董事应当勤勉尽责，确保股东会正常召开和依法 行使职权。 第三条 股东会是公司的权力机构，应当依照《公司法》和《公司章程》的 规定行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开 1 次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现下列 情况之一的，公司应当在事实发生之日起 2 个月内召开临时股东会。 （一）董事 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's total revenue for 2024 is 14.64 billion yuan, a year-on-year decrease of 1.1%. The net profit attributable to the parent company is 1.11 billion yuan, down 16.6% year-on-year. Adjusting for litigation compensation, the net profit is 1.25 billion yuan, a decrease of 6.8% year-on-year. The non-recurring net profit is 1.22 billion yuan, down 7% year-on-year. In Q4 2024, total revenue is 1.58 billion yuan, a decline of 11.5%, with a net loss of 217 million yuan and a non-recurring net loss of 83.94 million yuan, indicating a year-on-year increase in losses [2][6] Summary by Sections Sales Performance - In 2024, the company's sales volume is 2.975 million tons, a decrease of 0.8% year-on-year. High-end and mainstream products saw sales growth of 1.4% and a decline of 3.8%, respectively, while economy products increased by 13.5%. International brands grew by 4.4%, while local brands decreased by 2.8%. In Q4 2024, sales volume decreased by 8.1% year-on-year [12] Pricing and Cost Structure - The average price per ton decreased by 0.4% in 2024, with Q4 showing a decline of 3.7%. The company experienced a 1.1% reduction in per-ton costs due to lower raw material prices, although the launch of the Foshan factory increased manufacturing expenses. The effective tax rate increased by 3.3 percentage points year-on-year. The net profit margin decreased by 1.4 percentage points to 7.6%, and the gross margin fell by 0.6 percentage points to 48.6% [12] Brand and Market Strategy - The company has a strong brand foundation and is waiting for the recovery of on-premise consumption channels. In 2024, non-on-premise channels gained market share through initiatives like canned and multi-pack products. The company continues to invest in brand marketing across multiple brands, including Wusu, Chongqing, 1664, Carlsberg, and Lebao. With inventory depletion expected by the end of 2024, the industry is anticipated to gradually recover in 2025 [12]

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2025-011 重庆啤酒股份有限公司 ● 投资者可于 2025 年 4 月 28 日（星期一）至 5 月 7 日（星期三）16:00 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"）已于 2025 年 4 月 3 日发布公司 2024 年年 度报告并将于 2025 年 4 月 30 日发布 2025 年第一季度报告，为便于广大投资者更全面深 入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 8 日 15:00-16:30 举行 2024 年度暨 2025 年第一季度业绩说明会，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互动召开，公司将针对 2024 年度及 2025 年第一季 度经营成果及财务指标的具体情况与投资者进行互动交流 ...

Group 1 - The report from Guotai Haitong predicts a shift in the food and beverage competitive landscape, creating localized opportunities for growth. It maintains a positive outlook on sequential recovery, declining costs, and moderate competition for the year [1] - The sales performance has exceeded expectations, with stable movement in the market despite structural pressures. The report anticipates significant improvement in the output of industry leaders from late February to March, with Qingdao Beer expected to show a month-on-month improvement [2] - The competitive landscape is performing better than expected, with a high certainty of declining costs. The management strategy of China Resources Beer focuses on efficiency, and there has been no intensification of competition or price wars, leading to a favorable competitive environment [3] Group 2 - Brands are increasing their presence in new channels, which is expected to positively impact sales in the short term and enhance brand momentum in the medium term. This could potentially alter the competitive landscape in the long run [4] - Major beer companies are accelerating their expansion into beverage and non-beer sectors, with examples including Qingdao Beer Group's acquisition of Nestlé's Vitality and Chongqing Beer launching new flavored sodas [4]