持续多年的纷争正式画上句点。 重庆啤酒1月5日下午公告，重庆啤酒股份与重庆嘉威啤酒有限公司在二审阶段达成调解，诉讼程序已经以调解结案，这标志着双方的法庭纠纷走向终点。 记者丨肖夏 编辑丨高梦阳 这场和解，是以重庆啤酒保全重庆嘉威最后三年合作利益为代价实现的。 重庆嘉威是重庆啤酒（嘉士伯中国）的合作方，由重庆本地民企钰鑫集团与重庆啤酒下属公司合资成立，其中钰鑫集团控股，成立时重庆啤酒还是国企。 双方于2009年签下了长达20年的《产品包销框架协议》，约定未来20年内由重庆啤酒包销重庆嘉威生产的山城啤酒，此后随着嘉士伯对重庆啤酒逐步实现 控股并进一步将重庆啤酒确立为在华业务运营平台，双方通过2016年《补充协议》《产品包销备忘录》及2019年《备忘录二》《备忘录三》进一步细化了 销量价差补偿、包销重庆啤酒/嘉士伯一方的其他品牌啤酒等条款。 但近年来，重庆嘉威对这一包销合作提出多项异议，认为重庆啤酒方面规避义务导致其损失，并提起了诉讼。重庆啤酒也予以反诉，认为重庆嘉威长期依 靠为重庆啤酒代工获取超额利润。 今年3月，重庆市第五中级人民法院做出一审判决，重庆啤酒向重庆嘉威支付约3.53亿元，驳回重庆嘉威其他诉讼请求及 ...

Core Viewpoint - The long-standing legal dispute between Chongqing Beer and Chongqing Jiawei Beer has been resolved through a mediation agreement, marking the end of their court conflicts [1][4]. Summary by Sections Legal Dispute Background - Chongqing Beer and Chongqing Jiawei entered into a 20-year exclusive sales agreement in 2009, which was later supplemented by various agreements to clarify terms regarding sales price differences and other brands [2]. - In recent years, Chongqing Jiawei raised multiple objections regarding the sales cooperation, claiming losses due to Chongqing Beer's avoidance of obligations, leading to litigation [2]. Mediation Agreement Details - The mediation agreement stipulates that Chongqing Beer will pay Chongqing Jiawei a one-time cash settlement of 100 million yuan to resolve all disputes related to the sales agreement by December 31, 2025 [2][4]. - From 2026 to 2028, Chongqing Beer will purchase 142,600 hectoliters of beer annually from Chongqing Jiawei at a price of 4,000 yuan per hectoliter, with annual adjustments for any discrepancies [3]. Financial Implications - The resolution of this dispute is expected to enhance Chongqing Beer's profits for the fiscal year 2025, with an estimated increase in total profit by 37.11 million yuan and net profit attributable to shareholders by 19.08 million yuan [4]. - Chongqing Jiawei will no longer incur transportation or sales costs related to the beer sales from January 1, 2026, and has outlined conditions for volume adjustments based on actual sales performance [5]. Future Cooperation and Termination - The sales agreement will terminate on December 31, 2028, after which there will be no further cooperation between the two companies [4][5].

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2026-002 重庆啤酒股份有限公司 7. 公司提请广大投资者仔细阅读本公告披露的风险提示内容，注意投资风 险。 1. 案件所处的诉讼阶段：重庆啤酒股份有限公司（以下简称"上市公司" 或"公司"）、重庆嘉威啤酒有限公司（以下简称"嘉威"）在二审阶段达成调 解，诉讼程序以调解结案。 2. 上市公司所处的当事人地位：上市公司为上诉人，原审本诉被告，原审 反诉原告。 3. 涉案的金额：本诉原告嘉威诉本诉被告合同纠纷，一审判决判令上市公 司在判决生效之日起十日内向嘉威支付353,063,502.24元，驳回嘉威其他诉讼请 求及公司反诉请求。上市公司上诉请求为，撤销一审判决，改判或发回重审；其 中改判请求为：驳回嘉威的全部诉讼请求，支持上市公司的反诉请求。 4. 《调解协议》主要内容：上市公司或其子公司向嘉威一次性支付截至2025 年12月31日前的全部量价差结算款人民币1亿元（不含税）；就上市公司与嘉威 2026年至2028年期间产品包销方面的合作方式进行约定，以及约定嘉威分红等相 关事宜。 5. 是否对上市公司损益产生负面影响：根据《调解协议》约定，并依据 ...

Market Overview - The non-liquor sector increased by 1.26% on January 5, with Yanjing Beer leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Wujing Beer (000729) closed at 11.79, up 4.99% with a trading volume of 679,000 shares and a transaction value of 790 million yuan [1] - ST Lanhua (000929) closed at 9.04, up 2.61% with a trading volume of 41,600 shares and a transaction value of 37.69 million yuan [1] - Zhujiang Beer (002461) closed at 9.39, up 1.08% with a trading volume of 100,100 shares and a transaction value of 93.50 million yuan [1] - Other notable stocks include Chongqing Beer (600132) at 52.39, up 0.29%, and Huichuan Beer (600573) at 11.92, down 0.08% [2] Capital Flow - The non-liquor sector experienced a net outflow of 57.61 million yuan from institutional investors, while retail investors saw a net inflow of 86.47 million yuan [2] - The main capital inflow and outflow for specific stocks include: - Huichuan Beer had a net inflow of 14.29 million yuan from institutional investors [3] - Kuaijishan (601579) saw a net outflow of 22.50 million yuan from speculative funds but a net inflow of 17.31 million yuan from retail investors [3] - Zhujiang Beer had a net inflow of 4.08 million yuan from institutional investors [3]

重庆啤酒公告称，公司与参股公司嘉威的合同纠纷二审达成调解，2025年12月31日签订《调解协议》并 领取调解书。一审曾判公司向嘉威支付3.53亿元，调解后公司或子公司将一次性支付嘉威截至2025年底 量价差结算款1亿元（不含税），并就2026 - 2028年合作及嘉威分红等事宜约定。会计处理预计冲回预 计负债2.54亿元，计提负债2.17亿元，增加2025年度利润总额3710.55万元、归母净利润1907.96万元。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The beer industry in China has transitioned from a volume-driven growth phase, which peaked in 2013, to a focus on premiumization and diversification due to weakening demand in on-premise consumption and slowing price increases [2][5][29] - Since 2018, beer companies have been optimizing product structures and launching premium products, leading to a sustained increase in average prices and profitability [5][21] - As of 2023, beer companies are actively exploring diversification strategies to adapt to changing market conditions [29][40] Summary by Sections Industry Overview - The beer industry's growth phase driven by volume has ended, with companies now focusing on premiumization and product optimization [2][5] - The average price of beer has been increasing due to the rising share of mid-to-high-end products [21] Company Strategies - **China Resources Beer**: Initiated a dual-growth model by entering the liquor market, acquiring several liquor brands, and leveraging its management experience [6][29] - **Tsingtao Brewery**: Engaged in strategic restructuring with local beverage companies to expand into new beverage and biotechnology sectors, including a new production base for biotechnology [7][30] - **Yanjing Beer**: Developed a significant beverage and health product line, including a successful natto series, and launched a new soda brand to synergize with its beer business [8][32][36] - **Chongqing Beer**: Expanded its product range to include non-beer beverages, leveraging its parent company's product matrix to enhance sales channels [9][40]

证券代码：600132 证券简称：重庆啤酒 公告编号：2026-001 重庆啤酒股份有限公司 2025年第三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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 383 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 304,199,437 | | 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（%） | 62.8548 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 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 Abecasis 先生主持，会议的召开及 (一) 股东会召开的时间：2025 年 12 月 31 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 ...

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 年第三次临时股东会的 法律意见书 二〇二五年十二月 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 年第三次临时股东会的 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"）接受重庆啤酒股份有 限公司（以下简称"贵公司"）委托，指派律师出席贵公司2025年第三次临时股 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、表决结果等相关事项出 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 《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。 本法律意见书仅供贵公司本次股东会之目的使用，不得被其他任何人用于其 他任何目的。本所律师同意将本法律意见书随贵公司本次股东会其他信息披露资 料予以公告。 一、本次股东会的召集、召开程序 （一）本次股东会的召集 1．本次股东会由 2025 年 12 月 ...

Market Overview - The non-white liquor sector experienced a decline of 1.42% on the previous trading day, with Huichuan Beer leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Key stocks in the non-white liquor sector showed varied performance, with Baijiu Co. closing at 21.49, up 0.09%, while other notable declines included Chongqing Beer at 52.51, down 0.70%, and Gu Yue Long Shan at 9.20, down 0.43% [1] - The trading volume for Baijiu Co. was 59,400 shares, with a transaction value of 128 million yuan, while Chongqing Beer had a trading volume of 18,700 shares and a transaction value of 98.4 million yuan [1] Capital Flow - The non-white liquor sector saw a net outflow of 81.52 million yuan from institutional investors, while retail investors contributed a net inflow of 9.23 million yuan [2] - Notable capital flows included Yanjing Lang with a net inflow of 18.08 million yuan from institutional investors, while ST Yedao experienced a net outflow of 9.32 million yuan [3]

Group 1 - The core viewpoint of the article highlights the trends in China's beer import and export market, indicating a significant decline in imports and a notable increase in exports for November 2025 [1] Group 2 - In November 2025, China's beer import volume was 0.26 billion liters, representing a year-on-year decrease of 23.6%, while the import value was $0.38 billion, down 13.4% year-on-year [1] - Conversely, beer exports in November 2025 reached 0.66 billion liters, showing a year-on-year increase of 22.5%, with an export value of $0.44 billion, up 14.8% year-on-year [1] Group 3 - The article references a report by Zhiyan Consulting, which provides an analysis of the non-alcoholic beer industry market dynamics and competitive strategies in China from 2026 to 2032 [1] - Zhiyan Consulting is noted as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1]