Summary of Chongqing Beer Conference Call Industry Overview - The overall beer market in 2025 is expected to remain flat, with significant product innovations such as tea-flavored beer and one-liter packaging, and changes in distribution channels, particularly the rise of non-on-premise channels, which are growing rapidly. Online sales account for a low percentage of about 4-5% of total sales [2][6]. Company Performance and Strategy - Uusu beer has seen growth in both domestic and international sales, while Lebao has experienced three consecutive years of growth. However, the Chongqing and Dali brands are facing challenges. International brands like Carlsberg and local brands such as Fenghua Xueyue have achieved double-digit growth [2][4]. - The company plans to launch approximately 300 new products in 2024 to meet diverse consumer demands [2]. - The company emphasizes precise advertising spending and has increased the promotion of one-liter canned products, optimizing brand combinations and improving management efficiency to control costs [3][18]. - The dividend payout ratio is expected to remain around 90%-100% in the coming years, and the company is open to acquisitions that align with its industry chain [3][27]. Sales Channels and Consumer Trends - The beer market is currently in a mature state with no significant demand breakthroughs. The shift from on-premise to off-premise consumption is expected to continue, driven by technological advancements and changes in consumer habits [8][16]. - The company has observed a significant increase in canning rates, from approximately 18% in 2019 to nearly 29% by the third quarter of 2025, reflecting the growing importance of non-on-premise channels [16]. Product Innovation and Future Plans - The company is focused on continuous innovation in flavors, packaging, and sales models, with new products like tea-flavored beer and one-liter cans being introduced [9][10]. - The company has plans to launch non-alcoholic beer products and is exploring high-end products to increase unit prices, such as the one-liter can [10][11]. - Future product launches include Uusu brand's Jin Junmei tea beer and amber lager, as well as various regional products tailored to local market demands [10][11]. Cost Management and Raw Material Procurement - The company has locked in prices for major raw materials and packaging for the upcoming year, expecting cost savings on barley and other materials, with a slight increase in aluminum can prices having a minimal impact [13]. - The overall procurement cost savings are anticipated to positively contribute to gross margins [13]. Market Challenges and Opportunities - The company faces challenges in raising selling prices (SP) due to potential declines in overall demand, which is a significant concern for the industry [14]. - The high-end market is growing, with an increasing share of female consumers, leading to the introduction of products that cater to this demographic [15]. Long-term Strategy and Outlook - The company is focused on implementing the "Sail 27" strategy until 2027, aiming to develop the Chinese market while adjusting to the group's overall direction, including potential expansions into beverage categories following acquisitions [21][22]. - The company is also monitoring the impact of imported beers on the domestic market, although specific data on market share is not available [23]. Conclusion - Chongqing Beer is navigating a challenging market landscape with a focus on innovation, cost management, and strategic growth through new product launches and potential acquisitions, while adapting to changing consumer preferences and market dynamics [2][3][10][14].

登录新浪财经APP 搜索【信披】查看更多考评等级 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： 1.案件所处的诉讼阶段：原告重庆嘉威啤酒有限公司（以下简称"重庆嘉威"）于2026年1月12日向重庆 市大渡口区人民法院（以下简称"大渡口区法院"）申请撤回起诉，大渡口区法院已裁定准予重庆嘉威撤 诉。 一、诉讼的基本情况 上市公司参股公司重庆嘉威就其与公司的合同纠纷，于2024年8月8日向大渡口区法院提交《民事起诉 状》。上市公司于2024年9月10日收到大渡口区法院下发的《民事起诉状》副本及开庭传票，本案案号 为（2024）渝0104民初6639号，详见公司于2024年9月13日披露的《重庆啤酒股份有限公司关于公司涉 及诉讼公告》（临2024-025）。 二、本次诉讼的进展情况 2026年1月14日，公司收到大渡口区法院送达的《民事裁定书》（（2024）渝0104民初6639号）。依据 《中华人民共和国民事诉讼法》第一百四十八条第一款的规定，裁定如下： 准许原告重庆嘉威撤回起诉。 案件受理费减半收取 97,350 ...

Market Overview - The non-white liquor sector experienced a decline of 0.45% on January 15, with Kuaijishan leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1] Stock Performance - Notable gainers in the non-white liquor sector included: - *ST Yedao: Closed at 6.44, up 3.21% with a trading volume of 86,100 shares and a turnover of 54.65 million yuan [1] - ST Xifa: Closed at 10.83, up 2.75% with a trading volume of 54,700 shares and a turnover of 58.89 million yuan [1] - *ST Lanhong: Closed at 9.71, up 1.68% with a trading volume of 31,700 shares and a turnover of 30.79 million yuan [1] - Conversely, Kuaijishan saw a decline of 2.25%, closing at 20.41 with a trading volume of 85,300 shares and a turnover of 175 million yuan [2] Capital Flow Analysis - The non-white liquor sector experienced a net outflow of 5.02 million yuan from institutional investors and 10.70 million yuan from retail investors, while retail investors saw a net inflow of 15.72 million yuan [2] - Key capital flows for selected stocks included: - Jinfeng Wine Industry: Net inflow of 11.50 million yuan from institutional investors, but a net outflow of 6.69 million yuan from retail investors [3] - *ST Yedao: Net inflow of 10.16 million yuan from institutional investors, with a net outflow of 6.46 million yuan from retail investors [3] - ST Xifa: Net inflow of 0.94 million yuan from retail investors, but a net outflow of 0.42 million yuan from institutional investors [3]

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2026-003 重庆啤酒股份有限公司 关于公司涉及诉讼进展暨收到撤诉裁定的公告 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法律责任。 重要内容提示： 1. 案件所处的诉讼阶段：原告重庆嘉威啤酒有限公司（以下简称"重庆嘉 威"）于2026年1月12日向重庆市大渡口区人民法院（以下简称"大渡口区法院"） 申请撤回起诉，大渡口区法院已裁定准予重庆嘉威撤诉。 2. 上市公司所处的当事人地位：重庆啤酒股份有限公司（以下简称"上市 公司"或"公司"）为本案被告。 3. 涉案的金额：裁定撤诉案件中重庆嘉威的诉讼请求金额暂计人民币 30,580,015.32元及诉讼费用。 4. 是否对上市公司损益产生负面影响：本次公告的诉讼进展不会对公司本 期及期后利润产生重大不利影响。 一、 诉讼的基本情况 上市公司参股公司重庆嘉威就其与公司的合同纠纷，于2024年8月8日向大渡 口区法院提交《民事起诉状》。上市公司于2024年9月10日收到大渡口区法院下 发的《民事起诉状》副本及开庭传票，本案案号为（ ...

重庆啤酒1月15日公告，公司参股公司重庆嘉威已向重庆市大渡口区人民法院申请撤回起诉，法院已裁 定准予撤诉。撤诉系履行此前在重庆市高级人民法院调解下签订的《调解协议》，重庆嘉威应于协议生 效后15日内撤回诉讼。该诉讼进展不会对公司本期及期后利润产生重大不利影响。 ...

Investment Rating - The report rates the beer industry as "Buy" [1] Core Insights - The beer industry is entering a new normal characterized by stock competition, with structural opportunities arising from category and channel changes. The demand for beer in China has been gradually declining in 2023, and it is expected to follow a long-term downward trend similar to overseas experiences. The average selling price (ASP) of leading companies is projected to increase by only 0.4% in 2024 due to weaker-than-expected demand recovery and inflation decline [4][7] - The rise of craft beer represents a significant opportunity for the industry, with leading companies likely to benefit from this trend. The penetration rate of craft beer in China is estimated to be around 3%, which is still significantly lower than the 5-15% levels seen in developed countries [4][20] - New retail channels are rapidly growing, driven by consumer demands for convenience, rationality, and differentiation. The estimated sales of beer through new retail channels are around 30 billion yuan, with a penetration rate of approximately 6% and an annual growth rate of about 20% [4][61] Summary by Sections 1. Industry New Phase: Stock Era, Channel Change, Craft Beer Rise - The beer industry in China is experiencing a new normal with both volume and price entering a downward trend. The production volume is expected to decline by 0.4% in 2023 and 1.0% in 2024 [7][4] - The concentration of leading companies is expected to decrease slightly, with the CR5 ratio projected to drop by 3.5 percentage points to around 74.8% in 2024 [14][4] 2. Category Change: Demand Shift Creates Opportunities, Large Companies to Benefit - The demand for beer in China is at a turning point, with potential for big single product opportunities. The younger generation is becoming the main consumer group, leading to a shift in drinking culture towards personal preference [23][24] - The craft beer market is expected to grow significantly, with an estimated annual growth rate in sales exceeding double digits. The penetration rate of craft beer is projected to reach around 3% by 2025 [29][30] 3. Channel Change: Demand Stock Competition, Impact on Structure Manageable - The structure of beer distribution channels is changing, with a decline in traditional on-premise sales and an increase in new retail channels. The new retail channel is expected to account for about 6% of total beer sales, with significant growth in instant retail and membership warehouse stores [56][61] - The rapid growth of new retail channels is driven by improved logistics efficiency and changing consumer preferences for convenience and differentiated products [57][61]

Market Overview - The non-liquor sector increased by 0.7% compared to the previous trading day, with CITIC Niyah leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Stock Performance - CITIC Niyah (600084) closed at 5.50, with a rise of 3.58% and a trading volume of 88,100 shares, amounting to a transaction value of 47.58 million yuan [1] - Other notable performers include: - Huichuan Beer (600573) at 12.14, up 1.76% with a transaction value of 138 million yuan [1] - Bailun Co. (002568) at 22.40, up 1.63% with a transaction value of 212 million yuan [1] - Guo Yue Longshan (600059) at 9.40, up 1.08% with a transaction value of 114 million yuan [1] Capital Flow - The non-liquor sector experienced a net outflow of 5.53 million yuan from institutional investors, while retail investors saw a net inflow of 48.56 million yuan [2] - The capital flow for specific stocks shows: - Guo Yue Longshan had a net inflow of 589.39 thousand yuan from retail investors [3] - Chongqing Beer (600132) had a net outflow of 581.71 thousand yuan from institutional investors [3] - ST Xifa (000752) saw a significant net outflow of 319.82 thousand yuan from institutional investors [3]

Core Insights - On January 8, 2023, brokerage firms provided target prices for listed companies, with notable increases for GCL-Poly Energy, Haiguang Information, and China Pacific Insurance, showing target price increases of 49.60%, 40.27%, and 29.61% respectively, across the photovoltaic equipment, semiconductor, and insurance industries [1][2]. Group 1: Target Price Increases - GCL-Poly Energy (688390) received a target price of 111.00 yuan, reflecting a 49.60% increase from the latest closing price [2]. - Haiguang Information (688041) has a target price of 339.00 yuan, indicating a 40.27% increase [2]. - China Pacific Insurance (601601) has a target price of 60.85 yuan, showing a 29.61% increase [2]. Group 2: Brokerage Recommendations - On January 8, 30 listed companies received brokerage recommendations, with Jinggong Steel Structure, Helen Zhe, and China Chemical each receiving one recommendation [2]. - One company, Allwinner Technology (300458), had its rating upgraded from "Hold" to "Buy" by Zhongyou Securities [3]. Group 3: Rating Downgrades - Two companies experienced rating downgrades: Haixia Co. (002320) was downgraded from "Buy" to "Hold" by Tianfeng Securities, and Sanhua Intelligent Control (002050) was downgraded from "Buy" to "Hold" by Northeast Securities [4]. Group 4: First-Time Coverage - Seven companies received first-time coverage on January 8, including Jieli Rigging (002342) rated "Hold" by Northeast Securities, and Shenchi Electromechanical (603109) rated "Buy" by CITIC Securities [5]. - Other companies receiving first-time ratings include Chenguang Co. (603899) with a "Recommended" rating, and Jinhua New Materials (920015) with a "Hold" rating [5].

Core Viewpoint - The long-standing dispute between Chongqing Beer and its affiliate Chongqing Jiawei Beer has reached a resolution through a mediation agreement, halting ongoing litigation and establishing a three-year transitional cooperation period [1][3][29] Financial Summary - Chongqing Beer will make a one-time payment of 100 million yuan (excluding tax) to Jiawei to settle all disputes related to "volume-price difference settlement" before December 31, 2025 [3][5] - The payment will not impose significant financial pressure on Chongqing Beer, which had a cash balance of 2.46 billion yuan as of June 2025 [7] - The agreement is expected to increase Chongqing Beer's total profit by approximately 37.11 million yuan and net profit attributable to shareholders by about 19.08 million yuan for the year 2025 [5][16] Operational Summary - During the three-year transitional period, Chongqing Beer will purchase 142,600 hectoliters of beer annually from Jiawei at an average price of 4,000 yuan per hectoliter [5][20] - If Jiawei's annual sales fall short of the agreed volume, Chongqing Beer has the right to demand compensation based on the shortfall [5][20] - The agreement aims to stabilize Chongqing Beer's production capacity and supply chain, allowing the company to focus on high-end product development and market penetration [16][21] Strategic Summary - The mediation agreement allows Chongqing Beer to regain control over the "Shancheng" brand and Jiawei's production capacity after the contract expires in 2028 [17][20] - The resolution of disputes over brand usage rights and sales agreements is crucial for both companies as they navigate the competitive landscape of the beer industry [12][29] - The agreement does not address the ownership of the "Shancheng" trademark, leaving potential future conflicts unresolved [22][29] Industry Context - The Chinese beer industry has seen a decline in production volume from 50.62 million hectoliters in 2013 to 37.89 million hectoliters in 2023, despite an increase in revenue from 167.8 billion yuan to 203 billion yuan [12] - The shift towards premium products has become a key growth area, with Chongqing Beer successfully increasing its price per ton from 2,700 yuan in 2013 to 4,820 yuan in 2023 [13] - The ongoing competition in the industry highlights the challenges faced by brands like "Shancheng," which struggle to maintain profitability amid rising costs and changing consumer preferences [14][20]

长江商报消息●长江商报记者 沈右荣 1月5日晚，重庆啤酒披露，公司与参股公司重庆嘉威啤酒有限公司（以下简称"嘉威"）之间的合同纠 纷，在法院调解下，得以结案。公司方向嘉威一次性支付截至2025年底的全部量价差结算款1亿元（不 含税），并对2026年至2028年的产品包销方面的合作方式进行约定。 此次诉讼由嘉威啤酒在2023年发起，近年来，双方因包销协议的履行细节而产生争议。 重庆啤酒称，此次调解完成，公司拟将此前计提的预计负债2.54亿元冲回，拟计提一次性支付的量价差 结算款等负债约2.17亿元。此番会计处理，预计将增加2025年归母净利润1907.96万元。 近年来，重庆啤酒"卖不动"。2024年，公司销售费用25.13亿元，但当年的营业收入为146.45亿元，同比 下降1.15%。2025年前三季度，公司营业收入及归母净利润同比双降。 卸下历史包袱后，重庆啤酒该如何破局？ 多年包销纠纷达成和解 重庆啤酒的包销纠纷终于了结。 重庆啤酒（600132.SH）长达18年的包销纠纷终于经法院调解得以化解。 增长乏力归母净利连续下降 重庆啤酒业绩增长乏力，急需突围。 嘉威是重庆啤酒的参股公司，双方于2007年签署《 ...