证券代码：600132 证券简称：重庆啤酒 公告编号：临 2024-019 重庆啤酒股份有限公司 关于 2024 年"提质增效重回报"行动方案的公告 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。 重庆啤酒股份有限公司（以下简称"公司"）响应国务院《加强监管防范风险推动资本 市场高质量发展的若干意见》和上海证券交易所《关于开展沪市公司"提质增效重回报" 专项行动的倡议》，特制定 2024 年"提质增效重回报"行动方案，共同推动上市公司高质 量发展和投资价值提升，保护投资者尤其是中小投资者合法权益，切实履行公司的责任和 义务。 一、 聚焦高质量发展之路，"驱动创新，嘉速增长" 5．"资"援征程：加速提升供应链效率。 公司将继续以"国际高端品牌+本地强势品牌"的品牌组合为依托，推进产品高端化， 推动销售模式的持续革新，推动"扬帆 27"和"嘉速扬帆"战略重点项目的精耕和拓展。 2024 年，公司将重点开展以下工作： （一）品牌。本地啤酒品牌将继续深化本地连接，打造本地特色和持续焕新品牌，并 且通过丰富产品组合，持续推动高端化 ...

Summary of the Conference Call for Chongqing Beer Company Overview - **Company**: Chongqing Beer - **Date of Call**: June 26, 2024 Key Points Industry and Market Conditions - The overall sales and structure in Q2 showed a declining trend compared to Q1, influenced by weak recovery in the consumption sector, particularly in dining and entertainment channels [1] - Adverse weather conditions, especially heavy rainfall in southern regions like Shanghai and Chongqing, negatively impacted beer consumption [1] - Regions less affected by weather, such as Yunnan and Xinjiang, experienced growth due to tourism [1] Sales Performance - Despite challenges, Chongqing Beer managed to maintain some sales growth in Q2, although it was below expectations [1] - The premium price segment (above 12 RMB) faced significant sales pressure, with brands like Wusu and 1664 showing declines [7] - The 8-10 RMB price range remained a strong growth area for the company, with brands like Lebao and Jiasiduo performing well [7] Product Strategy - The company is focusing on upgrading its product offerings, moving from lower-priced products to higher-end options, which is seen as a long-term strategy [10][11] - The introduction of the 1986 Green Wusu product, which increased its price point, is part of this strategy, leading to a decrease in lower-priced beer sales [12] - The Chongqing brand has a diverse price range from 6 to 14 RMB, with the 6 RMB product being the best seller [17] National Expansion Plans - Chongqing Beer is planning a national expansion strategy, leveraging its association with Chongqing hotpot to enhance brand recognition [19] - The initial focus will be on placing products in hotpot restaurants and gradually expanding to other dining venues [19] Digital Transformation - The company has been investing in digitalization since 2021, implementing ERP systems and utilizing AI tools to gather consumer feedback [29][31] - A one-code-per-product strategy has been introduced to enhance consumer interaction and data collection [29] Financial Outlook - The company anticipates that overall costs will remain stable or slightly increase due to depreciation from the new Foshan factory, which began operations in Q2 [38] - Sales expenses are expected to be in line with previous years, with a focus on leveraging marketing efforts to drive sales momentum into Q3 [39] Challenges and Opportunities - The beer industry is facing challenges from a decline in low-end sales, attributed to economic conditions affecting consumer spending [8] - However, there are opportunities for growth in mid to high-end products, particularly in urban markets [47] Product Innovations - New products like Wusu White Beer and Chongqing White Beer are in the growth phase, with positive feedback reported [55] - The company is also exploring new packaging formats and marketing strategies to attract younger consumers [56] Conclusion - Chongqing Beer is navigating a challenging market environment with a focus on premiumization, digital transformation, and strategic national expansion. The company remains optimistic about growth opportunities despite current economic pressures and weather-related challenges.

Summary of Conference Call for Chongqing Beer Industry Overview - The beer industry is experiencing a challenging second quarter, with sales and structural trends showing a decline compared to the first quarter. [1] - Consumer demand, particularly in dining and entertainment channels, has not shown significant recovery. [1] - Weather conditions, especially heavy rainfall in southern regions like Shanghai, Changsha, and Chongqing, have negatively impacted beer consumption. [1] - Regions less affected by weather, such as Yunnan and Xinjiang, are experiencing growth due to tourism. [1] Company Performance - Despite the overall decline, Chongqing Beer is expected to maintain some sales growth in the second quarter, albeit lower than initial expectations. [1] - The company has made strategic marketing plans around major sports events like the UEFA Euro and the Olympics, but the impact on sales has been limited. [2][3] - The company has identified that traditional sports events do not significantly contribute to annual beer sales. [3] Product Insights - Higher-priced products (above 12 RMB) are facing sales pressure, with brands like Wusu and 1664 being notably affected. [5][6] - The 8 to 10 RMB price range remains the main growth driver for the company, with brands like Lebao and Jia Shi Duo performing well. [6] - There is a continuing trend of upgrading from low-end to mid-high-end products in second and third-tier cities. [6] Market Dynamics - The low-end beer segment has seen a decline, attributed to the downturn in the real estate sector affecting demand for "construction site beer." [7] - However, products priced below 6 RMB have shown slight growth, indicating a potential market opportunity. [7] - The company is focusing on high-end product strategies, emphasizing price band improvements rather than just selling more expensive products. [8] Brand Development - The company is actively upgrading its product lines, such as the introduction of the 1986 Green Wusu, which has seen a price increase and a shift in consumer preference. [9][10] - The Chongqing brand is being positioned for national expansion, leveraging its association with local cuisine, particularly Chongqing hot pot. [15] - The company plans to increase its presence in competitive markets by aligning with local dining establishments. [15] Financial Outlook - The company anticipates a stable cost structure for the year, with slight increases due to depreciation from new facilities. [33] - Sales expenses are expected to remain flat, with a more significant investment in marketing during the second quarter to drive future sales. [34] - The company is also focusing on digital transformation, implementing ERP systems and AI tools to enhance consumer engagement and operational efficiency. [25][27] Challenges and Opportunities - The overall consumer sentiment remains cautious, with economic conditions affecting spending habits. [54] - The company is exploring new product categories and marketing strategies to adapt to changing consumer preferences. [49][50] - There is a focus on expanding into new channels and enhancing brand recognition through local partnerships and targeted marketing efforts. [52] Conclusion - Chongqing Beer is navigating a challenging market environment with strategic initiatives aimed at product upgrades, brand expansion, and digital transformation. The company remains optimistic about maintaining growth despite external pressures. [1][15][25]

Investment Rating - The investment rating for Chongqing Beer is "Outperform the Market" (maintained) [2][4] Core Views - Chongqing Beer has made adjustments in product mix, channel strategy, and market expansion in response to the changing consumption environment, enhancing operational resilience. The company had a strong start in Q1 2024, and while the rainy weather in the south may impact sales in Q2, the effect is expected to be limited. The third quarter is anticipated to see increased sales due to rising temperatures and major sports events, making it likely that the company will achieve its annual targets [2][3][4]. Summary by Sections Product Strategy - The company is focusing on its product mix, with brands like Wusu, Lebao, and Carlsberg showing resilience. In 2024, Chongqing Beer plans to leverage its strong product portfolio to expand its market presence and enhance brand promotion, particularly in the 8-12 yuan segment. The adjustments in the product mix are aimed at better adapting to current consumer trends [3]. Channel Development - The company is placing greater emphasis on non-drink channels due to the slow recovery of dining and nightlife sectors. Targeted marketing strategies for non-drink scenarios are expected to accelerate growth in this area. Although the number of new large cities targeted has decreased, the focus will shift to quality management and resource allocation in existing large cities [3]. Financial Performance - For 2024-2025, Chongqing Beer is projected to achieve operating revenues of 156.3 billion yuan and 165.4 billion yuan, representing year-on-year growth of 5.5% and 5.8%, respectively. The net profit attributable to the parent company is expected to be 14.6 billion yuan and 15.9 billion yuan, with growth rates of 8.9% and 9.5% [2][4].

重要内容提示： 每股分配比例 A 股每股现金红利 2.80 元 相关日期 证券代码：600132 证券简称：重庆啤酒 公告编号：2024-018 重庆啤酒股份有限公司 2023 年年度权益分派实施公告 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。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/18 | － | 2024/6/19 | 2024/6/19 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 31 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 483,971,19 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：2024-017 重庆啤酒股份有限公司 2023 年年度股东大会决议公告 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 (一)股东大会召开的时间：2024 年 5 月 31 日 (二)股东大会召开的地点：北京市东城区钱粮胡同 38 号（隆福寺园区 19 号楼） 京 A Taproom·精酿餐吧（隆福寺店） (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 | 135 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 341,041,828 | | 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（%） | 70.4673 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议召集人为公司第十届董事会，会议以现场记名投票和网络投票相结合的 方式进行表决； ...

2023 年年度股东大会的 法律意见书 二〇二四年五月 重庆市江北区金融街 3 号 D 座中国人保寿险大厦 5-1 层 A 单元 邮编：400023 5-1A, Tower D, PICC Life Insurance Tower, 3 Financial Street, Jiangbei District, Chongqing 400023, P.R. China 电话/Tel : +86 23 8879 8388 传真/Fax : +86 23 8879 8300 www.zhonglun.com 北京市中伦（重庆）律师事务所 关于重庆啤酒股份有限公司 北京市中伦（重庆）律师事务所 关于重庆啤酒股份有限公司 2023 年年度股东大会的 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 2023 年年度股东大会（以下 简称"本次股东大会"），并就贵公司本次股东大会的召集和召开程序、召集人资 格、出席会议人员资格、本次股东大会的表决程序、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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights steady growth in sales and a positive trend in profitability due to declining costs [4][5] - The company achieved total revenue of 4.293 billion yuan in Q1 2024, representing a year-on-year increase of 7.2%, with a net profit of 452 million yuan, up 16.8% year-on-year [5] - The report anticipates earnings per share (EPS) for 2024-2026 to be 3.02, 3.30, and 3.55 yuan respectively, with a target price range of 66.44 to 81.54 yuan based on a price-to-earnings (PE) ratio of 22-27 times [5] Summary by Sections Financial Performance - In Q1 2024, the company reported beer revenue of 4.178 billion yuan, a 6.6% increase year-on-year, with total sales volume and average price rising by 5.2% and 1.3% respectively [5] - The gross profit margin improved to 47.9%, up 2.74 percentage points year-on-year, driven by a decrease in average costs [5] - The net profit margin increased to 20.94%, reflecting a 1.60 percentage point improvement year-on-year [5] Revenue Breakdown - Revenue from high-end, mainstream, and economy beer segments grew by 8.3%, 3.6%, and 12.4% respectively in Q1 2024 [5] - The company added 199 new distributors while reducing 299, ending the quarter with 2,969 distributors [5] Future Projections - The company expects revenue growth of 5.5% in 2023, with projected revenues of 14.815 billion yuan, 15.614 billion yuan, and 16.533 billion yuan for 2024, 2025, and 2026 respectively [6][9] - The forecasted net profit for 2024 is 1.462 billion yuan, with a year-on-year growth rate of 9.3% [9] Valuation Metrics - The report provides a comparative valuation table, indicating that the average PE ratio for comparable companies is 28.65 for 2023 and 23.42 for 2024 [8]

二零二三年年度股东大会 会议资料 二零二四年五月三十一日 重庆啤酒股份有限公司 股东大会会议须知 尊敬的股东及股东代表： 您好！ 欢迎参加重庆啤酒股份有限公司 2023 年年度股东大会。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、召开股东大会的各项工作。 二、股东参加股东大会依法享有发言权、质询权、表决权等权利。股东参加股东大 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。本次股东大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：2024 年 5 月 31 日（星期五）下午 14:00； 网络投票时间为：2024 年 5 月 31 日（星期五）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 ...

Investment Rating - The investment rating for Chongqing Beer is "Buy" and is maintained [7][13]. Core Views - The report highlights a steady growth in sales and significant improvement in costs for Chongqing Beer in Q1 2024, with total revenue reaching 4.293 billion yuan, an increase of 7.16%, and net profit attributable to shareholders at 0.452 billion yuan, up 16.78% [2][6]. Summary by Relevant Sections Financial Performance - In Q1 2024, Chongqing Beer reported total revenue of 4.293 billion yuan, reflecting a year-on-year growth of 7.16%. The net profit attributable to shareholders was 0.452 billion yuan, marking a 16.78% increase, while the net profit excluding non-recurring items was 0.446 billion yuan, up 16.91% [2][6]. Sales and Pricing - The sales volume for Q1 2024 was 866,800 tons, representing a year-on-year increase of 5.25%. The average price per ton increased by 1.3%, with revenue growth in high-end, mainstream, and economy segments at 8.3%, 3.6%, and 12.4% respectively. The growth in the economy segment was primarily driven by internal structural upgrades and price increases [6]. Cost Structure - The report indicates a significant improvement in cost structure, with the cost per ton decreasing by approximately 3.27% year-on-year in Q1 2024. This improvement is attributed to lower procurement prices for raw materials such as barley and packaging, alongside increased production capacity utilization due to sales growth [6]. Profitability - The gross margin for Q1 2024 improved by 2.74 percentage points to 47.9%. The net profit margin also increased by 0.87 percentage points to 10.53%, indicating enhanced profitability [6]. Strategic Adjustments - Chongqing Beer is actively adjusting its sales expense strategy to align with market trends, particularly focusing on the growth of mid-range alcoholic beverages. The company aims to deepen its market presence in major cities and expects continued profit growth alongside a high dividend policy [6]. Earnings Forecast - The report projects earnings per share (EPS) for Chongqing Beer at 3.01, 3.29, and 3.53 yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 25X, 22X, and 21X [6].