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 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 ...

Core Insights - The tariff war initiated by the United States has negatively impacted consumer sentiment, leading to a decline in the financial performance of major beverage companies like Heineken, Pernod Ricard, and LVMH in Q1 of this year [1][13][14][15] - Domestic liquor companies have also reported a general downturn in performance, with significant declines in revenue across various segments including baijiu, beer, and wine [1][3][7][12] - However, recent industry data indicates a positive trend, with beer production showing a year-on-year increase in March, and the decline in baijiu production slowing down significantly [1][3] Industry Performance - In March, the production of baijiu reached 378,000 kiloliters, down 0.8% year-on-year, a significant improvement from the previous two months' decline of 11.2%. The cumulative production for the first three months was 1,032,000 kiloliters, down 7.3% [3] - Beer production for March was 3,128,000 kiloliters, reflecting a growth of 1.9%, with a cumulative production of 8,541,000 kiloliters for the first three months, down 2.2% year-on-year [3] - The wine sector saw a significant decline, with March production at 9,000 kiloliters, down 25% year-on-year, and a cumulative production of 24,000 kiloliters for the first three months, also down 25% [3] Company Highlights - Chongqing Brewery and Wusu Brewery were the only beer companies to have two brands selected in the first batch of China's consumer brand list, highlighting their market presence [2] - Heineken reported a Q1 revenue of €7.784 billion, a decrease of 4.9% year-on-year, with a volume decline of 2.35% [14] - LVMH's wine and spirits division saw a 9% organic revenue decline in Q1, with the Asia region (excluding Japan) experiencing an 11% drop [15] - Pernod Ricard's Q1 net sales fell by 3% year-on-year, with declines across all major markets [13] - Huichuan Brewery reported a 5.44% increase in revenue for 2024, with a net profit growth of 33.58% [8] - Jinhui Wine achieved a 3.04% revenue growth in Q1 2025, with a net profit increase of 5.77% [9] - Zhangyu's revenue decreased by 25.26% in 2024, with a net profit decline of 42.68% [7] - Huarun Wine's revenue fell by 6.49% in 2024, with a significant net profit drop of 81.11% [11] - Tongtian Wine reported a 42.91% revenue decline in 2024, with a net loss of 347 million yuan [12]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to maintain high dividends, supporting the stock price despite short-term pressures and inventory reduction [4] - In 2024, the company's revenue was 14.645 billion yuan, a year-on-year decrease of 1.1%, with net profit attributable to the parent company at 1.115 billion yuan, down 16.6% year-on-year [4] - The forecast for net profit attributable to the parent company for 2025-2026 has been revised down to 1.194 billion yuan and 1.251 billion yuan, respectively, due to increased depreciation from the new factory in Foshan [4] - The macroeconomic recovery is expected to improve the restaurant sector, which could benefit the company [4] Financial Summary - The total market capitalization of the company is 27.344 billion yuan, with a current stock price of 56.50 yuan [1] - The company's revenue for 2023 was 14.815 billion yuan, with a projected revenue of 14.777 billion yuan for 2025, reflecting a slight increase [9] - The net profit margin for 2024 is projected to be 7.6%, down from 9.0% in 2023, indicating a decline in profitability [12] - The earnings per share (EPS) for 2025 is estimated at 2.47 yuan, with a price-to-earnings (P/E) ratio of 22.9 times [9][12] Sales and Market Dynamics - In 2024, the company's beer sales volume and price per ton decreased by 0.8% and 0.4% year-on-year, respectively, due to weak restaurant consumption and increased rainy weather [5] - The revenue from high-end, mainstream, and mass-market beers showed varied performance, with mass-market beer revenue increasing by 15.6% [5] - The company continues to experience fluctuations in mainstream product demand, leading to a shift in consumer preference towards lower-priced products [5] Profitability and Cost Structure - The company's net profit margin decreased by 1.41 percentage points year-on-year in 2024, primarily due to a decline in ton price [6] - The gross profit margin for 2024 is projected at 48.6%, slightly down from 49.1% in 2023 [9][12] - The company has maintained a trend of controlling costs despite a slight increase in expense ratios due to declining revenue [6][7]

Investment Rating - The report maintains a "Buy" investment rating for Chongqing Beer [4] Core Views - The company's performance in 2024 met expectations, although profit was under pressure due to litigation provisions impacting net income [2] - Revenue and net profit for 2024 were CNY 14.645 billion and CNY 1.115 billion, respectively, reflecting a year-on-year decline of 1.15% and 16.61% [2] - The company anticipates improvements in performance moving forward, particularly with the implementation of its "Big City 2.0" plan [10] Summary by Sections Financial Performance - In 2024, the gross margin was stable at 49%, while the net margin was 15%, showing a slight decline year-on-year [2] - The operating cash flow for 2024 was CNY 25.42 billion, down 18% year-on-year, while sales collections increased slightly by 0.2% [2] - Contract liabilities at the end of 2024 were CNY 1.78 billion, up CNY 168 million from the previous quarter [2] Product Performance - Revenue from international and local brands in 2024 was CNY 5.308 billion and CNY 8.862 billion, respectively, with year-on-year changes of +0.6% and -3.3% [3] - High-end products drove volume growth, with sales and average price changes of +1.37% and -4.28% year-on-year [3] - The company is focusing on enhancing brand awareness through various marketing strategies for its premium products [3] Market Strategy - The company is advancing its "Big City" plan, aiming to enhance terminal execution and optimize product mix [9] - Non-immediate consumption channels have shown growth, while the immediate consumption channel faced short-term pressure [9] - The company plans to continue expanding its presence in high-potential markets with selective launches of mid-to-high-end products [9] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are CNY 2.62, CNY 2.74, and CNY 2.87, respectively, with corresponding price-to-earnings (PE) ratios of 22, 21, and 20 [10][12]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to maintain high dividends, with a forecasted revenue of 14.777 billion yuan for 2025, reflecting a slight increase of 0.9% year-on-year. The net profit attributable to the parent company is projected to be 1.194 billion yuan, representing a year-on-year increase of 7.2% [4][9] - The company faced challenges in 2024, with a revenue decline of 1.1% year-on-year and a net profit decrease of 16.6% year-on-year. The fourth quarter of 2024 showed a revenue of 1.58 billion yuan, down 11.5% year-on-year, indicating a slight expansion of losses [4][5] - The company’s profit margins are under pressure due to a decrease in product prices, with the gross profit margin expected to be 48.8% in 2025, slightly recovering from 48.6% in 2024 [6][9] Financial Summary - The total revenue for 2024 is reported at 14.645 billion yuan, with a net profit of 1.115 billion yuan. The company’s gross margin is projected to be 48.8% in 2025, with a net margin of 8.1% [9][11] - The earnings per share (EPS) for 2025 is estimated at 2.47 yuan, with a price-to-earnings (P/E) ratio of 22.9 times [4][9] - The company’s cash flow remains strong, supporting its high dividend yield, which is expected to continue [7][9]