Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights that the liquor industry is gradually releasing pressure from distribution channels, indicating a potential for future growth. It suggests focusing on three main lines: leading brands, high-certainty regional liquors, and elastic stocks benefiting from recovery and increased risk appetite [1][2]. - The snack sector shows significant growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance. The report emphasizes the importance of channel leadership and growth potential in selecting stocks [3][6]. Summary by Sections Liquor Industry - The report notes that the liquor industry is experiencing a deep adjustment, shifting from scale growth to high-quality development. It emphasizes the importance of brand strength and strategic initiatives to capture new consumer trends [2]. - The expected revenue for Zhenjiu Lidong in H1 2025 is projected to be between 2.4 billion to 2.55 billion yuan, reflecting a year-on-year decline of 38.3% to 41.9% due to economic uncertainties and policy impacts [2]. Beer and Beverage Sector - The beer segment shows promising results, with Huiquan Brewery reporting a revenue of 351 million yuan in H1 2025, a year-on-year increase of 1.03%, and a net profit of 40 million yuan, up 25.52% [3]. - Unified Enterprises China achieved a revenue of 17.087 billion yuan in H1 2025, representing a 10.6% year-on-year growth, with a net profit of 1.287 billion yuan, up 33.2% [3]. Snack Sector - The snack sector is highlighted for its recovery in stock prices, with expectations for continued high growth due to new product launches and channel transformations. The report notes a narrowing decline in raw milk prices, which may positively impact the dairy segment [6].

费用控制 公司在费用控制方面表现出色，销售费用、管理费用、财务费用总计为2902.06万元，三费占营收比为 8.26%，同比减少了20.82%。这表明公司在控制成本方面取得了显著成效。 近期惠泉啤酒(600573)发布2025年中报，证券之星财报模型分析如下： 经营概况 惠泉啤酒(600573)于2025年发布了中期报告。报告显示，截至本报告期末，公司营业总收入为3.51亿 元，同比上升1.03%；归母净利润为3957.17万元，同比上升25.52%；扣非净利润为3840.02万元，同比 上升43.2%。按单季度数据看，第二季度营业总收入为2.1亿元，同比上升1.49%；第二季度归母净利润 为3325.47万元，同比上升25.86%；第二季度扣非净利润为3229.58万元，同比上升48.76%。 盈利能力分析 本报告期惠泉啤酒的盈利能力显著提升，毛利率为35.04%，同比增加了4.39%；净利率为11.22%，同比 增加了23.94%。这表明公司在主营业务上的盈利能力有所增强。 现金流分析 经营活动产生的现金流量净额为正，但每股经营性现金流为0.49元，同比减少10.00%。投资活动产生的 现金流量净额变动幅 ...

Summary of Key Points Core Viewpoint - The 2024 A-share Secretary Data Report indicates that the total salary of secretaries in A-share listed companies reached 4.086 billion yuan, with an average annual salary of 700,000 yuan, highlighting the significant role of secretaries in connecting investors and listed companies [1]. Group 1: Salary Overview - The total salary for secretaries in the low-alcohol beverage industry amounted to 10.5195 million yuan, with an average salary of 657,500 yuan, which is below the market average [1]. - In the low-alcohol beverage sector, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [2]. Group 2: Age and Education - Among the secretaries in the low-alcohol beverage industry, 56% are aged 50 and above, while 31% are aged between 40 and 50, and only 2 are aged between 30 and 40 [2]. - The majority of secretaries in this industry hold a bachelor's degree, accounting for 75%, while only 25% have a master's degree [2]. Group 3: Individual Salary Highlights - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3]. - The lowest-paid secretary is from Mogao Co., earning only 140,000 yuan, with the second lowest being *ST Lanhua at 293,300 yuan [3]. - Five companies reported an increase in secretary salaries, with Yanjing Beer’s secretary seeing the highest increase of 244,300 yuan [3].

Summary of Key Points Core Viewpoint - The 2024 A-share Secretary Data Report indicates that the total salary of secretaries in A-share listed companies reached 4.086 billion yuan, with an average annual salary of 700,000 yuan, highlighting the significant role of secretaries in connecting investors and listed companies [1]. Salary Distribution - In the low-alcohol beverage industry, the total salary for secretaries across 16 listed companies was 10.5195 million yuan, with an average salary of 657,500 yuan, which is below the market average [1]. - The majority of secretaries in the low-alcohol beverage sector earn between 500,000 yuan and 1 million yuan, accounting for 56% of the total [2]. Age and Education - Among the secretaries in the low-alcohol beverage industry, 56% are aged 50 and above, while 31% are aged between 40 and 50, and only 13% are aged between 30 and 40 [2]. - The educational background of secretaries shows that 75% hold a bachelor's degree, while only 25% have a master's degree [2]. Individual Salary Highlights - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3]. - The lowest-paid secretary is from Mogaogongsi, earning only 140,000 yuan, followed by ST Lanhua at 293,300 yuan [3]. Salary Changes - Among the secretaries, five experienced salary increases, with the highest increase being 244,300 yuan for Yanjing Beer [3]. - Conversely, five secretaries saw salary reductions, with the largest decrease being 252,400 yuan for Zhangyu A [3].

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The low-alcohol beverage industry has 16 listed companies with a total secretary salary of 10.5195 million yuan, averaging 657,500 yuan, which is below the market average [1] Salary Distribution - In the low-alcohol beverage sector, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [3] - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3] - The lowest salary recorded is 140,000 yuan from Mogao Co., followed by 293,300 yuan from *ST Lanhua [3] Salary Changes - Among the companies, five secretaries saw salary increases, with the highest increase of 244,300 yuan for Yanjing Beer’s secretary [3] - Conversely, five secretaries experienced salary reductions, with the largest decrease being 252,400 yuan for Zhangyu A’s secretary [3] Demographics - The majority of secretaries in the low-alcohol beverage industry are aged 50 and above, accounting for 56%, while those aged 40-50 make up 31%, and only 2 are aged 30-40 [1] - Educationally, 75% of secretaries hold a bachelor's degree, while 25% have a master's degree [1]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The low-alcohol beverage industry has 16 listed companies with a total secretary salary of 10.5195 million yuan, averaging 657,500 yuan, which is below the market average [1] Salary Distribution - In the low-alcohol beverage sector, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [3] - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3] - The lowest salary recorded is 140,000 yuan from Mogao Co., followed by 293,300 yuan from *ST Lanhua [3] Salary Changes - Among the companies, five secretaries saw salary increases, with Yanjing Beer’s secretary having the highest increase of 244,300 yuan [3] - Conversely, five secretaries experienced salary reductions, with Zhangyu A's secretary facing the largest decrease of 252,400 yuan [3] Demographics - The majority of secretaries in the low-alcohol beverage industry are aged 50 and above, accounting for 56%, while those aged 40 to 50 make up 31% [1] - Educationally, 75% of secretaries hold a bachelor's degree, while only 25% have a master's degree [1]

证券代码：600573 证券简称：惠泉啤酒 公告编号：2025-016 福建省燕京惠泉啤酒股份有限公司 第九届董事会第十六次会议决议公告 公司 2025 年半年度报告已经公司董事会审计委员会审议通过，并同 意提交董事会审议。 2．审议通过《关于修订部分治理制度的议案》。 该项议案表决情况：同意 9 票，反对 0 票，弃权 0 票。 详见公司 2025 年 8 月 8 日披露的《关于修订部分治理制度的公告》。 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。 一、董事会会议召开情况： 福建省燕京惠泉啤酒股份有限公司（以下简称"公司"）第九届董 事会第十六次会议通知于 2025 年 7 月 27 日以传真、电子邮件等方式传 达至各董事，会议于 2025 年 8 月 6 日以通讯表决方式召开。本次会议应 到董事 9 人，实到 9 人，董事刘翔宇、王岳、陈济庭、茹晓明、孙宝明、 陈福存、陈及、肖珉、袁吉锋亲自出席会议并参加表决。会议召集、召 开程序符合《公司法》、《公司章程》的有关规定。 二、董事会会议审议情况： 1．审议通过《公 ...

人民财讯8月7日电，惠泉啤酒（600573）8月7日晚间披露2025年半年度报告，公司上半年实现营业收入 3.51亿元，同比增长1.03%；归母净利润3957.17万元，同比增长25.52%；基本每股收益0.158元。 ...

证券代码：600573 证券简称：惠泉啤酒 公告编号： 2025-018 福建省燕京惠泉啤酒股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 08 月 08 日（星期五）至 08 月 14 日（星期 四）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 过公司邮箱 hq600573@163.com 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。 福建省燕京惠泉啤酒股份有限公司（以下简称"公司"）已于 2025 年 8 月 8 日发布公司 2025 年半年度报告，为便于广大投资者更全面深 入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 08 月 15 日（星期五）15:00-16:00 举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 ...

证券代码：600573 证券简称：惠泉啤酒 公告编号： 2025-016 1．审议通过《公司 2025 年半年度报告》全文及摘要； 详见上海证券交易所网站：www.sse.com.cn 该项议案表决情况：同意 9 票，反对 0 票，弃权 0 票。 公司 2025 年半年度报告已经公司董事会审计委员会审议通过，并 同意提交董事会审议。 2．审议通过《关于修订部分治理制度的议案》。 该项议案表决情况：同意 9 票，反对 0 票，弃权 0 票。 福建省燕京惠泉啤酒股份有限公司 第九届董事会第十六次会议决议公告 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。 一、董事会会议召开情况： 福建省燕京惠泉啤酒股份有限公司（以下简称"公司"）第九届董 事会第十六次会议通知于 2025 年 7 月 27 日以传真、电子邮件等方式传 达至各董事，会议于 2025 年 8 月 6 日以通讯表决方式召开。本次会议 应到董事 9 人，实到 9 人，董事刘翔宇、王岳、陈济庭、茹晓明、孙宝 明、陈福存、陈及、肖珉、袁吉锋亲自出席会议并参加表决。会议召 ...