Core Viewpoint - The Chinese beer industry faces significant challenges in 2024, with a notable decline in sales and a shift in consumer behavior impacting revenue and profit margins [1][4][5]. Revenue and Profit Summary - In 2024, seven listed beer companies achieved a total revenue of approximately 152.13 billion yuan and a net profit of about 17.44 billion yuan [1]. - The revenue distribution among these companies shows three main tiers: over 30 billion yuan, between 10 billion and 30 billion yuan, and below 10 billion yuan [1]. - Budweiser APAC leads with a revenue of 62.46 billion yuan, followed by China Resources Beer and Tsingtao Brewery with revenues of 38.64 billion yuan and 32.14 billion yuan, respectively [1]. Performance Disparity - 57% of the beer companies experienced a decline in sales volume, attributed to a decrease in on-the-go consumption and high-end product sales [1][4]. - Among the seven companies, four reported a decrease in revenue, with Budweiser APAC, China Resources Beer, Tsingtao Brewery, and Chongqing Beer showing declines of 8.9%, 0.76%, 5.3%, and 1.15%, respectively [2][3]. - Conversely, Yanjing Beer, Zhujiang Beer, and Huichuan Beer saw revenue increases of 3.2%, 6.56%, and 5.44%, respectively [2]. Market Challenges - The decline in on-the-go consumption channels, such as restaurants and bars, has significantly impacted beer sales [4][5]. - The average per capita consumption in the restaurant sector dropped to 39.8 yuan, a decrease of 6.6% year-on-year, with the beverage segment experiencing the most significant decline [4]. - High-end product sales are also under pressure, with Budweiser APAC's market share in the high-end segment falling from approximately 50% to 42% [5]. Strategic Shifts - Beer companies are shifting focus from traditional on-premise sales to new consumption scenarios, particularly instant retail, which is gaining traction [6][7]. - Instant retail for beer has seen significant growth, with a reported 83% increase in market size from 2020 to 2022 [6]. - Companies like China Resources Snow Beer and Tsingtao Brewery are exploring customized products and services to meet evolving consumer demands [6]. Future Trends - The competition in the beer industry is transitioning from channel acquisition to the exploration of consumer scenarios, especially in the high-end segment [7]. - The future development of the beer market is expected to focus on technology-driven high-end products and the capture of instant consumption scenarios [7].

特此公告！ 福建省燕京惠泉啤酒股份有限公司 二〇二五年五月八日 福建省燕京惠泉啤酒股份有限公司 关于参加 2025 年福建辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，福建省燕京惠泉啤酒股份有 限公司（以下简称"公司"）将参加由福建证监局指导，福建省上市 公司协会主办与深圳市全景网络有限公司联合举办的"2025 年福建 辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载全 景路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 14 日（周 三）15:30-17:00。届时公司高管将在线就公司 2024 年度业绩、公司 治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投 资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与！ 证券代码：600573 证券简称：惠泉啤酒 公告编号：2025-010 ...

Industry Overview - The total production of the industry remains the highest globally in 2024, but the consumption side shows a trend of "stable quantity and improved quality" [1] - The five major groups, including China Resources, Qingdao, Budweiser, Yanjing, and Carlsberg, occupy over 70% of the market share, creating a monopolistic competition landscape [1] - Regional beer brands face increasing pressure from these giants, leading to a further contraction of their survival space [1] Company Performance - Huichuan Beer reported an operating revenue of approximately 647 million yuan in 2024, reflecting a year-on-year growth of about 5.44% [2][3] - The net profit attributable to shareholders was around 64.83 million yuan, showing a significant year-on-year increase of approximately 33.58% [2][3] - Interest income and investment income accounted for a substantial 57% of the total profit, indicating a reliance on non-core business activities for profitability [4][5] Financial Data - The net profit growth was primarily driven by non-beer business activities, as the core beer business struggled to contribute significantly to profits [2][4] - Operating cash flow from operating activities increased by 76.63% year-on-year, reaching approximately 132.64 million yuan [3] - The total assets of Huichuan Beer grew by 12.56% year-on-year, amounting to approximately 1.68 billion yuan [3] Market Challenges - Despite a 30.61% increase in revenue from mid-to-high-end products, the low-end market saw a decline, with ordinary product revenue dropping by about 21.05% [6] - Sales expenses exceeded the net profit from the beer business, indicating high costs associated with promoting mid-to-high-end products [6][7] - The company has faced intense competition from major players since 2012, leading to a decline in market share and revenue [8][10] Historical Context - Huichuan Beer has a long history dating back to 1938, transitioning from traditional liquor production to beer in the 1980s [8] - The company was listed on the Shanghai Stock Exchange in 2003 and has undergone several expansions to reach a production capacity of 800,000 tons [8] - Despite recent revenue growth, the company's 2024 revenue of approximately 647 million yuan is still lower than the 690 million yuan reported in 2012, indicating a long-term decline [10]

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]

Group 1 - Guyue Longshan has halted online sales of four products to standardize market prices and encourage distributors, aiming to promote high-end products globally [1] - The decision reflects the company's emphasis on brand value and market order, potentially prompting a reevaluation of pricing strategies within the industry [1] - This move may boost distributor confidence in the short term and enhance the overall image and competitiveness of the yellow wine industry in the long run [1] Group 2 - Huiquan Brewery reported a 23.72% year-on-year increase in net profit for Q1 2025, with total beer sales reaching 50,000 kiloliters, a 1.07% increase [2] - The company achieved an operating income of 141 million yuan, up 0.35%, and a total profit of 8.81 million yuan, reflecting strong growth in key operational metrics [2] - Huiquan Brewery's solid performance sets a positive foundation for achieving its annual business goals and may enhance investor confidence [2] Group 3 - Moutai has successfully recruited over 400 master's and doctoral talents as part of its "talent-driven enterprise" strategy, enhancing its professional and market-oriented workforce [3] - The company has established a comprehensive mechanism for talent acquisition and retention, covering five major job categories and 30 sequences [3] - This strategic initiative is expected to strengthen Moutai's core competitiveness and innovation capabilities, providing long-term growth momentum [3] Group 4 - Shede Liquor has launched a shareholder return activity to establish a long-term and diverse mechanism for shareholder rewards, enhancing investor understanding of the company's intrinsic value [4] - The event, running from April 23 to May 15, includes products such as commemorative liquor for the shareholders' meeting and spring brewing ceremony [4] - This initiative aims to strengthen the connection between shareholders and the company, potentially boosting brand value and investor confidence in the market [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600573 证券简称：惠泉啤酒 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 2025年1-3月，中国规模以上企业累计啤酒产量854.1万千升，同比下降2.2%（数据来源：国家统计 局）。报告期内，公司积极应对环境变化，紧盯高质量发展目标，深化企业战略发展布局，落实"固根 基、拓空间、笃信念、强执行"经营策略，促进企业经营质效全面提升。报告期内，公司共计完成啤酒 销量50,935.26千升，同比增长1.07%；实 ...

Sales Performance - In Q1 2025, the company achieved beer sales of 50,935.26 thousand liters, a year-on-year increase of 1.07%[2] - The sales revenue from mid-to-high-end products was 95,482,599.33 RMB, showing a year-on-year increase of 0.92%[8] Financial Performance - The company's operating revenue for the same period was 141,310,187.56 RMB, reflecting a growth of 0.35% compared to the previous year[3] - The total profit reached 880.89 thousand RMB, marking a significant increase of 38.42% year-on-year[2] - Net profit attributable to shareholders was 6,316,959.72 RMB, up 23.72% from the same period last year[3] - The basic earnings per share increased by 25.00% to 0.025 RMB per share[5] - Total operating revenue for Q1 2025 was ¥141,310,187.56, a slight increase from ¥140,815,912.10 in Q1 2024, representing a growth of approximately 0.35%[21] - Net profit for Q1 2025 was ¥6,103,296.39, up from ¥4,983,246.47 in Q1 2024, indicating an increase of approximately 22.5%[22] - The company’s total profit for Q1 2025 was ¥8,808,907.54, compared to ¥6,363,934.56 in Q1 2024, marking an increase of approximately 38.4%[22] Asset and Liability Management - The company's total assets at the end of the reporting period were 1,683,747,733.29 RMB, a slight increase of 0.16% from the end of the previous year[5] - The company's current assets totaled RMB 1,360,779,329.55, compared to RMB 1,353,401,583.81 at the end of 2024, indicating a growth of approximately 0.3%[17] - Total liabilities were RMB 370,599,618.21, slightly down from RMB 374,014,496.59 at the end of 2024[18] - The company's equity attributable to shareholders reached RMB 1,303,911,692.53, an increase from RMB 1,297,594,732.81[18] - The total current liabilities amounted to RMB 370,493,756.47, slightly down from RMB 373,908,634.85[18] Cash Flow and Investments - Cash flow from operating activities in Q1 2025 was ¥39,825,027.04, down from ¥54,038,792.45 in Q1 2024, a decline of about 26.3%[23] - Cash flow from investing activities showed a net outflow of ¥48,601,129.90 in Q1 2025, an improvement from a net outflow of ¥73,376,670.07 in Q1 2024[24] - The company received ¥153,000,000.00 from other investment-related cash in Q1 2025, significantly higher than ¥50,000,000.00 in Q1 2024[23] Operational Efficiency - The company continues to focus on high-quality development and strategic growth, aiming to enhance operational efficiency[2] - The number of distributors in Fujian province increased by 8, totaling 412, while the number of distributors outside Fujian decreased by 18, totaling 357[13] - The cash and cash equivalents were reported at RMB 1,247,461,020.88, a decrease from RMB 1,255,991,263.64 in the previous period[17] - The inventory decreased to RMB 61,333,255.42 from RMB 70,462,406.76, reflecting a decline of about 13%[17] - The accounts payable decreased to RMB 108,187,753.82 from RMB 111,920,290.43, showing a reduction of approximately 3.3%[18] - The company's retained earnings increased to RMB 415,747,793.70 from RMB 409,430,833.98, reflecting a growth of about 1.8%[18] - The short-term borrowings remained stable at RMB 82,000,000.00, unchanged from the previous period[18] - Total operating costs decreased to ¥133,868,443.93 in Q1 2025 from ¥134,825,120.52 in Q1 2024, a reduction of about 0.71%[21] - The company reported a decrease in sales expenses from ¥12,798,055.15 in Q1 2024 to ¥9,719,633.90 in Q1 2025, a reduction of about 24.4%[21]

惠泉啤酒（600573）公告，2025年第一季度公司共计完成啤酒销量5093.53万升，同比增长1.07%；实现 营业收入1.41亿元，同比增长0.35%；利润总额880.89万元，同比增长38.42%；归属于上市公司股东的 净利润631.7万元，同比增长23.72%。 ...

4月14日，LVMH集团发布2025财年第一季度（2025年1-3月）财报。报告显示，集团当季营收为203亿 欧元（约合人民币1685亿元），有机收入同比下滑3%，利润未进行披露。其中葡萄酒与烈酒板块营收 为13.05亿欧元（约合人民币108.37亿元），同比下滑8%，在扣除汇率等影响后，有机下滑幅度为9%。 惠泉啤酒2024年营收6.47亿 4月15日，惠泉啤酒（600573.SH）发布公告，2024年年度营业收入6.47亿元，同比增长5.44%；归属于 上市公司股东的净利润为6483.02万元，同比增长33.58%；基本每股收益为0.259元/股，同比增长 33.51%。 乌苏官宣范丞丞为品牌代言人 4月14日，乌苏啤酒官宣演员范丞丞为其全球品牌代言人，并启动相关周边活动，在天猫/淘宝/抖音旗 舰店进入范丞丞专区，既有机会获得"浓人周边"或"浓人见面会"门票等福利。 LVMH酒板块一季度营收下滑8% 银川市葡萄酒产业开工17个项目 4月15日紫色梦想网消息，目前，银川市葡萄酒产业已开（复工项目17个，计划开工项目13个，开工率 56.7%，开（复）工后完成投资9140万元。 西藏2024年啤酒产量近12万 ...

Core Insights - Huiquan Beer reported a slight increase in beer sales and a significant rise in net profit for the year 2024, indicating a positive financial performance despite challenges in revenue growth [2][3]. Financial Performance - In 2024, Huiquan Beer achieved beer sales of 228,600 kiloliters, a year-on-year increase of 0.06% [2]. - The company's total revenue for the year was approximately 647 million yuan, reflecting a year-on-year growth of 5.44% [2]. - The net profit attributable to shareholders was around 64.83 million yuan, marking a year-on-year increase of 33.58% [2]. Quarterly Performance - For the fourth quarter, Huiquan Beer reported revenue of approximately 56.01 million yuan, a significant year-on-year increase of 145.49% [2]. - The net loss attributable to shareholders in the fourth quarter was about 14.84 million yuan, a slight improvement from the previous year's loss of 15.47 million yuan [2]. Historical Performance - From 2021 to 2023, Huiquan Beer's revenue growth lagged behind net profit growth, with revenues of 582 million yuan, 613 million yuan, and 614 million yuan, showing year-on-year changes of -5.26%, 5.39%, and 0.04% respectively [3]. - In contrast, net profits for the same period were 31.03 million yuan, 39.85 million yuan, and 48.53 million yuan, with year-on-year growth rates of 8.24%, 28.41%, and 21.80% respectively [3]. Profit Distribution - Huiquan Beer announced a profit distribution plan, proposing a cash dividend of 0.80 yuan per 10 shares (tax included) to all shareholders [4]. - As of December 31, 2024, the company's undistributed profits were approximately 475 million yuan, with a total proposed cash dividend of 20 million yuan [4]. - The cash dividend for the year represents 30.85% of the net profit attributable to shareholders [4]. Historical Dividend Information - Since its listing, Huiquan Beer has implemented cash dividends 19 times, totaling 262 million yuan, with an average dividend payout ratio of 40.55% [5].