Core Viewpoint - The company has demonstrated solid financial performance in 2024, with significant growth in net profit and revenue, while maintaining a focus on quality and brand development in a competitive beer market [8][24]. Group 1: Financial Performance - The company achieved a total beer sales volume of 228,600 hectoliters, a year-on-year increase of 0.06% [8]. - The operating revenue reached 647.06 million yuan, reflecting a year-on-year growth of 5.44% [8]. - The total profit amounted to 72.77 million yuan, marking a 24.94% increase compared to the previous year [8]. - The net profit attributable to shareholders was 64.83 million yuan, up 33.58% year-on-year [24]. Group 2: Operational Strategy - The company has implemented a strategy focused on quality, aiming to produce the best beer in China, which is reflected in its commitment to product excellence and management practices [8][10]. - The company has increased its market presence in key regions, particularly in the Greater Quanzhou area, which has seen a 50% increase in sales over the past five years [9]. - The company is actively promoting high-end products, with a focus on personalized and differentiated offerings, resulting in a significant increase in sales [9]. Group 3: Brand Development - The company has invested in brand cultivation and marketing, enhancing the recognition and reputation of its products, particularly the "Yimai" brand [9][10]. - The brand value reached 25.563 billion yuan in 2024, indicating a strong market presence [9]. - Marketing efforts included various promotional activities and sponsorships, which have helped to strengthen consumer loyalty and brand identity [9]. Group 4: Financial Management - The company reported a cash flow from operating activities of 132.64 million yuan, a 76.63% increase from the previous year, primarily due to improved cash management practices [22]. - The company’s total assets amounted to 168.11 million yuan, with a current asset ratio of 80.51% [19]. - The company’s debt-to-asset ratio was 22.25%, indicating a stable financial structure [19]. Group 5: Future Outlook - The company plans to continue its high-quality development strategy in 2025, focusing on product quality, brand strength, and market expansion [12]. - The beer industry is expected to continue facing intense competition, with a shift towards higher value and premium products [12].

料 二〇二五年六月 目 录 |  | 2024 年年度股东会日程安排 | 1 | | --- | --- | --- | | 第一项 | 2024 年度董事会工作报告 2 | | | 第二项 | 2024 年度监事会工作报告 8 | | | 第三项 | 2024 年度财务决算报告 11 | | | 第四项 | 《2024 年年度报告》全文及摘要 17 | | | 第五项 | 2024 年度利润分配议案 | 18 | | 第六项 | 关于聘请安永华明会计师事务所（特殊普通合伙）为公司2025 | | | | 年度财务报告和内控报告审计机构的议案 19 | | | 第七项 | 关于修订《公司章程》的议案 | 22 | | 第八项 | 关于修订《股东大会议事规则》的议案 | 38 | | 第九项 | 关于修订《董事会议事规则》的议案 | 45 | | 听 取 | 2024 年度独立董事述职报告 | 48 | 福建省燕京惠泉啤酒股份有限公司 2024 年年度股东会 会 议 资 1 福建省燕京惠泉啤酒股份有限公司 2024 年年度股东会会议资料 2024 年年度股东会 会 议 资 料 之 一 福建省燕京惠泉啤酒股 ...

二、董事会会议审议情况： 证券代码：600573 证券简称：惠泉啤酒 公告编号：2025-011 福建省燕京惠泉啤酒股份有限公司 第九届董事会第十五次会议决议公告 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 事会第十五次会议通知于 2025 年 5 月 26 日以传真、电子邮件等方式传 达至各董事，会议于 2025 年 6 月 5 日在公司办公楼二楼会议室以现场加 通讯（视频）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。会议由董事长刘翔宇先生主持。公司监事和高 管列席了会议。会议召集、召开程序符合《公司法》、《公司章程》的有 关规定。 1. 审议通过《关于召开 2024 年年度股东会的议案》。 会议决定，于 2025 年 6 月 26 日 14:30 在公司办公楼二楼会议室召开 2024 年年度股东会，本次大会采用现场投票和网络投票 ...

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、监事会目前已任期届满。鉴于公司新一届董事会候选人提名、 监事会改革事项等工作正在进行中且尚未完成，为保证公司董事会、 监事会相关工作的连续性及稳定性，公司董事会、监事会换届选举工 作将适当延期，公司董事会各专门委员会任期亦相应顺延。 在新一届董事会、监事会换届选举工作完成之前，公司第九届董 事会、监事会、董事会各专门委员会全体成员将依照法律法规和《公 司章程》的相关规定继续履行相应的职责和义务。 公司董事会、监事会延期换届不会影响公司正常运营。公司将积 极推进相关工作，尽快完成换届选举工作，并及时履行相应的信息披 露义务。 特此公告。 证券代码：600573 证券简称：惠泉啤酒 公告编号：2025-013 福建省燕京惠泉啤酒股份有限公司 关于董事会、监事会延期换届的公告 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。 福建省燕京惠泉啤酒股份有限公司 董 事 会 二○二五年六月六日 ...

证券代码：600573 证券简称：惠泉啤酒 公告编号：2025-012 福建省燕京惠泉啤酒股份有限公司 关于召开2024年年度股东会的通知 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： 一、 召开会议的基本情况 召开的日期时间：2025 年 6 月 26 日 14 点 30 分 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 6 月 26 日 至2025 年 6 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会 召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票 平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2025年6月26日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (一) 股东会类型和届次：2024年年度股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次 ...

证券代码：600573 证券简称：惠泉啤酒 公告编号： 2025-011 福建省燕京惠泉啤酒股份有限公司 第九届董事会第十五次会议决议公告 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： 二、董事会会议审议情况： 1. 审议通过《关于召开 2024 年年度股东会的议案》。 会议决定，于 2025 年 6 月 26 日 14:30 在公司办公楼二楼会议室 召开 2024 年年度股东会，本次大会采用现场投票和网络投票相结合的 方式。 详见公司 2025 年 6 月 6 日披露的《关于召开 2024 年年度股东会 的通知》。 该项议案表决情况：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 福建省燕京惠泉啤酒股份有限公司 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 事会第十五次会议通知于 2025 年 5 月 26 日以传真、电子邮件等方式 传达至各董事，会议于 2025 年 6 月 5 日在公司办公楼二楼会议室以现 场加通讯（视频）方式召开。本次会议应到董事 9 人，实到 9 ...

Summary of Huiquan Beer Conference Call Company Overview - Huiquan Beer has achieved significant growth in recent years, with annual revenue growth exceeding 20%, and in some years approaching 50% [2][3] - Sales volume increased from 208,000 hectoliters to 228,500 hectoliters, representing a 10% growth [2][3] - In Q1 2025, net profit increased by 23.72% year-on-year, reaching a historical high [2][3] Core Insights and Arguments - **Product Quality Improvement**: The company has reduced the concentration of key aldehyde substances to the lowest level in the industry, with total control below 20 micrograms per liter and ethanol content below 2 milligrams per liter [2][5] - **Diverse Product Matrix**: Huiquan Beer offers a distinctive product range, including Yi Mai Beer, Huiquan Fresh Beer series, and European Knight Beer series, catering to various consumer needs [2][5] - **Emerging Consumption Scenarios**: The company has diversified its consumption scenarios beyond traditional dining and nightlife to include music festivals, barbecue stalls, and camping sites, which have become important markets [2][5] - **High-End Market Demand**: The high-end beer market now accounts for over 50% of sales, indicating strong consumer recognition [2][5] Strategic Plans and Future Development - Huiquan Beer plans to focus on its core business and implement effective strategies to solidify its foundation, expand its market, strengthen its supply chain, and enforce development pathways [2][6] - The company aims to develop 1 to 2 advantageous markets and increase the proportion of high-quality markets [6][29] - Continuous quality improvement and accelerated product innovation are priorities, with plans to launch low-sugar, low-calorie, and new types of products [6][7] Market Channel and Sales Structure - Sales distribution: Restaurant channels account for approximately 30%-40%, nightlife channels about 15%, circulation channels also 30%-40%, and supermarkets around 15% [4][15] - The restaurant channel has seen significant growth, increasing from about 10% five years ago to the current 30%-40% [15] - The company has established a new channel department to develop high-performance channels, such as community supermarkets [21] Production and Operational Efficiency - Huiquan Beer has optimized its production capacity through the introduction of advanced technology and equipment, enhancing production efficiency and product quality [12][16] - The company is leveraging big data and AI for precise marketing and product development, while also advancing smart warehousing logistics projects to reduce costs and improve operational efficiency [12][19] Financial Performance and Cost Structure - The cost structure includes raw material costs at approximately 20%, packaging costs at about 40%, and labor costs at around 10% [22] - The company has managed to stabilize raw material prices, which positively impacts gross margins [22] Brand Building and Market Position - Huiquan Beer is focused on building a well-known regional brand in Southeast China, emphasizing its cultural values and engaging consumers emotionally [10][11] - The company has a strong market share in the Quanzhou region, increasing from approximately 50,000 hectoliters five years ago to 100,000 hectoliters, maintaining a market share of about 30% [20] Dividend Policy - Huiquan Beer has maintained a consistent dividend policy since 2007, with a cash dividend ratio of 30%, and plans to increase this ratio if business conditions allow [28]

Group 1 - The beverage manufacturing sector in A-shares has shown a short-term strength, with notable stocks such as Xiangpiaopiao hitting the daily limit, and Pinwo Foods increasing by over 7% [1] - Other companies in the sector, including Junyao Health, Huichuan Beer, Huangshi Group, Zhujiang Beer, and Zhuangyuan Pasture, also experienced significant gains, with Junyao Health rising by over 5% [1]

Group 1: Guizhou Moutai - Guizhou Moutai announced the adjustment of the venue for the 2024 annual shareholder meeting due to the number of registered attendees exceeding the original venue capacity [1] Group 2: Zhangyu A - Zhangyu A's management acknowledged shortcomings in positioning and marketing, which contributed to the decline in performance, and emphasized the need for improvement [2] - The company aims to achieve 1 billion revenue from overseas wineries despite current challenges [2] Group 3: Huiquan Beer - Huiquan Beer discussed avoiding competition with Yanjing Beer, highlighting the importance of base market effects and sales radius in the beer industry [3] - The company plans to strengthen its market presence in Fujian and Jiangxi while expanding its overall market reach [3] Group 4: Dairy Industry - "Raising a Cow" launched a new children's brand "Moo Star" with three A2 type pure milk products targeting children aged 1-12 [4] Group 5: Food and Beverage - Qiaqia Foods clarified that it has no plans for a liquor business and is set to launch a new ice cream product next month [5] - Wahaha confirmed the termination of its contract with a co-packer due to quality issues found in some batches of bottled water [6] Group 6: Zhongju High-tech - Zhongju High-tech reported an expected improvement in sales for Q2 compared to Q1, with a decrease in inventory levels and recovery in sales across regions [7][8] Group 7: Farmer Spring - Farmer Spring introduced a new product, Chenpi White Tea beverage, on its Tmall flagship store [9] Group 8: Golden Dragon Fish - Golden Dragon Fish stated that its health products generally have higher profit margins than regular grain and oil products, which is expected to contribute to sales growth and profit [10] Group 9: Sanquan Foods - Sanquan Foods announced plans to absorb and merge its subsidiary Zhengzhou Fast Kitchen to optimize resource allocation and improve operational efficiency [11] Group 10: Laiyifen - Laiyifen addressed consumer concerns regarding a product issue, stating that they have taken swift action to investigate and resolve the matter [12] Group 11: Liziyuan - Liziyuan plans to focus on milk powder and dairy product production and sales while extending into the upstream supply chain [13] Group 12: Huiyuan Juice - Huiyuan Juice refuted negative online claims about its business, asserting that its operations have been improving since its restructuring in 2022 [14] Group 13: Walmart - Walmart reported Q1 2026 total revenue of $165.6 billion, with a 2.5% year-on-year increase, and a significant growth in its China e-commerce business [17]

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].