Group 1: Agricultural Bank of China - Agricultural Bank of China has implemented high-quality financial services to stimulate market vitality, with personal loan balance reaching 9.27 trillion yuan and credit card "old-for-new" consumption amounting to 154.9 billion yuan as of March [1] - The bank focuses on enhancing customer experience and has increased personal loan issuance while aligning with consumption-boosting policies, creating a service system that integrates policy coordination, scene integration, and technological empowerment [1] - The bank's branding emphasizes its commitment to common prosperity and sustainable development, aiming to provide modern financial services to a wide range of urban and rural customers [1] Group 2: Postal Savings Bank of China - Postal Savings Bank of China has focused on enhancing service quality for the real economy, with nearly 100,000 technology-based enterprises served and a financing balance exceeding 600 billion yuan as of March [3] - The bank's green loan balance reached 910.71 billion yuan, growing by 6.01% compared to the end of the previous year, indicating a commitment to carbon neutrality goals [3] - The bank has also made significant strides in inclusive finance, with agricultural loans totaling 2.4 trillion yuan and inclusive small and micro enterprise loans reaching 1.67 trillion yuan, leading among state-owned banks [3] Group 3: Vivo - Vivo has launched a flagship smartphone featuring self-developed chips and advanced imaging capabilities, showcasing its commitment to technological innovation [8] - The company emphasizes a human-centered approach, developing features for visually and hearing-impaired users, and plans to explore frontiers in 6G, AI, and robotics [8] - Vivo aims to integrate technology into everyday life, ensuring that innovations serve practical needs and enhance user experience [9] Group 4: Anta Group - Anta Group reported record revenue in its 2024 financial report and has acquired the German outdoor brand Jack Wolfskin to enhance its brand portfolio [11] - The company has invested approximately 2 billion yuan in R&D in 2024, with a total of 20 billion yuan over the past decade, indicating a strong focus on innovation [11] - Anta is developing targeted retail formats to improve consumer experience, including "Super Anta," which offers a comprehensive shopping experience for families [12] Group 5: Qingdao Beer - Qingdao Beer has maintained a strong focus on product quality, winning multiple awards and emphasizing its commitment to quality through its "good people brew good beer" philosophy [13] - The brand is innovating by transitioning to high-end, intelligent, and green production methods, while also enhancing consumer engagement through immersive experiences [13] - Qingdao Beer is integrating traditional Chinese culture into its branding, launching products with cultural significance to appeal to global consumers [14] Group 6: Hailiang Education Technology - Hailiang Education Technology is leveraging AI to enhance educational resources in rural areas, with its AI model covering 28 provinces and serving 400,000 teachers and students [15][16] - The company aims to improve educational quality through a comprehensive solution that includes over 120 products and services, focusing on operational efficiency [16] - Hailiang's initiatives in rural education emphasize collaboration with local governments and communities to uplift educational standards [16]

星标 ★ IPO日报 精彩文章第一时间推送 近期，国内啤酒行业龙头企业青岛啤酒股份有限公司(600600.SH，下称"青岛啤酒")发布公告，宣布以6.65亿元收购山东即墨黄酒厂有限公司(下 称"即墨黄酒")100%股权。 近年来，青岛啤酒经营业绩保持稳定，公司营收规模一直保持在300亿元左右。在不断加剧的行业竞争下，"尝鲜"黄酒是公司在啤酒行业增速放缓 的背景下，寻找新增长点的一次尝试，不过成效如何，还有待市场检验。 制图：佘诗婕 啤酒行业增速放缓 资料显示，最近20年以来，我国啤酒产量在2013年达到历史最高点，后在2014年至2017年经历四年的持续下跌后，在2018年实现增长。 而到了 2020年，受疫情影响，啤酒行业产量继续下滑，后略有增长，2021年至2023年产量基本稳定在3500万千升。 最新数据来看，2024年全年行业规模以上企业累计实现啤酒产量3521.3万千升，同比下降0.6%。 2023年，重庆啤酒在年报中披露了这样一段话： "2013年达到产量顶峰后，中国啤酒行业呈现持续下滑趋势，尽管2021年和2022年连续实现微 增，但2023年对比 2013 年，行业产量下降了 28.6%。中国 ...

这是新消费智库第 2 6 3 5 期文章 新消费导读 新消费 1. 安慕希 × 绿箭推出清新薄荷味酸奶 1. 安慕希 × 绿箭推出清新薄荷味酸奶 2. 52TOYS 上线异形系列新品 3. Alexander Wang 与喜茶携手推出联名系列 4. 和其正推新养生水 5. 雀巢冠能发布抗过敏猫粮新品 6. 山东未来机器人获数亿元战略领投 7. 青岛啤酒拟收购即墨黄酒 100% 股权 8. 博裕基金拟收购北京 SKP 最高 45% 股权 9. 传欧莱雅有意收购 Medi k8 10. 白犀牛完成 2 亿元 B 轮融资 11. 斯嘉丽 · 约翰逊护肤品牌创业伙伴离职 12. PETA 呼吁爱马仕推出纯素奢侈包袋 13. 美团闪购联合百大品牌推出安心闪购计划 14. CRAFT 于上海和南京双城开店 15. 始祖鸟联手松赞推出纳木措主题系列 安慕希官宣推出与绿箭联名的夏季限定新品：清新薄荷味酸奶。该产品融合薄荷与酸奶风味，希望为消费者带来解暑与清凉体验。营养含量方 面，新品采用无蔗糖配方，每瓶含 7.1 克蛋白质。 （ FBIF 食品饮料创新） 2. 52TOYS 上线异形系列新品 52TOYS 重磅官宣「异形」系 ...

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [7] Core Insights - The food and beverage industry is experiencing increased performance differentiation, highlighting the importance of operational management and business strategy [3] - In 2024, the food and beverage sector is expected to achieve a modest single-digit growth, with revenue and net profit growth rates slowing down, indicating ongoing demand pressure [3][10] - Structural growth opportunities exist in sub-sectors like beverages and snacks, with some products/channels showing year-on-year growth rates exceeding 30% [3] Summary by Sections Overall Food and Beverage Industry - In 2024, the food and beverage sector achieved revenue of CNY 10,877.93 billion, a year-on-year increase of 3.91%, with a slowdown of 4.06 percentage points [10] - The net profit attributable to shareholders reached CNY 2,104.49 billion, growing by 6.07%, but also showing a slowdown of 10.35 percentage points [10] - The industry ranked 10th and 9th in revenue and net profit growth among 31 first-level industries [10] Baijiu (Chinese Liquor) - The baijiu industry saw revenue and profit growth exceeding 7% in 2024, with over half of A-share listed companies reporting growth [21] - High-end baijiu brands are shifting towards mid-to-high-end markets, with notable growth in brands like Guizhou Moutai and Wuliangye [21][24] - The competitive landscape is intensifying, particularly in the mid-range segment, with companies adopting diverse strategies to maintain market share [22][24] Soft Drinks - The soft drink sector is characterized by strong performance from functional beverages, with companies like Dongpeng Beverage leading with a revenue growth of 40.63% [26][28] - The market is facing challenges from health-conscious consumer trends and competition from tea beverages [26] - Companies are encouraged to innovate and diversify their product offerings to adapt to changing consumer preferences [27] Snacks - The snack industry is experiencing significant growth, particularly through community group buying and e-commerce channels [29] - Companies like Wancheng Group and Yanjinpuzi are expanding rapidly, with Wancheng Group's revenue from snack stores increasing by 262.94% [29] - However, some companies face pressure due to declining foot traffic in physical stores and intense competition [30] Condiments - The condiment sector is benefiting from cost reductions and the expansion of compound condiments, with major players like Haitian Flavor Industry reporting strong performance [32][33] - The industry is expected to accelerate product upgrades and national expansion as the restaurant sector recovers [32] Beer - The beer industry is seeing a slowdown in consumption upgrades, but there are still growth opportunities in the craft beer segment [34][35] - Companies are focusing on product innovation and market penetration to adapt to changing consumer demands [34][35]

Core Viewpoint - Qingdao Beer is acquiring 100% of Jimo Yellow Wine for 665 million yuan to optimize its seasonal losses and diversify its business, leveraging the complementary seasonal sales of beer and yellow wine [1][3][5] Group 1: Acquisition Details - The acquisition price of 6.65 billion yuan represents a premium of over 200% compared to Jimo Yellow Wine's net assets of 203 million yuan [1] - Jimo Yellow Wine reported a revenue of 166 million yuan in 2024, a year-on-year increase of 13.5%, and a net profit of 30.47 million yuan, up 38% [2] Group 2: Market Context - Qingdao Beer has faced declining sales, with a 5.3% drop in revenue to 32.138 billion yuan in 2024, marking the lowest growth rates for net profit since 2017 [5] - The beer industry in China is experiencing a downturn, with a 0.6% decrease in production among major breweries in 2024 [6] Group 3: Strategic Implications - The acquisition aims to address Qingdao Beer’s seasonal losses, as the fourth quarter is a peak season for yellow wine, contrasting with beer's summer peak [3][6] - Analysts express caution regarding the acquisition, highlighting challenges in integrating the two distinct product lines and the need for effective market education for yellow wine [8]

Group 1 - Qingdao Beer announced the acquisition of 100% equity in Jimo Yellow Wine from Xinhua Jin Group and Lujin Group for a total consideration of RMB 66.5 million, along with adjustments for profit and loss during the price adjustment period [1] - Jimo Yellow Wine, established in 1949, is a significant representative of traditional Chinese yellow wine, known for its unique flavor and rich cultural heritage [1] - In 2024, Jimo Yellow Wine achieved a revenue of RMB 166.41 million, representing a year-on-year growth of 13.5%, and a net profit of RMB 30.47 million, with a year-on-year increase of 38.0% [1] Group 2 - The acquisition is aimed at diversifying the company's business and creating new growth opportunities, enhancing the product line and market channels [2] - The integration of Jimo Yellow Wine is expected to complement Qingdao Beer's existing beer products, creating a competitive cross-category product portfolio [2] - Post-acquisition, the company plans to integrate supply chains, sales networks, and channels of both Jimo Yellow Wine and beer products to achieve synergy [2]

Core Viewpoint - Qingdao Beer is pursuing a cross-industry acquisition by planning to acquire 100% of the shares of Shandong Jimo Huangjiu Factory for a total consideration of 665 million yuan, aiming to create new growth points and diversify its business beyond beer [2][6]. Group 1: Acquisition Details - The acquisition involves Qingdao Beer purchasing the entire stake of Jimo Huangjiu, which was founded in 1949 and is a representative of Northern Huangjiu [3][7]. - The acquisition price is set at 665 million yuan, which includes adjustments for profit and loss during the price adjustment period [2][8]. - Jimo Huangjiu reported a revenue of 166 million yuan in 2024, with a net profit of 30.47 million yuan, reflecting a year-on-year growth of 13.5% and 38% respectively [8]. Group 2: Market Context - The Chinese beer industry has been in a downward trend since reaching a peak production of 50.615 million tons in 2013, prompting Qingdao Beer to seek diversification through acquisitions [6]. - Qingdao Beer has faced challenges in its core beer business, with a decline in sales volume for its main brand, which fell to 4.34 million kiloliters in 2024, a decrease of approximately 4.82% year-on-year [4][11]. Group 3: Financial Performance - In 2024, Qingdao Beer reported a net profit of 4.345 billion yuan, marking a year-on-year increase of 1.81%, the lowest growth rate since 2017 [5][11]. - The company's revenue for 2024 was 32.138 billion yuan, down 5.3% from the previous year [11]. Group 4: Market Reactions and Concerns - Market analysts have expressed caution regarding the acquisition, citing limited synergy between beer and Huangjiu due to different consumer bases and sales channels [10]. - Concerns have been raised about potential management conflicts post-acquisition and the unclear strategy for diversification given the smaller scale of Jimo Huangjiu [10].

"公司将布局非啤酒产业，拓宽拉长产业链，培育新的业务增长点。未来，不排除在适当的时机对优质 资产进行整合配置。"5月12日，在回应投资者提问时，青岛啤酒高层如此表示。 《中国经营报》记者注意到，日前，青岛啤酒斥资6.65亿元收购山东即墨黄酒厂有限公司（以下简 称"即墨黄酒"）100%股权。青岛啤酒方面告诉记者，通过本次股权收购，公司积极拓展非啤酒业务跨 产业布局，围绕做优主业推动多元化发展，为公司未来带来新的发展契机。 而在此之前，青岛饮料集团已经整合进入青岛啤酒集团体系内。公开资料显示，青岛啤酒集团为青岛啤 酒的控股股东。 值得关注的是，即墨黄酒、青岛饮料集团以及青岛啤酒均为青岛当地企业。多位行业人士表示，围绕青 岛啤酒的多次整合调整不排除是当地国资在主动推动。 "在各地特色精酿崛起时，五大啤酒集团的市场占有率受到冲击。它们通过多品牌、多品类、多场景、 多渠道、多消费人群的布局，可以让企业更加全面地匹配市场发展，对其营收增长具有积极作用。"中 国食品产业评论员朱丹蓬说。 为何要买一家黄酒企业？ 根据青岛啤酒公告显示， 公司与新华锦集团有限公司、山东鲁锦进出口集团有限公司及即墨黄酒正式 签订《股权转让协议》。 ...

Core Viewpoint - The beer industry is experiencing performance pressure, leading companies to explore diversification through cross-industry ventures to boost growth and attract investment [1][4][5]. Group 1: Industry Trends - Major beer companies in China, including Chongqing Beer, Qingdao Beer, and Yanjing Beer, are increasingly engaging in cross-industry expansions, particularly into beverage and liquor sectors, as a response to declining beer sales [1][2][4]. - The trend of diversification is seen as a way to build a "second growth curve" and create a competitive advantage, although it may take around five years for these new ventures to significantly impact performance [1][6]. Group 2: Company Strategies - Chongqing Beer has launched new beverage products, such as Cang'e soda, leveraging existing distribution channels in strong markets like Xinjiang and Chongqing [2][3]. - Qingdao Beer is pursuing a full acquisition of a Huangjiu (yellow wine) factory and has integrated its beverage business with existing operations, aiming to avoid competition with its beer products [2][3]. - Yanjing Beer has introduced a new soda brand, Best, and plans to utilize its beer distribution channels to penetrate the market quickly, focusing on dining establishments [3][4]. Group 3: Performance Insights - Despite some positive signs in Q1, overall performance for major beer companies remains mixed, with revenue and profit declines reported for several firms in 2024 [4][5][7]. - The sales volume for beer has decreased, with notable declines for companies like China Resources Beer and Qingdao Beer, attributed to high previous year bases and changing consumer preferences [5][6]. Group 4: Market Outlook - Analysts suggest that while cross-industry ventures are necessary for growth, the actual benefits may take time to materialize, with successful examples from other industries taking over a decade to develop [6]. - The diversification trend among beer companies is expected to continue, driven by changing consumer environments and the need for companies to establish strong brand recognition [6].

一、会议须知 二、会议议程 三、会议议案 1、审议及批准本公司 2024 年度董事会工作报告。 青 岛 啤 酒 股 份 有 限 公 司 2024 年 年 度 股 东 会 会 议 资 料 二 O 二五年五月二十日 1 青岛啤酒股份有限公司 2024 年年度股东会会议资料目录 2、审议及批准本公司 2024 年度监事会工作报告。 3、审议及批准本公司 2024 年度财务报告（经审计）。 4、审议及批准本公司 2024 年度利润分配（包括股利分配）方案。 5、审议及批准续聘德勤华永会计师事务所（特殊普通合伙）为本公司 2025 年 度审计师。 6、审议及批准续聘德勤华永会计师事务所（特殊普通合伙）为本公司 2025 年 度内部控制审计师。 7、审议及批准关于修订《青岛啤酒股份有限公司章程》及其附件的议案。 8、审议及批准关于公司第十一届董事会成员的建议薪酬方案。 9、审议及批准公司为第十一届董事会成员和公司高级管理人员购买责任保险 的议案。 10、关于重选及选举第十一届董事会执行董事的议案。 10.1 审议及批准关于重选姜宗祥先生为公司第十一届董事会执行董事的议案。 10.2 审议及批准关于选举刘富华先生为公司第十 ...