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]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 从学历来看，低度酒行业董秘以本科为主，占比达到75%；硕士仅4名，占比达到25%。 从薪酬来看，低度酒行业董秘薪酬主要集中在50万（含）-100万，占比为56%；100万（含）-200万有2 名，占比13%；30万（含）-50万有3名，10万（含）-30万也有2名。 有5家公司董秘薪酬在下降，其中降薪金额最大的是张裕A董秘姜建勋，降薪25.24万元。此外金枫酒业 董秘张黎云降薪18.63万元至47.61万元。古越龙山董秘吴晓钧降薪5.87万元至60.93万元。 重庆啤酒董秘邓炜薪酬最高，达到130.47万元。其次是燕京啤酒徐月香，薪酬105.16万元。张裕A董秘 姜建勋薪酬99.72万元，排第三。 薪酬最低的是莫高股份（维权）何文天，仅为14万元；其次是*ST兰黄呼星，为29.33万元。 剔除2023年开始任职的董秘数据之后，去年有5家公司董秘薪酬在增加，其中燕京啤酒董秘徐月香薪酬 增加金额最高，增加24.43万元至105.16万元。其次是惠泉啤酒董秘程晓梅，增加21.96万元至55.54万 元。 董秘作为连接投资者与上市公司的 ...

"本次活动以茵香小镇为主会场，联动文化里、恒太城、新民巷、一城天街四大分会场，构建起覆 盖全城的欢乐矩阵。我们精心策划美食品鉴、沉浸消费、音乐之夜、露营休闲等系列活动，让大家开启 味蕾的狂欢、尽享购物的乐趣、感受山水的诗意，共赴一场银河为幕、晚风为歌的浪漫邀约。"渭滨区 相关负责人说。 宝鸡市商务局相关负责人介绍，今年以来，宝鸡市深挖消费潜力，培育消费动能，全力打好提振消 费硬仗。此次活动覆盖城乡，将形成"主会场领航、分会场各美其美"的消费矩阵，让每个县区都有"家 门口的诗和远方"。宝鸡诚邀八方宾客走进21个会场，以啤酒为媒、以音乐为伴、以美食为桥，领略"看 山水、品文化、享生活"的独特魅力。（记者：刘坤） 8月4日晚，2025宝鸡（青岛）啤酒音乐美食季促消费活动在宝鸡市渭滨区茵香小镇启动。接下来的 两个月，活动将联动宝鸡市20个分会场，依托地域特色，轮番呈现啤酒、美食与音乐交织的城市盛宴。 本次活动以"乐购宝鸡 悦享生活"为主题，聚焦餐饮消费、夜间消费、青年消费、文旅消费、大宗 消费五大领域，相继开展"品味宝鸡"美食季、餐饮消费券发放、非遗夜市、"票根经济"促销、微体育赛 事、暑期文化旅游、汽车展销等活动， ...

Summary of Key Points from the Conference Call on the Beer Industry Industry Overview - The Chinese beer market has entered a mature phase, with a gradual decline in per capita penetration rates and a decrease in the primary drinking population, posing challenges for total growth [1][5] - The high-end beer segment's growth has slowed due to economic cycles and policy impacts, but long-term economic recovery may drive structural upgrades in high-end consumption [1][5] Core Trends and Insights - The rise of craft beer and new retail channels are identified as key development trends starting from 2024, providing growth opportunities for both large and regional breweries [2][3] - New retail channels have accelerated channel equality, allowing mid-tier brands to utilize OEM to manage production capacity, while major brands like Heineken, Budweiser, and Tsingtao still dominate sales in these channels [2][4] - The new generation of consumers (post-90s and post-00s) emphasizes value for money and emotional value, driving demand for product innovation rather than solely focusing on high-end branding [3][6] Craft Beer Market Dynamics - The craft beer market in China is growing rapidly, with a penetration rate still lower than that of mature markets, indicating significant future growth potential [1][9] - As of 2024, craft beer sales in China are projected to increase from 40,000 tons in 2021 to 390,000 tons, with a penetration rate of approximately 1% [9] - Major players in the craft beer market include large industrial breweries, regional breweries, imported brands, and private label brands [9] Challenges Facing the Beer Industry - The industry faces challenges such as declining sales volume, a shrinking primary drinking population, and a slowdown in the high-end segment due to economic conditions and regulatory impacts [5][6] - The current market environment requires innovation in product categories and channels to find new growth opportunities [6][7] Future Directions - The focus on product innovation and the shift in drinking culture from social enjoyment to personal satisfaction will shape future strategies for breweries [6][7] - The craft beer segment is expected to thrive, with large brands leveraging their scale and brand strength to capture growth opportunities [3][12] Impact of New Retail Channels - New retail channels are reshaping the competitive landscape by increasing the share of non-traditional sales channels, but they primarily optimize existing sales methods rather than creating new consumer segments [13][14] - The sales performance of major brands in new retail channels indicates that consumer preferences still lean towards established high-end brands [14][15] Conclusion - The beer industry in China is at a crossroads, with significant opportunities in craft beer and new retail channels, but also facing challenges from market saturation and changing consumer preferences. The ability of both large and small breweries to adapt to these changes will be crucial for future success [1][12][17]

从啤酒交易所的创新互动到周末啤酒节的社交狂欢，再到新鲜饮品与美食的多元呈现，TSINGTAO 1903正以"啤酒+体验"的跨界思维，让百年啤酒文化在年轻群体中焕发新活力。 来源：推广 转自：推广 文 | 周涛 当啤酒文化遇上创新消费场景，青岛正书写着属于自己的 "微醺图鉴"。近日，凭借 "酒价随行就市" 火出圈的青岛啤酒交易所正式登陆 1903MIX 极地海洋公园店，将金融交易的趣味与啤酒 在1903MIX极地海洋公园店的啤酒交易所区域，智能屏幕上实时跳动的价格曲线格外吸睛。从经典生啤的醇厚麦香到果味精酿的清新酸甜，15余种啤酒风味组成"酒市大盘"，价格随消费者的实 版 啤酒交易所的热度持续发酵，也让TSINGTAO 1903青岛啤酒吧的"周末啤酒节"成为年轻人的社交新据点。每逢周末，这里便化身欢乐竞技场，各类趣味赛事轮番上演。王牌速饮赛上，参赛者比 在饮品与美食的呈现上，TSINGTAO 1903始终坚守"新鲜"与"创意"。鲜爽生啤是绝对主角，从工厂直送的原浆、纯生等品类，通过冷链确保新鲜度，每一口都带着麦芽的鲜活香气。搭配的生鲜 ...

Investment Focus - The report highlights a focus on structural opportunities driven by policy catalysis, particularly in essential consumer sectors such as dairy products and liquor, while cautioning against the risks in the soft drink sector [7]. Demand Analysis - In July, among the eight tracked essential consumer sectors, six maintained positive growth, while two experienced negative growth. The sectors with single-digit growth included dining (+4.4%), soft drinks (+2.7%), frozen foods (+1.7%), condiments (+1.1%), dairy products (+1.1%), and beer (+0.6%). The declining sectors were high-end and above liquor (-4.0%) and mass-market liquor (-3.9%) [3][9]. - The report notes that five sectors saw a deterioration in growth rates compared to the previous month, while three improved. The new alcohol ban and adverse weather conditions were identified as significant negative factors affecting demand [3][9]. Price Trends - In July, most liquor wholesale prices stabilized after a period of decline. Specific prices included Feitian at 1915/1880/655 yuan for different packaging, with year-on-year declines of 665/500/155 yuan. The price of Wuliangye was 930 yuan, showing a slight increase of 10 yuan from the previous month [3][22][24]. - The report indicates that the prices of liquid milk and beer saw a reduction in discount rates, while soft drink discounts increased, with stable prices for infant formula, convenience foods, and condiments [4][19]. Cost Analysis - The report states that the spot cost index for various sectors, including dairy, soft drinks, frozen foods, and beer, generally decreased in July, while futures cost indices showed mixed results. For instance, the spot cost index for dairy products fell by 2.92% [4]. Fund Flow - As of the end of July, net inflows into Hong Kong Stock Connect amounted to 124.1 billion yuan, with the essential consumer sector's market capitalization share rising to 5.05%. The food additives sector saw a decrease in share, while the dairy sector experienced an increase [5]. Valuation Insights - By the end of July, the historical PE ratio for the food and beverage sector was at 16% (20.2x), remaining stable from the previous month. The report notes that the median valuation for leading A-share companies was 20x, a decrease of 1x from the previous month [6]. Sector Recommendations - The report recommends focusing on sectors benefiting from policy support, particularly dairy and liquor, while being cautious about the soft drink sector's marginal deterioration. Specific companies to watch include China Feihe, Yili, Mengniu, Master Kong, Uni-President, Yanghe, WH Group, and China Foods [7].

Investment Rating - The investment rating for the Chinese consumer staples sector is "Outperform" for multiple companies including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - In July 2025, among the eight key tracked consumer staples industries, six maintained positive growth while two experienced negative growth. The industries with single-digit growth include catering, soft drinks, frozen foods, condiments, dairy products, and beer, while the only declining industry was Baijiu [30]. - The growth rate of most industries has deteriorated compared to the previous month, with five industries showing a decline in growth rates and three showing improvement. The new alcohol ban and adverse weather conditions are significant negative factors impacting the sector [3][30]. Summary by Industry Baijiu (Chinese Liquor) - For the high-end and above Baijiu segment, July revenue was 19 billion yuan, down 4.0% year-on-year, with cumulative revenue from January to July at 243.1 billion yuan, a decrease of 0.8% [10]. - The low-end Baijiu segment saw July revenue of 11 billion yuan, down 3.9% year-on-year, with cumulative revenue from January to July at 115.9 billion yuan, down 12.8% [12]. Beer - The domestic beer industry reported July revenue of 17.6 billion yuan, a year-on-year increase of 0.6%, with cumulative revenue from January to July at 111.9 billion yuan, up 0.7% [15]. Condiments - The condiment industry generated July revenue of 36.6 billion yuan, a year-on-year increase of 1.1%, with cumulative revenue from January to July at 261.6 billion yuan, up 1.6% [17]. Dairy Products - The dairy industry reported July revenue of 38.4 billion yuan, a year-on-year increase of 1.1%, with cumulative revenue from January to July at 267.8 billion yuan, up 0.3% [19]. Frozen Foods - The frozen food industry had July revenue of 7.58 billion yuan, a year-on-year increase of 1.7%, with cumulative revenue from January to July at 64.5 billion yuan, up 1.4% [21]. Soft Drinks - The soft drink industry reported July revenue of 71 billion yuan, a year-on-year increase of 2.7%, with cumulative revenue from January to July at 425 billion yuan, up 2.5% [23]. Catering - The catering sector generated July revenue of 16.7 billion yuan, a year-on-year increase of 4.4%, with cumulative revenue from January to July at 103.9 billion yuan, up 3.0% [25].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

啤酒泡沫翻涌，音乐鼓点震天，美食香气四溢！周末来了，2025宁乡"YEAH——夏"激情消费季暨第三届青岛啤 酒嘉年华开启夏夜激情，宁乡吾悦广场正成为长沙今夏最火爆的文旅消费打卡地。作为"快乐长沙 与宁乡约"第四 届长沙市旅游发展大会的核心预热活动，这场在长沙市商务局、长沙市文旅广电局指导下，由中共宁乡市委、宁 乡市人民政府倾力打造，政企联动、全民参与的夏日盛宴，正以空前热度释放消费新活力，掀起"宁乡之夜"的消 费热潮。 2025宁乡"YEAH——夏"激情消费季暨第三届青岛啤酒嘉年华开启夏夜激情，宁乡吾悦广场成为火爆打卡地。 活动现场。 记者在现场看到，巡游快闪正式拉开活动大幕。青岛啤酒、方特、炭河古城等元素组成的巡游队伍，带着独特的 IP魅力，穿梭在广场人群中。演员们活力满满的舞蹈、趣味互动，瞬间点燃现场热情，欢呼声、喝彩声此起彼 伏。"这是一场消费的聚会，更是宁乡展示活力与温度的舞台，期待大家在这里收获快乐，感受城市发展的脉 动。"真诚的致辞，让现场掌声经久不息。 令美食爱好者兴奋不已的是，青岛啤酒新款产品亮相发布，独特的包装、创新的口感，瞬间成为现场焦点。"我 们在宁乡生产基地投资了7亿多元，建设了两家工 ...

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly on leading traditional consumer companies that have adjusted and now possess long-term investment value from a dividend and yield perspective [3][7]. Core Insights - The report highlights that the head companies in traditional consumption have adjusted and now show long-term investment value. The food stocks with new consumption characteristics are expected to differentiate based on performance in the future. The report emphasizes the importance of identifying companies with long-term competitiveness and improvement potential [3][7]. - In the liquor sector, slow macro demand recovery and limited consumption scenarios are expected to exert pressure on sales and financial statements this year. Key recommendations include Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao, with a focus on Wuliangye, Jiansi Yuan, and Yingjia Gongjiu [3][7]. - For the mass consumer goods sector, cost advantages are expected to support profitability, with new products and channels driving growth. The report recommends head companies in mature sectors like dairy and beer, while also highlighting growth opportunities in new retail formats and categories driven by consumer trends [3][7][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector experienced a decline of 2.17% last week, with liquor down 2.40%, underperforming the Shanghai Composite Index by 1.24 percentage points [6][42]. - The report notes that the liquor sector's heavy stock holdings have decreased, with the white liquor sector's heavy stock holdings accounting for 6.79% of fund equity investments, down 1.71 percentage points from the previous quarter [8][9]. 2. Market Performance of Food and Beverage Sectors - The food processing sector outperformed the benchmark by 0.36 percentage points, while other sectors like beverage dairy and liquor underperformed by 0.54 and 1.32 percentage points, respectively [42][43]. 3. Key Company Updates - Companies like Yili and Qingdao Beer are highlighted for their strong performance and growth potential, with Yili expected to improve its financials due to inventory reduction and brand clearing strategies [9][12]. - New product launches from companies like Jinzai Foods and Youyou Foods are noted, with a focus on innovative products and channel growth driving future performance [12][13].