Core Viewpoint - Qingdao Beer has announced the termination of its acquisition of 100% equity in Shandong Jimo Yellow Wine Factory due to unmet conditions in the share transfer agreement [2][3] Group 1: Acquisition Details - The acquisition was first disclosed on May 7, with Qingdao Beer planning to acquire 45.45% and 54.55% of Jimo Yellow Wine from Xinhua Jin Group and Shandong Lujin Import and Export Group, respectively, for a total price of 665 million yuan [2] - Jimo Yellow Wine, established in 1949, reported a main business income 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: Strategic Implications - The acquisition was intended to diversify Qingdao Beer's non-beer business and enhance its product line, leveraging synergies in brand promotion and sales networks [3] - The complementary nature of both companies' products was expected to create new growth opportunities while solidifying market position [3] Group 3: Challenges Faced - Financial difficulties faced by Xinhua Jin Group, including multiple court freezes on its shares in Jimo Yellow Wine, were noted as potential factors leading to the acquisition's failure [4] - Xinhua Jin Group's ongoing issues with the return of 406 million yuan in non-operational funds further complicated the acquisition process [4] Group 4: Company Performance - Despite the termination of the acquisition, Qingdao Beer's core beer business remains strong, with a brand strategy that includes Qingdao Beer and Laoshang Beer as a national second brand [4] - In the first half of the year, Qingdao Beer achieved a revenue of 20.491 billion yuan, a year-on-year increase of 2.11%, and a net profit of 3.904 billion yuan, up 7.21% [5]

Core Viewpoint - Qingdao Beer (600600) announced the termination of the acquisition of all equity in Jimo Huangjiu due to unmet conditions of the transfer agreement by October 27, 2025, with no liability for breach of contract [1] Group 1 - The acquisition of Jimo Huangjiu was intended but has now been officially terminated [1] - The termination is a result of the failure to meet the preconditions set forth in the transfer agreement [1] - The company will not bear any breach of contract liability due to this termination [1]

Core Points - Qingdao Beer Co., Ltd. announced the termination of the acquisition of all equity in Jimo Huangjiu due to unmet conditions of the transfer agreement by October 27, 2025 [1] - The company will not bear any liability for breach of contract regarding the termination of the transfer agreement [1]

青岛啤酒10月26日公告，公司此前披露《青岛啤酒股份有限公司关于收购山东即墨黄酒厂有限公司 100%股权的公告》。公告披露后，公司根据《股权转让协议》的约定，积极推动即墨黄酒股权收购交 易的交割。鉴于，截至本公告披露日，《股权转让协议》约定的交割先决条件未能满足，本次股权收购 交易终止，公司无须就《股权转让协议》终止承担任何违约责任。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 ） （股份編號：168） 關於收購即墨黃酒全部股權交易的進展公告 茲提述青島啤酒股份有限公司（「本公司」）日期為2025年5月7日關於收購即墨黃酒全部 股權的公告（「該公告」）。本公告所採用的詞彙與該公告所界定者具有相同含義。本公司 現就本次收購的最新進展公告如下： 侯秋燕 執行董事及聯席公司秘書 中國 • 青島 2025年10月27日 – 1 – 於本公告日期，董事會成員如下： 執行董事： 姜宗祥先生（董事長）、劉富華先生及侯秋燕先生 該公告披露後，本公司根據轉讓協議的約定，積極推動本次收購的交割。本次收購的交 割和交割後股權轉讓對價支付，以轉讓協議約定的各項條件均得到滿足且持續保持成就 之法律或事實狀態為先決條件。 鑒於，截至2025年10月27日，轉讓協議約定的交割先決條件未能滿足 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 ） （股份編號：168） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列青島啤酒股份有限公司於中華人民共和國（「中國」）若干報章及上海證券交易所網站 （www.sse.com.cn）刊載之《青島啤酒股份有限公司關於收購即墨黃酒100%股權交易的進展公 告》，僅供參閱。 承董事會命 青岛啤酒股份有限公司 青島啤酒股份有限公司 侯秋燕 執行董事及聯席公司秘書 中國 • 青島 2025年10月27日 青島啤酒股份有限公司於本公告日期的董事： 執行董事： 姜宗祥先生（董事長）、劉富華先生及侯秋燕先生 職工董事： 孫靜女士 獨立非執行董事： 肖耿先生、盛雷鳴先生、張然女士、趙昌文先生及趙紅女士 证券代码：600600 证券简称：青岛啤酒 公告编号：20 ...

鉴于，截至本公告披露日，《股权转让协议》约定的交割先决条件未能满足， 本次股权收购交易终止，本公司无须就《股权转让协议》终止承担任何违约责任。 敬请广大投资者理性决策，审慎投资，注意投资风险。 证券代码：600600 证券简称：青岛啤酒 公告编号：2025—029 青岛啤酒股份有限公司 关于收购即墨黄酒 100%股权交易的进展公告 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。 青岛啤酒股份有限公司（以下简称"本公司"）于 2025 年 5 月 8 日披露《青 岛啤酒股份有限公司关于收购山东即墨黄酒厂有限公司 100%股权的公告》（公 告编号：2025-016），本公司现就本次股权收购的最新进展公告如下： 上述公告披露后，本公司根据《股权转让协议》的约定，积极推动即墨黄酒 股权收购交易的交割。本次股权收购的交割和交割后股权转让对价支付，以《股 权转让协议》约定的各项条件均得到满足且持续保持成就之法律或事实状态为先 决条件。 特此公告。 青岛啤酒股份有限公司 董事会 2025 年 10 月 27 日 1 ...

青岛啤酒公告称，公司于2025年5月8日披露收购山东即墨黄酒厂有限公司100%股权的公告。此后，公 司按《股权转让协议》推动股权收购交易交割，该交易以协议约定的各项条件满足且持续成就为前提。 截至公告披露日，交割先决条件未能满足，本次股权收购交易终止，公司无须承担违约责任。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the food and beverage sector, particularly focusing on high dividend stocks and those with long-term competitive advantages [3][11][12]. Core Insights - The food and beverage industry is currently experiencing a mixed performance, with some high-growth companies like Dongpeng Beverage showing strong results, while overall demand remains subdued [3][7]. - The liquor sector, particularly high-end liquor, is expected to undergo a bottoming process, with inventory clearance taking longer than anticipated. The report suggests that stock price recovery may precede fundamental improvements [3][8]. - The report emphasizes the importance of identifying structural opportunities within food companies, recommending a focus on leading firms with strong dividend yields and growth potential [3][7]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a decline of 0.95% last week, underperforming the broader market by 3.83 percentage points [6]. - The liquor segment specifically faced a drop of 1.12%, with major brands like Moutai and Wuliangye experiencing price adjustments [6][8]. 2. Market Performance of Food and Beverage Sectors - The report indicates that various sub-sectors within food and beverage have underperformed relative to the benchmark index, with the liquor sector lagging by 4.60 percentage points [46]. 3. Key Company Updates - Yanjing Beer reported a total revenue of 13.43 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 4.57% [11]. - Dongpeng Beverage achieved a revenue of 16.844 billion yuan in the first three quarters, marking a significant year-on-year increase of 34.93% [12]. - Jin Zai Foods reported a revenue of 1.808 billion yuan for the first three quarters, showing a modest growth of 2.05% [13]. 4. Liquor Sector Analysis - Moutai's bottle price is currently at 1730 yuan, down 20 yuan week-on-week, while Wuliangye remains stable at approximately 830 yuan [8][29]. - The report anticipates continued pressure on liquor sales leading into the 2026 Spring Festival due to high inventory levels and weak consumer demand [8]. 5. Consumer Goods Sector Insights - The report highlights the resilience of dairy companies like Yili, which are expected to benefit from declining costs and improving supply-demand dynamics [9]. - The snack and beverage segments are noted for their structural growth opportunities, with recommendations for companies like Unified Enterprises and Yanjing Beer [9].

Core Points - The 2025 Dongfang Heat Wave Consumption Season and Qingdao Beer Carnival will officially kick off on October 25, lasting for 9 days, aimed at creating a vibrant consumption atmosphere for citizens and tourists during the autumn season [1] - The event will integrate local culture, coastal tourism, and economic consumption elements, featuring local specialties and transforming the venue into a "beer art space" for an immersive experience combining performances and beer [1][2] Event Highlights - The opening ceremony will include live performances from local bands, DJ shows, and a beer king competition, along with flash performances of musical segments, promoting a blend of beer and art [2] - A variety of local delicacies will be showcased during the beer festival, including signature dishes like Dongfang shrimp cakes, roasted suckling pig, and black goat, allowing visitors to enjoy authentic local flavors alongside refreshing beer [2] Consumer Engagement - The carnival will optimize the cultural tourism consumption model by allowing free entry for citizens and tourists, with various exclusive discounts from on-site food, retail, and cultural creative vendors, promoting mutual benefits among market participants [4] - The event is organized by CNR Cultural Media (Hainan) Co., Ltd., with guidance from local tourism and commerce authorities, and aims to enhance the cultural tourism industry as a pillar of economic value and social welfare for Dongfang [4]