增持 ( ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | |--------------------------------|--------------------------------------| | ＃市场数据 marketData ＃ | | | 日期 | 2024-8-29 | | 收盘价（元） | 57.90 | | 总股本（百万股） | 1364.20 | | 流通股本（百万股） | 709.03 | | 净资产（百万元） | 28393.99 | | 总资产（百万元） | 52805.91 | | 每股净资产（元） 来源： WIND | 20.81 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 《青岛啤酒一季报点评：Q1 利 润超预期，分季度景气向上》 20240430 《青岛啤酒年报点评：还原年金 计提后 23Q4 符合预期，升级韧 性兑现》20240327 《青岛啤酒三季报点评：Q3 销 量有所承压，升级节奏仍稳健》 20231028 ＃分析师： emailAuthor＃ 郭晓东 guoxiaodong@xy ...

青岛啤酒（600600.SH） 销量短期承压，成本红利兑现 中高端表现更优，吨价短期受结构扰动。24Q2 公司啤酒实现销量 245 万 千升，同比-8.0%；其中青岛品牌/其他品牌销量分别-8.7%/-7.3%，青岛 品牌中高档销量-5.5%，我们认为消费力偏弱、餐饮渠道承压致啤酒销量 整体承压，中高端销量表现更优。24Q2 啤酒吨价同比-0.9%，预计吨价短 期主要受产品结构变化影响。 吨成本显著下行，成本红利贡献利润。24Q2 公司吨成本-5.4%，预计主要 受益于原材料和包材成本下降红利持续兑现、产品结构变化。吨成本下降 贡献下，24Q2 公司毛利率同比+2.7pct 至 42.8%。24Q2 销售/管理/研发 /财务费用率分别同比+0.4/+0.2/持平/-0.4pct，费率管控整体稳定。24Q2 其他收益同比增长 1.0 亿元，预计主要为政府补助贡献。成本红利贡献下 24Q2 公司净利率+2.7pct 至 21.1%。 短期销量承压，利润端有望维持稳健表现，提升分红率提高股东回报。今 年啤酒旺季一方面受消费力承压、终端消费场景减少影响，另一方面全国 多地受酷暑、降雨偏多等天气扰动，2024 年 7 ...

Financial Performance - Revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.06% compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was RMB 3,641,652,772, an increase of 6.31% year-on-year[11] - Net cash flow from operating activities increased by 24.20% to RMB 5,713,872,510[11] - Basic earnings per share (EPS) for the reporting period was RMB 2.672, up 6.20% compared to the same period last year[12] - Total assets as of the end of the reporting period were RMB 52,805,909,965, an increase of 7.21% compared to the end of the previous year[11] - The weighted average return on equity (ROE) was 12.44%, a slight decrease of 0.14 percentage points compared to the same period last year[12] - The company's net assets attributable to shareholders of the listed company increased by 3.44% to RMB 28,393,988,614[11] - Domestic beer market consumption recovery was weak in the first half of 2024, with industry-wide production reaching 19.088 million kiloliters, a year-on-year increase of 0.1%[16] - The company achieved product sales of 4.63 million kiloliters, with revenue of RMB 20.07 billion and net profit attributable to shareholders of RMB 3.64 billion, a year-on-year increase of 6.31%[16] - The company's main brand achieved sales of 2.61 million kiloliters, with mid-to-high-end products accounting for 1.896 million kiloliters, driving a 1.0% year-on-year increase in revenue per kiloliter[17] - The company's R&D expenses increased by 32.70% year-on-year, driven by increased investment in new product development[18] - The company's operating cash flow increased by 24.20% year-on-year, mainly due to reduced raw material costs and tax payments[19] - The company's monetary funds increased by 26.89% year-on-year, accounting for 46.33% of total assets[21] - The company's inventory decreased by 37.49% year-on-year, reflecting improved inventory management[21] - The company's other non-current financial assets increased by 74.84% year-on-year, indicating strategic financial investments[21] - The company's monetary funds increased by 26.89% compared to the beginning of the period, primarily due to net cash inflows from operating activities[22] - Trading financial assets increased by 46.18% compared to the beginning of the period, mainly due to an increase in structured deposits and other debt instruments[22] - Accounts receivable increased by 39.16% compared to the beginning of the period, driven by an increase in receivables from subsidiaries[22] - Inventory decreased by 37.49% compared to the beginning of the period, as some subsidiaries entered the peak sales season[22] - Other non-current financial assets increased by 74.84% compared to the beginning of the period, due to the purchase of bank-issued bonds by a subsidiary[22] - Construction in progress increased by 59.42% compared to the beginning of the period, due to relocation and expansion projects by some subsidiaries[22] - Other non-current assets increased by 129.05% compared to the beginning of the period, due to prepayments for engineering and equipment procurement by subsidiaries[22] - The company's debt-to-capital ratio was 0% as of June 30, 2024, unchanged from December 31, 2023[23] - The company invested approximately 1.045 billion yuan in capital projects during the first half of 2024, including new construction, relocation, and expansion projects[24] - The fair value of the company's financial assets, including structured deposits, bonds, and funds, totaled 5.335 billion yuan as of the end of the reporting period[25] - Total investment in funds amounted to 3,371,461 units, with a net value of 2,277,041 units, showing a decrease of 71,501 units[28] - The company held 2,802,545 units of trading financial assets, with a total value of 595,997 units[28] - Total assets increased to RMB 52.805 billion as of June 30, 2024, up from RMB 49.256 billion at the end of 2023[78] - Cash and cash equivalents rose to RMB 24.467 billion, a 26.9% increase compared to RMB 19.282 billion at the end of 2023[78] - Trade receivables grew to RMB 139.7 million, a 39.2% increase from RMB 100.4 million at the end of 2023[78] - Inventory decreased to RMB 2.213 billion, down 37.5% from RMB 3.540 billion at the end of 2023[78] - Total liabilities increased to RMB 23.590 billion, up 12.3% from RMB 21.001 billion at the end of 2023[79] - Contract liabilities decreased to RMB 5.560 billion, down 27.7% from RMB 7.691 billion at the end of 2023[79] - Shareholders' equity increased to RMB 29.216 billion, up 3.4% from RMB 28.255 billion at the end of 2023[79] - Retained earnings grew to RMB 21.247 billion, a 4.5% increase from RMB 20.334 billion at the end of 2023[79] - Fixed assets decreased to RMB 10.820 billion, down 2.9% from RMB 11.146 billion at the end of 2023[78] - Construction in progress increased to RMB 794.9 million, up 59.4% from RMB 498.6 million at the end of 2023[78] - Revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.1% compared to RMB 21,591,789,633 in the same period of 2023[81] - Net profit attributable to shareholders of the parent company was RMB 3,641,652,772, an increase of 6.3% compared to RMB 3,425,652,286 in the first half of 2023[81] - Basic earnings per share (EPS) for the first half of 2024 was RMB 2.672, up 6.2% from RMB 2.516 in the same period of 2023[81] - Operating profit for the first half of 2024 was RMB 4,912,043,695, an increase of 6.7% compared to RMB 4,602,276,999 in the first half of 2023[81] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, up 6.7% from RMB 3,487,105,492 in the same period of 2023[81] - R&D expenses increased by 32.7% to RMB 29,405,848 in the first half of 2024 compared to RMB 22,160,455 in the same period of 2023[81] - Interest income rose by 33.4% to RMB 315,777,423 in the first half of 2024 from RMB 236,690,677 in the same period of 2023[81] - Other income increased by 68.6% to RMB 286,034,209 in the first half of 2024 compared to RMB 169,697,462 in the same period of 2023[81] - Income tax expense for the first half of 2024 was RMB 1,188,505,811, up 5.8% from RMB 1,122,838,779 in the same period of 2023[81] - Sales expenses decreased by 9.1% to RMB 2,169,269,528 in the first half of 2024 compared to RMB 2,387,993,047 in the same period of 2023[81] - Sales revenue from goods and services received in cash for the first half of 2024 was RMB 20,708,991,798, a slight decrease from RMB 21,163,135,135 in the same period of 2023[83] - Net cash flow from operating activities for the first half of 2024 increased to RMB 5,713,872,510, up from RMB 4,600,493,439 in the same period of 2023[83] - Net cash flow from investing activities for the first half of 2024 was negative RMB 6,951,897,440, compared to negative RMB 3,727,732,890 in the same period of 2023[83] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, with a significant portion attributed to the parent company's shareholders[85] - The company's total equity as of June 30, 2024, was RMB 29,215,608,926, up from RMB 28,254,747,175 at the beginning of the year[85] - Cash received from tax refunds in the first half of 2024 was RMB 18,723,526, a significant increase from RMB 2,971,662 in the same period of 2023[83] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets in the first half of 2024 was RMB 1,045,436,663, up from RMB 640,345,509 in the same period of 2023[83] - The company's undistributed profits as of June 30, 2024, were RMB 21,247,324,492, up from RMB 20,334,065,296 at the beginning of the year[85] - Cash received from other operating activities in the first half of 2024 was RMB 735,366,385, compared to RMB 527,646,468 in the same period of 2023[83] - The company's cash and cash equivalents at the end of June 2024 were RMB 7,959,172,830, down from RMB 9,292,085,271 at the beginning of the year[83] - Share capital remained stable at 1,364,232,790 RMB in 2023, with a slight decrease to 1,364,196,788 RMB in 2024 due to share repurchases[86][88] - Capital reserve increased by 62,926,564 RMB (1.5%) in 2023 and 22,346,243 RMB (0.4%) in 2024, reaching 4,217,003,541 RMB and 5,293,375,615 RMB respectively[86][88] - Treasury stock decreased by 17,697,593 RMB (10.3%) in 2023 and 10,359,615 RMB (13.3%) in 2024, totaling 154,157,067 RMB and 67,284,191 RMB respectively[86][88] - Comprehensive income for 2023 was 7,174,606 RMB, contributing to a total comprehensive income of 3,425,652,286 RMB for the year[86] - Retained earnings grew by 970,033,264 RMB (5.2%) in 2023 but decreased by 386,826,735 RMB (4.4%) in 2024, ending at 19,498,424,119 RMB and 8,444,582,131 RMB respectively[86][88] - Total equity increased from 16,597,457,346 RMB to 16,304,000,733 RMB in 2023, and decreased slightly to 16,348,128,723 RMB in 2024[89][88] - The company repurchased and canceled 36,002 shares in 2023, reducing total shares to 1,364,196,788[91] - Profit distribution to shareholders amounted to 2,455,619,022 RMB in 2023 and 2,728,393,576 RMB in 2024[86][88] - Share-based compensation contributed 62,637,798 RMB to capital reserve in 2023 and 22,343,836 RMB in 2024[86][88] Market and Operations - The company operates 57 wholly-owned and controlled beer production enterprises across 20 provinces, municipalities, and autonomous regions in China[15] - Tsingtao Beer is sold in over 120 countries and regions worldwide, making it one of the most internationally recognized Chinese brands[15] - The company's products are sold in over 120 countries and regions, with rapid growth in Eastern Europe, the Middle East, and the South Pacific[17] - The company launched new products such as "Nika White Beer, Whole Wheat Augustiner A6 and A3, and Alcohol-Free White Beer" to meet diverse consumer demands[17] Environmental and Sustainability - Qingdao Beer Factory's COD emission concentration is 980 mg/L, with a total emission of 341.3 tons, and a permitted annual emission of 6763.75 tons[38] - Qingdao Beer Second Factory's COD emission concentration is 1300 mg/L, with a total emission of 814.7 tons, and a permitted annual emission of 2625.0 tons[38] - Qingdao Beer Third Factory's COD emission concentration is 1680 mg/L, with a total emission of 1069.914402 tons, and a permitted annual emission of 12724.7 tons[38] - Qingdao Beer Fourth Factory's COD emission concentration is 1310 mg/L, with a total emission of 284.3 tons, and a permitted annual emission of 675 tons[38] - Qingdao Beer Fifth Factory's COD emission concentration is 911 mg/L, with a total emission of 223.6778 tons, and a permitted annual emission of 4278.63 tons[38] - Qingdao Beer (Shouguang) Co., Ltd.'s COD emission concentration is 1200 mg/L, with a total emission of 180.7 tons, and a permitted annual emission of 1481.69 tons[38] - All factories' emissions are within the permitted limits, with no超标排放情况 reported[38] - Wastewater treatment compliance across all Qingdao Beer subsidiaries with no超标排放 reported[39] - COD levels in treated wastewater range from 2.814092 to 352.6 mg/L across different subsidiaries[39] - Ammonia nitrogen levels in treated wastewater range from 0.098874 to 9.02 mg/L across different subsidiaries[39] - Total phosphorus levels in treated wastewater range from 0.018012 to 0.6071 mg/L across different subsidiaries[39] - Total nitrogen levels in treated wastewater range from 0.359127 to 6.37 mg/L across different subsidiaries[39] - COD discharge limits range from 509.10 to 1754.46 mg/L across different subsidiaries[39] - Ammonia nitrogen discharge limits range from 16.45 to 126.00 mg/L across different subsidiaries[39] - Total phosphorus discharge limits range from 3.29 to 24.44 mg/L across different subsidiaries[39] - Total nitrogen discharge limits range from 20.61 to 213.82 mg/L across different subsidiaries[39] - All subsidiaries adhere to the Beer Industrial Pollutant Discharge Standard (GB 19821-2005) and the Water Quality Standard for Sewage Discharged into Urban Sewer (GB/T 31962-2015)[39] - Wastewater treatment at Qingdao Beer (Suizhou) Co., Ltd. shows COD levels at 1690, ammonia nitrogen at 16.8, total phosphorus at 4.13, and total nitrogen at 25.3, all within acceptable limits[40] - Qingdao Beer (Huangshi) Co., Ltd. reports COD levels at 117, ammonia nitrogen at 29.6, total phosphorus at 0.86, and total nitrogen at 33.7, compliant with discharge standards[40] - Qingdao Beer (Ma'anshan) Co., Ltd. achieves COD levels at 333, ammonia nitrogen at 18.3, total phosphorus at 0.59, and total nitrogen at 22, meeting regulatory requirements[40] - Qingdao Beer Shanghai Songjiang Manufacturing Co., Ltd. maintains COD levels at 78, ammonia nitrogen at 7.69, total phosphorus at 0.39, and total nitrogen at 17.3, within permissible limits[40] - Qingdao Beer (Yangzhou) Co., Ltd. records COD levels at 855, ammonia nitrogen at 16.8, total phosphorus at 1.75, and total nitrogen at 43.4, all within acceptable ranges[40] - Qingdao Beer (Xuzhou) Pengcheng Co., Ltd. shows COD levels at 2090, ammonia nitrogen at 16.1, total phosphorus at 2.88, and total nitrogen at 32, compliant with discharge standards[40] - Qingdao Beer (Xuzhou) Co., Ltd. reports COD levels at 453, ammonia nitrogen at 16.2, total phosphorus at 4.30, and total nitrogen at 19.3, within permissible limits[40] - Qingdao Beer (Suqian) Co., Ltd. maintains COD levels at 142, ammonia nitrogen at 6.81, total phosphorus at 0.37, and total nitrogen at 10, meeting regulatory requirements[40] - Qingdao Beer (Kunshan) Co., Ltd. achieves COD levels at 167, ammonia nitrogen at 10.5, total phosphorus at 2.66, and total nitrogen at 38.2, all within acceptable ranges[40] - Qingdao Beer Shanghai Minhang Co., Ltd. records COD levels at 35, ammonia nitrogen at 0.922, total phosphorus at 0.29, and total nitrogen at 5.68, compliant with discharge standards[40] - COD emissions from Qingdao Beer (Fuzhou) Co., Ltd. were 133, with a reduction to 24.31785 after treatment, achieving a reduction rate of 81.7%[41] - Ammonia nitrogen emissions from Qingdao Beer (Jiujiang) Co., Ltd. were 5.11, reduced to 0.7022 after treatment, achieving a reduction rate of 86.3%[41] - Total phosphorus emissions from Qingdao Beer (Zhuhai) Co., Ltd. were 2.4, reduced to 0.439 after treatment, achieving a reduction rate of 81.7%[41] - COD emissions from Shenzhen Qingdao Beer Asahi Co., Ltd. were 1780, reduced to 358.9781 after treatment,

公 司 研 究 [Table_Reportdate] 2024年08月22日 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/21 | | 收盘价 | 59.19 | | 总股本(万股) | 136,420 | | 流通A股/B股(万股) | 70,903/0 | | 资产负债率(%) | 40.85% | | 市净率(倍) | 2.71 | | 净资产收益率(加权) | 5.65 | | 12个月内最高/最低价 | 99.99/59.03 | [Table_QuotePic] -42% -35% -27% -19% -11% -4% 4% 12% 23-08 23-11 24-02 24-05 青岛啤酒 沪深300 [Table_invest] 买入（首次覆盖） [青岛啤酒（ Table_NewTitle] 6 ...

结构升级成本优化，旺季表现可期 买入 （维持） 核心观点 ⚫ 持续推进结构升级，出海布局高瞻远瞩。24Q1 公司年产 100 万千升高端特色啤酒 生产基地于青岛开工，啤酒行业存量竞争背景下，公司持续推进产品结构升级，先 后推出一世传奇、奥古特、皮尔森等创新型高端产品，24Q1 公司中高端产品实现销 量 96 万千升。受益结构升级，公司 15 年至今吨价持续上升，近五年吨价复合增速 5%， 23 年营收 334.06 亿元，销量 801 万千升，折算吨价 4171 元/吨，同比上升 6.2%。出海布局方面，据媒体报道，青啤长期占据中国啤酒出口量 80%，过去十年 青岛啤酒的海外业务出口总额 CAGR 达 7%，公司积极将产品渠道向国际市场拓 宽，通过境外子公司和当地代理商进行海外市场拓展谋求增量，青岛啤酒登顶全球 权威品牌评估咨询公司 Brand Finance 发布的 2024 年度全球啤酒品牌力榜单冠军。 ⚫ 8 月高温叠加体育赛事，Q3 销量预计环比改善。据中国气象局，今年盛夏全国大部 分地区气温将有所偏高，8 月以来多地区高温天气快速发展，且有持久态势，高温 有利于啤酒销售，今夏季奥运会和欧洲杯两大体育 ...

证券研究报告 | 首次覆盖报告 2024 年 08 月 03 日 青岛啤酒（600600.SH） 百年积淀，高端化精进 青岛啤酒：百廿荣光，顺时而变。公司于 1990s 大举并购扩张，2002 年转 向内涵式发展，进行品牌、内部系统整合，2007 年提出"整合与扩张并举"， 2011 年确立并购与新建双轮驱动战略，2017 年后公司转向"稳增长、调结 构、控费用"，经营效率显著提升。 啤酒行业：量稳价增，高端化下半场。量上，啤酒产量于 2013 年见顶，2018 年后企稳，预计老龄化趋势下未来产量趋稳。价上，高端化进程过半，仍有 广阔升级空间，我们认为 6-10 元或为近年扩容空间最大的价格带。渠道方 面，啤酒渠道多元终端分散，企业终端掌控力强，未来即饮恢复将提振高端 表现。竞争格局方面，我们测算 2023 年行业 CR5 达 92%，多数省份呈寡 头割据格局，未来高端新品发力、渠道精耕或为破局之道。 结构升级提速，"一纵两横"战略显成效。品牌上，2015 年公司明确"1+1" 即青岛+崂山双品牌战略，青岛品牌价值蝉联 20 年啤酒榜首，2023 年青岛 品牌销量占比达 57%。产品上，公司产品战略升级为"1 ...

那今天的话我们请到是青岛啤酒的专家就是来给我们更新一下最新的一些情况专家你好可以听到吗你好很清楚好嘞好嘞那因为近期的话也是啤酒消费的一个旺季啊就您能不能帮我们去更新一下最近一些冬宵的一些情况啊啊是这样因为今天才八月二号嘛我们整个七月份这个消费数据其实还没有出来 但是我个人感觉哈我的分公司包括跟我比较小数的一个信息单位目前来看我们企业在这几个分公司的销量在这个效果表现不是很好啊不是很好我觉得大概率今年确实不会特别好是我们这边是这样子的嗯啊呃去年您这边我不知道就是你您是觉得您这边不太好是吧这个能不能代表全国的一个情况 不一定我们是几个南方的区域就是不太好你说在最后那几天你说几个大省你说陕西啊山东啊他能突击押户啊把整个7月份的任务突击出来吗也不一定啊但是呢我们南方几个比如说我们这几个地方确实一般7月份确实7月份一般啊您这边主要覆盖的是哪些区域啊我负责华南其中一个省啊对对对 反正我们南方几个区域来看目前来看一般吧我们几个省公司一般去年咱们这边也是基数比较低的吧因为去年应该是有下滑的吧去年7月份我们没有下滑对对虽然去年7月份整个公司不是特别的好因为当时上半年5月份这些压的这些货登销很慢嘛但是今年但是去年7月份我那边登销 ...

青岛啤酒渠道会议 20240802 会议要点 1. 销量与市场表现 青岛啤酒在华南区域的销量表现不佳，尤其是 7 月份，由于天气原 因和整体经济形势不佳，导致销售情况不理想。尽管具体数据尚未 公布，但预计销量不会特别好。 由于天气原因，尤其是北方地区的降雨量增加，导致青岛啤酒在多 个区域的销售受到影响。陕西和山西等基地市场的销售情况尤其严 俊。 青岛啤酒在 6 月和 7 月的动销情况都不理想，未达到预期。尽管有 些区域可能通过突击压货完成任务，但整体市场表现依旧不佳。 2. 市场竞争与品牌策略 青岛啤酒近年来一直在追求利润，重点放在中高档产品上，但这导 致了在旺季时销量不佳。公司在品牌和营销上投入更多资源在高附 加值产品上，但整体市场反应不如预期。 近年来，小品牌啤酒逐渐复苏，对青岛啤酒的市场份额形成冲击。 地方性品牌的崛起，尤其是在县城和小城市，导致青岛啤酒在中低 端市场的竞争力下降。 3. 渠道与终端表现 餐饮渠道的占比在持续下滑，从最高峰时的 50%以上下降到目前的 40-45%。大流通渠道的占比则在上升，接近 50%。便利店和 CBS 类便利店的销售占比越来越高，而 K 渠道和娱乐渠道的销售占比则 在 ...

青岛啤酒(600600.SH) 积极备战销售旺季,下半年销量改善可期 公司研究·公司快评 食品饮料·非白酒 投资评级:优于大市(维持) 证券分析师: 张向伟 zhangxiangwei@guosen.com.cn 执证编码:S0980523090001 证券分析师: 杨苑 021-60933124 yangyuan4@guosen.com.cn 执证编码:S0980523090003 事项: 公司公告:2024 年 06 月 28 日,青岛啤酒召开 2023 年年度股东大会。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年07月01日 国信食饮观点:1)预计上半年销量承压,目前公司多措并举,力争积极填补销量缺口;2)预计上半年产 品结构持续优化,全年销售均价预计将延续提升;3)全年销售费用投入或有所增加,但不会改变盈利能 力提升趋势;4)预计公司分红率维持长期上行趋势。考虑到二季度消费需求走弱、不利天气的出现增大 公司销售压力,小幅下调盈利预测,预计 2024-2025 年公司实现营业收入 347.1/358.9 亿元(前预测值 357.0/376.0 亿元),同比+2.3%/+3 ...

啤酒 青岛啤酒（600600.SH） 买入-A(维持) 百年品牌国潮焕新，优异品质静待突围 2024年6月18日 公司研究/深度分析 公司近一年市场表现 投资要点：  量价转换，高端化成行业发展主线。（1）中国啤酒行业在2014年迈入存 量时代，低价竞争不再具备经济效益，啤酒企业渴望修复利润，高端化成为 行业发展新动力；（2）近几年虽然受到疫情扰动，宏观经济总体依然保持了 较为稳健地增长，体现了我国经济发展的韧性，同时居民物质生活水平不断 提高，高端产品中长期看仍有充足的发展空间，同时啤酒企业也在加大高端 产品研发投入，国产高端产品矩阵逐步趋于完善；（3）国内啤酒行业集中度 已达到较高水平，CR5突破90%，五大龙头分省而立，市场份额竞争激烈程 市场数据：2024年6月17日 度趋缓，啤酒企业向利润导向转变，主要通过提价升级和降费增效改善盈利。 收盘价（元）： 78.21 总股本（亿股）： 13.64  品牌、产品、渠道三维优势助力青啤高端化发展。（1）品牌端：青啤历 流通股本（亿股）： 7.05 史悠久，品牌底蕴深厚，公司通过多元化、创新化、精准化的营销不断焕发 流通市值（亿元）： 551.22 品牌活 ...