青岛啤酒股份有限公司 关于 A 股限制性股票激励计划预留授予限制性股票 第三个解除限售期解锁暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 95,000股。 证券代码：600600 证券简称：青岛啤酒 公告编号：2025-021 根据《青岛啤酒股份有限公司 A 股限制性股票激励计划（草案）》、《青岛啤酒 股份有限公司 A 股限制性股票激励计划实施考核管理办法》（以下合称"《激励计 划》"、"本激励计划"）的相关规定以及青岛啤酒股份有限公司（以下简称"公司"、 "本公司"或"青岛啤酒"）2019 年年度股东大会、2020 年第一次 A 股类别股东会议 及 2020 年第一次 H 股类别股东会（以下合称"股东年会及类别股东会"）的授权， 公司第十一届董事会第一次会议于 2025 年 5 月 20 日审议通过了《关于 A 股限制 性股票激励计划预留授予限制性股票第三个解除限售期解除限售条件成就的议 案》，现将本次解除限售有关事项说明如下： ...

北京市海间律师事务所 关于青岛啤酒股份有限公司 A 股限制性股票激励计划预留授予限制性 股票第三个解除限售期解除限售相关事项的 法律意见书 2025年5月 海问律师事务所 HAIWEN & PARTNERS 北京市海问律师事务所 地址:北京市朝阳区东三环中路 5 号财富金融中心 20 层(邮编 100020) Address: 20/F, Fortune Financial Center, 5 Dong San Huan Central Road, Chaoyang District, Beijing 100020, China 电话(Tel):(+86 10) 8560 6888 传真(Fax): (+86 10) 8560 6999 www.haiwen-law.com 北京 BEIJING | 上海 SHANGHAI | 深圳 SHENZHEN | 香港 HONG KONG | 成都 CHENGDU 北京市海间律师事务所 关于青岛啤酒股份有限公司 A 股限制性股票激励计划预留授予限制性股票 第三个解除限售期解除限售相关事项的法律意见书 致:青岛啤酒股份有限公司 北京市海问律师事务所(以下简称"本所")是 ...

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近期，由《每日经济新闻》举办的2025第十届中国酒业资本论坛暨中国酒业金樽奖颁奖典礼在成都举行。论坛上，《每日经济新闻》和清华大学经济管理学 院中国企业研究中心联合发布了"2025中国酒业上市公司品牌价值榜TOP30"，上榜企业合计品牌价值达16578亿元。此活动旨在帮助上榜酒企更清晰地了解 企业品牌发展状况，为其动态跟踪品牌的投资绩效和提升品牌管理效率提供参考。论坛现场为古越龙山、山西汾酒、金徽酒等3家上榜品牌价值增幅前三的 企业，颁发了"2025中国酒业上市公司品牌活力奖"。 2025中国酒业上市公司品牌价值榜TOP30 此次榜上有名的泸州老窖、山西汾酒、口子窖均注册了".商标"域名，其中山西杏花村汾酒厂股份有限公司还为其多个品牌注册了".商标"域名，如："汾酒.商 标"、"竹叶青.商标"、"杏花村.商标"，建立了与商标品牌名称一致的互联网入口，方便与消费者在互联网上建立直接连接。 酒类名企在中文域名选择上不约而同的将商标品牌与域名保持一致性，让品牌价值与域名价值发挥两者明显的协同效应，体现了域名价值与品牌价值的相辅 相成。一方面，高品牌价值企业的域名更具辨识度和商业价值，例如"泸州老窖.商标"域名的潜在 ...

Investment Rating - The investment rating for Qingdao Beer is "Outperform the Market" [6][17]. Core Viewpoints - The beer industry is experiencing a diversification in demand, leading to increased requirements for product innovation among beer companies. Consumers are increasingly pursuing high-end, healthy, personalized, and value-for-money options. From the second half of 2024, leading beer companies are accelerating product and channel innovation, such as launching low-alcohol/non-alcoholic beers and high-quality craft beers, while actively collaborating with emerging channels like instant retail and bulk snacks [2][10]. - Qingdao Beer is proactively responding to market changes by accelerating its innovation pace. The company is focusing on rapidly growing new channels, such as online e-commerce and instant retail, and has introduced a "30-minute fresh delivery" model, which has covered 29 cities nationwide. The management emphasizes that the company will enhance systematic innovation driven by technology to meet changing consumer demands and habits [3][11]. - The company is committed to developing its core beer business while gradually expanding into non-beer sectors. The acquisition of the Jimo Huangjiu business is aimed at meeting diverse consumer needs and balancing seasonal sales fluctuations between beer and Huangjiu, thereby strengthening the company's channel foundation. The management has stated that the expansion into non-beer businesses will not compromise the focus on the beer core business [3][12]. Financial Forecasts - For the years 2025-2027, Qingdao Beer is expected to achieve total revenue of 332.5 billion, 341.8 billion, and 350.3 billion yuan, respectively, with year-on-year growth rates of +3.4%, +2.8%, and +2.5%. The net profit attributable to shareholders is projected to be 47.6 billion, 51.2 billion, and 53.6 billion yuan, with growth rates of +9.7%, +7.5%, and +4.7% [4][17]. - The company is expected to maintain a profit growth rate that outpaces revenue growth, supported by continuous product structure upgrades and cost advantages throughout the year [3][17].

Investment Rating - The investment rating for Qingdao Beer is "Outperform the Market" [6][17]. Core Viewpoints - The beer industry is experiencing a diversification in demand, leading to increased requirements for product innovation among beer companies. Consumers are increasingly pursuing high-end, healthy, personalized, and value-for-money options. From the second half of 2024, leading beer companies are accelerating product and channel innovation, such as launching low-alcohol/non-alcoholic beers and high-quality craft beers, while actively collaborating with emerging channels like instant retail and bulk snacks [2][10]. - Qingdao Beer is proactively responding to market changes by accelerating its innovation pace. The company is focusing on rapidly growing new channels, such as e-commerce and instant retail, and has introduced a "30-minute fresh delivery" model, which has covered 29 cities nationwide. The management emphasizes systematic innovation driven by technology to adapt to changing consumer demands and habits [3][11]. - The company is committed to developing its core beer business while gradually expanding into non-beer sectors. The acquisition of a yellow wine business is aimed at meeting diverse consumer needs and balancing seasonal sales fluctuations. The management has stated that the expansion into non-beer businesses will not compromise the focus on the beer sector, which remains the company's priority [3][12]. Financial Forecasts and Performance - The company has adjusted its revenue and profit forecasts for 2025-2027, expecting total revenue of 332.5 billion, 341.8 billion, and 350.3 billion yuan, respectively, with year-on-year growth rates of +3.4%, +2.8%, and +2.5%. The expected net profit attributable to shareholders is 47.6 billion, 51.2 billion, and 53.6 billion yuan, with growth rates of +9.7%, +7.5%, and +4.7% [4][17]. - For 2024, the company anticipates total revenue of 321.4 billion yuan, a decrease of 5.3% year-on-year, with a net profit of 43.4 billion yuan, reflecting a slight increase of 1.8% [12][14]. - The company is expected to maintain a strong gross margin due to cost reductions, with a projected gross margin of 41.6% in the first quarter of 2025, up 1.2 percentage points year-on-year [16]. Market Position and Strategy - Qingdao Beer is leveraging its competitive advantages in the market, with a comprehensive product range and leading brand strength. The company's systematic innovation is expected to support its performance growth [4][17]. - The company is focusing on improving the quality of growth by actively controlling channel inventory and enhancing product freshness at the terminal level, which is expected to lead to a strong recovery in sales as it enters the peak season [3][15].

Core Viewpoint - The beverage industry is undergoing significant transformation, with a focus on new alcoholic beverages such as craft beer, pre-mixed drinks, non-alcoholic beverages, and low-alcohol options becoming key growth areas for companies [1][2]. Group 1: New Beverage Trends - The emergence of "fresh beer" stores like "Xianpifulu" in Chongqing offers a variety of craft beer at competitive prices, attracting consumers with low-cost options [2][5]. - The store's pricing strategy includes selling 500ml beers for as low as 6.6 yuan, significantly lower than traditional craft beer prices [5][20]. - Companies are increasingly blurring the lines between alcoholic and non-alcoholic beverages, with major beer brands launching soft drink lines to leverage existing distribution channels [6][12]. Group 2: Market Dynamics - Beer companies like Chongqing Beer and Yanjing Beer are expanding into the soft drink market, launching products like "Dali Cang'e" and "Beisite Jia Bing" to capture a share of the growing beverage market [6][8]. - The soft drink market is projected to grow at an annual rate of 8.58%, while beer production is expected to decline by 1.9% in 2024, prompting beer companies to diversify into beverages [12][13]. - The competitive landscape in the beverage industry is intense, with established brands dominating various segments, making it challenging for new entrants to gain market share [15][22]. Group 3: Strategic Considerations - The strategy of beer companies entering the beverage market is driven by the potential for channel synergy and the need to adapt to changing consumer preferences [11][12]. - Companies are leveraging their existing distribution networks to introduce new products, enhancing production efficiency and market reach [12][13]. - The low entry barriers for new beverage products have intensified competition, requiring companies to innovate rapidly to maintain relevance [22][28]. Group 4: Challenges in the Alcoholic Beverage Sector - Beverage companies venturing into alcoholic drinks face challenges related to product positioning, distribution, and quality expectations from consumers [23][25]. - Recent launches of low-alcohol products by beverage brands have not gained significant traction in the market, indicating potential misalignment with consumer preferences [26][27]. - The need for high-quality base alcohol in pre-mixed drinks is critical, as consumer expectations for taste and quality continue to rise [27][28].

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer (600600.SH) [5] Core Viewpoints - The new management team emphasizes a consumer-centric approach and aims for stable growth in both volume and profit. The strategy includes focusing on strategic areas such as "beer + biology + health," deepening domestic and international markets, and enhancing brand communication [1][14] - The beer industry is characterized by stable overall volume and structural upgrades, with significant room for growth in per capita consumption in China. The company aims to meet evolving consumer demands through its "Five New" strategy, which focuses on new products, channels, scenes, demographics, and needs [2][15] - The company is implementing multiple core initiatives to drive sales growth, including a product combination strategy and expansion into new markets, particularly in southern China and overseas [3][42] Summary by Sections New Management Strategy - The new management's strategy continues the previous core strategy but emphasizes a stronger consumer focus and sales growth orientation. Key measures include strategic positioning in "beer + biology + health," deepening market presence, and enhancing brand experience [1][14] Focus on Consumer Needs - The beer industry is experiencing a trend of stable total volume and diversified consumer demands. The company is addressing these needs through its "Five New" strategy, targeting new products, channels, scenes, demographics, and needs [2][15][24] Focus on Sales Growth - The company is committed to a product combination strategy, focusing on core products like classic, pure draft, and white beer. It aims to expand its presence in the southern market and overseas, particularly in regions like South Korea and West Africa [3][42][43] Financial Forecast and Valuation - The report forecasts the company's net profit for 2025-2027 to be 48.46 billion, 51.71 billion, and 54.42 billion yuan respectively, with corresponding EPS of 3.55, 3.79, and 3.99 yuan. The current stock price corresponds to a PE of 20x, 19x, and 18x for 2025-2027 [3][44]

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer (600600.SH) [5][44]. Core Viewpoints - The new management team emphasizes a consumer-centric approach and aims for balanced growth in volume and profit. The strategy includes focusing on strategic areas such as "beer + biology + health," deepening domestic and international markets, and enhancing brand communication [1][14]. - The beer industry is characterized by stable overall volume and structural upgrades, with significant room for growth in per capita consumption in China. The company aims to meet evolving consumer demands through its "Five New" strategy, which focuses on new products, channels, scenes, groups, and needs [2][15]. Summary by Sections New Management Strategy - The new management strategy continues the core strategy of the previous leadership, with a focus on consumer-centricity and sales growth. Key measures include strategic positioning in "beer + biology + health," deepening market presence, and enhancing brand experience [1][14]. Focus on Consumer Needs - The beer industry shows a trend of stable total volume and diversified consumer demands. The average beer consumption in China is projected to be 30.5 liters in 2024, indicating potential for growth. The company addresses new consumer demands through innovative products and marketing strategies [2][15]. Focus on Sales Growth - The company implements a multi-faceted approach to drive sales growth, including a product strategy that emphasizes core products and the development of fresh and premium offerings. The southern market is identified as a growth highlight, with plans for new consumption scenarios and product launches [3][42][43]. Financial Forecast and Valuation - The report forecasts net profits for 2025-2027 to be 48.46 billion, 51.71 billion, and 54.42 billion yuan, respectively, with corresponding EPS of 3.55, 3.79, and 3.99 yuan. The current stock price corresponds to PE ratios of 20x, 19x, and 18x for the same years [3][44].

证券研究报告 | 公司点评 gszqdatemark 2025 05 22 年 月 日 青岛啤酒（600600.SH） 跨界扩张，旺季发力 事件：近日公司召开 2024 年年度股东大会，新任董事长姜宗祥先生主持 会议并就公司近况进行交流。 啤酒：核心大单品为基，产品推新旺季发力。产品端公司持续推进青岛啤 酒主品牌"1+1+1+2+N"组合发展，核心大单品经典等继续做大做强， 高端及超高端系列目标更高增速。近年公司推出"奥古特 A 系列、尼卡希 白啤、无醇啤酒系列、轻干啤酒"等新品，丰富不同价格带、多元口味矩 阵，无醇、轻干等产品顺应健康消费大趋势，把握细分市场需求。区域来 看，公司加速推进"一纵两横"战略带市场建设与布局，完善渠道网络。 25Q1 啤酒淡季公司平稳过渡，旺季将加大市场开拓力度、发力产品结构 升级，量价或取得更优表现。 非啤酒：横向拓展多元酒饮，黄酒淡旺季互为补充。5 月 8 日公司公告收 购即墨黄酒 100%股权，收购对价 6.65 亿元。黄酒业务的补充为公司横向 拓展多元酒饮业务上的重要一步，黄酒与啤酒销售淡旺季互为补充，缓解 淡季销量占比偏低问题。同时黄酒销售网络及渠道等可与公司啤酒优势市 ...