Core Insights - The "2024-2025 Shandong Brand Influence Report" was released, providing a comprehensive analysis of brand development in Shandong, based on big data [2][5] - The report highlights the strong performance of educational and cultural brands in brand communication effectiveness, with specific industries achieving "upgrade" levels in online presence [2][3] - Key case studies, such as "Black Myth: Wukong" and "Zibo Barbecue," illustrate successful brand communication strategies that transformed short-term popularity into sustained interest [2][3] Industry Analysis - The report assessed brand communication across 22 industries in Shandong, revealing that education and culture brands lead in communication effectiveness [2] - It identified eight core areas of strong growth, with an average year-on-year increase of 44.87% in the INC index for sectors including listed companies, public brands, and higher education institutions [3][4] Regional Insights - Jinan benefits from abundant educational and corporate resources, while Qingdao leverages its "Good Products Shandong" brand matrix and quality tourist attractions [3] - Tai'an capitalizes on the global recognition of Mount Tai to enhance its tourism brand communication [3] Brand Performance - Notable companies such as Dong'e Ejiao and Tsingtao Brewery excelled among Shandong's listed companies, while "Good Guest Shandong" remains the top public brand [4] - The report utilized the INC index, developed by the research institute, to evaluate brand performance across six dimensions, ensuring precise assessments [4] Strategic Recommendations - The report suggests four strategies for brand enhancement: creating differentiated content, building a comprehensive communication matrix, promoting intelligent upgrades for efficiency, and improving monitoring and evaluation systems [4]

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 ...

Group 1: Guizhou Moutai - Guizhou Moutai has no current plans to use celebrity endorsements for marketing, as stated by the company's vice president during the 2024 annual performance briefing [1] - The company is focusing on brand rejuvenation and the integration of liquor and tourism, exemplified by the appointment of Zhang Yixing as the spokesperson for Moutai's cultural tourism segment [1] - The upcoming "2025 Guizhou Huang Xiaoxi T Music and Arts Festival" will feature Zhang Yixing, highlighting Moutai's strategy to attract younger consumers [1] Group 2: Qingdao Beer - Qingdao Beer remains committed to its core beer business while exploring opportunities in non-beer sectors, indicating potential future asset integration [2] - The company aims to leverage its brand and quality advantages to expand market presence and diversify its product offerings [2] - Qingdao Beer acknowledges the growth potential in the Chinese beer market and plans to develop new business growth points through strategic acquisitions [2] Group 3: Yanghe Distillery - Yanghe Distillery has established Jiangsu Yanghe Cultural Media Co., Ltd., marking its expansion into the cultural media sector [3] - The new company will engage in various activities, including liquor operations, TV series production, and brand management, enhancing Yanghe's brand influence [3] - This move allows Yanghe to integrate its brand culture into consumers' lives, potentially creating new profit growth avenues [3]

Group 1 - The report highlights the core viewpoint that the company, Qii 712 (603712), is a key supplier in military wireless communication, with a focus on independent research and innovation in military communication technology [2] - The company reported a revenue of 216 million yuan in Q1 2025, a decrease of 55.88% year-on-year, and a net profit of -54.02 million yuan, down 440.23% year-on-year [2] - The report anticipates that the company will benefit from the increasing defense spending and the expanding market for military private network wireless communication [2] Group 2 - The report on the pet economy indicates a strong growth momentum, with the fifth TOPS Pet Expo showcasing over 1,200 exhibitors and a 43% increase in visitor numbers compared to the previous year [3] - Exports of pet food from China reached 82,400 tons in the first quarter of 2025, reflecting a year-on-year growth of 19.68% [3] - The report suggests that the pet economy is transitioning from "scale expansion" to "value creation," with leading companies focusing on innovation and brand development [3] Group 3 - The report on Aosaikang (002755) indicates a total revenue of 509 million yuan in Q1 2025, a year-on-year increase of 13.39%, and a net profit of 54.73 million yuan, up 73.50% year-on-year [4] - Aosaikang's SmartKine platform is highlighted as a promising innovation in the field of immunotherapy, aiming to selectively activate the immune system to target tumor cells [4] - The report projects significant revenue growth for Aosaikang, with expected revenues of 1.90 billion, 2.89 billion, and 5.30 billion yuan for 2025, 2026, and 2027 respectively [30] Group 4 - The report on Zhongji Xuchuang (300308) shows a revenue of 6.67 billion yuan in Q1 2025, a year-on-year increase of 37.82%, and a net profit of 1.58 billion yuan, up 56.83% year-on-year [33] - The company is focusing on the development of 800G and 1.6T optical modules, with expectations for increased demand in the second half of 2025 [33] - The report emphasizes the strategic partnership with CarLink to develop vehicle-mounted optical communication modules, aiming to enhance smart vehicle capabilities [33]

Core Viewpoint - Qingdao Beer is actively pursuing diversification by acquiring Jimo Yellow Wine, aiming to enhance its product line and market channels while continuing to focus on its core beer business [5][6]. Group 1: Investor Engagement - On May 12, Qingdao City Listed Companies Association held an online investor reception day, where investors raised questions about the acquisition of Jimo Yellow Wine and the potential integration of beverage assets into the listed company [1]. - Qingdao Beer responded to investor inquiries regarding the future integration of beverage assets, indicating that it does not rule out the possibility of consolidating quality assets at an appropriate time [2]. Group 2: Business Strategy - The company plans to maintain its commitment to the beer industry while exploring opportunities in non-beer sectors to extend its industry chain and cultivate new growth points [4]. - The integration of Jimo Yellow Wine is seen as a strategic move to diversify the company's business and create new economic growth opportunities [5]. Group 3: Acquisition Details - Qingdao Beer announced its intention to acquire 100% of Jimo Yellow Wine for a total consideration of 665 million yuan, including adjustments for profit and loss during the price adjustment period [5]. - Jimo Yellow Wine reported a revenue of approximately 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 [6].

Core Insights - The beer industry is experiencing a slowdown in growth for 2024, with major companies reporting their first negative revenue growth in three years due to various factors including weather and market conditions [1][2]. Industry Performance - Major beer companies such as Budweiser APAC, China Resources Beer, Tsingtao Brewery, and Chongqing Brewery have reported revenue declines ranging from 1% to 13% in 2024, with Budweiser APAC experiencing the largest drop at 13% [2]. - The total beer production in China for 2024 was 35.213 million kiloliters, a decrease of 0.6% year-on-year, making beer the only declining category in the food and beverage sector [2]. - In the first two months of 2025, the cumulative production of major beer companies in China fell by 4.9% [3]. Shifts in Growth Strategy - The beer industry is transitioning from a focus on high-end products to a more diversified approach, including scenario-based layouts and multi-category operations to seek new growth [4][5]. - Companies are adapting to changing consumer preferences, with a shift from high-priced products to better value-for-money options, particularly in the mid-range price segment [5]. Diversification Efforts - Qingdao Beer announced a 665 million yuan acquisition of 100% equity in Jimo Huangjiu, marking its entry into the yellow wine market to diversify its product offerings [7]. - Other companies like Yanjing Beer and Chongqing Beer are also expanding into non-beer beverages, with Yanjing launching a new soda product and Chongqing introducing various soft drinks [7][8]. - The beverage industry is showing stable growth, with a 7.9% increase in all-channel growth for 2024, indicating potential opportunities for beer companies to expand into this sector [7][8].

Core Insights - The World Beer Cup recently awarded Tsingtao Brewery's 0.0% non-alcoholic white beer the gold medal in the classic non-alcoholic ale/lager category, highlighting the growing focus on the non-alcoholic beer segment within the industry [1][12][21] Industry Trends - The non-alcoholic beer category is rapidly gaining popularity, driven by consumer demand for healthier options, similar to the trend seen with "0 sugar, 0 fat, 0 calories" beverages [3][12] - Major beer companies, including Tsingtao, Budweiser, and Heineken, are increasingly investing in non-alcoholic beer products, indicating a significant shift in market strategy [11][12] - The global market for non-alcoholic and low-alcohol beer has surpassed $13 billion in 2023, with projections suggesting that the share of non-alcoholic beer in the overall alcohol market could reach nearly 4% by 2027 [7][12] Consumer Behavior - Over 60% of consumers are pursuing moderate beer consumption, which is driving the expansion of the non-alcoholic beer market [14] - Non-alcoholic beer is becoming a lifestyle choice among younger consumers, who seek the taste and social experience of beer without the effects of alcohol [16][18] - The sales of non-alcoholic beer are growing significantly, with online platforms reporting over a fourfold increase in sales in the first half of 2024 compared to the previous year [19] Product Development - Tsingtao Brewery has been at the forefront of non-alcoholic beer innovation, having launched the first non-alcoholic beer flavor beverage in China in 2012 and developing a range of products to meet diverse consumer tastes [12][20] - The company has achieved breakthroughs in various technologies related to non-alcoholic beer production, enhancing flavor while maintaining low alcohol content [20][21] Market Outlook - The non-alcoholic beer segment is expected to continue its growth trajectory, supported by technological advancements and changing consumer preferences towards healthier options [20][21] - The increasing recognition of non-alcoholic beer as a viable alternative in social settings is likely to expand its consumer base and market presence [18][21]

Core Insights - The Chinese beer market is entering a new phase characterized by stock competition and structural adjustments, with a projected 0.6% decline in production for 2024, marking the beginning of a "volume reduction and price increase" cycle [1][3] - Major beer companies are experiencing revenue declines, with the top five companies reporting a 4% drop in total revenue, while profit performance is increasingly divergent [3][5] Industry Performance - In 2024, the beer industry saw a 5.7% decline in revenue, making it the only category in the food and beverage sector to experience negative growth [5] - Key players like China Resources Beer, Budweiser APAC, and Tsingtao Brewery reported revenue declines of 0.76%, 8.9%, and 5.3% respectively, while Chongqing Brewery's revenue fell by 1.15% [5][8] - The total sales volume for major companies also decreased, with China Resources Beer down 2.5% and Budweiser APAC down 11.8% [8] Profitability Trends - Tsingtao Brewery managed a slight profit increase of 1.81%, while Yanjing Brewery saw a significant profit growth of 63.74%, contrasting with declines in profits for other major players [3][10] - Yanjing Brewery's revenue grew by 3.2%, allowing it to surpass Chongqing Brewery and become the fourth largest in the industry [10] Market Dynamics - The beer market is witnessing a shift in consumer preferences, particularly among younger generations who favor lighter drinking experiences, leading to a decrease in traditional beer consumption [12][13] - The restaurant industry is facing challenges, with a significant reduction in the number of registered dining establishments, impacting beer sales in on-premise channels [12][13] Strategic Responses - Companies are adapting by exploring new sales channels such as e-commerce and instant retail to meet changing consumer demands [13][14] - The rise of craft beer is also influencing the market, with a notable increase in the number of craft beer companies established in recent years [14] High-End Market Challenges - Despite efforts to target the high-end market, growth appears to be plateauing, with many companies facing competition from lower-priced craft beers [15][16] - Companies like Qingdao Beer and China Resources Beer are focusing on brand building and product innovation to maintain competitiveness in the high-end segment [15][18]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Investment Rating - The report maintains a cautious outlook for the food and beverage industry in 2025, with a focus on growth sectors such as beverages, snacks, and pet food, while highlighting the stable performance of high-end liquor and regional leaders [1][15]. Core Insights - The financial reporting season has concluded, showing a mixed performance across the industry, with high-end liquor under pressure and a stable overall sales performance for mass-market products in April [1][15]. - Key companies are expected to see improvements in Q2, particularly in dairy and snack sectors, while the liquor segment continues to face challenges [1][15]. - The report emphasizes the importance of shareholder meetings as potential catalysts for positive changes within companies [15]. Summary by Sections Core Company Tracking - Shede Liquor is experiencing significant pressure in Q2, with a notable increase in demand for its main products in banquet settings, but still facing challenges in business scenarios [2][10]. - Water Well is also under pressure in Q2, with a clear decline in seasonal demand, but is expanding its store network significantly [2][10]. - Yili Group is showing signs of improvement in Q2, driven by strong sales in infant and adult milk powder products [2][11]. - Zhongchong Co. is maintaining high growth in its proprietary brands and expanding overseas production capacity [3][11]. - Ximai Foods is achieving rapid online growth and improving gross margins, with a focus on maintaining double-digit growth offline [3][12]. - New Dairy is performing well in the low-temperature segment, with a strong growth trajectory expected [3][13]. - Morning Light Bio is seeing a recovery in core products and is focusing on diversified development strategies [3][14]. Investment Recommendations - The report suggests focusing on growth sectors, particularly in liquor, dairy, snacks, and pet food, with specific recommendations for companies like Guizhou Moutai and Yili Group [7][16]. - It highlights the potential for improved sales and structural changes in Qingdao Beer and emphasizes the importance of seasonal demand recovery for brands like Nongfu Spring [7][16]. - The report also recommends strong players in the seasoning sector, such as Haitian Flavoring, and suggests monitoring companies like Zhongchong Co. for their overseas expansion capabilities [7][16].