Core Viewpoint - The restructuring and integration of Qingdao Beverage Group and Qingdao Beer Group is a strategic move to optimize the layout and structure of state-owned enterprises in Qingdao, aligning with national economic goals [5][6]. Group 1: Leadership Changes - Liu Fuhua has been appointed as the new Party Secretary and Chairman of Qingdao Beverage Group, previously serving as the Deputy General Manager of Qingdao Metro Group [5]. - The position of Chairman at Qingdao Beverage Group was vacant since the resignation of former Chairman Wang Da at the end of last year [5]. Group 2: Strategic Restructuring - The integration of Qingdao Beverage Group as a secondary enterprise under Qingdao Beer Group is part of a broader initiative to enhance the food and beverage industry in Qingdao [5][6]. - This restructuring is seen as a significant step in implementing the directives from the 20th National Congress of the Communist Party of China regarding the strengthening of state-owned enterprises [5]. Group 3: Business Overview - Qingdao Beverage Group operates in various sectors including mineral water, beverages, wine, food machinery manufacturing, international trade, cultural tourism, and ecological planting [6]. - The group owns two century-old brands, Laoshan Mineral Water and Qingdao Wine, with a combined brand value of 44 billion yuan, both ranked among the "Top 500 Chinese Brands" [6]. Group 4: Future Plans - Liu Fuhua outlined plans to position Laoshan Mineral Water as the "No. 1 high-end mineral water brand in China" and to develop a product matrix centered around health [6]. - The company aims to cultivate a tiered product lineup focusing on distinctive single products, establishing a development model centered on health [6].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]

Group 1 - The report highlights that in 2024, the total demand in the food and beverage industry is under pressure, with a year-on-year growth of 3.5% in social retail consumption, reflecting a significant slowdown compared to previous years [3][12] - The report anticipates that the food and beverage sector will see steady progress in 2025, supported by three main factors: increased consumer subsidies, potential valuation recovery, and accelerated industry innovation [3][4] - The report emphasizes that the food and beverage industry is expected to benefit from a combination of internal and external factors, leading to a more resilient market outlook [3][36] Group 2 - The report identifies that the performance of the food and beverage sector has been mixed, with essential goods showing resilience while discretionary spending remains volatile [12][30] - It notes that the liquor segment may see a strategic shift, with a focus on demand cultivation as the key to future growth [4][31] - The report suggests that the condiment sector could benefit from the recovery of the restaurant industry and the acceleration of chain operations, leading to increased market concentration [4][31] Group 3 - The report indicates that the dairy sector is poised for growth driven by strong domestic demand and a focus on product upgrades, presenting opportunities for domestic replacements and demand expansion [4][31] - It highlights that the snack food market remains fragmented, with supply chain advantages becoming more pronounced, and emphasizes the importance of revenue growth following scale expansion [4][31] - The beer segment is noted for its stable production but faces pressure on sales volume and pricing, with a focus on innovation and structural upgrades [4][31] Group 4 - The report discusses the overall market performance, indicating that the food and beverage sector experienced a cumulative decline of 8% in 2024, ranking it among the lowest in the industry [23][30] - It mentions that the food and beverage sector's revenue growth has been primarily driven by supply-side optimization, with demand remaining weak [30][31] - The report provides insights into the performance of various sub-sectors, with soft drinks and snacks showing double-digit growth, while liquor and processed foods faced declines [30][31]

五粮液：五粮液计划6个月内增持5-10亿元。集团公司计划自公告之日起6个月内通过深圳证券交易所交 易系统增持公司股票，拟增持金额不低于5亿元，不超过10亿元。截至公告日，五粮液集团公司持有公 司股份7.95亿股，占公司总股本的20.49%。在本次公告前的12个月内，五粮液集团公司累计增持公司股 份340.67万股，占公司总股本的0.09%，增持金额为人民币5亿元。 投资建议 招商证券发布研报称，本周受贸易摩擦影响板块震荡。从Q1情况来看，高端白酒需求相对稳定，次高 端酒企表现分化，整体边际改善。食品板块需求企稳，调味品、乳制品、啤酒等板块轻装上阵全年业绩 改善确定性更高，而零食、饮料赛道仍然延续高景气。当前茅台、五粮液（000858）纷纷出台回购方 案，龙头底线价值清晰，白酒位置进可攻退可守，食品把握趋势向上及高景气赛道。内需有望发力背景 下，该行重申板块配置价值。 招商证券主要观点如下： 核心公司跟踪：重啤维持高位分红，中炬全年稳健收官 重庆啤酒（600132）：分红维持高位，结构表现依旧承压。公司24年高档酒结构表现仍然承压，带动吨 价同比下滑，税收政策及诉讼费用影响盈利，收入/归母净利润同比-1.2%/ ...

海通国际证券集团有限公司闻宏伟,芮雯近期对青岛啤酒（600600）进行研究并发布了研究报告《销量企稳，蓄势 待发》，下调青岛啤酒目标价至88.0元，给予增持评级。 青岛啤酒 董事长换届、饮料并入推动组织焕新，顺应行业发展新趋势。2025年作为姜宗祥董事长上任的第一年，组织内部 动能充足，考核优化有望刺激青啤市场份额修复。3月宣布青岛啤酒集团与青岛饮料集团实施战略性重组整合， 通过整合渠道和产业链资源，构建覆盖酒精与非酒精饮品的全产业链生态，既巩固啤酒主业优势，又拓展健康饮 品等高成长性赛道。在营销创新方面，公司大力推进O2O、B2B、即时零售、社区团购等业务，多渠道满足互联 网时代消费者的购买需求和消费体验，24年餐饮、夜场等即饮市场销量占比约41.2%；KA、流通等非即饮市场销 量占比约58.8%。 24年销量虽承压，结构升级与降本增效支撑盈利韧性。24年公司营收/归母净利润/扣非归母净利润321.4/43.4/39.5 亿元，同比-5.3%/+1.8%/+6.2%。尽管由于销量承压导致收入下滑，但产品结构升级、成本下行和费用合理管控支 撑公司利润率展现较强韧性。24年公司啤酒销量同比-5.9%至753.8 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-010 青岛啤酒股份有限公司 第十届董事会2025年第一次临时会议决议公告 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"公司"或"本公司"）第十届董事会2025年第一次临时会议（以下简 称"会议"）于2025年4月8日发出书面通知和书面材料，于2025年4月11日以书面议案会议方式召开。会 议应参与表决的董事7人，实际签署决议的董事7人。会议的召集、召开程序符合《中华人民共和国公司 法》（以下简称"《公司法》"）等相关法律法规、上市地上市规则和《青岛啤酒股份有限公司章程》 （以下简称"《公司章程》"）的规定。 会议审议并通过以下议案： 一、关于修订《公司章程》及其附件的议案。 根据2024年7月1日生效的《公司法》及中国证监会于2024年12月27日发布的《关于新〈公司法〉配套制 度规则实施相关过渡期安排》公告，提请股东会同意取消设置监事会，由董事会审计与内控委员会行使 《公司法》规定的监事会的职权，并同步修订《公司章程》《青岛 ...

Investment Rating - The investment rating for Tsingtao Brewery is maintained at OUTPERFORM with a target price of Rmb88.00, up from the current price of Rmb79.63 [2][6]. Core Views - The report highlights that Tsingtao Brewery is poised for a recovery in sales volume, supported by internal organizational rejuvenation and strategic restructuring with Qingdao Beverage Group, which aims to create a comprehensive ecosystem covering both alcoholic and non-alcoholic beverages [3][12]. - Despite a decline in sales volume in 2024, the company demonstrated resilience in profitability through product structural upgrades and cost management, with a net profit margin increase to 13.5% [4][13]. - The fourth quarter of 2024 showed signs of improvement in both volume and price, with expectations for low to mid single-digit growth in sales volume for 2025, driven by favorable market conditions and cost optimization [5][14]. Financial Summary - Revenue for 2024 was Rmb32.14 billion, a decrease of 5.3% year-on-year, while net profit attributable to the parent company was Rmb4.34 billion, reflecting a 1.8% increase [4][13]. - The diluted EPS is projected to be Rmb3.52 in 2025, with a P/E ratio of 25 [2][11]. - The company expects to maintain a stable expense ratio in 2025, contributing to profit improvement [5][15]. Market Position and Strategy - Tsingtao Brewery is focusing on marketing innovations such as O2O, B2B, and community group buying to enhance consumer engagement and adapt to changing purchasing behaviors [3][12]. - The company aims to strengthen its market share through strategic restructuring and integration of resources, which is expected to enhance its competitive position in both the beer and health beverage markets [3][12]. Valuation and Investment Outlook - The report suggests that Tsingtao Brewery's current valuation is at a historical low, making it an attractive investment opportunity, especially given its defensive attributes in the domestic consumption sector [15]. - The anticipated recovery in catering consumption scenarios could lead to a dual increase in sales volume and product structure, driving profit elasticity [15].

《青岛啤酒股份有限公司董事会议事规则》 修订对照表 | 修订前条文 | 修订后条文 | | | --- | --- | --- | | 第二章 董事会的组成和职权 | 第二章 | 董事会的组成和职权 | | 第三条 董事会由九名董事组成，设董事长一人，副董事长一人。董事会 | 第三条 董事会由九名董事组成，设董事长一人，副董事长一人，其中应 | | | 成员中外部董事（指不在公司内部任职的董事，下同）应占董事会人数的 | 当至少包括三分之一以上且不少于三人的独立董事（指与公司及主要股东、 | | | 二分之一以上，其中应当至少包括三分之一以上且不少于三人的独立董事 | 实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立 | | | （指与公司及主要股东、实际控制人不存在直接或者间接利害关系，或者 | 客观判断关系，且不在公司内部任职的董事），以及至少一名的职工代表 | | | 其他可能影响其进行独立客观判断关系，且不在公司内部任职的董事）。 | 董事。独立董事中至少包括一名符合公司上市地证券监管规则要求的会计 | | | 独立董事中至少包括一名符合公司上市地证券监管规则要求的会计专业人 | 专业 ...

《青岛啤酒股份有限公司股东会议事规则》 修订对照表 | 修订前条文 | 修订后条文 | | --- | --- | | 第一章 总则 | 第一章 总则 | | 第二条 本规则适用于公司股东大会，对公司、全体股东、股东授权代理 | 第二条 本规则适用于公司股东会，对公司、全体股东、股东授权代理人、 | | 人、公司董事、监事、总裁和其他高级管理人员以及列席股东大会会议的 | 公司董事、总裁和其他高级管理人员以及列席股东会会议的其他有关人员 | | 其他有关人员均具有约束力。 | 均具有约束力。 | | 第二章 提案的提出、征集与审核 | 第二章 提案的提出、征集与审核 | | 第六条 公司召开股东大会，董事会、监事会以及单独或者合并持有公司 | 第六条 公司召开股东会，董事会、审计与内控委员会以及单独或者合并 | | 有表决权的股份总数百分之三以上（含本数）的股东，有权向公司提出提 | 持有公司有表决权的股份总数百分之一以上（含本数）的股东，有权向公 | | 案。单独或者合计持有公司有表决权的股份总数百分之三以上（含本数） | 司提出提案。单独或者合计持有公司有表决权的股份总数百分之一以上（含 | | 的股东， ...

独立董事候选人声明与承诺 本人张然，已充分了解并同意由提名人青岛啤酒股份有限公 司（"公司"）董事会提名为公司第十一届董事会独立董事候选人。 本人公开声明，本人具备独立董事任职资格，保证不存在任何影 响本人担任公司独立董事独立性的关系，具体声明并承诺如下： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职（任职）问题的意见》的相关规定（如适用）； 1 （六）中共中央纪委、教育部、监察部《关于加强高等学校 反腐倡廉建设的意见》的相关规定（如适用）； 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董 ...