Core Viewpoint - The beer industry in China is experiencing a decline in sales and revenue, with major players facing challenges in maintaining growth, while some smaller brands are gaining market share and profitability [1][3]. Group 1: Company Performance - Qingdao Beer reported a revenue of 32.138 billion yuan in 2024, a year-on-year decline of 5.3%, with a net profit of 4.345 billion yuan, an increase of 1.8%, and sales volume of 7.538 million kiloliters, down 5.86% [1]. - Among the five major beer companies, four experienced a decline in sales last year, with Budweiser APAC down 11.8%, Qingdao Beer down 5.86%, China Resources Beer down 2.5%, and Chongqing Beer down 0.75% [1]. - Yanjing Beer and Zhujiang Beer were exceptions, with Yanjing Beer growing by 1.6% and Zhujiang Beer by 2.62% [1]. Group 2: Market Dynamics - The market share gap among major players has narrowed, with leading companies like China Resources, Qingdao, and Budweiser all facing revenue and sales declines, while Yanjing and Zhujiang continue to grow beyond industry levels [3]. - Yanjing Beer achieved total sales exceeding 4 million kiloliters in 2024, with its flagship product Yanjing U8 seeing sales close to 700,000 kiloliters, growing over 30% for two consecutive years [3]. - Zhujiang Beer reported a nearly 14% increase in high-end beer product sales year-on-year, with net profit rising by nearly 37% [3]. Group 3: Pricing and Profitability - Despite overall revenue and sales declines, leading beer companies emphasize growth in their premium products, with China Resources reporting that mid-range and above beer sales accounted for over 50% of its total sales [3]. - The average price per ton for China Resources Beer exceeded 3,300 yuan, Qingdao Beer over 4,200 yuan, Budweiser APAC over 5,300 yuan, and Chongqing Beer over 5,200 yuan, while Yanjing and Zhujiang's prices were around 3,100 yuan and 3,800 yuan respectively [5]. - The leading companies still maintain significant revenue advantages, with China Resources and Qingdao Beer generating revenues of over 36 billion yuan and 32 billion yuan respectively, while Chongqing Beer, Yanjing Beer, and Zhujiang Beer reported revenues of 14.6 billion yuan, less than 13 billion yuan, and 5.7 billion yuan respectively [7].

Group 1: Qingdao Beer - Qingdao Beer reported a revenue of 32.14 billion yuan in 2024, a year-on-year decrease of 5.3% [1] - The net profit attributable to shareholders was 4.34 billion yuan, reflecting a year-on-year increase of 1.8% [1] - The company plans to distribute a cash dividend of 2.2 yuan per share, totaling approximately 3 billion yuan, which represents 69.07% of the net profit [1] Group 2: Moutai Market Research - Moutai completed its first quarter market research, indicating a stable growth in sales of Moutai and sauce-flavored liquor across various provinces [2] - Feedback from channel partners highlighted that the overall market performance showed steady growth, laying a solid foundation for achieving annual sales targets [2] - Moutai's strong market performance is expected to positively influence the high-end liquor sector and enhance overall market expectations [2] Group 3: Collaboration in Guizhou Liquor Industry - Executives from Moutai, Xijiu, and Guotai visited Guizhou Zhenjiu, emphasizing collaboration within the Guizhou liquor industry [3] - The visits aim to enhance industry interaction and promote the integration of liquor sales with lifestyle experiences [3] - This series of activities is anticipated to increase market attention on Zhenjiu and the entire Guizhou liquor sector, boosting investor confidence and promoting high-quality industry development [3]

2、多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。以持有ETF总市值计算， 截至2024年末，中央汇金投资有限责任公司持有ETF总 市值为6616.97亿元，中央汇金资产管理有限责任公司持有ETF总市值为3821.84亿元，两家公司合计持有ETF总市值突破万亿元。 3、银行消费贷利率或将迎来重要变化。 部分股份行、国有大行地方分行人士透露，接到总行通知称，消费贷利率4月起上调，3%以下产品或被叫停。 今 年消费贷市场竞争激烈，个别银行产品利率低至2.4%，近期多家银行密集跟进政策举措，"松绑"相应消费贷产品。 // 热点聚焦 // 1、 交通银行、中国银行、建设银行和邮储银行齐齐发布公告称，董事会通过了向特定对象发行A股股票的议案，并对外发布关于财政部战略投资该行的 公告。财政部将以现金方式认购中国银行、建设银行全部新发行股份，并包揽交通银行、邮储银行超过九成的新发行股份，合计出资规模达5000亿元。 四家银行此番集中公告意味着财政部发行特别国债补充大行资本落地在即。交行特别指出，本次发行完成后，财政部持股比例超过30%，将成为该行控股 股东。而在本次发行完成前，交行无控股股东、实际控制人 ...

Core Viewpoint - Qingdao Beer reported a decline in revenue for 2024, with total sales volume at 7.538 million kiloliters and revenue approximately 32.138 billion yuan, a year-on-year decrease of 5.3% [1][2] Sales Performance - The main brand, Qingdao, saw a production volume of 4.26 million kiloliters, down 2% year-on-year, and sales volume of 4.34 million kiloliters, down 4.84% [3] - Other brands, represented by Laoshan, had a production volume of 2.97 million kiloliters, down 2.96%, and sales volume of 3.2 million kiloliters, down 7.2% [3] Revenue Breakdown - Sales revenue for the Qingdao brand was approximately 22.083 billion yuan, a decrease of 5.07%, while other brands generated 9.495 billion yuan, down 6.38% [5][6] - Revenue across various regions, including Shandong, North China, South China, East China, and Southeast regions, showed declines, with the Southeast and overseas regions experiencing drops exceeding 24% [4] Quarterly Performance - Despite achieving profitability in the first three quarters, Qingdao Beer reported a net loss of 6.45 billion yuan in the fourth quarter, marking the sixth consecutive year of fourth-quarter losses [2][8] - The fourth quarter revenue was 3.179 billion yuan, a year-on-year increase of approximately 7.47%, but the net loss slightly widened compared to the previous year [8][11] Market Context - The overall beer market in China faced challenges, with a reported production volume of 35.213 million kiloliters in 2024, down 0.6% year-on-year, indicating a sluggish recovery in consumption [2] - Factors such as adverse weather and weak recovery in dining demand contributed to the decline in sales, despite events like the European Cup and Paris Olympics providing temporary boosts [8] Strategic Initiatives - The company is focusing on expanding new business and retail channels, with online product sales increasing by 21% year-on-year and fresh delivery services being launched in 24 cities [7]

Financial Performance - The total operating revenue for 2024 was RMB 32,137,830,111, a decrease of 5.3% compared to RMB 33,936,522,741 in 2023[7] - The net profit for 2024 reached RMB 4,491,776,686, representing an increase of 3.3% from RMB 4,348,198,924 in 2023[8] - The company's main business revenue for 2024 was RMB 31,578,857,295, a decrease of approximately 5.5% from RMB 33,405,795,047 in 2023[24] - Total operating income for 2024 was RMB 32,137,830,111, down from RMB 33,936,522,741 in 2023, reflecting a decline of about 5.3%[24] - The company reported a total profit of RMB 5,881,493,000 for 2024, compared to RMB 5,746,407,302 in 2023, indicating a growth of about 2.3%[26] Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 51,420,385,832, up from RMB 49,256,011,349 in 2023, indicating a growth of 4.4%[5] - The total liabilities increased to RMB 21,560,843,821 in 2024, compared to RMB 21,001,264,174 in 2023, reflecting a rise of 2.7%[6] - The total equity attributable to shareholders of the parent company rose to RMB 29,060,384,527 in 2024 from RMB 27,449,478,216 in 2023, an increase of 5.9%[6] - The total accounts receivable as of December 31, 2024, was RMB 269,289,669, a decrease of 3.2% from RMB 277,721,354 on December 31, 2023[14] - The total accounts payable increased to RMB 3,053,514,829 as of December 31, 2024, up from RMB 2,952,827,066 in 2023, representing an increase of approximately 3.4%[20] Earnings and Dividends - The basic earnings per share for 2024 was RMB 3.191, up from RMB 3.139 in 2023, marking an increase of 1.7%[8] - The company proposed a cash dividend of RMB 2.20 per share for 2024, totaling RMB 3,001,232,934, pending shareholder approval[23] - Diluted earnings per share for 2024 rose to 3.187 compared to 3.132 in 2023, reflecting an increase of 1.76%[2] Research and Development - Research and development expenses for 2024 were RMB 102,766,675, slightly higher than RMB 100,637,006 in 2023, indicating a focus on innovation[7] - The company has established a national key laboratory for beer fermentation, enhancing its R&D capabilities and maintaining a technological lead in the domestic beer market[42] Market Presence and Product Development - The company plans to continue expanding its market presence and investing in new product development to drive future growth[4] - The company launched new products including the "Aogute A Series, Nikashi White Beer, and Alcohol-Free Beer Series" to meet diverse consumer demands[40] - The company reported a 21% year-on-year increase in online product sales, continuing a 12-year growth streak[39] - Tsingtao Beer has launched a series of new products, including "Legend of a Lifetime," "Centennial Journey," and "Amber Lager," enhancing brand image and meeting market demand[42] Challenges and Future Outlook - The company faces challenges such as intense market competition and fluctuating raw material prices, which may impact future sales and profitability[49] - The beer industry in China is entering a stable development phase, with increasing market concentration and opportunities for high-end product growth[44] - The company aims to drive high-quality development through innovation, focusing on personalized and differentiated consumer demands[46] Corporate Governance and Structure - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes there is adequate oversight[53] - The company plans to expedite the re-election and appointment of the board of directors and supervisory board to ensure continuity and stability[52] - The company has no new significant litigation or arbitration matters during the reporting period[64] Investments and Acquisitions - The company has invested approximately RMB 66.665 million in the new Qingdao Brewery Phase II project, which commenced construction in March 2024[59] - The registered capital of the financial company was increased from RMB 1 billion to RMB 2 billion, with approval received on July 12, 2024[61] - The company acquired 46% equity in Beijing Qingdao Beer Sanhuan Co., Ltd. for RMB 101.2 million, increasing its ownership to 75%[62] - A new subsidiary, Qingdao Jiuyuan Technology Co., Ltd., was established with a registered capital of RMB 50 million on November 5, 2024[63] Operational Efficiency and Digital Transformation - The company plans to accelerate digital transformation and enhance operational efficiency through technology[48] - The company is expanding its high-end product supply capacity through digital and intelligent upgrades in its factories[60]

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-006 青岛啤酒股份有限公司 第十届监事会第二十次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 青岛啤酒股份有限公司（"公司"）第十届监事会（"监事会"）第二十次会议 （"会议"）于 2025 年 3 月 27 日在青岛以现场会议方式召开。会议通知及会议材 料已于会前向全体监事发出，会议应出席监事 5 人，实际出席监事 5 人。会议由 公司监事会临时召集人李燕女士主持。会议的召开、表决符合《中华人民共和国 公司法》等相关法律、法规、上市地上市规则以及《青岛啤酒股份有限公司章程》 的规定。 表决情况：有权表决票 5 票，同意 5 票、反对 0 票、弃权 0 票，通过。 内部控制审计师的议案。 表决情况：有权表决票 5 票，同意 5 票、反对 0 票、弃权 0 票，通过。 表决情况：有权表决票 5 票，同意 5 票、反对 0 票、弃权 0 票，通过。 表决情况：有权表决票 5 票，同意 5 票、反对 0 票、弃权 0 票，通过。 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-007 青岛啤酒股份有限公司 关于2024年度利润分配预案的公告 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。 重要内容提示： ● 青岛啤酒股份有限公司（"公司"、"本公司"）2024年度利润分配预案： 每股派发现金红利人民币2.20元（含税）。 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告中明确。 ● 本次在实施权益分派的股权登记日前公司总股本发生变动的，公司拟维持每 股派发现金红利金额不变，相应调整分配总额，并将另行公告具体调整情况。 经德勤华永会计师事务所（特殊普通合伙）审计，本公司2024年度按照中国 会计准则计算的母公司净利润为人民币295,307万元。依据《中华人民共和国公 司法》和《青岛啤酒股份有限公司章程》（"《公司章程》"）的规定，按照中国会 计准则计算，截至2024年12月31日，公司期末可供股东分配的利润为人民币 利 人 民 币 2.20 元 （ 含 税 ） ， 以 本 公 司 截 至 2024 ...

内部控制审计报告 德师报(审)字(25)第 S00230 号 (第 1 页，共 2 页) 青岛啤酒股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了青岛啤酒股份有限公司（以下简称"青岛啤酒公司"）2024 年 12 月 31 日的财务 报告内部控制的有效性。 青岛啤酒股份有限公司 内部控制审计报告 2024 年 12 月 31 日止年度 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是青岛啤酒公司 董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 1 一、 企业对内部控制的责任 内部控制审计报告(续) 德师报(审)字(25)第 S0 ...

青岛啤酒股份有限公司 2024 年度独立董事述职报告 本人盛雷鸣，作为青岛啤酒股份有限公司（以下简称"公司"）第十届董事 会独立董事，在 2024 年，严格按照《中华人民共和国公司法》、中国证监会《上 市公司独立董事管理办法》以及《青岛啤酒股份有限公司独立董事制度》等有关 法律、法规和制度规定，积极出席公司独立董事专门会议、董事会及专门委员会 会议，仔细审议董事会各项议案，审慎、认真、勤勉地履行了独立董事职责。现 将本人在 2024 年度履行独立董事职责情况报告如下： 一、 独立董事的基本情况 2021 年 6 月 28 日，公司召开 2020 年年度股东大会，选举本人为公司第十 届董事会独立董事。本人同时在董事会下设的审计与内控委员会、提名与薪酬委 员会和战略与投资委员会中出任委员，且于 2024 年 6 月担任提名与薪酬委员会 的主席。本人简历详见公司 2024 年年度报告。本人已按要求向董事会提交了关 于 2024 年度独立董事独立性情况的自查报告，确认本人不存在可能影响独立性 的情况。 二、独立董事年度履职情况 （一）出席董事会及股东会会议情况 2024 年度，公司召开临时股东会和年度股东会各 1 次 ...

2021 年 6 月 28 日，公司召开 2020 年年度股东大会，选举本人为公司第十 届董事会独立董事。本人同时在董事会下设的审计与内控委员会、提名与薪酬委 员会和战略与投资委员会中出任委员，且为审计与内控委员会的主席。本人简历 详见公司 2024 年年度报告。本人已按要求向董事会提交了关于 2024 年度独立董 事独立性情况的自查报告，确认本人不存在可能影响独立性的情况。 青岛啤酒股份有限公司 2024 年度独立董事述职报告 本人张然，作为青岛啤酒股份有限公司（以下简称"公司"）第十届董事会 独立董事，在 2024 年，严格按照《中华人民共和国公司法》、中国证监会《上 市公司独立董事管理办法》以及《青岛啤酒股份有限公司独立董事制度》等有关 法律、法规和制度规定，积极出席公司独立董事专门会议、董事会及专门委员会 会议，仔细审议董事会各项议案，审慎、认真、勤勉地履行了独立董事职责。现 将本人在 2024 年度履行独立董事职责情况报告如下： 一、 独立董事的基本情况 二、独立董事年度履职情况 （一）出席董事会及股东会会议情况 2024 年度，公司召开临时股东会和年度股东会各 1 次，召开董事会 11 次 （其中 ...