Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The low-alcohol beverage industry has 16 listed companies with a total secretary salary of 10.5195 million yuan, averaging 657,500 yuan, which is below the market average [1] Salary Distribution - In the low-alcohol beverage sector, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [3] - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3] - The lowest salary recorded is 140,000 yuan from Mogao Co., followed by 293,300 yuan from *ST Lanhua [3] Salary Changes - Among the companies, five secretaries saw salary increases, with the highest increase of 244,300 yuan for Yanjing Beer’s secretary [3] - Conversely, five secretaries experienced salary reductions, with the largest decrease being 252,400 yuan for Zhangyu A’s secretary [3] Demographics - The majority of secretaries in the low-alcohol beverage industry are aged 50 and above, accounting for 56%, while those aged 40-50 make up 31%, and only 2 are aged 30-40 [1] - Educationally, 75% of secretaries hold a bachelor's degree, while 25% have a master's degree [1]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The low-alcohol beverage industry has 16 listed companies with a total secretary salary of 10.5195 million yuan, averaging 657,500 yuan, which is below the market average [1] Salary Distribution - In the low-alcohol beverage sector, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [3] - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3] - The lowest salary recorded is 140,000 yuan from Mogao Co., followed by 293,300 yuan from *ST Lanhua [3] Salary Changes - Among the companies, five secretaries saw salary increases, with Yanjing Beer’s secretary having the highest increase of 244,300 yuan [3] - Conversely, five secretaries experienced salary reductions, with Zhangyu A's secretary facing the largest decrease of 252,400 yuan [3] Demographics - The majority of secretaries in the low-alcohol beverage industry are aged 50 and above, accounting for 56%, while those aged 40 to 50 make up 31% [1] - Educationally, 75% of secretaries hold a bachelor's degree, while only 25% have a master's degree [1]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 从学历来看，低度酒行业董秘以本科为主，占比达到75%；硕士仅4名，占比达到25%。 从薪酬来看，低度酒行业董秘薪酬主要集中在50万（含）-100万，占比为56%；100万（含）-200万有2 名，占比13%；30万（含）-50万有3名，10万（含）-30万也有2名。 有5家公司董秘薪酬在下降，其中降薪金额最大的是张裕A董秘姜建勋，降薪25.24万元。此外金枫酒业 董秘张黎云降薪18.63万元至47.61万元。古越龙山董秘吴晓钧降薪5.87万元至60.93万元。 重庆啤酒董秘邓炜薪酬最高，达到130.47万元。其次是燕京啤酒徐月香，薪酬105.16万元。张裕A董秘 姜建勋薪酬99.72万元，排第三。 薪酬最低的是莫高股份（维权）何文天，仅为14万元；其次是*ST兰黄呼星，为29.33万元。 剔除2023年开始任职的董秘数据之后，去年有5家公司董秘薪酬在增加，其中燕京啤酒董秘徐月香薪酬 增加金额最高，增加24.43万元至105.16万元。其次是惠泉啤酒董秘程晓梅，增加21.96万元至55.54万 元。 董秘作为连接投资者与上市公司的 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Chinese beer industry, highlighting the competitive landscape and key players such as Yanjing Beer and Budweiser APAC [1][5][10]. Core Insights and Arguments - **Yanjing Beer**: - Yanjing Beer is recommended due to its nationwide expansion and the significant growth potential of its flagship product U8, with a profit margin that could improve by at least 3-4 percentage points compared to the industry average [1][3][4]. - The company is currently in a catch-up phase regarding supply-side reforms, which began in 2016, and its net profit margin is around 10%, indicating room for improvement [3][9]. - **Budweiser APAC**: - Budweiser APAC faces challenges in the Chinese market, including a decline in market share that has persisted since the second half of last year, with a sales drop of approximately 8% in the first half of this year [5][6]. - The tightening of expense policies post-pandemic has weakened its brand and channel barriers, leading to a significant impact on its sales performance [5]. - **Market Dynamics**: - The decline in Budweiser's market share has benefited domestic brands, particularly in regions like Guangdong (where Zhujiang Beer has gained), Fujian (where China Resources' Heineken has benefited), and Zhejiang [6]. - The overall industry has experienced pressure on ton prices, which are expected to decline throughout the year due to economic conditions and a shift towards lower-end products by breweries [7][8]. Additional Important Insights - **Ton Price Trends**: - The ton price in the Chinese beer industry has not yet peaked, with expectations for continued high-end product development and potential price increases once deflation ends [8][9]. - The current ton price is projected to improve from a base of 3,300 RMB, showing resilience even during economic downturns [8]. - **Supply-Side Reform Impact**: - Supply-side reforms initiated in 2016 have led to varying net profit margins across brands, with most brands achieving margins above 13%, while Yanjing's slower reform process has kept it at around 10% [9]. - **Future Outlook**: - The next one to two years will focus on market share dynamics, with Yanjing Beer, Qingdao Beer, and Chongqing Beer being key players to watch for potential organizational innovations [3][10]. - The restaurant sector has seen limited impact from recent policy adjustments, with non-dining channels maintaining positive growth [11]. - **Investment Timing**: - The best time for investment is suggested to be after August, following the release of mid-year reports, as traditional consumer sectors are expected to undergo revaluation and performance outlook improvements [12].

成长路径明晰，空间广阔。1）产品端：拓展U8系列产品，打造第二个全国大单品。公司计划推出U8系 列产品，助力U8体量扩大与生命周期延长，同时加快U8罐化率的提升速度，发力零售渠道。此外，公 司将通过U8大单品的经验，打造第二个全国大单品。2）渠道端： 深挖优势市场，百县、百城工程开拓弱势、空白市场。华北地区毛利率相比华南仍较低，公司将深挖北 京、河北、内蒙古优势市场终端单点效率，提升U8销量占比，助力华北毛利率提高。另外，公司积极 拥抱即时零售渠道，及以"百县工程"和"百城工程"为抓手，通过总分共建的方式，共同开拓弱势和空白 市场。3）生产端：构建卓越管理体系，推动效益释放。为提高工厂效率、稳定质量和节约成本，公司 构建了卓越管理体系，对生产过程中的操作和管理都设置了量化指标、标准动作。此外公司积极推进全 国多地产线升级，产能利用率提升有望降低折旧摊销，并提升盈利能力。若假设燕京啤酒产能利用率提 升至青岛啤酒和华润啤酒的均值53%，测算折旧摊销费用节省0.79亿元，增厚净利润0.67亿元。 投资建议："十五五"发展方向明确，U8成长势能保持强劲，未来可期。2025年1季度U8延续30%以上的 增速，1-5月销 ...

[Table_Reportdate] 2025年08月07日 公 司 深 度 食 品 饮 料 [Table_invest] 买入（首次覆盖） [燕京啤酒（ Table_NewTitle] 000729）：内外兼修，焕发新 机 ——公司深度报告 投资要点： 吴康辉 S0630525060001 wkh@longone.com.cn 证券分析师 姚星辰 S0630523010001 yxc@longone.com.cn | Table_cominfo] [数据日期 | 2025/08/06 | | --- | --- | | 收盘价 | 12.87 | | 总股本(万股) | 281,854 | | 流通A股/B股(万股) | 250,961/0 | | 资产负债率(%) | 32.81% | | 市净率(倍) | 2.28 | | 净资产收益率(加权) | 1.12 | | 12个月内最高/最低价 | 14.46/8.82 | [Table_QuotePic] -19% -8% 3% 14% 24% 35% 46% 57% 24-08 24-11 25-02 25-05 燕京啤酒 沪深300 证券研究报告 HT ...

证券日报网讯 燕京啤酒8月4日在互动平台回答投资者提问时表示，公司积极探索品牌年轻化、高端化 路径，始终将体育营销作为品牌战略的核心构成之一，通过系统性资源整合与场景化创新，持续赋能品 牌价值提升及市场竞争力构建。当前，公司正以年度营销规划为指引，系统化、高标准推进体育营销全 链路工作。公司高度重视投资者建议，将持续优化涵盖体育营销在内的全链路营销策略，与投资者、消 费者共同成长，酿造美好生活。 （编辑 王雪儿） ...

证券之星消息，8月4日非白酒板块较上一交易日上涨0.65%，燕京啤酒领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。非白酒板块个股涨跌见下表： 从资金流向上来看，当日非白酒板块主力资金净流入486.12万元，游资资金净流出1988.45万元，散户资 金净流入1502.33万元。非白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000729 | 燕京郎 | 1936.52万 | 5.34% | -246.19万 | -0.68% | -1690.33万 | -4.66% | | 600600 | 関普明細 | 1761.12万 | 5.83% | -3269.29万 | -10.83% | 1508.17万 | 5.00% | | 600132 | 重庆啤酒 | 306.77万 | 2.19% | 1179.53万 | 8.41% | ...

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [4][5][76]. Core Views - The industry is entering the mid-year performance reporting period, with a focus on structural opportunities within the sector [10]. - In the liquor segment, there is a slight decline in high-end liquor prices during the off-season, and attention is drawn to mid-year performance [10][11]. - The beer and beverage sectors are entering a peak season, with stable performance from leading companies in basic condiments [13][18]. - The report emphasizes the importance of consumer engagement and market health for liquor companies, with a shift towards internationalization and youth-oriented strategies [12][10]. Summary by Sections Liquor - The liquor sector saw a 2.4% decline this week, with high-end liquor prices slightly dropping [12][11]. - Key companies are focusing on cultural engagement and market health, with initiatives like the opening of cultural experience centers by Kweichow Moutai [10]. - Recommended stocks include Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated strong risk resilience [12][10]. Consumer Goods - The beer sector is experiencing a slight decrease in fund holdings, with Yanjing Beer seeing an increase in its fund holding ratio [13]. - The snack sector has seen a significant increase in fund holdings, particularly in companies like Yanjing and Wancheng Group [14]. - The condiment sector is expected to perform steadily, with a focus on mid-year performance windows [15]. Frozen Foods - Companies are actively developing new products during the off-season, with a long-term benefit from industrialization [16]. - Recommended companies include Anjijia and Qianwei Central Kitchen, which are focusing on stable operations and product innovation [16]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply adjustments leading to improved conditions in 2025 [17]. - The report suggests positioning in leading dairy companies that have a safety margin in valuations [17]. Beverages - The beverage sector is entering a peak season, with significant performance differentiation among leading companies [18]. - Recommended stocks include Nongfu Spring and Dongpeng Beverage, which are accelerating national expansion and platform development [18].

（文章来源：证券日报） 证券日报网讯燕京啤酒8月4日在互动平台回答投资者提问时表示，截至2025年7月31日，公司股东总户 数为50060户。 ...