北京燕京啤酒股份有限公司 募集资金管理制度 （2025 年 6 月经 2024 年度股东会批准） 第一章 总则 第一条 为加强公司募集资金管理的合法性、有效性和安全性，规范公 司募集资金的管理，根据《公司法》、《证券法》、《上市公司证券发行注册管理办 法》、《上市公司募集资金监管规则》、《深圳证券交易所股票上市规则》、《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》以及其 他有关规定，结合本公司实际，特制定本制度。 第二条 本制度所称募集资金是指公司通过公开发行股票及其衍生品种， 向投资者募集并用于特定用途的资金。超募资金是指实际募集资金净额超过计 划募集资金金额的部分。 第三条 公司董事会负责建立健全公司募集资金存放、管理、使用、改变 用途、监督和责任追究的内部控制制度，明确募集资金使用的分级审批权限、 决策程序、风险控制措施以及信息披露要求，规范使用募集资金，并确保制度 的有效实施。公司募集资金应当专款专用。董事会应当对募集资金投资项目的 可行性、预计收益等进行充分论证，确信投资项目具有较好的市场前景和盈利 能力，董事会应当持续关注募集资金存放、管理和使用情况，有效防范投资风 险，提 ...

Core Insights - The Chinese wine industry lacks strong brand recognition despite high production levels, necessitating a shift towards brand building and market integration [2] - The rise of live-streaming e-commerce is reshaping the alcohol sales landscape, with a focus on top-tier influencers and a shift towards offline channels for smaller players [3][4] - The popularity of local sports events, such as the "Su Super" league, is driving alcohol consumption and marketing opportunities for brands [5] - Instant retail is transforming the white wine market, with significant sales growth during promotional events like 618 [6] - The white wine industry is targeting younger consumers, adapting products and marketing strategies to appeal to the Z generation [7] - The online and offline sales channels are increasingly integrated, with brands needing to adapt to changing consumer behaviors [9] - The focus on business consumption is growing, with leading brands targeting young professionals and customizing products to meet their needs [10] - The second-tier sauce liquor brands are facing challenges due to market adjustments and increased competition [11] - The banquet market is highly competitive, with brands employing aggressive promotional strategies to capture market share [12] - The trend of fan engagement through events is becoming crucial for brands to connect with younger consumers [14] - The low-alcohol beverage market is expanding, with domestic brands like Jingyu gaining significant traction [23] - High-end liquor brands are leveraging cultural and lifestyle marketing to enhance brand recognition and consumer engagement [24]

Core Viewpoint - The beer industry is experiencing a decline, with a significant drop in production and changing consumer preferences leading to challenges for major companies [2][3][14]. Production Trends - In the first two months of 2025, the production of large-scale domestic beer enterprises decreased by 4.9% year-on-year [3]. - The downward trend in beer production has been ongoing since 2013, despite revenue growth during that period due to premiumization and price increases by major companies [4][7]. Market Dynamics - Major beer companies have adopted a strategy of high-end product offerings, with many launching beers priced above 10 yuan [9]. - Examples include Chongqing Beer and Carlsberg's restructuring to focus on mid-to-high-end products, and premium offerings from companies like China Resources and Budweiser [10][11]. Consumer Behavior - The decline in beer consumption is attributed to fewer drinking occasions and changing preferences, with many consumers opting for lower alcohol consumption [14][17]. - Data indicates that over half of consumers typically drink only 1-2 bottles at a time, reflecting a trend towards moderation [19]. Industry Response - Despite domestic sales declines, beer exports have increased, with a reported 50% growth since 2019, reaching 62.1 million liters in 2023 [21]. - Companies are diversifying their product lines, with examples including Qingdao Beer acquiring a yellow wine brand and other breweries venturing into soft drinks and liquor [22]. Conclusion - The beer industry is at a critical juncture, needing to identify new growth opportunities as the initial market excitement has waned [23].

Group 1 - The main consumption index (000932) has shown a strong increase of 1.02%, with significant gains in stocks such as Yanjing Beer (000729) up 4.72% and Gujing Gongjiu (000596) up 4.11% [1] - Recent policies are expected to have a temporary impact on liquor consumption, leading to a forecasted slowdown in recovery for Q2, with the liquor sector still in a bottoming phase [1] - Since 2016, the primary consumption scenario for liquor has shifted from government consumption to business consumption, suggesting that the overall impact may be limited [1] Group 2 - The major consumption ETF (159672) has achieved a maximum monthly return of 24.35% since its inception, with an average monthly return of 4.87% [1][2] - As of June 19, 2025, the major consumption ETF has experienced a maximum drawdown of 6.66% this year, with a management fee of 0.50% and a custody fee of 0.10%, making it one of the lowest in its category [2] - The latest price-to-earnings ratio (PE-TTM) for the major consumption index is 18.72, indicating it is at a historical low, below 99.6% of the time over the past year [2] Group 3 - The top ten weighted stocks in the major consumption index account for 67.15%, with key players including Yili Group (600887) and Kweichow Moutai (600519) [2] - The weightings of the top stocks are as follows: Kweichow Moutai at 10.39%, Yili Group at 9.86%, and Wuliangye (000858) at 9.12% [4] - The data indicates a diverse representation of sectors within the major consumption index, reflecting the overall performance of the consumer market [2][4]

Market Overview - A-shares opened slightly lower on June 18, with all major indices in the red and over 4200 stocks declining [1] - The Shanghai Composite Index fell by 0.41% to 3373.61, while the Shenzhen Component decreased by 0.23% to 10128.47 [2] Sector Performance - The food and beverage sector showed initial strength, particularly in liquor stocks, with notable gains from companies like Mogaos, Huangtai Wine, and Jinzhongzi Wine, all hitting the daily limit [5][6] - The photovoltaic inverter, liquor, military, and digital currency sectors experienced localized rallies, while rare earth permanent magnet stocks saw significant pullbacks [3][11] Liquor Industry Insights - During the "618" shopping festival, several e-commerce platforms initiated aggressive price cuts on liquor, with high-end products like Feitian Moutai seeing price drops, which has become a key market variable [7] - Specific liquor stocks such as Mogaos, Huangtai Wine, and Jinzhongzi Wine reported increases of approximately 10% [6] Oil and Gas Sector Activity - The oil and gas sector was notably active, with companies like Zhun Oil and Beiken Energy experiencing substantial gains, attributed to rising international oil prices amid escalating geopolitical tensions in the Middle East [8][9] Defense and Military Sector - The defense and military sector saw significant upward movement, with stocks like Changcheng Military Industry hitting the daily limit and others like Beifang Longzhong and Jiekang Equipment rising over 10% [10] Consumer Sector Weakness - The broader consumer sector faced challenges, with retail stocks declining, particularly in the small commodity market, where Xiaoshangpin City dropped over 9% [11][12] - The beauty and personal care sector also experienced declines, with several companies reporting drops exceeding 5% [13] Rare Earth Sector Decline - Rare earth permanent magnet stocks faced notable declines, with companies like Beikong Technology nearing the daily limit down, and others like Zhongke Magnetic and Keheng shares dropping over 9% [15][16]

Group 1: Market Performance - The consumption ETF managed by Jiashi recorded a trading volume of 982,300 yuan on the trading day, with an average daily trading volume of 10.1366 million yuan over the past year [2] - The consumption ETF's scale increased by 12.4 million yuan over the past year, with a recent weekly share increase of 3.9 million shares [2] - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the consumption ETF is 18.76, which is in the 0.4% percentile over the past year, indicating a valuation lower than 99.6% of the time in the past year, suggesting historical low valuations [2] Group 2: Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, showing a year-on-year growth of 6.4%, marking the highest growth rate in 2024 [2] - The retail sales of goods in May amounted to 36,748 billion yuan, with a year-on-year increase of 6.5%, also the highest growth rate in 2024 [2] - The catering revenue in May was 4,578 billion yuan, growing by 5.9%, the highest growth rate since April 2024 [2] Group 3: Industry Composition - The consumption ETF tracks the CSI Major Consumption Index, which includes leading consumer stocks in A-shares, covering various sectors from liquor, pork, dairy, condiments to food processing [3] - The liquor industry is the largest sector within the index, accounting for 45% of the total weight, indicating a significant focus on alcoholic beverages [3] Group 4: Investment Opportunities - Investors can also access the consumption recovery trend through the Jiashi Consumption ETF linked fund (009180) [5]

Group 1: Market Performance - As of June 18, 2025, the CSI Major Consumer Index (000932) increased by 0.82%, with notable gains from Yanjing Beer (000729) at 3.58%, Jinshiyuan (603369) at 2.96%, and Gujing Gongjiu (000596) at 1.87% [1] - The Major Consumer ETF (159672) rose by 0.93%, with the latest price reported at 0.76 yuan [1] Group 2: Beer Consumption Trends - With rising temperatures, beer consumption is entering a peak season, supported by consumption policies that are expected to boost beer sales [1] - Yanjing Beer reported strong growth in its U8 product line from January to May, indicating a positive sales trend [1] Group 3: ETF Performance Metrics - The Major Consumer ETF has achieved a maximum monthly return of 24.35% since its inception, with an average monthly return of 4.87% [2] - The ETF's maximum drawdown this year is 6.05%, with a relative benchmark drawdown of 0.34% [2] - The management fee for the ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [2] Group 4: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the CSI Major Consumer Index is 18.76, indicating it is at a historical low, below 99.6% of the time over the past year [2] Group 5: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the CSI Major Consumer Index account for 67.15% of the index, with notable companies including Yili (600887), Kweichow Moutai (600519), and Wuliangye (000858) [3]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Insights - The sentiment in the liquor sector is under pressure, particularly due to new regulations affecting government banquets, which are expected to further reduce demand for high-end liquor [5]. - Despite the current challenges, the overall valuation of the liquor sector is considered low, with many companies engaging in stock buybacks and increasing dividends, indicating potential for future capital inflow as domestic demand policies are anticipated [5]. - The new consumption sector is expected to benefit from policies aimed at boosting domestic demand, evolving consumer preferences, and technological innovations, creating structural opportunities [8]. Summary by Sections Industry Performance - The food and beverage sector has seen declines of -7.7% over the past month, -10.4% over three months, and -5.9% over the past year, contrasting with the Shanghai Composite Index which has shown a slight increase [3][4]. Recent News - In early June, the liquor price index saw a slight decline, and liquor prices dropped by 2% year-on-year in May. Additionally, several government departments are promoting digital transformation in the food industry [4][18]. Company Feedback - Companies like Wuliangye are accelerating the development of products targeting younger consumers, while Gu Yue Long Shan's new sparkling yellow wine sold out immediately upon launch. Shede Liquor reported no inventory backlog [4][18]. Key Company Recommendations - The report recommends several companies within the food and beverage sector, including Ximai Food, Youyou Food, Ganyuan Food, Three Squirrels, and Dongpeng Beverage, highlighting their potential for growth in the new consumption landscape [8]. Financial Projections - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a bullish outlook with "Buy" ratings for all listed companies, including Luzhou Laojiao, Gujing Gongjiu, and Kweichow Moutai [10].

Core Insights - The overall trend in the liquor industry shows a 2.0% year-on-year decline in liquor prices as reported by the National Bureau of Statistics for May [2] - Significant personnel changes have occurred in major companies such as Moutai and Yanghe, indicating potential shifts in corporate strategy [6] - The introduction of new standards for low-alcohol liquor aims to align with national trends and international consumption patterns [4] Industry Dynamics - National Bureau of Statistics reported a 0.3% month-on-month decline and a 2.0% year-on-year decline in liquor prices for May [2] - The national white liquor price index fell by 0.27% in May, with famous liquor prices decreasing by 0.35% and local liquor prices by 0.28% [2] - A new group standard for "multi-grain low-alcohol fragrant liquor" has been proposed to regulate product quality [4] Company Developments - Moutai Group announced significant personnel changes, with two executives taking on new roles within the company [6] - Yanghe Co. announced the resignation of a board member due to work relocation, indicating potential shifts in governance [6] - Luzhou Laojiao was included in the "China Archives and Document Heritage List," enhancing its cultural significance [6] Marketing Strategies - Yanjing Beer is implementing a "beer + beverage" marketing strategy to cater to younger consumers, focusing on dining scenarios [6] - The strategy aims to leverage synergies in production and supply chains between beer and soft drinks [6] - The summer season presents growth opportunities for the beer industry, encouraging companies to innovate in product and marketing approaches [6] Awards and Recognition - Five liquor brands were recognized in the fourth batch of Shanxi's "Sanjin Old Brand" list, highlighting regional brand strength [4] - Sichuan Province announced the top ten innovative marketing examples for local liquor brands, showcasing successful marketing strategies [4] Events - The fifth China (Ningxia) International Wine Culture and Tourism Expo was held, featuring various activities to promote the wine industry [5]

Group 1 - The 34th Beijing International Yanjing Beer Culture Festival will take place from July 11 to July 20 at the Capital International Exhibition Center, lasting for 10 days [1][3] - The festival will feature a music festival with performances from well-known bands and singers, with ticket prices starting at 9.9 yuan, and exclusive beer flavors available only at the event [1][3] - The main venue will include a dining area, tasting area, and upgraded international food corridor, showcasing over 70 types of global cuisine and more than 100 craft beers [3][5] Group 2 - The festival will also include various entertainment options such as a campus dance competition, youth singing contest, and unique attractions like a robot football challenge and a children's amusement area [3][4] - The event will provide 3,700 parking spaces and public transport options, including dedicated bus services to facilitate access for residents [4] - Ticket options include basic tickets at 9.9 yuan, tasting tickets at 19.9 yuan, and special packages for tents and starry rooms, with early bird discounts available [4][5] Group 3 - The festival has evolved over 30 years to become a significant platform for showcasing the economy, culture, and cuisine of Shunyi, and is recognized as a key consumption promotion activity by the Ministry of Commerce [5]