北京燕京啤酒股份有限公司 会计师事务所选聘制度 （2025 年 6 月经 2024 年度股东会批准） 第一章 总 则 第一条 为规范北京燕京啤酒股份有限公司（以下简称"公司"）选聘（含 续聘、改聘）会计师事务所的行为，切实维护股东利益，提高财务信息质量，根 据《国有企业、上市公司选聘会计师事务所管理办法》、《上市公司章程指引》、 《深圳证券交易所股票上市规则》等相关的法律法规要求，结合公司实际情况， 制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据有关法律法规要求， 聘任会计师事务所对本公司财务会计报告发表审计意见、出具审计报告及内部控 制报告的行为。 第三条 公司聘请或解聘会计师事务所必须由股东会决议。董事会不得在股 东会决议前委任会计师事务所开展工作。 公司解聘或者不再续聘会计师事务所时，应当在董事会决议后及时通知会计 师事务所。公司股东大会就解聘会计师事务所进行表决时，或者会计师事务所提 出辞聘的，会计师事务所可以陈述意见。 第四条 公司大股东或实际控制人在公司董事会、股东会审议前，不得为公 司指定会计师事务所，不得干预审计委员会独立履行审核职责。 第二章 会计师事务所执业质量要求 第五条 ...

北京燕京啤酒股份有限公司 董事会议事规则 （2025 年 6 月经 2024 年度股东会批准） 第一章 总 则 第一条 为健全完善法人治理结构，确保公司董事会的工作效率和科学决策， 依照《公司法》、《证券法》、《深圳证券交易所股票上市规则》、《上市公司章程指 引》、《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》 和《公司章程》特制定本工作细则。 第二条 董事会是公司常设权力机构和经营决策机构，对股东会负责并报告 工作。股东会可以授权董事会对发行公司债券作出决议。 第三条 董事会对外代表公司，董事长是公司法定代表人。公司总经理在董 事会领导下负责公司日常业务、经营和行政管理活动，对董事会负责并报告工作。 董事对全体股东负责。 第四条 董事会接受审计委员会的监督，尊重职工代表大会的意见或建议。 第二章 董事会的组成 第五条 董事会由七人组成，其中独立董事四名，对股东会负责并报告工作。 董事会设立审计委员会，根据需要设立战略、提名、薪酬与考核等相关专门委员 会，专门委员会对董事会负责。专门委员会成员全部由董事组成，其中审计委员 会、提名委员会、薪酬与考核委员会中独立董事应当过半数并担任召集 ...

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 - On June 18, A-shares experienced a rebound after hitting a low, with the three major indices slightly rising. The total trading volume reached 1.19 trillion yuan, a decrease of 16.1 billion yuan compared to the previous trading day. Over 3,400 stocks declined, indicating a mixed market sentiment [2][3]. Sector Highlights - **Banking Sector**: The banking sector showed strong performance in the morning, with stocks like Shanghai Bank and Pudong Development Bank rising. The recent international turmoil has led to a shift towards defensive sectors, while domestic economic recovery is boosting loan demand. It is expected that bank profitability will stabilize by 2025 [5][6]. - **Beer Sector**: The beer sector rebounded, with Yanjing Beer leading with over a 5% increase. Despite previous panic selling due to rumors of a "liquor ban," the fundamental outlook for the beer industry remains positive, especially with the upcoming summer consumption peak [7]. - **Military Trade Sector**: The military trade sector saw significant gains, with companies like Great Wall Industry hitting the daily limit. Factors such as escalating conflicts in the Middle East and the Paris Air Show have heightened interest in military products, particularly domestic military aircraft [8][9]. - **Non-Banking Financial Sector**: The non-banking financial sector underperformed, with companies like Dongwu Securities and Guosen Securities experiencing notable declines. Rising market risk aversion is likely impacting trading activity and short-term profitability for brokerages [10]. - **PCB Sector**: The PCB sector performed exceptionally well, with companies like Huadian Technology hitting the daily limit. Meta's announcement of a new AI chip, which requires advanced PCB designs, is expected to significantly boost demand for high-end PCBs [11][12]. - **AI Computing Sector**: The AI computing sector saw a collective rise, with PCB, optical modules, and storage segments performing particularly well. The market remains optimistic about the sustained demand for AI infrastructure, driven by Meta's upcoming AI chip launch [12]. Company Highlights - **Top Group**: Top Group's stock surged by 3% following Elon Musk's announcement of significant upgrades to the third generation of the Optimus robot. As a core supplier for Tesla's robotics, the company is expected to benefit directly from this development, despite a decline in first-quarter performance [14].

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]