Group 1 - The core strategy of the company is to implement a "beer + beverage" marketing approach to cater to the preferences of younger consumers [1] - The company aims to leverage the synergies in production equipment, supply chain, and terminal channels (such as restaurants and supermarkets) to enhance its market presence [1] - The focus will be on dining scenarios, particularly targeting restaurants like hot pot and barbecue establishments, to create a product combination of "beer + soda" [1] Group 2 - The company anticipates that the cost of raw materials (such as malt and glass bottles) will continue to decline through 2025, allowing for cost management and the release of cost benefits [1] - The company plans to strengthen its talent management by promoting team building, optimizing performance evaluation mechanisms, and enhancing personnel allocation [1]

Group 1: Company Strategy and Planning - The company is currently evaluating the "14th Five-Year Plan" and preparing for the "15th Five-Year Plan," aiming for continuous performance growth and achieving the "Five Battles, Five Victories" goal [2][3] - Key focus areas include enhancing management systems, deepening market development, accelerating supply chain transformation, and advancing digitalization [3][10] - The company is committed to improving governance through five major initiatives, including ESG construction and value management [3][10] Group 2: Human Resource Development - The company achieved a "double improvement" in personnel quality and average income during the "14th Five-Year Plan" period, supporting sustainable development [3][10] - A comprehensive talent management system will be established, focusing on recruitment, training, and retention to build a competitive workforce [3][10] Group 3: Product Strategy - The company has implemented a major product marketing strategy, with key products like Yanjing U8 and V10 showing significant sales growth [4][5] - In 2024, Yanjing U8 sales reached 696,000 hectoliters, a year-on-year increase of 31.4% [5] - Future growth strategies for Yanjing U8 include enhancing product quality, increasing market penetration, and leveraging new retail partnerships [5][6] Group 4: Market Development - The company emphasizes the development of emerging markets as a key growth strategy, focusing on high-capacity and high-growth potential areas [6][10] - Initiatives include the "Hundred Counties Project" and "Hundred Cities Project" to enhance market visibility and product accessibility [6][10] Group 5: Cost Management - The beer industry is experiencing a historic cost reduction cycle, with lower prices for key raw materials [7][10] - The company aims to optimize procurement costs and enhance production efficiency through a "multi-dimensional cost reduction" model [7][10] Group 6: Online Channel Development - New retail channels are rapidly emerging, driven by consumer demand for convenience [8][9] - The company plans to strengthen partnerships and optimize product offerings to enhance market competitiveness [8][9] Group 7: Industry Trends - The Chinese beer industry is undergoing significant transformation, characterized by premiumization, refined cost control, and digital restructuring [10][11] - The company aims to maintain growth and competitive advantage through strategic restructuring and operational efficiency improvements [10][11] Group 8: Beverage Diversification - The company has launched a "beer + beverage" marketing strategy to cater to younger consumers, enhancing brand influence and market share [12][13] - This strategy leverages existing operational experience in beverage sales to reduce reliance on single product categories [12][13]

Core Viewpoint - Yanjing Beer has demonstrated strong performance in a challenging market, achieving significant growth in sales and profits while implementing strategic transformations to enhance competitiveness and sustainability [3][4][6]. Group 1: Financial Performance - In 2024, Yanjing Beer achieved beer sales of 4.0044 million kiloliters, a year-on-year increase of 1.57% [3]. - The company reported total revenue of approximately 14.667 billion yuan, up 3.2% year-on-year, and a net profit attributable to shareholders of approximately 1.056 billion yuan, reflecting a substantial year-on-year increase of 63.74% [3]. - The net profit, excluding non-recurring gains and losses, was approximately 1.041 billion yuan, marking a 108.03% increase year-on-year [3]. - Over the past four years, Yanjing Beer has seen a revenue growth of about 34% and a net profit increase of approximately 4.4 times, based on 2020 figures [3]. Group 2: Market Position and Strategy - Yanjing Beer has positioned itself as the fourth largest beer company in China by revenue in 2024, following China Resources Beer, Budweiser APAC, and Tsingtao Brewery [6]. - The company has focused on a major product strategy, with its flagship product Yanjing U8 achieving a sales increase of 31.4%, contributing to product structure optimization and profit growth [4][5]. - Yanjing U8's sales have shown a compound annual growth rate of 62% since its launch, with sales reaching 700,000 kiloliters in 2024 [4]. Group 3: Shareholder Returns and Future Outlook - Yanjing Beer has maintained a consistent and stable profit distribution policy, having distributed nearly 4 billion yuan in cash dividends since its listing in 1997 [8]. - For the 2024 fiscal year, the board proposed a cash dividend of 1.90 yuan per 10 shares, totaling approximately 535.52 million yuan, which represents 50.73% of the net profit attributable to shareholders for the year [8]. - The company aims to continue its transformation and growth, focusing on becoming a leading Chinese beer brand while enhancing shareholder value [8].

Investment Focus - The report emphasizes the strategy of investing in stocks with high dividends and improved fundamentals, particularly in the essential consumer sector [1][6] - Key stocks recommended for investment include Kweichow Moutai, Wuliangye, and Yili, all rated as "Outperform" [1] Industry Overview - In May 2025, six out of eight tracked industries maintained positive growth, with the restaurant sector growing by 3.7%, beer by 3.3%, and soft drinks by 3.1% [3][8] - The industries experiencing negative growth include mass-market and above mid-range liquor, with declines of 13.0% and 2.5% respectively [3][8] Price Trends - In May, the price of Moutai continued to decline, while high-end products like Wuliangye stabilized [4] - The overall price trend in the liquor market showed more declines than increases, particularly in the mid-range segment [4][10] Cost Analysis - The cost index for soft drinks, seasonings, and other categories showed slight increases, while beer and instant noodles experienced declines [4] - Packaging material prices have decreased significantly compared to last year, with aluminum can prices up by 12.01% [4] Fund Flows - As of the end of May, net inflows into Hong Kong Stock Connect amounted to 41.99 billion yuan, with the essential consumer sector's market capitalization share at 5.65% [5] - The food additives sector saw an increase in market share, while the dairy sector experienced a slight decrease [5] Valuation Metrics - The PE historical percentile for A-share food and beverage stocks was 19% (21.5x), a decrease from the previous month [5] - H-share essential consumer sector PE historical percentile increased to 34% (18.8x), reflecting a rise in valuation [5] Recommendations - The report suggests waiting for opportunities or buying high-dividend stocks, as the current fundamentals lack catalysts for growth [6] - Key stocks with high dividend yields include Master Kong, Uni-President, and China Feihe, among others [6]

Investment Strategy - The report suggests gradually increasing risk appetite for thematic trading as June approaches, noting that thematic trading often performs well in June, with high market attention on sectors like innovative pharmaceuticals and IP economy [2][8] - The trading strategy is shifting from focusing on individual stocks with unexpected performance to high-growth industries, recommending attention to sectors such as feed, motorcycles, plastics, animal health, and batteries [2][8] June Stock Recommendations 1. **Yinlong Co., Ltd. (603969.SH)**: Expected to achieve over 30% compound annual growth in profits over the next 2-3 years due to the high-end trend in prestressed materials and strong order visibility [9][10] 2. **Cambricon Technologies (688256.SH)**: Anticipated to enter a profit explosion phase, with significant increases in inventory and cash flow indicating strong demand for main chips [11][12] 3. **Yanjing Beer (000729.SH)**: The main product U8 is expected to maintain over 30% growth, supported by seasonal demand and improved market conditions [17][18] 4. **Xintian Green Energy (600956.SH)**: Projected revenue growth driven by stable wind power generation and ongoing expansion in natural gas operations [19][20] 5. **Huaneng International (600011.SH)**: Expected profit growth due to reduced fuel costs and ongoing expansion in renewable energy capacity [23][24] 6. **Salted Fish (002847.SZ)**: Anticipated revenue growth from successful product launches in the konjac category and effective channel expansion strategies [14][15]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report emphasizes investment opportunities in the soft drink and low-alcohol segments due to new products, low base effects, and the upcoming peak season [4][5][15] - The white liquor sector is recommended with a focus on Moutai and Fenjiu, while the yellow wine sector is under observation for data validation [3][18] - The report identifies four key themes in the consumer goods sector: cost control, new consumption trends, potential performance elasticity in Q2, and thematic expectations [18][22] Summary by Sections Market Performance Review - From May 26 to May 30, the food and beverage sector declined by 1.06%, while the Shanghai Composite Index fell by 0.03% [24] - Notable performances included soft drinks (+9.27%), other alcoholic beverages (+7.13%), and beer (+3.22%) [24] White and Yellow Liquor - The white liquor sector saw a decline of 2.76%, attributed to recent regulations and seasonal factors [3] - Shanxi Fenjiu aims for national expansion and product growth, indicating a strategic opportunity during the industry's adjustment phase [3][18] Beer and Beverage - The beer sector increased by 3.22%, supported by seasonal demand and promotional activities [14] - The report highlights the potential of the soft drink and low-alcohol segments, with significant growth in companies like Li Ziyuan and Dongpeng Beverage [15][22] Consumer Goods - The consumer goods sector is recommended based on four main themes: cost control, new consumption, potential performance elasticity, and thematic expectations [18][22] - The report suggests focusing on companies that can leverage these themes, such as Ximai Food and H&H [22] Investment Recommendations - Top picks include soft drinks and low-alcohol products like Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][22] - For the white liquor sector, leading companies like Shanxi Fenjiu and Guizhou Moutai are recommended [5][22] - The report also suggests monitoring companies in the consumer goods sector that align with the identified themes [22]

Group 1 - The company will hold its 2024 Annual General Meeting (AGM) on June 24, 2025, at 14:30 [3][53] - The meeting will be convened by the company's board of directors and is compliant with relevant laws and regulations [2][30] - Shareholders can participate in the meeting either in person or through online voting [4][53] Group 2 - The record date for shareholders to attend the AGM is June 18, 2025 [5] - The agenda includes the review of the 2024 Annual Report and the proposal for the remuneration of directors and senior management [7][10] - Independent directors will present their reports during the AGM, although these reports will not be subject to voting [8][10] Group 3 - The company will provide a platform for online voting through the Shenzhen Stock Exchange systems [4][16] - Voting will be available on June 24, 2025, with specific time slots for both online and in-person voting [3][21] - Shareholders must register for the meeting by providing necessary identification and documentation [11][14]

Group 1 - The board meeting of Beijing Yanjing Beer Co., Ltd. was held on May 30, 2025, with all six directors participating [1][2][3] - The board approved several amendments to internal management systems, including the fundraising management system and major investment management system, with unanimous votes of 6 in favor and none against [2][3][4] - The company plans to hold the 2024 annual shareholders' meeting on June 24, 2025, combining on-site and online voting methods [4][5] Group 2 - The amendments to the management systems will be submitted for approval at the shareholders' meeting before implementation [2][3] - The full text of the amended systems will be published on the Giant Tide Information Network on June 3, 2025 [2][3][4]

Core Viewpoint - Yanjing Beer announced its annual shareholder meeting scheduled for June 24, 2025, with a record date for voting on June 18, 2025 [1] Group 1: Shareholder Meeting Details - The meeting will take place at Yanjing Beer Technology Building, No. 9 Shuanghe Road, Shunyi District, Beijing [1] - The meeting will include 23 agenda items for audit and approval [1] Group 2: Agenda Items - The agenda includes the 2024 Board of Directors report, 2024 Supervisory Board report, and 2024 financial statements [1] - Profit distribution plan for 2024 and financial report audit remuneration for 2024 and 2025 are also on the agenda [1] - Proposals regarding the remuneration of directors, senior management, and supervisors for 2024 and 2025 will be discussed [1] - Several amendments to company regulations and management systems, including the Articles of Association and various internal management rules, are proposed [1]

北京燕京啤酒股份有限公司 资金理财管理办法 （2025 年 6 月） 第一章 总 则 第一条 为加强资金管理，规范资金理财的范围、审批流程与权限，防范资 金理财的风险，提高资金理财的效益，依据《企业内部控制应用指引第 6 号—资 金活动》、《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》（以下简称"上市公司规范运作指 引"）、《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》 等法规及《公司章程》规定，特制订本办法。 第二条 资金理财范围 （一）交易性金融资产：公司购买银行、证券公司、信托公司等金融机构发 行的货币基金等收益率随着市场价格波动的理财产品； （二）持有至到期投资：公司购买银行、证券公司、信托公司等金融机构发 行的短期融资券、优质客户信贷资产类理财产品、票据类理财产品以及通过证券 交易系统进行国债逆回购等投资人不可在到期日前提前赎回的理财产品； （三）可供出售金融资产：公司购买信托公司发行的投资人可申请提前终止 或转让收益权的信托计划； 理财产品不包括对外股权投资，对外股权投资按《公司章程》等相关规定执 行。 第三条 资金理 ...