Core Viewpoint - The beer companies Yanjing Beer and Zhujiang Beer continue to experience significant growth in the first quarter, benefiting from the emerging 8 yuan price segment, indicating a shift in consumer preferences and market dynamics [2][3][4]. Company Performance - Yanjing Beer reported a revenue of approximately 38.27 billion yuan in Q1, a year-on-year increase of 6.69%, with a net profit of about 1.65 billion yuan, up 61.1% [2]. - Zhujiang Beer achieved a revenue of around 12.27 billion yuan in Q1, reflecting a 10.69% year-on-year growth, and a net profit of approximately 1.57 billion yuan, which is a 29.83% increase [2]. - Yanjing Beer’s sales expenses surged by 40.03% to 5.99 billion yuan, attributed to increased market investments [2]. - Zhujiang Beer maintained lower sales expenses, which increased by only 4.89% to 1.94 billion yuan, contributing to its competitive net profit [3]. Market Dynamics - The 8 yuan price segment is increasingly replacing traditional 3 to 5 yuan products, potentially becoming the new mainstream price range in the beer industry [4]. - The market share for Yanjing Beer in North China exceeds 53%, while Zhujiang Beer dominates the South China market with over 90% [3]. - The beer industry is witnessing a structural shift from a "bottom-heavy" to a "pyramid" sales model, with a focus on products priced above 8 yuan [4]. Competitive Landscape - Major players like Budweiser APAC and China Resources Beer are shifting their resources towards the 8 to 10 yuan price segment, indicating increased competition for Yanjing and Zhujiang Beer [4].

Core Viewpoint - The first quarter of 2025 saw significant performance differences between beer and wine companies, with Yanjing Beer and Zhujiang Beer showing strong growth in revenue and profit, while Zhangyu A experienced only marginal growth in both metrics [1][4]. Group 1: Yanjing Beer Performance - Yanjing Beer reported a revenue of approximately 38.27 billion yuan, representing a year-on-year increase of 6.69% [3]. - The net profit attributable to shareholders was about 1.65 billion yuan, reflecting a substantial year-on-year growth of 61.1% [3]. - The company achieved a beer sales volume of 995,000 kiloliters, with its flagship product, Yanjing U8, maintaining a growth rate exceeding 30% [1]. Group 2: Zhujiang Beer Performance - Zhujiang Beer recorded a revenue of approximately 12.27 billion yuan, which is a year-on-year increase of 10.69% [2]. - The net profit attributable to shareholders was around 1.57 billion yuan, showing a year-on-year growth of 29.83% [2]. - Despite Yanjing Beer having over three times the revenue of Zhujiang Beer, the net profit difference was only 800 million yuan [2]. Group 3: Zhangyu A Performance - Zhangyu A reported a revenue of approximately 8.11 billion yuan, with a minimal year-on-year increase of 0.01% [4]. - The net profit attributable to shareholders was about 1.59 billion yuan, indicating a slight year-on-year growth of 0.21% [4]. - The net profit excluding non-recurring gains and losses was approximately 1.53 billion yuan, which represents a year-on-year decline of 0.82% [4]. Group 4: Shareholder Information - As of the first quarter of 2025, the total number of ordinary shareholders for Yanjing Beer, Zhujiang Beer, and Zhangyu A were approximately 43,000, 26,000, and 43,000 respectively [7]. - There was a notable decline in the number of ordinary shareholders for all three companies compared to the first quarter of 2024, with Yanjing Beer and Zhujiang Beer experiencing reductions of over 30% [7].

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-014 广州珠江啤酒股份有限公司 第四届董事会第八十三次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广州珠江啤酒股份有限公司（以下简称"公司"）第四届董事会第八十三 次会议于 2025 年 4 月 24 日以通讯方式召开，会议由王志斌董事长召集。召开 本次会议的通知及相关资料已于 2025 年 4 月 14 日通过电子邮件等方式送达各 位董事。本次会议应到董事 9 人（其中独立董事 3 人），实到董事 9 人。会议 由王志斌董事长主持，符合《公司法》及公司章程的有关规定。与会董事经认 真讨论，审议通过了以下议案： 一、审议通过《关于公司 2025 年第一季度报告的议案》。 《公司 2025 年第一季度报告》刊登于 2025 年 4 月 25 日《中国证券 报》、《证券时报》以及巨潮资讯网。本议案已经公司董事会审计委员会审议 通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票，赞成票数占董事会有效表决 权的 100%审议通过此项议案。 二、审议通过《关于选举程衍俊先生为公司副董事 ...

珠江啤酒：一季度归母净利润1.57亿元，同比增长29.83% 金十数据4月24日讯，珠江啤酒4月24日公告，2025年第一季度实现营业收入12.27亿元，同比增长 10.69%；归属于上市公司股东的净利润1.57亿元，同比增长29.83%；基本每股收益0.0709元。 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,226,771,407.96, representing a 10.69% increase compared to ¥1,108,275,494.33 in the same period last year[5] - Net profit attributable to shareholders was ¥157,027,195.15, up 29.83% from ¥120,950,775.85 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥145,391,911.64, reflecting a 39.40% increase from ¥104,297,992.86 in the previous year[5] - Basic and diluted earnings per share increased to ¥0.0709, a rise of 29.85% compared to ¥0.0546 in the same period last year[5] - Operating profit for the current period was ¥187,809,643.62, representing a 34.38% increase from ¥139,747,688.78 in the previous period[19] - Net profit for the current period was ¥161,494,183.63, a rise of 28.14% compared to ¥126,021,698.31 in the last period[19] Assets and Liabilities - Total assets decreased by 4.06% to ¥15,261,976,696.22 from ¥15,907,993,645.32 at the end of the previous year[5] - The company's current liabilities totaled CNY 3,669,085,330.72, down from CNY 4,466,773,865.13 at the start of the period[15] - The company's total liabilities decreased to CNY 4,523,536,691.53 from CNY 5,331,047,824.26[15] - The equity attributable to the owners of the parent company increased to CNY 10,666,991,914.03 from CNY 10,509,964,718.88[16] Cash Flow - The company's cash flow from operating activities decreased by 9.69% to ¥68,844,395.31 from ¥76,234,037.32 year-on-year[5] - Net cash flow from operating activities was ¥68,844,395.31, down from ¥76,234,037.32 in the previous period[20] - Net cash flow from investing activities was ¥1,112,443,221.90, significantly up from ¥172,273,617.23 in the prior period[21] - Net cash flow from financing activities showed a negative balance of -¥692,151,556.52, worsening from -¥525,876,829.39 in the previous period[21] - The ending cash and cash equivalents balance was ¥1,042,400,194.37, down from ¥1,243,871,047.99 in the last period[21] Receivables and Income - Trade receivables increased by 224.49% compared to the end of the previous year, primarily due to an increase in receivables from customers[9] - The company reported a significant increase in accounts receivable, rising to CNY 75,235,630.56 from CNY 23,185,521.05[14] - Non-operating income grew by 42.30% year-on-year, driven by increased compensation income and government subsidies[9] - Income tax expenses rose by 94.06% compared to the previous year, primarily due to an increase in taxable profits[9] - The company reported a tax expense of ¥27,474,852.42, which is an increase from ¥14,157,723.37 in the previous period[19] Market Strategy - The company is focusing on expanding its market presence and enhancing product offerings through new technology development[12] - The company is actively exploring mergers and acquisitions to strengthen its market position and drive growth[12] Operating Costs - Total operating costs amounted to ¥1,074,993,912.80, up 6.56% from ¥1,009,003,977.17 in the prior period[18]

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-013 广州珠江啤酒股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 特别提示： 1.本次股东大会无增加、变更、否决提案的情形。 3、现场会议召开地点：广州珠江啤酒股份有限公司办公楼 505 会议室； 4、召集人：公司董事会； 5、现场会议主持人：董事长王志斌先生； 2.本次股东大会不涉及变更以往股东大会已通过的决议。 3.本次股东大会以现场表决和网络投票表决相结合的方式召开。 一、 会议召开和出席 （一）会议召开情况 1、召开方式：现场表决和网络投票表决相结合； 2、会议召开时间： （1）现场会议召开时间：2025 年 4 月 23 日下午 16:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2025年 4月23日9:15—9:25,9:30—11:30和13:00—15:00；通过深圳证券交易所互联网投票系 统投票的时间为2025年4月23日上午9:15至下午15:00期间的任意时间。 6、本次股东大会的召集、召开与表决程序符 ...

关于广州珠江啤酒股份有限公司 上海中联（广州）律师事务所 关于广州珠江啤酒股份有限公司 上海中联（广州）律师事务所 关于广州珠江啤酒股份有限公司 2024 年度股东大会的 法律意见 广州市天河区天河路 383 号太古汇写字楼一座 21 楼 电话: 020-81888869 传真:020-85200809 邮编: 510620 上海中联（广州）律师事务所 2024 年度股东大会的法律意见 2024 年度股东大会的 法律意见 2025GZ 意见 0119 号 致：广州珠江啤酒股份有限公司 上海中联（广州）律师事务所（以下简称"本所"）接受广州珠江啤酒股份 有限公司（以下简称"公司"）委托，指派律师列席公司 2024 年度股东大会（以 下简称"本次股东大会"），对本次股东大会的召开进行见证。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、中国证 券监督管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）、 《律师事务所从事证券法律业务管理办法》等中国现行法律、部门规章以及《广 州珠江啤酒股份有限公司章程》（以下简称"《公司章程》"）和《广州珠江啤 酒股份有限公司股东大会议事规则》的有关规定， ...

华润啤酒提出"精益、精简、精细"的管理策略，该行预计1Q25不仅未出现竞争加剧，费用投放力度还 有所收缩，百威"市占率优先"策略并未引发价格战，竞争格局表现超预期。该行预计2025年大麦成本或 呈下行趋势，未受关税影响，其他包装物成本相对稳定，整体吨成本或将有所集约。 品牌加码新渠道，加速布局新赛道 各品牌加大歪马、酒小二新渠道的布局，短期对销量正向贡献，中期拉动品牌势能，长期有可能改变竞 争格局。该行预计新渠道抢占先机的品牌，有望获取更多份额。同时，啤酒龙头纷纷加快布局饮料、非 啤酒赛道，例如青岛啤酒集团曾收购雀巢优活，青岛饮料集团旗下包括崂山矿泉水、百花蛇草水;重庆 啤酒推出大理苍洱橙味汽水，乌苏小橙果。 国泰海通发布研报称，预判食饮竞争格局转变带来局部景气机遇。同时重申景气环比修复、成本下行、 竞争温和的年度观点。价格提升逻辑弱化，而利润率改善、分红逻辑强化，景气修复催化。旺季在即， 建议重点布局啤酒板块，建议"增持"华润啤酒(00291)(反转)、燕京啤酒（000729）(000729.SZ)(成长)、 青岛啤酒（600600）(600600.SH，00168)(价值)。同时，维持对重庆啤酒（6001 ...

Core Viewpoint - The Chinese beer industry is facing multiple challenges in 2024, including consumption segmentation, cost pressures, and localized competition from international brands, leading to a trend of "volume decline and price increase" [2] Industry Overview - The overall revenue of the beer industry in 2024 has decreased by 5.7% year-on-year, making it the only category in the food and beverage sector to experience negative growth [2] - The performance of the six major listed beer companies—Budweiser APAC, China Resources Beer, Tsingtao Brewery, Yanjing Beer, Chongqing Beer, and Zhujiang Beer—has shown further differentiation [2][3] Company Performance - Budweiser APAC reported a revenue of 62.46 billion RMB, down 8.90%, and a net profit of 7.26 billion RMB, down 14.79% [9] - China Resources Beer achieved revenue of 38.635 billion RMB, a slight decline of 0.76%, with net profit down 8.03% to 4.739 billion RMB [9] - Tsingtao Brewery's revenue was 32.138 billion RMB, down 5.30%, but net profit increased by 1.81% to 4.345 billion RMB [9] - Chongqing Beer reported revenue of 14.645 billion RMB, down 1.15%, and net profit of 1.115 billion RMB, down 16.61% [9] - Zhujiang Beer and Yanjing Beer were the exceptions, with Zhujiang Beer achieving revenue growth of 6.56% to 5.731 billion RMB and net profit growth of 29.95% to 810 million RMB [11] - Yanjing Beer also saw revenue growth of 3.20% to 14.667 billion RMB and net profit growth of 63.74% to 1.055 billion RMB [11] Market Trends - The market is experiencing a shift towards high-end products, with Zhujiang Beer and Yanjing Beer benefiting from product structure adjustments and capturing high-end consumption scenarios [3][12] - Analysts suggest that the beer industry must continue to pursue high-end strategies and expand online channels to find new growth opportunities [3][15] - The competition in the high-end market is intensifying, prompting companies to innovate and refine operations to discover new growth points [15] Strategic Adjustments - Companies are adjusting their product structures towards high-end offerings, with Zhujiang Beer reporting that 90% of its revenue comes from mid-to-high-end products [14] - Yanjing Beer has successfully launched its flagship product, Yanjing U8, achieving a sales volume of 696,000 kiloliters, a year-on-year increase of 31.40% [14] - Budweiser APAC, despite being a high-end market leader, has seen a significant decline in sales, down 11.8%, attributed to weak consumer spending [14] - China Resources Beer reported that mid-range and above products accounted for over 50% of its sales for the first time, indicating a commitment to high-end strategies [14]

Core Viewpoint - Zhujiang Beer reported a revenue increase of 6.56% and a net profit increase of 29.95% for 2024, despite the overall beer industry facing a decline in production [2][4]. Financial Performance - The company's total revenue reached 5.731 billion yuan, up from 5.378 billion yuan in 2023, marking a 6.56% year-on-year growth [3]. - The net profit attributable to shareholders was 810 million yuan, a 29.95% increase from 623 million yuan in the previous year [3]. - The net profit after deducting non-recurring gains was 762 million yuan, reflecting a 36.79% increase compared to 557 million yuan in 2023 [3]. - Basic and diluted earnings per share rose to 0.37 yuan, up 32.14% from 0.28 yuan in 2023 [3]. Market Position - Zhujiang Beer generated 54.9 billion yuan in revenue from South China, accounting for 95.81% of total revenue, with a growth rate of 7.45%, outperforming the regional beer production average of 3.2% [5]. - The company remains heavily reliant on the South China market, with only 4.19% of revenue coming from outside this region [6]. Industry Context - The overall beer production in China decreased by 0.6% in 2024, marking a continuous decline over five years, while Zhujiang Beer managed to achieve growth [4]. - The beer industry is experiencing a shift from scale competition to value competition, posing challenges for regional brands like Zhujiang Beer in achieving national expansion [10]. Strategic Challenges - Despite strong performance, the company faces questions regarding its nationalization strategy and the need to reduce dependence on the South China market [6][8]. - The high-end product segment saw a sales increase of 13.96%, indicating a positive trend in product structure optimization [10]. - However, mid-range products experienced a revenue decline of over 10%, highlighting struggles in maintaining market share [10].