Market Performance - The non-liquor sector increased by 0.74% compared to the previous trading day, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Highlights - ST Xifa (000752) closed at 12.22, with a rise of 2.43% and a trading volume of 58,400 shares, amounting to a transaction value of 70.30 million [1] - CITIC Nia (600084) closed at 5.96, up 2.41%, with a trading volume of 96,700 shares and a transaction value of 57.06 million [1] - Pearl River Beer (002461) closed at 9.84, increasing by 2.18%, with a trading volume of 192,200 shares [1] - Huichuan Beer (600573) closed at 12.33, up 1.57%, with a trading volume of 66,740 shares and a transaction value of 82.34 million [1] Fund Flow Analysis - The non-liquor sector experienced a net outflow of 67.92 million from institutional investors, while retail investors saw a net inflow of 105 million [2] - The main stocks with significant fund flow include: - Piao Pan Sha Xu (600600) with a net inflow of 18.97 million from institutional investors [3] - CITIC Nia (600084) with a net inflow of 3.87 million from institutional investors [3] - ST Xifa (000752) with a net inflow of 3.01 million from institutional investors [3]

Core Viewpoint - The company primarily focuses on domestic sales with limited export activities [1] Group 1 - The company has confirmed that its products are mainly sold in the domestic market [1] - Export business is minimal, indicating a potential area for growth if the company decides to expand internationally [1] - The company is committed to improving its marketing network to enhance sales performance [1]

Market Overview - The non-liquor sector increased by 0.69% compared to the previous trading day, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - ST Xifa (000752) closed at 11.93, up 3.38% with a trading volume of 71,300 shares and a transaction value of 84.28 million [1] - Wujing Beer (000729) closed at 12.73, up 2.33% with a trading volume of 419,300 shares [1] - Other notable performers include *ST Lanhua (000929) up 2.29%, CITIC Niyah (600084) up 1.39%, and Huishan (601579) up 0.88% [1] Capital Flow Analysis - The non-liquor sector experienced a net outflow of 28.91 million from institutional investors and 32.46 million from retail investors, while retail investors saw a net inflow of 61.37 million [2] - The capital flow data indicates a mixed sentiment among different investor types, with retail investors showing a positive trend [2] Individual Stock Capital Flow - Kuaijishan (601579) had a net outflow of 57.29 million from institutional investors, while it saw a net inflow of 2.66 million from retail investors [3] - Zhirun Co. (002568) experienced a net inflow of 829.31 thousand from institutional investors, but a net outflow from retail investors [3] - Other stocks like ST Xifa (000752) and Pearl River Beer (002461) also showed varied capital flows, indicating differing investor confidence [3]

Core Insights - On November 11, Zhujiang Beer experienced a 0.53% increase in stock price with a trading volume of 104 million yuan, while the net financing buy was negative at -1.43 million yuan [1] - As of September 30, Zhujiang Beer reported a revenue of 5.073 billion yuan, marking a year-on-year growth of 3.81%, and a net profit of 944 million yuan, reflecting a 17.05% increase [2] - The company has distributed a total of 2.164 billion yuan in dividends since its A-share listing, with 919 million yuan distributed in the last three years [3] Financing and Trading Activity - On November 11, Zhujiang Beer had a financing buy of 10.63 million yuan and a financing repayment of 12.0649 million yuan, resulting in a total financing balance of 239 million yuan, which is 1.13% of its market capitalization [1] - The stock's financing balance is above the 90th percentile of the past year, indicating a high level of trading activity [1] - The short selling activity on the same day included a repayment of 16,500 shares and a sale of 4,000 shares, with a short selling balance of 281,340 yuan, also above the 90th percentile of the past year [1] Shareholder and Institutional Holdings - As of September 30, the number of shareholders for Zhujiang Beer increased by 12.37% to 27,500, while the average circulating shares per person decreased by 11.01% to 80,394 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings from some institutional investors [3] - New institutional shareholders include the Huatai-PineBridge CSI Major Consumer ETF, while some funds have exited the top ten list [3]

Meeting Overview - The shareholder meeting was conducted using a combination of on-site voting and online voting [2][3] - The meeting took place on November 11, 2025, at 16:00, with online voting available from 9:15 to 15:00 on the same day [2] Attendance - A total of 236 shareholders and representatives attended the meeting, representing 1,893,542,900 shares, which is 85.5518% of the total shares [4] - Of these, 4 shareholders attended the on-site meeting, representing 1,862,273,645 shares (84.1391%), while 232 participated via online voting, representing 31,269,255 shares (1.4128%) [4] Proposal Voting Results - The proposal to appoint an auditing firm received 99.6770% approval, with 1,887,427,000 shares in favor [5] - The proposal to amend the company's articles of association was approved with 99.3553% support, totaling 1,881,336,045 shares [7] - The proposal to revise the rules of the shareholders' meeting was approved with 99.3471% support, totaling 1,881,180,645 shares [8] - The proposal to amend the rules of the board meeting also received 99.3471% approval, with 1,881,179,345 shares in favor [10] Legal Opinion - The meeting was witnessed by lawyers from Shanghai Zhonglian (Guangzhou) Law Firm, confirming that the meeting's procedures complied with legal and regulatory requirements [12]

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 2025 年第二次临时股东会的 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 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 2025 年第二次临时股东会的法律意见 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 2025 年第二次临时股东会的 法律意见 法律意见 1 2025GZ 意见 0407 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 2025 年第二次临时股 东会（以下简称"本次股东会"），对本次股东会的召开进行见证。 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 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-034 广州珠江啤酒股份有限公司 2025 年第二次临时股东会决议公告 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.本次股东会无增加、变更、否决提案的情形。 （1）现场会议召开时间：2025 年 11 月 11 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 11月11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11月11日上午9:15至下午15:00期间的任意时间。 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； 2.本次股东会不涉及变更以往股东会已通过的决议。 3.本次股东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： 4、召集人：公司董事会； 5、现场会议主持人：董事长黄文胜先生； 6、本次股东会的召集、召开与表决程序符 ...

Market Overview - On November 7, the non-liquor sector declined by 0.18% compared to the previous trading day, with *ST Lanhuang leading the decline [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable stock performances in the non-liquor sector included: - Mogao Co., Ltd. (600543) closed at 6.49, up 0.46% with a trading volume of 48,300 shares and a turnover of 31.33 million yuan [1] - Jiu You Limited (000729) closed at 11.71, up 0.26% with a trading volume of 100,500 shares and a turnover of 118 million yuan [1] - Huaiqiang Mountain (601579) closed at 21.43, up 0.23% with a trading volume of 110,300 shares [1] - *ST Lanhuang (000929) closed at 8.63, down 1.82% with a trading volume of 30,400 shares and a turnover of 26.38 million yuan [2] Capital Flow - The non-liquor sector experienced a net outflow of 54.49 million yuan from institutional investors, while retail investors saw a net inflow of 38.48 million yuan [2] - The capital flow for specific stocks showed: - Zhujiang Beer (002461) had a net inflow of 4.25 million yuan from institutional investors, but a net outflow of 3.61 million yuan from retail investors [3] - *ST Lanhuang experienced a net outflow of 1.70 million yuan from institutional investors [3]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

Investment Rating - The report maintains an "Overweight" rating for the beer sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The beer sector is currently at a bottoming phase, with potential recovery driven by macro policy changes and improved fundamentals in the coming year [2][63]. - Demand resilience is expected to continue into 2024, with a focus on scene recovery in 2025 [5][46]. Summary by Sections 1. Revenue and Profit Trends - For the first three quarters of 2025, the beer sector reported revenues of 61.726 billion yuan, a year-on-year increase of 1.99%, and a net profit of 9.339 billion yuan, up 10.43% year-on-year [10]. - Quarterly revenues for 2025 were 20.043 billion yuan, 21.491 billion yuan, and 20.192 billion yuan, with year-on-year growth rates of 3.68%, 1.90%, and 0.45% respectively [10]. 2. Margins and Cost Dynamics - Despite weak sales volume and price performance, the overall gross margin has been improving due to cost elasticity, with major brands like Qingdao Beer and Yanjing Beer showing strong performance [18][19]. - Gross margins for major brands in Q3 2025 were as follows: Qingdao Beer at 43.66%, Chongqing Beer at 50.17%, Yanjing Beer at 47.19%, and Zhujiang Beer at 51.51% [19][22]. 3. Demand Resilience and Market Dynamics - The report highlights that middle-income households are experiencing faster disposable income growth, which supports beer demand at mainstream price points [46][51]. - The overall beer production is showing a recovery trend, with high-end products like Qingdao White Beer and Yanjing U8 continuing to perform well [49][54]. 4. Cash Flow and Dividend Outlook - The free cash flow of leading beer companies is expected to remain high, with steady improvements in dividend rates and payout ratios anticipated [58][59]. - The report notes that capital expenditures related to high-end beer production are expected to stabilize, further supporting cash flow sustainability [58]. 5. Investment Recommendations - The report suggests focusing on companies with strong fundamentals such as Qingdao Beer, Yanjing Beer, and China Resources Beer, which are expected to benefit from improved market conditions in 2025 [2][63].