公司董事会选举黄文胜先生为公司第四届董事会董事长，任期自本议案审 议通过之日至第四届董事会换届之日止。黄文胜先生担任公司董事长后不再担 任公司副董事长。 根据《公司章程》规定，董事长为公司的法定代表人，公司法定代表人变更为 黄文胜先生。 表决结果：同意 8 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。 广州珠江啤酒股份有限公司（以下简称"公司"）第四届董事会第八十四 次会议于 2025 年 6 月 16 日以通讯方式召开，召开本次会议的通知及相关资料 已于 2025 年 6 月 12 日通过电子邮件等方式送达各位董事。本次会议应到董事 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《关于选举黄文胜先生为公司董事长的议案》。 二、审议通过《关于补选董事会专门委员会委员的议案》。 证券代码：002461 证券简称：珠江啤酒 公告编号：2025-018 广州珠江啤酒股份有限公司 根据《公司章程》、董事会专门委员会工作条例及有关规定，结合近期公 司董事会成员的变动情况，补选黄文胜先生为提名委员会委员。 本公司及董事会全体成员保证 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-018 广州珠江啤酒股份有限公司 第四届董事会第八十四次会议决议公告 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"）第四届董事会第八十四 次会议于 2025 年 6 月 16 日以通讯方式召开，召开本次会议的通知及相关资料 已于 2025 年 6 月 12 日通过电子邮件等方式送达各位董事。本次会议应到董事 8 人（其中独立董事 3 人），实到董事 8 人。会议由黄文胜副董事长主持，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： 二、审议通过《关于补选董事会专门委员会委员的议案》。 根据《公司章程》、董事会专门委员会工作条例及有关规定，结合近期公 司董事会成员的变动情况，补选黄文胜先生为提名委员会委员。 表决结果：同意 8 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。 1 特此公告。 广州珠江啤酒股份有限公司董事会 一、审议通过《关于选举黄文胜先生为公司董事长的议案》。 公司董事 ...

高端龙头啤酒公司渠道专家 20250605 摘要 2025 年 5 月，百威高端产品销量下滑 6.7%，核心价位产品下滑近 18%，哈尔滨冰纯等表现不佳，雪花下降 6.1%，Value 价格带产品总 体下滑约 10%。广东和东北地区是主要销售拖累区域，分别占比 40%。 超高端价格带（12 元以上）1-5 月降幅收窄，预计全年可能出现低个位 数增长或小幅下滑。百威品牌面临压力，尤其在广东和福建市场，预计 三季度末或四季度进入低基数增长阶段。 当前主要矛盾是市场需求急剧下降，经销商面临无法完成进货目标的困 境，低价现象压缩利润空间，导致不愿进货。嘉士伯采取控货去库存、 优化经销网络、提升品牌形象等措施应对挑战。 2024 年 5 月至 12 月，全国啤酒销量持续下滑，尤其 6 月和 9 月降幅明 显。广东市场从 2024 年二季度开始下滑，珠江 97 纯生促销及 CD 类餐 饮渠道推进是关键因素，经销模式差异也影响市场表现。 百威依赖经销商覆盖小店，雪花采用小经销商区域划分模式，珠江啤酒 深度分销。小店产品利润低，经销商更倾向于利润高的产品，导致哈啤 份额被珠江快速替换。 2025 年 5 月份中国市场整体表现 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-016 二、股权登记日与除权除息日 本次权益分派股权登记日为：2025 年 6 月 11 日，除权除息日为：2025 年 6 月 12 日。 广州珠江啤酒股份有限公司 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"或"本公司"）2024 年 年度权益分派方案已获 2025 年 4 月 23 日召开的 2024 年度股东大会审议通 过，本次实施的分配方案与 2024 年度股东大会审议通过的分配方案及其调整 原则一致，将按分配总额固定的原则实施，自分配方案披露至实施期间公司 总股本未发生变化，本次实施分配方案时间距离 2024 年度股东大会审议通过 之日未超过两个月。现将权益分派事宜公告如下： 一、权益分派方案 本公司 2024 年年度权益分派方案披露至实施期间公司股本总额无变化， 经股东大会审议通过的分配方案为：以公司现有总股本 2,213,328,480 股为 基数，向全体股东每 10 股派 1.700000 元人民币现金（含税；扣税后，通过 深股通持有股份的 ...

广州珠江啤酒股份有限公司 2024 年年度权益分派实施公告 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"或"本公司"）2024 年 年度权益分派方案已获 2025 年 4 月 23 日召开的 2024 年度股东大会审议通 过，本次实施的分配方案与 2024 年度股东大会审议通过的分配方案及其调整 原则一致，将按分配总额固定的原则实施，自分配方案披露至实施期间公司 总股本未发生变化，本次实施分配方案时间距离 2024 年度股东大会审议通过 之日未超过两个月。现将权益分派事宜公告如下： 一、权益分派方案 证券代码：002461 证券简称：珠江啤酒 公告编号：2025-016 三、权益分派对象 本次分派对象为：截止 2025 年 6 月 11 日下午深圳证券交易所收市后， 在中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分 公司"）登记在册的本公司全体股东。 四、权益分派方法 1、本公司此次委托中国结算深圳分公司代派的 A 股股东现金红利将于 2025 年 6 月 12 日通过股东托管证券公司（或其他托管机构） ...

今日早盘，A股市场延续震荡态势。截至午间休市，上证指数报3342.93点，涨0.07%。深证成指跌 0.04%，创业板指涨0.02%。 中国酒业协会日前发文表示，随着人们生活水平的提高，健康、养生意识的增强，消费者对酒类产品的 需求日益多元化、个性化。黄酒作为低度、健康、养生的酒类代表，其独特的口感和丰富的营养价值， 正逐渐被更多消费者认可和喜爱。特别是年轻一代消费群体，他们追求品质生活，注重文化体验，对传 统文化有着浓厚的兴趣，这为黄酒开拓年轻市场奠定了坚实的基础。 国家统计局发布的数据显示，今年4月，全国餐饮收入4167亿元，同比增长5.2%；限额以上单位餐饮收 入1230亿元，同比增长3.7%。餐饮市场的持续回暖，为消费市场的稳定增长提供了有力支撑。 东海证券分析表示，在消费券等政策刺激下，餐饮场景有望回暖，餐饮供应链为核心受益板块。长期来 看，行业为稀缺成长赛道，一方面餐饮企业"三高"痛点日益突出（高人工、高原材料成本、高租金）， 成本控制需求强烈；另一方面，对比成熟市场，我国连锁化率仍有较大提升空间。建议关注经营韧性 强、低估值的餐饮供应链相关公司。 | 上证指数 深证成指 | | 北证50 | | ...

Investment Rating - The report maintains an "Overweight" rating for the beer industry, indicating a favorable investment outlook for high-quality leading companies [2]. Core Insights - The current market conditions present an opportunity for high-quality leading companies in the beer sector, with low channel inventory and the approach of the beer consumption peak season. Recommended stocks include Qingdao Beer, Yanjing Beer, and China Resources Beer, which are expected to show resilience and growth [2][46]. - The beer industry is anticipated to experience a recovery in 2025, supported by policy measures aimed at stimulating consumption and improving the restaurant and retail sectors [46][49]. Summary by Sections 1. Review of 2024 - Beer leaders continue to improve profitability, but growth rates are slowing down. The overall consumption remains weak, impacting sales and pricing [10][11]. - Consumer willingness to spend has decreased quarterly, leading to pressure on sales and prices. The effective demand in the domestic market is insufficient, and restaurant consumption remains sluggish [17][21]. - Qingdao Beer has actively reduced inventory, resulting in a 5.83% decline in sales to 7.54 million tons, while Pearl River Beer and Yanjing Beer have shown positive sales growth [29][30]. 2. Outlook for 2025 - The beer sector is expected to be both offensive and defensive, with supportive policies likely to enhance the recovery of the restaurant channel and stabilize income expectations [46][47]. - There is strong support for sales and pricing due to resilient consumer demand and ongoing product optimization. The disposable income growth among the middle-income group is notably faster, indicating robust consumer purchasing power [47][48]. - The free cash flow of leading beer companies is expected to remain high, with steady improvements in dividend rates and payout ratios, driven by significant enhancements in net profit margins since 2018 [58][59]. 3. Investment Recommendations - The report suggests increasing exposure to high-quality leading companies in the beer sector, particularly those with strong growth potential and resilient business models [2][46]. - Key companies to watch include Qingdao Beer, Yanjing Beer, and China Resources Beer, which are positioned well for both growth and defensive strategies in the upcoming market environment [2][46].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's Q1 2025 total revenue reached 1.227 billion yuan, representing a year-on-year increase of 10.69%. The net profit attributable to the parent company was 157 million yuan, up 29.83% year-on-year, while the net profit excluding non-recurring items was 145 million yuan, reflecting a 39.4% year-on-year growth [2][6] - The pure draft beer series has shown excellent performance, driving overall sales growth. In terms of volume, the sales volume for Q1 2025 was 294,600 tons, an increase of 11.7% year-on-year, with expectations for an increasing share of pure draft products. The average price per ton decreased by 0.9% year-on-year, likely due to disturbances from other business items. The company has strengthened its presence in the Guangdong region and has improved its sales performance compared to the industry [11] - Cost advantages have been released, with the company continuing to achieve high profitability. The ton cost decreased by 5.8% year-on-year due to improved barley prices, and the gross profit margin increased by 2.87 percentage points to 45%. The net profit margin attributable to the parent company improved by 1.89 percentage points to 13% [11] - The company has continuously launched new products such as Zhujiang P9 and Zhujiang 1985, enhancing market promotion and channel innovation to strengthen competitiveness. The pure draft product line is expected to maintain strong growth momentum, with projected EPS for 2025, 2026, and 2027 at 0.44, 0.51, and 0.57 yuan, respectively, corresponding to PE ratios of 24X, 21X, and 19X. The company is expected to benefit from the expansion of the 8-10 yuan price range [11] Financial Summary - For 2025, the projected total revenue is 6.132 billion yuan, with a gross profit of 2.937 billion yuan, leading to a gross profit margin of 48%. The net profit attributable to the parent company is expected to be 968 million yuan, with an EPS of 0.44 yuan [17]

Core Insights - The Chinese beer market is entering a new phase characterized by stock competition and structural adjustments, with a projected 0.6% decline in production for 2024, marking the beginning of a "volume reduction and price increase" cycle [1][3] - Major beer companies are experiencing revenue declines, with the top five companies reporting a 4% drop in total revenue, while profit performance is increasingly divergent [3][5] Industry Performance - In 2024, the beer industry saw a 5.7% decline in revenue, making it the only category in the food and beverage sector to experience negative growth [5] - Key players like China Resources Beer, Budweiser APAC, and Tsingtao Brewery reported revenue declines of 0.76%, 8.9%, and 5.3% respectively, while Chongqing Brewery's revenue fell by 1.15% [5][8] - The total sales volume for major companies also decreased, with China Resources Beer down 2.5% and Budweiser APAC down 11.8% [8] Profitability Trends - Tsingtao Brewery managed a slight profit increase of 1.81%, while Yanjing Brewery saw a significant profit growth of 63.74%, contrasting with declines in profits for other major players [3][10] - Yanjing Brewery's revenue grew by 3.2%, allowing it to surpass Chongqing Brewery and become the fourth largest in the industry [10] Market Dynamics - The beer market is witnessing a shift in consumer preferences, particularly among younger generations who favor lighter drinking experiences, leading to a decrease in traditional beer consumption [12][13] - The restaurant industry is facing challenges, with a significant reduction in the number of registered dining establishments, impacting beer sales in on-premise channels [12][13] Strategic Responses - Companies are adapting by exploring new sales channels such as e-commerce and instant retail to meet changing consumer demands [13][14] - The rise of craft beer is also influencing the market, with a notable increase in the number of craft beer companies established in recent years [14] High-End Market Challenges - Despite efforts to target the high-end market, growth appears to be plateauing, with many companies facing competition from lower-priced craft beers [15][16] - Companies like Qingdao Beer and China Resources Beer are focusing on brand building and product innovation to maintain competitiveness in the high-end segment [15][18]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 5.731 billion yuan, a year-on-year increase of 6.56% [1] - The net profit attributable to shareholders in 2024 was 810 million yuan, reflecting a growth of 29.95% [1] - In Q1 2025, the company reported a revenue of 1.227 billion yuan, up 10.69% year-on-year [1] - The net profit attributable to shareholders in Q1 2025 was 157 million yuan, with a year-on-year increase of 29.83% [1] Group 2: Product and Marketing Strategy - In 2024, the sales volume of high-end beer products increased by 13.96% [2] - New products such as Zhujiang P9 and Zhujiang Beer 1985 were launched to strengthen market position [2] - The company is focusing on optimizing its product structure and enhancing marketing management through diverse channels [2] Group 3: Industry and Market Outlook - The Chinese beer industry is in a stable development phase, with intense competition but opportunities for structural upgrades in consumption [2] - The company aims to align with the trend of high-end beer development and improve its marketing network [2] Group 4: Future Business Outlook - In 2025, the company plans to deepen reforms in five areas: product, business, promotion, brand communication, and management [2] - The goal is to enhance high-end supply capabilities, optimize management for better efficiency, and accelerate the upgrade of cultural industries [2]