| 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華潤啤酒(控股)有限公司 | | | 呈交日期: | 2026年2月2日 | | | I. 法定/註冊股本變動 不適用 | | | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00291 | | 說明 | | | | | | | 多櫃檯證券代號 | 80291 | RMB | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3 ...

智通财经APP获悉，摩根大通发布研报称，下调对华润啤酒(00291)的业绩预测，预计公司去年及今年销 售分别同比跌0.2%及上升2.1%，经调整EBIT料分别同比升4.4%及13.8%。该行维持对润啤"增持"评级， 目标价由40.5港元降至38港元。 报告指，华润啤酒管理层在该行举行的论坛上披露多项讯息，主要内容包括今年啤酒消费需求或与去年 相若，即低单位数销量增长及平均售价不变。但由于已锁定成本，铝及大麦成本受控。然而，白酒去年 下半年销售及亏损情况差于上半年，导致去年第四季或要计入商誉减值，且今年展望能见度仍低。公司 亦披露成本节约及效益改善持续保障公司利润率，公司亦目标把派息率由去年60%增至2027年70%，该 行认为意味2027年预测股息率有5厘以上。 ...

报告指，华润啤酒管理层在该行举行的论坛上披露多项讯息，主要内容包括今年啤酒消费需求或与去年 相若，即低单位数销量增长及平均售价不变。但由于已锁定成本，铝及大麦成本受控。然而，白酒去年 下半年销售及亏损情况差于上半年，导致去年第四季或要计入商誉减值，且今年展望能见度仍低。公司 亦披露成本节约及效益改善持续保障公司利润率，公司亦目标把派息率由去年60%增至2027年70%，该 行认为意味2027年预测股息率有5厘以上。 摩根大通发布研报称，下调对华润啤酒(00291)的业绩预测，预计公司去年及今年销售分别同比跌0.2% 及上升2.1%，经调整EBIT料分别同比升4.4%及13.8%。该行维持对润啤"增持"评级，目标价由40.5港元 降至38港元。 ...

该行下调对润啤的业绩预测，预计公司去年及今年销售分别按年跌0.2%及上升2.1%，经调整EBIT料分 别按年升4.4%及13.8%。该行维持对润啤"增持"评级，目标价由40.5港元降至38港元。 摩根大通发表报告指，华润啤酒管理层在该行举行的论坛上披露多项讯息，主要内容包括今年啤酒消费 需求或与去年相若，即低单位数销量增长及平均售价不变。但由于已锁定成本，铝及大麦成本受控。然 而，白酒去年下半年销售及亏损情况差于上半年，导致去年第四季或要计入商誉减值，且今年展望能见 度仍低。公司亦披露成本节约及效益改善持续保障公司利润率，公司亦目标把派息率由去年60%增至 2027年70%，该行认为意味2027年预测股息率有5厘以上。 ...

Core Viewpoint - The "Top Ten Outstanding Figures in the Liquor Industry for 2025" list was announced, highlighting Zhao Chunwu, Chairman of China Resources Beer, for his professional capabilities, performance, and industry influence [2]. Group 1: Zhao Chunwu's Background - Zhao Chunwu was born in 1972 and has held various positions within China Resources Beer since joining in 2003, including Vice President and General Manager of several regional companies [3]. - He has approximately 20 years of experience in marketing and holds an MBA from Peking University [3]. Group 2: Company Performance - Under Zhao Chunwu's leadership, China Resources Beer is projected to exceed Budweiser Asia in mid-term revenue in 2025, marking a significant achievement in the Chinese market [4]. - The company's high-end strategy has shown remarkable effectiveness, with notable advancements in product innovation and brand marketing [4].

Group 1 - The core point of the news is that Hou Xiaohai, former chairman of China Resources Beer, has officially joined Charoen Pokphand Group as the Chief Operating Officer for China, overseeing daily operations in the region [2] - Hou Xiaohai will focus on the marketing integration of Charoen Pokphand Group's consumer goods in China, including businesses related to eggs, pork, chicken, food, and feed [2] - The news about Hou's appointment has been confirmed by sources, although he has not directly verified it himself [2] Group 2 - Hou Xiaohai worked for over 20 years within the China Resources Beer system and resigned from his positions as executive director and chairman in June 2025, citing a desire to dedicate more time to personal arrangements [5] - Charoen Pokphand Group is a diversified multinational enterprise founded in 1921 by Thai-Chinese brothers, with operations spanning over 10 industries, including agriculture, food, retail, telecommunications, finance, real estate, pharmaceuticals, and machinery [5] - Charoen Pokphand's feed and food brands are well-known in the domestic market, and the popular variety show "CP Variety" is a collaboration between Charoen Pokphand Group and China Central Television [5]

Core Insights - The article discusses the appointment of Hou Xiaohai, former chairman of China Resources Beer, as the Chief Operating Officer (COO) of Charoen Pokphand Group (CP Group) in China, focusing on the integration of consumer goods marketing and operations [1][2] Group 1: Company Transition - Hou Xiaohai has officially joined CP Group after stepping down from his role at China Resources Beer, where he served as CEO and later as chairman [1] - His departure from China Resources Beer was announced in June 2025, citing a desire to focus more on personal arrangements, with no disagreements reported with the board [1][2] Group 2: Background and Achievements - Hou Xiaohai has a strong background in the fast-moving consumer goods sector, having joined China Resources Beer in 2001 and leading significant strategic transformations, including the "3+3+3" nine-year strategy [2] - Under his leadership, China Resources Beer saw revenue growth exceeding 10 billion yuan, with net profit increasing from 1.329 billion yuan to 4.759 billion yuan, and achieving a gross margin of 42.6% in 2024, the highest in five years [2] Group 3: CP Group Overview - CP Group, founded in 1921, has evolved into a multinational conglomerate with operations in agriculture, food, retail, telecommunications, and more, employing over 460,000 people globally [3] - The company reported global sales of 102.2 billion USD in 2024, indicating its extensive reach and diversified business model [3] Group 4: Future Implications - Analysts suggest that Hou Xiaohai's experience in brand management and operational scaling in the fast-moving consumer goods sector aligns well with CP Group's core business, potentially leading to significant changes in its consumer goods integration [3]

Core Viewpoint - The former chairman of China Resources Beer, Hou Xiaohai, has officially joined Charoen Pokphand Group (CP Group) as the Chief Operating Officer (COO) for the China region, focusing on market and marketing integration for the group's consumer goods sector, including eggs, pork, chicken, food, and feed products [1][5]. Group 1: Company Transition - Hou Xiaohai's transition to CP Group comes over six months after he stepped down from his key role at China Resources Beer, where he had served as CEO and chairman [1][5]. - His departure from China Resources Beer was announced in June 2025, citing a desire to spend more time on personal arrangements, effective after the board meeting on June 27 [1][5]. Group 2: Achievements at China Resources Beer - During his tenure at China Resources Beer, Hou led a strategic transformation known as the "3+3+3" nine-year strategy, shifting the company from scale expansion to high-quality development [3][7]. - Under his leadership, the company's revenue increased by over 10 billion yuan, with net profit rising from 1.329 billion yuan to 4.759 billion yuan, and a gross margin reaching 42.6% in 2024, the highest in five years [3][7]. Group 3: CP Group Overview - CP Group, founded in 1921 by Thai-Chinese brothers, has evolved from a single business into a diversified multinational corporation with core operations in agriculture, food, and retail, among other sectors [4][8]. - The group operates in over 100 countries and regions globally, employing more than 460,000 people, with projected global sales of 102.2 billion USD in 2024 [4][8]. - Analysts believe that Hou's experience in fast-moving consumer goods will align well with CP Group's core business, potentially leading to significant changes in its consumer goods integration [4][8].

Group 1 - Hou Xiaohai has officially joined Charoen Pokphand Group as the Chief Operating Officer for its China region, responsible for daily operations [1] - Charoen Pokphand Group, founded in 1921 by Thai-Chinese brothers, is one of the largest Chinese multinational companies globally, with a projected revenue of 208 billion RMB for its China operations in 2024 [1] - Hou Xiaohai's involvement with Charoen Pokphand Group was hinted at during the 2025 China International Import Expo, where he appeared as a senior expert consultant [1] Group 2 - Hou Xiaohai has remained active in the alcohol industry after leaving China Resources Beer, participating in various industry events and serving as the founding president of the China Alcohol Industry International Promotion Association [2] - The industry will continue to monitor Hou Xiaohai's future actions and strategies regarding the alcohol sector following his appointment at Charoen Pokphand Group [2]

Group 1 - Former chairman of China Resources Beer, Hou Xiaohai, has officially joined Charoen Pokphand Group as the Chief Operating Officer for China, focusing on market and marketing integration for consumer goods [1][6] - Hou Xiaohai resigned from his positions at China Resources Beer at the end of June 2025 after over 20 years with the company, leading to speculation about his future [1][6] - After leaving, Hou has been engaged in industry research and public speaking, sharing insights on organizational development and brand marketing [1][6][7] Group 2 - In July 2025, Hou published his first book, "Braving the World," sharing experiences from his 24-year career at China Resources Beer [7] - He became the founding president of the newly established "China Wine Industry International Promotion Association" in December 2205, aimed at promoting the internationalization of Chinese wine brands [2][7] - During the 2025 Shanghai Import Expo, Hou attended as a senior expert consultant for Charoen Pokphand Group, which has participated in the expo for eight consecutive years [3][7] Group 3 - Charoen Pokphand Group is a diversified multinational enterprise founded in 1921, focusing on agriculture, food, retail, telecommunications, and more, with operations in over 100 countries [5][11] - In China, the group's business includes agricultural products, retail, pharmaceuticals, real estate, finance, and media, among others [5][11]