執行董事 （於香港註冊成立的有限公司） （ 股 份 代 號： 291（ 港 幣 櫃 台 ）及 80291（ 人 民 幣 櫃 台 ）） 董事名單及其角色和職能 華潤啤酒（控股）有限公司董事會（「董事會」）成員載列如下： 趙春武先生 （董事會主席） 金漢權先生 （總裁） 徐麟先生 陽紅霞女士 （首席財務官） 非執行董事 Daniel Robinson先生 郭巍女士 王成偉先生 李楠先生 獨立非執行董事 下述表格提供相關董事會成員在各個委員會中所擔任的最新職位。 | 董事 | 委員會 | | | 審核委員會 薪酬委員會 執行委員會 財務委員會 提名委員會 | | | | --- | --- | --- | --- | --- | --- | --- | | 趙春武 | | | | M | C | M | | 金漢權 | | | | M | M | | | 陽紅霞 | | | | | M | | | 郭巍 | | | | | M | M | | 黃大寧 | | M | M | | | C | | 李家祥 | | C | M | | | M | | 賴顯榮 | | M | C | | | | | 陳智思 | | M | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （ 股 份 代 號： 291（ 港 幣 櫃 台 ）及 80291（ 人 民 幣 櫃 台 ）） (1)執行董事之委任； (2)獨立非執行董事之委任；及 (3)董事委員會組成變動 董事會宣佈，自二零二五年十一月十八日起， 執行董事之委任 徐先生，49歲，彼負責本公司群團、組織人事、辦公室、學習與創新中心等管理 工作；徐先生自二零二三年十月加入本公司，曾任本公司副總裁等職。徐先生於 一九九七年七月獲得遼寧大學授予的文學學士學位。 除上文所披露者外，徐先生於過往三年內並無於其他上市公眾公司擔任任何董事職 務，亦無於本公司及本集團其他成員公司擔任任何職務。除上文所披露者外，徐先 生現時及過往並無與本公司任何董事、高級管理人員或主要或控股股東有任何關 係。 本公司與徐先生之間並無就其獲委任為執行董事訂立任何服務合約，彼於本公司並 無固定服務年期，惟須根據本公司《組織章程細則》（「組織章 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （ 股 份 代 號： 291（ 港 幣 櫃 台 ）及 80291（ 人 民 幣 櫃 台 ）） 持續關連交易 二零二六年商務出行服務框架協議 二零二六年商務出行服務框架協議 二零二六年商務出行服務框架協議的主要條款載列如下： 日期： 二零二五年十一月十八日 訂約方： 本公司及華潤數字科技 茲提述本公司日期為二零二二年十二月二十日有關訂立商務出行服務框架協議的 公告。鑒於商務出行服務框架協議將於二零二五年十二月三十一日屆滿，且預期 本集團於商務出行服務框架協議屆滿後將繼續進行其項下擬進行的交易，董事會 欣然宣佈，於二零二五年十一月十八日，本公司與華潤數字科技訂立二零二六年 商務出行服務框架協議的新安排，據此華潤數字科技集團同意繼續向本集團提供 若干商務出行服務，期限自二零二六年一月一日至二零二八年十二月三十一日為 期三年。 上市規則的涵義 中國華潤附屬公司華潤股份為華潤（集團） ...

Core Viewpoint - Daiwa's report indicates that China Resources Beer is adapting to new retail channels and developing new flavors to cater to the rapidly changing preferences of young Chinese consumers [1] Company Strategy - The management of China Resources Beer emphasizes the importance of real-time retail and the introduction of new flavors such as juice beer and tea-flavored beer to meet consumer demands [1] - Daiwa believes that China Resources Beer possesses strong execution capabilities and flexible strategies to respond to the fast-changing preferences of Chinese consumers, maintaining a preference over its main competitors [1] Financial Outlook - Due to a potential slowdown in the growth rate of average selling prices and profit margins, Daiwa has lowered its core earnings per share forecast for China Resources Beer by 4% for the years 2025 to 2027 [1] - The "Buy" rating is reiterated, with the target price adjusted from HKD 38 to HKD 36, based on a target price-to-earnings ratio of 18 times for the next year [1]

Core Viewpoint - Daiwa's report indicates that China Resources Beer (00291) is adapting to new retail channels and developing new flavors to cater to the rapidly changing preferences of young Chinese consumers [1] Group 1: Company Strategy - The management of China Resources Beer emphasized the importance of aligning with instant retail and introducing new flavors such as fruit-flavored and tea-flavored beers [1] - The company is expected to maintain a competitive edge over its main rivals due to its strong execution capabilities and flexible strategies [1] Group 2: Financial Outlook - Daiwa has lowered its earnings per share forecast for China Resources Beer by 4% for the years 2025 to 2027, citing potential slowdowns in average selling price and profit margin expansion [1] - The target price for the stock has been adjusted from HKD 38 to HKD 36, based on a projected price-to-earnings ratio of 18 times for the next year [1]

Core Viewpoint - Daiwa's report indicates that China Resources Beer (00291) is adapting to new retail channels and developing new flavors to cater to the rapidly changing preferences of young Chinese consumers [1] Company Strategy - The management emphasized the importance of aligning with instant retail and introducing new flavors such as fruit-flavored and tea-flavored beers [1] - The company is expected to maintain a competitive edge over its main rivals due to its strong execution capabilities and flexible strategies [1] Financial Outlook - Daiwa has lowered the earnings per share forecast for China Resources Beer by 4% for the years 2025 to 2027 due to a potential slowdown in the expansion of average selling prices and profit margins [1] - The target price has been adjusted from HKD 38 to HKD 36, based on a projected price-to-earnings ratio of 18 times for the next year [1]

Summary of China Resources Beer Conference Call Company Overview - **Company**: China Resources Beer - **Industry**: Beer and Alcoholic Beverages Key Points Sales Performance - Third-quarter sales maintained a growth rate of over 20%, consistent with the first half of the year, indicating stable operations despite industry challenges in October [2][4] - The overall sales contribution for the year is primarily from the first half, with the second half expected to contribute less [2][4] Profit Margins and Cost Management - The gross margin improved in the first half due to increased use of Australian barley, but the effect diminished in the second half [2][4] - The company anticipates that a rise in aluminum prices in 2026 will be manageable, with potential price increases or high-end product offerings to offset costs [2][5] Market Dynamics - The beer market is not experiencing significant price pressure, with short-term fluctuations influenced by channel inventory and promotions [2][8] - Emerging brands like Mixue Ice City are seen as beneficial for market expansion, introducing new consumer segments and preferences [2][9] Product Strategy - For 2026, the company plans to continue launching niche differentiated products while maintaining a strong base of major products [3][10] - Currently, niche products account for a small percentage of overall sales, but there are plans to enhance their market presence over the next five years [2][11] Consumer Trends and Marketing - The company is adapting to changing consumer preferences by testing new products through e-commerce and KOL channels, but will also consider traditional sales channels based on product suitability [2][13] - New product launches in the 8-10 RMB and 10-12 RMB price ranges will focus on high-end differentiated products without heavy marketing investments initially [2][12] Future Outlook - The overall economic environment will significantly influence sales and pricing strategies in 2026, with expectations of stability compared to 2025 [3][10] - The company remains confident in its long-term strategies for high-end products and the white liquor business, with ongoing adjustments based on market conditions [2][15] Additional Insights - The white liquor market is under pressure due to restrictions and slow recovery in business dining, prompting the company to explore beer channels for white liquor sales [2][4] - The company is committed to a long-term plan that includes a focus on differentiated products and expansion in key regions like the Greater Bay Area [2][15]

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 截至月份: 2025年10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: 2025年11月3日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | 3,244,176,905 | | 0 | | 3,244,176,905 | | 增加 / 減少 (-) | | | | | ...

Core Viewpoint - China Resources Beer has become the market leader in the Chinese beer industry with a revenue of 23.942 billion yuan in the first half of 2025, surpassing Budweiser APAC, but faces a stark contrast in performance between its beer and liquor businesses, with the latter experiencing a significant decline of over 30% in revenue [2][6][8]. Group 1: Company Performance - In the first half of 2025, China Resources Beer achieved a total revenue of 23.942 billion yuan, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23.04% [6][8]. - The beer segment generated revenue of 23.161 billion yuan, reflecting a growth of 2.6%, with a gross margin increase of 2.5 percentage points to 48.3% [6][8]. - Conversely, the liquor segment reported revenue of 781 million yuan, a decline of 33.7%, with a loss before interest and tax of 152 million yuan, marking the first half-year loss since the consolidation of Jinsha Liquor [6][12]. Group 2: Management Changes - A significant management transition occurred in October 2023, with Jin Hanquan appointed as the new president, following the departure of former chairman Hou Xiaohai [3][4]. - The new leadership, consisting of Chairman Zhao Chunwu and President Jin Hanquan, is expected to navigate the company through its strategic crossroads [4][9]. - Jin Hanquan's background in auditing and supervision suggests a potential shift towards enhanced risk control and cost optimization within the company [9][21]. Group 3: Strategic Challenges - The company is at a strategic crossroads, debating whether to continue investing in the liquor business or refocus on its core beer operations after facing challenges with its "dual empowerment" strategy [2][12]. - The liquor business has not yet become a second growth engine despite significant investments exceeding 10 billion yuan in acquisitions [8][10]. - The "dual empowerment" strategy has not met expectations, with the integration of beer and liquor sales proving to be limited in effectiveness [12][13]. Group 4: Market Competition - The beer industry is experiencing intensified competition, not only from traditional rivals like Tsingtao and Budweiser APAC but also from new entrants, including liquor companies venturing into the beer market [16][18]. - The overall beer production in China has been declining, with a reported production of 35.213 million kiloliters in 2024, down 0.6% year-on-year [19]. - The rise of craft beer is noted as a growing segment, with predictions indicating that craft beer sales will increase from 6.8% in 2020 to 17.2% by 2025 [19][21].

Core Insights - The ESG China Innovation Conference (2025) and the first ESG International Expo were successfully held in Beijing, focusing on "full-chain innovation leading green transformation" [1] - The "National Barley Revitalization" initiative by China Resources Beer aims to reduce reliance on imported barley, enhancing the resilience of the domestic beer supply chain [2][3] Group 1: ESG Conference and Reports - The "2025 Annual ESG Excellence Practice Report" was released, providing significant reference for industry practices, supported by various governmental and academic institutions [2] - China Resources Beer’s case on "ESG governance leap enabling high-quality development" was selected as an exemplary practice, showcasing its commitment to sustainable practices [2] Group 2: National Barley Revitalization Initiative - The initiative has established 20,000 acres of standardized barley planting bases across key regions, achieving a record yield of 767.5 kg per acre for the "Yangnong Beer 14" variety [3] - The project has improved the income of local farmers through a "quality for price" order agriculture mechanism, contributing to rural revitalization and economic benefits [3] Group 3: ESG Achievements and Recognition - China Resources Beer ranked higher in the "China ESG Listed Company Pioneer 100 (2025)" list, reflecting its strong commitment to ESG principles [4] - The company showcased its achievements in green manufacturing and rural revitalization at the ESG International Expo, emphasizing its role in sustainable practices [5] Group 4: Green and Responsible Practices - The company has implemented various green initiatives, such as lightweight glass bottles and new materials, significantly reducing carbon emissions [5] - The "National Barley Revitalization" project highlights the integration of advanced breeding techniques and sustainable practices in the beer production process [6][7]