格隆汇9月3日丨华润啤酒(00291.HK)发布公告，自2025年9月3日起，执行董事赵春武已由总裁获调任为 董事会主席及获委任为财务委员会主席；以及非执行董事郭巍已获委任为财务委员会成员。 ...

Daniel Robinson先生 郭巍女士 王成偉先生 （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： 執行董事 趙春武先生 （董事會主席） 趙偉先生 （首席財務官） 非執行董事 香港，二零二五年九月三日 獨立非執行董事 黃大寧先生 李家祥博士 賴顯榮先生 陳智思先生 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。 | | 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 | | | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | | | | | | | 趙春武 | | | | M | C | M | | 趙偉 | | | | | 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 | ...

華潤啤酒（控股）有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，執行董 事趙春武先生（「趙先生」）由本公司總裁調任為董事會主席（「主席」），自本公告日期 起生效（「調任」）。 以下為趙先生之簡歷： 趙先生，五十四歲，於二零二二年五月起獲委任為本公司副總裁，並於二零二三年 八月起獲委任為執行董事並由本公司副總裁調任為總裁。彼為本公司執行委員會、 提名委員會、財務委員會及購股權普通委員會各自之成員。 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 ）） 總裁調任為董事會主席及董事委員會組成變動 董事會宣佈，自二零二五年九月三日起， 總裁調任為董事會主席 – 1 – (1) 執行董事趙春武先生已由總裁獲調任為主席及獲委任為本公司財務委員會 主席；以及 (2) 非執行董事郭巍女士已獲委任為本公司財務委員會成員。 趙先生亦擔任華 ...

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8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9月1日 | | | I. 法定/註冊股本變動 不適用 | | | | 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 - The recent price war among instant retail platforms has led to a significant disruption in the beer market, prompting companies like China Resources Beer to halt sales of certain products in specific regions to stabilize pricing and protect their business model [2][3][4] Industry Overview - The instant retail market in China reached a scale of 650 billion yuan in 2023, with a year-on-year growth of 28.89%, significantly outpacing traditional online retail growth [7] - By 2030, the overall market size of instant retail is expected to exceed 2 trillion yuan, indicating a vast potential for growth and a new competitive landscape for beverage companies [7] Company Actions - China Resources Beer confirmed the suspension of sales for its "Yong Chuang Tian Ya" and "Pure Life" series on instant retail platforms due to price disruptions caused by aggressive competition [2][3] - The company is actively communicating with instant retail platforms to resolve the issues and has resumed sales of certain products, suggesting initial success in negotiations [2] Market Dynamics - The price war has led to a situation where the consumer price for certain products has dropped below acceptable thresholds, causing concerns about market stability and the potential for profit erosion among manufacturers [3][4] - Industry experts highlight that the chaotic competition in instant retail could lead to a decline in product quality and service standards, as companies are forced to absorb high subsidy costs [4][5] Strategic Partnerships - China Resources Beer has established strategic partnerships with major platforms like Alibaba, Meituan, and JD.com, which have become crucial for its online sales, with projections indicating that online business could account for a significant portion of total sales in the near future [6][7] - The collaboration with Meituan's "Yima Songjiu" has been particularly fruitful, with sales on this platform expected to grow significantly in the coming years [6] Future Outlook - Experts suggest that the industry must innovate and adapt to the evolving landscape of instant retail, focusing on product differentiation and enhanced service delivery to meet the demands of younger consumers [7][8] - The need for a balanced approach to pricing and quality control is emphasized, as companies navigate the challenges posed by aggressive competition and strive to build a sustainable market ecosystem [8]

Group 1 - The core viewpoint of the article highlights that Budweiser APAC experienced the largest decline in revenue and net profit among the top six beer companies in China, with decreases of 8.06% and 24.4% respectively [2] - The Chinese beer market is dominated by a few major players, with the top six companies holding over 90% market share for the past three years [2] - Budweiser APAC lost its position as the top revenue earner in the industry to China Resources Beer, with revenues of 22.275 billion and 23.942 billion respectively [2] Group 2 - The Chinese market is crucial for Budweiser APAC, contributing over 70% of its revenue in 2024, but sales volume and net income in the first half of 2025 saw declines of 8.2% and 10.2% year-on-year [2] - The CEO of Budweiser APAC noted that the company's sales in China did not meet industry averages due to weak performance in key markets and channels [2][3] - Budweiser APAC plans to accelerate the expansion of non-drinking channels, which currently account for about 50% of its business in China, compared to the industry average of 60% [4] Group 3 - China Resources Beer has been proactive in adapting to the rise of new retail channels, including e-commerce and instant retail, which are growing rapidly at rates of 30% or higher [5] - The company has established strategic partnerships with major platforms such as Alibaba and Meituan, resulting in significant growth in online and instant retail business, with GMV increasing by nearly 40% and 50% respectively in the first half of 2025 [5]

Core Viewpoint - The company reported a stable performance in its beer business for the first half of 2025, while the white liquor segment faced significant challenges due to reduced demand from business banquets [1][2]. Group 1: Beer Business Performance - In H1 2025, the company achieved beer revenue of 240.75 billion yuan, a year-on-year increase of 6.69%, with sales volume reaching 6.487 million kiloliters, up 2.19% year-on-year [1]. - The company continued to push for premiumization, with revenue per kiloliter increasing by 4.4% year-on-year, and sales of premium and above beer growing over 10% [1]. - The company’s gross margin improved to 48.88%, an increase of 1.97 percentage points year-on-year, driven by a 0.41% decrease in beer cost per kiloliter [1]. Group 2: White Liquor Business Challenges - The white liquor segment reported revenue of 7.83 billion yuan in H1 2025, a decline of 33.53% year-on-year, primarily due to the impact of reduced business banquet scenarios [2]. - The white liquor business incurred an EBIT loss of 1.52 billion yuan, attributed to the significant drop in revenue [2]. - The company plans to enhance pricing strategies and optimize expenses to improve sales in the second half of the year [2]. Group 3: Financial Outlook and Dividends - The company declared an interim dividend of 0.464 yuan per share, with a payout ratio of 26.07%, reflecting a year-on-year increase of 0.34 percentage points [2]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.93, 1.97, and 2.09 yuan, corresponding to price-to-earnings ratios of 14, 13, and 13 times based on the closing price on August 25, 2025 [2].

【华润啤酒回应四川部分产品停供淘宝、京东、美团：即时零售价格战致市场乱象】智通财经8月27日 电，华润啤酒四川营销中心日前发布《关于即时零售平台勇闯、纯生系列全面停货的通知》。通知指 出，为应对因即时零售行业价格战导致的市场乱象，坚决维护公司产品的市场价值与品牌核心竞争力， 营销中心拟对即时零售平台勇闯、纯生系列产品全面停止销售。对此，华润啤酒方面对蓝鲸新闻记者回 应称，四川区域部分即时零售平台针对雪花啤酒购买的消费者补贴，被不良商贩利用倒卖形成利益链， 既损害了百姓消费权益，也破坏了行业健康发展生态。"四川营销中心已对即时零售的供货进行调整， 目的是保障多方合作共赢模式的持续推进。目前，四川营销中心正与各即时零售平台保持积极、畅通地 沟通。"华润啤酒如是称。（蓝鲸新闻） 转自：智通财经 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights significant improvements in beer cost management, leading to stable profit growth. The company achieved a revenue of 239.42 billion RMB in the first half of 2025, a year-on-year increase of 0.83%, with a net profit attributable to shareholders of 57.89 billion RMB, up 23.04% year-on-year [1][2] Summary by Sections Beer Business Performance - In H1 2025, the company reported beer revenue of 240.75 billion RMB, a year-on-year increase of 6.69%, with sales volume reaching 6.487 million kiloliters, up 2.19% year-on-year. The high-end product segment showed steady growth, with revenue per kiloliter increasing by 4.4% year-on-year. Notably, sales of premium and above beers grew by over 10%, Heineken sales surged by over 20%, and sales of Snow Beer increased by over 70% [2] - Regional performance showed that the East region generated 112.92 billion RMB in revenue, up 3.05% year-on-year; the Central region achieved 66.27 billion RMB, up 2.11%; and the South region reached 61.56 billion RMB, up 1.95% [2] Cost Management and Profitability - The company experienced continuous cost improvements, with a gross margin of 48.88%, an increase of 1.97 percentage points year-on-year. The beer business gross margin rose by 2.50 percentage points to 48.3%. The overall selling expense ratio decreased by 2.03 percentage points to 15.62% [2] - The EBITDA for the beer business in H1 2025 was 72.41 billion RMB, reflecting a year-on-year increase of 13.76%, with an EBITDA margin of 30.08%, up 1.87 percentage points year-on-year. Excluding one-time impacts, the EBITDA margin would have been 31.08% [2] White Spirit Business Performance - The white spirit segment faced challenges, with revenue declining to 7.83 billion RMB, down 33.53% year-on-year, primarily due to reduced business banquet demand. The segment reported an EBITDA loss of 1.52 billion RMB [2] Earnings Forecast and Dividend Policy - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 1.93 RMB, 1.97 RMB, and 2.09 RMB, respectively. The corresponding price-to-earnings ratios are projected to be 14, 13, and 13 times based on the closing price of 26.29 RMB per share on August 25, 2025. The company plans to maintain a dividend of 0.464 RMB per share, with a payout ratio of 26.07%, reflecting a year-on-year increase of 0.34 percentage points [2][3]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company is experiencing rapid growth in its fundamentals, with a notable increase in revenue and net profit for the first half of 2025. Revenue reached 239.42 billion RMB, a year-on-year increase of 0.83%, while net profit rose by 23.04% to 57.89 billion RMB [6]. - The beer segment is showing strong performance, particularly in high-end products, while the white liquor business is currently under pressure but has potential for recovery [5][6]. - The company is actively adapting to market changes, enhancing brand visibility, and leveraging its resources in the beer sector to support its white liquor business [6]. Summary by Sections Market Performance - The closing price of the stock is 28.58 HKD, with a market capitalization of 92,718.58 million HKD. The stock has seen a one-year high of 36.00 HKD and a low of 21.60 HKD [3]. Financial Performance - For the first half of 2025, the company achieved a gross margin of 48.88%, an increase of 1.97 percentage points year-on-year. The EBITDA, excluding special items, increased by 18.69% to 89.22 billion RMB [6]. - The beer segment generated revenue of 231.61 billion RMB, up 2.64% year-on-year, while the white liquor segment saw a decline of 33.7% to 7.81 billion RMB [6]. Sales and Strategy - The company’s beer sales volume reached 648.7 million tons, a 2.2% increase year-on-year, with high-end products showing significant growth. The average selling price for beer increased by 0.4% to 3,570 RMB per ton [6]. - The company is embracing new consumer trends by developing various specialty beers and has established strategic partnerships with major online platforms to enhance its sales channels [6]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 53.58 billion RMB, 58.6 billion RMB, and 63.84 billion RMB, respectively, with corresponding P/E ratios of 16, 15, and 13 [6][7].