Core Viewpoint - Qingdao Beer (600600) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1 - The company plans to repurchase 1,667 shares of A-shares [1] - The total amount allocated for the buyback is RMB 22,200 [1] - The buyback price per share is set at RMB 13.33 [1]

Core Viewpoint - Qingdao Beer Co., Ltd. announced a share buyback of 1,667 A-shares at a cost of 22,000 yuan on November 13 [1] Summary by Category Company Actions - The company executed a buyback of 1,667 A-shares, indicating a commitment to enhancing shareholder value [1] - The total expenditure for this buyback was 22,000 yuan, reflecting the company's strategy to manage its capital structure [1]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 青島啤酒股份有限公司 呈交日期： 2025年11月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股於上海證券交易所上市 (證券代號: 600600) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 ...

Group 1 - The core viewpoint of the report is that China Resources Beer (00291) is expected to outperform its peers, with projected sales and adjusted EBITDA growth in Q3 2025 showing low single-digit and double-digit increases, respectively [1] - The beer industry is currently experiencing a polarization trend, characterized by both premiumization and downgrading [1] - Despite ongoing pressures in the liquor business, there has been improvement compared to the summer, which may lead to goodwill impairment, but this will not affect dividends [1] Group 2 - The dividend payout ratio for China Resources Beer is expected to increase from 52% in 2024 to 60% in 2025, and further rise to 70-80% by 2027-2028 [1] - Following changes in the management team, the business has maintained resilience and steady development [1] - The management has reiterated its full-year targets for 2025, expecting adjusted profit growth (excluding special income related to the relocation agreement with joint ventures in the first half of 2025) to be in the range of low single-digit to double-digit year-on-year growth, with sales growth projected at low single-digit [1]

Core Viewpoint - Morgan Stanley's report predicts that China Resources Beer (00291) will achieve low single-digit sales growth and double-digit adjusted EBITDA growth by Q3 2025, outperforming Qingdao Beer (600600) and Budweiser APAC (01876) [1] Company Summary - The beer industry is currently experiencing a polarization trend, characterized by both premiumization and downgrading [1] - Despite ongoing pressure in the liquor business, there has been improvement compared to the summer, which may lead to goodwill impairment, but this will not affect dividends [1] - The dividend payout ratio for China Resources Beer is expected to increase from 52% in 2024 to 60% in 2025, and further rise to 70-80% by 2027-2028 [1] - Following changes in the management team, the company's business remains resilient and its development pace is steady [1] - The management has reiterated its targets for 2025, expecting adjusted profit (excluding special income related to the relocation agreement with joint ventures in the first half of 2025) to grow by low single-digit to double-digit year-on-year, with sales growth projected at low single-digit [1]

Core Viewpoint - Morgan Stanley forecasts that China Resources Beer (00291) will achieve low single-digit sales growth and double-digit adjusted EBITDA growth by Q3 2025, outperforming Qingdao Beer (00168) and Budweiser APAC (01876) [1] Industry Summary - The beer industry is currently experiencing a polarization trend, characterized by both premiumization and downgrading [1] - The white liquor business continues to face pressure, although there has been some improvement compared to the summer [1] Company Summary - China Resources Beer plans to increase its dividend payout ratio from 52% in 2024 to 60% in 2025, with further increases to 70-80% expected in 2027-2028 [1] - Following changes in management, the company's business remains resilient and its development pace is steady [1] - The management has reiterated the full-year targets for 2025, expecting adjusted profit (excluding special income related to the relocation agreement with joint ventures in the first half of 2025) to grow by high single digits to double digits, with sales growth projected at low single digits [1]

Core Points - Qingdao Beer Co., Ltd. announced the repurchase and cancellation of restricted stocks due to the resignation of one incentive object, which triggered the conditions for repurchase and cancellation as per the company's incentive plan [1][2] Summary by Sections Repurchase and Cancellation Reasons - The repurchase and cancellation of restricted stocks were initiated because one incentive object resigned for personal reasons, leading to a change in their status as an incentive object [1] Details of the Repurchase and Cancellation - The company plans to repurchase and cancel a total of 1,667 A-shares of restricted stocks related to the resigned incentive object [1][2] - After the completion of this repurchase and cancellation, the remaining A-shares of restricted stocks that have not been released from restrictions will be zero [1] Company Compliance and Commitments - The board of directors confirmed that the decision-making process and information disclosure regarding the repurchase and cancellation comply with legal regulations and the company's incentive plan [2] - The company has verified and ensured that all information related to the repurchase and cancellation is true, accurate, and complete [2]

Group 1 - The company announced that one incentive recipient resigned for personal reasons, leading to a change in their status as an incentive recipient [1] - According to the company's A-share restricted stock incentive plan, the company intends to repurchase and cancel the 1,667 shares of restricted stock that have been granted but not yet released from restrictions [1] - After the repurchase and cancellation of the restricted stock, the company's total share capital will change to 1,364,195,121 shares [2]

Core Viewpoint - Qingdao Beer (600600) announced a stock repurchase and cancellation plan due to the resignation of an incentive plan participant, which triggered the conditions for repurchase and cancellation as per the plan's regulations [1] Group 1: Stock Repurchase Details - One incentive participant resigned for personal reasons, leading to a change in their status as an incentive object [1] - The company plans to repurchase and cancel a total of 1,667 restricted A-shares that were granted but not yet released from restrictions [1] - After this repurchase and cancellation, the remaining restricted A-shares will amount to zero [1] Group 2: Timeline and Future Actions - The cancellation of the shares is expected to be completed by November 13, 2025 [1]

Core Points - Qingdao Beer Co., Ltd. announced a stock repurchase and cancellation due to a change in the personal situation of one incentive recipient who resigned for personal reasons [1] - The company plans to repurchase and cancel a total of 1,667 restricted A-shares that were granted but not yet released from restrictions [1] - After this repurchase and cancellation, the remaining restricted A-shares will be zero, with the cancellation expected to be completed by November 13, 2025 [1]