公告称，公司坚持以创新驱动高质量发展，通过本次股权收购持有即墨黄酒 100%股权，公司积极拓展非啤酒业务跨 产业布局，推动多元化发展，为公司未来带来新的发展契机。 5月7日，青岛啤酒发布关于收购山东即墨黄酒厂有限公司100%股权的公告。披露为增强产业协同性及企业发展竞争 力，青岛啤酒股份有限公司与新华锦集团有限公司、山东鲁锦进出口集团有限公司及山东即墨黄酒厂有限公司签订 《股权转让协议》，本公司拟从新华锦集团和鲁锦集团处受让其合计持有的即墨黄酒 100%股权，相关对价为人民币 66,500 万元和价格调整期损益金额之和。 本次股权收购交易完成交割后，本公司将持有即墨黄酒全部股权，即墨黄酒成为本公司的全资子公司，纳入公司合并 报表范围。 即墨黄酒始建于 1949 年，1980 年成立即墨县黄酒厂，生产销售的"即墨"牌即墨老酒具有微苦焦香的独特风味和深厚 的历史文化底蕴，是中国传统黄酒的重要代表之一。即墨黄酒注册资本为人民币 5,500 万元，由新华锦集团持有 45.45%的股权，鲁锦集团持有 54.55%的股权。 2024 年，即墨黄酒实现主营业务收入人民币 16,641 万元，同比增长 13.5%；实现净利润 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-016 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 即墨黄酒始建于 1949 年，1980 年成立即墨县黄酒厂，生产销售的"即墨"牌 即墨老酒具有微苦焦香的独特风味和深厚的历史文化底蕴，是中国传统黄酒的重 要代表之一。即墨黄酒注册资本为人民币 5,500 万元，由新华锦集团持有 45.45% 的股权，鲁锦集团持有 54.55%的股权。 一、 本次股权收购交易概述 2024 年，即墨黄酒实现主营业务收入人民币 16,641 万元，同比增长 13.5%； 实现净利润人民币 3,047 万元，同比增长 38.0%。截至 2024 年 12 月 31 日，即墨 为增强产业协同性及企业发展竞争力，2025 年 5 月 7 日，青岛啤酒股份有 限公司（"本公司"或"公司"）与新华锦集团有限公司（"新华锦集团"）、山东鲁锦 进出口集团有限公司（"鲁锦集团"）及山东即墨黄酒厂有限公司（"即墨黄酒"或 "目标公司"）签订《股权转让协议》（"转让协议"），本公司拟从新华锦集团和鲁 ...

青岛啤酒（600600）公告，公司拟以6.65亿元受让新华锦（600735）集团和鲁锦集团合计持有的即墨黄 酒100%股权。本次交易完成后，即墨黄酒将成为青岛啤酒全资子公司。即墨黄酒成立于1949年，注册 资本5500万元，2024年实现主营业务收入1.66亿元，净利润3047万元。青岛啤酒表示，本次收购将推动 公司多元化发展，拓宽产品线和市场渠道，增强可持续发展能力。 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-015 青岛啤酒股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流工作，构建和谐投资者关系，青岛啤酒股份 有限公司（以下简称"公司"）将参加由青岛证监局指导，青岛市上市公司协会与 深圳市全景网络有限公司联合举办的"2025年青岛辖区上市公司投资者网上集体接 待日活动"，现将相关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演APP, 参与本次互动交流。活动时间为2025年5月12日(周一)15:00-17:00。届时公司执行董 事兼财务总监侯秋燕先生、董事会秘书张瑞祥先生将以在线交流形式就公司发展及 经营状况等投资者关注的问题与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 青岛啤酒股份有限公司董事会 2025年5月6日 关于参加2025年青岛辖区上市公司投资者 网上集体接待日活动的公告 ...

Investment Rating - The investment rating for Qingdao Beer is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 10.446 billion yuan in Q1 2025, representing a year-on-year increase of 2.91%. The net profit attributable to shareholders was 1.71 billion yuan, up 7.08% year-on-year, while the net profit excluding non-recurring items was 1.603 billion yuan, an increase of 5.95% year-on-year [2][4] Summary by Sections Sales Performance - The sales volume for Q1 2025 was 2.261 million kiloliters, reflecting a year-on-year growth of 3.5%. The sales volume of the main brand increased by 4.1% year-on-year, with the main brand's share rising by 0.3 percentage points to 60.8%. The average price per ton decreased by 0.6% year-on-year [9] Cost and Profitability - The cost per ton decreased by 2.6% year-on-year due to falling raw material prices. The gross margin improved by 1.2 percentage points to 41.6%. The expense ratio decreased by 0.13 percentage points to 14.88%, with sales and management expense ratios declining by 0.29 and 0.2 percentage points, respectively. The net profit margin increased by 0.64 percentage points to 16.37% [9] Management and Future Outlook - The new management team is effectively laying the groundwork for the year, and the company's operations are expected to improve steadily. With the upcoming peak season for beer sales and a low base effect, the company is anticipated to continue its operational improvement. The company is also enhancing brand promotion both online and offline, and expanding its new retail business, which is expected to generate new channel growth [9] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.68, 4.07, and 4.49 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20X, 18X, and 17X [9]

Investment Rating - The investment rating for Qingdao Beer is "Buy" (maintained) as of May 4, 2025 [4]. Core Views - The report highlights that the company is experiencing a continuous upgrade in product structure, which is contributing to revenue growth [8]. - The realization of cost benefits is evident, with the gross profit margin increasing by 1.2 percentage points year-on-year to 41.6% in Q1 2025, driven by lower packaging and barley prices, alongside ongoing scale effects [8]. - The report anticipates that the company's inventory has reached a historical low, which, combined with seasonal restocking and a low base, is expected to improve sales data [9]. Financial Performance Summary - In Q1 2025, Qingdao Beer reported revenue of 10.446 billion yuan, a year-on-year increase of 2.91%, and a net profit attributable to shareholders of 1.710 billion yuan, up 7.08% [10]. - The company's sales volume and revenue per ton increased by 3.5% and decreased by 0.6% year-on-year, respectively, indicating a slight decline in ton price due to increased promotional efforts [10]. - The main brand's sales volume grew by 4.0% year-on-year, accounting for 60.8% of total sales, while sales of mid-to-high-end products increased by 5.3%, representing 44.7% of total sales [10]. Profit Forecast - The report updates the profit forecast, estimating total revenue for 2025-2027 to be 33.574 billion, 34.794 billion, and 35.824 billion yuan, respectively, with year-on-year growth rates of 4.5%, 3.6%, and 3.0% [9]. - The net profit attributable to shareholders is projected to be 4.851 billion, 5.315 billion, and 5.700 billion yuan for the same period, reflecting year-on-year growth rates of 11.6%, 9.6%, and 7.2% [9]. - The current stock price corresponds to price-to-earnings ratios of 21, 19, and 18 times for the years 2025, 2026, and 2027, respectively [9].

Investment Rating - The investment rating for Qingdao Beer is maintained at "Outperform" [1] Core Views - The company aims to prioritize sales recovery, with expectations for improvement in demand during the peak season of 2025 [1][7] - In Q1 2025, the company reported revenue of 10.45 billion yuan, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 1.71 billion yuan, reflecting a growth of 7.1% [4][5] - The company forecasts net profits for 2025-2027 to be 5.097 billion, 5.780 billion, and 6.458 billion yuan respectively, with corresponding EPS of 3.74, 4.24, and 4.73 yuan [4][5] Sales and Pricing - In Q1 2025, beer sales increased by 3.5% year-on-year, while the price per ton decreased by 0.6% [5] - The main brand and sub-brands saw sales growth of 4.1% and 2.8% respectively, with mid-to-high-end beer sales increasing by 5.3% [5] Cost and Profitability - The gross profit margin improved by 1.20 percentage points year-on-year, attributed to a decrease in raw material costs [6] - The net profit margin increased by 0.64 percentage points year-on-year, indicating better cost management despite pricing pressures [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 33.689 billion yuan, with a year-on-year growth of 4.8% [9] - The projected P/E ratios for 2025-2027 are 20.1, 17.7, and 15.8 respectively, indicating a favorable valuation trend [9][10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company achieved a revenue of 10.446 billion yuan in Q1 2025, representing a year-on-year increase of 2.91%. The net profit attributable to the parent company was 1.71 billion yuan, up 7.1% year-on-year, while the net profit excluding non-recurring items was 1.603 billion yuan, an increase of 5.9% year-on-year [1][4] - The report indicates that the company continues to benefit from cost advantages and a decrease in expense ratios, contributing to profit growth [4] - The long-term outlook for the beer industry is considered clear and stable, with expectations for good profit elasticity due to ongoing cost benefits and a low base for recovery [4] Financial Summary - Total revenue for 2023 is projected at 33.937 billion yuan, with a year-on-year growth rate of 5.5%. For 2024, revenue is expected to decline to 32.138 billion yuan, followed by a recovery to 33.456 billion yuan in 2025, with a growth rate of 4.1% [3] - The net profit attributable to the parent company is forecasted to grow from 4.268 billion yuan in 2023 to 4.698 billion yuan in 2025, reflecting a year-on-year growth rate of 8.1% [3] - The gross profit margin is expected to improve from 38.7% in 2023 to 41.6% in 2025, indicating a positive trend in profitability [3] - Earnings per share (EPS) are projected to increase from 3.13 yuan in 2023 to 3.44 yuan in 2025, with corresponding price-to-earnings (P/E) ratios decreasing from 23.78 to 21.60 [3][4]

盈利预测：看好25Q2&Q3 低基数下公司销量端持续改善。24 年公司经历库存水平调整，整体渠道库存 良性，叠加Q2&3 销量基数较低。我们看好公司量端的恢复弹性。我们预计公司25-27 年实现营收 331.4/340.6/349.0 亿元，分别同比+3.1%/+2.8%/+2.5%，实现归母净利润47.4/50.2/52.4 亿元，分别同比 +9.0%/+6.0%/+4.4%，维持"强烈推荐"评级。 成本端红利延续，毛利率提升，盈利能力有所提升。25Q1 公司吨成本同比-2.6%，毛利率同比+1.2pcts 至41.6%。费用端，销售/管理/财务费用率分别同比-0.3pcts/-0.2pcts/+0.4pcts。在毛利率提升及费控良好 的带动下，25Q1 公司归母净利率同比+0.6pcts至16.4%，扣非归母净利率同比+0.4pcts至15.3%。 事件：公司发布2025 年第一季度报告，25Q1 实现营业收入104.5 亿元，同比+2.9%；实现归母净利润 17.1 亿元，同比+7.1%；实现扣非归母净利润16.0亿元，同比+5.9%。 25Q1 销量改善兑现，展望Q2&Q3，在低基数下销量有望持续改善 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is expected to achieve better-than-industry performance in 2025 due to low base effects and strengthened internal momentum, with projected EPS of 3.55, 3.86, and 4.19 RMB for 2025-2027 [4][6]. - The first quarter of 2025 saw revenue and net profit growth of 2.9% and 7.1% year-on-year, respectively, aligning with expectations [1][2]. Revenue and Profitability - In Q1 2025, the company reported revenue of 10.45 billion RMB and a net profit attributable to the parent company of 1.71 billion RMB, with a gross margin of 41.6%, up 1.2 percentage points year-on-year [1][3]. - The sales volume of beer reached 2.261 million tons in Q1 2025, reflecting a 3.5% year-on-year increase, driven by the recovery in the restaurant sector and inventory destocking [2][3]. Cost and Efficiency - The report highlights significant cost benefits, with a 2.6% decrease in per-ton cost and a 0.3 percentage point reduction in sales expense ratio, contributing to improved profitability [3][4]. - The company is focusing on enhancing operational efficiency, which is expected to continue supporting profit margins [3][4]. Market Outlook - The company is entering a peak season for inventory replenishment, with expectations for accelerated sales growth as northern weather warms and economic activity increases [1][2]. - The report anticipates that the recovery in the restaurant sector will boost sales of mid-to-high-end products, while the company continues to promote the canned format of lower-end products [3][4].