Investment Rating - The investment rating for Qingdao Beer is "Buy" (maintained) [1] Core Views - The report indicates that Qingdao Beer has crossed the pressure point in Q1 2025, with expectations for volume and price to accelerate in the future [8] - The company reported a revenue of 10.446 billion yuan in Q1 2025, a year-on-year increase of 2.91%, and a net profit attributable to shareholders of 1.710 billion yuan, up 7.08% year-on-year [8] - The report highlights that the sales volume in Q1 2025 increased by 3.53% to 2.261 million tons, with expectations for marginal acceleration in sales growth in Q2 and Q3 due to low base effects [8] - The gross margin improved, and the net profit margin continued to rise, reaching 16.64% in Q1 2025, an increase of 0.65 percentage points year-on-year [8] - The report emphasizes that Qingdao Beer is a quality stock with both offensive and defensive characteristics, benefiting from restaurant recovery and management strengthening [8] Financial Forecasts - The forecast for net profit attributable to shareholders for 2025-2027 is updated to 4.845 billion, 5.350 billion, and 5.736 billion yuan respectively, with corresponding P/E ratios of 22, 20, and 18 times [8] - The report provides detailed financial projections, including total revenue and net profit growth rates, with expected revenue of 33.614 billion yuan in 2025, a 4.59% year-on-year increase [9]

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-014 青岛啤酒股份有限公司 青岛啤酒股份有限公司（"公司"）第十届监事会（"监事会"）第二十一次会 议（"会议"）于 2025 年 4 月 28 日以书面议案会议方式召开。会议通知及会议材 料于会议召开前以书面形式发出，会议应参与表决监事 5 人，实际表决监事 5 人。会议的召开、表决符合《中华人民共和国公司法》等相关法律、法规、上市 地上市规则以及《青岛啤酒股份有限公司章程》的规定。 二、监事会会议审议情况 1、审议通过公司 2025 年第一季度报告（未经审计）。 监事会认为，公司 2025 年第一季度报告的编制和审议程序符合法律、法规 及监管机构的监管要求，报告内容真实、准确、完整地反映了公司经营情况和财 务状况。监事会同意通过该议案。 表决情况：有权表决票 5 票，同意 5 票、反对 0 票、弃权 0 票，通过。 2、审议通过公司 2025 年度投资理财规划。 第十届监事会第二十一次会议决议公告 本公司监事会及全体监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。 一、监事会会 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-013 1 二、审议通过公司 2025 年度投资理财规划。 1. 同意公司及所属子公司在未来 12 个月（2025 年 4 月 29 日-2026 年 4 月 28 日）内，在保证资金流动性和安全性的基础上，使用公司的闲置自有资金开 展理财投资业务，投资品种为安全性高、流动性好、风险可控的理财产品， 单日余额最高不超过人民币 20 亿元（不包含青岛啤酒财务有限责任公司的 投资类理财业务和公司开展的结构性存款业务），单笔理财期限不超过 12 个 月，预期收益率不低于青岛啤酒财务有限责任公司同期的同业存放利率水 平。 2. 同意授权公司总裁及财务总监按照公司《理财投资管理内控制度》审批并签 署投资理财相关文件。 青岛啤酒股份有限公司 第十届董事会第二十一次会议决议公告 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。 青岛啤酒股份有限公司（以下简称"公司"）第十届董事会第二十一次会议（以 下简称"会议"）于 2025 年 4 月 28 日采用书面议案会议方式召开。会议通 ...

Financial Performance - The company's revenue for Q1 2025 reached RMB 10.45 billion, an increase of 2.91% compared to RMB 10.15 billion in the same period last year[5]. - Net profit attributable to shareholders was RMB 1.71 billion, reflecting a year-on-year growth of 7.08% from RMB 1.60 billion[5]. - The total product sales volume for Q1 2025 was 2.261 million kiloliters, with the main brand Qingdao Beer achieving sales of 1.375 million kiloliters, a 4.1% increase year-on-year[6]. - Total operating revenue for Q1 2025 was CNY 10,445,537,525, an increase of 2.9% compared to CNY 10,150,014,997 in Q1 2024[19]. - Net profit for Q1 2025 reached CNY 1,738,210,008, up 7.1% from CNY 1,623,483,236 in Q1 2024[20]. - Operating profit for Q1 2025 was CNY 2,302,438,150, representing a 6.8% increase from CNY 2,156,223,580 in Q1 2024[20]. - Basic earnings per share for Q1 2025 were CNY 1.254, compared to CNY 1.175 in Q1 2024, reflecting a 6.7% increase[21]. Cash Flow and Assets - The cash flow from operating activities decreased by 37.28% to RMB 1.79 billion, primarily due to changes in advance payments received[5][9]. - The net cash flow from operating activities for Q1 2025 was CNY 1,789,631,626, down 37.3% from CNY 2,853,166,067 in Q1 2024[24]. - Cash and cash equivalents at the end of Q1 2025 totaled CNY 1,296,521,626, a decrease from CNY 6,183,503,443 at the end of Q1 2024[24]. - The company's current assets totaled RMB 24.66 billion, down from RMB 25.19 billion in the previous period, indicating a decrease of approximately 2.1%[16]. - The company's long-term equity investments decreased slightly to RMB 358.59 million from RMB 391.87 million, reflecting a decrease of about 8.5%[16]. - The cash and cash equivalents decreased to RMB 16.30 billion from RMB 17.98 billion, a decline of approximately 9.3%[14]. Liabilities and Equity - The total liabilities of the company decreased to RMB 19.73 billion from RMB 21.56 billion, representing a decline of approximately 8.5%[17]. - The equity attributable to shareholders increased by 5.89% to RMB 30.77 billion compared to RMB 29.06 billion at the end of the previous year[6]. - The company's equity attributable to shareholders increased to RMB 30.77 billion from RMB 29.06 billion, marking an increase of about 5.9%[18]. - The retained earnings rose to RMB 23.66 billion from RMB 21.95 billion, indicating a growth of approximately 7.8%[17]. Inventory and Receivables - Inventory levels decreased significantly to RMB 2.27 billion from RMB 3.58 billion, reflecting a reduction of about 36.4%[16]. - The accounts receivable increased to RMB 120.75 million from RMB 102.42 million, showing an increase of about 17.9%[14]. - The company reported a significant increase in other receivables, rising to RMB 125.61 million from RMB 83.28 million, an increase of approximately 50.9%[14]. Operational Insights - The company continues to enhance brand and product structure, with online sales reaching a historical high and rapid growth in instant retail business[6]. - The company plans to further expand its market presence and optimize brand promotion strategies in the future[6]. - The company reported a total cost of operations of CNY 8,281,473,307 in Q1 2025, an increase of 1.3% from CNY 8,177,753,640 in Q1 2024[19]. Other Financial Metrics - Non-recurring gains and losses totaled RMB 107.44 million, with significant contributions from government subsidies and asset disposals[8]. - The weighted average return on equity increased by 0.07 percentage points to 5.72%[5]. - The company recorded a foreign exchange loss of CNY 450,460 in Q1 2025, compared to a gain of CNY 777,823 in Q1 2024[24]. - Other comprehensive income after tax for Q1 2025 was CNY -97,783, contrasting with CNY 852,089 in Q1 2024[20].

青岛啤酒Q1盈利能力稳步提升。营收同比增长2.91%，净利润同比增长7.08%。主品牌青岛啤酒销量稳增4.1%，线上销量创历史新高。 28日，青岛啤酒公布第一季度业绩： | 项目 | 本报告期 | 上年同期 | 本报告期比上年同 期增减变动幅度(%) | | --- | --- | --- | --- | | 营业收入 | 10. 445, 537, 525 | 10, 150, 014, 997 | 2.91 | | 归属于上市公司股东的净利润 | 1.710. 355. 183 | 1,597, 244, 544 | 7.08 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 1,602,915,160 | 1,512,925,129 | 5.95 | | 经营活动产生的现金流量净额 | 1,789,631,626 | 2,853, 166, 067 | -37.28 | | 基本每股收益(元/股) | 1. 254 | 1. 175 | 6.72 | | 稀释每股收益(元/股) | 1. 254 | 1. 172 | 7.00 | | 加权平均净资产收益率(%) | 5.72 | 5. 65 ...

Financial Performance - The company achieved operating revenue of RMB 10.45 billion, representing a year-on-year increase of 2.91%[6] - Net profit attributable to shareholders reached RMB 1.71 billion, up 7.08% compared to the same period last year[6] - Basic earnings per share rose to RMB 1.254, reflecting a growth of 6.72%[6] Sales and Market Growth - The sales volume for the main brand Tsingtao Beer was 1.375 million kiloliters, a year-on-year growth of 4.1%[8] - The sales volume for mid-to-high-end products reached 1.011 million kiloliters, increasing by 5.3% year-on-year[8] - The company continues to enhance brand promotion and product structure upgrades, achieving record online sales[8] - The company is actively expanding its new business and new retail operations, maintaining rapid growth in instant retail[8] Cash Flow and Assets - The net cash flow from operating activities decreased by 37.28% to RMB 1.79 billion, primarily due to changes in advance payments[11] - Total assets at the end of the reporting period were RMB 51.29 billion, a slight decrease of 0.25% from the previous year[7] - Shareholders' equity attributable to shareholders increased by 5.89% to RMB 30.77 billion[7] Shareholder Information - Qingdao Beer Group holds a total of 443,467,655 shares, including 405,132,055 A-shares and 38,335,600 H-shares through its subsidiary[15] - Hong Kong Central Clearing (Agent) Limited holds 614,001,319 H-shares, representing multiple clients' holdings[15] - The company does not have knowledge of any relationships or concerted actions among the top ten shareholders[15] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[16] Future Reporting - As of March 31, 2025, the company will provide unaudited financial statements on its website and the Shanghai Stock Exchange[17]

本报记者 朱文达 "青啤伟业，质量为基；好人好酒，薪火传承；恪守诚信，守正创新……"在青岛啤酒股份有限公司（以下简称"青岛啤酒"），质量誓词再度响彻厂区。近日，青岛啤酒举办第47届"提高质量纪念 据了解，青岛啤酒秉承"好人酿好酒"的百年世训，不断与时代特征互动，将传统匠心精神与前沿智能制造、精益生产深度融合，为消费者稳定提供高品质产品。可持续"灯塔工厂"青岛啤酒厂的 近年来，青岛啤酒精耕细作铸精品，建立从源头到餐桌的质量管理体系，形成九大系列产品矩阵，70多种产品百花齐放，各具特色、高辨识度的口味成为市场长红产品。青岛啤酒位列世界品牌5 人才是企业质量战略落地落实的重要支撑，秉持"慢、专、精"传统质量文化的青岛啤酒人，借助数字化时代的要素创新，完成从"工匠"到"智匠"的技能跃升，重塑一整套更为严苛精准的生产流 在第47届"提高质量纪念日"活动中，青岛啤酒对该公司举办的第10届职业技能大赛获奖者代表、职工质量改进与创新案例进行表彰。"生产线上的每一个细节都关乎产品品质，也让我更加坚定了 在同日举行的青岛啤酒质量日消费者品鉴会活动中，青岛啤酒酿酒师与消费者进行了沟通。海风暖阳、春意盎然，"经典""纯生""白啤"" ...

Brand Value and Market Presence - In 2024, Tsingtao Beer maintained its position as the top brand value in the Chinese beer industry, with a brand value of RMB 264.675 billion[11]. - The total brand value of Tsingtao Beer, Laoshan Beer, and Hans Brewery exceeded RMB 426.7 billion[13]. - Tsingtao Beer products have been sold in over 120 countries and regions globally, enhancing its international market presence[18]. - Tsingtao Beer was recognized as The World's Strongest Beer Brand in 2024 by Brand Finance, solidifying its market position[40][43]. Product Development and Innovation - The company has introduced a range of new products, including "Century Legend" and "Tsingtao IPA," to meet evolving consumer demands[15]. - The company launched new products including Augerta A Series, Nicasi White Beer, and Non-alcoholic Series, catering to diverse consumer demands[46][50]. - The company emphasizes technological innovation as a key driver for meeting consumer needs and enhancing brand influence[17]. Financial Performance - Operating profit for the year reached RMB 5,843,119,000, reflecting a strong performance[21]. - Total revenue for 2024 was RMB 32,137,830,000, a slight decrease from RMB 33,936,523,000 in 2023[23]. - Net profit attributable to shareholders increased to RMB 4,344,984,000, compared to RMB 4,267,851,000 in the previous year, marking a growth of approximately 1.8%[23]. - Net cash flow from operating activities significantly improved to RMB 5,154,661,000, up from RMB 2,777,567,000 in 2023[23]. - Basic earnings per share rose to RMB 3.191, an increase from RMB 3.139 in the prior year[23]. - Total assets increased to RMB 51,420,386,000, compared to RMB 49,256,011,000 in 2023, indicating growth in the company's asset base[23]. - Total equity attributable to shareholders of the Company reached RMB 29,060,385,000, up from RMB 27,449,478,000 in 2023[23]. - The company reported a fully diluted return on net assets of 14.95%, slightly down from 15.55% in the previous year[23]. Sales and Distribution - The company achieved a product sales volume of 7.538 million kiloliters and revenue of RMB 32.14 billion, with a net profit attributable to shareholders of RMB 4.34 billion, reflecting a year-on-year increase of 1.8%[38][41][54][57]. - Online product sales grew by 21% year-on-year, marking the 12th consecutive year of growth[39][42]. - The company expanded its fresh beer delivery service, achieving fresh delivery of Tsingtao's Original Beer and Draft products in 24 cities[39][42]. - The company has focused on improving production equipment to meet advanced international standards, ensuring high product quality and safety[14]. - Tsingtao Beer has strengthened its marketing efforts and deepened its sales network to enhance its competitive edge in both base and emerging markets[18]. Sustainability and Environmental Commitment - The company has 23 breweries recognized as "National Green Factory," supporting its commitment to sustainable development[47][51]. - The Company has amended and improved its environmental management policy and published relevant technical standards to enhance environmental performance[74]. - The Company is committed to sustainable development by establishing close relationships with employees and providing quality products to customers[76]. Shareholder and Capital Structure - The Board proposed a final dividend of RMB2.20 per share for the year ended 31 December 2024, subject to approval at the Company's 2024 Annual General Meeting[67]. - The Company implements a profit distribution policy where cash dividends shall be no less than 30% of the distributable profits realized in the current year[68]. - The total number of ordinary shares increased from 1,364,196,788 to 1,364,100,121, with a change of 4,332,529 shares issued, representing an increase of 0.32%[84]. - The proportion of unrestricted tradable shares rose from 99.68% to 99.99%, indicating a significant increase in liquidity[84]. - The total number of shareholders at the end of the reporting period was 51,948, including 51,709 A-share holders and 239 H-share holders[89]. Management and Governance - The company has implemented an annual performance appraisal and remuneration incentive program for executive directors and senior management officers[108]. - The total remuneration for the reporting period amounted to RMB 1,527.28 million[116]. - The company has established a code of conduct for securities trading by directors, supervisors, and senior management personnel[106]. - The Supervisory Board held 9 meetings during the reporting period, discussing 23 proposals, including quality improvement and efficiency enhancement plans[200]. Continuing Connected Transactions - The Company entered into four continuing connected transactions with its controlling shareholder, Qingdao Beer Group, and its subsidiaries, which are required to comply with the relevant listing rules[163]. - The independent non-executive directors confirmed that the continuing connected transactions for the year ended December 31, 2024, were conducted in the ordinary course of business and on normal commercial terms[182]. - The Group complied with the disclosure requirements of Chapter 14A of the Listing Rules regarding continuing connected transactions during the year ended December 31, 2024[186].

Group 1 - The core viewpoint of the news is the performance of the China Securities Hong Kong 300 Leisure Index, which has seen a decline of 15.19% over the past month but an increase of 3.60% over the past three months, with a year-to-date decrease of 0.33% [1] - The China Securities Hong Kong 300 Leisure Index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include Tencent Holdings (11.72%), NetEase-S (11.24%), Kuaishou-W (10.7%), Baidu Group-SW (10.16%), Yum China (9.2%), Meituan-W (8.52%), Trip.com Group-S (8.35%), Galaxy Entertainment (5.09%), China Resources Beer (3.21%), and Qingdao Beer Co. (2.78%) [1] Group 2 - The industry composition of the holdings in the China Securities Hong Kong 300 Leisure Index shows that leisure services account for 40.54%, digital media for 37.99%, cultural entertainment for 12.43%, alcohol for 7.67%, and marketing and advertising for 1.38% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year, and weight factors are adjusted accordingly [2]

2025年4月10日，上海证券交易所走进ETF成分股公司活动来到青岛，开展走进青岛啤酒专场活动。活动聚焦指数化投 资与实体经济深度融合，通过政策解读、行业研讨及企业调研，推动ETF市场创新发展，为投资者提供更优质的财富管 理工具与服务。 华夏基金资深策略分析师计晟灵看好消费类ETF的潜力。他分析称，中国目前面临外需的极大不确定性，将以更大力度 的内需去对冲外需的不确定性。未来一段时间，中国可能出台大量更进一步扩内需促消费的政策，啤酒等与居民休戚相 关的日常消费品极有可能被纳入新一轮消费补贴的范畴之内。 此次青岛啤酒专场活动，既是上交所深化ETF市场服务的实践，也是资本市场服务实体经济的生动缩影，能够让投资者 更生动地了解指数产品的深层运作机制与增长逻辑。未来，上交所将继续携手市场各方，推动ETF市场与国家战略同频 共振，为投资者创造可持续的财富价值。 作为中国资本市场的重要一员，上海证券交易所持续推进落实相关举措，政策效果日益显现，市场生态持续改善。近五 年来，境内ETF市场资金净流入逐年递增；境内挂牌上市的ETF数量迈入"千只时代"；境内ETF总规模达3.8万亿元。相 较于发达资本市场，境内ETF市场在股票 ...