证券代码：600600 证券简称：青岛啤酒 编号：2024-031 青岛啤酒股份有限公司第十届董事会 2024 年第七次临时会议 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。 一、 同意选举姜宗祥先生为公司第十届董事会董事长，并兼任公司总裁 职务。任期自董事会批准之日起至本届董事会任期届满之日止。 表决情况：有权表决票 7 票，同意 7 票、反对 0 票、弃权 0 票，通过。 二、 同意委任姜宗祥先生为公司第十届董事会战略与投资委员会主席， 任期自董事会批准之日起至本届董事会任期届满之日止。 姜宗祥先生简历请见本公告附件。 青岛啤酒股份有限公司 董事会 2024 年 12 月 25 日 2 附件 姜宗祥简历 姜宗祥先生，现年 52 岁，山东工业大学本科毕业，南开大学经济学硕士。 现任本公司党委书记、董事长、总裁，青岛啤酒集团有限公司党委书记、董事长。 曾任青岛啤酒（芜湖）有限公司副总经理，本公司战略投资管理总部副部长、信 息管理总部部长及制造中心采购管理总部部长、制造总裁助理兼采购管理总部部 长、副总裁兼供应链总裁 ...

黄克兴先生确认其与公司董事会之间没有不一致意见，也没有任何其他事项 需提请公司股东注意。本公司董事会及黄克兴先生确认，没有因其辞任而可能影 响公司及控股子公司营运的任何事宜。 黄克兴先生在担任公司总裁和董事长期间，以建设拥有全球影响力品牌的国 际化大公司为愿景，制订了公司新的战略发展规划并积极推进实施，坚持以创新 驱动高质量发展，推动青岛啤酒科技创新优势显著增强，品牌竞争力明显提升， 产品结构持续优化升级，高端化、智能化、绿色化转型加快推进，企业盈利能力 不断提升。近年来，公司法人治理结构不断优化，完善了规范、透明、诚信、高 效的董事会运作机制。董事会对黄克兴先生在先后担任公司总裁和董事长期间为 青岛啤酒发展壮大所做的卓有成效的工作表示衷心感谢，并致以诚挚祝福。 证券代码：600600 证券简称：青岛啤酒 编号：2024-030 青岛啤酒股份有限公司关于董事长辞任的公告 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"或"青岛啤酒"）董事长黄克兴先生 因已届退休年龄，向公司董事会提出辞任公 ...

Investment Rating - The investment rating for Qingdao Beer Co., Ltd. is "Buy" (maintained) [6] Core Views - Qingdao Beer, as a leading beer company in China, is expected to see revenue exceed expectations due to multiple catalysts including policy-driven consumption recovery, inventory destocking in 2024, potential management changes, and the recovery of the dining sector [2][3] - The recovery of the dining chain is highly certain, with expectations for volume and price to rise from a low base in 2025 [2] - The company is anticipated to benefit from a management change, which may bring more positive initiatives and goals [3] Summary by Sections Sales and Price Drivers - Volume: The recovery of the dining chain driven by consumption vouchers is expected to lead to sales exceeding expectations, particularly in the 6-10 RMB price range [3] - Price: The upgrade in the 6-10 RMB price range is expected to continue, with room for further price increases as Qingdao Beer has positioned its classic products at the 8 RMB price point [3] Financial Forecasts - Revenue growth rates are projected at 6.05% for 2024, 3.18% for 2025, and 3.22% for 2026 [4] - Net profit growth rates are expected to be 1.27% for 2024, 11.26% for 2025, and 9.77% for 2026 [4] - Earnings per share (EPS) are forecasted to be 3.17, 3.52, and 3.87 RMB for 2024, 2025, and 2026 respectively [4] Valuation and Price Target - The target valuation for Qingdao Beer H shares is based on a 70% discount to the A-share valuation of 25x, with the current discount at approximately 63.7%, indicating high elasticity [4] - The report maintains that the current valuation offers good value for investment [4]

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer (600600) [1] Core Views - The long-term positive trend for the company remains unchanged, with Hong Kong stocks appearing more attractive [1] - The report emphasizes that despite short-term demand pressures, there is still potential for structural upgrades in the medium to long term [6] - The company is expected to achieve net profits of 44.6 billion, 48.1 billion, and 53.4 billion for the years 2024 to 2026, with current price-to-earnings ratios for A-shares at 23, 21, and 19 times, respectively [5] Financial Data Summary - Closing price as of December 6, 2024, is 73.84 yuan, with a market capitalization of 52,355 million yuan [2] - The company’s net asset per share is 21.84 yuan, and the debt-to-asset ratio is 39.11% [2] - The projected revenue for 2024 is 31,877 million yuan, with a year-on-year growth rate of -6.1% [8] - The expected net profit for 2024 is 4,458 million yuan, reflecting a year-on-year growth of 4.4% [8] - The company’s dividend yield is projected at 2.8% for A-shares and 3.6% for H-shares [5] Market Position and Strategy - The company is focusing on product innovation and optimizing its product structure, with a notable increase in the popularity of its white beer and other premium products [6] - The report highlights the potential for improving the beer canning rate in China, which currently stands at 31%, compared to 70% and 90% in the US and Japan, respectively [6] - The company has a strong cash flow position, with 21.677 billion yuan in cash on hand and zero long-term or short-term borrowings [7]

Group 1: Investor Relations Activities - The event was part of the 2024 Qingdao-listed companies' online collective reception day and the Q3 performance briefing [1][2] - The meeting took place on November 28, 2024, from 15:00 to 17:00 [2] - Participants included domestic and foreign investors, with key company representatives present [2] Group 2: Company Performance and Strategy - The company aims to enhance investor interaction and communication to build a harmonious investment relationship [2] - The company plans to improve its dividend rate based on the 2023 distribution, aiming to create higher value for investors [2] - The company is developing a market value management system following new regulations issued by the securities regulatory authority [2] Group 3: Product Performance and Market Strategy - The high-end product "One World Legend" is gaining popularity but currently represents a small percentage of total sales revenue due to low sales base [3] - The company is responding to diversified consumer demands by innovating in branding and product offerings, focusing on mid-to-high-end markets [3] - New products such as "Nika Xi White Beer" and "Alcohol-Free White Beer" have been launched to meet consumer preferences for quality and variety [3] Group 4: Market Challenges and Future Plans - The company experienced a decline in market share in 2024, with revenue in the first three quarters down compared to competitors [4] - The decline is attributed to weak recovery in domestic beer consumption and high sales base effects from the previous year [4] - The company will continue to implement high-quality development strategies and innovate to expand both domestic and international markets [4]

Group 1: Event Announcement - Qingdao Beer Co., Ltd. will participate in the 2024 online collective reception day for investors organized by the Qingdao Securities Regulatory Bureau and the Qingdao Listed Companies Association [2][3] - The event will be held online on November 28, 2024, from 15:00 to 17:00 [3] Group 2: Participation Details - Investors can participate in the event by logging into the China Securities Journal website [3] - Company executives, including Executive Director and CFO Mr. Hou Qiuyan and Secretary of the Board Mr. Zhang Ruixiang, will engage in online discussions regarding the company's Q3 performance and operational status [3] Group 3: Commitment to Transparency - The Board of Directors guarantees that the announcement contains no false records, misleading statements, or significant omissions, and assumes legal responsibility for its authenticity, accuracy, and completeness [3]

Investment Rating - The report assigns a "Buy" rating for Qingdao Beer (600600) [6]. Core Insights - The Chinese beer industry has entered a phase of stock competition, with product structure upgrades driving profit margins higher. Since 2017, the CR5 market share has exceeded 85%, indicating a stable competitive landscape. The industry has shifted from volume-driven growth to price-driven improvements, with leading companies enhancing product structures and operational efficiencies to boost profitability [6][9]. Summary by Sections Industry Overview - The beer industry in China is maturing, with the top five companies holding over 90% market share. The focus is on high-end product development, with the proportion of high-end and super high-end consumption expected to reach 30% by 2025 [21][24][32]. Company Overview - Qingdao Beer, established in 1903, is a leading player in the domestic beer market, with a market share of 22.52% as of 2023. The company has maintained a sales volume of over 7.8 million kiloliters since 2012, supported by a strong brand and product matrix [7][42]. Brand Strategy - The company implements a dual-brand strategy with Qingdao Beer as the main brand and Laoshan Beer as the secondary brand. This strategy has strengthened its market presence, with Qingdao Beer ranked first in brand value in the Chinese beer industry for 21 consecutive years [59][61]. Product Development - Qingdao Beer has enhanced its product quality through rigorous quality control and has introduced numerous high-end products since 2012. The proportion of mid-to-high-end products in its sales has increased from 20.39% in 2017 to 40.46% in 2023, contributing to a steady rise in average selling prices [8][70]. Financial Performance - The company's gross margin improved to 38.66% by 2023, with net profit margin reaching 12.81%. Revenue projections for 2024-2026 are estimated at 32.875 billion, 33.825 billion, and 34.840 billion yuan, respectively, with corresponding net profits of 4.488 billion, 4.853 billion, and 5.249 billion yuan [9][12]. Market Channels - Qingdao Beer employs a multi-channel strategy, focusing on both online and offline sales, as well as international markets. The company has a strong presence in the immediate consumption market, which accounted for 41% of sales in 2023 [88][91].

Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [9]. Core Views - The company reported a revenue of 28.959 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.52%, while the net profit attributable to shareholders was 4.990 billion yuan, an increase of 1.67% year-on-year [5]. - The sales volume for the first three quarters was 6.785 million kiloliters, down 6.98% year-on-year, indicating pressure on sales primarily due to weak performance in the catering sector [5]. - The average price per ton for the first three quarters was 4,268.13 yuan per kiloliter, reflecting a slight year-on-year increase of 0.50% [5]. Financial Performance Summary - The company achieved a gross margin of 42.12% in Q3 2024, with a net margin of 15.85%, showing a year-on-year increase in gross margin but a decrease in net margin [5]. - The projected revenues for 2024 to 2026 are 32.753 billion yuan, 33.839 billion yuan, and 35.913 billion yuan respectively, with expected growth rates of -3.5%, +3.3%, and +6.1% [8]. - The projected net profits for the same period are 4.349 billion yuan, 5.039 billion yuan, and 5.438 billion yuan, with growth rates of 1.9%, 15.9%, and 7.9% respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][14]. Core Views - The company's Q3 performance shows a slight improvement in structure, but profit is dragged down by increased expenses [1][3]. - Sales volume is under pressure, but the decline in average selling price (ASP) has narrowed [2]. - Cost benefits continue to be realized, but increased expenses are negatively impacting profitability [3]. - Future outlook suggests that Q4 sales may stabilize, with continued cost benefits expected to help reduce losses [3]. Financial Performance Summary - For the first three quarters of 2024, revenue was 28.959 billion yuan, down 6.52% year-on-year; net profit attributable to shareholders was 4.990 billion yuan, up 1.67% year-on-year; and net profit excluding non-recurring items was 4.686 billion yuan, up 1.96% year-on-year [1]. - In Q3 alone, revenue was 8.891 billion yuan, down 5.28% year-on-year; net profit attributable to shareholders was 1.348 billion yuan, down 9.03% year-on-year; and net profit excluding non-recurring items was 1.260 billion yuan, down 7.94% year-on-year [1]. Sales and Pricing - For the first three quarters, sales volume was 6.785 million kiloliters, down 7.0% year-on-year; the main brand saw a decline of 6.2%, while the mid-to-high-end segment decreased by 4.2% [2]. - In Q3, sales volume decreased by 5.1% year-on-year, with the main brand down 4.1% [2]. Cost and Profitability - In Q3, the net profit margin decreased by 0.4 percentage points year-on-year, with a 2.2% decrease in cost per ton [3]. - The gross profit margin increased by 1.2 percentage points year-on-year, while the sales expense ratio increased by 2.4 percentage points due to higher marketing expenses [3]. - The report forecasts revenue growth rates of -5%, 2%, and 3% for 2024-2026, with net profit growth rates of 4%, 9%, and 8% respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a slight decline in revenue and a modest increase in net profit for the first three quarters of 2024, with total revenue of 28.959 billion yuan, down 6.52% year-on-year, and net profit of 4.990 billion yuan, up 1.67% [2] - The report highlights that terminal demand is weak, impacting both volume and price, with total sales volume for Q1-Q3 at 6.785 million kiloliters, down 6.98% [3] - The report anticipates a cost advantage in the coming year due to a decrease in raw material prices, particularly barley, which is expected to continue to benefit the company's margins [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 8.891 billion yuan, a decrease of 5.28%, and a net profit of 1.348 billion yuan, down 9.03% [2] - The average price per ton for Q1-Q3 was 4,268.09 yuan, reflecting a slight increase of 0.50%, while Q3 saw a marginal decline to 4,125.75 yuan per ton [3] Cost and Profitability - The gross margin for Q3 2024 was 42.12%, an increase of 1.19 percentage points, attributed to lower costs of raw materials [4] - The report notes an increase in sales and management expense ratios, indicating higher promotional spending in a weak market [4] Future Outlook - The report projects a gradual recovery in sales as consumption stimulus policies take effect, with expected net profits for 2024, 2025, and 2026 at 4.263 billion, 4.634 billion, and 4.996 billion yuan respectively [5] - The anticipated earnings per share (EPS) for the same years are 3.12, 3.40, and 3.66 yuan, with corresponding price-to-earnings (P/E) ratios of 22.23, 20.46, and 18.97 [5]