通过将产品进行高端化升级，珠江啤酒（002461）(002461.SZ)在销量微增之时，利润大幅增长。 2月25日晚间，珠江啤酒发布业绩快报。公司2025年营业收入达58.78亿元，同比增长2.56%；归母净利润9.03亿 元，同比增长11.42%；扣非净利润8.32亿元，同比增长9.25%，均创下历史新高。 珠江啤酒表示，2025年，公司产品结构优化升级，市场开拓稳中有进，渠道建设创新发力，品牌声量持续放大， 管理效能不断提升，持续推动企业高质量发展走深走实。 公告中，珠江啤酒还介绍，2025年，公司实现啤酒销量146.24万吨，同比增长1.58%。 一位啤酒行业业内人士向长江商报记者表示，我国高端啤酒市场占比已突破40%，成为行业利润的主要来源。 产品结构优化升级 中国啤酒行业已进入平稳发展阶段，啤酒行业竞争激烈，但啤酒消费结构性升级存在发展空间。当前，珠江啤酒 正顺应高端啤酒发展趋势，促进公司产品高端化升级。 数据显示，2025年1月至12月，中国规模以上企业啤酒产量3536万千升，同比下降1.1%。 在此行业背景下，珠江啤酒业绩逆势上扬。 2026年2月25日晚间，珠江啤酒发布业绩快报，公司2025年 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The report highlights that Zhujiang Beer achieved a total operating revenue of 5.878 billion yuan in 2025, representing a year-on-year growth of 2.56%, and a net profit attributable to shareholders of 903 million yuan, up 11.42% year-on-year [6] - Budweiser APAC reported an operating revenue of 5.764 billion USD for the fiscal year 2025, with an organic year-on-year decline of 6.1% and a normalized EBITDA of 1.588 billion USD, down 9.8% year-on-year [6] - The report emphasizes the ongoing structural upgrades in the beer industry, with Zhujiang Beer focusing on high-end products and innovative marketing strategies to enhance market share [6] Summary by Sections Recent Industry Performance - The industry has shown relative returns of 2.49% over the past month, but a decline of 8.51% over the past three months and 22.95% over the past year [3] Company Performance - Zhujiang Beer has optimized its product structure, with high-end beer sales increasing by 14.16% year-on-year in the first half of 2025 [6] - Budweiser APAC's sales in China experienced an organic year-on-year decline of 3.9% in Q4 2025, with overall performance in China falling short of industry averages [6] Market Trends - Several beer companies are launching special edition products for the Year of the Horse, with Budweiser introducing limited edition cans symbolizing various New Year blessings [6] - The report suggests that the focus on new year-themed products and youthful packaging is becoming standard practice among leading beer companies [6] Investment Recommendations - The report recommends paying attention to A-share listed companies such as Qingdao Beer, Chongqing Beer, Yanjing Beer, and Zhujiang Beer, as well as Hong Kong-listed companies like China Resources Beer and Budweiser APAC [6]

Group 1 - The core viewpoint is that short-term beer consumption is expected to improve due to the gradual recovery of the dining sector and moderate inflation expectations, while long-term trends indicate a stable beer consumption volume supported by core consumer demographics and a shift towards premiumization [1][3] - Major beer companies are actively promoting festive marketing strategies for the 2026 Spring Festival, focusing on cultural themes and digital engagement to enhance brand competitiveness [1] - Inventory management among leading beer companies remains strong, with positive growth in offline market stocking for the Spring Festival, showing a 5.7% year-on-year increase in GMV during the stocking period [1] Group 2 - The beer sector has experienced weak sales performance in 2024, primarily due to slow recovery in consumption and a decline in the contribution rate from on-premise channels, while non-on-premise channels are becoming the main growth drivers [2] - The restaurant market is showing signs of recovery, with a higher opening rate than closing rate, which is expected to provide solid sales support for beer consumption, particularly in lower-tier markets [3] - There is significant potential for upgrading the beer consumption structure in China, with a long-term trend towards premiumization, as evidenced by the comparison of market shares of mid-to-high-end beers in China versus the US and Japan [3]

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].

转自：中国质量报 □ 何京晶 赵一阳 本报记者 孙 圆 春节前夕见到赵伟时，她正伏案梳理今年顺义区北京市政府质量管理奖的培育计划，字里行间都是对新一年质量工作的谋划。"春节前，我们再去企业走访 一遍，听听他们的工作安排。"作为顺义区市场监管局一线工作人员，也是土生土长的顺义人，她始终觉得，能用自己的专业所长服务家乡、助力属地企业 提质升级，既是职责所在，也是心底最踏实的一份坚守。 "去年我们成功拿下北京市政府质量管理奖提名奖，这份荣誉离不开区局的全程贴心助力！"燕京啤酒生产中心质量管理部中心实验室经理陈爽说。 这一点，燕京啤酒生产中心总经理，同时也是企业首席质量官的万少平深有感触。"每项工作都要落实落细，才能让先进的管理理念真正转化为企业的发展 动能，让质量战略落地生根、发挥实效。"他说。 市场监管部门匠心培育的服务理念，与企业深耕质量的发展战略高度契合、同频共振，一大批龙头企业正向着高质量发展的目标全面迈进。自卓越管理体系 全面推行以来，燕京啤酒实现了产品品质稳步提升、生产成本持续降低、生产效率显著提高等目标，产品质量与品牌口碑获得市场和消费者的广泛认可，交 出了一份"质"效双升的优异答卷。 燕京啤酒的质量 ...

陈文博 中金公司食品饮料分析师: 位投资人，大家上午好。那也祝大家新年好，以及开工大吉。那今天上午，是中金组织的 大众食品的春节的情况跟踪电话会。我是中金的食品饮料组陈文博。那今天上午，我们请 到了两位综合的食品的专家与大家分享春节的情况。那第一位专家，主要负责华东、华中 以及华西地区的包括饮料，还有零食等大大的一些品类的运营。专家您好，能听到我说话 吗？ 华东华中华西食品综合专家: 你好，可以，没问题。 陈文博 中金公司食品饮料分析师: 对，那我们就开始。那第一个，首先我想问问，就是您代理的这个品类也比较多，那想问 一下春节期间，比如说这个几个大的品类，像乳制品、饮料、零食、速冻。包括调味品， 这几个品类分别的增速情况，和景气度。然后就综合来看的话，有没有什么地方比咱们之 前预期的要好，或者是要差的？ 华东华中华西食品综合专家: 我们先按照您刚才说的那个品类来说，我们今年的这个总体的品类分成像修石，修石我们 今年的整体性，春节的一二月份，这二月份我们是截止到 2 月 10 号左右。节前的这个数 据，那我们整体的出货比去年同期我们是增长了 10%左右，这所有的修饰，这里面主要是 以礼盒为主，这个品相。那从整个 ...

春节食品动销表现几何？后市如何看？20260223 摘要 春节期间，社会消费呈现强劲复苏态势，零售餐饮企业日均销售额同比 增长 8.6%，为主要长假中高增速水平。春运期间人员流动量显著增加， 节后流动量同比增速达 11.1%，途牛数据显示人均出游天数同比增加 1.1 天，达 5.9 天，反映消费意愿增强。 大众食品消费方面，企业库存清理完毕，渠道新鲜度高，经销商信心恢 复，备货充足。礼盒消费依然火热，但消费者更注重性价比，价格集中 在 50-100 元区间。下沉市场表现良好，价格折扣竞争减缓，零售终端 价格坚挺。 乳制品行业表现分化，华东和华中地区增长显著，常温液奶增长约 7%，伊利、蒙牛分别增长 8-9%和 5-6%，常温酸奶结束下跌态势，实 现正增长。华南地区表现偏弱，但渠道库存不高，高端品类保持增长， 君乐宝低温产品增速约 20%。 现制茶饮行业受益于暖冬天气和出行旺盛，同店 GMV 表现良好，蜜雪 冰城、古茗、瑞幸等品牌均有超过 10%的增长。堂食消费为主，加盟商 利润较高，外卖补贴压力有限，预计全年同店 GMV 将保持平稳。 Q&A 2026 年春节期间大众食品整体表现如何？ 2026 年春节期间， ...

（文章来源：证券日报） 证券日报网讯 2月24日，燕京啤酒在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 总户数为43538户。 ...

Group 1 - Industry Investment Rating: Buy [2] - Previous Rating: Buy [2] - Report Date: February 24, 2026 [2] Group 2 - Core Viewpoint: The report summarizes feedback from six liquor distributors across five provinces regarding the sales performance of liquor during the Spring Festival, indicating a narrowing decline in sales of famous liquor compared to the Mid-Autumn Festival. The C-end scenarios, such as banquets, performed well with an upgrade trend, while B-end scenarios are still recovering [6][9][14] - Feedback from Henan liquor distributors indicates that Moutai and Wuliangye are leading in sales, with Moutai's return rate exceeding 35% and Wuliangye's at 30%. There is a trend of consumers concentrating on famous liquor across different price ranges [6][9] - In Shandong, Fenjiu is performing well in the mid-range segment, with a reported sales growth of approximately 8% during the Spring Festival [10] - In Anhui, the wedding market showed strong performance, particularly in the 200 CNY price range, which is experiencing growth [11] - Jiangsu distributors reported a mixed performance, with strong sales at both ends of the market but weakness in the mid-range, indicating a systemic price-driven volume increase [13] - In Sichuan, overall sales volume is expected to decline by 8% and sales amount by 15%, with personal and gift consumption performing better than expected [13] Group 3 - Investment Recommendations: For liquor, the sector is expected to enter a new development cycle in 2026 after four years of adjustment. Key recommendations include Luzhou Laojiao, Shanxi Fenjiu, Shede Liquor, Guizhou Moutai, Jianshe Liquor, and Gujing Gongjiu. For consumer goods, the industry is expected to see a moderate price increase in 2026, with opportunities in new products and channels. Key recommendations include Anjoy Food, Lihua Food, Angel Yeast, Yanjing Beer, Qianhe Flavor Industry, Dongpeng Beverage, New Dairy, Guoquan, and Tianwei Food [14]

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]