青岛啤酒股份有限公司 第十一届董事会第四次会议决议公告 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。 一、董事会会议召开情况 青岛啤酒股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第四 次会议（以下简称"会议"）于 2026 年 1 月 19 日在青岛以现场结合视频会议方式召 开，会议通知及会议材料已按照《青岛啤酒股份有限公司章程》（以下简称"《公司 章程》"）规定及时以书面方式送达全体董事。会议应出席董事 9 人，实际出席董事 9 人。会议由董事长姜宗祥先生主持，公司董事会秘书侯秋燕先生和证券事务代表孙晓 航先生列席参加。会议的召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 等现行法律法规、上市地上市规则及《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过青岛啤酒财务有限责任公司（以下简称"财务公司"）2026 年度 固定收益类投资业务规划。 1．同意财务公司在有效防控风险、确保资金安全的前提下，投资业务任一业务 时点余额合计不超过人民币 43.4 亿元且不超过财务公司资本净额的 70%， ...

Group 1 - The beer concept index rose by 1.52%, ranking 8th among concept sectors, with 18 stocks increasing in value, including Hongmian Co., HeBai Group, and Jiamei Packaging reaching the daily limit [1] - Leading gainers in the beer sector included Haoxiangni, Kaimeteqi, and Aoruijin, with respective increases of 5.77%, 5.31%, and 3.76% [1] - The stocks with the largest declines were Zhuhai Zhongfu, *ST Lanhua, and Pinwo Food, which fell by 3.18%, 2.94%, and 1.94% respectively [1] Group 2 - The beer concept sector saw a net inflow of 828 million yuan, with 14 stocks receiving net inflows, and 5 stocks exceeding 50 million yuan in net inflow [2] - Kaimeteqi led the net inflow with 254 million yuan, followed by Hongmian Co., Luzhou Laojiao, and HeBai Group with net inflows of 167 million yuan, 164 million yuan, and 130 million yuan respectively [2] Group 3 - In terms of net inflow ratios, Hongmian Co., HeBai Group, and Chongqing Beer had the highest ratios at 32.90%, 15.07%, and 13.17% respectively [3] - The top stocks in the beer concept by net inflow included Kaimeteqi with a 5.31% increase and a turnover rate of 16.50%, and Hongmian Co. with a 10.13% increase and a turnover rate of 9.38% [3][4]

Core Viewpoint - Citigroup has lowered Budweiser APAC's sales forecasts for 2025 to 2027 by 3%, 4%, and 4% respectively, reflecting a weaker-than-expected outlook for the second half of 2025 in China [1] - The sales in the fourth quarter of last year will also be negatively impacted due to the later timing of the Lunar New Year in 2026 [1] - Due to weakened operating leverage, Citigroup has reduced Budweiser APAC's core net profit forecasts for 2025 to 2027 by 10%, 10%, and 9% respectively [1] - The target price for Budweiser APAC has been adjusted from HKD 12.4 to HKD 11.4, while maintaining a "Buy" rating [1] - Citigroup's preference order for the domestic beer industry remains unchanged, ranking China Resources Beer, Budweiser APAC, and Tsingtao Brewery [1]

花旗发表报告表示，将百威亚太(1876.HK)2025至2027年销售预测分别下调3%、4%及4%，以反映2025 年下半年中国业务前景较预期逊色。该行认为，去年第四季销售亦会因2026年农历新年时间较迟而受到 更大负面影响。由于经营杠杆转弱，该行将百威亚太2025至2027年核心净利润预测分别下调10%、10% 及9%，目标价由12.4港元下调至11.4港元，维持"买入"评级。花旗对中国啤酒行业的偏好次序保持不 变，依次为华润啤酒(0291.HK)、百威亚太及青岛啤酒(0168.HK)。 ...

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Insights - The macroeconomic and consumption environment shows signs of marginal improvement despite ongoing pressure in the consumer market. The restaurant sector continues to outperform overall retail sales, indicating structural growth opportunities for the beer industry [4][14] - The beer industry is experiencing a seasonal production decline due to the off-peak season, but overall production levels remain stable compared to previous years. The industry is expected to recover, with a focus on high-end and super high-end beer segments [5][36] - Cost pressures in the beer industry are manageable, with stable raw material costs and a neutral overall cost environment. Price stability in the terminal market supports profitability [6][50] Summary by Sections 1. Macroeconomic and Consumption Environment - In December 2025, the retail sales growth rate fell to 0.9% year-on-year, while the restaurant sector showed a 2.2% increase, indicating resilience in selected consumption categories. CPI rose to 0.8%, and PPI showed a narrowing decline at -1.9% [4][14] - Consumer confidence and income indicators are gradually improving, which is expected to enhance consumption potential in 2026 [15][16] 2. Overall Operation of the Beer Industry - December 2025 saw a seasonal decline in beer production, with a total production of 331.81 million hectoliters by the end of November. The industry is expected to maintain production levels close to historical highs despite short-term fluctuations [5][33] - The import and export dynamics show a weak import performance but stable export growth, with expectations for marginal improvement in imports in early 2026 [34][35] 3. Prices and Costs - Raw material costs remain stable, with domestic barley prices at 2205 CNY/ton and imported barley prices at 255 USD/ton. Packaging material costs are in a neutral state due to price fluctuations [6][49] - The terminal prices for canned and bottled beer have shown minimal fluctuations, maintaining a stable pricing structure [50][51] 4. Tracking of Listed Companies - The stock prices of key beer companies in the A-share and Hong Kong markets have shown slight declines, with most companies experiencing negative growth. Market sentiment appears cautious [58][61] 5. Investment Recommendations - Despite ongoing declines in retail sales data, the beer sector is positioned for potential valuation recovery due to low historical valuation levels. The expected improvement in consumer confidence and manageable cost pressures supports a positive outlook for the beer industry in 2026 [9][67]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector in the next six months [1]. Core Insights - The food and beverage industry is expected to benefit from the extended Chinese New Year stocking period, which may lead to improved performance in Q1 2026 [5]. - The raw milk price has been stabilizing at a low level, with the average price at 3.02 CNY/kg as of January 8, 2026, indicating a potential turning point in supply and demand dynamics [5]. - The secondary market performance showed a decline of 2.10% in the food and beverage sector, underperforming the CSI 300 index by 1.53 percentage points [10]. Summary by Sections 1. Secondary Market Performance - The food and beverage sector ranked 25th among 31 sectors, with all sub-sectors under pressure, particularly health products which saw a smaller decline of 0.72% [10]. - The top five performing stocks included CITIC Nia, Good Idea, and others, with gains ranging from 5.05% to 8.85% [10]. 2. Major Consumer Goods and Raw Material Prices - As of January 9, 2026, the retail price of fresh milk was 12.18 CNY/liter, and yogurt was 15.88 CNY/kg, showing slight weekly increases [26]. - The price of live pigs was 12.78 CNY/kg, with a weekly increase of 1.19% but a year-on-year decrease of 18.91% [26]. 3. Industry Dynamics - Yuanji Food Group and Jinxing Beer have submitted applications for listing on the Hong Kong Stock Exchange, with projected revenues of 2.026 billion CNY and 3.56 billion CNY respectively for 2023 [53]. - The dairy farming sector in Shandong is experiencing a recovery in raw milk prices, with a reported average cost of 3.34 CNY/kg for dairy farming [54].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the market index [1]. Core Insights - The food and beverage industry is expected to benefit from the extended Chinese New Year stocking period, which may lead to improved performance in Q1 2026 [5]. - The raw milk price has been stabilizing at a low level, with the average price at 3.02 CNY/kg as of January 8, 2026, indicating a potential turning point in supply and demand dynamics [5]. - The secondary market performance showed a decline of 2.10% in the food and beverage sector, underperforming the CSI 300 index by 1.53 percentage points [10]. - Key companies such as Yuanji Food and Jinxing Beer have submitted applications for listing on the Hong Kong Stock Exchange, indicating growth and expansion in the sector [53]. Summary by Sections 1. Secondary Market Performance - The food and beverage sector experienced a decline of 2.10%, ranking 25th among 31 sectors [10]. - The top five gainers included CITIC Nia, Good Idea, and others, with gains ranging from 5.05% to 8.85% [10]. 2. Major Consumer Goods and Raw Material Prices - As of January 9, 2026, the retail price of fresh milk was 12.18 CNY/liter, and yogurt was 15.88 CNY/kg, showing slight increases [26]. - The price of live pigs was 12.78 CNY/kg, with a week-on-week increase of 1.19% [26]. 3. Industry Dynamics - Yuanji Food reported revenues of 2.026 billion CNY and 2.561 billion CNY for 2023 and 2024, respectively, with a net profit increase of 31% in the first nine months of 2025 [53]. - Jinxing Beer achieved revenues of 3.56 billion CNY and 7.30 billion CNY for 2023 and 2024, respectively, with a significant increase in net profit [53].

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The traditional consumer leaders in the food and beverage sector are exploring new paths, with initial positive results observed. The report highlights the acceleration of white liquor clearance and the catalyzing effect of the peak season for mass-market products [1][13]. - The liquor industry is currently at the bottom of its cycle, with expectations for sales to stabilize over the next three years. The report notes a significant price drop in high-end whiskey (approximately 50%) and a smaller decline in brandy (10-20%) due to decreased demand and a return to reasonable pricing [10]. - In the mass-market segment, companies are actively adjusting strategies, leading to improved performance. Notable companies include Xianle Health, which is leveraging overseas expansion and AI to drive growth, and West Wheat, which is enhancing its competitive advantage through channel expansion [11][12]. Summary by Sections 1. Meeting Feedback: Liquor at Cycle Bottom, Mass-Market Highlights - Liquor is at a cyclical low, with future sales expected to stabilize. The domestic brandy market remains stable, dominated by three major brands [10]. - The mass-market segment shows a divergence in demand, with companies like Xianle and West Wheat continuing to grow, while traditional companies are adjusting to improve performance [11]. 2. Investment Recommendations: Strengthening White Liquor Bottom, Catalyzing Mass-Market Peak Season - The report recommends Moutai and emphasizes the importance of Gujing, anticipating a recovery in demand as the Spring Festival approaches. The report suggests that companies are transitioning from passive responses to proactive adjustments [13]. - In the mass-market segment, the report highlights Anqi as a key recommendation, along with opportunities in restaurant supply chains and snack sectors as the Spring Festival approaches [13].

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The traditional consumer leaders in the food and beverage sector are exploring new paths, with initial positive results observed. The report highlights the acceleration of white liquor clearance and the catalyzing effect of the peak season for mass-market products [1][13]. - The report discusses the current state of the liquor market, indicating that the洋酒 (foreign liquor) sector is at the bottom of its cycle, with expectations for sales to stabilize over the next three years. The decline in high-end whiskey prices has been approximately 50%, while brandy prices have decreased by 10-20% [10]. - In the mass-market segment, companies are actively adjusting their strategies, leading to improved performance. Notable companies include仙乐健康 (Xianle Health),西麦 (Ximai), and妙可蓝多 (Miaokelando), which are leveraging new channels and product innovations to drive growth [11][12]. Summary by Sections 1. Meeting Feedback -洋酒 is currently at the bottom of its cycle, with future sales expected to stabilize. The decline in sales is attributed to decreased demand and a return to reasonable pricing after previous high valuations [10]. - In the mass-market segment, there is a divergence in demand, with companies making adjustments that are starting to yield results. Growth is seen in functional foods and cheese products, while traditional sectors are still facing challenges [11]. 2. Investment Recommendations - For white liquor, the report recommends focusing on茅台 (Moutai) and古井 (Gu Jing), anticipating a recovery in demand as the Spring Festival approaches. The report suggests that the market is transitioning from passive responses to proactive adjustments, with a clearer outlook as the year progresses [13]. - In the mass-market segment,重点推荐安琪 (Anqi) and selected opportunities in餐供 (restaurant supply) such as安井 (Anjing) and巴比 (Babi). The report emphasizes the potential for growth in overseas markets and the importance of cost management [13].

Core Viewpoint - The yellow wine sector is experiencing significant growth, with companies like Kuaijishan (601579) achieving remarkable stock price increases, while traditional liquor stocks are facing declines. The potential for the yellow wine industry to reach a market size of 100 billion is highlighted, driven by high-end, youthful, and nationwide strategies [1][2][12]. Group 1: Market Performance - Kuaijishan's stock surged by 90.15% in 2025, making it the top-performing liquor company, while major white liquor brands like Moutai and Wuliangye saw declines of -6.47% and -19.57% respectively [1][2]. - The yellow wine index recorded a 51.67% increase in the first five months of 2025, outperforming other liquor segments and popular concepts like humanoid robots and pet economy [1][2]. Group 2: Industry Dynamics - The market capitalization of Kuaijishan reached 9.86 billion, while Guyue Longshan (600059) was at 8.32 billion, still significantly lower than Moutai and Wuliangye [2]. - The yellow wine industry accounted for less than 2% of the total liquor market, with a production volume of approximately 4 million tons and sales of around 20 billion in 2024 [2][12]. Group 3: Strategic Changes - Kuaijishan and Guyue Longshan implemented significant price adjustments in April 2025, marking Kuaijishan's first major price increase since 2016, aimed at enhancing the industry's pricing structure [3][5]. - The sales revenue from mid-to-high-end products for Kuaijishan reached 1.065 billion in 2024, constituting 67.26% of its total revenue, while Guyue Longshan's mid-to-high-end sales were 1.398 billion, making up 73.36% [3][4]. Group 4: Consumer Trends - The consumer base for yellow wine is becoming increasingly younger, with 70% of users under 35 years old, indicating a shift in consumption patterns [4][5]. - The introduction of innovative products, such as sparkling yellow wine, has shown potential for breaking into new consumer markets, with significant sales growth during promotional events [4][6]. Group 5: Future Outlook - Analysts suggest that the yellow wine industry could realistically aim for a market size of 300 billion by 2025, with the potential for further growth if high-end products are successfully promoted [2][12]. - Despite the optimistic outlook, some analysts express caution, noting that achieving a 100 billion market size will require sustained innovation and the establishment of strong consumer scenarios [12][13].