智通财经记者 | 秦李欣 11月25日，西藏发展发布《关于筹划重大资产重组的进展公告》，称其持有拉萨啤酒50%股权，拟现金收购嘉士伯所持该公司另50%股权，交易完成后，将 实现对拉萨啤酒的100%控股，有利于突出主业，提升整体竞争力。 2025年11月25日，西藏发展股份有限公司发布《关于筹划重大资产重组的进展公告》。图：深交所官网 西藏拉萨啤酒有限公司于2004年，由西藏发展股份有限公司和嘉士伯国际有限公司各控股50%成立。但根据当时公布的公告，拉萨啤酒董事会中，西藏发展 占多数席位，且董事长由西藏发展董事担任。也就是说，在这场交易中，嘉士伯更多以股东身份加盟拉萨啤酒，公司实际经营决策权在西藏发展手里。 长达近十年的拉锯战，ST西发（000752.SZ，下称"西藏发展"） 与嘉士伯围绕拉萨啤酒的股权之争，在2025年末迎来一个关键节点。 这场合作与当时中国啤酒市场的浪潮与嘉士伯的战略转向有关。据东吴证券，1992年至2002年期间，百威、嘉士伯、狮王等为代表的国外啤酒品牌纷纷在中 国建立合资企业或外商独资企业。随着2002年，中国超过美国成为世界最大啤酒市场，在华业务受挫的嘉士伯于2003年大胆进军布局中国 ...

Core Viewpoint - The sudden resignation of Hou Xiaohai, the chairman of China Resources Beer, raises questions about the future direction of the company and its ambitious dual growth strategy in both beer and liquor sectors [1][3][10]. Company Leadership Changes - Hou Xiaohai resigned from his position as chairman and other committee roles effective June 27, 2023, to focus on personal matters [1][3]. - Zhao Chunwu, the executive director and president, will temporarily assume the responsibilities of the chairman during the transition period [3]. Historical Context and Achievements - Hou Xiaohai played a pivotal role in the transformation of China Resources Beer, leading the company to become a market leader through strategic acquisitions and brand development [5][9]. - Under his leadership, the company implemented the "3+3+3" strategy aimed at enhancing product quality and achieving high-end market leadership by 2025 [8][9]. Financial Performance - During Hou's tenure, the company's revenue grew by over 10 billion, and net profit increased nearly fourfold [9]. - However, in 2024, the company reported a revenue of 40.57 billion, a decline of 2.44% year-on-year, and a net profit of 4.739 billion, down 8.03% [9]. Liquor Business Strategy - The liquor segment was seen as a second growth curve for the company, with significant investments exceeding 20 billion in various liquor acquisitions [10][11]. - Despite ambitious plans, the liquor business has not met expectations, with 2024 revenue at 2.149 billion, falling short of the projected growth targets [11][12]. Market Reactions and Future Challenges - The leadership change has sparked market interest, with analysts noting that the company's future direction will depend on strategic planning and organizational capabilities rather than individual leadership [13]. - The new leadership will face challenges in high-end market penetration and integrating beer and liquor operations effectively [13].