Financial Data and Key Metrics Changes - The company reported stronger-than-expected beer operating margins in Q3, despite volume declines, attributed to cost savings initiatives and favorable pricing actions [8][9] - The depreciation benefit seen in Q3 is expected to turn into a headwind in Q4 as additional assets come online [9][31] - The company maintained its full-year guidance, indicating modest beer operating margins in Q4 due to seasonality and other headwinds [7][12] Business Line Data and Key Metrics Changes - The beer portfolio experienced mid-single-digit distribution growth in the quarter, with significant gains in brands like Pacifico and Victoria [25][26] - The company continues to invest in capacity expansion, planning for an additional 7 million hectoliters by fiscal 2028, with a focus on managing capital expenditures [16][17] Market Data and Key Metrics Changes - The company noted that 75% of Hispanic consumers are concerned about the socioeconomic environment, impacting their spending patterns [26] - The beer category remains challenged, particularly among Hispanic consumers, but the company is focusing on distribution and brand health to navigate these challenges [26][37] Company Strategy and Development Direction - The company aims to enhance distribution capabilities across the U.S., leveraging strong brand performance to gain shelf space [25][26] - Continued emphasis on brands like Pacifico, which has shown significant growth and engagement, is part of the strategy to strengthen the portfolio [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the beer business plateauing, with potential recovery driven by upcoming events like the World Cup [37][38] - The macroeconomic environment has worsened since previous guidance, which will be reflected in future planning [12] Other Important Information - The company is adjusting pricing strategies for brands like Modelo Oro and Corona Premier to align with consumer expectations, which has resulted in improved trends for these products [46][47] - The company is monitoring the cannabis market developments but does not currently engage in the cannabis business [54] Q&A Session Summary Question: Insights on beer operating margins - Management highlighted that Q3 margins were impacted by volume declines, tariffs, and logistics, but offset by cost savings and favorable pricing [8][9] Question: Long-term beer margin expectations - Management indicated that guidance for FY 27 and beyond will be provided in April, considering the current macroeconomic conditions [12] Question: Distribution growth and shelf space - Management remains optimistic about distribution growth, noting significant gains in states and the potential for further expansion [25][26] Question: Impact of World Cup on sales - Management expects the World Cup to drive beer occasions, particularly among Hispanic consumers, and plans to leverage promotional activities around the event [57][58] Question: Pricing environment and adjustments - Management anticipates continued pricing adjustments in response to market conditions, with a focus on meeting consumer needs [46][47]

Core Viewpoint - Kouzi Jiao (603589.SH) forecasts a significant decline in net profit for the fiscal year 2025, projecting a decrease of 50% to 60% compared to the previous year, primarily due to market differentiation in the liquor industry and changes in distribution channels [1] Financial Performance - The expected net profit attributable to shareholders is estimated to be between 662 million yuan and 828 million yuan [1] - The net profit after deducting non-recurring gains and losses is projected to be between 645 million yuan and 811 million yuan, reflecting a year-on-year decrease of 49.65% to 59.93% [1] Market Conditions - The decline in profit is attributed to a significant drop in sales of high-end liquor products, which are the core profit source for the company [1] - The overall revenue is expected to decrease due to a combination of declining demand and policy changes affecting the industry [1] Cost Management - Despite the decrease in revenue, the reduction in management and sales expenses is not expected to match the decline in total revenue, leading to a larger decrease in total profit [1]

Core Viewpoint - A Kenyan beer distribution firm is attempting to block Diageo's $2.3 billion sale of its local subsidiary EABL to Japan's Asahi Holdings due to ongoing litigation [1] Group 1 - The Kenyan beer distribution firm has filed a case at Kenya's High Court [1] - The case is aimed at preventing the sale of EABL, which is a subsidiary of Diageo [1] - The sale is valued at $2.3 billion [1] Group 2 - The litigation is cited as the reason for the attempt to block the sale [1] - Asahi Holdings is the prospective buyer of EABL [1]

长江商报消息●长江商报记者 沈右荣 1月5日晚，重庆啤酒披露，公司与参股公司重庆嘉威啤酒有限公司（以下简称"嘉威"）之间的合同纠 纷，在法院调解下，得以结案。公司方向嘉威一次性支付截至2025年底的全部量价差结算款1亿元（不 含税），并对2026年至2028年的产品包销方面的合作方式进行约定。 此次诉讼由嘉威啤酒在2023年发起，近年来，双方因包销协议的履行细节而产生争议。 重庆啤酒称，此次调解完成，公司拟将此前计提的预计负债2.54亿元冲回，拟计提一次性支付的量价差 结算款等负债约2.17亿元。此番会计处理，预计将增加2025年归母净利润1907.96万元。 近年来，重庆啤酒"卖不动"。2024年，公司销售费用25.13亿元，但当年的营业收入为146.45亿元，同比 下降1.15%。2025年前三季度，公司营业收入及归母净利润同比双降。 卸下历史包袱后，重庆啤酒该如何破局？ 多年包销纠纷达成和解 重庆啤酒的包销纠纷终于了结。 重庆啤酒（600132.SH）长达18年的包销纠纷终于经法院调解得以化解。 增长乏力归母净利连续下降 重庆啤酒业绩增长乏力，急需突围。 嘉威是重庆啤酒的参股公司，双方于2007年签署《 ...

Core Insights - Anheuser-Busch InBev is set to invest $30 million in its U.S. brewery as part of a strategy aimed at creating and sustaining manufacturing jobs in the country [1] Company Strategy - The investment reflects Anheuser-Busch InBev's commitment to enhancing its manufacturing capabilities within the United States [1] - This move is aligned with the company's broader goal of supporting local job creation in the manufacturing sector [1]

Core Insights - Anheuser-Busch has announced a $30 million investment in its Jacksonville Brewery and Can Plant to increase production of Michelob ULTRA, which is the top-selling and fastest-growing beer in the U.S. [1][2] Investment and Economic Impact - The $30 million investment is part of Anheuser-Busch's Brewing Futures initiative, which has seen over $300 million invested in U.S. facilities in the past year to support American manufacturing jobs [2][3] - The investment aims to enhance brewing and packaging capabilities, thereby expanding the production capacity for Michelob ULTRA and contributing to local economic growth [2][3] Market Position - Michelob ULTRA is recognized as the 1 top-selling beer nationwide and in Florida, with strong performance in bars and restaurants as confirmed by Nielsen [2][3] Community and Workforce Development - The investment is expected to create new jobs and provide opportunities for workforce development in Jacksonville, aligning with local government support for manufacturing growth [3][5] - Anheuser-Busch has invested over $100 million in its Jacksonville facilities since 2021, part of nearly $2 billion invested across its 100 U.S. facilities in the last five years [3][4] Company Overview - Anheuser-Busch has a legacy of over 165 years in brewing and is committed to creating economic prosperity through investments in people, facilities, and communities [4][5] - The company is recognized as the only alcohol manufacturer investing at such a scale in the U.S. [4]

Core Concept - Dogfish Head is promoting a unique pop-up experience called "30 Minute Time Bank" to encourage individuals to take a break during the busy New Year season, highlighting the brewery's 30 Minute Light IPA as a perfect beverage choice for this initiative [1][2][3] Group 1: Event Details - The "30 Minute Time Bank" is a one-day pop-up event designed to provide attendees with 30 uninterrupted minutes to relax and engage in sensory experiences [1][2] - The event will feature interactive stations that include music, creative activities, and complimentary samples of the 30 Minute Light IPA [3][4] - The pop-up is free and open to individuals aged 21 and over, with an option to register in advance via Eventbrite [5] Group 2: Product Information - The 30 Minute Light IPA is a low-calorie beer option with only 95 calories and 3.6g of carbs per 12oz can, making it a healthier choice without sacrificing flavor [4][8] - This IPA is characterized by its continual hopping process, resulting in a less bitter and more aromatic profile compared to traditional IPAs [4][8] - The beer is positioned as part of Dogfish Head's Minute Series, appealing to consumers looking for flavorful yet lighter beer options during the New Year [4][8] Group 3: Company Background - Dogfish Head has been committed to brewing unique beers with high-quality ingredients for over 30 years, expanding its offerings to include spirits and ready-to-drink cocktails [5] - The company emphasizes creativity and non-conformity in its brewing philosophy, aligning with the "better-for-you" trend in the beverage industry [3][5]

Core Viewpoint - The beer giant has agreed to repurchase a minority stake in its U.S.-based metal container plants, enhancing its supply security [1] Group 1 - The repurchase involves taking back the company's share of the facilities [1] - This strategic move is aimed at boosting supply security for the company [1]

重庆啤酒公告称，公司与参股公司嘉威的合同纠纷二审达成调解，2025年12月31日签订《调解协议》并 领取调解书。一审曾判公司向嘉威支付3.53亿元，调解后公司或子公司将一次性支付嘉威截至2025年底 量价差结算款1亿元（不含税），并就2026 - 2028年合作及嘉威分红等事宜约定。会计处理预计冲回预 计负债2.54亿元，计提负债2.17亿元，增加2025年度利润总额3710.55万元、归母净利润1907.96万元。 ...

Core Viewpoint - Guizhou Moutai Co., Ltd. has established a wholly-owned subsidiary, Guizhou Aimo Tai Digital Technology Co., Ltd., with a registered capital of 600 million yuan, aimed at integrating its digital and information management operations [1]. Company Establishment - Guizhou Aimo Tai Digital Technology Co., Ltd. was officially registered on January 1, 2026, with a registered capital of 600 million yuan [1]. - The legal representative of the new company is Wang Xiaopeng, who is the director of the Digital and Information Management Department of Moutai Group [1]. - The company is located in the Guizhou Province, Guiyang City, and is classified under the industry of other software development [1]. Business Operations - The operational scope of Guizhou Aimo Tai includes internet information services, software development, information technology consulting, and blockchain-related software and services [1]. - The iMoutai app has undergone a significant update, merging previous features into a unified "iBuy" entry point [1]. - The 2026 vintage Feitian Moutai, priced at 1499 yuan per bottle, was launched on the same day, with a purchase limit of 12 bottles per person per day, selling out within half an hour [1]. - Future product offerings will include vintages from 2019 to 2024, premium Moutai, and zodiac-themed products, creating a comprehensive product matrix [1].