香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告內容概不負責，對其準確性或完整性不發表 任何聲明，並明確表示不會就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔 任何責任。 河 南 金 星 啤 酒 股 份 有 限 公 司 （「本公司」） （ 於中華人民共和國註冊成立的股份有限公司） 警告 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司（「 聯 交 所 」）與 證 券 及 期 貨 事 務 監 察 委 員 會（「 證 監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 閣下閱覽本公告，即代表 閣下知悉、接納並向本公司、其聯席保薦人、保薦人兼整體協 調人、整體協調人、顧問或包銷團成員表示同意： – 1 – HENAN KINGSTAR BREWERY CO., LTD 本公告乃承本公司之命作出。本公司董事會（「董事會」）就本公告的準確性共同及個別承擔責任。 HENAN KINGSTAR BREWERY CO., LTD (a) 在聯交 所網站 登載本 公告，並 不引起 本公司 、其聯 席保薦 人、保薦 人兼整 體協調 人、 整體協 調人、 顧問或 包銷團成 員在 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 HENAN KINGSTAR BREWERY CO., LTD 河 南 金 星 啤 酒 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要 求而刊發，僅用作向香港公眾人士提供資料。 本 申 請 版 本 為 草 擬 本 ， 其 所 載 資 料 並 不 完 整 ， 亦 可 能 會 作 出 重 大 變 動 。 閣 下 閱 覽 本 文 件 ， 即 表 示 閣下知悉、接納並向河南金星啤酒股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）、 其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（ 清盤及雜項條文）條例與香港公司註冊處處長登記前，本公 司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意 ...

证券日报网讯1月12日，燕京啤酒（000729）在互动平台回答投资者提问时表示，截至2026年1月9日， 公司股东总户数为45767户。 ...

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector, indicating expected performance above the market index by over 10% [4][5][70]. Core Views - The food and beverage sector is entering a peak stocking season ahead of the Spring Festival, with multiple favorable catalysts for the restaurant supply chain [1]. - The report highlights a divergence in the fundamentals of different categories, with beverages outperforming food and alcoholic beverages [2]. - Key investment themes for 2026 include cost advantages from low raw material prices, efficiency improvements through supply chain optimization, innovation-driven growth, and opportunities for recovery in distressed sectors [3][10]. Summary by Relevant Sections Alcoholic Beverages - The report emphasizes the strong dividend characteristics of the liquor sector, particularly with Moutai's market reforms gradually taking effect. It suggests that high-quality companies with pricing power and regional influence are likely to achieve greater growth [2][10]. - Recommendations include Moutai, Shanxi Fenjiu, and Luzhou Laojiao, with a focus on their growth potential and market positioning [2][10]. Beer - The beer industry is currently managing inventory well and is poised for demand recovery. The report recommends Yanjing Beer for its rapid growth and strong internal reforms [11]. Dairy Products - The dairy sector is experiencing orderly stocking for the Spring Festival, with a recommendation for leading companies like Yili, which is expected to benefit from improved margins and demand recovery [14]. Snacks - The report suggests focusing on strong alpha stocks in the snack sector, particularly those innovating in konjac products. Leading companies like Weidong and Yanjinpuzi are highlighted for their competitive advantages and growth potential [12][17]. Restaurant Supply Chain - The restaurant supply chain is entering a busy stocking season, with clear recovery trends. Recommendations include leading companies in the compound seasoning sector and those with national capacity and channel layouts [13][14]. Beverage Sector - The beverage sector is primarily focused on destocking during the off-season, with stable stocking for the Spring Festival. Leading companies like Nongfu Spring and Dongpeng Beverage are recommended for their aggressive growth strategies [15].

该行预计百威亚太去年第四季的自然收入同比跌5.4%，EBITDA则降10.5%，对比第三季跌幅分别为 8.4%及6.9%。 小摩表示，百威亚太的中国业务持续疲弱，韩国的增长则因较高基数而放缓，而印度的强劲增长亦未能 推动集团表现。虽然公司增加其在家庭渠道的广告和推广投资，中国的销量和利润仍然受压。 智通财经APP获悉，摩根大通发布研报称，预计百威亚太(01876)的自然销售及EBITDA将在2025年分别 下降6.4%和8.6%，并在2026至2027年录得4%、6%的年均增长。另外，该行预计公司的股息率可达 5.7%，为其股价提供下行支持，维持其"中性"评级，目标价由8.5港元下调至7.9港元。 ...

蓝盒子公司早在2023年底，引入上市国内律所北京德恒，美国律所摩根路易斯，美国审计所WWC等知名上市 辅导机构，启动美股上市辅导工作，并与2025年12月以（中国精酿第一股）的定位，引入券商，顺利完成了向 美国证监会上市递表，和中国证券会上市备案递交，正式启动中国精酿产业资本化序幕。 做为中国精酿产业的领导者和主要推动者，蓝盒子基于此次IPO上市计划，会持续募集大量资金，计划推动以 下几个方向布局，推动中国精酿行业普及做大。 1、上市完成，以中国精酿第一股上市公司势能，3年完成全国2000个县市代理网络的搭建，覆盖100万个各地 网点终端，推动企业未来5年高速增长 来源：黄冈新闻网 因抓住了中国啤酒消费升级的结构红利，精酿替换存量工业啤酒大势下，蓝盒子公司（轩博精酿）这几年获得 了飞快发展。 短短3年时间，在线付费用户就超过820万，一举成为（沙利文国际）出具的中国精酿在线销量第一的行业地 位，成为各路资本争向投资的明星项目。 先后获得第一轮：蓝海众力资本和凯盈资本的投资，第二轮：获得了梅花创投、盘古资本投资，第三轮：获得 了野草资本和星烛基金的投资，第四轮：获得了广东和平县政府产业基金的投资，第五轮：获得了 ...

Core Viewpoint - Citigroup has revised down its core net profit forecasts for Qingdao Beer (600600) for 2025 and 2026 by 2% and 3% respectively, and has also lowered its revenue forecast by 1% [1] Group 1 - The valuation benchmark has been adjusted to the 2026 enterprise value/EBITDA [1] - The target price for Qingdao Beer has been increased from HKD 75.2 to HKD 76.1 based on a 12x estimated enterprise value/EBITDA multiple [1] - The "Buy" rating for Qingdao Beer has been maintained [1]

Core Viewpoint - The market is expected to gradually refocus on the consumer sector due to the recovery of high-end consumption and certain mass-market products, along with the implementation of national subsidy policies and funding demands for "high-cut low" strategies [1] Group 1: Market Trends - High-end consumption, including luxury goods and gambling, shows improvement in demand, while some mass consumer goods like beer and dairy products are experiencing governance and structural enhancements [3] - The long-term policy encouragement and low interest rate environment are expected to boost equity allocation dynamics, particularly in high-dividend, stable performance stocks with valuation advantages [1][2] Group 2: Investment Opportunities - Companies with strong global competitive power, particularly in the white goods sector, are enhancing their operational models and supply chains, which is expected to positively impact overall performance [2] - The selected consumer sector stocks have an average dividend yield of over 5% and a projected PE ratio of 13X for 2026, indicating potential for long-term investment [4]

Core Viewpoint - Qingdao Beer has achieved international leading levels in two major technological innovations, marking a significant step in its research and development system that focuses on consumer demand and technological innovation [1][3][5]. Group 1: Technological Innovations - The two recognized technological achievements are "Fresh Beer Full Lifecycle Preservation and Digital Supply Chain System Creation" and "High-Value Green Bio-Manufacturing Key Technologies and Industrialization of Beer By-Products" [1]. - The preservation technology aims to maintain the freshness and flavor of beer throughout its lifecycle, utilizing a digital supply chain for real-time monitoring and optimization [8][9]. - The high-value utilization of brewing by-products, such as saccharification residues and yeast, demonstrates Qingdao Beer's commitment to resource efficiency and sustainability [10][12]. Group 2: Industry Leadership - Qingdao Beer is recognized as a benchmark in the Chinese beer industry, with a history of technological innovation that includes the establishment of the only national key laboratory for beer bio-fermentation [5]. - The company has received the National Science and Technology Progress Award four times, showcasing its leadership in core technologies related to fermentation, flavor control, and green low-carbon practices [5]. - The recent advancements reflect Qingdao Beer's strategic integration of technology and industry innovation, reinforcing its position as a leader in the market [3][10]. Group 3: Market Impact - The innovations are expected to enhance supply chain efficiency and resilience, providing a new paradigm for the industry [9]. - The transition from brewing by-products to high-value functional food ingredients illustrates the company's vision for a sustainable and innovative industry [10][12]. - Qingdao Beer is actively expanding its industrial boundaries into the bio-manufacturing sector, contributing to the "10+1" innovative industrial system in Qingdao [12].

Core Viewpoint - The appointment of Hou Xiaohai as COO of Charoen Pokphand Group (CP Group) in China marks a strategic move to enhance the company's operations in various sectors, including feed, breeding, and food processing, leveraging his extensive experience from his previous role at China Resources Beer [1][2]. Group 1: Company Overview - Charoen Pokphand Group, founded in 1921 by Thai-Chinese businessman Chey That, has a significant presence in the Chinese market, being the first foreign enterprise to enter mainland China after the reform and opening-up [2]. - The company operates across more than ten sectors, including agriculture, food, telecommunications, finance, real estate, pharmaceuticals, and machinery, with a projected global sales revenue of $102.2 billion in 2024 [2]. Group 2: Strategic Developments - Hou Xiaohai will oversee the integration of marketing for CP Group's consumer products, which include eggs, pork, chicken, and feed, indicating a focus on key business segments [2]. - Recent strategic partnerships include a collaboration with China Resources Wanjia to enhance the egg supply chain, and a significant investment of approximately 1.4 billion yuan in a full industry chain project for egg production in Minqing County [4]. - CP Group is expanding its pork and chicken production capabilities, with a new project in Sichuan aiming for an annual output of 180,000 tons of feed and a sales revenue of 3 billion yuan upon full operation [4]. Group 3: Market Positioning and Future Plans - The company is also exploring opportunities in the coffee market, with plans to integrate resources for coffee bean processing in Hainan and Yunnan, aiming to connect China with Southeast Asian trade [5]. - CP Group is set to establish 300 dedicated food stores by 2026, enhancing its "farm-to-table" supply chain strategy [6]. - The company faces challenges in adapting to the evolving consumer landscape, particularly among younger demographics, necessitating a more agile approach to market engagement [7]. Group 4: Leadership and Experience - Hou Xiaohai's extensive experience in brand integration and market operations at China Resources Beer is expected to be instrumental in replicating successful strategies within CP Group's diverse consumer product lines [9].