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惠泉啤酒20250703
2025-07-03 15:28
摘要 惠泉啤酒一季度业绩创历史新高,得益于公司精细化耕耘市场,导入作 业绩效体系、标准化执行和强化技术创新,提升产品品质,赢得消费者 认可。 公司形成以依奈啤酒、小鲜啤酒、老惠泉啤酒和惠泉 1983 等主要单品 为引领、个性化单品为支撑的产品矩阵,精准切入高端市场,显著贡献 利润,并积极推进精酿系列产品。 公司积极拓展多元消费场景,如传统餐饮、夜场、音乐节、烧烤摊、露 营等,在泉州市场结合当地文化深度耕耘,市占率已达区域头部水平, 约为 30%. 公司近年来推动高端化产品发展,老惠泉和 1983 系列市场表现良好, 消费者认可度提升,增长幅度显著。高端化产品比例约为 20%,未来将 持续提升。 依麦产品占公司总销量 50%以上,去年下半年开始逐步提价,福建区域 已取消 5 元价位产品,计划稳住 7 元并逐步提升至 8 元,上半年初步验 证显示价格升级顺利。 Q&A 今年上半年公司经营情况如何?外部环境变化对公司有何影响? 今年上半年,公司在收入和利润方面表现优异,领先于行业。中国啤酒行业目 前处于存量竞争阶段,重点围绕个性化、高端化、健康化和年轻化展开竞争。 消费者的消费习惯和理念不断成熟,对产品品质的追求也 ...
失手金沙,华润啤酒董事长离场
6 月 27 日,华润啤酒( 0291.HK )公告称,董事会主席侯孝海辞任,且不再担任董事会辖下财务 委员会主席、执行委员会以及购股权总务委员会各自之成员。 侯孝海离任的原因,白酒业内不少人的第一反应是,或与其主持高达 123 亿对价的金沙收购有关。 导 语:"啤白协同"本不存在。但在"泡沫年代",品牌与渠道的认知错位之下,它成为一个听上 去顺理成章的故事。 减不减值? 曾主持"白酒史上最大并购案"的董事长,离开了。 以笔者在行业走访来看,从投资者到白酒从业者,从收购动议到运营至今,几乎没有人对该项目抱 有积极和正面的评价。 对比侯孝海离职,投资者更关心的是,接下来,收购金沙产生的 74 亿元商誉,是否会被计提减 值、从而影响华润啤酒业绩? 图源:华润啤酒财报 业内人士告诉笔者,华润啤酒在去年秋天某交流会中表示:金沙不亏损不减值;如亏损,视现金流 而定。 不过,按照行业"潜规则",新领导就任后,公司大概率会出现"业绩洗澡"。这样做,一来,能把"包 袱"甩给前任;二来,可降低就职前的业绩基数,便于在自己任期内做出高增长。 蒙牛( 2319.HK )上一任总裁卢敏离职后,高飞于 2024 年 3 月接任。蒙牛 ...
食品饮料周报:飞天茅台批价小幅波动,关注IFHM港股上市-20250703
Tianfeng Securities· 2025-07-03 09:12
Investment Rating - Industry rating: Outperform the market (maintained rating) [6] Core Views - The liquor sector is experiencing a decline in sentiment due to fluctuations in the price of Feitian Moutai, with leading companies actively exploring new consumption scenarios and demographics [2][13] - The health products, soft drinks, and snacks sectors are viewed positively due to high growth potential, low base effects, and upcoming peak seasons [4][15] Summary by Sections Market Performance Review - The food and beverage sector saw a decline of 0.88% from June 23 to June 27, while the Shanghai Composite Index rose by 1.95% [1][22] - Specific sector performances included health products (+3.65%), baked goods (+2.72%), and soft drinks (-0.58%) [1][22] Liquor Sector Insights - The white liquor sector declined by 1.66%, attributed to seasonal demand weakness and price fluctuations of high-end products like Feitian Moutai [2][13] - Current prices for 25-year Moutai (original/scattered) are 1870 RMB/1800 RMB, down by 80 RMB/100 RMB from the previous week [2][13] - The Shunwan white liquor index PE-TTM is at 18X, which is considered low compared to the historical average [2][13] Health Products and Snacks - The health products sector is experiencing a growth trend, with a 3.65% increase this week, driven by new consumption trends [20] - The snack sector is expected to benefit from low base effects and new product launches, with companies like Three Squirrels and Salted Fish being highlighted [17][21] Soft Drinks and Beer - The soft drink sector saw a slight decline of 0.6%, with notable performances from brands like Master Kong (+5.4%) and Nongfu Spring (+5.3%) [4][15] - The beer sector declined by 1.9%, but there is optimism for recovery with upcoming consumption policies [4][15] Investment Recommendations - Focus on strong alpha companies in the liquor sector such as Shanxi Fenjiu and Guizhou Moutai, which are expected to benefit from market consolidation [4][21] - In the consumer goods sector, companies that align with cost reduction and market share growth strategies are recommended, including Li Gao Foods and Nongfu Spring [4][21]
将快乐带到大江南北内蒙古呼和浩特青岛啤酒音乐节开幕
Xin Lang Cai Jing· 2025-07-03 07:36
Core Viewpoint - The second Hohhot Qingdao Beer Music Festival, themed "Gathering in Qing City, Cheers to the World," showcases a variety of Qingdao Beer products and emphasizes the fusion of traditional culture with modern trends [1][2][3] Group 1: Event Highlights - The festival features multiple beer varieties from Qingdao Beer, including classic, pure draft, white beer, and IPA, attracting local citizens and visitors [1] - A giant stage equipped with advanced sound and light technology enhances the sensory experience for participants, creating a vibrant atmosphere [2] - The event is held at "Guangchang Huadeng," a scenic area in Hohhot, covering 22,000 square meters, with interactive installations like a 570-square-meter inflatable and a 600-square-meter "Everything Can Be Beer" zone [2] Group 2: Cultural Integration - The festival promotes local culinary delights, such as grilled lamb skewers, paired with Qingdao Beer, highlighting the cultural synergy between different regions [2][3] - The event is part of a broader series of Qingdao Beer festivals across China, including recent festivals in Taiyuan and Yangzhou, showcasing the brand's nationwide appeal [3] - The festival incorporates innovative experience modules, including a VIP brand experience area and local specialty food stalls, enhancing the overall visitor experience [3]
华润啤酒老帅离场:“勇闯天涯”的开拓者,豪赌白酒留下残局
Guan Cha Zhe Wang· 2025-07-03 06:54
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].
泉城夏日“酒”等这一杯!济南青岛啤酒节持续引爆夏日消费热潮
Qi Lu Wan Bao· 2025-07-03 04:33
当啤酒花的馥郁香气在济南奥体北广场悄然弥漫,一场沁凉酣畅的啤酒狂欢正为泉城夏夜注入蓬勃消费活力。 大篷里藏着啤酒"百宝箱" 啤酒节成泉城热门打卡点 "朋友经常给我推荐来济南奥体青岛啤酒节,今天从槐荫区专门打车来的。"95后市民小林举着刚买的青岛啤酒原浆说,"这原浆喝起来跟口感很好,泡沫绵 密,在这跟朋友听着音乐,吹着晚风,喝着冰啤酒太爽了!" 为给消费者提供快乐升级的啤酒节体验,今年济南青岛啤酒节首次采用大篷形式。相较于传统露天啤酒节,大篷内不仅环境舒适,不受天气变化影响,更营 造出浓厚的欢聚氛围。同时,舞台表演也更具聚焦感,观众得以全身心沉浸在音乐与啤酒交织的欢乐之中。 6月21日起,济南青岛啤酒节带着冰镇快乐来袭,奥体中心北广场化身快乐"发酵池",活动现场人声鼎沸、座无虚席。这里既有冷链鲜啤的舌尖"暴击",也 有地标文创的"City Walk",更有共同碰杯的快乐共振,让每个来啤酒节的人都能解锁"啤酒香气里的泉城浪漫"。 一进入大篷内,青岛啤酒"全家桶"整齐陈列:刚下生产线就坐冷链车赶来的原浆、纯生、白啤、黑啤、IPA,个个带着冰雾感,吨吨吨灌下去全是舌尖上的 新鲜"暴击",同时还有经典、一世传奇、百年之 ...
青岛啤酒(600600):深耕国内国际市场,坚定落实多产品组合
China Post Securities· 2025-07-03 02:07
证券研究报告:食品饮料 | 公司点评报告 股票投资评级 买入|维持 个股表现 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 青岛啤酒 食品饮料 资料来源:聚源,中邮证券研究所 公司基本情况 | 最新收盘价(元) | 68.42 | | --- | --- | | 总股本/流通股本(亿股)13.64 | / 7.09 | | 总市值/流通市值(亿元)933 | / 485 | | 52 周内最高/最低价 | 81.67 / 53.96 | | 资产负债率(%) | 41.9% | | 市盈率 | 21.44 | | 第一大股东 | 香港中央结算(代理人) | | 有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 青岛啤酒(600600) 深耕国内国际市场,坚定落 ...
中国“央企第一人”:执掌四家世界500强,管理资产万亿,啥来头
Sou Hu Cai Jing· 2025-07-02 23:07
2025年第一季度,华润集团无论营收,还是利润都实现了双增长,营收达到了2043亿元,利润总额为192亿元,整体经营业绩再创新高。 2024年,它在《财富》世界500强中排第72位,旗下实体企业约2000家。 有一种说法是,"如果韩国人的一生离不开三星,那么中国人的一生很大程度上离不开华润集团"! 然而,谁又能想到,就是这样一个"巨无霸"企业,营收曾从700亿元跌到200多亿元。多亏一个人的出现,才使华润集团从600亿的规模做到了万亿元。 不仅华润,他还将中粮集团的总资产额从598亿元盘到了4624亿元,中化集团从年净亏损额从5510万美元盘到净利润7亿美元,并将中化集团和中国化工集团 合并成为全球最大的化工集团,资产规模超1.5万亿。 而这个传奇般的人物就是宁高宁,全世界唯一一位执掌了4家世界500强的企业家,这些企业总资产远超阿里、京东、腾讯的总和。 外界称他是"中国韦尔奇",但他说自己只是一个"国企放牛娃"。 宁高宁上过山下过乡,还当过2年炮兵。他是幸运的,高考恢复后,从一名炮兵成为一名大学生。但遗憾的是,他被调剂到了冷门的经济系。 但他依旧认真学习并慢慢地喜欢上了经济学。 1983年,宁高宁为了能学到 ...
挥别华润,这位老将又要“勇闯天涯”?
以下文章来源于瞰华东 ,作者瞰华东 瞰华东 . "瞰"经济,"瞰"行业,"瞰"消费,"瞰"未来更多可能! 作 者 | 苗野 来源 | 瞰华东 导语:董事会主席侯孝海的人事变动恰好发生在华润啤酒五年来的首次营收下滑之际,2025年 又被华润啤酒称为"3+3+3"战略的决胜之年,在关键节点更换掌舵人,引发市场对公司战略延 续性的疑虑。 中国啤酒行业的传奇人物正悄然退场。 6月27日,华润啤酒的一纸公告官宣公司董事会主席侯孝海辞去所有职务,即时生效。 这位从基层销售一路晋升至千亿啤酒帝国掌舵者的传奇人物,24年征战酒业江湖,从"勇闯天涯"的 品牌缔造者到百亿并购操盘手,终在57岁的节点选择结束自己在"华润系"的职业生涯,留下一个辉 煌与争议交织的酒业帝国。 公告给出的辞职原因是"有意投入更多时间于个人安排"。就在一个半月前,侯孝海曾两度大规模减 持公司股票,合计抛售93.8万股,套现2611.85万港元,持股比例骤减92%,这一动作被市场解读为 告别信号。 "不会去喜力啤酒任职,也不会回成都创业,可能会当老师。"侯孝海对外表达了卸任后的去向,并 在朋友圈晒出自家花园里种植的瓜果蔬菜。 但这一系列变动恰好发生在华润啤 ...
金星啤酒凭中式精酿“换道超车”,流量能否换留量?
Sou Hu Cai Jing· 2025-07-02 04:41
Core Insights - Jin Xing Brewery has achieved significant success with its "Chinese craft beer," reaching a production and sales volume of 10,000 tons (100 million bottles) within 10 months, generating a revenue of 1 billion yuan and paying 120 million yuan in taxes [1][3][5] - The brewery's growth is attributed to its innovative product, the Jin Xing Xinyang Maojian craft beer, which combines tea and beer, utilizing a unique low-temperature extraction technique [3][5] - The company has expanded its product line to include various tea-infused beers and food beers, responding to market trends and consumer preferences [6][8] Market Position and Strategy - Jin Xing Brewery's marketing strategy has heavily focused on online channels, successfully leveraging platforms like Douyin (TikTok) to reach younger consumers, with significant sales during events like Double Eleven [11][12] - The brewery has established a nationwide presence, covering 31 provinces, with a strong focus on the Henan region [12] - The company has faced challenges from competitors, with over a hundred imitators entering the tea beer market, necessitating continuous innovation to maintain its competitive edge [13][18] Future Outlook - Jin Xing Brewery plans to continue its product innovation, with upcoming launches in floral and fruit-flavored craft beers, aiming to sustain its market momentum [16] - The competitive landscape is intensifying, with major players holding over 90% of the market share, which poses a challenge for Jin Xing Brewery as it seeks to convert its initial success into long-term brand loyalty [18] - The company has expressed intentions to pursue an IPO, aiming for a listing by 2025, as it seeks to leverage capital markets for further growth [18]