截至12月31日，燕京啤酒股东户数5.49万，较上期增加23.76%；人均流通股45705股，较上期减少 19.20%。2025年1月-9月，燕京啤酒实现营业收入134.33亿元，同比增长4.57%；归母净利润17.70亿元， 同比增长37.45%。 1月7日，燕京啤酒盘中上涨2.00%，截至13:09，报12.24元/股，成交2.30亿元，换手率0.76%，总市值 344.99亿元。 资金流向方面，主力资金净流出661.48万元，特大单买入540.95万元，占比2.36%，卖出601.84万元，占 比2.62%；大单买入3292.62万元，占比14.34%，卖出3893.21万元，占比16.96%。 燕京啤酒今年以来股价涨8.99%，近5个交易日涨8.70%，近20日跌0.81%，近60日涨1.58%。 资料显示，北京燕京啤酒股份有限公司位于北京市顺义区双河路9号，成立日期1997年7月8日，上市日 期1997年7月16日，公司主营业务涉及啤酒、水、啤酒原料、茶饮料、酵母、饲料等产品的制造和销 售。主营业务收入构成为：啤酒92.26%，其他5.86%，茶饮料0.97%，饲料0.80%，天然水0.11%。 燕 ...

Group 1: Core Insights - The report from Guosheng Securities indicates that the liquor industry is expected to fully release risks by 2025, with improvements in supply and demand anticipated in 2026, characterized by a "supply-first, demand-gradual" recovery [1] - Current market conditions show a triple bottom in sales, pricing, and financial reports, with short-term improvements in sales expected during the Spring Festival, and mid-term recovery in sales, pricing, and financial reports anticipated [1] Group 2: Consumer Trends - The overall consumption landscape is stabilizing, but prices are under pressure, with structural growth changes continuing; the food and beverage sector saw a cumulative decline of 4% in 2025, with liquor significantly impacted, down 7% year-to-date [1] - High-end consumption is recovering first, with experiential consumption leading the way; product life cycles are shortening, and there is a clear trend towards health-oriented products and improved trust in channels [1] Group 3: Liquor Industry Analysis - The supply side is clearing, with leading companies like Kweichow Moutai and Wuliangye stabilizing prices and boosting channel confidence; the industry is expected to prioritize volume over price and focus on sales and market share in 2026 [2] - Demand is gradually recovering, with sales showing signs of improvement; the peak sales period around the Spring Festival is expected to see continued recovery, particularly for leading brands [2] Group 4: Beer and Beverage Sector - The beer sector is anticipated to benefit from restaurant recovery, with expectations for volume and price performance to exceed forecasts; key stocks include Beijing Beer and China Resources Beer [3] - The beverage industry is expanding steadily, with segments like sugar-free tea and energy drinks leading growth; companies with strong brand and channel capabilities are likely to stand out in a competitive landscape [3] Group 5: Food Sector Insights - The restaurant supply chain is seeing a recovery in demand, with price wars easing; leading companies like Anjijia are expected to navigate price pressures effectively [4] - The snack sector is focusing on retail transformation and product-driven growth, with opportunities for standout products; the dairy sector is expected to see a turning point in raw milk cycles in the second half of 2026 [4] - The health supplement market in China is still in a growth phase, with new ingredients and effects presenting explosive opportunities; companies like H&H International Holdings are highlighted for their resilience [4]

重庆啤酒（600132）(600132.SH)长达18年的包销纠纷终于经法院调解得以化解。 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。 嘉威是重庆啤酒的参股公司，双方于2007年签署《战略合作协议》、2009年签署《产品包销框架协 议》、2016年签署《补充协议》 ...

格隆汇1月6日｜全球最大啤酒酿造商百威英博表示，将斥资约30亿美元回购在美国金属容器工厂49.9% 的股份。公司指，将利用现金支付的回购选择权，预计在第一季完成交易。公司于2020年将其在美国包 装业务的少数股权出售予基金投资者，以帮助偿还债务。 ...

Group 1 - The core point of the article is that Qingdao Beer Group Co., Ltd. has increased its registered capital from approximately 1.34 billion yuan to about 1.63 billion yuan [1] Group 2 - The change in registered capital indicates a potential expansion or investment strategy by the company [1] - The increase in capital is significant, reflecting a growth trend within the company [1] - This adjustment in capital structure may enhance the company's financial stability and operational capacity [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者 | 方璐、于婞 是否真正化干戈为玉帛，后续看业绩。 斗了两年多，终于消停了。 1月6日，重庆啤酒（600132.SH）宣布，公司与参股子公司重庆嘉威在二审阶段达成调解，诉讼程序以 调解结案。重庆啤酒公告称，上市公司为上诉人，原审本诉被告，原审反诉原告。从这句绕嘴的话可看 出，重庆啤酒与重庆嘉威"窝里斗"两年多，时而东风压了西风，时而西风压了东风。最终，风平浪静。 双方原本就是"一家人"，此次达成调解，可以实现"一家亲"齐头并进提升业绩了吗？对于该问题，重庆 啤酒方面仅表示，以公告为准。单从赔偿金大降角度看，重庆啤酒或许会眉开眼笑。原先一审判令重庆 啤酒10日内向重庆嘉威支付约3.53亿元，重庆啤酒上诉后，双方达成调解，核心是由重庆啤酒或其子公 司向重庆嘉威一次性支付截至2025年12月31日前的全部量价差结算款1亿元。 中国酒文化品牌研究院智库专家蔡学飞认为，对重庆啤酒而言，二审调解结案意味着这场持续多年的诉 讼纠纷最终以相对可控的方式解决，避免了判决结果可能带来的更大不确定性或潜在损失，而且有助于 重庆啤酒减 ...

Market Overview - The non-baijiu sector increased by 0.86% compared to the previous trading day, with *ST Lanhua leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] Stock Performance - The top-performing stock was *ST Lanhua, closing at 676 with a rise of 4.98% and a trading volume of 25,300 shares [1] - Other notable stocks included Zai Liang Beer, which rose by 1.78% to 12.00, and Mogaogongsi, which increased by 1.31% to 5.42 [1] - The overall trading volume and turnover for various stocks in the non-baijiu sector were significant, with Zai Liang Beer achieving a turnover of 418 million yuan [1] Capital Flow - The non-baijiu sector experienced a net outflow of 16.92 million yuan from institutional investors, while retail investors saw a net outflow of 6.90 million yuan [2] - Conversely, speculative funds recorded a net inflow of 23.83 million yuan [2] Individual Stock Capital Flow - Qingdao Beer had a net inflow of 22.44 million yuan from institutional investors, representing 8.06% of its total capital flow [3] - *ST Lanhua saw a net inflow of 6.04 million yuan from institutional investors, accounting for 25.51% of its capital flow [3] - In contrast, Huichuan Beer experienced a net outflow of 2.87 million yuan from institutional investors, indicating a negative sentiment [3]

Core Viewpoint - The report from Haitong International indicates a rebound in investor risk appetite during the New Year period, with expectations for the consumer staples sector to follow suit, although the overall fundamentals lack catalysts [1] Demand - Among the eight key consumer sectors tracked in December, four showed positive growth while four experienced negative growth. The growing sectors included condiments, frozen foods, soft drinks, and dining, while the declining sectors included high-end and mid-range liquor, dairy products, and beer. Compared to the previous month, most sectors, except high-end liquor, saw improvements in year-on-year growth rates [2] Pricing - In December, the prices of most liquor products stabilized, with specific prices for various brands noted. For example, the price for Feitian liquor was 1600 yuan per box, down 50 yuan from the previous month and down 720 yuan year-on-year. The price for Wuliangye was 820 yuan, up 20 yuan from the previous month but down 100 yuan year-on-year [3] Cost - The cost index for six categories of consumer goods showed mixed results in December. The cost indices for soft drinks, instant noodles, condiments, dairy products, frozen foods, and beer changed by +1.06%, +0.49%, -0.29%, -0.45%, -0.54%, and -1.05% respectively. Prices for raw materials such as aluminum cans and paper saw significant year-on-year changes [4] Capital - As of the end of December, net inflows into Hong Kong Stock Connect amounted to 20.825 billion yuan, a decrease from the previous month's inflow. The market capitalization of the consumer staples sector accounted for 5.61% of the total, an increase of 0.2 percentage points from the previous month [5] Valuation - By the end of December, the historical PE ratio for A-share food and beverage sectors was at 16% (20.3x), a decrease of 5 percentage points from the previous month. The median valuation for leading food and beverage companies in A-shares remained stable at 22x [6]

Group 1 - The report suggests that the liquor industry is expected to experience a dual improvement in supply and demand in 2026, following a risk release in 2025, with a focus on short-term sales recovery and mid-term structural and dividend considerations [4][78] - The consumer market is stabilizing, with structural growth changes continuing, as evidenced by a 4% decline in the food and beverage sector in 2025, which underperformed the Shanghai and Shenzhen 300 index by 20% [15][18] - The report highlights a significant differentiation in performance among consumer goods, with health products and frozen food sectors showing increases of 18% and 15% respectively, while liquor and beer sectors faced declines of 7% and 9% [15][18] Group 2 - The liquor sector is characterized by a threefold bottoming out, with supply clearing and value becoming more apparent, as major brands like Moutai and Wuliangye stabilize prices and restore confidence in the market [52][78] - The beer and beverage sectors are expected to benefit from a recovery in dining, with a focus on leading brands that can outperform expectations in terms of volume and price [4][52] - The food sector is positioned for recovery and growth, with a focus on strong alpha stocks, particularly in the restaurant supply chain and snack categories, as demand begins to rebound [4][52] Group 3 - The report indicates that the high-end consumer segment is showing signs of recovery, with luxury retail sales improving and experience-based consumption leading the way [30][33] - The report notes that the overall retail landscape is evolving towards discount retail, quality retail, and instant retail, reflecting a shift in consumer preferences [40][46] - The report emphasizes the importance of product innovation and channel development in the liquor industry, with a focus on lower alcohol content and appealing to younger consumers [72]

Core Viewpoint - The article highlights the rising popularity of Qingdao Draft Beer, emphasizing its freshness and unique qualities that appeal to consumers, particularly during festive gatherings like the Spring Festival [2][3]. Group 1: Product Definition and Standards - Qingdao Draft Beer is defined as "fresh beer" according to the national standard, which allows for the presence of live yeast and does not undergo pasteurization or sterilization [3][4]. - The introduction of the group standard for "Draft Beer" in 2020, led by Qingdao Beer, provides a specific definition and quality assurance for this product category [3][4]. Group 2: Production and Quality Control - The production process ensures that each milliliter of beer contains a significant amount of live yeast, enhancing its nutritional value [4][5]. - The manufacturing environment is highly controlled, with a 10,000-level sterile filling workshop and strict monitoring of temperature and humidity to maintain product integrity [5][6]. Group 3: Transportation and Distribution - Qingdao Draft Beer employs a cold chain logistics system to ensure that the beer is transported at a constant temperature of 5°C, with real-time monitoring to prevent temperature fluctuations [6][7]. - The company has developed a rapid delivery system, covering over 38 cities and 1,100 stores, allowing consumers to receive fresh beer within 30 minutes of ordering [8]. Group 4: Market Expansion and Consumer Engagement - The company has seen a significant increase in international visitors, particularly from South Korea, with a 63% year-on-year growth in arrivals, leading to higher demand for Qingdao Draft Beer [8]. - Qingdao Beer has launched over 20 new products in the past year, expanding its portfolio to 119 products across various categories, catering to diverse consumer preferences [13][14]. Group 5: Sustainability and Industry Leadership - Qingdao Beer aims to become a leader in sustainability, with a target of 86.8% green electricity usage by 2025 and multiple factories certified for carbon neutrality [14]. - The company has been recognized for its innovative practices and has participated in numerous international events, enhancing its brand visibility and consumer engagement [14].