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 ...

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]

智通财经APP获悉，高盛发布研报称，予华润啤酒(00291)"买入"评级，参考全球同业过去五年完整周期 均值，贴现至2025年末，基于2026年预期市盈率19倍，予12个月目标价33.50港元，距离现股价有34% 的上涨空间。报告提及，该行于6月30日举办了华润啤酒投资者交流会。 会议要点如下： 1)2025年第二季度近期表现 管理层观察到啤酒销量在二季度至今实现同比正增长，且反铺张浪费政策影响甚微，推动2025年至今啤 酒销量实现低个位数同比增长，尽管行业持续疲软。平均售价因温和的产品组合升级(在不利的提价环 境下)而小幅增长。高端/次高端产品在2025年前5个月实现中个位数同比增长，管理层预计通过持续推 进高端化战略，2025全年增速将提升至高个位数至双位数。对于白酒业务，管理层指出公司将在全行业 受反铺张浪费政策挑战的背景下，力争避免2025上半年净亏损，尽管预计收入下滑。 2)利润率 管理层重申2025年实现双位数盈利增长的承诺，基于毛利率年内扩张超1个百分点(主要受益于单位销售 成本中个位数下降，源于原材料成本利好)，并辅以持续降本举措带来的销售及管理费用率下降。 3)品牌表现追踪 喜力在6月延续前 ...

Core Viewpoint - The event "Elephant Has New Voice" folk singer competition, co-hosted by Tsingtao Brewery and Elephant Folk, highlights the brand's strategy to connect deeply with young consumers through music and cultural integration [1][3][7]. Group 1: Event Overview - The final of the competition took place in Wuhan, featuring 15 music groups showcasing their talents, which infused vitality into the summer nights of the city [1]. - The competition included a diverse lineup of participants, from amateur musicians to professional bands, enhancing audience engagement and cultural resonance [3]. Group 2: Brand Strategy - Tsingtao Brewery aims to provide platforms and resources for young musicians, evolving its partnership with Elephant Folk from traditional beverage supply to collaborative scene creation [3][5]. - The brand is actively pursuing a younger demographic through the "Beer+" model, sponsoring music festivals and sports events, and creating customized activities [5][6]. Group 3: Product Innovation - Tsingtao Brewery's Pure Draft series is aligned with market trends, focusing on "fresh and crisp taste," optimizing brewing processes, and introducing lightweight packaging to meet the dual demands of quality and convenience from young consumers [6]. - The penetration rate of the Pure Draft series among the 25-35 age group has been consistently increasing, indicating the effectiveness of scenario-based marketing in driving brand youthfulness [6]. Group 4: Future Directions - As a century-old brand, Tsingtao Brewery is leveraging innovative approaches to release new brand potential, solidifying its leading position in music marketing and achieving a transition from channel penetration to cultural symbiosis [7]. - The company plans to deepen cross-industry collaborations, integrating with urban culture and trends to create diverse experiential value for consumers [7].

Core Viewpoint - The resignation of Hou Xiaohai, the chairman and executive director of China Resources Beer, has sparked controversy, despite his significant contributions to the company's growth over the past decade [1][5]. Financial Performance - In 2024, China Resources Beer reported a slight revenue decline of 0.76% year-on-year, with net profit decreasing by 8.03%, marking a disappointing end to Hou's career [2][12]. - The company's revenue grew from 279.59 billion yuan in 2015 to 386.35 billion yuan in 2024, an increase of 106.76 billion yuan [9][10]. - The white liquor segment, which Hou had high expectations for, only saw a revenue growth of 3.7% in 2024, significantly below his target of over 30% [2][15]. Leadership and Contributions - Hou Xiaohai joined China Resources Beer in 2001 and became CEO in 2016, leading the company through various strategic initiatives, including the establishment of the Snow Beer brand and a major merger with Heineken [10][11]. - Under his leadership, the company received multiple accolades, including recognition as one of the best-managed teams in Asia [10]. Stock Transactions - Prior to his resignation, Hou sold 938,000 shares of the company, cashing out approximately 26.12 million Hong Kong dollars [4][17]. - Following these transactions, his shareholding dropped from 1.018 million shares to 80,000 shares, a reduction of 92% [18]. Compensation - Over his nine-year tenure as CEO, Hou received a total compensation of 50.81 million yuan, with a peak salary of 8.47 million yuan in 2020 [13][16]. - In 2024, his total compensation was significantly reduced to 3.6 million yuan, with bonuses dropping from 6.01 million yuan in 2023 to 1.6 million yuan [16].

Core Viewpoint - The beer industry is undergoing a deep adjustment cycle in 2024, facing continuous demand contraction and extreme weather disruptions, leading to a low point in the industry by mid-2024. A recovery is expected to begin in the third quarter of 2024, driven by policy changes and improved consumer income expectations [1][2]. Group 1: Industry Performance - The beer industry experienced significant pressure from demand shrinkage and inventory issues, with a "demand-inventory-funding" triad impacting sales [1]. - By the first quarter of 2025, the beer sector reported revenues of 20.15 billion yuan, a year-on-year increase of 3.7%, indicating a recovery trend [1]. - The net profit attributable to the parent company for the beer sector in Q1 2025 was 2.53 billion yuan, reflecting a year-on-year growth of 10.9% [1]. Group 2: Future Outlook - Short-term expectations are positive with the upcoming beer consumption peak and macro policies improving terminal consumption scenarios, leading to a rebound in sales [2]. - Long-term, the continuation of consumption stimulus policies, such as dining vouchers, is anticipated to directly benefit beer consumption [2]. - The high-end beer market still holds potential for growth, with opportunities for price upgrades [2]. Group 3: Investment Opportunities - The Food and Beverage ETF (515170) tracks the sub-index of the food and beverage industry, focusing on high-barrier sectors like liquor and beverages, providing a convenient investment tool for small capital [2].

General Overview - The document outlines the rules and procedures for the Nomination and Remuneration Committee of Qingdao Beer Co., Ltd, aiming to enhance the efficiency and decision-making quality of the committee [2][3]. Committee Composition - The committee consists of five directors, with independent directors making up more than half of the members, and at least one member of a different gender [3]. - The committee members are appointed by the board of directors, and the term of the committee members aligns with their term as directors [3][4]. Committee Responsibilities - The committee is responsible for reviewing the board's structure, assessing the qualifications of director candidates, and proposing remuneration policies for directors and senior management [4][5]. - It also monitors the implementation of corporate governance policies and ensures compliance with legal and regulatory requirements [5][6]. Meeting Procedures - The committee holds regular meetings at least once a year and can convene special meetings as needed [6][7]. - Decisions require the presence of at least three members, and resolutions must be passed by a majority [7][8]. Reporting and Documentation - The committee must report its decisions or recommendations to the board, and all meeting records must be maintained for at least ten years [8][9]. - The committee is tasked with ensuring confidentiality regarding the matters discussed in meetings [9][10]. Diversity Policies - The company emphasizes the importance of diversity within the board and workforce, considering various factors such as age, cultural background, and professional experience [10][11]. - The Nomination and Remuneration Committee is responsible for monitoring and reviewing the effectiveness of these diversity policies [11][12].

Group 1 - The company has faced issues related to fund occupation by its former controlling shareholder, Tibet Tianyi Longxing Investment Co., Ltd., leading to risk warnings on its stock since April 10, 2019 [1] - A resolution was passed at the company's third extraordinary general meeting in 2021 to address the fund occupation, resulting in a debt transfer agreement with Tibet Shengbang Holdings Co., Ltd. for a total amount of 7,365,468.91 yuan [1] - The company has successfully recovered the fund occupation balance of 7,365,468.91 yuan from Tibet Tianyi Longxing, with a court ruling mandating repayment along with interest [1] Group 2 - The company has identified additional fund occupation issues involving its former controlling shareholder and related parties, with a total outstanding balance of approximately 185,223.1 thousand yuan [2] - Legal actions have been initiated to recover 95 million yuan in dividends and other receivables, with mixed outcomes in court [2] - The company is enhancing its internal controls and management practices to prevent future fund occupation incidents and is actively seeking resolutions with related parties [2]

在当下，90-00后是精酿啤酒消费的主力军，而年轻女性更是精酿的主要消费群体。 生活在青岛的95后新媒体从业者Wendy（化名）也是一名爱酒人士，在她看来，工作之余的喝酒局是她 给生活放松和充电的最好方式。"大家喝酒都会有一个过程，先是交友扎啤局，再是精致打工精酿或者 威士忌，最后就是能喝上就行，水啤也不错。喝酒更多时候是一个筛选的过程，能从一个人的口味、酒 品中快速筛选朋友。" "IPA、果泥和酸是我的最爱！"说起喝精酿，Wendy侃侃而谈："男士们就是精酿IPA、拉格为主，女士 就是果味精酿多一些，像现在国产精酿价格低，更亲民，口感上也更符合国人口味，所以大家在选择精 酿的时候很多也以国产为主了。" Wendy的说法得到了齐鲁工业大学啤酒团队学术带头人崔云前教授的印证：现在年轻人是精酿啤酒消费 的主力军，对啤酒的口感和味道有更高的要求。此外，精酿啤酒的消费群体还包括那些注重品质生活的 人群，他们更倾向于在酒吧、精酿啤酒馆或中高档餐饮场所享用啤酒。精酿啤酒作为一种代表年轻社交 文化的新消费品，非常适合家庭聚会、露营野餐等休闲社交场景。而且女性消费者在精酿啤酒市场中也 占据了一席之地，她们偏爱不同颜色、不同口 ...

证券研究报告 | 2025年06月30日 食品饮料周报（25 年第 26 周） 优于大市 飞天茅台价格已有企稳迹象，大众品关注新渠道、新产品 本周（2025 年 6 月23 日至 2025 年6 月27 日）本周食品饮料板块上涨 0.02%， 跑输上证指数 1.89pct。本周食品饮料板块涨幅前五分别为甘化科工 (21.22%)、金达威(17.54%)、欢乐家(13.91%)、桂发祥(11.33%)和*ST 莫高 (10.82%)。 白酒：飞天茅台价格已有企稳迹象，白酒基本面或将加速探底。据国家统计 局数据，1-5 月全国规模以上工业企业实现利润总额 27204.3 亿元，同比下 降 1.1%；酒、饮料和精制茶制造业营业收入 6647.3 亿元，同比增长 2.7%， 利润总额 1164.9 亿元，增长 4.3%。本周白酒指数下跌 1.7%，需求平淡，预 计第二季度表观业绩承压。本周（6/23-6/27）白酒 SW 下跌 1.66%，伊力特、 天佑德酒、顺鑫农业、洋河股份涨幅领先。基本面看，需求压力仍然较大， 第二季度业绩表现预计平淡，酒企更注重市场健康度，短期仍将以去库存、 促动销为主要工作，中长期更加重视消 ...