Core Insights - Putian, known as the "Beer City of the World," is a significant beer industry development area on the southeast coast of China, centered around Budweiser Snow Beer, which has established a complete beer industry chain and is the largest single production site for Budweiser globally [1][2] - The Budweiser Snow Beer Company has an annual production capacity of 2 million tons and serves as the production base for eight international brands, including Budweiser, Corona, Beck's, and Blue Girl [2] - The Budweiser China Beer Museum, located within the Budweiser InBev Food Industrial Park in Putian, serves as an industrial tourism demonstration base, combining factory tours, beer culture exhibitions, and craft beer experiences [4] Industry Overview - The beer market is experiencing a sales peak during the summer season, with Budweiser Snow Beer Company's intelligent workshop operating at full capacity [2] - The Longcheng Huaxing Glass Factory, covering approximately 500 acres, produces about 140 million beer bottles monthly, with 60% of its products supplied directly to Budweiser Snow Beer [1]

Core Viewpoint - The A-share market experienced significant activity on August 8, with a total of 74 stocks hitting the daily limit up, indicating strong investor interest and market momentum [1]. Group 1: Stock Performance - Guojijinggong, a company in the aerospace and military industry, achieved a five-day consecutive limit up [1]. - Huaguang Huaneng, a power sector company, recorded a four-day consecutive limit up [1]. - Other notable stocks include *ST Yushun with six consecutive limit ups in the consumer electronics sector, and Rihai Intelligent with four consecutive limit ups in the liquid cooling server segment [1]. Group 2: Sector Highlights - The aerospace and military sector is highlighted by Guojijinggong's performance, reflecting strong investor confidence in this industry [1]. - The power sector, represented by Huaguang Huaneng, also shows robust activity, indicating potential growth opportunities [1]. - The consumer electronics and liquid cooling server sectors are gaining traction, as evidenced by the performance of *ST Yushun and Rihai Intelligent, respectively [1].

Group 1 - The craft beer segment is becoming increasingly crowded, with companies like Wuliangye and Haoxiangni entering the market, indicating a growing interest in craft beer despite the challenges of differentiation [1][2] - Wuliangye plans to launch a high-end craft beer named "Fenghuolun" priced at 19.5 yuan per can, while Zhenjiu Liduo Group is introducing a new beer called "Niushi" priced at 88 yuan per bottle, showing a trend towards premium positioning in the craft beer market [1][2] - The craft beer market is experiencing rapid growth, with a projected market size of approximately 680 billion yuan in 2024, expected to exceed 1 trillion yuan by 2025, driven largely by consumers aged 18 to 35 who contribute 65% of sales [3] Group 2 - The white liquor industry is currently facing a downturn, with a reported production decline of 5.8% in the first half of the year, leading companies to seek opportunities in the craft beer sector [2][4] - New entrants in the craft beer market are drawn by the growth potential, but the industry is also experiencing a "walled city" effect, where established brands dominate, making it difficult for newcomers without strong brand or channel advantages to succeed [4] - The advantages of white liquor companies entering the craft beer market include channel reuse and brand leverage, but they also face challenges such as consumer skepticism regarding their expertise in beer production and the mismatch between the business-oriented nature of liquor and the youthful, niche culture of craft beer [4]

五粮液（000858）旗下仙林生态酒业近日推出全新精酿啤酒品牌"风火轮"，正式进军中高端精酿啤酒市场，并披露了详尽的产品品类、价格与渠道政策信 息。这一举措是五粮液基于市场消费趋势变化，拓展年轻消费群体的新尝试，标志着五粮液在品牌年轻化征程上正式踏入精酿啤酒这一充满想象力的新赛 道。 深研消费趋势，精酿啤酒成白酒企业跨界新锚点 五粮液的此次跨界，精准卡位了国内酒水消费的结构性变化。考量了新锐人群、小镇中年和资深白领这三大精酿啤酒消费群体，核心聚焦的消费者年龄段在 25～49岁。这些群体共同的特点是追求品质、个性与文化体验——这正是精酿啤酒的核心价值主张。 "五粮液进军精酿啤酒并非简单品类延伸，而是其品牌资产年轻化与消费场景拓展的战略性举措，"中国酒业协会工坊啤酒专业委员会副秘书长彭岳指 出，"精酿啤酒的高品质、轻社交及文化属性，与五粮液的高端白酒品牌形象具有协同效应，是其触达年轻消费者、打破传统白酒场景局限的理想载体。" 依托五粮液集团强大的"品质×品牌"双保障体系。在品质端，五粮液将应用于高端白酒生产的严苛质量管控标准全面引入啤酒生产链。从原料入厂的精准检 测，到酿造过程中的实时监控，再到成品酒历经多轮次理 ...

Core Viewpoint - Donghai Securities report indicates that Yanjing Beer is experiencing strong growth momentum, overcoming low profitability challenges, with a clear development direction for the "14th Five-Year Plan" [1] Group 1: Growth Momentum - U8 maintains strong growth momentum, with a continuation of over 30% growth rate in Q1 2025 [1] - From January to May, U8's sales exceeded 400,000 tons, accounting for 23% of total sales, an increase of 5.5 percentage points compared to the end of 2024 [1] Group 2: Market Strategy - The company is solidly advancing market development, with significant performance from major products [1] - Further cost reduction and efficiency improvements are expected to enhance profitability elasticity [1] Group 3: Investment Rating - The report initiates coverage with a "Buy" rating for Yanjing Beer [1]

Core Insights - The 35th Qingdao International Beer Festival has transformed beer from a beverage to an emotional partner, driven by the "emotional economy" that resonates with consumer needs for emotional satisfaction [1][2] Emotional Consumption Trends - Young consumers are increasingly willing to spend on emotional value, with nearly 30% of surveyed youth willing to pay for emotional experiences [2] - The festival serves as a platform for various demographic groups to express and fulfill their emotional needs through unique experiences [2] Innovative Experiences - The "Beer Oil Station" and "Qingdao Beer Exchange" are standout attractions, with the former allowing consumers to choose from seven different beer flavors and the latter simulating a stock exchange experience that engages visitors [4][5] - The Qingdao Beer Exchange saw over 100,000 daily visitors during peak times, indicating its popularity and engagement [4] Sustaining Emotional Consumption - The festival highlights the need for ongoing emotional satisfaction beyond the event, prompting Qingdao Beer to expand its product offerings and retail strategies [5][6] - Collaborations with platforms like Meituan for rapid delivery services have resulted in significant sales growth, with transaction volumes exceeding 1 billion yuan in 2024 [6][7] Cross-Industry Collaborations - Qingdao Beer is actively pursuing cross-industry partnerships to create a new emotional ecosystem, including collaborations with fashion brands and innovative product offerings like beer-flavored snacks and ice creams [7] - The focus on emotional resonance is seen as a key competitive advantage in the new consumption era, allowing the brand to connect deeply with consumers [7]

Group 1: Yanjing Beer (000729) - Company Deep Report - Strong growth momentum, overcoming low profitability issues. Revenue is expected to grow at a CAGR of 5.04% from 2019 to 2024, while net profit attributable to shareholders is projected to grow at a CAGR of 35.64% during the same period [5] - Cost improvements through production and sales separation have led to a 6.62 percentage point increase in capacity utilization to 46.86% from 2019 to 2024, and a 1.59 percentage point decrease in depreciation and amortization as a percentage of revenue to 4.64% [5] - The effective tax rate is expected to decrease by 18.38 percentage points to 15.78% from 2021 to 2024, contributing to an increase in profitability, with the net profit margin projected to reach 7.20% in 2024, up 2.66 percentage points year-on-year [5] Group 2: Yanjing Beer - Market Dynamics - The main consumer demographic for beer is aged 18-49, with beer production stabilizing since 2021 after a decline. The beer industry is expected to see a slight increase in production from 2025 to 2030, with a CAGR of 0.17% in the main consumer group [6] - The beer industry is highly concentrated, with the top five companies holding over 90% market share. The CR5 is projected to reach 90.73% in 2024, indicating limited potential for further concentration, with price increases being the primary driver for performance growth [6] Group 3: Yanjing Beer - Growth Path - The company plans to expand the U8 product line to create a second national flagship product, aiming to enhance the scale and lifecycle of U8 while increasing its market penetration [7] - The company is focusing on underdeveloped markets through initiatives like the "Hundred Counties, Hundred Cities" project, aiming to improve sales efficiency in key regions [7] - Aiming to enhance factory efficiency and reduce costs, the company is implementing a management system with quantifiable metrics and standards, which is expected to improve capacity utilization and profitability [7] Group 4: Collagen Industry - Deep Report - Collagen is a vital component in the human body, providing strength and support to various tissues. It has low immunogenicity and is biodegradable, making it essential for numerous biological functions [10] - Domestic recombinant collagen technology is leading globally, with a complete industrial chain from raw material development to end application, supported by favorable government policies [10][11] - The market for recombinant collagen is expected to grow at a CAGR of 41.4% from 2023 to 2027, surpassing the growth of animal-derived collagen, which is projected at 27.7% [11] Group 5: Collagen Industry - Applications and Market Potential - The light medical beauty market is expanding, with recombinant collagen expected to grow from 4.3 billion yuan in 2023 to 14.3 billion yuan by 2027, a CAGR of 35.4% [12] - In skincare, the market for functional skincare products is projected to grow from 11.5 billion yuan in 2023 to 66.5 billion yuan by 2027, with a CAGR of 54.9% [12] - The private health sector is seeing innovations with recombinant collagen products, such as vaginal dressings, which address specific health issues [12] Group 6: Investment Recommendations - The domestic beauty care market is rapidly evolving, with increasing consumer acceptance of new products and a focus on efficacy and core ingredients. The collagen market is expected to expand significantly [13]

Group 1: 惠泉啤酒 - Company achieved a net profit of 39.57 million yuan in the first half of 2025, representing a year-on-year increase of 25.52% [1] - Revenue for the same period was 351 million yuan, showing a growth of 1.03% year-on-year [1] - Company specializes in the production and sale of beer, established in February 1997 [1] Group 2: 格尔软件 - Company plans to raise no more than 283 million yuan through a simplified procedure for issuing A-shares [1] - The funds will be used for quantum password technology industrialization, trusted data space platform development, and to supplement working capital [1] - Established in March 1998, the company focuses on digital trust and data security products [1] Group 3: 银轮股份 - Certain directors and executives plan to reduce their holdings by up to 964,000 shares, accounting for 0.1158% of the total share capital [1] - The reduction is due to personal funding needs [1] - Company specializes in heat exchange products and automotive air conditioning, established in March 1999 [2] Group 4: 共创草坪 - Controlling shareholder's related parties plan to reduce their holdings by up to 0.8% of the company's shares [3] - The reduction will occur through centralized bidding and block trading [3] - Company focuses on the research, production, and sale of artificial turf, established in January 2004 [3] Group 5: ST纳川 - Senior management plans to reduce their holdings by up to 27,200 shares, representing 0.0026% of the total share capital [4] - The reduction is due to personal funding needs [4] - Company specializes in the research, manufacturing, and sales of water supply and drainage pipes, established in June 2003 [4] Group 6: 东芯股份 - Company clarified that its investment in Shanghai Lisan's chip products is not intended for large model computing clusters [6] - The products are mainly for personal computers, professional design, cloud gaming, and other applications [6] - Established in November 2014, the company focuses on independent research, design, and sales of small-capacity storage chips [6] Group 7: 南卫股份 - Company and its controlling shareholder received an administrative penalty notice from Jiangsu Securities Regulatory Bureau for insider trading [6] - The financial director and the controlling shareholder face fines and confiscation of illegal gains [6] - Established in July 1990, the company specializes in medical adhesive products and protective supplies [7] Group 8: 兰花科创 - Company plans to acquire 62% of Shandong Jiaxiang Yilong Port Co., Ltd. for 149 million yuan [8] - This acquisition aims to enhance the company's presence in inland shipping and logistics [8] - Established in December 1998, the company focuses on the production and sale of coal, fertilizers, and building materials [9] Group 9: 伟隆股份 - Controlling shareholder's related party plans to reduce holdings by up to 1.89 million shares, accounting for 0.7664% of the total share capital [10] - The reduction will occur through centralized bidding or block trading [10] - Established in June 1995, the company specializes in the production and sales of valves and related components [10] Group 10: 埃夫特 - Company's subsidiary received a government subsidy of 50 million yuan for a project related to intelligent robots [11] - The subsidy is pending receipt [11] - Established in August 2007, the company focuses on the research, production, and sales of industrial robots [11] Group 11: 华测导航 - Company reported a net profit of 32.6 million yuan in the first half of 2025, a year-on-year increase of 29.94% [13] - Revenue for the same period was 1.833 billion yuan, reflecting a growth of 23.54% year-on-year [13] - Established in September 2003, the company specializes in high-precision navigation and positioning technologies [13] Group 12: 德生科技 - Company directors plan to reduce their holdings by up to 0.025% of the total share capital [14] - The reduction is due to personal funding needs [14] - Established in August 1999, the company focuses on the production and sales of social security cards and related services [15] Group 13: 百邦科技 - Company director plans to reduce holdings by up to 0.19% of the total share capital [16] - The reduction is due to personal funding needs [16] - Established in November 2007, the company specializes in mobile phone after-sales services [17] Group 14: 中集车辆 - Shareholders plan to reduce holdings by up to 0.69% of the total share capital [18] - The reduction will occur through centralized bidding and block trading [18] - Established in August 1996, the company focuses on the production and sales of semi-trailers and specialized vehicles [18] Group 15: 新时达 - Company’s application for a private placement was accepted by the Shenzhen Stock Exchange [19] - The application is subject to further review and approval by the regulatory authorities [19] - Established in March 1995, the company specializes in intelligent manufacturing and industrial robotics [19] Group 16: 隆扬电子 - Company plans to reduce up to 592,400 repurchased shares, accounting for 0.21% of the total share capital [20] - The reduction will occur through centralized bidding [20] - Established in March 2000, the company focuses on the research, production, and sales of electromagnetic shielding materials [20] Group 17: 华熙生物 - Controlling shareholder plans to increase holdings by 200 to 300 million yuan [21] - The increase will occur within six months at a price not exceeding 70 yuan per share [21] - Established in January 2000, the company specializes in the research, production, and sales of hyaluronic acid and related medical materials [21] Group 18: 天域生物 - Company reported sales revenue of 21.03 million yuan from pig sales in July, a year-on-year decrease of 37.23% [22] - Cumulative sales from January to July reached 333 million yuan, a year-on-year increase of 11.35% [22] - Established in June 2000, the company focuses on ecological agriculture and livestock farming [22] Group 19: 城地香江 - Subsidiary signed a significant data center hosting contract with an internet company, with an estimated first phase contract value of up to 1.811 billion yuan [23] - The second phase is expected to be valued at up to 2.716 billion yuan, with details yet to be specified [23] - Established in April 1997, the company specializes in IDC investment and operations [23]

第一条 为规范福建省燕京惠泉啤酒股份有限公司（以下简称"公 司"）投资者关系管理工作，加强公司与投资者之间的有效沟通，促进 公司完善治理，提高公司质量，切实保护投资者特别是中小投资者的合 法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 海证券交易所股票上市规则》《公司投资者关系管理工作指引》等相关 法律法规及《福建省燕京惠泉啤酒股份有限公司章程》的规定，结合公 司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披 露、互动交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟 通，增进投资者对公司的了解和认同，提升公司治理水平和企业整体价 值，实现尊重投资者、回报投资者、保护投资者目的的相关活动。 第三条 公司投资者关系管理的基本原则是： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露 义务的基础上开展，符合法律、法规、规章及规范性文件、行业规范和 自律规则、公司内部规章制度，以及行业普遍遵守的道德规范和行为准 则。 （二）平等性原则。公司开展投资者关系管理活动，应当平等对待 所有投资者，尤其为中小投资者参与活动创造机会、提供便利。 福建省燕京惠泉 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Chinese beer industry, highlighting the competitive landscape and key players such as Yanjing Beer and Budweiser APAC [1][5][10]. Core Insights and Arguments - **Yanjing Beer**: - Yanjing Beer is recommended due to its nationwide expansion and the significant growth potential of its flagship product U8, with a profit margin that could improve by at least 3-4 percentage points compared to the industry average [1][3][4]. - The company is currently in a catch-up phase regarding supply-side reforms, which began in 2016, and its net profit margin is around 10%, indicating room for improvement [3][9]. - **Budweiser APAC**: - Budweiser APAC faces challenges in the Chinese market, including a decline in market share that has persisted since the second half of last year, with a sales drop of approximately 8% in the first half of this year [5][6]. - The tightening of expense policies post-pandemic has weakened its brand and channel barriers, leading to a significant impact on its sales performance [5]. - **Market Dynamics**: - The decline in Budweiser's market share has benefited domestic brands, particularly in regions like Guangdong (where Zhujiang Beer has gained), Fujian (where China Resources' Heineken has benefited), and Zhejiang [6]. - The overall industry has experienced pressure on ton prices, which are expected to decline throughout the year due to economic conditions and a shift towards lower-end products by breweries [7][8]. Additional Important Insights - **Ton Price Trends**: - The ton price in the Chinese beer industry has not yet peaked, with expectations for continued high-end product development and potential price increases once deflation ends [8][9]. - The current ton price is projected to improve from a base of 3,300 RMB, showing resilience even during economic downturns [8]. - **Supply-Side Reform Impact**: - Supply-side reforms initiated in 2016 have led to varying net profit margins across brands, with most brands achieving margins above 13%, while Yanjing's slower reform process has kept it at around 10% [9]. - **Future Outlook**: - The next one to two years will focus on market share dynamics, with Yanjing Beer, Qingdao Beer, and Chongqing Beer being key players to watch for potential organizational innovations [3][10]. - The restaurant sector has seen limited impact from recent policy adjustments, with non-dining channels maintaining positive growth [11]. - **Investment Timing**: - The best time for investment is suggested to be after August, following the release of mid-year reports, as traditional consumer sectors are expected to undergo revaluation and performance outlook improvements [12].