NO.1 燕京啤酒：预计上半年净利润同比增长40%～50% 点评：ST通葡诉讼被一审法院驳回诉讼请求，需承担近40万元费用，虽公告称对公司利润无影响，但 此类负面事件易影响投资者信心，可能引发市场对公司治理或经营风险的担忧。 7月7日，燕京啤酒发布2025年半年度业绩预告，1~6月公司实现归属于上市公司股东的净利润10.62亿元 ~11.37亿元，比上年同期增长40%~50%；扣除非经常性损益后的净利润9.26亿元~10亿元，比上年同期 增长25%~35%。 点评：郎酒明确喊出"确保价格相对稳定，适应市场变化，不参与价格战"口号，展现其维护品牌高端定 位的决心，有助于巩固高端酱香的市场形象。对行业而言，头部酒企若普遍避免恶性竞争，将有助于白 酒板块维持健康的利润空间，避免价值被透支。 NO.3ST通葡诉讼请求被一审法院驳回 7月7日，ST通葡发布《关于涉及诉讼进展的公告》。公告显示，公司于近日收到（2024）吉01民初273 号民事判决书，一审法院驳回公司诉讼请求，案件受理费39.56万元，公告费0.26万元，均由公司承担。 公司表示，上述已判决的案件对公司本期利润或者期后利润等未产生影响。 点评：尽管面临市 ...

Group 1 - The recent wave of executive changes in the liquor industry reflects common challenges such as pressure for high-end transformation, intensified market competition, and rational consumption upgrades [1][2] - Key executives from major liquor companies like Jinzhongzi Liquor, China Resources Beer, and Yanghe Co. have stepped down, indicating a strategic shift in response to industry pressures [1][2] - Jinzhongzi Liquor has reported a cumulative loss of 467 million yuan over the past three years, highlighting the financial struggles faced by the company [2] Group 2 - China Resources Beer’s white liquor business generated revenue of 2.149 billion yuan in 2024, a year-on-year increase of 3.97%, but fell short of the initial growth target of over 30% [3] - Yanghe Co. experienced a revenue decline of 12.83% in 2024, with net profit dropping by 33.37%, indicating significant performance challenges [3][4] - The new leadership in these companies is expected to navigate through the current deep adjustment period in the industry and find new balances in brand value, channel health, and consumer relationships [1][4] Group 3 - Zhao Chunwu, the acting chairman of China Resources Beer, emphasizes the ongoing trend of high-end beer consumption while acknowledging shifts in consumer behavior towards more rational purchasing decisions [4][5] - The liquor industry is advised to focus on systematic strategic layouts and organizational capabilities for future development, rather than relying solely on individual executives [5] - Yanghe Co. is encouraged to enhance its marketing strategies and optimize talent management to stabilize its market position and drive growth in key regions [6]

Core Insights - The 113th National Sugar and Wine Fair will take place from October 16 to 18, featuring an exhibition area of 180,000 square meters and attracting over 300,000 global buyers [1][3] Group 1: Event Overview - The fair will host more than 500 leading food and beverage companies, including major liquor brands like Moutai, Wuliangye, and Yanghe, as well as food industry leaders such as Mengniu and Three Squirrels [3] - The event is expected to attract international brands from over 40 countries and regions, facilitated by collaboration with embassies and overseas business associations [3] Group 2: Local Engagement and Activities - The "Autumn Sugar Season" campaign, launched on September 20, aims to enhance local dining experiences through partnerships with over 100 restaurants and cultural landmarks in Nanjing [5] - Various cultural and sports events, including the Chinese Street Dance League and the International Cycling Race around Taihu Lake, will be integrated into the fair to create an immersive consumer experience [5] Group 3: Innovation and Technology - The fair will leverage Nanjing's strong educational resources by hosting a "Food Technology Achievement Exchange Conference" with over 40 research institutions showcasing more than 2,000 innovative results [7] - Special zones will focus on health and technology, featuring low-GI foods and smart manufacturing equipment to promote innovation in the food industry [7] Group 4: Forums and Discussions - The event will include over 30 high-level forums, focusing on key topics such as the integration of the Yangtze River Delta, international expansion, and digital transformation in the food and beverage industry [9] - A dedicated area for county-level economic development will promote local products and support rural revitalization efforts [9]

Group 1: Management Changes in the Alcohol Industry - The alcohol industry has seen a series of high-level management changes since last year, with companies like Yanghe, China Resources Beer, and Jinzhongzi Wine experiencing shifts in leadership, indicating a strong intent from shareholders and investors to boost performance [1] - Jinzhongzi Wine's General Manager He Xiuxia has resigned, and the company is facing significant market share pressure, with 2024 revenue projected to drop to 925 million yuan, a stark contrast to over 2 billion yuan in previous cycles [5] - Yanghe has appointed Gu Yu as the new Party Secretary, replacing Zhang Liandong, who has stepped down amid a challenging period for the white liquor industry [6][7] Group 2: Trade and Regulatory Developments - The Ministry of Commerce has concluded an anti-dumping investigation into EU brandy, determining that dumping margins range from 27.7% to 34.9%, leading to the imposition of anti-dumping duties starting July 5, 2025 [2][3] - A total of 34 EU brandy exporters, including well-known brands like Martell and Hennessy, can avoid these duties by adhering to price commitments approved by Chinese authorities [3] Group 3: Market Trends and Promotions - Taobao Flash Sale has initiated a new subsidy program, investing 50 billion yuan, resulting in a significant increase in orders, particularly in the alcohol sector, with some brands seeing order volumes double [4] - Kuaizi Jiao reported that its high-end "Jian" series products have not performed as expected, with sales and consumer feedback being less favorable compared to older products [10] - Xijiu has launched a promotional campaign offering buy-three-get-one-free deals on various products, indicating a strategy to boost sales through consumer incentives [11]

此前不久的6月27日，港股上市啤酒企业华润啤酒发布公告称，侯孝海因有意投入更多时间于个人安排 而决定辞任执行董事及董事会主席。据了解，2016年3月，侯孝海通过"公开竞聘"任职公司总经理，执 掌公司9年，任内主导"白酒+啤酒"双轮战略。2018年，华润以51.6亿元的价格拿下山西汾酒11.45%的股 权，成为汾酒第二大股东。2022年2月，华润成为金种子酒第二大股东。2023年1月，华润啤酒以123亿 元的价格拿下金沙酒业控制权。不过，2024年，金沙酒业营收为21.49亿元，增速仅4%，远远低于年初 制定的40%业绩增长目标。 7月1日晚间，"白酒巨头"洋河股份在公告中表示，董事长张联东离任，原因为"工作调整"，其辞职后不 在公司及控股子公司担任其他职务。 2010年起，洋河股份的营收一直保持白酒行业第3的位置，排在贵州茅台、五粮液之后，被称作"千年老 三"。但"茅五洋"的格局在2024年被改变，这一年洋河股份成为A股白酒上市公司前5强中唯一一家营收 利润双降的企业，从"千年老三"变成"行业老五"。 近日，白酒与啤酒行业高管变动频现，短短几日内三家上市酒企掌门人接连离任，叠加头部企业高管频 繁调整，引发市场 ...

在就业数据印证经济韧性的背景下，美国基准股指本周虽以历史新高收官，但期货合约仍下跌约 0.6%。周四收盘后，特朗普再度升级贸易紧张局势，警告称可能自即日起单方面对贸易伙伴征收最高 70%的关税。 欧洲斯托克600指数下跌0.7%，对贸易敏感的矿业和汽车板块领跌。亚洲股市普遍收低，避险情绪推动 黄金上涨0.3%，美元小幅走软。适逢美国独立日假期，美股及国债市场休市。 智通财经APP获悉，美国股指期货周五全线走低，特朗普政府最新关税威胁给标普500指数创纪录的涨 势蒙上阴影。 自4月关税引发的市场波动以来，全球股市已显著反弹。但鉴于贸易战不确定性及其对美国经济与企业 盈利的潜在影响持续存在，部分投资者仍持谨慎态度。"市场疑虑正在悄然滋生，特别是本周冲高之 后，"盛宝英国首席投资策略师尼尔·威尔逊表示，"当前适合适度降低风险敞口，但市场基调尚未发生 根本性转变。" 策略师Mark Cudmore表示："除非出现极端贸易冲突，否则近期积极的基本面因素仍将主导市场。值得 注意的是，机构投资者的看涨情绪已因持续威胁而趋于理性，使其在历史高位的市场中仍保持相对谨慎 持仓。" 美国银行的Michael Hartnett此前表 ...

贵阳网·甲秀新闻讯 当传统酱酒遇上AI定制，当微醺套餐碰撞文娱活动，一场关于酒文化消费的革新正在多彩贵州城上演……今 年以来，贵阳贵安高度重视从"卖酒"到"卖生活方式"的转变工作，多彩贵州城也通过打造酱酒体验店、美酒一条街，推出优质 酱酒促销活动等方式，更好地满足消费者多元需求，构建文旅消费新场景，切实推动从"卖酒"向"卖生活方式"的转变。 "今年原鼓捣喫小酒馆进行了业态升级改造，在原有'国风小酒馆'定位的基础上，又加入了'祈福'元素，打造了祈愿酒屋。" 逍迅 公司（营销中心）新媒体运营中心主任罗倩称，在这里不仅有年轻人喜爱的时尚特调，贵州茅台、习酒、金沙小酱酒等知名酱 酒也能"一网打尽"，还搭配小食推出了酱酒按两卖的"微醺套餐"，并增加酱酒工艺、闻香体验等酒文化展示区，企业和个人都 能通过酱酒文化AI体验区的小程序进行专属瓶装酒定制。 "扫描二维码，顾客即可自行在小程序后台上传图片、视频，定制酒瓶上会植入NFC芯片，手机轻轻一碰即可读取云端存储的视 频、图片等，赋予定制酒收藏价值与纪念属性，让酒瓶成为'可传承的记忆载体'，企业也能定制自己专属的酒类产品，打造个性 品牌。" 罗倩说，通过AI定制这一创新结合， ...

Group 1: Management Changes - He Xiuxia, the general manager and board member of Jinzhongzi Liquor, has resigned due to work adjustments, effective immediately upon submission of the resignation report [1] - Zhang Liandong, the chairman of Yanghe Co., has also resigned for similar reasons, with his resignation effective upon submission and will not affect the board's operation [2] Group 2: Financial Performance and Projections - Xue Tian Salt Industry expects a significant decline in net profit for the first half of 2025, projecting a range of 64.78 million to 77.74 million yuan, representing a year-on-year decrease of 76.34% to 80.29% [4] - Good Products has received government subsidies amounting to 23.96 million yuan, which accounts for 51.97% of its projected net profit for 2024 [6] - Pang Donglai Group reported total sales of 11.707 billion yuan for the first half of 2025, with supermarket sales reaching 6.35 billion yuan [13] Group 3: Market Developments - Anji Food's stock debuted at 60 HKD per share and closed at 57 HKD, marking a 5% decline on its first trading day [3] - Three new entities have been established by Three Squirrels in the South Ling Snack Park to enhance its supply chain for snack production, with registered capital amounts of 10 million, 12 million, and 22.45 million yuan respectively [5] - Qiaqia Food has begun trial sales of its ice cream products on major online platforms such as JD, Tmall, and Pinduoduo [7][8] Group 4: Regulatory and Compliance Issues - The Xiamen Market Supervision Administration has ordered the closure of two "Niu Yue Bao" stores due to food safety violations, with further inspections planned for other locations [10]

NO.1 曾从钦：厂商共建一流价值创造和交付体系 据五粮液集团微信公众号消息，7月1日，五粮液集团（股份）公司党委书记、董事长曾从钦率队先后到 访北京朝批商贸股份有限公司、北京糖业烟酒集团有限公司，认真倾听商家声音、回应市场关切、深化 业务合作。座谈会期间，各方围绕当前消费趋势变化、北京区域市场态势、五粮液品牌发展规划和未来 市场潜力等议题展开深入交流。 曾从钦表示，面对当前市场环境变化，厂商双方要进一步加强协作，共同应对挑战，把握发展机遇，合 力谱写厂商共赢发展新篇章。五粮液将与经销商伙伴深化战略合作，在共建厂商生态、创新消费场景、 提升消费体验等方面共同努力，合力建设一流的价值创造和交付体系，为消费者提供更优质的产品和服 务。 NO.3 商务部：对欧盟白兰地反倾销调查将于近日作出最终裁决 商务部7月3日举行例行新闻发布会。会上，有记者提问：中国是否计划在本月稍晚举行的中欧领导人峰 会前再次延长对欧盟白兰地进口的调查，还是目前已实施的39%临时关税将转为永久性关税？ 商务部新闻发言人何咏前表示，这个问题涉及到中方对原产于欧盟的进口相关白兰地反倾销调查。此 前，我们多次回应过相关问题。根据中国法律和世贸组织规 ...

| 中审亚太会计师事务所（特殊普通合伙） China Audit Asia Pacific Certified Public Accountants LLP | | | | | | | --- | --- | --- | --- | --- | --- | | 《关于海南椰岛（集团）股份有限公司 2024 年年度 | | | | | | | 报告的信息披露监管工作函》有关问题的回复 | | | | | | | 中审亚太审字（2025）009175 号 | | | | | | | 上海证券交易所： | | | | | | | 根据贵所近日下发给海南椰岛（集团）股份有限公司（以下简称"海南椰岛" | | | | | | | 或"公司"）的《关于海南椰岛（集团）股份有限公司 2024 年年度报告的信息 | | | | | | | 披露监管工作函》（上证公函【2025】0691 号）的内容，我所现就函件中需要 | | | | | | | 年审会计师发表意见的部分回复如下： | | | | | | | 一、关于主要客户及供应商 | | | | | | | 年报显示，报告期内公司实现营业收入 1.75 亿元，其中前五大客 ...