Financial Data and Key Metrics Changes - In the first nine months of 2025, total volumes decreased by 7%, revenue decreased by 6.6%, while revenue per hectoliter increased by 0.4% [8] - Normalized EBITDA decreased by 7.7%, and the normalized EBITDA margin contracted by 37 basis points [8] - In Q3 2025, total volumes and revenue decreased by 8.6% and 8.4%, respectively, with normalized EBITDA decreasing by 6.9% but the normalized EBITDA margin expanding by 46 basis points [8][9] Business Line Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 7.9% and 8.7%, respectively, with normalized EBITDA decreasing by 9.7% [10] - In China, volumes in Q3 decreased by 11.4%, revenue decreased by 15.1%, and revenue per hectoliter decreased by 4.1% [10] - In APAC East, volumes decreased by 0.5%, while revenue and revenue per hectoliter increased by 1.8% and 2.3%, respectively [14] Market Data and Key Metrics Changes - In India, the company delivered double-digit revenue growth in Q3, with the Budweiser brand growing ahead of the industry [13] - In South Korea, volumes were flattish, with revenue and revenue per hectoliter growing by mid-single digits [14] - The contribution of the in-home channel to total volume and revenue has continued to increase, with premium and super premium segments outpacing contributions from Chinese restaurants [42] Company Strategy and Development Direction - The company is focused on improving top-line performance through strengthening route-to-market, increasing investment in mega brands, leading innovation, and expanding geographic footprint [11] - The strategy includes enhancing the in-home channel and premiumizing the product offerings to capture growth opportunities [11][12] - The company is committed to leveraging technology to enhance commercial capabilities and optimize route-to-market [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in China due to a soft economic cycle but emphasized a clear view of improvement opportunities [6] - The company remains optimistic about growth in India and South Korea, with a focus on premiumization and innovation [13][30] - Management highlighted the importance of maintaining investments in both on-trade and off-trade channels despite current pressures [56] Other Important Information - The company is actively managing inventory levels, with current inventories lower than the previous year [35] - There are ongoing customs tax disputes in South Korea, with non-underlying charges related to these claims amounting to $84 million [82] - In Taiwan, a provisional tariff was slightly adjusted down to 31.3% [84] Q&A Session Summary Question: Can you provide more details on brand performance in China, particularly for mega brands? - Management discussed the impact of the in-home channel and innovations like larger packaging formats to improve brand performance [21][22] Question: What is the outlook for the South Korean market given the weak industry demand? - Management noted that while the industry remains soft, there are pockets of growth in non-alcoholic and flavored beers, and the company continues to gain market share [30][31] Question: What is the current penetration level of the in-home channel in China? - Management indicated that the in-home channel accounts for about 60% of the industry but only over 50% of the company's channel mix, highlighting significant growth opportunities [38] Question: How does the company allocate resources between on-trade and off-trade channels? - Management stated that while investments in on-trade channels are maintained for brand building, a larger proportion of spending is directed towards in-home channels [77] Question: What are the strategies for low alcohol beer products? - Management emphasized ongoing innovation in non-alcoholic and low-alcohol beers, with a focus on consumer needs and market maturity [64][66] Question: Can you provide updates on the Korean customs tax dispute and Taiwan's anti-dumping duties? - Management confirmed the ongoing customs tax dispute and the slight adjustment in Taiwan's tariff rate, emphasizing the importance of maintaining market access [82][84]

Core Viewpoint - Shede Liquor Industry reported a decline in both revenue and net profit for the third quarter, indicating potential challenges in the company's financial performance [1] Financial Performance - The company's third-quarter revenue was 1 billion yuan, representing a year-on-year decrease of 15.88% [1] - Net profit for the third quarter was 28.735 million yuan, showing a year-on-year decline of 63.18% [1]

| 区域名称 | 报告期末经销商数量 | 报告期内增加数量 | 报告期内减少数量 | | --- | --- | --- | --- | | 浙江大区 | 530 | 46 | 71 | | 江苏大区 | 365 | 25 | 31 | | 上海地区 | 200 | 13 | 31 | | 其他地区 | 838 | 128 | 37 | | 小计 | 1,933 | 212 | 170 | 特此公告。 证券代码：601579 证券简称：会稽山 公告编号：2025-027 会稽山绍兴酒股份有限公司董事会 会稽山绍兴酒股份有限公司 2025 年 1-9 月经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十二号——酒制造》（2022 年 1 月修订）第十六条相关规定，会稽山绍兴 酒股份有限公司现将 2025 年 1-9 月主要经营数据（未经审计）公告如下： | 一、产品销售情况： | | | | | 单位：万元 | 币种：人民币 | | ...

Core Insights - Dogfish Head has launched its seasonal offerings just in time for winter, featuring a mix of new products and returning fan-favorites to cater to consumer preferences during colder weather [1] Returning Fan Favorites - The seasonal lineup includes highly anticipated brews known for their hoppy and piney taste profiles, ideal for winter sipping [2] New Beers & Packages - New offerings are now available for a limited time, including local exclusive products like Maple Spiced Rum and Alternate Takes Volume 1: Whiskey Finished in Rum Casks, aimed at enhancing the holiday experience [3] - The Winter Variety Pack includes four unique ales: 60 Minute IPA, Un'Ora, Covered In Nuggs, and Bon Appletree, available nationwide [4][13] - Pennsylvania Tuxedo (8.5% ABV) features fresh spruce tips for a citrus kick, while Covered In Nuggs (6.7% ABV) is a hoppy IPA with a blend of multiple hops [6] - Bon Appletree (7.0% ABV) is a Graf-style ale made with heritage grains and fresh apples, and Triple Decadence World Wide Stout (15% ABV) celebrates Dogfish Head's 30th anniversary with a rich, wood-aged flavor profile [6][14] - Limited-edition Maple Spiced Rum (40% ABV) and Alternate Takes Volume 1 (45% ABV) are available exclusively at Dogfish Head's coastal Delaware locations, showcasing the brand's distilling expertise [6][7] About Dogfish Head Craft Brewery - Dogfish Head has been committed to brewing unique beers with high-quality ingredients for over 30 years, expanding its portfolio to include spirits and ready-to-drink cocktails [8]

Core Insights - The Boston Beer Company, Inc. (NYSE:SAM) reported strong third quarter earnings, with adjusted earnings per share of $4.25, surpassing analyst estimates of $3.33 [2] - The company raised its full-year earnings per share guidance to $8.80 from $8.13, indicating positive financial performance despite challenges in the beer market [2] Industry Context - Jim Cramer highlighted the overall weakness in the beer market, noting that major competitors like Molson and Constellation Brands have performed poorly [3] - Cramer expressed surprise at Boston Beer’s performance, suggesting it is an outlier in a declining market, which warrants further examination of the company's financials [3]

Core Viewpoint - Qingdao Beer (600600.SH) announced the termination of its plan to acquire 100% equity of Jimo Yellow Wine for 665 million yuan due to unmet delivery conditions, primarily caused by the judicial freeze on Jimo Yellow Wine's equity [1][4]. Group 1: Acquisition Details - The acquisition plan was first announced on May 7, with a stipulation that the delivery conditions must be met within 120 days, or the agreement would automatically terminate [4]. - As of the announcement date, the required conditions for the equity transfer had not been satisfied, leading to the termination of the acquisition without any breach of contract liability for Qingdao Beer [4]. Group 2: Financial Implications for Jimo Yellow Wine - Jimo Yellow Wine has faced frequent equity freezes, with a recent addition of approximately 15.75 million yuan in frozen equity, totaling around 127 million yuan since September [5]. - The equity freeze is linked to the financial issues of Jimo Yellow Wine's major shareholder, Xinhua Jin Group, which has also affected its listed company, leading to risk warnings and potential delisting [5]. Group 3: Strategic Impact on Qingdao Beer - The termination of the acquisition affects Qingdao Beer's strategy to diversify its product line and market channels, particularly in light of its ongoing fourth-quarter losses [6][7]. - Qingdao Beer has reported fourth-quarter losses for six consecutive years, with losses ranging from 4.55 billion yuan to 7.77 billion yuan from 2019 to 2023 [6]. - The acquisition of Jimo Yellow Wine was seen as a way to complement Qingdao Beer's seasonal sales, as beer sales peak in summer while yellow wine sales peak in autumn and winter [6].

Group 1 - Anheuser-Busch InBev's stock has increased by 22% this year, outperforming the market as beer-drinkers shift away from IPAs to more traditional options [1] - The S&P 500 index has risen by 7%, although the journey has been volatile, influenced by Fed comments on inflation and a regional bank crisis [5] - Gold prices surged nearly 30% from mid-August to mid-October before experiencing the worst sell-off in 12 years, indicating significant market fluctuations [5] Group 2 - Investors are currently favoring beaten-up stocks as the market reaches record highs, suggesting a search for undervalued opportunities [3] - The 10-year Treasury yield has decreased by 40 basis points, reaching its lowest level in a year, which may influence investment strategies [5] - Key investment strategies include focusing on small-cap value stocks and companies with bottomed-out earnings that are expected to rebound [5]

Core Viewpoint - Qingdao Beer has decided to terminate its acquisition of 100% equity in Shandong Jimo Yellow Wine Factory for 665 million yuan due to unmet conditions in the share transfer agreement, ending over five months of anticipation [1][3][5]. Group 1: Acquisition Details - The acquisition was initially seen as a strategic move to complement Qingdao Beer's seasonal sales through the integration of beer and yellow wine, leveraging its 11,600 distributors for nationwide expansion [3][5]. - The 120-day delivery period set in the share transfer agreement was not met due to issues such as asset freezing and financial disputes involving the controlling shareholder, leading to the transaction's failure [5][6]. - Jimo Yellow Wine faced significant financial challenges, including a 77% debt ratio and 705 million yuan in total liabilities, which exceeded industry standards [6][8]. Group 2: Financial Implications - Qingdao Beer reported a revenue of 20.491 billion yuan and a net profit of 3.904 billion yuan in the first half of 2025, indicating a 7.21% year-on-year growth, suggesting that the termination of the acquisition will have a limited impact on its overall financial performance [6][8]. - The company’s high-end product sales increased by 5.1%, reflecting the effectiveness of its high-end strategy despite the acquisition setback [6][12]. Group 3: Industry Context - The yellow wine market is significantly smaller than the beer market, with a market size of only 21 billion yuan in 2024, representing less than 12% of the beer market [10]. - The yellow wine industry has experienced a compound annual growth rate of only 3.2% over the past decade, which is considerably lower than the growth rates of beer and white spirits [10][12]. - The challenges of cross-industry acquisitions in the beverage sector are highlighted by previous unsuccessful attempts by other companies, indicating that such strategies may not be effective in overcoming growth bottlenecks [12].

Core Insights - The Boston Beer Company has launched Emerald Hour, a new line of THC-infused gummies, expanding its non-alcoholic cannabis product offerings [1][3][11] - The gummies are available in Ontario and Alberta, with each gummy containing 5mg of THC and packaged in convenient two-pack containers [1][3] - The first flavor introduced is Peach & White Grape, designed to appeal to cannabis consumers seeking a flavorful experience [2][16] Product Details - Emerald Hour gummies are made with live rosin and solventless cannabis diamonds, ensuring a full-spectrum cannabis experience [3] - The brand's existing lineup includes ready-to-drink non-alcoholic cannabis cocktails, which contain 10mg of THC per 222ml mini-can and are available in over 600 dispensaries across Canada [3][4] - The current beverage flavors include Agave, Lime & Sea Salt, Cranberry & Citrus, Ginger & Lime, and Lime & Mint [10] Responsible Consumption - To promote responsible cannabis consumption, Emerald Hour is collaborating with Ally, a women-owned brand that provides secure storage solutions for cannabis products [4] - Ally containers are designed to be smell-proof and feature a lockable code for added security [4] Company Background - The Boston Beer Company, established in 1984, is known for its high-quality craft beverages and has expanded into non-alcoholic cannabis products through its Canadian subsidiary [6][7] - The company has a diverse portfolio that includes craft beer, hard cider, hard seltzer, and hard tea, with a commitment to innovation in beverage offerings [6]

Core Viewpoint - Tsingtao Brewery has terminated its proposed acquisition of Jimo Yellow Wine Factory due to unmet conditions for completion [1][2]. Group 1: Acquisition Details - The original agreement, announced in May, involved Tsingtao acquiring Jimo Yellow Wine for 665 million yuan (approximately $92 million), purchasing 45.45% from Hiking Group and 54.55% from Lujin Group [2]. - Tsingtao aimed to expand its non-beer business portfolio and promote diversified development through this acquisition [2][3]. Group 2: Product and Market Impact - Jimo Yellow Wine produces huangjiu, a traditional Chinese yellow wine, which is typically brewed using rice, wheat, and millet [3]. - The acquisition was expected to enrich Tsingtao's product line, expand market channels, and provide consumers with more diverse choices [3][4]. - Tsingtao anticipated that the complementary nature of Jimo Laojiu and its beer products would enhance market competitiveness and create new growth points [4]. Group 3: Financial Performance - In the first half of 2025, Tsingtao Brewery reported a revenue increase of 2.1% year-on-year to 20.49 billion yuan, with operating profit rising 6.9% to 5.25 billion yuan and net profit up 6.8% to 3.97 billion yuan [5].