证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 增持（维持） 行业走势 -20% -10% 0% 10% 20% 30% 2024-06 2024-10 2025-02 2025-06 食品饮料 沪深300 食品饮料 周观点：啤酒旺季重视成长，白酒企业持续变革 投资建议：1、白酒：股东大会展现白酒企业理性客观、持续深化变革、 重视股东回报，优质龙头配置价值凸显，行业静待边际改善，建议关注 "优势龙头、红利延续、强势复苏"三条主线：1）优势龙头，头部酒 企份额持续提升：贵州茅台、五粮液、山西汾酒、古井贡酒；2）红利 延续，高确定性区域酒：今世缘（江苏格局红利）、迎驾贡酒（洞藏大 单品红利）等；3）受益复苏与风险偏好提升，弹性标的：泸州老窖、 水井坊、舍得酒业、老白干酒、港股珍酒李渡、酒鬼酒等。2、大众品： 珠啤董事长换届落地，百润崃州上新，IFBH 通过港交所聆讯：1）高 景气或高成长逻辑：盐津铺子、东鹏饮料、燕京啤酒、珠江啤酒、三只 松鼠、百润股份、有友食品、好想你等，港股农夫山泉、华润饮料、卫 龙美味等。2）政策受益或复苏改善：青岛啤酒、海天味业、新乳业、 伊利股份、 ...

Core Viewpoint - The beer industry is experiencing a decline, with a significant drop in production and changing consumer preferences leading to challenges for major companies [2][3][14]. Production Trends - In the first two months of 2025, the production of large-scale domestic beer enterprises decreased by 4.9% year-on-year [3]. - The downward trend in beer production has been ongoing since 2013, despite revenue growth during that period due to premiumization and price increases by major companies [4][7]. Market Dynamics - Major beer companies have adopted a strategy of high-end product offerings, with many launching beers priced above 10 yuan [9]. - Examples include Chongqing Beer and Carlsberg's restructuring to focus on mid-to-high-end products, and premium offerings from companies like China Resources and Budweiser [10][11]. Consumer Behavior - The decline in beer consumption is attributed to fewer drinking occasions and changing preferences, with many consumers opting for lower alcohol consumption [14][17]. - Data indicates that over half of consumers typically drink only 1-2 bottles at a time, reflecting a trend towards moderation [19]. Industry Response - Despite domestic sales declines, beer exports have increased, with a reported 50% growth since 2019, reaching 62.1 million liters in 2023 [21]. - Companies are diversifying their product lines, with examples including Qingdao Beer acquiring a yellow wine brand and other breweries venturing into soft drinks and liquor [22]. Conclusion - The beer industry is at a critical juncture, needing to identify new growth opportunities as the initial market excitement has waned [23].

Core Insights - The Chinese liquor market is undergoing significant changes, facing challenges such as price inversion, inventory pressure, and channel transformation [2] - The market in 2025 will present both challenges and opportunities, emphasizing the need for distributors to innovate channels and expand product categories [2][3] Market Challenges - The primary issue for distributors is poor product sales, driven by multiple factors including fragmented channels and changing consumer behavior [3] - The rise of instant retail platforms has shifted consumer purchasing behavior towards online channels, leaving traditional distributors reliant on offline sales at a disadvantage [3][4] Instant Retail Impact - Instant retail has emerged as a new battleground for liquor sales, with significant price promotions observed during events like "618" [4] - Distributors must adapt to this trend by integrating with instant retail platforms to maintain market relevance and capture high-frequency consumer interactions [4][5] Regional Opportunities - The Jiangxi market has shown continuous growth, with sales expected to reach 18.5 billion yuan in 2024, highlighting unmet local demand for premium liquor [8] - There is a significant gap in the supply of well-known brands like Moutai in Jiangxi, indicating potential for local distributors to fill this void [8][9] Product Innovation - Low-alcohol beverages and craft beers are gaining traction, particularly among younger consumers and women, presenting new opportunities for distributors [10][11] - Distributors are encouraged to explore these new categories while ensuring they complement rather than replace traditional liquor offerings [10][11] Future Strategies - Distributors should shift from a "price difference" mindset to a "value" approach, focusing on building a multi-channel capability that includes offline experiences, instant retail, and live commerce [12] - Collaborating with manufacturers in a symbiotic relationship will be crucial for navigating the evolving market landscape and maximizing growth opportunities [12]

122年来，从当初的"工厂生产啥消费者买啥"，到"消费者要啥工厂生产啥"，青岛啤酒匠心始终如一， 品牌历久弥新。消费者的一句句"青岛啤酒好喝"，是青岛啤酒百年匠心传承不断的动力源泉。青岛啤酒 的"可持续灯塔工厂"通过物联网与人工智能技术，精准预判需求，以柔性化生产甚至个性化定制满足消 费者碎片化订单，以智慧物流、新鲜直送平台快速调配，确保"新鲜不断供"。 同时，依托酿酒行业唯一的国家重点实验室——啤酒生物发酵工程国家重点实验室，青岛啤酒以啤酒风 味图谱技术成功复制啤酒DNA，解码消费需求，全面、具体地展现了啤酒风味的每一个细微特征，四 获国家科技进步奖二等奖。 转自：中国质量报 如今，青岛啤酒形成九大系列70多个产品矩阵，包括经典、纯生、白啤、高端生鲜、一世传奇、奥古特 等知名产品，并不断"上新"无醇、轻干等产品，不断满足消费者的多元化需求。这份执着不仅让青岛啤 酒成为跨越代际的国民品牌，更让这个百年品牌成为闪耀全球的中国名片，在120多个国家传递着中国 制造的品质与魅力。 本报讯 （记者朱文达）6月18日，第22届世界品牌大会在京举行，主办方世界品牌实验室（World Brand Lab）发布了2025年《 ...

Core Viewpoint - The company has demonstrated solid financial performance in 2024, with significant growth in net profit and revenue, while maintaining a focus on quality and brand development in a competitive beer market [8][24]. Group 1: Financial Performance - The company achieved a total beer sales volume of 228,600 hectoliters, a year-on-year increase of 0.06% [8]. - The operating revenue reached 647.06 million yuan, reflecting a year-on-year growth of 5.44% [8]. - The total profit amounted to 72.77 million yuan, marking a 24.94% increase compared to the previous year [8]. - The net profit attributable to shareholders was 64.83 million yuan, up 33.58% year-on-year [24]. Group 2: Operational Strategy - The company has implemented a strategy focused on quality, aiming to produce the best beer in China, which is reflected in its commitment to product excellence and management practices [8][10]. - The company has increased its market presence in key regions, particularly in the Greater Quanzhou area, which has seen a 50% increase in sales over the past five years [9]. - The company is actively promoting high-end products, with a focus on personalized and differentiated offerings, resulting in a significant increase in sales [9]. Group 3: Brand Development - The company has invested in brand cultivation and marketing, enhancing the recognition and reputation of its products, particularly the "Yimai" brand [9][10]. - The brand value reached 25.563 billion yuan in 2024, indicating a strong market presence [9]. - Marketing efforts included various promotional activities and sponsorships, which have helped to strengthen consumer loyalty and brand identity [9]. Group 4: Financial Management - The company reported a cash flow from operating activities of 132.64 million yuan, a 76.63% increase from the previous year, primarily due to improved cash management practices [22]. - The company’s total assets amounted to 168.11 million yuan, with a current asset ratio of 80.51% [19]. - The company’s debt-to-asset ratio was 22.25%, indicating a stable financial structure [19]. Group 5: Future Outlook - The company plans to continue its high-quality development strategy in 2025, focusing on product quality, brand strength, and market expansion [12]. - The beer industry is expected to continue facing intense competition, with a shift towards higher value and premium products [12].

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-022 青岛啤酒股份有限公司 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法律责任。 A 股每股现金红利2.20元（含税） 三、 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | | 四、 分配实施办法 一、 通过分配方案的股东会届次和日期 ）2025 年 5 月 20 日的2024 本次利润分配方案经青岛啤酒股份有限公司（以下简称"本公司" 年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体 A 股股东。 本次利润分配以方案实施前的本公司总股本1,364,196,788股为基数，每股派发现金红利 ，共计派发现金红利3,001,2 ...

Core Insights - Carlsberg China has signed a strategic cooperation agreement with Guangshunxing, a top 100 restaurant company in China, to establish a deep partnership aimed at enhancing market penetration of Carlsberg's brands in high-quality Cantonese dining channels [1][4] - The collaboration will focus on product synergy, scene creation, and marketing linkage, aiming to provide a more quality-driven and scenario-based dining experience [1][4] Group 1: Partnership Details - Carlsberg China will become the core beer supplier for Guangshunxing's nationwide stores, covering a diverse brand portfolio including Carlsberg, Lebo, 1664, Wusu, and Jing A [4] - The partnership will leverage star IP collaborations, customized meal packages, seasonal menus, and co-created dining experiences to enhance various dining scenarios such as formal meals, late-night snacks, and social gatherings [4][7] Group 2: Strategic Goals - The cooperation is seen as a significant move for resource complementarity and mutual benefits, with Carlsberg aiming to create more enjoyable moments for consumers by integrating beer culture with culinary experiences [4][7] - Future plans include deepening the partnership through consumer experience, brand influence, and product innovation, with a commitment to invest high-quality resources and professional teams [4][7] Group 3: Company Backgrounds - Guangshunxing, founded in 2017, has expanded to 650 stores nationwide and aims to be a leading brand in Cantonese cuisine, focusing on fresh, healthy, and high-quality dining experiences [7] - Carlsberg China is one of the top five beer companies in China, operating a network of 27 breweries and a comprehensive market sales network, offering a mix of local and international brands to meet diverse consumer needs [7]

Core Insights - Qingdao Beer has successfully created a unique consumer experience with its giant intelligent beer pillar, attracting over 10,000 visitors daily and achieving a sales volume of 1.2 million milliliters per day, equivalent to 2,400 cups of beer [1][4] - The brand has been recognized for its value of 280.355 billion yuan, maintaining its position as the industry leader, driven by consumer appreciation and engagement [3][5] - Qingdao Beer is actively redefining its brand presence through various events and partnerships, aiming to connect with consumers in a more meaningful way in the new consumption era [3][7] Consumer Engagement - The Qingdao Beer Trading Center features an automated sales system and a stock trading pricing model, enhancing the consumer experience and making it a popular social media spot [4][5] - During the Dragon Boat Festival, the foot traffic at the trading center reached 2.245 million visitors, with significant online engagement on platforms like Douyin [5][6] - The brand's innovative approach to consumer interaction is seen as a successful attempt to create social value and fun experiences in beer consumption [4][7] Strategic Marketing - Qingdao Beer is leveraging various cultural and sporting events to enhance its brand visibility, including partnerships with the Chinese Super League and participation in major film awards [7][8] - The brand is focusing on creating immersive experiences for consumers, such as beer-themed carnivals and collaborations with popular events, to deepen emotional connections [8][11] - The introduction of new products targeting emerging consumer demographics, such as women, reflects the brand's adaptability to changing market trends [8][12] Market Trends - The beer industry is witnessing a shift towards more diverse and fragmented consumption patterns, with younger consumers seeking emotional and experiential value [13][14] - Qingdao Beer is responding to these changes by creating new consumption scenarios, such as cruise experiences and sports events, to meet evolving consumer demands [14][15] - The brand's strategy emphasizes the integration of technology and innovative marketing to enhance consumer engagement and satisfaction [15]

Core Viewpoint - Zhujiang Brewery has undergone a leadership change with the resignation of Wang Zhibin and the election of Huang Wensheng as the new chairman, reflecting a transition in management as the company continues to grow in the beer industry [1][4]. Company Leadership - Wang Zhibin, born in 1965, has held various positions within Zhujiang Brewery, including chairman since 2019, and has now resigned due to reaching retirement age [4]. - Huang Wensheng, born in 1968, has been elected as the new chairman and previously served as the vice chairman and general manager of the company [4]. Company Overview - Zhujiang Brewery is a large state-controlled enterprise focusing on both beer brewing and beer culture industries, with over 4,600 employees and 16 subsidiaries, including 12 beer companies [4]. Financial Performance - In 2024, Zhujiang Brewery reported revenues of 5.731 billion yuan, a year-on-year increase of 6.56%, and a net profit attributable to shareholders of 2.995 billion yuan, reflecting a growth of 29.95% [4]. - The South China region contributed 5.491 billion yuan in revenue, up 7.45%, accounting for 95.81% of total revenue, while other regions saw a decline in revenue by 10.37% [4]. - For the first quarter of 2025, Zhujiang Brewery achieved revenues of 1.227 billion yuan, a growth of 10.69%, with a net profit of 157 million yuan, increasing by 29.83% [5].

Core Insights - Qingdao Beer has been recognized as the top beer brand in China with a brand value of 280.355 billion yuan at the 22nd World Brand Conference [1] - The company is exploring the health segment, with non-alcoholic beer transitioning from niche to mainstream, and the market value for non-alcoholic and low-alcohol beer exceeding $13 billion in 2023, projected to reach nearly 4% market share by 2027 [1] Group 1 - Qingdao Beer has been a pioneer in the non-alcoholic beer sector, launching its first non-alcoholic beer flavor beverage in 2012 and drafting group standards [1] - The company has received multiple invention patent authorizations for its technological innovations in non-alcoholic beer, which have also won several awards [1] - Qingdao Beer has developed a diverse product matrix, exporting to over 30 countries and continuously innovating in product development [1] Group 2 - The company is integrating its brand history with modern consumer needs through a "Beer+" model, creating a cultural and tourism industry ecosystem [1] - Qingdao Beer has transformed its factory into a multi-consumption scene, establishing a "Beer + Culture and Tourism" district as a distinctive landmark [1] - The company is expanding its presence in entertainment and sports marketing, launching collaborations with the Chinese Super League [1] Group 3 - Qingdao Beer has introduced a "Fresh Delivery" service, combining traditional craftsmanship with a digital supply chain to enhance consumer experience [1] - The company exports to over 120 countries and anticipates growth in sales, revenue, and net profit in the first quarter of 2025 [1] - Future strategies will focus on core business, innovation, and creating diverse products and consumer experiences [1]