Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company is effectively implementing a big product strategy, with sustained growth momentum. The revenue projections for 2025, 2026, and 2027 are estimated at 156.9 billion, 167.2 billion, and 177.0 billion yuan, respectively, reflecting year-on-year growth rates of 7.0%, 6.6%, and 5.9%. The net profit attributable to shareholders is projected to be 14.5 billion, 17.6 billion, and 20.3 billion yuan for the same years, with growth rates of 36.9%, 22.0%, and 15.3% respectively [3][5]. Summary by Sections Market Data - Closing price: 12.04 yuan - One-year high/low: 14.36/10.7 yuan - Price-to-book ratio: 2.1 - Dividend yield: 1.58% - Market capitalization of circulating A shares: 30,216 million yuan [2]. Financial Projections - Total revenue for 2023 is 14,213 million yuan, with a year-on-year growth rate of 7.7%. The net profit for the same year is 645 million yuan, showing a significant increase of 83.0% [5][19]. - The gross margin is expected to improve from 37.6% in 2023 to 45.0% by 2027, indicating a positive trend in profitability [5][19]. Product Strategy - The company has established a product matrix that includes high-end products like U8, V10, and regional specialties, which have shown strong sales growth. The U8 product line is expected to achieve a sales target of 90,000 tons in 2025, with a year-on-year growth of 31.4% [3][4]. - The company is focusing on expanding its market presence through initiatives like the "Hundred Counties" and "Hundred Cities" projects, targeting high-capacity and high-growth cities [5][19]. Competitive Landscape - The beer industry is characterized by stable competition, with production levels stabilizing around 35 million kiloliters since 2021. The company has been outperforming the industry in terms of sales growth, driven by its successful U8 product strategy [3][4]. Revenue Breakdown - Revenue from mid-to-high-end beer is projected to grow from 95.1 billion yuan in 2025 to 109.2 billion yuan in 2027, with gross margins improving from 52.0% to 55.0% [3][5]. - Revenue from regular beer is expected to grow modestly, with projections of 44.5 billion yuan in 2025 and 46.0 billion yuan in 2027, maintaining a stable gross margin of around 31.5% [3][5].

（2025年12月24日）为庆祝马年新春，全球销量第一的日本啤酒品牌朝日超爽啤酒携手当代日本艺术家横山裕一，展开破格 合作推出年度新春限量版包装，释放农历新年的蓬勃活力。横山裕一被誉为日本最具创造力的艺术家之一，此次他将传统新春符 号注入爆发性的能量、色彩与想象，以充滿视觉冲击力的现代风格赋予罐身鲜明摩登精神，进一步夯实朝日啤酒"摩登日本"的品牌 价值内涵。此系列限定版罐装及包装产品将在全国各大城市的餐厅、超市及线上平台同步发售。 图：不同规格的新春限量版包装朝日超爽啤酒展示 新春佳节是亲朋欢聚、笑语满堂的时刻。无论是一家人围炉守岁，或是与好友相约畅谈，一罐冰镇超爽的朝日超爽啤酒都是点 燃团聚气氛、增添年味的佳伴。其顺滑口感与独特风味，更能为团圆餐桌与欢聚场景注入活力与愉悦。 此次合作是朝日超爽啤酒与横山裕一这两个同样以颠覆性创意闻名的行业先锋的首度携手，完美融合传统与现代的元素，将标 志性的银色罐身转化为新番风格的庆典画卷。艺术家以马年为灵感，运用标志性线条艺术让新春庆典跃然罐上：绚烂烟花、喜庆 灯笼与欢庆人群共同构成一匹由人群汇聚而成的生肖骏马，奔腾穿梭于活力都市图景之中。视觉盛宴不止于此，日文片假名更以 ...

Core Insights - Qingdao Beer has been awarded the "Annual Brand Case" at the 2025 New Consumption Conference, highlighting its brand value and market performance [1] - The company is undergoing a transformation from product exportation to cultural integration, aiming to enhance its global brand presence [1] Group 1: Brand Value and Market Performance - Qingdao Beer has received authoritative recognition for its brand influence and market competitiveness, showcasing its status as a leading consumer brand in China [1] - The company has a 122-year history and is committed to enhancing its brand through quality, innovation, openness, and cultural integration [1] Group 2: Product Quality and Innovation - The company emphasizes product quality as the lifeline of its brand, with a mission to "create happiness for life" [2] - Qingdao Beer has developed over 100 new products across nine series, leading the industry in new product launches and sales revenue [2] - The introduction of non-pasteurized, unfiltered, and undiluted "Qing Beer Original" has been well-received by consumers, enhancing their quality of life [2] Group 3: Quality Management - Qingdao Beer has shifted its quality management focus from product-centered to consumer perception-centered, implementing a digital quality management model [3] - The company has the highest number of representatives (52 out of 109) in the national beer tasting committee, demonstrating its commitment to quality [3] Group 4: Consumer Experience and Engagement - The company has implemented a "three-product strategy" focusing on product variety, quality, and brand creation, enhancing consumer engagement through immersive experiences [4] - Qingdao Beer has created various experiential venues and events, such as the Qingdao Beer Museum and Qingdao International Beer Festival, to connect with consumers [4] Group 5: Global Expansion and Cultural Integration - Qingdao Beer has showcased its products at international events, emphasizing its commitment to global market integration and cultural representation [5] - The company has launched traditional Chinese New Year products in overseas markets, incorporating cultural elements to attract consumers [5][6] - Qingdao Beer aims to enhance its brand image on the global stage, participating in high-profile international events and promoting Chinese craftsmanship [6] Group 6: Future Outlook - The company is positioned for steady growth and high-quality development through continuous product structure optimization and technological innovation [6] - With ongoing consumer upgrades, Qingdao Beer is expected to leverage its brand heritage and market insights to further enhance consumer experiences [6]

（来源：上观新闻） 协会指出，欧洲啤酒商正面临严峻挑战：酒吧、餐馆和酒馆的啤酒消费量曾占欧洲总消费量的三分之 一，如今已降至四分之一。餐饮业的疲软影响着整个啤酒产业链，从农民到啤酒节再到旅游业，正产生 连锁冲击。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 欧洲酿酒商协会日前发布的"2025年欧洲啤酒趋势报告"显示，欧洲啤酒产业已连续五年下行。这与欧洲 消费习惯转变密切相关，类似现象亦见于葡萄酒行业。 报告显示，欧盟啤酒产量2019年为367亿升，2024年降至345亿升。2025年的初步数据表明下滑仍在持 续。通货膨胀、生产成本高企、全球运输中断以及气候变化导致的原材料压力是造成行业衰退的主要因 素。 来源：作者：欧时 欧洲酿酒商协会主席克里斯蒂安·韦伯认为，这场危机远不止是暂时性的下滑："消费者减少了消费。啤 酒厂面临成本上升、法规收紧以及整个供应链压力加剧的困境。行业需要更大的稳定性和支持，才能持 续发展。" 特约撰稿:欧时 原标题：《连续五年下滑，欧洲啤酒业遭遇 "多面夹击" | 新民侨梁》 栏目编辑：梅璎迪 文字编辑：梅璎迪 ...

截至2025年12月23日收盘，ST西发(000752)报收于11.42元，上涨4.2%，换手率2.76%，成交量7.29万 手，成交额8275.12万元。 西藏发展股份有限公司关于召开2026年第一次临时股东会的通知 12月23日主力资金净流入400.56万元；游资资金净流出295.45万元；散户资金净流出105.11万元。 公司公告汇总第十届董事会第七次会议决议公告 西藏发展股份有限公司于2025年12月22日召开第十届董事会第七次会议，审议通过《关于变更会计师事 务所的议案》和《关于召开2026年第一次临时股东会的议案》。会议决定聘任深圳久安会计师事务所 （特殊普通合伙）为公司2025年度财务报告审计机构及内部控制审计机构，聘期一年。该事项尚需提交 公司股东会审议。会议应出席董事9人，实际出席9人，表决结果均为全票通过。 西藏发展股份有限公司将于2026年1月7日召开2026年第一次临时股东会，会议由公司董事会召集，现场 会议时间为当日14:30，网络投票时间为当日9:15至15:00。股权登记日为2025年12月31日。会议审议事 项为关于变更会计师事务所的议案。股东可通过现场或网络投票方式参会，中小 ...

Core Viewpoint - The company, Guizhou Zhenjiu, has seen its stock price increase by over 4%, reaching 8.6 HKD, with a trading volume of 31.7 million HKD, following the announcement of a phased halt in the recruitment of distributors for its major product line, Da Zhen [1] Group 1: Company Developments - On December 19, Guizhou Zhenjiu announced a second batch of regions where the recruitment for Da Zhen will be temporarily halted, following a previous announcement on November 9 regarding 36 regions [1] - The Da Zhen project is considered a significant innovation for the company during the industry's adjustment period and has shown steady progress since its launch [1] Group 2: Sales Performance - As of December 9, the chairman of Zhenjiu Li Du, Wu Xiangdong, reported that the Da Zhen product has achieved sales of 580 million CNY across 31 provinces and 280 cities, making it the top-selling new product in the mid-to-high-end liquor segment [1] - The long-term goal for the Da Zhen product is to reach a sales target of 30 billion CNY [1] Group 3: Future Plans - The company is planning to launch a new premium beer product, which will be priced higher by an additional 100 CNY, indicating a strategy to expand its product offerings [1]

Core Viewpoint - The company, Guizhou Zhenjiu, has seen a significant stock price increase of over 4%, reaching 8.6 HKD, following the announcement of a phased halt in recruitment for its major product line, Da Zhen, in certain regions to ensure healthy market operations [1] Group 1: Company Developments - On December 19, Guizhou Zhenjiu announced a second batch of regions where recruitment for the Da Zhen project will be temporarily halted, following a previous announcement on November 9 regarding 36 regions [1] - The Da Zhen project is considered a crucial innovation for the company during a period of deep industry adjustment, and it has been steadily progressing since its launch [1] Group 2: Sales Performance - The chairman of Zhenjiu Li Du, Wu Xiangdong, revealed that the Da Zhen product has achieved sales of 580 million CNY within 200 days of its launch, making it the top-selling new product in the mid-to-high-end liquor segment across 280 cities in 31 provinces [1] - The long-term goal for the Da Zhen product is to reach a sales target of 30 billion CNY, indicating strong growth ambitions [1] Group 3: Future Plans - The company is planning to launch a new premium beer product, which will be priced higher by an additional 100 CNY, indicating a strategy to expand its product offerings in the beverage market [1]

Core Insights - China Resources Group is a powerful state-owned enterprise that extends beyond traditional perceptions, being involved in various sectors that impact daily life [1][6] - The company ranks 67th in the Fortune Global 500 for 2023, with revenue reaching 651.4 billion yuan and a profit of 64.3 billion yuan in the first three quarters, both exceeding the average growth of state-owned enterprises [5] Business Diversification - China Resources Group operates 18 listed companies across A-shares and H-shares, covering six core sectors: consumer goods, healthcare, real estate, energy, technology, and more [1][5] - The company has a significant presence in the food and beverage sector, with Snow Beer holding over 30% market share and Yibao bottled water at 21% [3] Healthcare Contributions - The company plays a crucial role in healthcare, with products like 999 Cold Medicine and various prescription drugs from its subsidiaries, enhancing public health [3][4] - China Resources Medical operates 146 healthcare institutions, including 13 top-tier hospitals, providing a comprehensive healthcare ecosystem [4] Energy and Technology - China Resources Power has a total installed capacity of 80,000 megawatts, with 45% from renewable sources, and is actively pursuing investments in wind and solar energy [4] - China Resources Microelectronics leads in the semiconductor industry, particularly in the domestic MOSFET market, and has achieved mass production of silicon carbide chips [4] Financial Performance and Innovation - The company has shown strong financial performance, with a revenue of 204.3 billion yuan and a profit of 19.2 billion yuan in the first quarter of 2023, reflecting robust growth capabilities [5] - China Resources is focused on innovation, exploring hydrogen energy, biodegradable plastics, and advancements in third-generation semiconductor technology [5]

NZBRiC.jpg （原标题：驻奥克兰总领馆经商处会见新西兰中国商业圆桌会执行董事） 12月20日，驻奥克兰总领馆经商处主任王程光领事会见新西兰中国商业圆桌会 （NZBRiC）执行董事尼克·卡尔德，并共同参访新西兰奇异兄弟啤酒（Brothers Beer） 厂。 王程光向两人分别赠送《世界开放报告2025》和进博会吉祥物"进宝"，表示中国是 新西兰啤酒第二大出口市场，今年前11个月自新啤酒进口额同比增长69%；明年中方将 围绕"共享大市场·出口中国"主题举办超百场进口促进活动，常态化举办进博优品交易 会，以更大力度扩大进口，欢迎新方企业共享开放市场红利。 卡尔德介绍，该组织商业前景调研报告显示，超九成新在华企业对中国市场前景 表示乐观，十分关注中国"十五五"规划给两国经贸合作带来新机遇。啤酒厂负责人介 绍，其对华出口精酿啤酒规模不断扩大，将深耕中国市场。 ...

Summary of the Food and Beverage Industry Conference Call Industry Overview - The food and beverage industry is expected to end its deep adjustment cycle by 2026, with consumer goods having largely completed inventory destocking [1][4] - The liquor sector, particularly baijiu, is projected to reach a new equilibrium by Q2 2026, with CPI stabilizing to alleviate price deflation pressures [1][4] - Companies with innovation or supply chain optimization capabilities are expected to stand out in the recovery phase [1][4] Key Insights and Arguments - The liquor sector is currently in a bottoming process, with mid-term investment value being significant [1][5] - Consumer goods are benefiting from an efficiency revolution and the transition between old and new growth drivers, with emerging channels and cost advantages continuing [1][5] - In 2025, the food and beverage sector showed mixed performance, with yellow wine, soft drinks, dairy products, and meat products leading in growth, while baijiu faced significant downward pressure from high-end price declines [1][6] Market Dynamics - The CPI and PPI differential has been volatile, with weak price increase expectations; however, a future stabilization of CPI could relieve downward price pressures [1][7] - The liquor price average has returned to a high level, indicating limited future downward space, necessitating companies to maintain a balance between volume and price [1][8] Sector-Specific Trends Liquor Industry - The baijiu sector is expected to reach a new balance by Q2 2026, with a characteristic of low-to-high price movement [1][5] - Companies are advised to focus on maintaining volume-price balance during the destocking phase [1][8] Consumer Goods - The industry is currently in a "channel is king" phase, necessitating the exploration of structural opportunities to meet changing consumer demands for health, personalization, convenience, and cost-effectiveness [1][9] - After completing inventory destocking, traditional sectors may rebound, with new emerging segments expected to thrive [1][9] Dairy Industry - The dairy sector is in a stabilization phase, with raw milk supply expected to contract in 2026, leading to a potential improvement cycle [1][11] - Key companies to watch include Yili, Mengniu, and Miaokelando, which are expected to show growth potential [1][11] Beer and Yellow Wine - The beer industry is stable but experiencing changes due to the rise of new channels, suggesting a focus on leading companies like Qingdao Beer and Yanjing Beer [1][12] - The yellow wine sector is seeing a concentration of market share among leading companies, with structural upgrades expected to continue [1][12] Soft Drinks and Snacks - The soft drink market is facing intensified competition, with notable segments like glucose tea and sports drinks showing promise [1][13] - The snack sector is benefiting from new channel transformations, with companies like Weilong and Chacha expected to perform well [1][13] Restaurant Supply Chain and Food Chains - The restaurant supply chain is recovering from regulatory impacts, with companies like Anji Food and Gaoli Co. being highlighted for their growth potential [1][14] - Food chain companies are accelerating their expansion through optimization and innovation, presenting investment opportunities [1][14] Health Products - The health product market shows potential for significant growth, with key products like coenzyme Q10 and probiotics gaining traction [1][15] Conclusion - Each sub-sector within the food and beverage industry presents unique opportunities and challenges, necessitating tailored investment strategies to capture alpha opportunities and achieve stable returns [1][16]