Summary of the Food and Beverage Industry Conference Call Industry Overview - The food and beverage industry is entering a pivotal year in 2026, characterized as a "starting point for a big year" with expectations for absolute returns across the sector [2][3] - The industry has seen a decline in valuations to reasonable levels, with performance being the core issue [3] Key Insights and Arguments - **Consumer Demand Trends**: Anticipated L-shaped recovery in consumer demand driven by the repair of household balance sheets and economic structural transformation [3] - **Traditional vs. New Consumption**: Both traditional and new consumption are expected to coexist, with traditional consumption showing signs of bottoming out and potential recovery [2][8] - **Investment Recommendations**: - Prioritize investments in frozen food companies, followed by the liquor sector [5] - Companies like Anjuke, Qianqianwei, and Sanquan in the frozen food sector are expected to optimize competition through B-end transformations [5] - High market share beer companies such as Yanjing and Zhujiang are seen as having good growth potential [5] New Consumption Opportunities - The new consumption sector is expected to benefit from structural dividends, with significant growth potential for companies like New Dairy and Yanjing Zhujiang [4][10] - New channels and product categories are anticipated to drive performance growth in beverages and snacks, even in the current economic environment [6][12] Liquor Industry Insights - The liquor sector, characterized by strong commercial barriers and high inventory accumulation, is expected to see improvements in Q1 2026 as inventory levels decrease [7] - The stability of liquor prices or an L-shaped trend is viewed as an attractive investment opportunity, with companies like Wuliangye, Yanghe, and Moutai being highlighted as good choices [7][9] Market Characteristics and Future Outlook - The future consumer market in China is expected to exhibit three main characteristics: large market size, high innovation in channels and categories, and a trend towards international expansion to address supply-demand imbalances [11] - Structural dividends are anticipated to arise from new channels, new product categories, and new markets [11] Specific Investment Targets - In the snack sector, companies with strong channel adjustment and category expansion capabilities, such as Weilong and Yanjin, are recommended [12] - In the beverage sector, functional drinks and sugar-free tea segments are highlighted, with companies like Dongpeng and Nongfu Spring expected to maintain leading growth [12] Strategic Recommendations - The investment strategy for 2026 emphasizes that the food and beverage sector is likely to rise, with a focus on performance recovery, particularly in the liquor sector [13] - The strategy includes holding traditional consumption while embracing new consumption, indicating a balanced approach to investment [14]

北京商报讯（记者 刘一博 冯若男）12月15日晚间，重庆啤酒就与重庆嘉威啤酒有限公司（以下简称"重 庆嘉威"）的合同纠纷案发布公告称，双方拟在二审阶段达成调解，并签署《调解协议》，尚需提交公 司2025年第三次临时股东大会审议。 根据协议，重庆啤酒或其子公司将向重庆嘉威一次性支付截至2025年12月31日的量价差结算款1亿元 （不含税），双方互相放弃历史索赔。2026至2028年期间，公司每年向重庆嘉威固定采购14.26万千升 啤酒，采购价4000元/千升，并约定补量机制与现金补偿标准。包销合作将于2028年底终止，不再续 期。 对此，重庆啤酒方面表示，本次调解将冲回此前计提的预计负债2.54亿元，同时新增计提2.17亿元，预 计增加公司2025年度利润总额3710.55万元、归母净利润1907.96万元。 据了解，公开资料显示，重庆啤酒与重庆嘉威的合同纠纷源于双方自2007年起围绕《战略合作协议》及 后续多份包销协议履行产生的争议。重庆嘉威于2023年10月向法院提起诉讼，主张重庆啤酒未依约履行 包销义务，一审法院于2025年3月判决重庆啤酒向重庆嘉威支付约3.53亿元，重庆啤酒不服并上诉，纠 纷进入二审阶 ...

Core Viewpoint - Lululemon is undergoing significant changes, including the resignation of CEO Calvin McDonald, amid criticism regarding brand value erosion and declining stock performance [1][2]. Financial Performance - In the latest fiscal quarter ending November 2, 2025, Lululemon's net revenue in the Americas decreased by 2% to $1.7 billion, accounting for 68% of total revenue, with comparable sales down by 5% [3]. - Conversely, Lululemon's revenue in China grew by 46% to $465.4 million, representing 18% of total revenue, with comparable sales increasing by 24% (25% growth in constant dollars) [4]. - Other international markets saw a 19% increase in revenue to $367.2 million, making up 14% of total revenue, with comparable sales up by 9% [4]. Market Competition - The competitive landscape in China is challenging, with Li Ning experiencing a mid-single-digit decline in retail sales, while Nike's revenue in Greater China fell by 10% to approximately $1.512 billion [5]. - The potential impact of Lululemon's struggles in its home market on its performance in China is a point of concern [6]. Management and Strategy - Chip Wilson, the founder of Lululemon, expressed dissatisfaction with the board's support for McDonald, citing a 62.8% drop in LULU's stock value over the past two years and a lack of accountability for product innovation [2]. - Wilson emphasized the need for accelerated adjustments within the company to regain shareholder value [7].

Core Insights - The report indicates a collective decline in the A-share market indices, with the Shanghai Composite Index down by 0.55%, the Shenzhen Component Index down by 1.1%, and the ChiNext Index down by 1.77% [1][6] - The total trading volume in the Shanghai and Shenzhen markets reached 1.773 trillion yuan [1][6] - The report highlights that the non-bank financial, retail, and agriculture sectors led the gains, while electronics, communications, and media sectors experienced the largest declines [1][6] Important News - An article by General Secretary Xi Jinping in "Qiushi" magazine emphasizes the strategic importance of expanding domestic demand for economic stability and security, advocating for a focus on consumption to drive economic growth [2][7] - China's economic performance for November shows a year-on-year industrial value-added growth of 4.8%, a service production index growth of 4.2%, and a retail sales growth of 1.3%. However, fixed asset investment decreased by 2.6% year-on-year, with real estate development investment down by 15.9% [2][7] Industry Analysis - The report discusses the recent National Medical Security Work Conference, which aims to optimize medical insurance payment mechanisms and support the development of innovative drugs, indicating a positive outlook for the pharmaceutical industry [8][9] - The National Healthcare Security Administration has added 949 new drugs to the medical insurance catalog, bringing the total to 3,253, and plans to implement a new payment scheme based on disease categories [9][10] - The report highlights the importance of commercial health insurance in creating a multi-tiered medical security system, with 19 innovative drugs included in the commercial health insurance catalog [10][11] - The report notes that the National Healthcare Security Administration will support the pharmaceutical industry's innovation and competition, including the implementation of national drug procurement and price registration systems [11]

Investment Rating - The investment rating for the beer industry is "Positive" and is maintained [6]. Core Insights - As of December 12, 2025, Meituan's liquor instant retail platform "Yaimasongjiu" has surpassed 2,000 stores, serving nearly 30 million users, with a transaction volume exceeding 6 billion yuan, entering the top three liquor brands, indicating strong growth momentum [2][4]. - The instant retail platform leverages digitalization to better understand consumer preferences and trends, allowing beer companies that can quickly respond to market demands and create popular products to gain larger market shares in new channels [2][4]. Summary by Sections Industry Overview - The rapid expansion of the instant retail platform has prompted beer companies to increasingly engage in this sector. By early 2025, several beer brands have indicated their plans to enter the instant retail market [4]. - Qingdao Beer, for instance, has been strengthening its layout in instant retail and flash warehouse models, while China Resources Beer has collaborated with "Yaimasongjiu" to launch self-operated products [4]. Market Dynamics - The traditional beer sales channels are primarily focused on dining and distribution, where suppliers have more control. The open nature of instant retail platforms challenges these traditional barriers, presenting opportunities for the beer industry [4]. - Companies that can quickly adapt to market needs and create hit products are expected to thrive in this competitive landscape [4]. Recommended Companies - The report specifically recommends investing in Qingdao Beer, Yanjing Beer, China Resources Beer, and Chongqing Beer due to their strong positioning in the evolving market [2][4].

协议终止后不再续期 重庆啤酒与重庆嘉威啤酒有限公司（以下简称嘉威）的合同纠纷有望迎来终结。 12月15日晚间，重庆啤酒发布公告称，公司与嘉威拟在二审阶段达成调解，并签署《调解协议》，如顺 利达成调解，诉讼程序将以调解结案。 记者了解到，拟签署的《调解协议》包括：重庆啤酒或其子公司向嘉威一次性支付截至2025年12月31日 前的全部量价差结算款人民币1亿元（不含税）；就重庆啤酒与嘉威2026年至2028年期间产品包销方面 的合作方式进行约定，以及约定嘉威分红等相关事宜。 支付1亿元了结旧账 长期悬而未决的重大诉讼，不仅是财务上的"定时炸弹"，更是萦绕在管理层与投资者心头的不确定 性"阴云"。重庆啤酒与嘉威的这场合同纠纷，在2024年便已对公司业绩造成了实质性的显著拖累。 根据公司2025年3月的公告，针对一审判决，公司基于谨慎性原则计提了高达2.54亿元的预计负债，直 接导致公司2024年归母净利润同比下滑16.61%。 而此番达成调解，通过一揽子解决方案，有望从根本上移除这颗"巨雷"。 根据《调解协议》约定的会计处理，其核心是"冲回旧账，计提新债"，重庆啤酒下属实施该包销业务的 控股子公司嘉士伯重庆啤酒有限公 ...

每经记者｜熊嘉楠 每经编辑｜许绍航 肖芮冬 重庆啤酒与重庆嘉威啤酒有限公司（以下简称嘉威）的合同纠纷有望迎来终结。 12月15日晚间，重庆啤酒发布公告称，公司与嘉威拟在二审阶段达成调解，并签署《调解协议》，如顺利达成调解，诉讼程序将以调解结案。 记者了解到，拟签署的《调解协议》包括：重庆啤酒或其子公司向嘉威一次性支付截至2025年12月31日前的全部量价差结算款人民币1亿元（不含税）； 就重庆啤酒与嘉威2026年至2028年期间产品包销方面的合作方式进行约定，以及约定嘉威分红等相关事宜。 支付1亿元了结旧账 协议终止后不再续期 据悉，双方合同纠纷源于2007年签署的《战略合作协议》、2009年签署的《产品包销框架协议》（以下简称《包销协议》）、2016年的《补充协议》《产 品包销备忘录》、2019年的《备忘录二》《备忘录三》及为履行该等协议和备忘录而签署和/或形成的所有会议纪要、会谈备忘等文件的履行而产生的争 议，包括双方在合作起源、合作关系定性、"山城"品牌使用期限、是否存在打压"山城"啤酒品牌等。 一纸《调解协议》的公布，标志着重庆啤酒与嘉威之间这场漫长的法律"拉锯战"，并未走向二审的针锋相对，而是意外地 ...

Core Insights - The article highlights the emergence of Xinbah, a high-end craft beer brand in China, which has successfully navigated a challenging industry landscape to redefine the market and set a new price ceiling for craft beer [1][10]. Group 1: Industry Context - In 2015, the Chinese beer industry faced a significant downturn, with total production dropping to 47.16 million kiloliters, a year-on-year decrease of 5.06% [3]. - Despite the industry's decline, Xinbah was founded by two entrepreneurs with over 20 years of experience in the beverage distribution sector, who recognized a transformative shift in consumer preferences [3][5]. Group 2: Brand Development - Xinbah launched its first product in 2019 after three years of research and development, during which the team conducted over 400 experiments to perfect their brewing process [5][6]. - The brand's positioning as a high-end craft beer was solidified by using premium ingredients sourced globally, including French oak barrels and Belgian yeast [5][10]. Group 3: Strategic Innovation - Xinbah adopted a unique growth model by leveraging the "coexistence" logic from the high-end Chinese liquor market, targeting business dining and gifting scenarios, thus avoiding direct competition with traditional beer brands [7][9]. - The brand's consumer base includes over 82% of customers who also purchase premium liquors like Moutai and Wuliangye, validating its strategic positioning [9]. Group 4: Value Proposition - Xinbah emphasizes quality and craftsmanship, using 150-year-old French oak barrels for aging, which contributes to the complexity of flavors in its beers [10][12]. - The company aims to create positive value for consumers, partners, and the industry, exemplified by its "Qingyun Plan," which supports homebrewers and fosters innovation within the craft beer sector [12][13]. Group 5: Market Potential - The Chinese craft beer market has grown to over 80 billion yuan, with an annual growth rate of 30%, indicating significant potential for further expansion [15]. - Xinbah's journey from a niche player to a leading brand reflects the broader growth trajectory of the craft beer industry in China, which still has a low market penetration rate compared to international standards [15].

创城改造前 华润雪花科 作为中国销量最大的啤酒酿造商，华润啤酒此次南迁，是对粤港澳大湾区战略的呼应。其落址的雪花科 创城，前身正是金威啤酒的宝安二厂。这片承载过百年酿造历史的工业遗址，如今由华润置地与华润啤 酒共同改造，转型为一个总建筑面积约87万平方米的产城综合体。 华润雪花科 2025年12月8日，华润啤酒总部正式由北京迁入深圳雪花科创城。 对很多深圳人来说，"来深圳，喝金威"不只是一句广告，更是一段带着麦芽香的城市记忆。2013年，华 润啤酒完成对深圳本土品牌金威啤酒的并购，重塑了中国啤酒市场的格局。 创城改造后 这里不止是总部办公地，更是一个融合生产、研发、商业、居住等复合功能的产业社区。超过百亿元的 投资，旨在打造一个千亿级的产业集群，并通过"工业上楼"的模式，为高密度城区发展先进制造提供新 思路。 从昔日啤酒厂到今日科创城，这片土地的生长轨迹，亦折射出一座城市在产业演进中的传承与超越。 建筑群从中提取筒仓意象，错落的天际线间，高达188米的雪花啤酒总部大厦尤为醒目，形体呼应啤酒 罐体特征，通过三个体块组合而成，将大弧度曲线与平直线条巧妙融合。 圆润的塔楼造型以"雪花粮仓"的概念意向，延续了雪花和尖 ...

Group 1 - The core business of the company is the production and sale of beer, which falls under the category of consumer goods [1] - The company is committed to tracking relevant policy opportunities, aligning with consumer demand, optimizing products and channels, and promoting business expansion [1] - The company aims to create performance returns for shareholders and contribute to society [1]