Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, particularly concentrating on investment opportunities in the Hong Kong market [1]

Core Viewpoint - The company, Anhui Kouzi Liquor Co., Ltd., is set to hold an investor performance briefing on June 30, 2025, to discuss its 2024 annual and 2025 first-quarter results, allowing for interactive communication with investors [1][2]. Group 1: Meeting Details - The performance briefing will take place on June 30, 2025, from 13:00 to 14:00 [2][3]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible via the website http://roadshow.sseinfo.com/ [2][3]. - The meeting will be conducted in an online interactive format, enabling real-time engagement with investors [2][3]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [3]. - Questions can be submitted by investors from June 23 to June 27, 2025, through the Roadshow Center's "Question Pre-Collection" section or via the company's email [3]. - The company will address commonly asked questions during the performance briefing [3]. Group 3: Company Representatives - Key representatives attending the meeting include the Chairman and General Manager Xu Jin, Vice General Manager and Secretary Xu Qinxiang, Vice General Manager and CFO Fan Bo, Vice General Manager Huang Shaogang, and Independent Director Chu Yuming [2].

Core Viewpoint - Carlsberg AS has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, with institutional investors playing a role in this relationship [4]. - Rising earnings estimates for Carlsberg suggest an improvement in the company's underlying business, which could lead to an increase in stock price [5]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Carlsberg's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating strong potential for near-term price appreciation [10]. Earnings Estimate Revisions for Carlsberg - For the fiscal year ending December 2025, Carlsberg is expected to earn $1.75 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 8.2% over the past three months [8].

Core Viewpoint - Gujinggongjiu is currently one of the most prominent players in the liquor industry, showing significant revenue and net profit growth in 2024, with increases of 16.41% and 20.22% respectively, and maintaining double-digit growth into Q1 2025 [3][6]. Financial Performance - In 2024, Gujinggongjiu's revenue from its core product "Nianfen Yuanjiang" reached 18.086 billion, accounting for 76.71% of total revenue, with a 5% increase in ton price [7][11]. - The company reported a sales expense of 6.182 billion in 2024, a 13.7% increase year-on-year, with promotional and advertising expenses also exceeding revenue growth [12]. Market Position and Strategy - Gujinggongjiu has established a strong foothold in the Anhui market, benefiting from local economic growth and government support for the liquor industry [14][16]. - The company aims to maintain a stable pricing strategy across its product range, but faces challenges with the "Nianfen Yuanjiang" product amid ongoing debates about authenticity [11][12]. Distribution and Sales Channels - The company employs a deep distribution strategy, controlling the market through direct sales teams and partnerships with distributors, but struggles with national expansion [16][20]. - In 2024, Gujinggongjiu's revenue from the central region (including Anhui) was 20.15 billion, with a growth rate of 17.8%, indicating a need for further expansion outside its home market [20][21]. Management and Governance - Gujinggongjiu's management team is primarily composed of internal members, providing stability and a strong incentive structure, although potential leadership changes in 2026 could pose risks [22][23]. - The company has a well-defined strategic direction, focusing on channel strength and market penetration, but faces uncertainties regarding future leadership continuity [22][23].

Market Overview - On June 18, A-shares experienced a rebound after hitting a low, with the three major indices slightly rising. The total trading volume reached 1.19 trillion yuan, a decrease of 16.1 billion yuan compared to the previous trading day. Over 3,400 stocks declined, indicating a mixed market sentiment [2][3]. Sector Highlights - **Banking Sector**: The banking sector showed strong performance in the morning, with stocks like Shanghai Bank and Pudong Development Bank rising. The recent international turmoil has led to a shift towards defensive sectors, while domestic economic recovery is boosting loan demand. It is expected that bank profitability will stabilize by 2025 [5][6]. - **Beer Sector**: The beer sector rebounded, with Yanjing Beer leading with over a 5% increase. Despite previous panic selling due to rumors of a "liquor ban," the fundamental outlook for the beer industry remains positive, especially with the upcoming summer consumption peak [7]. - **Military Trade Sector**: The military trade sector saw significant gains, with companies like Great Wall Industry hitting the daily limit. Factors such as escalating conflicts in the Middle East and the Paris Air Show have heightened interest in military products, particularly domestic military aircraft [8][9]. - **Non-Banking Financial Sector**: The non-banking financial sector underperformed, with companies like Dongwu Securities and Guosen Securities experiencing notable declines. Rising market risk aversion is likely impacting trading activity and short-term profitability for brokerages [10]. - **PCB Sector**: The PCB sector performed exceptionally well, with companies like Huadian Technology hitting the daily limit. Meta's announcement of a new AI chip, which requires advanced PCB designs, is expected to significantly boost demand for high-end PCBs [11][12]. - **AI Computing Sector**: The AI computing sector saw a collective rise, with PCB, optical modules, and storage segments performing particularly well. The market remains optimistic about the sustained demand for AI infrastructure, driven by Meta's upcoming AI chip launch [12]. Company Highlights - **Top Group**: Top Group's stock surged by 3% following Elon Musk's announcement of significant upgrades to the third generation of the Optimus robot. As a core supplier for Tesla's robotics, the company is expected to benefit directly from this development, despite a decline in first-quarter performance [14].

Core Insights - Anheuser-Busch InBev (AB InBev) announced a $17 million investment in its Houston brewery as part of its Brewing Futures program, which includes a total commitment of $300 million for facility investments across the U.S. by 2025 [1][9] - The investment aims to enhance brewing excellence and improve transportation capabilities, ensuring efficient product delivery throughout Texas, building on over $50 million already invested in the Houston site in the past three years [2][4] - AB InBev's Brewing Futures initiative focuses on creating a sustainable workforce, supporting job creation, and advancing opportunities for veterans in the manufacturing sector [3] Investment and Economic Impact - The Houston brewery has been a key operational hub for nearly 60 years, with AB InBev and its distributor partners investing over $2.3 billion in capital projects in Texas to date [4] - The company employs nearly 1,000 individuals across four facilities in Texas, significantly contributing to the local economy and the American brewing industry [4] - Nationally, AB InBev operates over 100 facilities and employs 65,000 Americans, having invested nearly $2 billion in facility upgrades over the past five years [5] Growth Strategy - AB InBev is experiencing strong revenue momentum driven by consumer demand for its diverse brand portfolio and strategic pricing initiatives [7] - The company is focusing on expanding its premium and super-premium beer offerings, with brands like Corona and Stella Artois performing well internationally [8] - AB InBev is also diversifying into new categories such as ready-to-drink beverages and hard seltzers, while enhancing its digital platforms for better customer engagement [10]

Company Overview - Dogfish Head is celebrating its 30th anniversary in 2025, having opened as the first brewpub in Delaware in June 1995 [3] - The company has grown from one of the smallest commercial breweries in America to one of the largest and most well-known craft breweries, with multiple facilities including a production brewery, distillery, tasting room, and a beer-themed hotel [3][6] - Dogfish Head is committed to brewing unique beers with high-quality culinary ingredients and has expanded its offerings to include spirits and ready-to-drink cocktails [6] Partnership and Events - Dogfish Head has partnered with the Martha's Vineyard Chamber of Commerce to celebrate the 50th anniversary of the film JAWS, becoming the "Official Beer" for the event [1] - The celebrations will take place on June 20 and 21, 2025, at Martha's Vineyard, where the original film was shot [1] - Dogfish Head products will be available for sampling at the JAWS 50 anniversary celebrations, and a "Fish Finder" tool is available for locating their products [2] Product Offerings - Dogfish Head offers a variety of products, including: - 60 Minute IPA (6.0% ABV): A hoppy and balanced IPA [7] - Grateful Dead Juicy Pale Ale (5.3% ABV): A light-bodied pale ale brewed with Kernza® and granola [7] - 30 Minute Light IPA (4.9% ABV): A low-calorie, aromatic light IPA [7] - Strawberry Honeyberry Vodka Lemonade (7.0% ABV): A craft cocktail with vodka, lemon juice, and honeyberries [7] - Blood Orange Mango Vodka Crush (7.0% ABV): A citrusy cocktail blending vodka with blood orange and mango juice [7]

Group 1 - The 35th Qingdao International Beer Festival will take place from July 18 to August 16, featuring various themed activities to enhance the experience and atmosphere for visitors [1] - The event will utilize historical sites like Zhongshan Road and food streets, promoting a "main store + outdoor display" consumption model, offering both popular local dining options and unique beverage areas [3] - The festival will collaborate with nearby businesses and hotels to provide affordable packages and promotions, enhancing value and attractiveness for visitors [5] Group 2 - The festival site is located in Qingdao's old town, integrating beer culture with historical scenery, allowing visitors to enjoy drinks while exploring the charming old streets [7] - An immersive "All-Region Immersive Drama Street" will be created, encouraging visitor participation through various interactive activities, transforming them from spectators to protagonists [9]

Group 1 - The company has approved a profit distribution plan at the 2024 annual general meeting, distributing a cash dividend of 50.00 RMB per 10 shares, totaling 2,643,000,000.00 RMB based on a total share capital of 528,600,000 shares [1] - The distribution will not include stock dividends or capital reserves conversion into shares, and adjustments will be made if the total share capital changes before the distribution [1] - The cash dividend will be subject to different tax rates for various types of shareholders, including QFII, RQFII, and individual investors holding pre-IPO restricted shares [1][2] Group 2 - The A-share equity registration date is set for June 25, 2025, with the ex-dividend date on the same day [2] - The B-share equity registration date is also June 25, 2025, with the ex-dividend date following the last trading day [2] - Cash dividends for B-share shareholders will be directly credited to their accounts on June 30, 2025, and any tax issues must be resolved by July 31, 2025 [4][2] Group 3 - The company will assist in refunding any incorrectly withheld taxes for B-share shareholders who are not domestic individual shareholders or non-resident enterprises [4] - The cash dividend for B-share shareholders will be converted at the exchange rate published by the People's Bank of China on the ex-dividend date [2] - The company has provided contact information for inquiries regarding the dividend distribution [4]

Core Insights - The Brewing the American Dream program has awarded Moor's Brewing Co. as the 2025 winner of its Brewing & Business Experienceship, continuing its legacy of supporting small businesses in the food and beverage industry [1][4][8] Company Overview - Moor's Brewing Company, founded in Chicago in 2021 by Damon Patton, Jamhal Johnson, and Anthony Bell, has expanded to over 500 retailers nationwide and opened Diversey House, Chicago's first Black-owned taproom, in February 2025 [3][8] - The brewery's mission includes community engagement and offering a unique blend of craft beer and elevated pub fare [3][5] Program Details - The Brewing & Business Experienceship provides one emerging craft brewer with mentorship from Samuel Adams professionals, including founder Jim Koch, and opportunities to collaborate on specialty beers and participate in the Great American Beer Festival [2][4][6] - The selection process for the winner involved a public voting component during the Crafting Dreams Beer Bash, which showcased six finalists [4][5] Impact and Goals - Since its inception in 2008, the Brewing the American Dream program has loaned over $114 million to more than 4,500 small business owners in the food and beverage industry, creating or maintaining over 12,000 local jobs [8] - The program aims to strengthen small businesses, create local jobs, and build vibrant communities through access to business capital and coaching [8]