Core Insights - Qingdao Beer has been recognized as the only local state-owned enterprise in Shandong Province to be included in the "State-owned Enterprises Social Responsibility Blue Book (2025)" for its commitment to high-quality development and social responsibility [1] Group 1: Innovation and Development - The company leverages its national-level innovation platform to enhance its capabilities in strain research, flavor control, low-carbon brewing, and product innovation, leading to the cultivation of new productive forces [2] - Qingdao Beer has won the National Science and Technology Progress Award for the fourth time, making it the only company in the brewing industry to achieve this honor [2] - The product matrix has expanded to include over 100 varieties across nine major series, catering to diverse consumer needs with superior quality and innovative flavors [2] Group 2: Digital Transformation - Qingdao Beer is committed to a comprehensive digital transformation, optimizing organizational structure, business processes, and operational models [3] - The company has implemented five major projects focusing on product optimization, agile innovation, process optimization, data quality, and talent organization [3] - It has established the world's first "sustainable lighthouse factory" in the food and beverage industry and has built 25 national-level green factories, leading the industry in energy efficiency and sustainability [3] Group 3: Industry Ecosystem and Market Expansion - The company is innovating its business models around beer, enhancing experiences through museums, festivals, bars, hotels, and other integrated tourism and retail formats [4] - Qingdao Beer is expanding its fresh delivery business across over 30 cities, driving new retail and consumption patterns [4] - The brand value of Qingdao Beer is reported at 280.355 billion, ranking it first in the Chinese beer industry and among the world's top 500 brands [4]

晨 会 纪 要 [2025]第 228 号 主 题：公司深度报告汇报 时 间：2025 年 12 月 12 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 文正平 李杰 张智珑 郭怡萍 李育文 李正威 别璐莎 邢维洁 马丽明 贺钰偲 汪炜 聂孟依 张弛 整理记录：张弛 研究所今日晨会要点如下: 一、行业公司 1、公司深度——燕京啤酒首次覆盖报告（张弛） 人员变革让燕啤这家老国企焕发新生 昨日的燕啤：曾经辉煌，暂时落后。燕京啤酒是中国五大啤酒集团中唯一没有外资背 景的民族企业，母公司为燕啤投资，实控人为北京国资委下属的北控集团。公司自 80 年 代成立以来不断发展，但 2014 年后随行业一起陷入低谷，存在体制僵化、转型迟缓、收 入下滑等问题，发展滞后于同业。 今日的燕啤：人员调整，改革提速。20-22 年期间公司管理团队发生较大变化，耿超 为核心的新任领导班子推行大刀阔斧的改革，帮助公司自 21 年起利润年年创新高，股价 显著跑出超额收益。 行业现状 价格端持续上涨，瓶快于罐，主流价格带仍低。燕啤自身吨价不高，且扎实做好大众 档到次高档的消费升级，在本周期内表现强 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：2025-034 2025年中期权益分派实施公告 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法律责任。 重要内容提示： ● 每股分配比例 A股每股现金红利1.30元 本次利润分配方案经公司2025年12月4日的2025年第二次临时股东会审议通过。 2.分派对象： 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股东。 3.分配方案： 重庆啤酒股份有限公司 三、相关日期 ■ 四、分配实施办法 股东嘉士伯啤酒厂香港有限公司和CARLSBERG CHONGQING LIMITED的现金红利由本公司自行发 放。 3.扣税说明 （1）对于持有本公司无限售条件流通股的自然人股东及证券投资基金，根据《关于上市公司股息红利 差别化个人所得税政策有关问题的通知》（财税[2015]101号）、《关于实施上市公司股息红利差别化 个人所得税政策有关问题的通知》（财税[2012]85号）的有关规定，在公司派发现金红利时 ...

（文章来源：证券日报） 证券日报网讯 12月11日，燕京啤酒在互动平台回答投资者提问时表示，截至2025年12月10日，公司股 东总户数为42899户。 ...

（文章来源：证券日报） 证券日报网讯 12月11日晚间，重庆啤酒发布公告称，公司2025年中期利润分配方案为：以总股本 483971198股为基数，每股派发现金红利1.30元（含税），共计派发现金红利629162557.40元（含税）。 股权登记日为2025年12月17日，除权（息）日为2025年12月18日。 ...

Core Viewpoint - Huiquan Beer confirmed that its registration and office location are in Quanzhou, Fujian, and there are no plans to relocate, emphasizing its commitment to the region and its development goals [2] Group 1: Company Operations - Fujian is one of the core operating areas for the company, indicating its strategic importance [2] - The controlling shareholder is increasing investments in governance and market empowerment to support the company's growth [2] Group 2: Future Plans - The company aims to focus on high-quality development goals, enhancing operations and expansion efforts [2] - There is a commitment to creating performance returns for shareholders and contributing to society [2]

本次权益分派股权登记日为：2025年12月17日，除权除息日为：2025年12月18日。 格隆汇12月11日丨重庆啤酒(600132.SH)公布2025年半年度权益分派实施公告，本次利润分配以方案实 施前的公司总股本4.84亿股为基数，每股派发现金红利1.30元（含税），共计派发现金红利6.29亿元 （含税）。 ...

Core Viewpoint - The instant retail market in China is expected to reach 971.4 billion yuan in 2025, with a year-on-year growth of 24.4%, indicating a significant shift in consumer behavior towards faster delivery services [2][5]. Market Expansion - The instant retail industry is expanding rapidly, with projections indicating a market size of 2 trillion yuan by 2030 and a compound annual growth rate of 25% [5]. - Major e-commerce platforms like Alibaba, JD, and Meituan have invested nearly 60 billion yuan in instant retail in Q3 this year, highlighting the high investment and growth potential in this sector [5]. Consumer Behavior - The "post-95" generation values delivery speed more than previous generations, with over 50% preferring same-day or even two-hour delivery [5][6]. - Instant retail meets the demand for immediate gratification, reshaping consumer experiences and brand connections [6]. Channel Transformation - The beauty and personal care sector is experiencing significant growth in instant retail, with brands like Betaini and Proya quickly adapting to this model due to the high demand for timely delivery [8]. - Sportswear brands such as Li Ning and Anta are also entering the instant retail space, enhancing consumer convenience through local store fulfillment [10]. Operational Innovations - Qingdao Beer has successfully integrated instant retail, achieving a tenfold increase in GMV from 2 billion yuan to nearly 20 billion yuan in five years, with a compound annual growth rate exceeding 50% [11]. - Instant retail allows for cold chain delivery, ensuring product quality for sensitive items like fresh beer and frozen foods [10]. Market Dynamics - Instant retail is creating new growth avenues for retail companies, shifting from traditional "goods and space" models to "instant service" approaches [11]. - The "Good Idea Snack Paradise" brand has seen a 200% increase in order volume over three months, with over 90% of new customers coming from online channels [12]. Competitive Landscape - Despite the rapid growth, major players are currently in a "burning cash" phase, with significant cash flow losses reported by Meituan, Alibaba, and JD [13]. - Retail brands face challenges from aggressive platform subsidies and competition from private label products, necessitating a reevaluation of their business models [14]. - Companies that can enhance supply chain efficiency through digital transformation are likely to thrive in the instant retail era [14].

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [1][4][5] Core Viewpoints - The food and beverage sector is experiencing a transformation driven by diverse consumer demands and supply upgrades, with structural opportunities expected to persist in 2026 despite a moderate recovery in overall demand [2][29] - The report highlights the importance of adapting to new retail channels and consumer preferences, emphasizing the need for product differentiation and quality enhancement [2][29] Summary by Sections Review of 2025 - The overall industry performance was weak, with a decline of 5.3% in the food and beverage sector, underperforming the CSI 300 index by 19.4 percentage points [1][25] - Consumer confidence remained low, with urban residents' disposable income growth slowing to 4.4% year-on-year [1][12] - The soft drink sector maintained relative strength, while the snack industry showed mixed results, with leading companies continuing to expand [1][20] Outlook for 2026 - Structural opportunities are anticipated, with a focus on channel diversification and supply upgrades [2][29] - The report predicts a shift in consumer preferences towards high-quality, reasonably priced products, with an emphasis on additional value attributes such as convenience and health [2][29] - The beverage sector is expected to benefit from the development of non-traditional channels and the introduction of differentiated products [33][47] Investment Recommendations - The report suggests focusing on companies that enhance product quality and service, such as Baba Foods and Wanchen Group [3][4] - It highlights high-growth categories with health attributes, recommending companies like Dongpeng Beverage and Nongfu Spring [3][4] - The report also identifies companies with strong performance recovery potential, such as Anjijia Foods and Yihai International [3][4] Key Company Earnings Forecasts and Investment Ratings - Companies such as Yanjing Beer, Weilong Delicious, and Yili Group are rated as "Outperform" with projected earnings per share (EPS) growth [4][5] - The report provides detailed earnings forecasts and price-to-earnings (PE) ratios for various companies, indicating a generally positive outlook for the sector [4][5]

Group 1 - The report indicates that the food and beverage industry experienced a slowdown in 2025, with a 5.3% decline in the sector, underperforming the CSI 300 index by 19.4 percentage points [1][25] - The soft drink sector maintained relative strength, while the snack industry showed mixed performance, with leading companies continuing to expand [1][20] - Consumer confidence remained low, with the disposable income growth rate for urban residents at 4.4% year-on-year, reflecting weak internal demand [12][20] Group 2 - Looking ahead to 2026, the report identifies structural opportunities in the consumer goods sector, driven by channel differentiation and supply upgrades [2][29] - The report emphasizes the need for consumer goods companies to adapt to new retail channels and enhance product differentiation to meet evolving consumer preferences [2][29] - The anticipated recovery in consumer confidence and macroeconomic policies is expected to shift consumer focus from extreme price competition to a preference for quality and added value [2][29] Group 3 - Investment recommendations for 2026 include focusing on high-quality and differentiated products, with specific companies highlighted such as Babi Foods and Wanchen Group [3][4] - The report suggests that companies with strong performance recovery expectations, such as Anjui Foods and Yihai International, should be considered for investment [3][4] - High dividend or comprehensive shareholder return stocks, such as Yili Group, are also recommended for investors [3][4] Group 4 - The report provides earnings forecasts and investment ratings for key companies, indicating a positive outlook for companies like Yanjing Beer and Nongfu Spring [4][5] - The food and beverage sector's overall revenue and profit growth rates have weakened, with the industry experiencing a cumulative revenue growth of only 0.3% and a profit decline of 4.5% in the first three quarters of 2025 [20][22] - The snack sector's revenue growth was primarily driven by the expansion of Wanchen Group, while other segments faced challenges [20][22]