香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：392） 海外監管公告 北京控股有限公司附屬公司北京燕京啤酒股份有限公司 2025 年度三季度業績、利潤分配等事項公告 本海外監管公告乃由北京控股有限公司（「本公司」）根據香港聯合交易所有限公司 （「聯交所」）證券上市規則第 13.10B 條刊登。 本公司的附屬公司北京燕京啤酒股份有限公司（「燕京啤酒」）已於 2025 年 10 月 21 日 於深圳證券交易所網站（http://www.szse.cn）上載以下公告： 一、 公告内容 （一）2025 年三季度報告 燕京啤酒已公佈按照中國的「企業會計準則」編製截止 2025 年 9 月 30 日止三季度未經審 核業績，主要財務指標如下： | | 利潤表 | | | | --- | --- | --- | --- | | | 截至 9 月 30 | 日止三季度 | | | | 2025 年 | 2024 年 | | ...

Economic Growth Insights - The median and arithmetic average of Q3 GDP growth predictions from 12 institutions were 4.8% and 4.76% respectively, indicating a general expectation of economic performance[1] - Fixed asset investment, particularly in real estate, saw a significant decline from -12.9% at the end of June to -21.2% by the end of September, contributing to a 9.8 percentage point contraction year-on-year[1] - Infrastructure investment dropped from 5.3% to -8.1%, suggesting a substantial drag on GDP growth, estimated at about 0.7 percentage points[1] Policy and Investment Trends - The decreasing importance of real estate and infrastructure investment in national economic statistics suggests a potential shift in policy focus towards "investment in people"[2] - The "anti-involution" initiative, initially expected to gain traction in Q3, appears to have been sidelined in favor of boosting production amid economic pressures[2] - The PMI data indicated a widening gap between production and new orders, expanding by 0.9 percentage points to 1.1%[2] External Trade Dynamics - September's foreign trade performance exceeded expectations, with exports rising by 8.3% year-on-year, reflecting a shift towards emerging markets in the Global South[3] - The reliance on the U.S. market has decreased, with direct exports to the U.S. dropping to approximately 9%, while exports to Africa surged by 56%[3] - High-value industrial products, such as ships and integrated circuits, have become key drivers of China's export strength[3] Economic Outlook - The fourth quarter is expected to see a focus on utilizing existing policies, with over 1 trillion yuan in excess fiscal deposits available for economic support[3] - The potential for a stable economic performance in Q4 is bolstered by the anticipated operational window from the central bank in November[3] - Risks include a potential reduction in policy stimulus and uncertainties in overseas economic policies[3]

Core Insights - STMicroelectronics and SP Group have launched Singapore's largest industrial district cooling system at Ang Mo Kio TechnoPark to support decarbonization efforts [2][3] - The system aims to reduce carbon emissions by up to 120,000 tonnes annually and achieve a 20% reduction in cooling-related electricity consumption [3][8] - This initiative aligns with STMicroelectronics' commitment to becoming carbon neutral by 2027 [3][4] Company Initiatives - The district cooling system has an installed capacity of 36,000 refrigeration tonnes and serves an area of approximately 90,000 square meters [5][8] - The project has achieved over 2 million accident-free man hours during construction and received the Green Mark Platinum Super Low Energy certification [10] - STMicroelectronics is also upgrading the cooling system at its Toa Payoh site under a 20-year agreement with SP Group, aiming to reduce carbon emissions by approximately 2,140 tonnes annually [11] Technological Advancements - The cooling system utilizes advanced technologies, including a centralized closed-loop pipe network, to enhance energy efficiency and reliability [5][6] - The partnership includes the deployment of an energy management information system with 2,400 smart electricity meters to monitor energy consumption [12] - Smart water meters have been implemented to track water inflow, improving water efficiency in wafer fabrication operations [13] Environmental Impact - The new cooling system will repurpose over half a million cubic meters of water annually, contributing to resource conservation [3][8] - The project has reduced embodied carbon by about 44% compared to industrial benchmarks through optimized material choices [10] - STMicroelectronics is on track to achieve 100% renewable electricity sourcing by the end of 2027 [14]

Core Insights - STMicroelectronics and SP Group have launched Singapore's largest industrial district cooling system at Ang Mo Kio TechnoPark, supporting ST's decarbonization strategy and sustainability goals [1][2][3] Environmental Impact - The new cooling system is projected to reduce carbon emissions by up to 120,000 tonnes annually and achieve a 20% reduction in cooling-related electricity consumption [2][15] - It will repurpose over half a million cubic meters of water each year by utilizing reject reverse osmosis water from ST's cooling towers [2][15] System Specifications - The district cooling system has an installed capacity of up to 36,000 refrigeration tonnes (RT) and serves an area of approximately 90,000 square meters through a centralized closed-loop pipe network [4][15] - The system employs chillers in a series counterflow configuration to enhance energy efficiency and ensure reliable 24/7 operation [5] Safety and Certification - The project achieved over 2 million accident-free man hours during construction and received the Green Mark Platinum Super Low Energy certification for its energy efficiency and sustainable design [7] Future Collaborations - STMicroelectronics and SP Group are collaborating on upgrading the cooling system at ST's Toa Payoh site, aiming to reduce carbon emissions by approximately 2,140 tonnes annually under a 20-year chilled-water-as-a-service agreement [8] - The partnership also includes the implementation of an energy management information system (EMIS) and smart water meters to enhance energy and water efficiency across ST's campuses [9][10]

Economic Growth and GDP - The actual GDP growth for the first three quarters of 2025 is 5.2%, exceeding the annual target of 5.0%[4] - The GDP growth rate for Q3 2025 is 4.8%, a decrease of 0.4 percentage points from Q2 2025[4] - The nominal GDP growth rate for Q3 2025 is 3.7%, down 0.2 percentage points from Q2 2025[4] Industrial Production - The industrial added value in September increased by 6.5%, surpassing the consensus expectation of 5.23%[10] - The cumulative industrial added value growth for the mining industry from January to September is 5.8%, while manufacturing and high-tech industries show growth rates of 6.8% and 9.6%, respectively[12] Fixed Asset Investment - From January to September, fixed asset investment fell by 0.5%, with private investment declining by 3.1%[25] - Real estate investment dropped by 13.9% during the same period, with new construction area down 18.9%[31] Consumer Spending - Retail sales in September grew by 3.0%, marking the fourth consecutive month of decline[15] - Cumulative retail sales from January to September showed a year-on-year increase of 4.9%, with significant declines in categories like petroleum products and beverages[20] Policy and Future Outlook - The government has introduced a fourth batch of "national subsidies" amounting to 69 billion yuan and has set a new local government debt limit of 500 billion yuan for 2026[1] - The macroeconomic policy adjustments will focus on achieving high-quality growth during the 14th Five-Year Plan and addressing external uncertainties[44]

Economic Growth - The GDP growth for the first three quarters is 5.2%, indicating low urgency for policy intervention[1] - The GDP growth rate for Q3 is 4.8%, a slowdown from 5.2% in Q2[1] - Q4 growth is projected at 4.5-4.6%, sufficient to meet the annual target of 5%[1] Price and Demand Indicators - The nominal GDP growth for Q3 is 3.73%, down 0.21 percentage points from Q2's 3.94%[2] - The GDP deflator index shows a year-on-year rebound of approximately 0.2 percentage points to -1.0%, remaining negative for ten consecutive quarters[2] - Weighted year-on-year growth for industrial and service sectors in September rebounded by 0.5 percentage points to 5.9%[2] Retail and Consumption Trends - Retail sales growth in September is 3.0%, the lowest this year, with a slowdown attributed to last year's high base effects[3] - Per capita consumption expenditure in Q3 increased by 3.4%, down 1.8 percentage points from Q2[3] - The urban consumption rate is 63.4%, slightly lower than 2019, while the rural consumption rate is 84.6%, higher than 2019[4] Investment and Real Estate - Fixed asset investment from January to September decreased by 0.5%, marking the first negative growth since October 2020[5] - Infrastructure investment (excluding electricity) saw a reduced decline of 1.2 percentage points to -4.6% in September[5] - Real estate sales in September showed a year-on-year decline of 10.5% in area and 11.8% in value, but the decline in sales value narrowed by 2.2 percentage points[5] Market Outlook - The necessity for policy tightening is reduced as the annual growth target of 5% is likely to be met[6] - Supply-demand imbalances persist, with production indicators growing at 5.7% while demand indicators show a decline of -0.6%[8] - The bond market may experience upward movement as risk appetite stabilizes, with potential monetary easing expected in 2026[8]

Group 1: Market Performance Review - The Hong Kong stock market experienced a significant decline due to renewed US-China trade tensions and profit-taking after previous gains, with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng Composite Index dropping by -4.11%, -3.97%, and -7.98% respectively [3][10][13] - Defensive sectors such as utilities and telecommunications showed resilience, while previously high-performing sectors like technology and healthcare faced substantial corrections [3][10][13] Group 2: Market Valuation Levels - As of the end of the week, the 5-year PE (TTM) valuation percentile for the Hang Seng Composite Index stood at 81.45%, indicating that the valuation level is close to one standard deviation above the 5-year average [3] Group 3: Market Macro Environment - The macroeconomic environment shows weak inflation in September, with CPI down by 0.3% year-on-year, while PPI decreased by 2.3% [37][43] - The central bank's monetary policy remains supportive, with a focus on enhancing domestic demand and stabilizing growth through proactive measures [37][43] Group 4: Fund Flow Analysis - Southbound capital showed strong buying interest, with a net inflow of 45.089 billion HKD, marking a new high in five weeks and maintaining a streak of 22 consecutive weeks of net inflows [43] - The top net buying companies included Pop Mart, Xiaomi, and China Mobile, indicating a preference for consumer discretionary and technology sectors [32] Group 5: Sector Allocation Outlook - The report favors sectors that are relatively prosperous and benefit from policy support, such as automotive, new consumption, innovative pharmaceuticals, and technology [3][43] - Low-valuation state-owned enterprises and local Hong Kong banks, telecommunications, and utility stocks are also highlighted as stable performers benefiting from the interest rate cut cycle [3][43]

Core Viewpoint - On October 20, the A-share market showed a strong upward trend with 3,877 stocks rising, indicating positive market sentiment and potential investment opportunities in various sectors [1] Group 1: Market Performance - A total of 3,877 stocks increased in value, while 1,168 stocks decreased, and 108 stocks remained flat [1] - Excluding newly listed stocks, there were 95 stocks hitting the daily limit up, and 6 stocks hitting the limit down [1] Group 2: Sector Analysis - The sectors with the most stocks hitting the daily limit up included machinery, electronics, power equipment, public utilities, coal, and transportation [1]

Economic Overview - In the first three quarters of 2025, China's GDP reached 10,150.36 billion yuan, with a year-on-year growth of 5.2%[4] - The GDP for Q3 2025 was 3,545 billion yuan, showing a year-on-year growth of 4.8% and a quarter-on-quarter increase of 1.1% after seasonal adjustments[4] New vs. Old Growth Drivers - Traditional growth engines like real estate and infrastructure are underperforming, while high-tech industries and manufacturing investments are leading with higher growth rates[5] - The acceleration in the transformation of economic drivers sets a strategic foundation for future industrial development discussions at the Fourth Plenary Session[5] Consumer Income and Demand - Resident income growth has slowed to match economic growth for the first time since Q2 2023, necessitating policies to boost domestic demand and consumption recovery[5] - The need for short-term counter-cyclical adjustments and long-term planning for income distribution reform and consumption incentives is emphasized[5] Industrial Production Insights - Industrial production saw a year-on-year increase of 6.5% in September, up from 5.2% in August, indicating a recovery in industrial activity[6] - The industrial capacity utilization rate rose from 74.0% to 74.6%, marking the highest level this year[6] Infrastructure and Investment Trends - Narrowly defined infrastructure investment growth improved from -5.9% in August to -4.6% in September, signaling marginal recovery[8] - Broader infrastructure investment continues to decline, highlighting a divergence in performance across sectors[8] Consumer Spending Challenges - Retail sales growth fell to 3% in September, primarily due to reduced government subsidies and preemptive demand for durable goods[10] - The decline in consumer spending is exacerbated by a drop in restaurant revenue growth to 0.9% after two months of recovery[10] Real Estate Market Dynamics - Real estate investment growth continued to decline, reaching -13.9% for the first nine months of 2025, with significant pressure expected in Q4 due to high base effects from previous policy support[10] - The need for enhanced policies to stabilize the real estate market is critical to prevent further declines[10] Policy Implications - The recent allocation of 500 billion yuan by the Ministry of Finance to support local projects indicates a focus on stabilizing expectations and facilitating the transition between old and new economic drivers[6] - The upcoming Fourth Plenary Session is anticipated to reassess the economic situation and signal potential policy easing measures[6] Risks and Considerations - Potential risks include policies falling short of expectations, unexpected changes in the domestic economic landscape, and fluctuations in export performance[11]

Group 1 - The recent surge in gold prices, surpassing $4300, is driven by a combination of macroeconomic factors, including expectations of interest rate stability and increased demand for safe-haven assets amid economic slowdown and geopolitical risks [2][5] - The global stock market is experiencing a rebalancing of risk preferences, with investors shifting from high-valuation sectors to defensive assets such as banks, energy, and utilities, while still finding opportunities in growth sectors like AI and robotics [3][6] - The relationship between gold and the stock market is evolving, with both potentially rising together due to a combination of liquidity expectations and the need for diversification in investment portfolios [5][8] Group 2 - The A-share market is showing signs of structural differentiation, with stable performance in cyclical, financial, and consumer sectors, while technology growth sectors are experiencing increased volatility [6] - There is a cautious yet active market sentiment, with institutional interest in sectors like computing power, energy, and high-end manufacturing, indicating a shift from emotion-driven to logic-driven investment strategies [6][8] - The recent rise in gold prices reflects a significant revaluation of risk in global markets, highlighting the ongoing changes in macroeconomic variables such as interest rates and monetary policy [5][8]