南方财经全媒体记者卢陶然、实习生刘娟 北京报道 重庆啤酒(600132.SH)：提起上诉，应对3.53亿元合同纠纷 证监会发文规范A股ESG信披，这458家上市公司须做好准备 近日，证监会发布修订后的《上市公司信息披露管理办法》（以下简称《信披办法》）第六十五条明确 提出"上市公司按照证券交易所的规定发布可持续发展报告"。该《信披办法》将于7月1日起正式施行。 这并不是证监会第一次规范ESG信息披露。早在去年4月和12月，沪深北三大交易所在证监会的指导下 分别发布了《上市公司自律监管指引——可持续发展报告》《上市公司自律监管指南第4号——可持续 发展报告编制》（以下分别简称《指引》《指南》）。 多位受访者告诉21世纪经济报道记者，本次《信披办法》的修订是证监会在部门规章层面首次明确 以"可持续发展报告"为名，用法律框架的方式连接沪深北三大交易所此前颁布的ESG规范，所有A股上 市公司须以《指引》《指南》为准披露ESG报告，《指引》是"考纲"，《指南》是"教科书"。 欧盟批准CSRD/CSDDD延期决议 4月3日，欧盟委员会通过重要决议，决定推迟两项关键可持续发展法规的实施时间。《企业可持续发展 报告指令》(C ...

Financial Performance - The company achieved a total operating revenue of 23.578 billion yuan, representing a year-on-year increase of 16.41% [1] - Operating profit reached 7.751 billion yuan, up 23.36% compared to the previous year [1] - Total profit amounted to 7.787 billion yuan, reflecting a growth of 22.98% year-on-year [1] - Net profit attributable to shareholders was 5.514 billion yuan, an increase of 20.15% from the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 5.456 billion yuan, up 21.38% year-on-year [1] - Basic earnings per share were 10.43 yuan, marking a 20.16% increase compared to the previous year [1] Financial Position - As of the end of the reporting period, total assets were 40.516 billion yuan, which is a 14.38% increase from the beginning of the reporting period [2] - Total equity attributable to the parent company was 24.654 billion yuan, reflecting a growth of 14.53% from the beginning of the reporting period [2] Performance Forecast - The company did not disclose any performance forecasts or profit predictions prior to this earnings announcement [3] Additional Notes - The financial data presented is preliminary and subject to change pending the completion of the audit, with final figures to be disclosed in the annual report [4]

Core Viewpoint - The beer industry in China is experiencing a structural upgrade in consumption, with companies like Zhujiang Beer capitalizing on this trend to achieve significant growth despite overall market challenges [1][3]. Company Performance - Zhujiang Beer reported a revenue of 5.731 billion yuan in 2024, a year-on-year increase of 6.56%, and a net profit of 810 million yuan, up nearly 30%, marking the highest revenue and profit in its history [1][3]. - The company's high-end product revenue grew by nearly 14%, with high-end products now accounting for 70% of total revenue, indicating a successful shift towards premium offerings [3][4]. - Zhujiang Beer achieved a beer sales volume of 1.4396 million tons in 2024, a year-on-year increase of 2.62%, outperforming the overall industry which saw a slight decline [4]. Market Dynamics - Guangdong province has surpassed Shandong to become the largest beer market in China, prompting Zhujiang Beer to enhance its production capacity to capture growth opportunities [2][5]. - The company is focusing on its home market in Guangdong, where it has a strong brand presence and is investing in capacity expansion projects, including a 700 million yuan investment in Dongguan and a 900 million yuan project in Zhongshan [6][7]. Strategic Initiatives - Zhujiang Beer is expanding its marketing efforts, including the opening of 244 new "Zhujiang Raw Beer Experience Stores" across the country, aiming to attract younger consumers [7]. - The company is also increasing its advertising expenses, with a 17.5% rise in promotional costs, although this is offset by a decrease in raw material costs [8].

Core Viewpoint - Qingdao Beer Company demonstrated resilience in its financial performance amidst a slowing consumer recovery and increasing industry competition, achieving a revenue of 32.138 billion yuan in 2024, a year-on-year decline of 5.30%, while net profit grew by 1.81% to 4.345 billion yuan, marking five consecutive years of profit growth [1][2]. Financial Performance - In 2024, Qingdao Beer reported a revenue of 32.138 billion yuan, down 5.30% year-on-year, but net profit increased by 1.81% to 4.345 billion yuan [1][2]. - The company achieved a gross margin increase of 1.57 percentage points to 40.23% and a net margin increase of 1.16 percentage points to 13.98% in 2024 [2]. - Operating cash flow significantly improved, reaching 5.155 billion yuan, a year-on-year increase of 85.58% [2]. Strategic Initiatives - The growth in net profit is attributed to the company's focus on high-end product strategies, with mid-to-high-end product sales reaching 3.154 million kiloliters, accounting for 41.8% of total sales [3]. - The introduction of innovative products like the A series of "Aogute" and "Nikaqi White Beer" has diversified the product line and contributed to profit growth [3]. - The company accelerated its digital transformation, with online product sales increasing by 21% in 2024, marking 12 consecutive years of growth [3]. Market Expansion - Qingdao Beer is strengthening its presence in traditional markets while actively expanding online channels and new retail models to enhance brand loyalty [4]. - Despite a decline in total sales, the main brand's sales reached 4.34 million kiloliters, maintaining a leading market share [4]. - The company is also expanding its international market presence, distributing products in over 120 countries and regions, enhancing brand recognition through international exhibitions and tasting events [4]. Sustainability Efforts - Qingdao Beer has been recognized as the first "Sustainable Lighthouse Factory" in the global food and beverage industry, with 23 factories awarded national green factory status [5]. - The company is integrating industrial internet and IoT technologies to optimize supply chain efficiency and promote energy-saving initiatives, contributing to its ESG performance [5]. - The company aims to leverage its brand, quality, and distribution network to expand market presence and enhance operational and profitability capabilities [5].

Group 1 - The A-share liquor sector experienced a decline of 6.58%, which is less than the overall market drop, indicating a certain level of defensiveness within the industry [2] - Leading companies like Kweichow Moutai (-4.39%) and Wuliangye (-3.95%) showed smaller declines compared to the industry average, while smaller firms like Huangtai Liquor (-10.00%) faced significant losses, highlighting a "stronger gets stronger" trend [2][3] - The first quarter of 2025 saw the liquor industry facing high channel inventories (averaging 3-4 months) and price inversions, prompting companies like Luzhou Laojiao and Xijiu to halt shipments to maintain prices [3] Group 2 - The export share of Chinese liquor is less than 1%, primarily targeting Southeast Asia and Chinese communities, thus limiting the direct impact of U.S. tariffs [5] - Kweichow Moutai and Wuliangye are accelerating their expansion into the European and American markets, but the 34% tariff imposed by the U.S. may delay their internationalization efforts [5] - Regional liquor companies like Gujing Gongjiu and Yanghe are less affected by tariffs due to their low export ratios and focus on domestic consumption upgrades [5]

Core Viewpoint - Atwater Brewing has launched Atwater Light, a low-calorie, low-carb beer aimed at beer enthusiasts in Michigan, reflecting the spirit of Detroit and the brewery's commitment to quality and community [1][4]. Product Details - Atwater Light contains 95 calories, 2.6 grams of carbs per 12 oz serving, and has an alcohol by volume (ABV) of 4.2% [2]. - The beer is crafted with German Noble hops and Vienna malt, providing a traditional flavor and refreshing drinking experience [2]. Brand and Community Connection - The packaging of Atwater Light features a map of Detroit, symbolizing hometown pride and the brewery's roots in the city [4]. - Carrie Shafir, Senior Brand Director at Tilray Beverages, emphasized the brewery's dedication to the hardworking people of Detroit and the importance of community in their brewing heritage [4]. Availability - Atwater Light is available at local retailers and all three Atwater Tap Rooms, with plans for additional formats such as draft and 16-oz cans [1][10]. Company Background - Atwater Brewery, founded in 1997, has a philosophy that hard work deserves quality beer, and offers a diverse portfolio of award-winning craft beers [5]. - The brewery aims to make beer approachable for all drinkers, with a variety of options catering to different tastes [5]. Parent Company Information - Tilray Brands, Inc. is a global lifestyle and consumer packaged goods company with operations across multiple regions, including cannabis and craft beverages [7]. - Tilray's mission is to inspire joy and create memorable experiences through its diverse range of brands and products [7].

Core Viewpoint - Atwater Brewing, a craft brewery in Detroit and part of Tilray Brands, has launched Atwater Light, a low-calorie and low-carb beer aimed at beer enthusiasts in Michigan [1][2]. Product Details - Atwater Light contains 95 calories, 2.6 grams of carbs per 12 oz serving, and has an alcohol by volume (ABV) of 4.2% [2]. - The beer is crafted with German Noble hops and Vienna malt, providing a traditional flavor and refreshing experience [2]. - It is available in multiple formats including 12-pack of 12-ounce cans, draft, and soon in 16-ounce cans [4]. Brand and Community Engagement - The design of Atwater Light's packaging features a map of Detroit, reflecting hometown pride and the brewery's connection to the local community [3]. - Carrie Shafir, Senior Brand Director at Tilray Beverages, emphasized the brewery's commitment to honoring Detroit's spirit and providing quality beer for the hardworking people of the city [3]. Company Background - Atwater Brewery was founded in 1997 and has a philosophy that emphasizes quality beer for hard work, with a diverse portfolio of award-winning craft beers [5]. - The brewery aims to make beer approachable for all drinkers, offering a variety of options for different tastes and occasions [5]. Parent Company Overview - Tilray Brands, Inc. is a global lifestyle and consumer packaged goods company with operations across multiple continents, focusing on cannabis, beverages, wellness, and entertainment [7]. - Tilray's mission is to be a leading premium lifestyle company with a diverse range of brands and innovative products [7].

Core Viewpoint - Qingdao Beer continues to experience a trend of "profit growth without revenue growth," with a reported revenue decline despite a slight increase in net profit [1][3][6]. Financial Performance - In 2024, Qingdao Beer reported total revenue of approximately 32.138 billion yuan, a year-on-year decrease of 5.3% [1][3]. - The net profit attributable to shareholders was about 4.345 billion yuan, reflecting a year-on-year increase of 1.81% [1][7]. - The company has achieved net profit growth for five consecutive years, despite declines in production, sales, and overall revenue [1][6]. Market Trends - The beer industry is facing challenges such as consumption downgrade and reduced consumption scenarios, leading to decreased sales [4][10]. - National beer production among large enterprises fell to 35.213 million kiloliters, a decrease of 0.6% year-on-year [4]. - Qingdao Beer’s main brand sales dropped by 4.84%, while the sales revenue also declined by 5.07% [4]. Seasonal Losses - Qingdao Beer reported a fourth-quarter loss of 645 million yuan, marking the sixth consecutive year of fourth-quarter losses [2][9]. - The winter season is traditionally a sales slump for the beer industry, impacting overall annual performance [9]. Strategic Responses - Experts suggest that Qingdao Beer should innovate product offerings and diversify strategies to address seasonal losses [2][10]. - The company has seen a 21% year-on-year increase in online product sales, maintaining growth for 12 consecutive years [10]. - Qingdao Beer is focusing on supply chain optimization and fresh delivery services to meet diverse consumer needs [10]. Product Strategy - The company has been launching high-end products, with mid-to-high-end product sales reaching 3.154 million kiloliters, accounting for 41.8% of total sales [7][8]. - Qingdao Beer aims to enhance brand loyalty among younger consumers through high-end beer strategies and marketing efficiency [8].

Core Viewpoint - The beer industry is experiencing a decline in sales volume, but there is a positive trend in cost optimization, particularly due to falling raw material prices and a shift towards high-end products. Group 1: Company Performance - Chongqing Beer reported a revenue of 14.645 billion yuan and a net profit of 1.222 billion yuan for 2024, with sales volume reaching 2.9749 million kiloliters [1] - High-end product sales for Chongqing Beer increased by 1.37% year-on-year, accounting for nearly 49% of total sales [1] - The proportion of canned products in Chongqing Beer’s sales rose to 26%, an increase of 3.5 percentage points [1] Group 2: Cost Optimization - Major beer companies, including China Resources Beer, Budweiser APAC, Qingdao Beer, and Chongqing Beer, have all seen reductions in operating costs [2] - Qingdao Beer’s operating costs decreased by 7.72%, while Chongqing Beer’s operating costs saw a slight reduction of 0.03% [2] - The decline in costs is attributed to lower prices for barley, packaging materials, and effective cost control measures [2][4] Group 3: Raw Material Trends - The price of imported barley in China is expected to decline by approximately 20% compared to 2023, with a 10% decrease anticipated by the end of 2024 [7] - Glass prices in China are at a relative low over the past three years, and the average market price for corrugated paper has also seen a decline [8] - The overall trend of decreasing raw material costs is expected to continue into 2025, benefiting the beer industry [8]

Core Viewpoint - The beer giants in China, including Tsingtao Brewery, Budweiser APAC, and China Resources Beer, are facing challenges in achieving sustained growth, with Tsingtao Brewery reporting a decline in revenue and a slight increase in profit for 2024 [1][2]. Revenue and Profit Summary - Tsingtao Brewery's revenue for 2024 was 32.138 billion yuan, a decrease of 5.30% year-on-year, equating to a reduction of approximately 1.8 billion yuan [1]. - The net profit attributable to shareholders was 4.345 billion yuan, reflecting a year-on-year increase of 1.81%, while the net profit excluding non-recurring items was 3.951 billion yuan, up 6.19% [1]. - The overall sales volume for Tsingtao Brewery in 2024 was 7.538 million kiloliters, down approximately 5.9% from 8.007 million kiloliters in 2023 [2]. Market Performance Summary - The main brand of Tsingtao Brewery achieved a revenue of 22.083 billion yuan in 2024, a decline of about 5.1%, while other brands generated 9.495 billion yuan, down 6.4% [2]. - The revenue from the Shandong market, Tsingtao Brewery's primary market, was 22.095 billion yuan, accounting for approximately 70% of total revenue, with a decline of over 6% [3]. - All major markets, including Shandong, North China, South China, and East China, experienced revenue declines in 2024, with East China seeing a nearly 10% drop [3]. Industry Trends and Competition - The beer industry has been in a state of stagnant competition since 2014, with a 0.6% year-on-year decline in beer production among large-scale enterprises in 2024 [4]. - The trend towards premiumization remains a core theme in the industry, with Tsingtao Brewery reporting that the proportion of mid-to-high-end products in total sales increased from 40.5% to 41.8% [5]. - Tsingtao Brewery has launched several new high-end products, including "One Century Legend" and "Amber Lager," as part of its strategy to enhance product structure [5][6]. Competitive Landscape - The competition in the high-end market has intensified, with Budweiser APAC reporting a revenue decline of approximately 9% and a net profit decrease of 14.8% in 2024 [8]. - China Resources Beer also faced a revenue decline of 3.57% in 2024, although it reported a growth of over 9% in high-end beer sales following its acquisition of Heineken China [9]. - Tsingtao Brewery aims to optimize its product structure and expand its market presence in mid-to-high-end products to create new growth opportunities [9].