证券分析师： 吴康辉，执业证书编号：S0630525060001 姚星辰，执业证书编号：S0630523010001 邮箱：yxc@longone.com.cn // 报告摘要 // 事件：公司发布2025年中报业绩，2025H1公司实现营业收入204.91亿元（同比+2.11%，下同），归母净利润39.04亿元（+7.21%）。其中，Q2营业收入100.46亿元（+1.28%），归母净利 销量同增，价格稳定，结构保持优化。1）销量：根据国家统计局数据，2025H1啤酒规模以上企业实现产量1904万千升（-0.3%），公司实现销量473.2万千升（+2.3%），高于行业增速，其 成本红利持续释放，推动盈利能力改善。2025Q2毛利率为45.84%（+3.05pct），吨成本2201.94元/千升（-5.08%），主要受益于大麦、包材等原材料价格下行。2025Q2销售、管理、研发 修炼内功，稳健前行。上半年外部需求仍较疲软，叠加禁酒令的影响，酒类整体承压，但公司经营保持稳健。短期来看，下半年公司基数低，且渠道状态健康，2025H1合同负债较年初下降34. 投资建议：处于价值底部，建议积极布局。公司作为啤酒行业龙 ...

Core Viewpoint - Qingdao Beer 1903 MIX Tavern has opened in Jinan, offering a unique self-service beer experience and a vibrant atmosphere that attracts young consumers [1][2] Group 1: Diverse Experience - The tavern features a wide range of fresh beers, including raw, pure draft, white, black, IPA, and Pilsner, all delivered through cold chain logistics [2] - The venue transforms throughout the day, serving as a light food space during the day and a lively gathering spot with live music at night, catering to the evolving preferences of young consumers [2][4] Group 2: Cultural and Historical Integration - The establishment revitalizes the historical Jinan Old Commercial District, which has been a commercial hub since 1904, by merging old architecture with new consumption models [3] - The design of the tavern is inspired by the Jiaoji Railway, creating an immersive experience that reflects the collision of history and modern trends [3] Group 3: New Consumption Trends - Young consumers are increasingly motivated by experiences rather than traditional tourist attractions, with local bars and cultural spaces becoming popular destinations [4] - The tavern has an average daily foot traffic of over 500 people, with 65% of consumption occurring at night, contributing to the development of a vibrant night economy in Jinan [4] Group 4: Lifestyle and Social Engagement - Qingdao Beer 1903 MIX Tavern aims to create a comprehensive lifestyle and social platform, promoting a new way of living and enhancing the quality of life through immersive beer culture experiences [5]

Group 1: Apple Supply Chain Companies - Over 30 Apple supply chain companies, including Crystal Optoelectronics, Industrial Fulian, and others, have been intensively researched by institutions since the third quarter [1] - iPhone 17 has entered large-scale production, and related companies in the supply chain are expected to benefit from the new device's inventory [1] - 10 Apple supply chain companies received over 50 institutional investigations each [1] Group 2: Investment Trends and Market Sentiment - Insurance institutions are optimistic about the CSI 300 index-related stocks, focusing on sectors such as pharmaceuticals, electronics, banking, and communication [1] - The top five sectors for net inflow include pharmaceuticals, innovative drugs, non-ferrous metals, chemical raw materials, and gold [1] - The top ten individual stocks for net inflow include Zhongji Xuchuang, Xian Dao Intelligent, and others [1] Group 3: Alcohol Industry Insights - The liquor industry is rapidly bottoming out, with leading companies adjusting channel structures to enhance market capabilities [3] - If consumption gradually improves, companies that have made positive adjustments are expected to seize more development opportunities [3] - The beer sector is expected to maintain stable performance in Q3 despite the impact of alcohol restrictions [3] Group 4: Gold Market Analysis - Gold prices continue to decline, significantly suppressing consumption [3] - In the first half of 2025, China's gold consumption is projected to reach 505.205 tons, a year-on-year decrease of 3.54% [3] - Jewelry consumption is expected to drop by 26%, while investment demand for gold bars and coins is anticipated to increase by 23.69% [3] Group 5: Brokerage Sector Dynamics - The brokerage sector is experiencing collective excitement due to increased trading activity and continuous capital market reforms [5] - The sector's valuation remains low, and institutional holdings are also low, indicating potential opportunities [5] - Recent market activity has led to a significant increase in margin trading, with new account openings rising over 30% month-on-month [5] Group 6: Market Performance and Trends - The short-term market trend is strong, with noticeable inflow of new capital and a strong profit-making effect [7] - The Shanghai Composite Index continues to rise, with expectations for new highs [10] - More than 140 companies have announced cash dividends exceeding 100 billion yuan during the semi-annual report period [10]

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-028 青岛啤酒股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ? 会议召开时间：2025 年 9 月 9 日（星期二）上午 10:30-11:30 青岛啤酒股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日披露公司 年半年度业绩说明会（以下简称"本次业绩说明会"），在信息披露允许的范围内就 投资者普遍关注的问题进行回答互动，欢迎广大投资者积极参与。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 9 日（星期二）上午 10:30-11:30 公司党委书记、董事长姜宗祥先生，执行董事、财务总监、董事会秘书侯秋燕 先生及独立董事张然女士将参加本次业绩说明会。 四、投资者参加方式 （一）投资者可在 2025 年 9 月 9 日（星期二）上午 10:30-11:30，通过互联网 登录全景网"投资者关系互动平台"（https://ir.p5w.net），在线 ...

[Table_Reportdate] 2025年9月1日 公 司 简 评 买入（维持） 报告原因：业绩点评 [青岛啤酒（ Table_NewTitle] 600600）：量价稳定，行稳致 远 ——公司简评报告 投资要点 | 盈利预测与估值 | | --- | | 单位：亿元 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 321.38 | 332.18 | 342.72 | 354.84 | | 同比增速 | -5.30% | 3.36% | 3.17% | 3.54% | | 归母净利润 | 43.45 | 46.53 | 50.01 | 54.61 | | 同比增速 | 1.81% | 7.09% | 7.47% | 9.20% | | EPS(元) | 3.19 | 3.41 | 3.67 | 4.00 | | P/E | 21.82 | 20.38 | 18.96 | 17.36 | 资料来源：携宁，东海证券研究所，截至 2025 年 8 月 29 日 食 品 饮 料 [数据日期 Table_comi ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [8]. Core Insights - The beverage sector is experiencing strong seasonal sales, with cost benefits offsetting competitive pressures, leading to stable profitability [14][20]. - The dairy sector shows flat demand in the first half of 2025, with expectations for improved performance during the upcoming holiday seasons [27][33]. - The beer sector faced demand pressure in Q2 due to policy factors, but cost benefits have become prominent [3][32]. - The snack food sector is experiencing a slowdown in revenue during the off-season, with leading companies focusing on channel adjustments [4][32]. - The condiment sector shows muted demand, with a focus on adjustments and cost improvements [5][32]. - The frozen food sector continues to face operational pressures, with industry price competition affecting profitability [6][32]. Beverage Sector Summary - The soft drink segment achieved Q2 revenue growth of 22.8% year-on-year, driven by strong travel demand and new product launches [14][25]. - Major raw material prices are declining, contributing to stable profitability despite competitive pressures [20][24]. - Key companies such as Nongfu Spring and Uni-President China are recommended for their robust revenue and profit growth [14][20]. Dairy Sector Summary - The dairy sector reported a revenue increase of 3.5% in Q2, with expectations for demand recovery during the Mid-Autumn and National Day holidays [27][28]. - Leading companies like Yili and Mengniu are highlighted for their improved profitability due to lower raw milk costs [27][33]. - The sector's gross margin improved by 0.9 percentage points year-on-year, indicating a positive trend in profitability [32][33]. Beer Sector Summary - The beer sector's Q2 revenue grew by 1.8%, with profitability supported by cost reductions [3][32]. - Companies like Yanjing Beer and Qingdao Beer are recommended for their strong performance in the premium segment [3][32]. Snack Food Sector Summary - The snack food sector experienced a revenue decline of 0.3% in Q2, with leading companies focusing on inventory management and channel strategies [4][32]. - Companies such as Weidong and Yanjinpuzi are recommended for their potential benefits from category and channel advantages [4][32]. Condiment Sector Summary - The condiment sector saw a revenue increase of 4.5% in Q2, with a focus on channel replenishment and cost improvements [5][32]. - Companies like Haitian Flavoring and Angel Yeast are highlighted for their strong market positions [5][32]. Frozen Food Sector Summary - The frozen food sector reported a revenue increase of 2.6% in Q2, but profitability is under pressure due to intense competition [6][32]. - Companies such as Anjijia and Lihai Foods are recommended for their potential recovery in the upcoming seasons [6][32].

珠江啤酒（002461.SZ）2025 年半年报点评 量价表现亮眼，看好 97 纯生持续性 2025 年 09 月 01 日 ➢ 看好 97 纯生大单品成长周期，扎根华南升级韧性良好。展望 2025 及 2026 年，97 纯生在推力和拉力端均势能向上，近两年公司流通渠道夯实优势结构提 升，餐饮渠道持续发力培育，我们看好 97 纯生持续性，驱动公司量价齐增。珠 江啤酒优势市场主要集中在华南，广东作为国内啤酒高线市场，消费氛围&能力、 产品结构领先于全国且升级潜力仍较大。未来公司将持续深化营销改革，产品端 不断丰富中高端产品矩阵，为后续升级奠定基础；渠道端加大餐饮渠道拓展，推 动渠道力创新；品牌端坚持"3+N"（雪堡、珠江纯生、珠江啤酒+N）战略，提 升品牌声量。看好公司深耕华南市场推动产品结构持续优化，盈利能力持续提升。 ➢ 投资建议：我们预计公司 2025-2027 年营收分别为 60.87/63.88/66.48 亿 元，同比增长 6.2%/5.0%/4.1%，归母净利润分别为 9.73/11.06/12.14 亿元， 同比增长 20.1%/13.6%/9.8%，当前市值对应 PE 分别为 24/22/2 ...

"这次多亏了海关帮我们保住了订单！"深圳青岛啤酒朝日有限公司海关业务联系人蒋胜雨说道。原来， 该企业日前接到一笔订单，客户希望外箱包装上不要标注生产批号，而是采用境外行业规范标注"最佳 赏味期限（Best Before）"。"按照我们以往的做法，啤酒出口前的外箱都会印上完整标识，客户的这种 特殊需求不知道符不符合海关监管规定，我们心里没底，希望得到海关的帮助。"蒋胜雨拨通了海关电 话求助。 "针对青岛朝日啤酒反映的问题，根据《中华人民共和国进出口食品安全管理办法》（海关总署第249号 令）第四十六条规定，确认该企业提出的需求满足海关总署对出口食品包装标注但书条款（法律条文中 用于限制、补充或转折主文规定的特殊条款）的要求。"同乐海关查检一科科长姚冰介绍道。他们第一 时间指导企业提交产品可追溯的证明材料，高效协助完成审核流程，帮助青岛朝日啤酒最终获批免标。 据悉，为助力啤酒更高效地通关，深圳海关针对啤酒出口旺季特点，定期组织业务骨干到生产企业开展 政策宣讲，加强安全管控，帮助企业及时掌握国外酒类产品标准要求、精准匹配目标市场标准。同时， 不断优化出口食品生产企业备案服务，持续畅通食品出口"绿色通道"，实施"7× ...

Group 1 - On August 29, Zhujiang Beer saw a 1.70% increase in stock price with a trading volume of 129 million yuan, while the net financing buy was -4.49 million yuan [1] - As of August 29, the total margin balance for Zhujiang Beer was 197 million yuan, accounting for 0.83% of its market capitalization, indicating a high level compared to the past year [1] - The company primarily generates revenue from beer sales, which constitutes 96.94% of its total revenue, with other segments contributing minimally [1] Group 2 - As of June 30, Zhujiang Beer had 24,500 shareholders, a decrease of 4.67%, while the average circulating shares per person increased by 4.90% to 90,336 shares [2] - For the first half of 2025, Zhujiang Beer reported a revenue of 3.198 billion yuan, representing a year-on-year growth of 7.09%, and a net profit of 612 million yuan, up 22.51% year-on-year [2] - Since its A-share listing, Zhujiang Beer has distributed a total of 2.164 billion yuan in dividends, with 919 million yuan distributed in the last three years [3] Group 3 - As of June 30, 2025, the top ten circulating shareholders of Zhujiang Beer included Hong Kong Central Clearing Limited, which reduced its holdings by 17.7649 million shares, while several new institutional shareholders entered the top ten list [3]

青岛啤酒博物馆坐落于青岛啤酒诞生地——登州路56号，是以1903年德式工业建筑群为载体的国家 一级博物馆。自2003年开馆以来，青岛啤酒博物馆累计接待游客突破1500万人次，2024年接待游客超 180万人次。啤酒文化与文旅产业的深度融合正不断激发新的消费活力。据悉，博物馆游客的平均年龄 已从33岁降至27岁，年轻消费群体占比显著提升。 在博物馆的百年历史文化展区，一件件珍贵展品勾勒出中国啤酒工业的早期图景。其中，1947年的 电影胶片广告作为中国最早的产品电影胶片广告，以动态影像记录了啤酒营销的萌芽时刻，民国时期极 富创意的广告画以"桃园三结义"、"旗袍美女"、"太白醉酒"为灵感，将传统文化与商业宣传巧妙结合， 展现了早期品牌营销的巧思。 博物馆打破传统展陈模式，打造多元沉浸式体验场景，如4D影院、醉酒小屋、全息投影等。还推 出了实景剧游《觉醒的酿造师》，融合了密室、剧本杀、沉浸式游馆、专业换装等元素，让游客化 身"酿造师"，在解谜探索中深度感知啤酒文化。 在文创产品方面，青岛啤酒博物馆实现了"啤酒+万物"的跨界融合，不仅可以品尝到啤酒酵母面 包、啤酒冰淇淋、啤酒薯片等美食，还可以选购冰箱贴、充电宝、啤酒酵 ...