Core Viewpoint - Qingdao Beer has announced the termination of its acquisition of 100% equity in Shandong Jimo Yellow Wine Factory due to unmet conditions in the share transfer agreement [2][3] Group 1: Acquisition Details - The acquisition was first disclosed on May 7, with Qingdao Beer planning to acquire 45.45% and 54.55% of Jimo Yellow Wine from Xinhua Jin Group and Shandong Lujin Import and Export Group, respectively, for a total price of 665 million yuan [2] - Jimo Yellow Wine, established in 1949, reported a main business income of 166 million yuan in 2024, a year-on-year increase of 13.5%, and a net profit of 30.47 million yuan, up 38% [2] Group 2: Strategic Implications - The acquisition was intended to diversify Qingdao Beer's non-beer business and enhance its product line, leveraging synergies in brand promotion and sales networks [3] - The complementary nature of both companies' products was expected to create new growth opportunities while solidifying market position [3] Group 3: Challenges Faced - Financial difficulties faced by Xinhua Jin Group, including multiple court freezes on its shares in Jimo Yellow Wine, were noted as potential factors leading to the acquisition's failure [4] - Xinhua Jin Group's ongoing issues with the return of 406 million yuan in non-operational funds further complicated the acquisition process [4] Group 4: Company Performance - Despite the termination of the acquisition, Qingdao Beer's core beer business remains strong, with a brand strategy that includes Qingdao Beer and Laoshang Beer as a national second brand [4] - In the first half of the year, Qingdao Beer achieved a revenue of 20.491 billion yuan, a year-on-year increase of 2.11%, and a net profit of 3.904 billion yuan, up 7.21% [5]

Investment Rating - The investment rating for Yanjing Beer is "Buy" (maintained) [1] Core Views - The report highlights that Yanjing Beer has shown a continuous improvement in profitability, driven by cost reduction and efficiency enhancement measures. The company has achieved a notable increase in net profit and revenue, exceeding market expectations [6] - The company is expected to maintain a robust growth trajectory, with projected net profits for 2025-2027 at 1.555 billion, 1.885 billion, and 2.170 billion respectively, reflecting year-on-year growth rates of 47.3%, 21.3%, and 15.1% [6] - The report emphasizes the importance of the U8 product as a core national product and the expansion of regional and specialty products, positioning the company well within the premiumization trend in the beer industry [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 15.532 billion, with a year-on-year growth rate of 5.9% [5] - The net profit for 2025 is estimated at 1.555 billion, with a significant year-on-year increase of 47.3% [5] - The gross margin is expected to be 42.7% in 2025, reflecting an improvement in profitability [5] - The report indicates that the company achieved a gross profit margin of 50.2% in Q3 2025, up 2.16 percentage points year-on-year [6] - The earnings per share (EPS) for 2025 is projected at 0.55 yuan, with a price-to-earnings (PE) ratio of 21 [5][6]

Core Viewpoint - Qingdao Beer (600600) announced the termination of the acquisition of all equity in Jimo Huangjiu due to unmet conditions of the transfer agreement by October 27, 2025, with no liability for breach of contract [1] Group 1 - The acquisition of Jimo Huangjiu was intended but has now been officially terminated [1] - The termination is a result of the failure to meet the preconditions set forth in the transfer agreement [1] - The company will not bear any breach of contract liability due to this termination [1]

Core Points - Qingdao Beer Co., Ltd. announced the termination of the acquisition of all equity in Jimo Huangjiu due to unmet conditions of the transfer agreement by October 27, 2025 [1] - The company will not bear any liability for breach of contract regarding the termination of the transfer agreement [1]

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分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 ） （股份編號：168） 關於收購即墨黃酒全部股權交易的進展公告 茲提述青島啤酒股份有限公司（「本公司」）日期為2025年5月7日關於收購即墨黃酒全部 股權的公告（「該公告」）。本公告所採用的詞彙與該公告所界定者具有相同含義。本公司 現就本次收購的最新進展公告如下： 侯秋燕 執行董事及聯席公司秘書 中國 • 青島 2025年10月27日 – 1 – 於本公告日期，董事會成員如下： 執行董事： 姜宗祥先生（董事長）、劉富華先生及侯秋燕先生 該公告披露後，本公司根據轉讓協議的約定，積極推動本次收購的交割。本次收購的交 割和交割後股權轉讓對價支付，以轉讓協議約定的各項條件均得到滿足且持續保持成就 之法律或事實狀態為先決條件。 鑒於，截至2025年10月27日，轉讓協議約定的交割先決條件未能滿足 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][8][11] Core Views - The company reported a slight decline in revenue due to weak industry demand in Q3 2025, with total revenue at 1.88 billion yuan, down 1.3% year-on-year. However, net profit attributable to shareholders increased by 8.2% year-on-year to 330 million yuan [1][7] - The company is focusing on marketing reforms, product structure optimization, brand promotion, and management improvements to counteract the weak demand in the beer industry and adverse weather conditions in Guangdong [1][8] - The company is actively expanding its mid-to-high-end product lines and enhancing its digital transformation efforts, which are expected to improve operational efficiency and long-term profitability [2][8] Financial Performance Summary - Q3 2025 financial highlights include: - Total revenue: 1.88 billion yuan, down 1.3% year-on-year - Net profit: 330 million yuan, up 8.2% year-on-year - Non-recurring net profit: 310 million yuan, up 7.1% year-on-year - Sales volume decreased by 2.9% year-on-year, while revenue per thousand liters increased by 1.6% [1][7] - The gross profit margin improved by 1.2 percentage points year-on-year, driven by product structure enhancement and lower raw material costs [1][7] - The net profit margin increased by 1.6 percentage points to 17.7% [1][7] Earnings Forecast and Investment Recommendations - The company is expected to achieve total revenue of 5.98 billion yuan, 6.31 billion yuan, and 6.61 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.3%, 5.6%, and 4.7% [2][8] - The forecast for net profit attributable to shareholders is 960 million yuan, 1.09 billion yuan, and 1.18 billion yuan for the same years, with growth rates of 18.5%, 13.5%, and 8.4% respectively [2][8] - The current price-to-earnings ratio (PE) is projected to be 22, 20, and 18 for 2025, 2026, and 2027 respectively, indicating a reasonable valuation within the beer industry [2][8]

Group 1 - The company reported a revenue of 3.221 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 2.75% [1] - The net profit attributable to shareholders of the listed company was 253 million yuan, showing a year-on-year increase of 15.12% [1] - The basic earnings per share reached 0.50 yuan, reflecting a year-on-year growth of 13.64% [1]

Core Viewpoint - The company has approved a plan to utilize part of its idle raised funds for cash management, aiming to enhance fund efficiency and increase returns while ensuring shareholder interests are protected [1] Group 1: Fund Management - The company will use up to 14.50 million yuan of temporarily idle raised funds for cash management [1] - The funds will be allocated to investment products that are high in safety, good in liquidity, and have a capital preservation commitment [1] - The usage period for these funds is effective for 12 months from the date of board approval [1] Group 2: Impact on Operations - This initiative is designed to improve the efficiency of raised fund utilization and increase financial returns [1] - The plan will not affect the progress of the investment projects funded by the raised capital or the company's normal production and operations [1]

Investment Rating - The industry investment rating is "Maintain Overweight" [5] Core Views - The report emphasizes the importance of focusing on high-performing growth stocks and marginal improvements during the third quarter reporting period [1] - In the liquor sector, the report anticipates accelerated clearing of Q3 financial statements, with risks related to wholesale prices and inventory gradually being released [2] - The beer and beverage sectors are highlighted for their ongoing premiumization and strong growth momentum, particularly for Yanjing Beer and Dongpeng Beverage [3] - The snack sector shows a mixed performance, with emerging channels performing well while traditional channels face pressure [4] Summary by Sections Liquor Sector - The first Q3 report from Jinhui Wine shows a revenue of 546 million yuan, down 4.89% year-on-year, and a net profit of 25 million yuan, down 33.02% [2] - The report notes that the industry is in an adjustment phase, with Q3 liquor sales continuing to decline, but risks are gradually being cleared [2] Beer Sector - Yanjing Beer reported Q3 revenue of 4.88 billion yuan, up 1.6% year-on-year, and a net profit of 670 million yuan, up 26.0% [3] - Zhujiang Beer reported Q3 revenue of 1.88 billion yuan, down 1.3% year-on-year, with a net profit of 330 million yuan, up 8.2% [3] Beverage Sector - Dongpeng Beverage reported Q3 revenue of 6.11 billion yuan, up 30.4% year-on-year, and a net profit of 1.39 billion yuan, up 41.9% [3] Snack Sector - Wanchen Group reported Q3 revenue growth of 44.2%, benefiting from store expansion [4] - Jinzhai Food returned to growth with a 6.5% increase in revenue, while Q3 revenue for Qiaqia Food decreased by 5.9% due to cost pressures [4] Dairy Sector - Tianrun Dairy reported Q3 revenue of 680 million yuan, down 4.8% year-on-year, with a net profit of 10 million yuan, down 77.6% [4]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][18]. Core Views - The food and beverage sector is expected to benefit from low base effects, low inventory, and low expectations, making it susceptible to price increases from any changes in supply and demand [4]. - The report highlights a divergence in the fundamentals of different categories, with beverages outperforming food and alcohol [3]. - The report emphasizes the importance of strategic recommendations for companies with strong growth potential and market positioning, particularly in the liquor and beverage segments [3][4]. Summary by Relevant Sections Liquor - The liquor industry is currently experiencing a bottoming out phase, with expectations for accelerated performance disclosures in the upcoming quarterly reports. The report recommends focusing on companies like Luzhou Laojiao and Kweichow Moutai, which have strategic advantages and potential for value reassessment [3][12]. - The report notes that the overall performance of liquor companies is expected to reflect supply-demand imbalances, with a focus on destocking and improving channel profitability [12]. Beer - The beer sector is characterized by healthy inventory levels, with expectations for demand recovery. The report recommends leading companies such as Yanjing Beer and China Resources Beer, which are expected to benefit from internal reforms and strong growth potential [3][13]. Dairy Products - The dairy sector is showing signs of steady recovery in demand, with supply gradually being cleared. The report recommends focusing on leading dairy companies like Yili, which are expected to benefit from improved supply-demand dynamics by 2025 [3][16]. Snacks - The snack sector is advised to focus on companies with strong growth certainty, particularly in the konjac snack category. Leading companies like Weilong and Yanjinpuzi are highlighted for their competitive advantages and growth potential [3][14]. Restaurant Supply Chain - The restaurant supply chain is currently stable, with companies entering a peak observation phase. The report recommends leading companies in the seasoning sector, such as Haitian Flavoring and Yihai International, which are expected to benefit from improved demand and channel expansion [3][15][16]. Beverages - The beverage sector continues to show strong performance, with leading companies like Nongfu Spring and Dongpeng Beverage expected to outperform due to accelerated operations and national expansion strategies [3][17].