Summary of Key Points Core Viewpoint - The 2024 A-share Secretary Data Report indicates that the total salary of secretaries in A-share listed companies reached 4.086 billion yuan, with an average annual salary of 700,000 yuan, highlighting the significant role of secretaries in connecting investors and listed companies [1]. Salary Distribution - In the low-alcohol beverage industry, the total salary for secretaries across 16 listed companies was 10.5195 million yuan, with an average salary of 657,500 yuan, which is below the market average [1]. - The majority of secretaries in the low-alcohol beverage sector earn between 500,000 yuan and 1 million yuan, accounting for 56% of the total [2]. Age and Education - Among the secretaries in the low-alcohol beverage industry, 56% are aged 50 and above, while 31% are aged between 40 and 50, and only 13% are aged between 30 and 40 [2]. - The educational background of secretaries shows that 75% hold a bachelor's degree, while only 25% have a master's degree [2]. Individual Salary Highlights - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3]. - The lowest-paid secretary is from Mogaogongsi, earning only 140,000 yuan, followed by ST Lanhua at 293,300 yuan [3]. Salary Changes - Among the secretaries, five experienced salary increases, with the highest increase being 244,300 yuan for Yanjing Beer [3]. - Conversely, five secretaries saw salary reductions, with the largest decrease being 252,400 yuan for Zhangyu A [3].

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The low-alcohol beverage industry has 16 listed companies with a total secretary salary of 10.5195 million yuan, averaging 657,500 yuan, which is below the market average [1] Salary Distribution - In the low-alcohol beverage sector, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [3] - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3] - The lowest salary recorded is 140,000 yuan from Mogao Co., followed by 293,300 yuan from *ST Lanhua [3] Salary Changes - Among the companies, five secretaries saw salary increases, with Yanjing Beer’s secretary having the highest increase of 244,300 yuan [3] - Conversely, five secretaries experienced salary reductions, with Zhangyu A's secretary facing the largest decrease of 252,400 yuan [3] Demographics - The majority of secretaries in the low-alcohol beverage industry are aged 50 and above, accounting for 56%, while those aged 40-50 make up 31%, and only 2 are aged 30-40 [1] - Educationally, 75% of secretaries hold a bachelor's degree, while 25% have a master's degree [1]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The low-alcohol beverage industry has 16 listed companies with a total secretary salary of 10.5195 million yuan, averaging 657,500 yuan, which is below the market average [1] Salary Distribution - In the low-alcohol beverage sector, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [3] - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3] - The lowest salary recorded is 140,000 yuan from Mogao Co., followed by 293,300 yuan from *ST Lanhua [3] Salary Changes - Among the companies, five secretaries saw salary increases, with the highest increase of 244,300 yuan for Yanjing Beer’s secretary [3] - Conversely, five secretaries experienced salary reductions, with the largest decrease being 252,400 yuan for Zhangyu A’s secretary [3] Demographics - The majority of secretaries in the low-alcohol beverage industry are aged 50 and above, accounting for 56%, while those aged 40-50 make up 31%, and only 2 are aged 30-40 [1] - Educationally, 75% of secretaries hold a bachelor's degree, while 25% have a master's degree [1]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The low-alcohol beverage industry has 16 listed companies with a total secretary salary of 10.5195 million yuan, averaging 657,500 yuan, which is below the market average [1] Salary Distribution - In the low-alcohol beverage industry, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [3] - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3] - The lowest salary recorded is 140,000 yuan from Mogao Co., followed by 293,300 yuan from *ST Lanhua [3] Salary Changes - Among the companies, five secretaries saw salary increases, with Yanjing Beer’s secretary having the highest increase of 244,300 yuan [3] - Conversely, five secretaries experienced salary reductions, with Zhangyu A's secretary facing the largest decrease of 252,400 yuan [3] Demographics - The majority of secretaries in the low-alcohol beverage industry are aged 50 and above, accounting for 56%, while those aged 40-50 make up 31%, and only 2 are aged 30-40 [1] - Educationally, 75% of secretaries hold a bachelor's degree, while 25% have a master's degree [1]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The low-alcohol beverage industry has 16 listed companies with a total secretary salary of 10.5195 million yuan, averaging 657,500 yuan, which is below the market average [1] Salary Distribution - In the low-alcohol beverage sector, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [3] - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3] - The lowest salary recorded is 140,000 yuan from Mogao Co., followed by 293,300 yuan from *ST Lanhua [3] Salary Changes - Among the companies, five secretaries saw salary increases, with Yanjing Beer’s secretary having the highest increase of 244,300 yuan [3] - Conversely, five secretaries experienced salary reductions, with Zhangyu A's secretary facing the largest decrease of 252,400 yuan [3] Demographics - The majority of secretaries in the low-alcohol beverage industry are aged 50 and above, accounting for 56%, while those aged 40 to 50 make up 31% [1] - Educationally, 75% of secretaries hold a bachelor's degree, while only 25% have a master's degree [1]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The low-alcohol beverage industry has 16 listed companies with a total secretary salary of 10.5195 million yuan, averaging 657,500 yuan, which is below the market average [1] Salary Distribution - In the low-alcohol beverage industry, 56% of secretaries earn between 500,000 yuan and 1 million yuan, while 13% earn between 1 million yuan and 2 million yuan [3] - The highest-paid secretary is from Chongqing Beer, earning 1.3047 million yuan, followed by Yanjing Beer at 1.0516 million yuan, and Zhangyu A at 997,200 yuan [3] - The lowest salary recorded is 140,000 yuan from Mogao Co., followed by 293,300 yuan from *ST Lanhua [3] Salary Changes - Among the companies, five secretaries saw salary increases, with Yanjing Beer's secretary having the highest increase of 244,300 yuan [3] - Conversely, five secretaries experienced salary reductions, with Zhangyu A's secretary facing the largest decrease of 252,400 yuan [3] Demographics - The majority of secretaries in the low-alcohol beverage industry are aged 50 and above, accounting for 56%, while those aged 40-50 make up 31%, and only 2 are aged 30-40 [1] - Educationally, 75% of secretaries hold a bachelor's degree, while 25% have a master's degree [1]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 从学历来看，低度酒行业董秘以本科为主，占比达到75%；硕士仅4名，占比达到25%。 从薪酬来看，低度酒行业董秘薪酬主要集中在50万（含）-100万，占比为56%；100万（含）-200万有2 名，占比13%；30万（含）-50万有3名，10万（含）-30万也有2名。 有5家公司董秘薪酬在下降，其中降薪金额最大的是张裕A董秘姜建勋，降薪25.24万元。此外金枫酒业 董秘张黎云降薪18.63万元至47.61万元。古越龙山董秘吴晓钧降薪5.87万元至60.93万元。 重庆啤酒董秘邓炜薪酬最高，达到130.47万元。其次是燕京啤酒徐月香，薪酬105.16万元。张裕A董秘 姜建勋薪酬99.72万元，排第三。 薪酬最低的是莫高股份（维权）何文天，仅为14万元；其次是*ST兰黄呼星，为29.33万元。 剔除2023年开始任职的董秘数据之后，去年有5家公司董秘薪酬在增加，其中燕京啤酒董秘徐月香薪酬 增加金额最高，增加24.43万元至105.16万元。其次是惠泉啤酒董秘程晓梅，增加21.96万元至55.54万 元。 董秘作为连接投资者与上市公司的 ...

Group 1 - The core issue in the Chinese liquor industry is the significant inventory crisis, with approximately 3 million tons of unsold liquor stock, indicating a severe imbalance in supply and demand [8] - The impact of government regulations on alcohol consumption, particularly among public servants, has led to a drastic reduction in high-end liquor sales, with a shift in social drinking habits [4][5] - The younger generation, particularly those born after 1995, is increasingly avoiding traditional strong liquors, favoring lighter and more visually appealing options like fruit wines and craft beers, which are perceived as more enjoyable [12] Group 2 - Innovative products like "sauce-flavored latte" have emerged as potential breakthroughs for the liquor industry, demonstrating a shift towards integrating traditional liquor into new consumption scenarios [15] - Investment trends show that capital is moving towards low-alcohol brands and craft beers, with major players like Kweichow Moutai diversifying into ice cream and coffee to adapt to changing consumer preferences [15] - The current challenges in the liquor industry are seen as a turning point, prompting a necessary transformation from traditional high-alcohol products to lighter, more versatile options that fit modern lifestyles [15]

Summary of Key Points from Conference Call Records Industry Overview: Beverage and Low-Alcohol Drinks - The beverage industry is expected to see single-digit revenue growth and double-digit profit growth in 2024, with tea and functional drinks leading the way while carbonated drinks experience slowed growth [1][5] - Raw material cost advantages are becoming apparent, leading to a 1-2 percentage point increase in industry gross margins and a 1 percentage point increase in profit margins, with an improved competitive landscape [1][5] Company-Specific Insights Chengde Lululemon - Chengde Lululemon has a stable foundation with steady demand in the catering channel and potential for expansion in southern markets [1] - The company plans to invest 100 million in advertising for its health water product over the next two years and is adding PET production lines, expecting a profit of 700 million from its main business and 200-300 million from health water sales [1][18] - The stock is currently valued at 15 times earnings, lower than the industry average of 20 times, indicating potential for growth [18] Dongpeng Beverage - Dongpeng's energy drink business has maintained over 20% growth, with a target to surpass Huabin Red Bull by 2026 [1][10] - Rapid growth in water products is expected to generate 1.5 billion in revenue in 2024, with juice tea products achieving over 100 million in monthly sales as of May [1][11] - Revenue growth is projected at 35% and profit growth at 43% for 2025, with a current PE ratio of 35 times [15] Liziyuan - Liziyuan is in a low base period for Q2, with new vitamin water products contributing to growth, and a projected 10% decrease in costs for 2025 [1][7] - The company aims for 100 million in revenue from vitamin water in 2025, with an overall revenue growth forecast of 8% and profit growth of 15% [9] Bairun Co. - Bairun has seen nearly double-digit declines in April and May, leading to a cancellation of credit policies for distributors and a focus on inventory digestion [1][19] - The company plans to launch new products in its RTD series and has set a revenue target of 500 million for its whiskey business [19][20] Kuaijishan - Kuaijishan has shifted to a deep distribution model, with mid-to-high-end products now making up 67% of sales and gross margins increasing to 52% [3][23] - The company has seen significant growth in its Lanting series and 1,743 products, with sales targets set for 2025 [23][24] Xiangpiaopiao - Xiangpiaopiao is in a year of adjustment, focusing on inventory consumption in its brewing business while promoting Miko juice tea in its ready-to-drink segment [3][32] - The company plans to expand into new channels such as dining and snacks, with Miko juice tea achieving 800 million in revenue in 2024 [32][37] Market Dynamics and Future Outlook - The beverage industry is expected to continue benefiting from new product launches and seasonal demand peaks, particularly during promotional events like 618 [2] - Companies are focusing on cost control and channel expansion, with a notable shift towards online sales and deep distribution strategies [29][36] - The overall sentiment in the beverage sector remains optimistic, with several companies poised for growth despite current high valuations [4][31]

Group 1: Plant-Based Beverage Industry - The plant-based beverage industry is experiencing a divergence in performance among major companies, with some like Yangyuan Beverage seeing profit growth despite a slight revenue decline, while others like Huanlejia face declines in both revenue and profit [2] - Traditional plant-based beverages are limited by seasonal demand and face competition from emerging categories, necessitating innovation to meet the health-conscious preferences of younger consumers [2] Group 2: Chinese Condiment Industry - The Chinese condiment industry has evolved from a focus on export during the planned economy era to becoming a global rule-maker, with companies like Haitian Flavoring and Lee Kum Kee leading the way [3][4] - The industry is leveraging cultural exports and technological innovation to reshape its landscape, emphasizing quality and innovation to support the globalization of Chinese flavors [4] Group 3: Community Supermarkets - Community supermarkets are gaining traction, with brands like Ole' and Hema NB expanding rapidly, focusing on middle-class consumers and enhancing product quality and efficiency [5] - The core competitiveness of community supermarkets lies in product control and operational efficiency, requiring deep supply chain engagement and digital tool application [5] Group 4: Health and Wellness Trends - There is a growing trend among young consumers towards "light wellness" products, with a focus on health-conscious beverages that are low in sugar and calories [6] - Boxed water products have seen significant sales growth, with products like fig and flaxseed water experiencing a 130% increase in sales [6] Group 5: Instant Food Market - The instant food market is shifting from high-end products to a focus on affordability, with budget products now accounting for nearly 50% of the instant noodle market [7] - Future opportunities lie in diversifying flavors and adjusting strategies to meet the differentiated demands of various market segments [7] Group 6: Aging Population and Bakery Market - The aging population is driving demand for soft-textured baked goods, with health-oriented and age-appropriate products becoming market hotspots [9] - Innovations inspired by Japanese practices, such as low-sugar and low-salt options, are key directions for the industry [9] Group 7: Snack Food Market Forecast - The Chinese snack food market is projected to grow to 972 billion yuan by 2025, with nut snacks holding the largest market share [10] - The industry is witnessing a shift towards health-oriented ready-to-eat products, with e-commerce and live streaming becoming significant growth drivers [10] Group 8: Beverage Market Dynamics - The beverage market is undergoing adjustments, with significant growth in electrolyte water and tea beverages, while packaged water sales are declining [12] - Companies like Nongfu Spring and Eastroc Beverage are experiencing contrasting performance, highlighting the competitive landscape [12] Group 9: Pre-made Dishes Market - The pre-made dishes market is experiencing a cooling phase, with many leading companies facing revenue declines due to changing consumer demands and increased competition [14] - Opportunities remain in local specialties and high-end products, with new retail channels emerging as growth points [14] Group 10: Health Drink Innovations - The market for Chinese herbal health drinks is expanding rapidly, with sales increasing from 0.1 billion yuan in 2018 to an expected 10 billion yuan by 2028 [19] - Companies are focusing on packaging, formulation, and marketing to differentiate themselves in a competitive landscape [19] Group 11: Functional Beverage Market - The functional beverage market is becoming increasingly diverse, with brands like Zhenguanzhuang entering the market with zero-sugar options targeting health-conscious consumers [32] - The collaboration between Zhenguanzhuang and Super Extreme Drink aims to fill market gaps and cater to the preferences of the younger generation [32] Group 12: Snack Food IPO Trends - Recent trends show a surge in snack food companies seeking IPOs in Hong Kong, with brands like Three Squirrels aiming to solidify their market position [21] - These companies face challenges related to competition and growth bottlenecks, despite their ambitions for expansion [21]