Group 1: Qingdao Beer Acquisition Termination - Qingdao Beer announced the termination of its acquisition of a 100% stake in Jimo Huangjiu due to unmet conditions in the share transfer agreement [2][4] - The acquisition was initially valued at 665 million yuan and was part of a trend where the capital market showed interest in Huangjiu [4] - The company stated it would not bear any liability for the termination of the share transfer agreement [4] Group 2: Leadership Changes in Major Alcohol Companies - Moutai Group appointed Chen Hua, the former director of the Guizhou Provincial Energy Bureau, as the new chairman, replacing Zhang Deqin after only a year and a half [10] - Xi Feng Wine announced the promotion of Zhang Yong to general manager of its marketing company, replacing Zhou Yanhua, who retired at the age of 55 [11] - Huichuan Beer appointed Yi Wenxin as the new general manager following the resignation of Liu Xiangyu and Chen Jiting [12][13] Group 3: Financial Performance of Alcohol Companies - Jin Hui Wine reported a revenue of 2.305 billion yuan and a net profit of 324 million yuan for the first three quarters, with a significant decline in Q3 net profit by 33% [15][16] - Yanjing Beer and Zhujiang Beer both reported slower growth in Q3, with Yanjing's revenue at 4.875 billion yuan, a 1.55% increase, and Zhujiang's revenue at 1.875 billion yuan, a 1.34% decline [17] - Heineken's Q3 net revenue decreased by 0.3%, with a 4.3% decline in organic sales volume, leading to a downward revision of its annual sales forecast [19][20] Group 4: Market Trends and Consumer Behavior - The National Bureau of Statistics reported a 1.6% year-on-year growth in the tobacco and alcohol sector for September, with a 4% increase for the first nine months of 2025 [23]

王萌 S1060522030001（证券投资咨询）邮箱：WANGMENG917@pingan.com.cn 胡琼方 S1060524010002（证券投资咨询）邮箱：HUQIONGFANG722@pingan.com.cn 王源 S1060524010001（证券投资咨询）邮箱：WANGYUAN468@pingan.com.cn 2025年10月27日 证券研究报告 大消费行业周报 三季报密集披露，关注业绩表现 平安证券研究所 大消费团队 证券分析师： 张晋溢 S1060521030001（证券投资咨询）邮箱：ZHANGJINYI112@pingan.com.cn 王星云 S1060523100001（证券投资咨询）邮箱：WANGXINGYUN937@pingan.com.cn 资料来源：Wind，平安证券研究所 请务必阅读正文后免责条款 本周观点 大消费观点：本周（10月20日-10月24日）沪深300累计涨跌幅+3.24%，中信一级子行业中：上涨的大消费子行业为：传媒（ +4.20%）、 家电（+3.18%）、轻工制造（+2.73%)、消费者服务（+2.60%)、纺织服装（+1.86%）；下跌的大消费子行 ...

Group 1 - Yanjing Beer is launching Beiste soft drink to meet the growing demand for non-alcoholic beverages among consumers, especially in dining scenarios [1][2] - The Chinese beer production volume for large-scale enterprises is projected to decline by 1.9% in 2024, while the carbonated beverage market is expected to grow at an annual rate of 8.58%, reaching 162.2 billion yuan by 2027 [1] - Yanjing aims to maximize channel value by leveraging its existing beer sales channels for the new soft drink, capitalizing on the significant growth potential in the soft drink market [1][2] Group 2 - Taishan Beer reported a net profit of 3.86 million yuan in Q1 2025, marking a substantial year-on-year increase of 621.6%, with sales volume rising by 12% from January to April [3] - The sales of Taishan raw beer have shown steady growth, with profits reaching 16.11 million yuan in 2024, an increase of 6.8% year-on-year, contributing to enhanced investor confidence [3] - The positive financial performance is expected to provide Taishan Beer with increased cash flow, further solidifying its market position [3] Group 3 - Shaanxi Xifeng Liquor has outlined its strategic goals for 2025, emphasizing the importance of market breakthroughs, marketing support, brand value enhancement, quality assurance, cultural empowerment, and management efficiency [4] - The company's comprehensive strategy for 2025 aims to transition from stabilizing its market position to accelerating towards higher objectives, which is expected to have a profound impact on its operations [4] - Xifeng's focus on various aspects such as market, brand, quality, culture, and management is designed to strengthen its position in the liquor industry and achieve new breakthroughs [4]

齐鲁晚报·齐鲁壹点记者王丛 近日随着一线啤酒企业陆续披露2024年报及2025一季报，行业整体降速的趋势愈发明显，啤酒产业步入 深度调整期。和啤酒巨头相比，主打"7天鲜活"、走差异化路线的泰山啤酒交出了不错的业绩单。 据介绍，泰山啤酒今年一季度净利润386万元，同比增长621.6%。1-4月销量同比增长12%。是什么支撑 这家中型啤酒企业做到了"小而美"？全国化布局的泰山啤酒这些年又做了哪些硬投入？带着疑问记者采 访了企业负责人并给泰山啤酒算了一笔经济账。 经营指标稳健增长 从2010年第一瓶泰山原浆啤酒上市至今已经走过了15个春秋。从不被看好到市场逐渐接受，再到如今成 为啤酒细分品类的"明星产品"。不难看出，泰山原浆的品质差异化是其最核心的竞争力。 据介绍， 2024年泰山原浆啤酒销量稳中有升，利润达到1611万元，同比增加103万元，增长6.8%，上缴 税金4863万元。 "今年我们加大研发投入，推出了泰山原浆'金7'、草本系列，同时对现打啤酒、干啤等系列做了丰富。 目的就是让泰啤赶上精酿啤酒大发展的步伐。"山东泰山啤酒股份有限公司总经理张开利表示，"每年我 们都在新品研发和工艺改进上持续投入，迎合消费者 ...