Core Viewpoint - The appointment of Huang Wensheng as the new chairman of Zhujiang Beer marks a significant leadership change, with expectations for him to drive the company's national expansion and address challenges in a shrinking beer market [2][4][25]. Company Overview - Zhujiang Beer announced the retirement of Chairman Wang Zhibin, with General Manager Huang Wensheng taking over as the fifth leader in the company's history [2]. - Huang Wensheng, who has a background in the telecommunications industry, joined Zhujiang Beer in 2020 and has overseen a 30% revenue growth and a 40% profit increase over five years [3][11]. - Despite strong performance in Guangdong, Zhujiang Beer holds only a 4% market share nationally, indicating limited penetration in the broader beer market [3][21]. Leadership Transition - Huang Wensheng's leadership comes after a series of internal promotions in previous management, with his external appointment raising investor concerns reflected in a nearly 2% drop in stock price following the announcement [5][6]. - The transition of leadership is critical as previous leaders have successfully navigated challenges but left unresolved issues regarding national expansion [14][25]. Historical Context - Zhujiang Beer has a rich history of leadership, with past chairmen achieving significant milestones, including market dominance in Guangdong and the introduction of innovative products [13][18]. - The company has faced increasing competition from larger national brands, which have expanded aggressively into Zhujiang's home market [15][19]. Market Challenges - The beer industry is entering a new cycle of contraction, with a projected decrease in the number of suitable consumers over the next decade, posing a challenge for mid-sized breweries like Zhujiang Beer [21][22]. - The company must navigate a competitive landscape where major brands dominate over 90% of the market, necessitating strategic adjustments to maintain growth [21][22]. Strategic Focus - Zhujiang Beer aims to capitalize on the growing beer consumption in Guangdong, which has recently become the largest beer-producing province in China [22]. - The company is also exploring opportunities for expansion outside Guangdong, with initiatives like the Zhujiang raw beer experience stores designed to penetrate new markets with lower investment [24][25].

文 | 酒讯 半颗 编辑 | 方圆 6月的一纸换帅公告，让珠江啤酒在夏日的舆论场燥热了起来。 执掌珠江啤酒十二年的董事长王志斌正式卸任，由前总经理黄文胜接棒。交接发生在一个微妙节点：过 去十年，王志斌为珠江啤酒打下了坚实的高端化基础，推动"3+N"品牌矩阵成型，97纯生更是将8元价 格带打造成新的业绩引擎。但另一边，全国化却迟迟未见突破，公司95%以上营收仍来自华南。 啤酒高端化战火正盛，8元价格带成为兵家必争之地。在这场日益激烈的战役中，新官上任的珠江啤酒 能否带着8元啤酒迎来新局面？ | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 5, 731, 079, 366. 33 | 5, 378, 040, 272. 06 | 6.56% | 4, 928, 137, 239. 13 | | 归属于上市公司股东 | 810, 273, 197. 13 | 623, 507, 931. 85 | 29.95% | 598, 264, 071. 35 | | 的净利润(元) | | | | | ...

研究报告 Research Report 4 Jun 2025 中国必需消费 China (A-share) Staples 中国必选消费 6 月投资策略：布局"高股息+基本面改善"的股票 Layout stocks with high dividends and improved fundamentals [Table_yemei1] 观点聚焦 Investment Focus 价格：5 月茅台散瓶飞天批价延续回落态势，五粮液、国窖 1573 等高 端产品价格企稳；次高端市场分化明显，洋河 M3 水晶版、天之蓝价 格小幅回升，而 M6+价格继续回调。中低价位带整体保持平稳，市场 进入传统淡季调整期。5 月仅婴配粉代表产品较 4 月末折扣力度有所减 小，啤酒、液态奶、软饮料、方便食品与调味品的折扣力度均加大。 成本：5月软饮料/调味品/乳制品/速冻食品/啤酒/方便面现货成本指数 分别变动+0.34%/+0.30%/+0.03%/-0.57%/-0.81%/-1.22%，期货成本指数 变动分别为-0.78%/-2.70%/+0.33%/-0.74%/-2.84%/-1.26%。包材现货方 面，和去年同期相比，除 ...