智通财经记者 | 张蕊 智通财经编辑 | 任雪松 音乐节是直接触达啤酒消费群体的热门场景之一，今年8月，公司在惠安举办第四届惠泉啤酒嘉年华华，通过音乐、歌舞演出和酒王争霸赛等活动，试图 与消费者建立更深层次的情感联结。这种沉浸式品牌体验，也是目前啤酒企业在产品同质化环境中寻找突破的方式之一。 智通财经注意到，Wind数据显示，惠泉啤酒截至9月30日的前十大股东最新持股情况显示，与上一期定期报告持股数量相比，公司本期共有7个股东持股 数量发生变动，其中，5人持股数量有所增加，2人持股数量有所下降；并有2个股东新进前十大股东。 产品方面，公司中高档产品销售收入约为4.03亿元，同比增长1.42%；普通产品销售收入约为1.62亿元，同比下降13.33%。 自2023年建厂40周年之际推出"老惠泉"与"惠泉1983"两款完善中高档产品矩阵的新品以来，惠泉啤酒在接近两年时间内并未再推出其他新产品。直到今年 7月，公司在半年度业绩说明会上透露了新的产品规划，表示将研发上市白茶、初念系列特色精酿和推出无醇、低卡产品等丰富多样风味新酒产品，以满 足多元化的个性选择，获得不同消费群体喜爱，试图通过产品创新寻找新的增长点。 不过 ...

Key Points Summary of Huiquan Beer Q3 Conference Call Industry and Company Overview - The conference call discusses Huiquan Beer, focusing on its performance in the beer industry, particularly in the mid-to-high-end product segments [2][3]. Core Insights and Arguments - **Product Performance**: In Q3, the company performed well in mid-to-high-end products, with a focus on quality improvement to offset declining sales. The ultra-high-end products (Lao Huiquan and 1983) continue to expand in market capacity, while the mid-range Yimai series maintains a stable market share [2][4]. - **Sales Stability**: Q3 sales volume remained stable at approximately 200,000 tons, slightly down from 204,000 tons year-on-year. Weather factors had a limited impact on sales, with a focus on market development in Fujian and Jiangxi regions, which show significant potential [3]. - **Cost Management**: The decrease in ton cost in Q3 is attributed to cost reduction and efficiency improvement measures, including better internal management and transparent procurement. The company expects optimistic raw material costs for next year, with ongoing cost reduction efforts [2][8][9]. - **Sales Expense Trends**: The sales expense ratio decreased due to a reversal of advertising expenses. Future investments will be made based on market conditions, with expectations for the sales expense ratio to remain stable [2][10]. - **Profitability Outlook**: Profitability is influenced by cost reduction and flexible expense adjustments. The company maintains an optimistic outlook for Q4 performance [2][12]. - **Dividend Plans**: The company plans to increase the dividend payout ratio to enhance investor returns, reflecting a commitment to shareholder value [2][13]. Additional Important Insights - **Market Strategy**: The company is focusing on strengthening its presence in the provincial markets, particularly in Jiangxi, where results have been less favorable. Future efforts will aim to leverage existing experiences to improve performance in these areas [2][5]. - **Restaurant Business Performance**: The restaurant business has seen a slowdown in growth compared to previous years, with a focus on maintaining stability in non-operating business segments [2][7]. - **Channel Inventory Levels**: Overall inventory levels are better than last year, with improved freshness control, indicating a favorable inventory situation as the peak season concludes [2][15].

| 福建省燕京惠泉啤酒股份有限公司2025 | | 年半年度报告摘要 | | | --- | --- | --- | --- | | 公司代码：600573 | | 公司简称：惠泉啤酒 | | | 福建省燕京惠泉啤酒股份有限公司 | | | | | 福建省燕京惠泉啤酒股份有限公司2025 | | 年半年度报告摘要 | | | 第一节 | 重要提示 | | | | 展规划，投资者应当到 | www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | 无 | | | | | 第二节 | 公司基本情况 | | | | 公司股票简况 | | | | | 股票种类 | 股票上市交易所 股票简称 | | 股票代码 变更前股票简 | | 称 | | | | | A股 | 上海证券交易所 惠泉啤酒 | 600573 | - | | 联系人和联系方式 | | 董事会秘书 | | | 姓名 | 程晓梅 | | | | 电话 | 0595-87396105 | | | | 办公地址 | 福建省泉州市惠安县螺城镇惠泉北路1999号 | ...