证券研究报告 食品饮料 | 非白酒 港股|首次覆盖报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 林若尧 SAC：S1350525070002 linruoyao@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 08 月 | 25 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 28.58 | | | 一年内最高/最低（港 | | | | 36.00/21.60 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 92,718.58 | | | 流通市值（百万港元） | | | | | 92,718.58 | | | 资产负债率（%） | | | | | 43.72 | | | 资料来源：聚源数据 | | | | | | | 华润啤酒(00291.HK) 投资评级： 增持（首次） ——啤酒高端化有序推进 ...

Group 1 - The "Gongengzhe Plan" aims to enhance agricultural development through collaboration between enterprises and local governments, exemplified by China Petroleum's partnership with Ruoergai County [1][2] - Ruoergai County has become the 11th designated assistance county for China Petroleum, implementing 10 agricultural support projects, including a 15 million yuan Tibetan medicinal materials processing base expected to generate over 70 million yuan in annual output value [1][2] - The county's agricultural revitalization is guided by systematic planning, focusing on five leading industries, with a target of achieving 2.4 billion yuan in livestock output value by 2024 [2] Group 2 - Ruoergai has certified 12 "three products and one standard" agricultural products, including yak, Tibetan sheep, and black barley, with products like yak milk ice cream gaining popularity for their organic qualities [2] - The regional public brand "Ruoergai Yuanchuan" has been established in collaboration with Benlai Life, covering various product categories and facilitating efficient supply chain connections [2][3] - Future initiatives will promote the integration of agriculture and tourism, enhancing the sales of livestock products and local handicrafts, thereby fostering a symbiotic relationship between rural and urban areas [3]

Group 1 - The core idea of the articles highlights the transformation of traditional livestock farming in Guoluo Tibetan Village through e-commerce and live streaming, enabling local products to reach a broader market [1][2] - The village has established a modern live streaming base, where local products such as yak and sheep meat are promoted effectively, leading to increased sales and engagement from the youth [1] - The introduction of e-commerce has significantly improved the sales channels for high-quality local products, which were previously limited due to geographical constraints [1] Group 2 - Since 2021, the State Grid Haibei Power Supply Company has enhanced the village's electrical infrastructure, including the installation of 450 meters of 10 kV lines and upgrading transformer capacity to support local businesses [2] - The village is diversifying its economy with multiple industries, including red education, specialty tourism, efficient livestock farming, and beer brewing, contributing to a thriving local economy [2] - By 2024, the average income of poverty alleviation households in Guoluo Tibetan Village is projected to exceed 19,817.5 yuan, with collective economic income surpassing 800,000 yuan [2]