Precision oncology medicines powered by synthetic lethal insights Corporate Presentation May 2025 Disclaimer Statements contained in this presentation regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "anticipates," "believes," "expects," "intends," "plans," "potential," "projects," "would" and "future" or similar expressions are intended to identify forward-looking statements ...

编者荐语： 日经中文网与36氪开展内容交换合作。将精选36氪的精彩独家财经、科技、企业资讯，与读者分享。 以下文章来源于36氪 ，作者骆若男 36氪 . 36氪是服务中国新经济参与者的卓越品牌和开创性平台，提供新锐深度的商业报道，强调趋势和价值，我们的slogan是：让一部分 人先看到未来。 啤酒行业，就像喝了半场的啤酒， 最上面的那层泡沫注定已经被撇掉。 文 ｜ 骆若男 封 面来源 ｜日经中文网 夏天来了，又来到吃蛤蜊、哈啤酒的时候，但继去年 成为整个食品饮料行业唯一下滑的品类之后，今年的啤酒，很有可能继续下 滑。 一个数据可以说明：2025的1-2月，国内规模以上啤酒企业产量同比下降了4.9%。 是年轻人都不"哈啤酒"了吗？ 请观看36氪原创视频 也欢迎关注36氪视频号 2013年之后啤酒产量开始下跌，但啤酒行业的收入还在增长，主要原因是几大巨头默契地选择了高端化和提价策略。 啤酒的售价持续提升， 各大酒企纷纷推出单价在10元以上的中高端啤酒。 比如重庆啤酒跟嘉士伯资产重组后，布局了以乌苏、1664为代表的中高档产品线，号称"中国第一精酿厂牌"的京A也是它家的。 华润、百威等酒企也是纷纷推出高价啤酒，"百 ...

啤酒行业，就像喝了半场的啤酒， 最上面的那层泡沫注定已经被撇掉。 文 ｜ 骆若男 封面来源 ｜ unsplash 夏天来了，又来到吃蛤蜊、哈啤酒的时候，但继去年 成为整个食品饮料行业唯一下滑的品类之后，今年的啤酒，很有可能继续下滑。 一个数据可以说明：2025的1-2月，国内规模以上啤酒企业产量同比下降了4.9%。 是年轻人都不"哈啤酒"了吗？ 请观看36氪原创视频 也欢迎关注36氪视频号 把时间维度拉到十年前，就会发现， 啤酒产量的下降趋势从2013年就已经开始了。 在那之前，啤酒产量的迅速提升主要是因为华润、青岛、燕京等五大主要酒企收购了各种地方性的小酒厂，比如哈尔滨啤酒被百威收购，四川蓝剑被华润收 购，这几个巨头很快就占到了市场份额的90%以上。 2013年之后啤酒产量开始下跌，但啤酒行业的收入还在增长，主要原因是几大巨头默契地选择了高端化和提价策略。 啤酒的售价持续提升， 各大酒企纷纷推出单价在10元以上的中高端啤酒。 华润、百威等酒企也是纷纷推出高价啤酒，"百威大师传奇虎年限量版"礼盒，单瓶标价￥4980/798ml；华润雪花啤酒旗下产品"醴"，两瓶/盒标价￥999。 看包装就能感受出差别，啤的整得 ...

6月16日，嘉士伯中国与中国餐饮百强企业廣順興正式签署战略合作协议，建立面向全国市场的深度合作关系。双方将围绕产品协同、场景共建、营销联动 等多维度展开合作，进一步拓展嘉士伯中国旗下品牌在优质粤菜渠道的渗透力，打造更具品质感和场景化的餐饮消费体验。 根据协议，嘉士伯中国将成为廣順興全国门店的核心啤酒供应商，合作涵盖公司旗下嘉士伯、乐堡、1664、乌苏、京A等多元品牌组合。双方将以明星IP联 动、套餐定制、季节限定菜单、场景共创、联名营销为抓手，联手打造涵盖正餐、宵夜、社交聚会等多个餐饮场景的用酒体验，例如，打造嘉士伯亲朋共聚 场景，将1664的法式优雅与精致粤菜融合，用乌苏激发夜宵烟火气氛，以京A风味精酿点亮好友小酌，满足不同客群的社交消费需求。 "此次合作是双方资源互补、互利共赢的重要举措。"嘉士伯中国销售负责人陈波表示，"通过嘉士伯的产品优势与廣順興的渠道影响力，我们将为消费者创 造更多美好时刻，进一步推动啤酒文化与美食文化的深度融合。" 在谈及合作的未来规划时，嘉士伯中国国际品牌业务单元总经理李伟波表示："双方战略合作，将从消费者体验、品牌影响、产品创新维度持续深化，我们 将投入最优质的资源，配备最专业 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) shows strong bullish signals despite short-term volatility risks, with technical indicators suggesting a potential upward trend in stock price [1][3]. Technical Analysis - Multiple moving averages indicate a strong buy signal, with MA10 at 5.76, MA30 at 5.59, and MA60 at 5.52, while the current price of 5.88 is above these averages, confirming a clear upward trend [3]. - The RSI index is at 69, indicating an overbought condition, while some indicators like the Williams and Stochastic Oscillators signal sell opportunities. However, ADX and psychological indicators remain neutral, and momentum indicators suggest buying [3]. - Key support and resistance levels are crucial for understanding ICBC's price movements, with immediate support at 5.68 and secondary support at 5.48. The first resistance level is at 5.99, and a breakthrough could lead to a challenge at 6.28 [3]. Product Performance - Recent performance of ICBC-related derivatives has been strong, with products like JPMorgan's bull certificates and call options seeing significant gains of 12% and 9% respectively, while the underlying stock rose by 1.03% [5]. Derivative Products - Various options are available for investors, including JPMorgan's call option with a leverage of 9.5 times and an exercise price of 6.67, suitable for aggressive investors [7]. - For more defensive strategies, the Barclays call option offers a leverage of 10.4 times with an exercise price of 6.61, while UBS's bull certificates are recommended for short-term rebounds with a recovery price of 5 [7][8]. - Investors looking to hedge against potential downturns can consider UBS's and JPMorgan's bear certificates, with recovery prices around 6.2-6.3, but should be cautious of the resistance at 6.2 [7].

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 4 June 2025 | 10:12PM HKT Chongqing Brewery (600132.SS): Consumer & Leisure Corporate Day: Steady premiumization in off-trade channels amid flattish trends We hosted Chongqing Brewery at our Consumer & Leisure Corporate Day on Jun 4. Key takeaways: 1) Recent updates: The company noted a still soft recovery in on-trade channels following the Jan-Feb uptick driven by CNY. Channel mix in 1Q remained roughly unchanged vs. last year at 45:55 for on-trade/off-trade. By brand, YTD p ...

随着试点启动 全国范围内的大型连锁药店 如 益丰药房 大参林 老百姓 心堂 有望率先 ■ 同时也暴露出服务区充电压力剧增的问题，这直接带来对高速充电桩密度、移动充电设施和智能调 度系统的刚性需求。 4、 《 重啤与嘉威之争的背后，是民族品牌在资本游戏中挣扎的缩影 》 摘 要 ■ 嘉士伯通过旗下重庆啤酒申请并获批"山城啤酒"多个商标，清晰表露出在2029年包销协议到期前， 争取完全掌控品牌权属 的意图。 ■ 投资者需警惕，这种操作虽可 强化嘉士伯的控制权和利润分配能力 ，但也可能引发更广泛的舆论 和政策层面压力。 ■ 嘉士伯入主后，重庆啤酒明显将资源向国际高端品牌（如乐堡、1664、乌苏）倾斜， 品牌价值从 60亿元跌至不足2000万元 。 ■ 虽然这种策略对嘉士伯全球利润有利，但会逐步 侵蚀重庆啤酒在本土的文化资产和品牌护城河 ， 导致其未来估值重心从"本地强品牌"转向"外资平台型公司"，市值弹性收窄。 ■ 目前重庆啤酒虽在一审中需向嘉威支付3.5亿元，但核心问题——2029年后"山城"品牌归属、是否 存在永久使用权——仍无定论。 ■ 《中医药临床疗效数据采集研究型药店建设规范》是我国首个将药店正式纳入临床研 ...

京東衍生產品表現亮眼 牛證單日飆升30%創佳績 京東(09618)截止13點20分，股價報135.4元，上漲1.42%。走勢上，連續5日在日線圖的保利加通道中線上下橫行。市場上，投資者的觀點兩極分化，有人看 至130元，繼續融資做空。看多投資者則認為股價會上至143元。 從京東的技術面來看，10日均線(134.75元)與30日均線(134.86元)近乎重合，顯示股價處於關鍵抉擇點。MACD指標發出買入信號，但動能略顯不足。RSI處 於48的中性水準，顯示股價仍有上行空間。關鍵支持位在128.3元（支持1）和124.5元（支持2），上方阻力則看141.4元（阻力1）和145.1元（阻力2）。 | 0.136+ | 最 高 | 0.135 開 市 | 0.130 0.14 | | --- | --- | --- | --- | | +0.020 +17.24% | 最 低 | 0.125 前 收 | 0.116 +0.019 | | 成交量 722.50萬股 成交額 | | 94.84萬 收回價 | 125.500 成交量 | | 街貨比 ① 6.43% 溢 價 | | 0.89% 距收回價 | 7.89% 街貨 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company reported a revenue of 4.355 billion yuan in Q1 2025, a year-on-year increase of 1.46%, and a net profit of 473 million yuan, up 4.59% year-on-year [1]. - The sales volume in Q1 2025 was 883,500 tons, reflecting a 1.93% increase year-on-year, with a slight decrease in beer business price per ton by 0.3% to 4,804 yuan [2]. - The company is focusing on high-end products, with revenue from high-end products (above 8 yuan) reaching 2.603 billion yuan, a year-on-year increase of 1.21% [2]. - The net profit margin improved by 0.7 percentage points to 21.6% in Q1 2025, driven by a decrease in cost per ton by 1.5% [3]. Financial Performance Summary - Revenue projections for 2025-2027 are estimated to grow at 1%, 2%, and 3%, respectively, with corresponding revenues of 14.86 billion, 15.21 billion, and 15.61 billion yuan [3]. - The net profit for the same period is expected to grow by 15%, 5%, and 5%, with net profits of 1.282 billion, 1.352 billion, and 1.421 billion yuan [3]. - The company maintains a stable financial position with a projected PE ratio of 22X, 20X, and 19X for the years 2025, 2026, and 2027, respectively [3]. Market and Product Insights - The company is increasing its investment in non-current drink products, which is showing gradual results, while waiting for the recovery of current drink scenarios [3]. - The revenue from different regions showed balanced growth, with the Northwest region generating 1.178 billion yuan, the Central region 1.835 billion yuan, and the Southern region 1.231 billion yuan in Q1 2025 [2].

Core Viewpoint - 2024 is a challenging year for Chongqing Beer, experiencing its first decline in both revenue and net profit since 2015 due to extreme weather and adverse external conditions [1][2]. Financial Performance - Revenue for 2024 is approximately 14.645 billion yuan, a year-on-year decrease of 1.15% - Net profit attributable to shareholders is about 1.115 billion yuan, down 16.61% compared to the previous year [2]. Market Dynamics - The decline in local brand sales is attributed to pressure on the dining channel, prompting the company to shift focus towards non-on-premise channels [5][11]. - Local brand revenue is nearly 8.9 billion yuan, down over 3%, while international brand revenue is around 5.3 billion yuan, showing a slight increase [12]. Strategic Adjustments - The company plans to enhance its product offerings in non-on-premise channels, including high-end products and canned packaging [5][17]. - In 2025, marketing expenditures will be adjusted to favor more attractive non-on-premise channels [18][20]. Production Capacity and Innovation - The Carlsberg Foshan factory, a global flagship brewery, has an annual production capacity of 500,000 kiloliters and is recognized for its advanced manufacturing and sustainability practices [10][11]. - The company has introduced new products and packaging, particularly for local brands, to meet diverse consumer needs [16]. Inventory Management - The company completed its inventory reduction efforts by the end of last year, positioning itself for a healthier market presence in 2024 [6][16].