Core Insights - The "Qingpin Feilian" model developed by Qingdao Airport has been recognized at the 2025 Global Trade and International Logistics Summit for its innovative approach in the logistics and supply chain sector [1][2] - Qingdao Airport is the only airport in the country to receive this award, highlighting its successful transformation from traditional freight to a comprehensive logistics service provider [2] Group 1 - The "Qingpin Feilian" model focuses on the air transportation of Qingdao beer, achieving same-day delivery to 31 cities by minimizing outdoor exposure time for raw beer [1] - In the first three quarters of 2025, the shipment volume of Qingdao beer's raw product increased by 50% year-on-year, setting a new standard for the quality assurance of fresh beverage air logistics [1] Group 2 - Qingdao Airport has extended its service chain by signing a distribution agreement with Qingdao Beer, integrating various channels such as terminal operations, aviation systems, and cross-border e-commerce to expand trade business [2] - Future plans include building a brand exhibition hall and developing cultural tourism products, aiming for an integrated development model of "aviation, tourism, culture, and commerce" [2] Group 3 - The award signifies industry recognition of Qingdao Airport's efforts in empowering local industries through logistics and trade collaboration [2] - The airport aims to optimize the "green channel" for air freight of fresh and high-value products, while deepening partnerships with local enterprises to explore new sales scenarios [2] - The strategy includes a new model of "freight routes + trade procurement" to promote local products nationally and globally, supporting high-quality development and regional industrial chain upgrades [2]

Group 1 - The core viewpoint of the report is that China Resources Beer (00291) is expected to outperform its peers, with projected sales and adjusted EBITDA growth in Q3 2025 showing low single-digit and double-digit increases, respectively [1] - The beer industry is currently experiencing a polarization trend, characterized by both premiumization and downgrading [1] - Despite ongoing pressures in the liquor business, there has been improvement compared to the summer, which may lead to goodwill impairment, but this will not affect dividends [1] Group 2 - The dividend payout ratio for China Resources Beer is expected to increase from 52% in 2024 to 60% in 2025, and further rise to 70-80% by 2027-2028 [1] - Following changes in the management team, the business has maintained resilience and steady development [1] - The management has reiterated its full-year targets for 2025, expecting adjusted profit growth (excluding special income related to the relocation agreement with joint ventures in the first half of 2025) to be in the range of low single-digit to double-digit year-on-year growth, with sales growth projected at low single-digit [1]

Core Viewpoint - Morgan Stanley's report predicts that China Resources Beer (00291) will achieve low single-digit sales growth and double-digit adjusted EBITDA growth by Q3 2025, outperforming Qingdao Beer (600600) and Budweiser APAC (01876) [1] Company Summary - The beer industry is currently experiencing a polarization trend, characterized by both premiumization and downgrading [1] - Despite ongoing pressure in the liquor business, there has been improvement compared to the summer, which may lead to goodwill impairment, but this will not affect dividends [1] - The dividend payout ratio for China Resources Beer is expected to increase from 52% in 2024 to 60% in 2025, and further rise to 70-80% by 2027-2028 [1] - Following changes in the management team, the company's business remains resilient and its development pace is steady [1] - The management has reiterated its targets for 2025, expecting adjusted profit (excluding special income related to the relocation agreement with joint ventures in the first half of 2025) to grow by low single-digit to double-digit year-on-year, with sales growth projected at low single-digit [1]

Core Viewpoint - Morgan Stanley forecasts that China Resources Beer (00291) will achieve low single-digit sales growth and double-digit adjusted EBITDA growth by Q3 2025, outperforming Qingdao Beer (00168) and Budweiser APAC (01876) [1] Industry Summary - The beer industry is currently experiencing a polarization trend, characterized by both premiumization and downgrading [1] - The white liquor business continues to face pressure, although there has been some improvement compared to the summer [1] Company Summary - China Resources Beer plans to increase its dividend payout ratio from 52% in 2024 to 60% in 2025, with further increases to 70-80% expected in 2027-2028 [1] - Following changes in management, the company's business remains resilient and its development pace is steady [1] - The management has reiterated the full-year targets for 2025, expecting adjusted profit (excluding special income related to the relocation agreement with joint ventures in the first half of 2025) to grow by high single digits to double digits, with sales growth projected at low single digits [1]

Core Points - Qingdao Beer Co., Ltd. announced the repurchase and cancellation of restricted stocks due to the resignation of one incentive object, which triggered the conditions for repurchase and cancellation as per the company's incentive plan [1][2] Summary by Sections Repurchase and Cancellation Reasons - The repurchase and cancellation of restricted stocks were initiated because one incentive object resigned for personal reasons, leading to a change in their status as an incentive object [1] Details of the Repurchase and Cancellation - The company plans to repurchase and cancel a total of 1,667 A-shares of restricted stocks related to the resigned incentive object [1][2] - After the completion of this repurchase and cancellation, the remaining A-shares of restricted stocks that have not been released from restrictions will be zero [1] Company Compliance and Commitments - The board of directors confirmed that the decision-making process and information disclosure regarding the repurchase and cancellation comply with legal regulations and the company's incentive plan [2] - The company has verified and ensured that all information related to the repurchase and cancellation is true, accurate, and complete [2]

Group 1 - The company announced that one incentive recipient resigned for personal reasons, leading to a change in their status as an incentive recipient [1] - According to the company's A-share restricted stock incentive plan, the company intends to repurchase and cancel the 1,667 shares of restricted stock that have been granted but not yet released from restrictions [1] - After the repurchase and cancellation of the restricted stock, the company's total share capital will change to 1,364,195,121 shares [2]

Core Viewpoint - Qingdao Beer (600600) announced a stock repurchase and cancellation plan due to the resignation of an incentive plan participant, which triggered the conditions for repurchase and cancellation as per the plan's regulations [1] Group 1: Stock Repurchase Details - One incentive participant resigned for personal reasons, leading to a change in their status as an incentive object [1] - The company plans to repurchase and cancel a total of 1,667 restricted A-shares that were granted but not yet released from restrictions [1] - After this repurchase and cancellation, the remaining restricted A-shares will amount to zero [1] Group 2: Timeline and Future Actions - The cancellation of the shares is expected to be completed by November 13, 2025 [1]

Core Points - Qingdao Beer Co., Ltd. announced a stock repurchase and cancellation due to a change in the personal situation of one incentive recipient who resigned for personal reasons [1] - The company plans to repurchase and cancel a total of 1,667 restricted A-shares that were granted but not yet released from restrictions [1] - After this repurchase and cancellation, the remaining restricted A-shares will be zero, with the cancellation expected to be completed by November 13, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 ） （股份編號：168） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列青島啤酒股份有限公司於中華人民共和國（「中國」）若干報章及上海證券交易所網站 （www.sse.com.cn）刊載之《青島啤酒股份有限公司關於部分限制性股票回購註銷實施的公 告》，僅供參閱。 承董事會命 青島啤酒股份有限公司 侯秋燕 執行董事及聯席公司秘書 中國 • 青島 2025年11月11日 青島啤酒股份有限公司於本公告日期的董事： 執行董事： 姜宗祥先生（董事長）、劉富華先生及侯秋燕先生 職工董事： 孫靜女士 獨立非執行董事： 肖耿先生、盛雷鳴先生、張然女士、趙昌文先生及趙紅女士 证券代码：600600 证券简称：青岛啤酒 编号：2025-031 青岛啤酒股份有限公 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 ） （股份編號：168） 關於部分限制性股票回購註銷實施的公告 茲提述(i)青島啤酒股份有限公司（「本公司」）日期為2020年3月23日的公告，內容有關（其中 包括）建議採納A股限制性股票激勵計劃（「本激勵計劃」）；(ii)日期為2020年4月29日的通函， 內容有關（其中包括）建議採納本激勵計劃；(iii)日期為2020年6月8日的公告，內容有關股 東年會及類別股東會通過本激勵計劃有關決議案的投票表決結果；(iv)日期為2020年6月29 日的公告，內容關於向本激勵計劃激勵對象首次授予限制性股票的公告；(v)日期為2020年7 月27日的公告，內容關於首次授予結果公告；(vi)日期為2021年3月22日的公告，內容關於 向本激勵計劃激勵對象授予預留部分限制性股票的公告；(vii)日期為 ...