独立董事候选人声明与承诺 本人盛雷鸣，已充分了解并同意由提名人青岛啤酒股份有限 公司（"公司"）董事会提名为公司第十一届董事会独立董事候选 人。本人公开声明，本人具备独立董事任职资格，保证不存在任 何影响本人担任公司独立董事独立性的关系，具体声明并承诺如 下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范党政领导 ...

《青岛啤酒股份有限公司章程》 修订对照表 | 修订前条文 | | | | | | | | | | | | | 修订后条文 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第一章 总则 | | | | 总则 | | | | | | | 第一章 | | | | 第六条 公司依据《公司法》、《证券法》、中国证券监督管理委员会（简称 | | | | 公司依据《公司法》、《证券法》、中国证券监督管理委员会（简称 | | | 第六条 | | | | | | | | "中国证监会"） 颁布的《上市公司章程指引》、《上市公司治理准则》 等 | "中国证监会"） | | | 颁布的《上市公司章程指引》、《上市公司治理准则》 等 | | | | | | | | | | | 其他法律、行政法规、部门规章、公司上市地证券监管规则的有关规定， | | | | | | | | | | | | | 其他法律、行政法规、部门规章、公司上市地证券监管规则的有关规定， | | 对形成于 2023 年 6 月 16 ...

+证券代码：600600 证券简称：青岛啤酒 公告编号：2025-012 青岛啤酒股份有限公司 关于召开 2024 年年度股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2024 年年度股东会（"年度股东会"或"会议"） (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 20 日 下午 1 点 30 分 召开地点：青岛市市南区香港中路 9 号香格里拉大酒店二楼盛世堂一号厅 1 股东会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东会召集人：青岛啤酒股份有限公司（"本公司"或"公司"）董事会 (三)投票方式：本次年度股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 20 日 至 2025 年 5 月 20 日 采用上海 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-010 青岛啤酒股份有限公司 第十届董事会 2025 年第一次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 本议案尚需提交 2024 年年度股东会（"年度股东会"）审议。 二、 关于公司董事会换届选举的议案。 公司第十届董事会任期已于 2024 年 6 月 28 日届满，具体内容详见本公司于 2024 年 6 月 22 日在上海证券交易所网站刊登的《青岛啤酒股份有限公司关于董 事会、监事会延期换届的公告》。目前公司董事会换届提名工作已完成，公司第 十一届董事会将由 9 名董事组成，其中包括执行董事 3 名，职工董事 1 名（需先 修订《公司章程》及其附件，之后由公司职工代表大会选举产生），独立董事 5 名。经征得其本人同意并经第十届董事会提名与薪酬委员会资格审核与素质评估， 同意提名姜宗祥先生、刘富华先生及侯秋燕先生为公司第十一届董事会执行董事 候选人，同意提名肖耿先生、盛雷鸣先生、张然女士、赵昌文先生及赵红女士为 公司第十一届董事会独立董 ...

青岛啤酒在2024年度的业绩报告中展示了其面临的挑战与应对策略，这份报告如同一面镜子，映照出这 家老牌啤酒巨头在风云变幻市场中的真实境况。 随着人们生活环境的变化和消费习惯的变化，季节性消费的痛点也在持续演化。空调的普及削弱了夏天 喝啤酒的场景优势，而精酿啤酒、果酒、气泡酒的崛起又在年轻人群中分流了不少市场。年轻人是啤酒 的核心消费群体，如果他们在不断流失，将对青岛啤酒构成严重威胁。 在销售渠道上，青岛啤酒也面临着新的挑战。过去靠渠道和终端制胜的时代已经过去，现在即时零售和 消费场景成为了新的战场。中高端市场占有率和场景覆盖率对各大品牌未来的增长空间可能起到决定性 作用。青岛啤酒虽然在线上销量和"新鲜直送"业务上有所布局，但占比仍然较低，不足以抵消主品牌和 区域市场的下滑。 据青岛啤酒2024年财报数据显示，公司全年营业收入为321.38亿元，与去年相比下滑了5.3%，这一数字 直接反映了约18亿元的收入减少。同时，啤酒销量也下降至753.8万千升，跌幅为5.9%。在青岛啤酒近 30年的上市历程中，如此显著的下滑仅发生过四次，2024年不幸成为了其中之一。更令人瞩目的是，去 年第四季度，青岛啤酒遭遇了6.45 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-009 青岛啤酒股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、说明会类型 青岛啤酒股份有限公司（以下简称"公司"）已于 2025 年 3 月 31 日披露公 司 2024 年年度报告。为进一步加强与广大投资者的沟通、交流，公司计划召开 2024 年度业绩说明会（以下简称"本次业绩说明会"），在信息披露允许的范围内就投 资者普遍关注的问题进行回答互动，欢迎广大投资者积极参与。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 15 日（星期二）下午 15:00-16:00 三、参加人员 公司党委书记、董事长、总裁姜宗祥先生，执行董事、财务总监侯秋燕先生， 董事会秘书张瑞祥先生及独立董事张然女士将参加本次业绩说明会。 四、投资者参加方式 （一）投资者可在 2025 年 4 月 15 日（星期二）下午 15:00-16:00，通过互联网 登录全景网"投资者关系互动平台"（h ...

Investment Rating - The investment rating for Qingdao Beer is "Buy" and is maintained [8]. Core Views - The external demand environment is challenging, yet the company remains committed to its strategic direction, continuously promoting product innovation and upgrades, with a positive price increase trend [2][7]. - In 2024, the company plans to enhance inventory management and maintain healthy channel operations, leading to expected improvements [2][7]. - Following the completion of the company's leadership transition, a new operational cycle is anticipated, with sales expected to reverse the current downward trend, and both average price and costs are likely to continue improving [2][7]. Financial Performance Summary - In 2024, Qingdao Beer achieved total revenue of 32.138 billion yuan, a decrease of 5.3%, while net profit attributable to shareholders was 4.345 billion yuan, an increase of 1.81% [4]. - The company reported a dividend payout ratio of 69.07% for 2024, indicating a continuous increase in shareholder returns [4][7]. - The company's sales volume for 2024 was 7.538 million kiloliters, down 5.9% year-on-year, with a fourth-quarter sales volume of 750,000 kiloliters, up 5.6% year-on-year [5]. Price and Cost Analysis - The average price per ton for 2024 was 4,263 yuan, reflecting a year-on-year increase of 0.6%, with a fourth-quarter price increase of 1.7% [5]. - The gross profit margin for 2024 improved by 1.57 percentage points to 40.23%, while the net profit margin increased by 0.94 percentage points to 13.52% [6]. Future Outlook - The company expects a recovery in sales volume and price in 2025, supported by a stable demand environment and low inventory levels [5][6]. - Earnings per share (EPS) forecasts for 2025 and 2026 are 3.68 yuan and 4.07 yuan, respectively, with corresponding price-to-earnings ratios of 22x and 20x [7].

Core Viewpoint - Qingdao Beer Company demonstrated resilience in its financial performance amidst a slowing consumer recovery and increasing industry competition, achieving a revenue of 32.138 billion yuan in 2024, a year-on-year decline of 5.30%, while net profit grew by 1.81% to 4.345 billion yuan, marking five consecutive years of profit growth [1][2]. Financial Performance - In 2024, Qingdao Beer reported a revenue of 32.138 billion yuan, down 5.30% year-on-year, but net profit increased by 1.81% to 4.345 billion yuan [1][2]. - The company achieved a gross margin increase of 1.57 percentage points to 40.23% and a net margin increase of 1.16 percentage points to 13.98% in 2024 [2]. - Operating cash flow significantly improved, reaching 5.155 billion yuan, a year-on-year increase of 85.58% [2]. Strategic Initiatives - The growth in net profit is attributed to the company's focus on high-end product strategies, with mid-to-high-end product sales reaching 3.154 million kiloliters, accounting for 41.8% of total sales [3]. - The introduction of innovative products like the A series of "Aogute" and "Nikaqi White Beer" has diversified the product line and contributed to profit growth [3]. - The company accelerated its digital transformation, with online product sales increasing by 21% in 2024, marking 12 consecutive years of growth [3]. Market Expansion - Qingdao Beer is strengthening its presence in traditional markets while actively expanding online channels and new retail models to enhance brand loyalty [4]. - Despite a decline in total sales, the main brand's sales reached 4.34 million kiloliters, maintaining a leading market share [4]. - The company is also expanding its international market presence, distributing products in over 120 countries and regions, enhancing brand recognition through international exhibitions and tasting events [4]. Sustainability Efforts - Qingdao Beer has been recognized as the first "Sustainable Lighthouse Factory" in the global food and beverage industry, with 23 factories awarded national green factory status [5]. - The company is integrating industrial internet and IoT technologies to optimize supply chain efficiency and promote energy-saving initiatives, contributing to its ESG performance [5]. - The company aims to leverage its brand, quality, and distribution network to expand market presence and enhance operational and profitability capabilities [5].

Core Viewpoint - Qingdao Beer (SH600600) reported a decrease in revenue for 2024, while net profit showed a slight increase, indicating mixed financial performance amid challenges in production and sales volumes [1][2]. Financial Performance - In 2024, Qingdao Beer achieved an operating revenue of 32.14 billion yuan, a decrease of 5.3% compared to 2023 [2]. - The net profit attributable to shareholders was 4.34 billion yuan, reflecting a year-on-year increase of 1.81% [2]. - The net profit after deducting non-recurring gains and losses was 3.95 billion yuan, up 6.19% from the previous year [2]. Production and Sales - The total beer production in 2024 was 7.23 million kiloliters, a decrease of 2.39% year-on-year [3]. - The sales volume for the same period was 7.54 million kiloliters, down 5.85% compared to the previous year [3]. - The inventory level at the end of 2024 was 520,000 kiloliters, which represents a year-on-year increase of 0.78% [3]. Employee Statistics - The total number of employees at Qingdao Beer in 2024 was 29,870, a reduction of 817 employees or 2.66% from 2023 [3]. Leadership Changes - On December 25, 2024, the chairman Huang Kexing announced his resignation due to retirement age, and Jiang Zongxiang was elected as the new chairman and concurrently served as the president [5]. - Jiang Zongxiang's salary in 2024 was reported at 1.02 million yuan, a decline of 35.36% compared to the previous year [5][6].

Investment Rating - The report maintains a "Buy" investment rating for Qingdao Beer [1][8] Core Views - The company's revenue slightly declined year-on-year due to environmental impacts, with total revenue and net profit attributable to shareholders for 2024 at 32.138 billion and 4.345 billion yuan, respectively, reflecting a year-on-year change of -5% and +2% [2] - The company has shown significant cost optimization effects, leading to a slight increase in gross margin, with gross margin and net margin for 2024 at 40% and 14%, respectively, both up by 1.6 and 1.2 percentage points year-on-year [2] - The company is focusing on product structure optimization and channel diversification, with a continued push for high-end and ultra-high-end products, and a notable increase in online sales [3] Summary by Sections Financial Performance - In Q4 2024, total revenue was 3.179 billion yuan, up 7% year-on-year, while net profit attributable to shareholders was -645 million yuan, showing a slight increase in losses [2] - Operating net cash flow for 2024 was 5.155 billion yuan, a significant increase of 86% year-on-year, with sales receipts at 38.057 billion yuan, up 0.5% [2] - The company’s contract liabilities at the end of 2024 were 8.313 billion yuan, an increase of 2.868 billion yuan quarter-on-quarter [2] Product and Market Strategy - Overall beer sales volume and price per ton in 2024 decreased by 5.9% and increased by 0.4%, respectively, with the main brand's sales volume down by 4.8% [3] - The company is advancing its "1+1+1+2+N" product mix strategy, with mid-to-high-end product sales at 3.15 million kiloliters, a decrease of 2.7% year-on-year, but accounting for 73% of the main brand's sales [3] - The company has launched new products to meet diverse consumer needs, including the "A series of Aogute, Nikashi White Beer, and non-alcoholic beer series" [3] Earnings Forecast - The company is expected to have EPS of 3.55, 3.84, and 4.11 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 22, 20, and 19 times [8] - Revenue growth rates are projected at -5.3% for 2024, followed by 4.3%, 3.2%, and 2.9% for the subsequent years [10]