证券代码：002461 证券简称：珠江啤酒 公告编号：2025-037 广州珠江啤酒股份有限公司 关于部分募投项目结项并将节余 募集资金永久补充流动资金的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广州珠江啤酒股份有限公司（以下简称"公司"）于 2025 年 12 月 18 日 召开第四届董事会第八十八次会议，审议通过了《关于部分募投项目结项并 将节余募集资金永久补充流动资金的议案》（该议案已经公司董事会战略委 员会审议通过），同意对募投项目现代化营销网络建设及升级项目、O2O 销售 渠道建设及推广项目和啤酒产能扩大及搬迁项目进行结项，并将节余募集资 金永久补充流动资金，用于公司日常生产经营活动。现将相关事宜公告如 下： 一、募集资金基本情况 经中国证券监督管理委员会"证监许可[2016]3231 号"核准，本公司向 特定对象非公开发行人民币普通股（A 股）不超过 426,502,472 股（每股面值 1 元），每股发行价格人民币 10.11 元，实际发行人民币普通股 426,502,472 股，共计募集资金人民币 4,311,939,991.92 元，扣 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-036 广州珠江啤酒股份有限公司 第四届董事会第八十八次会议决议公告 审议通过《关于部分募投项目结项并将节余募集资金永久补充流动资金的 议案》。 公司《关于部分募投项目结项并将节余募集资金永久补充流动资金的公 告》详见 2025 年 12 月 19 日《中国证券报》、《证券时报》以及巨潮资讯网。 本议案已经公司董事会战略委员会审议通过。保荐机构中信证券股份有限公 司对此进行了审核，具体详见巨潮资讯网。 表决结果：同意 8 票，反对 0 票，弃权 0 票，赞成票数占董事会有效表决 权的 100%审议通过此项议案。 特此公告。 广州珠江啤酒股份有限公司董事会 2025 年 12 月 19 日 1 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广州珠江啤酒股份有限公司（以下简称"公司"）第四届董事会第八十八 次会议于 2025 年 12 月 18 日以通讯方式召开，会议由黄文胜董事长召集。召 开本次会议的通知及相关资料已于 2025 年 12 月 5 日通过电子邮件等方式送达 各位董事。本次会议应到董事 8 ...

Group 1 - The non-white liquor sector increased by 0.16% on December 16, with Huichuan Beer leading the gains [1] - The Shanghai Composite Index closed at 3824.81, down 1.11%, while the Shenzhen Component Index closed at 12914.67, down 1.51% [1] - Key stocks in the non-white liquor sector showed varied performance, with the highest gain being 3.23% for Yuanzhi Ban [1] Group 2 - The non-white liquor sector experienced a net outflow of 25.06 million yuan from main funds, while retail investors saw a net inflow of 53.38 million yuan [2] - The trading volume and turnover for key stocks in the non-white liquor sector varied, with Yuanzhi Ban achieving a turnover of 421 million yuan [1][2] - The net inflow from retail investors was significant, indicating a potential shift in market sentiment towards the non-white liquor sector [2][3] Group 3 - Specific stocks like Baorun Co. and Huichuan Beer had notable net inflows from retail investors, while others like ST Lanhua and Jin Feng Wine experienced net outflows [3] - The data indicates a mixed sentiment among institutional and retail investors, with some stocks attracting retail interest despite overall sector outflows [3] - The performance of individual stocks varied significantly, highlighting the importance of stock selection within the non-white liquor sector [3]

Core Viewpoint - The resignation of Wu Jiawei from the board of directors of Zhujiang Beer due to reaching the legal retirement age will not affect the normal operation of the board or the company's business [2]. Group 1: Board Changes - Wu Jiawei held significant positions in another listed state-owned enterprise, Guangzhou Restaurant Group, indicating his experience and influence [4]. - Following Wu's resignation, there will be a vacancy on the Zhujiang Beer board, which will be filled through the appropriate election process [4]. - The board of Zhujiang Beer has experienced frequent changes in recent years, including the departure of the former non-executive director and vice chairman Cheng Yanjun from Budweiser APAC, and the appointment of new general manager Zhang Yong [4]. Group 2: Strategic Importance - The stability and balance of Zhujiang Beer's board are crucial for navigating the current competitive landscape of the beer industry, which is characterized by stock competition [4]. - The intentions of major shareholder Guangzhou Industrial Investment Holding Group and its concerted actions need to be effectively implemented through the board [4]. - The industry experience and resources of strategic shareholder Budweiser APAC, along with the innovative thinking of the newly introduced management team with cross-industry backgrounds, require effective collaboration at the board level [4]. Group 3: Future Outlook - The new management team at Zhujiang Beer faces the challenge of finding profit growth opportunities in the highly competitive beer market, referred to as the "red sea," while aiming for stable performance growth in the "blue sea" [5].

Core Viewpoint - Yongshuntai (001338) has a strong foundation of over 20 years of cooperation with major beer manufacturers and is actively expanding its market presence through partnerships with regional small and craft beer clients [1] Group 1: Partnerships and Collaborations - The company has established long-term relationships with well-known beer manufacturers such as Budweiser, Carlsberg, Heineken, China Resources Snow Beer, Qingdao Beer, Yanjing Beer, and Zhujiang Beer [1] - Yongshuntai is committed to maintaining and enhancing these partnerships while also exploring new collaborations with regional small clients and craft beer producers [1] Group 2: Market Strategy - The company plans to adjust its sales strategies in response to domestic and international market changes while focusing on meeting the needs of key clients [1] - Yongshuntai aims to build strong cooperative relationships with various types of customers, ensuring a flexible approach to market development [1]

Core Viewpoint - The Chinese beer industry is experiencing a decline in production, with a reported decrease in output for the year 2025 compared to the previous year [1]. Group 1: Industry Overview - According to the National Bureau of Statistics, the beer production in China for October 2025 is 1.79 million kiloliters, representing a year-on-year decrease of 1% [1]. - The cumulative beer production in China from January to October 2025 is 31.631 million kiloliters [1]. Group 2: Related Companies - Listed companies in the Chinese beer sector include Zhujiang Beer (002461), Chongqing Beer (600132), Yanjing Beer (000729), Lanzhou Yellow River (000929), and Huichuan Beer (600573) [1]. Group 3: Market Research - The report titled "2025-2031 China Non-Alcoholic Beer Industry Market Dynamics and Competitive Strategy Analysis" by Zhiyan Consulting provides insights into the market trends and competitive landscape of the non-alcoholic beer segment [1].

Group 1 - Wu Jiawei has applied to resign from his positions as a director and a member of the audit committee of Zhujiang Brewery due to reaching the statutory retirement age [1] - Wu Jiawei's total pre-tax remuneration from Zhujiang Brewery in 2024 was 873,700 yuan [1] - In the first three quarters of 2025, Zhujiang Brewery reported an operating income of 5.073 billion yuan, a year-on-year increase of 3.81%, and a net profit attributable to shareholders of 944 million yuan, a year-on-year increase of 17.05% [3] Group 2 - The current chairman, Wang Zhibin, received a pre-tax remuneration of 981,800 yuan [3] - The current vice chairman and general manager, Huang Wensheng, also received a pre-tax remuneration of 981,800 yuan [3] - The independent directors, Han Zhenping and He Xingqiang, received a pre-tax remuneration of 6,000 yuan each [3]

Core Insights - The Chinese beer industry is experiencing a shift towards domestic brands, with a notable recovery in their performance while international brands face challenges [1][2][3] - The overall beer consumption in China is still on a steady rise, despite a slight decline in production in October [1] - The market dynamics have changed, with domestic brands like Qingdao Beer and Yanjing Beer showing growth, while international brands like Budweiser are struggling [1][10] Industry Overview - The Chinese beer market has entered a phase of stock competition, with the industry's scale at about 70% of its peak [1] - The latest statistics show a 1% year-on-year decline in beer production for October, with cumulative production growth for the first ten months at 0% [1] - The industry is now in its twelfth year of stock competition, indicating a mature market environment [1] Brand Performance - Domestic brands such as Qingdao Beer, Yanjing Beer, and Zhujiang Beer have maintained growth in revenue, profit, and sales in the first three quarters of 2025 [1] - Budweiser has reported a double-digit decline in revenue, profit, and sales in the Chinese market for the first three quarters [1][10] - Heineken has shown significant growth, with sales increases of 30% to 70% for its products in recent years, positioning China as its second-largest market globally [11][14] Market Dynamics - The shift in consumer preferences has led to a decline in the dominance of international brands, particularly in the nightlife channel, which has been underperforming [2][24] - Heineken's strategy has focused on expanding into non-nightlife channels, leveraging partnerships with local distributors to enhance market penetration [20][25] - Budweiser's market share in regions like Fujian has decreased significantly, while the combined share of China Resources and Heineken has increased [12] Marketing Strategies - Both Budweiser and Heineken have engaged in high-profile sponsorships and events to enhance brand visibility, with Budweiser sponsoring the Tomorrowland music festival in Shanghai [4][7] - Heineken has also positioned itself as a key player in major events like the F1 China Grand Prix, resulting in a 14% increase in sales during the event [8] - The marketing strategies of both brands have evolved, with a focus on aligning with local consumer trends and preferences [29][30] Consumer Trends - The Chinese beer market is witnessing a shift towards innovative flavors and products, with a growing acceptance of new beer styles such as tea-infused beers [42] - There is a notable preference for higher alcohol content and unique flavors among Chinese consumers, contrasting with trends in Western markets [41][42] - The industry is encouraged to expand its product offerings to include low-alcohol and non-alcoholic options, although these segments remain niche in China [40][41]

Core Insights - The Chinese beer market is undergoing significant changes, with local brands showing resilience and growth while international brands face challenges [2][3][5] - The industry is shifting from a focus on high-end products to a more diverse range of offerings, including lower-priced options and innovative flavors [31][37][38] Industry Overview - The beer industry in China has entered a phase of stock competition, with production levels at about 70% of their peak [3] - The latest statistics show a 1% year-on-year decline in beer production in October, with cumulative production growth for the first ten months at 0% [3] Brand Performance - Domestic brands like Tsingtao, Yanjing, and Zhujiang have reported growth in revenue, profit, and sales, while international brands like Budweiser and Carlsberg are experiencing declines [3][11] - Budweiser's performance in China has been disappointing, with a projected decline in revenue, profit, and sales for three consecutive years [11][12] Market Dynamics - The shift in consumer preferences has led to a decline in the night-time economy, affecting high-end brands that previously thrived in this channel [5][24] - Heineken has successfully leveraged local partnerships to expand its market presence, achieving significant sales growth in recent years [13][25] Strategic Initiatives - Budweiser is attempting to adapt by focusing on lower-priced products and expanding its presence in non-drinking channels [31][33] - Heineken's strategy includes entering various retail channels and enhancing its marketing efforts to resonate with local consumers [28][29] Consumer Trends - Chinese consumers are increasingly open to innovative beer flavors, with tea-infused beers gaining popularity [37][38] - The market is seeing a shift towards non-alcoholic and low-alcohol products, although these remain niche compared to traditional beer consumption [37][38]

Group 1 - The core point of the article is the resignation of Mr. Wu Jiawei from the board of directors of Zhujiang Brewery due to reaching the legal retirement age, effective December 5, 2025 [1] - Zhujiang Brewery's revenue composition for the first half of 2025 shows that beer sales accounted for 96.94% of total revenue, while other business segments contributed marginally: rental and catering services at 1.15%, yeast feed sales at 0.64%, and packaging materials at 0.13% [1] - As of the report date, Zhujiang Brewery has a market capitalization of 21.3 billion yuan [1]