酒行业丨市场观察 本周看点： -四川白酒巨头跨界卖啤酒！商界"大佬"纷纷入场为哪般？ -市场规模超1500亿元，酒企争喝光瓶酒； -白酒在胖东来、山姆、盒马找到"新卖场"。 行业环境 关键词 ： 光瓶酒,市场规模,全国化战略,消费理性,竞争激烈 概要 ： 近期，洋河股份、伊力特、仰韶酒业等酒企纷纷推出60元以内的光瓶酒新品，加速布 局市场。2024年光瓶酒市场规模已超1500亿元，预计2025年将突破2000亿元，其中50-100元价 格带增速超40%。行业竞争加剧，名酒企通过品牌和品质优势抢占市场，而区域品牌则依托文 化认同坚守本土。光瓶酒市场下沉趋势明显，但面临渠道利润压缩、同质化等问题。中小酒企 在高端酒承压背景下，将光瓶酒视为生存关键，通过挖掘历史文化、打造极致产品、变革渠道 模式寻求突破。专家指出，光瓶酒需结合多元化消费场景和创新营销方式，才能实现持续增 长。 3.黑格咨询9大洞察：行业大变局，低度化阳谋，民酒正当时，高增长困难，会所私 密化 关键词 ： 酱酒热,高端商务宴请,收藏礼赠,光瓶酒,低度化 概要 ： 黑格咨询在12周年年会上指出，当前酒类行业正经历深度调整期，面临库存高企、消 费场景压缩 ...

Core Insights - The craft beer sector is witnessing an influx of brands from various industries, including major liquor and food companies, as they seek growth opportunities amid a competitive landscape in the high-end liquor market [1][4]. Group 1: Market Entry and Strategy - Wuliangye's subsidiary launched a craft beer named "Fenghuolun," priced at 19.5 yuan per can, targeting consumers aged 25 to 49 and aiming to capture the mid-to-high-end beer market [1][2]. - Other companies like Zhenjiu Lidu and Luzhou Laojiao have also entered the craft beer market, with Zhenjiu Lidu's "Niushi News" priced at 88 yuan per bottle, emphasizing a new consumer experience [2][3]. - The entry of food companies like Haoxiangni and Three Squirrels into the craft beer market reflects a broader trend of diversification among brands seeking new revenue streams [1][4]. Group 2: Industry Trends and Growth - The Chinese craft beer market is projected to grow from 428 billion yuan in 2022 to 680 billion yuan by 2024, with a compound annual growth rate of 26.7%, and is expected to exceed 1 trillion yuan by 2025 [6]. - The craft beer segment is attractive due to its high gross margins, typically ranging from 55% to 65%, which are significantly higher than those of industrial beers [6]. - The shift in consumer preferences towards higher-quality and premium experiences is driving the growth of craft beer, as companies leverage existing distribution networks and brand equity to support higher price points [4][6]. Group 3: Competitive Landscape - Major players like China Resources Beer, Qingdao Beer, and Budweiser APAC dominate over 90% of the market, while craft beer brands and regional players compete for the remaining share [5]. - The overall beer production in China has been declining since reaching a peak of 50.62 million kiloliters in 2013, with a projected production of 35.21 million kiloliters in 2024 [5]. - The high-end beer segment has shown robust growth since 2020, contributing significantly to the profits of leading beer companies [5][6]. Group 4: Future Outlook - Experts predict that the trend of cross-industry collaboration in the alcoholic beverage sector will intensify, with a focus on quality enhancement and brand development [7][8]. - The high-end beer market is expected to continue evolving, with an emphasis on product innovation and meeting the diverse needs of consumers [7].

中国商报（记者 周子荑 文/图）日前，燕京啤酒和百威亚太两大啤酒巨头发布了上半年财报。值得一提的是，燕京啤酒业绩大涨，净利润增幅超四成，背后 高端啤酒发力贡献不少。而百威亚太一直定位高端，部分消费场景缺失导致其业绩大降，净利润下滑超两成。 啤酒巨头成也"高端"败也"高端"，背后反映了什么问题？ 两大啤酒巨头业绩"一冰一火" 财报数据显示，今年上半年，燕京啤酒实现营收85.58亿元，同比增长6.37%；归母净利润为11.03亿元，同比增长45.45%；扣非净利润为10.36亿元，同比增 长39.91%。 具体而言，分地区看，今年上半年，燕京啤酒营收占比最大的华北地区收入同比增长5.61%，营收占比第二的华南地区收入同比增长0.3%，华东地区收入同 比增长20.48%，华中地区收入同比增长15.35%，西北地区收入同比增长3.83%。分渠道看，今年上半年，燕京啤酒传统渠道收入同比增长6.02%，KA渠道收 入同比增长23.04%，电商渠道收入同比增长30.79%。 | 产品 | 营业收入 | 比上年同 | 营业成本 | 比上年同期 | 毛利率 | HF | | --- | --- | --- | --- | -- ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

华夏时报记者周梦婷北京报道 （周梦婷摄影） 酒类分析师蔡学飞对本报记者分析认为，"百威亚太在中国市场业绩持续下滑的主要原因除了行业整体需求疲软叠 加竞争加剧外，还包括过度依赖疲软的夜场和餐饮即饮渠道，非现饮渠道拓展不足，同时其高端化战略受挫，次 高端产品布局较晚，贡献率不高，还有就是过度依赖沿海省份，消费疲软影响更显著，区域之间发展不平衡，同 时，新CEO上任后组织架构与渠道策略尚处磨合期等共同导致的。" 遭对手挤压 随着消费降级，高端啤酒在中国市场遇冷。为应对当前消费趋势，百威亚太中国开始转变态度，在今年2月举办的 电话会议上，百威亚太表示，对于中国市场，其正在将资源从超级高端领域转移到核心++（即8-10元价格带产 品），自2025年开始，将重点明确投放于百威及哈尔滨啤酒。 高端啤酒巨头百威亚太（01876.HK）业绩依旧没有回暖迹象。7月31日，该公司披露了2025年上半年业绩（未经 审计），核心经营指标延续下滑趋势，财报显示，今年上半年百威亚太销量、收入、净利润同比均出现不同程度 下降，其中中国市场表现尤为低迷，销量与收入双双负增长。 近两年外部消费环境降级，对以高端著称的百威亚太形成持续压力。面对市 ...

中国的消费者们即将在家门口享受到一场顶级视听盛宴。今年11月，全球顶级音乐节 IP"Tomorrowland"首个官方室内版本演出"The Magic of Tomorrowland·室内幻境"将在上海开演，这是全 球最大、知名度最高的音乐节之一，而这也是它的"中国首秀"。 关于这场演出的相关话题在社交平台上已有近30万的讨论，据该活动在今年7月的发布会介绍， Tomorrowland首登中国，将携手英雄电竞、INS新乐园与百威中国，以"纸上幻境"为主题，集结国际知 名 DJ 中国独家首秀、东西方多元音乐流派阵容，带来前沿视觉效果。 而在啤酒行业波动的背景下，百威中国与此活动的联手也具有特别的意义。 当啤酒遇上"新世代"，有点不一样 在中国，啤酒的消费模式已经悄然发生改变，尤其是在年轻成年人群里。这一代的消费者不再在大排档 踩着箱子喝啤酒，聚会时的"酒蒙子"也明显变少。同时，他们的娱乐环境不再局限于传统的KTV与俱乐 部，讲究情绪价值的室外体验如各式音乐节、体育赛事迎风而起。在这些新兴场合中，啤酒仍是消费的 主力，但它的角色也随之变成了人们的"情绪搭子"。 对于啤酒行业来说，要适应这个变化并将啤酒打入新的场景 ...

Core Insights - Budweiser APAC continues to show no signs of recovery in its performance, with sales, revenue, and net profit all declining in the first half of 2025 compared to the previous year, particularly in the Chinese market [2][3][4] - The company has faced ongoing pressure from a deteriorating external consumption environment and has shifted its strategic focus towards the popular 8-10 RMB price segment, although competitors like Yanjing Beer and China Resources Beer have already established a presence in this market [2][5][6] Financial Performance - In the first half of 2025, Budweiser APAC's sales volume was 4.363 billion liters, a year-on-year decrease of 6.3%, with revenue at $3.136 billion, down 7.7%, and net profit at $409 million, down 24.4% [3][4] - The company's revenue from the Western Asia-Pacific region, which includes China, accounted for $2.522 billion, representing 80.4% of total revenue, but also saw a decline of 8.3% year-on-year [3] Market Challenges - The Chinese market remains weak, with sales down 8.2% and net revenue down 10.2% in the first half of 2025, continuing a trend of over 10% declines in 2024 [4][5] - The new CEO, Cheng Yanjun, acknowledged that the poor performance in China is due to regional layout issues and weak on-premise channels, compounded by over-reliance on coastal provinces and a lack of expansion in non-on-premise channels [4][6] Competitive Landscape - The high-end beer market in China is facing significant competition, with brands like China Resources Beer and Qingdao Beer gaining market share, while Budweiser APAC's high-end strategy has been hindered by late entry into the sub-premium segment [5][6] - Analysts suggest that while Budweiser APAC's late entry into the 8-10 RMB price segment presents challenges, there are still opportunities to leverage the Harbin brand in non-on-premise channels [6][7] Strategic Adjustments - Budweiser APAC is reallocating resources from the super-premium segment to focus on the core++ (8-10 RMB) segment, with plans to invest more in the Harbin brand and enhance marketing efforts in non-on-premise channels [5][6] - The company aims to maintain brand premium and visibility through sports/IP marketing and to innovate differentiated products to meet consumer demands in the competitive landscape [7]

亚太西部：中国区延续去库，吨价同比转正。25Q2 中国区收入同比-6.4%。其中受政策波及消费场景有 所受损，叠加公司延续去库思路，销量内生同比-7.4%；吨价同比转正，同增 1.1%，判断系前期提价叠 加结构优化驱动。公司加大Core+、Core++产品费投，叠加规模效应弱化，正常化EBITDA 内生同 比-4.0%。印度高端及超高端产品持续放量高增，销售势能持续加强。整体看，印度市场表现对冲中国 需求疲软，25Q2 亚太西部收入同比-2.7%，正常化EBITDA 低基数下内生同增1.4%，EBITDA 利润率同 增1.1pcts 至30.8%。 亚太东部：发货前置销量下滑，提价拉升吨价。25Q2 亚太东部收入同比-8.4%，其中销量高基数下内生 同比-10.40%，主要系韩国区Q2 提价预期下，渠道Q1囤货高增致Q2 高单下滑；吨价同增2.2%，判断系 韩国区4 月核心产品提价2.9%， Cass、HANMAC 等产品推新所致。盈利方面，受去年高基数、商业投 资增加及运营持续去杠杆化等因素影响，25Q2 亚太东部正常化EBITDA 内生同比-26.5%，EBITDA 利 润率下降约6.5pcts 至25. ...

分地区看， 1 ） 亚太地区西部： 25Q2 收入及正常化EBITDA 内生同比-2.7%/+1.4%，销量内生同 比-5.6%，每百升收入内生同比+3.0%；其中25Q2百威在印度的高端及超高端产品组合销量和收入成双 位数增长。2）亚太地区东部：25Q2 收入及正常化EBITDA 内生同比-8.4%/-26.5%，销量内生同 比-10.4%，每百升收入内生同比+2.2%。其中韩国25Q2 销量同比高单位数下降，主要受提前发货影 响；公司持续推动收入管理措施，每百升收入低单位数增长；收入受销量拖累同比高单位数下降。 25H1 韩国销量基本持平，但公司在即饮和非即饮渠道中表现亮眼，持续优于疲弱的行业表现。 库存管控持续，25Q2 中国地区吨价止跌回升。 25Q2 中国地区收入及正常化EBITDA 内生同比-6.4%/-4.0%；销量内生同比-7.4%，每百升收入内生同比 +1.1%。受到业务布局和即饮渠道的表现持续疲弱的影响，25Q2 中国地区销量同比下降；但随着产品 结构优化，每百升收入同比增长。受营收同比下降及其他经营收益减少影响，25Q2 中国地区正常化 EBITDA同比下降。公司专注非即饮渠道，以带动高 ...

研究报告 Research Report 1 Aug 2025 百威亚太 Budweiser Brewing Co APAC (1876 HK) (Please see APPENDIX 1 for English summary) 25H1 业绩：边际改善有限，复苏节奏缓于预期。25H1 公司总销量 436.3 万千升（-6.1% YoY），收入 31.4 亿美元（-5.6% YoY），每百 升收入微增 0.5%，主要依赖亚太东部提价等收入管理措施和产品 结构优化拉动；销售成本降 6.4%，每百升销售成本降 0.2%，毛利 率微降 0.1pct 至 51.4%；销售及营销开支降幅（2.2%）小于收入降 幅，整体费用率升 0.7pct，叠加规模效应减弱，正常化 EBITDA 降 8.0%至 9.8 亿美元，利润率收窄 82 个基点至 31.3%；实现归母净利 润 4.1 亿美元 (-24.4% YoY)。Q2 销量/收入降幅收窄至 6.2%/3.9%， 每百升收入增 2.4%。Q2 因内部重组产生 5300 万美元资本利得及 股息预提税，旨在优化现金调配；尽管业绩承压，管理层仍表态 将尽力维持或提升派息金额， ...