从资金流向上来看，当日非白酒板块主力资金净流出2.83亿元，游资资金净流出1473.99万元，散户资金 净流入2.98亿元。非白酒板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000929 | *ST兰黄 | 8.34 | -4.47% | 5.73万 | 4847.10万 | | 600543 | 草高股份 | 6.15 | -4.21% | 9.96万 | 6270.66万 | | 000752 | ST西发 | 10.77 | -4.10% | 5.75万 | 6270.46万 | | 002568 | 自润股份 | 27.95 | -2.99% | 17.36万 | 4.95亿 | | 603779 | 威龙股份 | 7.48 | -2.86% | 17.16万 | 1.30亿 | | 600059 | 古越龙山 | 10.09 | -2.70% | 20.88万 | 2.14亿 | | 600573 | 飘智能酒 | 12.14 | -2.65% | 4.1 ...

据同花顺iFind数据统计，截至8月19日，A股7家啤酒上市公司中，重庆啤酒股份有限公司（以下简 称"重庆啤酒"）、北京燕京啤酒股份有限公司（以下简称"燕京啤酒"）、福建省燕京惠泉啤酒股份有限 公司均已披露了2025年半年度报告。另外，广州珠江啤酒股份有限公司、西藏发展股份有限公司、兰州 黄河企业股份有限公司三家啤酒上市公司已发布半年度业绩预告。 啤酒行业专家方刚表示："啤酒行业已经进入存量竞争时代，寻找新的增长点、找到第二增长赛道，是 当下啤酒巨头需要思考的问题。" "跨界饮料能为啤酒企业提供新的业绩增量。"武汉京魁科技有限公司董事长肖竹青认为，2025年啤酒业 的关键词是"高端化内卷+渠道下沉+跨界协同"，外资品牌需补渠道课，国产龙头则需在高端体验与供 应链效率间寻找平衡。 跨界布局饮料市场有望为啤酒企业带来新的盈利空间，但是如何深入渗透饮料市场，也成为啤酒企业需 应对的又一深层次问题。 "啤酒企业要利用自身的品牌效应、规模效应以及产业链的完整度，在饮料领域深入扎根，这是其未来 工作的重中之重。"广东省食品安全保障促进会副会长朱丹蓬表示，饮料的准入门槛较低，意味着啤酒 企业入局该赛道更要追求差异化的竞争优 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601579 | 会稽山 | 23.20 | 10.00% | 32.37万 | | 7.33亿 | | 600059 | 古越龙山 | 10.39 | 2.57% | 27.97万 | | 2.89亿 | | 600616 | 金枫酒业 | 6.00 | 2.39% | 33.63万 | | 2.00亿 | | 000869 | 张裕A | 22.73 | 1.70% | - 3.70万 | | 8365.65万 | | 600600 | 飘盤過恤 | 69.69 | 1.63% | 15.35万 | | 10.62亿 | | 600573 | 惠泉啤酒 | 12.52 | 1.46% | 5.13万 | | 6360.80万 | | 600132 | 重庆啤酒 | 56.45 | 1.26% | 9.69万 | | 5.44亿 | | 600084 | 中信尼雅 | 5.83 | 0.87% | 7.05万 | | 4088.1 ...

21世纪经济报道记者肖夏 上周超过10家酒业上市公司披露了半年报，从数据来看二线白酒普遍下跌，业绩大幅倒退的不在少数。 与此同时，一线名酒还在继续推新品、搞升级抢占市场。 茅台1935新品开启预售：定位高端款 500ml定价998元 21记者注意到，8月25日茅台酱香酒在淘宝、京东的旗舰店纷纷推出茅台1935新品的预售，预售时间为8 月25日至8月27日。这款产品被称为茅台1935的"高端款"，定价998元，容量500ml，尚无产品具体介 绍。 21记者了解到产品将在8月28日上市，市场传言其定名可能为茅台1935（精品），包装与此前各款茅台 1935有较大差别，定价也低于此前茅台1935的产品。茅台1935是茅台酱香系列酒的主力大单品，问世以 来酒体已经进行过两次升级，推出了多款文创产品和不同容量的收藏、陈列款。 29度五粮液新品、29度舍得新品即将上市 古井贡推出26度新品 备受市场关注的29度"五粮液·一见倾心"预计将在本周上市，并将邀请代言人。今年6月底，五粮液在 2024年度股东大会上宣布将推出29度五粮液产品。为这款产品，五粮液此前调制出三种不同口味的酒 样，并在业内进行了小规模投放调研。 舍得酒 ...

资金流方面，重庆啤酒近5日主力资金流入4425.76万元，区间涨幅2.9%；近10日主力资金流入1461.80 万元，区间涨幅0.56%。 天眼查商业履历信息显示，重庆啤酒股份有限公司，成立于1993年，位于重庆市，是一家以从事酒、饮 料和精制茶制造业为主的企业。企业注册资本48397.1198万人民币，实缴资本48397.1198万人民币。公 司法定代表人为Joao Miguel Ventura Rego Abecasis。 8月25日，沪深两融数据显示，重庆啤酒上周累计获融资净买入额2524.99万元，居两市第471位，上周 融资买入额1.89亿元，偿还额1.64亿元。 重庆啤酒所属概念板块包括：酿酒行业、重庆板块、标准普尔、富时罗素、MSCI中国、沪股通、上证 380、中证500、融资融券、机构重仓、啤酒概念、西部大开发、成渝特区。 通过天眼查大数据分析，重庆啤酒股份有限公司共对外投资了3家企业，参与招投标项目23次，专利信 息17条，此外企业还拥有行政许可44个。 ...

Core Viewpoint - Chongqing Brewery has reported a decline in both revenue and net profit for the first half of 2025, marking the first simultaneous drop since 2015 [1][2] Financial Performance - The company achieved revenue of 8.839 billion yuan, a slight decrease of 0.24% compared to the same period last year [3] - Net profit attributable to shareholders was 864.98 million yuan, down 4.03% year-on-year [3] - In Q2, revenue was 4.484 billion yuan, down 1.84%, with net profit falling by 12.7% to 392 million yuan [1][3] - Despite the overall decline, the company's sales volume increased by 0.95% to 1.8008 million kiloliters, outperforming the industry average [1] Regional Market Performance - The Northwest region showed the best performance with a revenue increase of 1.75%, totaling 2.596 billion yuan [2] - The Central region experienced a slight decline of 0.7% to 3.532 billion yuan, while the Southern region saw a revenue drop of 1.47% to 2.479 billion yuan [2] - The Southern region had previously experienced rapid growth, with revenue reaching 4.316 billion yuan in 2024 [2] Market Competition - The decline in performance is attributed to poor market performance of mainstream products, despite growth in premium and economy products [2] - Increased competition from national beer brands and emerging niche brands has intensified market rivalry [2] Strategic Initiatives - To address performance pressures, the company announced a capital increase of 600 million yuan to its subsidiary in Foshan, aiming to strengthen its presence in the competitive South China market [3] - The company is also focusing on product innovation and expanding non-traditional sales channels, including the promotion of new products like Dali Cang'er orange-flavored soda and craft beers [4] Future Outlook - The ability of Chongqing Brewery to rebound in performance through strategic channel efforts and market-aligned product innovation remains uncertain, with ongoing market developments being closely monitored by investors [8]

Core Viewpoint - Chongqing Brewery reported a slight decline in revenue and net profit for the first half of 2025, but is actively launching new products and investing in the South China market to enhance its competitiveness [1][19]. Product and Market Strategy - The company launched nearly 30 new products in the first half of 2025, including both beer and non-beer items, aiming to cover all popular segments in the beer industry [2][3]. - The new product strategy is targeted, with 1L products designed for social gatherings and family consumption, responding to the rise of non-on-premise channels [4][6]. - The product matrix expansion includes a variety of brands, both local and international, with all brands under Chongqing Brewery actively introducing new products [7][10]. Financial Performance - For the first half of 2025, Chongqing Brewery's revenue was 8.839 billion yuan, a slight decrease of 0.24%, and net profit was 864 million yuan, down 4.03% [1]. - High-end product revenue (priced at 8 yuan and above) reached 5.265 billion yuan, showing only a marginal increase of 0.04% compared to previous years [10][13]. - Conversely, the revenue from economic products (priced below 4 yuan) grew by 5.39% in the same period, indicating a shift in consumer preference [13]. Market Dynamics - The South China market, a key area for Chongqing Brewery, experienced a revenue decline of 1.47%, highlighting intense competition from local and national brands [17][18]. - The company is responding to market pressures by increasing investment in the South China region, including a 600 million yuan capital increase for its Foshan subsidiary [19][21]. - The brewery's strategy includes focusing on non-on-premise channels and enhancing its product offerings to adapt to changing consumer demands and market conditions [23].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 8.839 billion yuan for H1 2025, a year-on-year decrease of 0.24%. The net profit attributable to the parent company was 865 million yuan, down 4.03% year-on-year, while the net profit excluding non-recurring items was 855 million yuan, a decrease of 3.72% year-on-year [2][4] - In Q2 2025, the company achieved a total revenue of 4.484 billion yuan, a decline of 1.84% year-on-year. The net profit attributable to the parent company was 392 million yuan, down 12.7% year-on-year, primarily due to changes in the income tax rate [2][4] - The company maintained stable sales volume, with H1 2025 sales reaching 1.801 million tons, an increase of 0.95% year-on-year. The company actively expanded non-dining channels and launched 1L craft products [10] - The average price per ton decreased by 1.18% year-on-year in H1 2025, with Q2 showing a decline of 1.87% year-on-year. Revenue from premium, mainstream, and economy products showed mixed results [10] - The company is exploring non-alcoholic beverage markets and has introduced several new products, including flavored sodas and energy drinks, to diversify its offerings [10] - The company expects EPS for 2025, 2026, and 2027 to be 2.58, 2.78, and 2.86 yuan respectively, with corresponding PE ratios of 21X, 20X, and 19X [10] Financial Summary - For H1 2025, the company's total revenue was 8.839 billion yuan, with a gross profit margin of 51.21%, reflecting a year-on-year increase of 0.75 percentage points [10] - The company’s operating profit for 2024 was 3.185 billion yuan, with a net profit of 2.249 billion yuan, and the net profit attributable to the parent company was 1.115 billion yuan [17] - The company’s total assets are projected to grow from 109.68 billion yuan in 2024 to 164.07 billion yuan by 2027 [17]

Group 1 - The core viewpoint of the articles highlights that the beer industry is facing intensified competition, prompting companies to explore diversification into the beverage sector as a strategic response [1][2] - Seven listed beer companies in A-shares have reported their semi-annual results, with most indicating that increased competition is a common challenge faced by the industry [1] - Companies like Chongqing Beer and Yanjing Beer are actively launching new beverage products, such as fruit-flavored sodas, to establish a "beer + beverage" dual-driven strategy [1][2] Group 2 - The beer industry is undergoing structural adjustments and transformation, with a reported production volume of 19.044 million kiloliters in the first half of 2025, reflecting a year-on-year decrease of 0.3% [2] - Industry experts suggest that beer companies need to find new growth points and consider entering the beverage market as a potential avenue for revenue growth [2] - The entry into the beverage market is not merely about channel expansion; it requires a deep understanding of consumer demographics and strategic approaches distinct from those used in the beer sector [3]

Core Viewpoint - Chongqing Beer reported a slight decline in revenue and net profit for the first half of 2025, indicating challenges in the competitive beer market [1] Financial Performance - The company achieved operating revenue of 8.839 billion yuan, net profit attributable to shareholders of 865 million yuan, and net profit excluding non-recurring items of 855 million yuan, reflecting year-on-year changes of -0.24%, -4.03%, and -3.72% respectively [1] - Revenue from high-end, mainstream, and economy beers was 5.265 billion yuan, 3.145 billion yuan, and 196 million yuan, showing year-on-year growth of +0.04%, -0.92%, and +5.39% respectively [1] - The company's gross margin slightly improved due to a decrease in raw material costs, while the net profit margin experienced a slight decline primarily due to increased income tax expenses [1] Tax and Cost Factors - Income tax expenses reached 500 million yuan, an increase of 69 million yuan compared to the previous year, likely related to adjustments in tax incentives [1] Strategic Initiatives - To address external challenges such as intense market competition, the company is optimizing its strategies in major cities, diversifying its product portfolio, enhancing digital capabilities in distribution channels, and deepening cooperation with distributors to maintain stable business operations [1] Investment Rating - The company maintains a "Buy" rating, reflecting confidence in its strategic initiatives and market positioning despite current challenges [1]