青岛啤酒，去年少卖了18亿

Core Viewpoint - The beer giants in China, including Tsingtao Brewery, Budweiser APAC, and China Resources Beer, are facing challenges in achieving sustained growth, with Tsingtao Brewery reporting a decline in revenue and a slight increase in profit for 2024 [1][2]. Revenue and Profit Summary - Tsingtao Brewery's revenue for 2024 was 32.138 billion yuan, a decrease of 5.30% year-on-year, equating to a reduction of approximately 1.8 billion yuan [1]. - The net profit attributable to shareholders was 4.345 billion yuan, reflecting a year-on-year increase of 1.81%, while the net profit excluding non-recurring items was 3.951 billion yuan, up 6.19% [1]. - The overall sales volume for Tsingtao Brewery in 2024 was 7.538 million kiloliters, down approximately 5.9% from 8.007 million kiloliters in 2023 [2]. Market Performance Summary - The main brand of Tsingtao Brewery achieved a revenue of 22.083 billion yuan in 2024, a decline of about 5.1%, while other brands generated 9.495 billion yuan, down 6.4% [2]. - The revenue from the Shandong market, Tsingtao Brewery's primary market, was 22.095 billion yuan, accounting for approximately 70% of total revenue, with a decline of over 6% [3]. - All major markets, including Shandong, North China, South China, and East China, experienced revenue declines in 2024, with East China seeing a nearly 10% drop [3]. Industry Trends and Competition - The beer industry has been in a state of stagnant competition since 2014, with a 0.6% year-on-year decline in beer production among large-scale enterprises in 2024 [4]. - The trend towards premiumization remains a core theme in the industry, with Tsingtao Brewery reporting that the proportion of mid-to-high-end products in total sales increased from 40.5% to 41.8% [5]. - Tsingtao Brewery has launched several new high-end products, including "One Century Legend" and "Amber Lager," as part of its strategy to enhance product structure [5][6]. Competitive Landscape - The competition in the high-end market has intensified, with Budweiser APAC reporting a revenue decline of approximately 9% and a net profit decrease of 14.8% in 2024 [8]. - China Resources Beer also faced a revenue decline of 3.57% in 2024, although it reported a growth of over 9% in high-end beer sales following its acquisition of Heineken China [9]. - Tsingtao Brewery aims to optimize its product structure and expand its market presence in mid-to-high-end products to create new growth opportunities [9].