啤酒厂商忙活一年却“增利难增收”，饮料化能否成为“第二增长曲线”？

Core Insights - The beer market is experiencing intensified competition as it enters a phase of stock competition, with contrasting performance driven by events like the European Cup and the Paris Olympics, alongside adverse weather and weak recovery in dining demand [1][3] - The overall beer industry remains highly fragmented, with major players like Budweiser APAC, China Resources Beer, Tsingtao Brewery, and Yanjing Beer generating over 150 billion yuan in total revenue, while smaller companies struggle with revenues below 1.3 billion yuan [1][3] Industry Performance - In 2024, the beer industry in China saw a 0.6% decline in production among large-scale enterprises, with industry revenue decreasing by 5.7%, marking it as the only category in the food and beverage sector to experience a revenue drop [3][8] - Major companies such as Budweiser APAC, Tsingtao Brewery, and China Resources Beer reported revenue declines of 8.8%, 5.3%, and 2.45% respectively, while Yanjing Beer and Zhujiang Beer managed to achieve revenue growth [3][10] Financial Results - Among the six major beer companies, Budweiser APAC, China Resources Beer, and Chongqing Beer all faced declines in both revenue and net profit, while Tsingtao Brewery saw a slight increase in net profit despite a revenue drop [5][6] - Yanjing Beer and Zhujiang Beer reported significant growth in both revenue and net profit, with Yanjing's net profit increasing by 63% [5][6] Q1 2025 Performance - In Q1 2025, major beer companies showed resilience with revenue and net profit growth, particularly Yanjing Beer, which achieved a net profit increase of over 60% [13][14] - Qingdao Beer led in revenue with approximately 10.446 billion yuan, while Zhujiang Beer had the highest revenue growth rate at 10.69% [14][16] Market Trends - The beer market is shifting towards high-end products, with companies focusing on premium offerings to attract consumers [15][17] - Yanjing Beer has launched new beverage products, indicating a strategic move towards diversification and tapping into the beverage market [17][18] - Qingdao Beer is also exploring beverage integration through its strategic merger with Qingdao Beverage Group, enhancing its product offerings and market reach [19]