增长遇阻，重庆啤酒如何破局“高端化”

Core Viewpoint - The absence of the term "premiumization" in Chongqing Brewery's 2024 annual report is notable, especially given its frequent mention in previous years, indicating a shift in strategy as the company faces pressure on its performance and a decline in the effectiveness of premiumization in driving growth [1][8][12] Financial Performance - In 2024, Chongqing Brewery reported revenue of approximately 14.645 billion yuan, a decrease of 1.15% year-on-year, with a more than 7% decline in net profit excluding the impact of a lawsuit [1][4] - The first quarter of 2025 showed a slight recovery in revenue and net profit, but the growth rates were low single digits compared to the rapid growth seen in the previous three years [1][4] Product Segmentation - Sales revenue from high-end products, which accounted for over 60% of total sales, declined by 2.97% year-on-year in 2024, while mainstream products saw a 1.02% decline [4][5] - Economic products, which represent less than 5% of sales, experienced a growth of over 15.56% [4][5] Market Challenges - Feedback from distributors indicates challenges in selling high-end products due to mismatched distribution channels, leading to unsold inventory and financial losses [6][7] - The issue of forced bundling of high-end products with popular items has been a long-standing problem, exacerbated by declining sales in the ready-to-drink beer market [7][8] Strategic Adjustments - The company is shifting its strategy from relying on price increases and premiumization to a more diversified approach, focusing on product differentiation and targeting specific market segments [12][14] - Initiatives include launching new products, enhancing non-on-premise channels, and increasing the proportion of canned products, with a projected rise in canning rate from 22.5% in 2023 to 26% in 2024 [12][14] Consumer Trends - Consumers are increasingly sensitive to the price-to-quality ratio, prompting the company to explore new channels and pricing strategies to stimulate growth in high-end products [12][14]