啤酒板块加深数字化零售布局，步入周期性上行通道

Group 1 - The beer industry underwent significant adjustments in 2024, experiencing two demand cooling cycles post-Spring Festival and during July-August, compounded by extreme weather disruptions affecting peak season sales, leading to a "demand-inventory-funding" triple pressure, resulting in an industry low point in Q2 to Q3 of 2024 [1] - By the end of Q3 2024, a policy turning point emerged, with targeted consumption vouchers and improved resident income expectations stabilizing the restaurant channel's closure rate [1] - Leading companies actively repaired their balance sheets, reducing industry inventory levels to historical lows in the second half of 2024, while proactively adjusting operational strategies, accelerating the shift towards non-on-premise channels, and deepening digital retail layouts, ultimately constructing new growth drivers [1] Group 2 - In Q1 2025, the beer sector confirmed a recovery turning point with both volume and price rising, entering a cyclical upward channel, with revenue reaching 20.15 billion yuan, a year-on-year increase of 3.7%, and a quarter-on-quarter improvement [1] - The net profit attributable to the parent company for the beer sector in Q1 2025 was 2.53 billion yuan, reflecting a year-on-year growth of 10.9% and an improved growth rate compared to the previous quarter, driven by declining costs and recovering sales growth [1] - Short-term expectations indicate that with the arrival of the beer consumption peak season and macro policy improvements, the channel replenishment cycle and on-premise scene recovery will resonate, leading to a resilient sales rebound [2]