跨界卖汽水，难成燕京啤酒第二曲线

Core Viewpoint - Yanjing Beer is strategically entering the soda market, launching the Beiste soda and planning to integrate beer and soda production, primarily targeting the restaurant sector to compete with major brands like Dajiao [1][2][8] Group 1: Market Context - The domestic beer market has reached a saturation point, with production peaking in 2013 and declining to 35.68 million kiloliters by 2022, indicating a shift to a stock market era [10][12] - In contrast, the carbonated beverage market is projected to grow, potentially exceeding 200 billion yuan by 2025, with a compound annual growth rate of 5% to 8% [12][13] Group 2: Competitive Landscape - Dajiao's revenue surpassed 3.2 billion yuan in 2023, making it a formidable competitor in the soda market [2] - Yanjing Beer’s Beiste soda is priced lower than Dajiao, with a supply price of 33 yuan per box compared to Dajiao's 38 yuan, allowing for greater profit margins for distributors [4][5] Group 3: Strategic Advantages - Yanjing Beer has an extensive distribution network, covering over 500,000 restaurant terminals, which overlaps significantly with soda channels, facilitating easier market entry for Beiste [5][8] - The company aims to achieve 80% coverage of its target terminals within three years, leveraging its existing beer sales infrastructure [5] Group 4: Financial Performance - Yanjing Beer reported a revenue of 14.667 billion yuan in 2024, a 3.2% increase from the previous year, with a net profit of 456 million yuan, marking a 63.74% growth [8][9] - The company’s high-end beer series, Yanjing U8, saw a 31.4% increase in sales volume in 2024, indicating strong performance despite market challenges [5][8] Group 5: Consumer Trends - The trend of "milk tea-ification" in beverages is gaining traction, with various brands introducing innovative flavors to attract younger consumers [14][19] - Yanjing Beer is attempting to reposition itself to appeal to younger demographics, who prioritize brand image and emotional value over just price [13][19]