CBC(SH:600132) Hua Xia Shi Bao·2025-08-15 11:56Core Viewpoint - Chongqing Brewery's performance continues to decline, with a 0.24% decrease in revenue and a 4.03% decrease in net profit in the first half of 2025, indicating ongoing struggles after a year of poor performance [2][3] Financial Performance - In the first half of 2025, Chongqing Brewery achieved revenue of 8.839 billion yuan and net profit of 865 million yuan, both showing a downward trend compared to the previous year [2] - The company experienced a significant drop in revenue and net profit in 2024, with net profit decreasing by 16.61% [3] - Despite the decline in revenue and net profit, sales volume increased by 0.95% to 1.8008 million kiloliters in the first half of 2025 [3] Product Segmentation - Revenue from high-end products accounted for 59.6% of total revenue, while mainstream products contributed 35.6% and economy products only 2.2% [4] - Mainstream product revenue decreased by 0.92% to 3.145 billion yuan in the first half of 2025, marking the only decline among the three product categories [4] - High-end product revenue showed negligible growth of 0.04%, indicating a slowdown in growth for both mainstream and high-end products since 2024 [4][5] Regional Performance - The South region, a key growth area for Chongqing Brewery, saw a revenue decline of 1.47% in the first half of 2025, the most significant drop among the three core sales regions [6] - The South region had previously been a strong performer, with revenue growth exceeding 13% in 2022 and 2023, but is now facing increased competition from brands like Zhujiang and Qingdao [6] Strategic Actions - In response to declining performance, Chongqing Brewery announced a 600 million yuan capital increase for its subsidiary, Carlsberg Chongqing Brewery, to enhance its market competitiveness [7] - The company is also diversifying its product offerings by launching non-beer products such as fruit-flavored soda and energy drinks to adapt to market changes and consumer preferences [8][9]