CBC(SH:600132) Ge Long Hui A P P·2025-08-18 09:43Core Viewpoint - Chongqing Beer reported a net profit attributable to shareholders of 865 million yuan for the first half of the year, reflecting a year-on-year decrease of 4.03% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 392 million yuan, down 12.70% year-on-year [1] - For H1 2025, the company achieved a sales volume of 1.8008 million tons, an increase of 0.95% year-on-year, with an average price of 4,908 yuan per ton, a decrease of 1.4% [1] - In Q2 2025, the sales volume was 917,000 tons, remaining flat year-on-year, with an average price of 4,888 yuan per ton, down 1.9% [1] Industry Context - The overall beer industry in China saw a cumulative year-on-year decline of 0.3% in production and sales from January to June [1] - Despite the industry's overall weakness, Chongqing Beer outperformed the average sales performance in the sector [1] Strategic Initiatives - The company is actively seeking new breakthroughs in response to the weak traditional consumption scenarios for beer [1] - Product development includes adapting canned products for new channels and expanding into non-beer categories, such as Tianshan Fresh Fruit Orchard orange-flavored soda and electric energy drinks [1] - On the channel side, the company is enhancing its existing on-site consumption channels while embracing new business formats, deepening strategic cooperation with snack discount stores and warehouse membership stores, and implementing customized marketing strategies to stimulate growth [1] Valuation - As of August 15, the closing price was 55.26 yuan per share, with price-to-earnings ratios of 23/22/22 times for the respective periods [1] - The recommendation remains a "buy" rating [1]