CBC(SH:600132) Sou Hu Cai Jing·2025-08-22 11:57Core Viewpoint - Chongqing Brewery reported a slight decline in revenue and net profit for the first half of 2025, but is actively launching new products and investing in the South China market to enhance its competitiveness [1][19]. Product and Market Strategy - The company launched nearly 30 new products in the first half of 2025, including both beer and non-beer items, aiming to cover all popular segments in the beer industry [2][3]. - The new product strategy is targeted, with 1L products designed for social gatherings and family consumption, responding to the rise of non-on-premise channels [4][6]. - The product matrix expansion includes a variety of brands, both local and international, with all brands under Chongqing Brewery actively introducing new products [7][10]. Financial Performance - For the first half of 2025, Chongqing Brewery's revenue was 8.839 billion yuan, a slight decrease of 0.24%, and net profit was 864 million yuan, down 4.03% [1]. - High-end product revenue (priced at 8 yuan and above) reached 5.265 billion yuan, showing only a marginal increase of 0.04% compared to previous years [10][13]. - Conversely, the revenue from economic products (priced below 4 yuan) grew by 5.39% in the same period, indicating a shift in consumer preference [13]. Market Dynamics - The South China market, a key area for Chongqing Brewery, experienced a revenue decline of 1.47%, highlighting intense competition from local and national brands [17][18]. - The company is responding to market pressures by increasing investment in the South China region, including a 600 million yuan capital increase for its Foshan subsidiary [19][21]. - The brewery's strategy includes focusing on non-on-premise channels and enhancing its product offerings to adapt to changing consumer demands and market conditions [23].