青岛啤酒，努力不务正业

Core Insights - Qingdao Beer Museum achieved a total visitor count of over 15 million since its opening, generating at least 700 million yuan in ticket revenue, despite its annual revenue being negligible compared to the main business of Qingdao Beer [1][2] - The beer industry is facing a downturn, with Qingdao Beer reporting a revenue decline of 5.3% in 2024, totaling 32.138 billion yuan, while net profit increased by only 1.81% [4][5] - The company has been diversifying into non-core areas such as cultural IPs and high-end products, which do not directly contribute to beer sales, as a response to the stagnant beer market [3][9] Financial Performance - In 2024, Qingdao Beer’s revenue decreased by 5.3% compared to the previous year, marking a rare occurrence in its nearly 30-year history [4] - The company’s net profit for 2024 was 4.345 billion yuan, showing a modest increase of 1.81% [4] - Revenue from various regions, including Shandong and South China, also saw declines, with some areas experiencing drops as high as 24.2% [4] Market Trends - The beer industry has been in decline since 2017, with production levels dropping from a peak of 44.015 million kiloliters in 2017 to around 35 million kiloliters in recent years [6] - Capital market predictions for Qingdao Beer have been pessimistic, with forecasts for revenue and net profit being downgraded by Citibank [5] - The overall beer market is characterized by intense competition and a lack of differentiation among brands, leading to a focus on channel capabilities rather than product attributes [14][15] Strategic Initiatives - Qingdao Beer has launched several high-end products, including "One World Legend," priced comparably to premium liquors, as part of its strategy to target the high-end market [9][10] - The company is also investing in cultural initiatives and experiences, such as the Qingdao Beer Museum, to enhance brand visibility and cultural significance [1][13] - Despite the challenges, Qingdao Beer continues to explore diverse business avenues to maintain engagement with consumers and strengthen its market position [7][17]