Changjiang Securities·2026-01-04 13:11Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The beer industry in China has transitioned from a volume-driven growth phase, which peaked in 2013, to a focus on premiumization and diversification due to weakening demand in on-premise consumption and slowing price increases [2][5][29] - Since 2018, beer companies have been optimizing product structures and launching premium products, leading to a sustained increase in average prices and profitability [5][21] - As of 2023, beer companies are actively exploring diversification strategies to adapt to changing market conditions [29][40] Summary by Sections Industry Overview - The beer industry's growth phase driven by volume has ended, with companies now focusing on premiumization and product optimization [2][5] - The average price of beer has been increasing due to the rising share of mid-to-high-end products [21] Company Strategies - China Resources Beer: Initiated a dual-growth model by entering the liquor market, acquiring several liquor brands, and leveraging its management experience [6][29] - Tsingtao Brewery: Engaged in strategic restructuring with local beverage companies to expand into new beverage and biotechnology sectors, including a new production base for biotechnology [7][30] - Yanjing Beer: Developed a significant beverage and health product line, including a successful natto series, and launched a new soda brand to synergize with its beer business [8][32][36] - Chongqing Beer: Expanded its product range to include non-beer beverages, leveraging its parent company's product matrix to enhance sales channels [9][40]