炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者 | 方璐、于婞 是否真正化干戈为玉帛，后续看业绩。 斗了两年多，终于消停了。 1月6日，重庆啤酒（600132.SH）宣布，公司与参股子公司重庆嘉威在二审阶段达成调解，诉讼程序以 调解结案。重庆啤酒公告称，上市公司为上诉人，原审本诉被告，原审反诉原告。从这句绕嘴的话可看 出，重庆啤酒与重庆嘉威"窝里斗"两年多，时而东风压了西风，时而西风压了东风。最终，风平浪静。 双方原本就是"一家人"，此次达成调解，可以实现"一家亲"齐头并进提升业绩了吗？对于该问题，重庆 啤酒方面仅表示，以公告为准。单从赔偿金大降角度看，重庆啤酒或许会眉开眼笑。原先一审判令重庆 啤酒10日内向重庆嘉威支付约3.53亿元，重庆啤酒上诉后，双方达成调解，核心是由重庆啤酒或其子公 司向重庆嘉威一次性支付截至2025年12月31日前的全部量价差结算款1亿元。 中国酒文化品牌研究院智库专家蔡学飞认为，对重庆啤酒而言，二审调解结案意味着这场持续多年的诉 讼纠纷最终以相对可控的方式解决，避免了判决结果可能带来的更大不确定性或潜在损失，而且有助于 重庆啤酒减 ...

"雪花"飘向深圳。 作者 | 李白玉 编辑 | 趣解商业·酒香频道 自完成"东北大撤退"后，中国最大啤酒巨头再次"南迁"。 日前，据媒体报道，华润啤酒全国总部已从北京正式迁入深圳宝安，高度超过180米的雪花总部大厦同步启用，公司官方网站地址也已完成相应变更。 图源：罐头图库 然而好景不长，2014年后，中国啤酒市场总量见顶，行业步入存量竞争阶段。 图源：微博截图 纵观华润啤酒近年动向，从东北收缩到总部南迁，从高端化探索到跨界破圈，一系列动作展现了一家啤酒巨头的发展变迁。然而，地理上的迁移易，战略 上的升级难；业务上的跨界易，实质上的突破难。 一路向"南"只是开始，真正的考验或许在于能否在向南之后，真正"向上"。 1993年，在时任华润创业总经理宁高宁的带领下，华润通过与沈阳啤酒厂合资成立了沈阳华润雪花啤酒有限公司，正式进入啤酒行业。彼时，手握雄厚资 本的华润在东北市场开启了快速扩张的"收购模式"；据统计，其初期在东北地区收购的啤酒厂就超过14家。 到2011年，华润雪花在辽宁的市场份额高达68%，在沈阳、大连等重点城市更超过70%，成为名副其实的"辽宁王"；同年，公司年销量突破1000万吨，成 为国内首家达成 ...

重庆啤酒 20251222 摘要 重庆啤酒积极发展非现饮渠道，如 O2O 和即时零售，并与京东、歪马送 酒等合作推出定制精酿啤酒，加大一升罐装产品投入，并在多品牌下开 发新品类和新包装，以应对现饮渠道的疲软。 乌苏品牌受餐饮渠道影响较大，但公司通过代言人、调整品牌形象、产 品创新（如天山原酿、乌苏白啤、大红袍等）以及拓展非现饮渠道，实 现销量同比转正，并丰富产品矩阵。 重庆啤酒坚持高端化策略，通过持续推出精酿系列、一升罐装高端品类、 原浆啤酒等新品，加强与线上平台及即时零售商合作，以及代言人推广 和线下活动等方式，提升品牌形象和市场竞争力。 2025 年啤酒行业高端化趋势延续，8 元以上价格带表现坚韧，嘉士伯品 牌实现双位数增长。预计 2026 年该价格带将继续保持稳定，但中档价 位啤酒受政策影响，市场表现存在不确定性。 京 A 作为重庆啤酒旗下精酿品牌，通过线下餐吧、线上销售渠道、新包 装和口味创新（如茉莉青提味、季节限定产品等）不断扩展产品矩阵和 品牌影响力，但整体销量仍有待提升。 Q&A 您如何看待 2025 年啤酒行业的整体表现以及对 2026 年的展望？ 2025 年，啤酒行业整体表现较为稳定，但现 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the Chinese staples sector, including Guizhou Moutai, Wuliangye, and Yanjing Beer among others [1]. Core Insights - The global beer industry is undergoing a profound transformation, shifting from cyclical fluctuations to structural changes, driven by health consciousness and generational shifts in consumption [3][10]. - In China, the beer market faces unique challenges, including a transition to value-driven consumption, the failure of traditional distribution models, and intensified cross-industry competition [17][18]. Summary by Sections Global Beer Industry Transformation - Global beer sales are projected to decline by 1% in 2024, remaining below pre-pandemic levels, with significant shifts in consumer behavior noted, particularly among younger generations [10][12]. - Health awareness is leading to a reduction in alcohol consumption, with 49% of American consumers planning to drink less, a trend that is even more pronounced among Generation Z [12][17]. Strategic Directions for Chinese Beer Companies - **Leadership and Efficiency**: Establishing a dominant position in the local market is crucial for global expansion. Companies should focus on high-end product quality, optimizing cost structures, and building strong regional brands before expanding nationally [4][19]. - **Diversification**: Successful diversification should focus on product synergy, channel reuse, and brand extension, with a high success rate in expanding into related categories like low-alcohol and soft drinks [5][37]. - **Internationalization**: Companies should adopt a cautious approach to internationalization, starting with exports and partnerships in Belt and Road countries to mitigate risks [6][7]. Investment Recommendations - The report suggests that Chinese beer companies should enhance operational efficiency, innovate product offerings tailored to local tastes, and pursue diversification and internationalization strategies that are risk-controlled [7][34]. - Key investment lines include operational improvements leading to value reassessment, beneficiaries of structural upgrades, and pioneers in emerging categories [7][34].

Core Insights - The closure of the China Resources Snow Beer (Changchun) factory marks the end of an era for the company in Northeast China, with the factory officially deregistered after six years of inactivity [1][3] - China Resources Beer has shut down 36 factories since 2017, resulting in nearly 30,000 layoffs as part of its operational optimization strategy [1][5] Group 1: Company Strategy and Operations - The Changchun factory was part of China Resources Beer's strategic presence in Northeast China, reflecting the company's 30-year development in the region [3] - The company has reduced the number of operational breweries in mainland China from 98 to 62 between 2016 and 2023 as part of its "streamlining" plan [5] - The chairman of China Resources Beer, Hou Xiaohai, explained that the closures were driven by competitors achieving higher profits with fewer employees [6] Group 2: Market Dynamics - The Chinese beer market has shifted from a fragmented landscape to a competitive environment dominated by five major players, including China Resources Snow Beer and Tsingtao Brewery [12] - From 2017 to 2022, the market share of high-end beer products in China increased from 9.66% to 12.61%, with revenue share rising from 30.4% to 36.48% [8] - To address its shortcomings in the high-end market, China Resources Beer acquired Heineken China in April 2019 and established a high-end brand matrix [13] Group 3: Future Developments - Despite the closures, China Resources Beer is not completely exiting Northeast China; a new brewery project in Chaoyang with an annual production capacity of 300,000 kiloliters is under construction, expected to start trial production in October 2025 [10] - This new project is anticipated to generate an annual output value of 1 billion yuan and create 1,000 jobs [10] - The city of Shenyang is actively promoting itself as "China's Beer Capital," with its beer production in 2023 reaching 694,000 kiloliters, accounting for 41.6% of the province's total output [15]

Core Insights - The beer industry is expected to maintain growth in 2025, driven by structural upgrades and flavor innovations, contrasting with the declining performance of the liquor and wine sectors [1][2] - High-end competition in the beer market is entering a new phase, focusing on quality and experience upgrades rather than just moving from low-end to high-end products [4] Industry Performance - From January to September, the beer sector is one of the few categories showing growth, while the domestic liquor and wine industries are experiencing declines in both production and sales [2] - The beer industry's revenue is projected to continue single-digit growth in 2025, with profits expected to grow in double digits [2] - Major brands like China Resources Beer, Tsingtao Brewery, and Yanjing Beer have reported revenue and net profit growth, primarily due to high-end product sales [3] Market Trends - The proportion of mid-to-high-end beer products has increased to over 40%, indicating a shift in consumer preferences towards premium offerings [2] - The entry of non-beer companies into the beer market is increasing, with various food and beverage firms announcing their foray into beer production, driven by the beer sector's growth amidst declines in other alcoholic beverages [3] Consumer Preferences - The younger generation (Z generation) is showing a higher participation rate in drinking, with 73% in 2025 compared to 66% in 2023, indicating a shift in drinking habits and preferences [6] - Young consumers prioritize taste, health, and aroma in their drinking choices, leading to a rise in low-alcohol, non-alcoholic, and functional beers [6] Innovation and New Products - The beer industry is witnessing rapid innovation in flavors, with fruit-flavored and tea-infused beers gaining popularity, reflecting a trend towards beverage-like characteristics [5] - The rise of instant retail channels is reshaping the beer market, allowing for quicker product development and consumer insights [7]

Core Insights - The beer industry in China is experiencing a strong performance amidst dynamic changes, with beer production reaching 30.9525 million kiloliters and sales revenue of 151.748 billion yuan in the first nine months of 2025, showing a year-on-year growth of 0.82% [1][2][6] - High-end products are identified as the fastest-growing segment, becoming a new profit growth point for the industry, while trends towards smart, healthy, and green products are crucial for future competitiveness [1][3][8] Industry Overview - In 2023, global beer consumption is approximately 187.9 million kiloliters, with China holding a 20.1% share of the global market, maintaining its position as the world's largest producer and consumer for 23 consecutive years [2][7] - The number of beer enterprises in China is declining, with projections indicating 91 enterprises and 315 factories by 2024, leading to increased concentration among leading companies [2][7] Financial Performance - In the first nine months of 2025, the beer industry reported a total profit of 28.436 billion yuan, reflecting a year-on-year increase of 17.93% [2][7] - The top five beer companies are expected to account for 84.7% of production and sales volume by 2024, with revenue and profit shares also increasing significantly from 2019 levels [2][7] Market Trends - The beer market is shifting from a focus on low-end products to a competitive landscape emphasizing quality and value, with high-end product market growth at approximately 20% annually [3][8] - Consumer preferences are evolving towards rational, value-driven, and health-conscious choices, with a notable rise in demand for low-alcohol and non-alcoholic beers [3][9] Distribution and Innovation - The rise of home consumption and rapid growth in online sales are reshaping distribution channels, with companies embracing e-commerce and instant retail [4][9] - Innovations in the supply chain include local sourcing of raw materials, digital transformation for cost reduction, and environmentally friendly packaging designs [5][9]

在悦己消费的驱动下，啤酒正在发生一系列新变化。 在过去几年中，啤酒行业通过高端化升级实现了快速增长，但今年上市整体增速普遍有所放缓。论坛上多位与会者认为，这既与国内传统低端啤酒产品消费 持续减量有关，也是由于在社会消费下行、成本上升和消费能力持续弱化的大环境下，消费升级呈现动态变化，即消费需求升级，消费能力波动上行。不过 目前，中国啤酒的高端化并未止步，中高端啤酒产品的比例已增长至40％以上。 从半年报和三季报的情况也可以看到，华润啤酒、青岛啤酒、燕京啤酒等头部品牌收入和净利润均保持增长，而增长的原因主要是来自于高端化带来的结构 升级带动。以青岛啤酒为例，今年第三季度青岛啤酒销量216.2万千升，同比增长0.3%，但主品牌青岛啤酒实现销量127.7万千升，同比增长4.2%，中高端以 上产品实现销量94.3万千升，同比增长6.8%，中高端产品销量占比提升了2.6个百分点至43.6%，产品结构仍在提升。 啤酒消费的稳定增长和高端化前景也引来了大量业外资本的目光。2025年，跨界进入啤酒行业的淘金者络绎不绝，尤其集中在高增长、高毛利的精酿及特色 啤酒赛道。今年以来，白酒企业五粮液、珍酒李渡、甚至好想你、三只松鼠、蜜 ...

Core Insights - The Chinese beer market is undergoing significant changes, with local brands showing resilience and international brands facing challenges in maintaining their market share [3][6][15] - The competition has intensified, leading to a shift in consumer preferences and a need for international brands to adapt their strategies to align with local market dynamics [7][29] Industry Overview - The beer industry in China has entered a phase of stock competition, with overall production capacity at about 70% of its peak [6] - The latest data from the National Bureau of Statistics indicates a 1% year-on-year decline in beer production in October, with cumulative production growth slowing to 0% for the first ten months of the year [5] Brand Performance - Domestic brands like Tsingtao, Yanjing, and Zhujiang have shown growth in revenue, profit, and sales, while international brands like Budweiser and Carlsberg are experiencing declines [6][15] - Budweiser's performance in China has been under pressure, with a two-digit decline in revenue, profit, and sales for the first three quarters of the year [15][17] Market Dynamics - The shift in consumer behavior has led to a decline in the on-premise consumption channel, with a move towards new categories and channels [9][34] - The average market price for beer has decreased, prompting Budweiser to focus on its Harbin brand to capture growth opportunities in the 8-10 yuan price range [34][37] Strategic Adjustments - Budweiser is adjusting its strategy by increasing its focus on non-drinking channels and expanding its product offerings to include larger cans and innovative flavors [38][40] - Heineken has successfully leveraged its partnership with China Resources to expand its market presence and product distribution across various channels, including retail and e-commerce [25][32] Consumer Preferences - Chinese consumers are increasingly open to innovative flavors and higher alcohol content, with tea-infused beers gaining popularity [41] - The acceptance of new beer categories is significantly higher in China compared to other markets, indicating a potential for growth in product innovation [3][41]

Core Insights - The Chinese beer industry is experiencing a shift towards domestic brands, with a notable recovery in their performance while international brands face challenges [1][2][3] - The overall beer consumption in China is still on a steady rise, despite a slight decline in production in October [1] - The market dynamics have changed, with domestic brands like Qingdao Beer and Yanjing Beer showing growth, while international brands like Budweiser are struggling [1][10] Industry Overview - The Chinese beer market has entered a phase of stock competition, with the industry's scale at about 70% of its peak [1] - The latest statistics show a 1% year-on-year decline in beer production for October, with cumulative production growth for the first ten months at 0% [1] - The industry is now in its twelfth year of stock competition, indicating a mature market environment [1] Brand Performance - Domestic brands such as Qingdao Beer, Yanjing Beer, and Zhujiang Beer have maintained growth in revenue, profit, and sales in the first three quarters of 2025 [1] - Budweiser has reported a double-digit decline in revenue, profit, and sales in the Chinese market for the first three quarters [1][10] - Heineken has shown significant growth, with sales increases of 30% to 70% for its products in recent years, positioning China as its second-largest market globally [11][14] Market Dynamics - The shift in consumer preferences has led to a decline in the dominance of international brands, particularly in the nightlife channel, which has been underperforming [2][24] - Heineken's strategy has focused on expanding into non-nightlife channels, leveraging partnerships with local distributors to enhance market penetration [20][25] - Budweiser's market share in regions like Fujian has decreased significantly, while the combined share of China Resources and Heineken has increased [12] Marketing Strategies - Both Budweiser and Heineken have engaged in high-profile sponsorships and events to enhance brand visibility, with Budweiser sponsoring the Tomorrowland music festival in Shanghai [4][7] - Heineken has also positioned itself as a key player in major events like the F1 China Grand Prix, resulting in a 14% increase in sales during the event [8] - The marketing strategies of both brands have evolved, with a focus on aligning with local consumer trends and preferences [29][30] Consumer Trends - The Chinese beer market is witnessing a shift towards innovative flavors and products, with a growing acceptance of new beer styles such as tea-infused beers [42] - There is a notable preference for higher alcohol content and unique flavors among Chinese consumers, contrasting with trends in Western markets [41][42] - The industry is encouraged to expand its product offerings to include low-alcohol and non-alcoholic options, although these segments remain niche in China [40][41]