✦ 关注蓝裕文化，好内容不容错过 ✦ 成功的人士都是善意营销，都善于制造话题，酒圈"白酒教父"之称的吴x东一直是"话题制造机"。 金x福的成功，吴x东请来米卢做广告，让金x福酒风光一时。金x福与中国足球一直挂钩。李嘉诚的每一个地产活动，在北京或上海，都会把半个城市的人招 呼去，要蓄客几个月，牛市也是同样的招数，先蓄客，天天看到微信朋友圈，抖音快手都在说珍酒要做啤酒，吊足了大家胃口，如同李嘉诚卖房，告诉北京 上海的市民，足够便宜，充满期待，实际上几天下来，把未来全都透支了，就回归平静了。 精酿啤酒，尤其是当下中国的精酿啤酒，没有一个过5个亿10个亿的品牌，在中国传统酒类市场中，都是不能上桌的，在白酒市场中，每次中国酒业协会的 T7.T8.T9.T10的酒业峰会上，好像都是200亿以上的企业大佬。精酿在世界上，能做大的企业不多，精酿有非常多的局限性。 8月8日，珍酒李渡新品"牛市"啤酒发布。 "牛市"啤酒规格为375ml铝瓶装，酒精度为5.9%vol，零售价为88元/瓶。精酿因量小，精酿新鲜，还要部分精酿过桶，精酿手工，即使精酿啤酒8.8万一瓶， 也不过是一个话题，一个噱头。88元。不能因为8月8号发布，就是88 ...

Group 1 - The craft beer segment is becoming increasingly crowded, with companies like Wuliangye and Haoxiangni entering the market, indicating a growing interest in craft beer despite the challenges of differentiation [1][2] - Wuliangye plans to launch a high-end craft beer named "Fenghuolun" priced at 19.5 yuan per can, while Zhenjiu Liduo Group is introducing a new beer called "Niushi" priced at 88 yuan per bottle, showing a trend towards premium positioning in the craft beer market [1][2] - The craft beer market is experiencing rapid growth, with a projected market size of approximately 680 billion yuan in 2024, expected to exceed 1 trillion yuan by 2025, driven largely by consumers aged 18 to 35 who contribute 65% of sales [3] Group 2 - The white liquor industry is currently facing a downturn, with a reported production decline of 5.8% in the first half of the year, leading companies to seek opportunities in the craft beer sector [2][4] - New entrants in the craft beer market are drawn by the growth potential, but the industry is also experiencing a "walled city" effect, where established brands dominate, making it difficult for newcomers without strong brand or channel advantages to succeed [4] - The advantages of white liquor companies entering the craft beer market include channel reuse and brand leverage, but they also face challenges such as consumer skepticism regarding their expertise in beer production and the mismatch between the business-oriented nature of liquor and the youthful, niche culture of craft beer [4]

精酿啤酒作为近年来酒类市场涌现出的新赛道，正在引起行业的广泛重视，其凭借独特的风味魅力和文 化属性，已成为市场增长的新引擎,消费需求多元化、个性化、分层化的趋势已经清晰反映在精酿啤酒 市场上。 ——秦书尧 中国酒类流通协会会长 近日，秦书尧调研湖北省酒类市场发展情况，他表示，湖北酒业具有产业结构和消费需求等方面的优 势，此次行业调整影响相对较小，为未来行业复苏保持良好的基础。精酿啤酒作为近年来酒类市场涌现 出的新赛道，正在引起行业的广泛重视，其凭借独特的风味魅力和文化属性，已成为市场增长的新引 擎,消费需求多元化、个性化、分层化的趋势已经清晰反映在精酿啤酒市场上。 7月31日，郎酒股份发布消息称，2025版郎牌郎8月11日起接受销售订单，8月25日起按照订单先后顺序 发货。新品瓶身保留"三段式"构成，延续白底大"郎"字，并传承经典"酒花"图案，致力于还原记忆中的 郎牌郎。此外，新品还在外包装及防伪方面进行多重升级。主体基酒贮存3年以上且比例不低于80%。 知酒君：新版郎牌郎传承了经典"酒花"图案，提供了良好的情怀体验感，同时进行外包装和防伪升级， 既满足了当前消费者的更高追求，也保障了消费者的权益，有利于构建 ...

Core Insights - The beer industry is experiencing a decline in sales, with a projected 0.6% decrease in production for 2024 and a 5.7% drop in revenue year-on-year, making it the only negative growth category in the food and beverage sector [1][2] - Craft beer is witnessing significant growth, with a forecasted 17% increase in consumption for 2025, contrasting with the decline in industrial beer [1][2] - Companies are exploring new product categories and sales channels to drive growth, including the introduction of innovative flavors and the expansion into beverage markets [15][17] Industry Performance - The overall beer production in China for January to May 2025 was 15.008 million kiloliters, a slight decrease of 0.3% year-on-year, with industrial beer production expected to be around 35.213 million kiloliters for 2024 [1][2] - The craft beer segment is projected to reach a market size of 130 billion yuan by the end of 2025, with a penetration rate of 6.3% [9] Consumer Trends - Young consumers, particularly those aged 18-35, are increasingly favoring craft beers over traditional industrial options, with female consumers making up over 60% of the market for new flavors [3][4] - The shift in consumer behavior reflects a preference for unique, high-quality products that provide emotional value rather than just price considerations [11][20] Company Strategies - Jin Xing Beer has successfully leveraged Chinese craft brewing techniques, achieving a production volume of 10 million bottles (1 million liters) and generating a revenue of 1 billion yuan [3][9] - The company plans to continue innovating with new flavors, such as the "Jin Xing Xinyang Maojian Chinese Craft Beer," which combines tea and beer, appealing to a broader audience [9][12] Market Dynamics - The beer market is becoming increasingly competitive, with over 30,000 companies involved in craft beer production, leading to a risk of oversaturation [11][12] - Major beer brands are diversifying into non-beer beverages, such as soft drinks and functional drinks, to capture a larger market share [17][18] Future Outlook - Despite current challenges, the beer industry is expected to recover, supported by government initiatives aimed at increasing domestic barley production and technological advancements in brewing [20] - The industry's focus on digital transformation and quality improvement will be crucial for maintaining competitiveness in a saturated market [20]

Fundraising Overview - The company raised a total of RMB 417,999,977.28 through a non-public stock issuance, with a net amount of RMB 404,190,783.17 after deducting issuance costs [1] - The funds have been stored in a dedicated account, and a tripartite supervision agreement has been signed with the sponsor and the bank [1] Project Adjustment Details - The company plans to adjust the "Changchun Fresh Beer City Brewery Project" in terms of location, content, investment scale, and internal investment structure [3] - The project will change from a rental factory to a self-built factory, with an increased annual production capacity from 0.5 million tons to 1 million tons [3][4] - The total investment for the project will increase from RMB 7,851.28 million to RMB 15,577.90 million, while the amount of fundraising remains at RMB 5,004.47 million [3] Market and Company Development - The project aims to meet the growing market demand for craft beer in Changchun, which is expected to benefit from economic growth and increased consumer spending [5][6] - The company has established itself as a leading provider of brewing equipment and aims to enhance the quality of domestic beer production [6][7] - The craft beer market in China is projected to grow significantly, with a compound annual growth rate of 17% expected until 2025 [8] Approval and Compliance - The project has received the necessary approvals and has completed the required registration work for the new implementation site [8] - The adjustments have been reviewed and approved by the company's board of directors and supervisory board, ensuring compliance with relevant regulations [9][10]

Group 1 - The craft beer market in China is experiencing a resurgence, particularly with the rise of Chinese craft beer, which is expected to lead a new wave of premiumization in the beer industry [1][3] - Various unique flavors such as tea, chili, and other niche tastes are gaining popularity, indicating a shift in consumer preferences towards more diverse and personalized beer options [2][3] - The number of craft beer-related enterprises in China has significantly increased, with 1,749 new registrations in 2024 and 1,063 in 2025, reflecting a 20.6% year-on-year growth in the first five months of 2025 [3] Group 2 - Despite an overall decline in the beer industry in 2024, many craft beer companies report sales growth, indicating a potential industry boom [3][7] - The craft beer segment is attracting not only traditional beer companies but also distributors and restaurants, further broadening its market reach [3][7] - Major beer companies are increasingly investing in craft beer production, with notable expansions and new facilities being established to meet the growing demand [10][11] Group 3 - The craft beer trend is seen as a response to changing consumer behaviors, particularly among younger generations who prioritize unique experiences and emotional value in their purchases [7][8] - The market is witnessing a diversification of beer products, with many new offerings that do not strictly adhere to traditional definitions of craft beer, appealing to the curiosity of younger consumers [8] - The overall beer market in China is transitioning towards a new phase of premiumization, with craft beer positioned as a key driver for this evolution [9][11]

Core Insights - The craft beer market is experiencing significant growth, with diverse flavors and innovative sales methods becoming increasingly popular among consumers [1][3][12] - The company, Jinan Quanmai Brewery, has launched the "Quanqing Craft Beer" brand, focusing on high-quality, low-carbon production to meet consumer demand for premium products [3][10] Company Overview - Jinan Quanmai Brewery has established a comprehensive production and sales chain for craft beer within two years, aiming to enhance consumer quality and drive market competitiveness [3][9] - The brewery has invested 1 billion yuan in a new craft beer factory in Jiyang District, which is expected to produce up to 200,000 hectoliters annually, positioning it as one of the largest craft beer facilities in China [4][6] Production and Technology - The Jiyang factory emphasizes green, low-carbon, and intelligent production, utilizing advanced equipment such as German GEA centrifuges and Dutch Pentair filtration systems to ensure product quality and environmental sustainability [6][9] - The brewery has implemented over 300 quality monitoring processes throughout the production chain, ensuring compliance with national standards from raw material selection to finished product [9][10] Product Range and Innovation - The product lineup includes various styles catering to different consumer preferences, such as German wheat beer, classic IPAs, and seasonal flavors, with a total of 57 products available [8][16] - The company has established partnerships with Qilu University of Technology to foster innovation, resulting in multiple patents and the development of a high-standard brewing system [9][12] Market Position and Expansion - Since its inception, the brand has gained recognition in the market, expanding its reach from Jinan to regions like Beijing-Tianjin-Hebei and Northeast and Southwest China [10][19] - The brewery actively participates in industry events, showcasing its products and marketing strategies, which have contributed to its rapid establishment in the competitive craft beer market [18][19] Cultural Integration and Community Engagement - The brewery integrates local cultural elements into its branding and product development, aiming to create a unique identity that resonates with consumers [14][16] - The Jiyang factory also serves as a cultural and tourism hub, attracting over 100,000 visitors annually and hosting events that boost local economic activity [18][19]

Industry Overview - The craft beer market in China is experiencing explosive growth, with many consumers shifting from traditional beers to craft options [1][38] - The rise of craft beer reflects a new consumer trend towards quality and personalization, injecting vitality into the beer market [38] Company Insights - Lauderbach Craft Beer is invested and constructed by the Shandong Provincial State-owned Assets Supervision and Administration Commission under the Water Development Group, with production bases in Shandong Heze, Sichuan Guangyuan, and Jilin Changbai Mountain [3] - The company collaborates with the Ligler Company, a ten-star brewery in Germany with nearly 700 years of history, for technical support [3] Production Capacity and Facilities - The Guangyuan facility is the largest professional craft beer company in Southwest China, designed with an annual production capacity of 200,000 KL [7] - The company utilizes world-class brewing equipment sourced from Germany and other top manufacturers [7] Product Characteristics - Lauderbach craft beer is made from 100% malt (50% barley and 50% wheat), hops, yeast, and water, with no additives, resulting in a rich flavor profile [8] - The 12-degree German-style wheat beer has a natural cloudiness and creamy foam, with a soft taste and rich fruit aroma, having won multiple awards [26] - The 13.5-degree IPA features a balanced bitterness and a rich aroma, optimized for the Chinese palate [28] Health Benefits - Craft beer is recognized for its nutritional value, containing vitamins and amino acids, with 2.03 grams of amino acids per liter [9] - It aids digestion, enhances nutrient absorption, and has been linked to various health benefits, including anti-cancer properties and improved mental alertness [10][14][15] - Moderate consumption can lower the risk of kidney stones by 41% and is associated with lower mortality rates compared to non-drinkers [17][21] Market Position - Lauderbach craft beer has achieved numerous national patents and accolades, with products distributed across most provinces in China, receiving high praise from consumers and the industry [36]

Summary of Lehui International Conference Call Company Overview - **Company**: Lehui International - **Industry**: Craft Beer and Beverage Equipment Key Points Business Model and Strategy - Lehui International is enhancing operational efficiency through a franchise model and selectively opening ODM (Original Design Manufacturer) business, partnering with brands like Haidilao to launch products such as "Super Active" to utilize excess capacity and increase revenue [2][3] - The company has deployed approximately 2,000 draft beer machines in Q1 2025 to capture the restaurant market, aiming to expand market share due to low domestic penetration rates compared to Western countries [2][7] Financial Performance - In 2024, the fresh beer business generated revenue of 140 million yuan, a 33% year-on-year increase, but remains in a loss position. The company aims to achieve breakeven or profitability in 2025 [2][5] - The number of effective distributors has increased to over 300, with some achieving annual sales between 3 million to 5 million yuan, which is expected to boost overall sales [2][8] Sales and Market Trends - Sales through distribution channels grew significantly in Q1 2025, with a year-on-year increase of approximately 30% to 50%. May sales reached the highest level of the previous year’s peak season, with expectations for further growth in June and July [2][10][11] - The company is focusing on major markets in East China, with plans to expand into cities with existing breweries [9] Product Development and Consumer Engagement - The craft beer sector is becoming increasingly competitive, with both small and large enterprises entering the market. Consumer feedback has been positive, with over 10,000 terminals selling their products, enhancing repeat purchase rates [12] - The company is actively developing new products to cater to diverse consumer preferences, including flavors aimed at attracting female consumers [12][17] ODM Business Progress - The ODM business has been initiated since the second half of 2024, with partnerships established with brands like Haidilao and West Beverages. The company is looking for partners capable of producing at least 100 tons annually [13][14] Equipment Division - The equipment segment is performing well, with strong order growth. The company is diversifying its offerings beyond beer equipment to include products for the liquor and renewable energy sectors [4][27] - The overseas market accounted for 37% of equipment sales last year, with a goal to reduce reliance on beer equipment from 80% to around 60% [27] Production Capacity and Factory Performance - The Ningbo factory achieved breakeven and profitability in 2024, while other early-stage factories like Wuhan and Changsha are also performing well [22][23] - New factories in Kunming and Harbin are delayed until April 2027, with no concerns about supply shortages due to mature preparatory work [24] Future Growth Plans - The company has set clear growth targets for 2025, focusing on fried chicken, ODM, and channel expansion as key business areas [25] - Continued collaboration with influencers and expansion of the franchise model are part of the strategy to increase market penetration [18] Conclusion - Lehui International is strategically positioning itself in the craft beer market through innovative business models, strong distributor networks, and a focus on product development, while also expanding its equipment division to reduce dependency on beer-related sales. The company is optimistic about achieving profitability and growth in the coming years.

Group 1 - The peak season for beer production typically occurs from June to September due to increased demand for chilled beer in hot weather [1][3] - High temperatures significantly boost beer consumption, making the second and third quarters traditional sales peaks for the industry [3] - The Chinese beer industry has been undergoing a high-end upgrade since around 2018, shifting focus from market share to profitability, with leading companies enhancing their product offerings [4][5] Group 2 - In 2024, the overall beer consumption is expected to be weak, but the resilience of the industry remains, with leading companies still seeing profit levels increase despite a slowdown in growth rates [4][6] - Sales performance among leading beer brands varies, with some brands like Zhujiang Beer and Yanjing Beer showing positive growth while Qingdao Beer experiences a decline due to conservative marketing strategies [6][7] - The craft beer market in China is expanding rapidly, driven by a younger consumer base that values quality and unique experiences, with the market size expected to reach 11 billion yuan by 2028 [8] Group 3 - The beer industry is expected to recover in 2025, supported by improved consumer spending and favorable policies for the restaurant sector, which will positively impact beer sales [6][7] - The current low inventory levels and the approach of the beer consumption peak season present opportunities for investment in resilient companies with positive sales and pricing trends [9]