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 Viewpoint - Yanjing Beer is strategically entering the soda market, launching the Beiste soda and planning to integrate beer and soda production, primarily targeting the restaurant sector to compete with major brands like Dajiao [1][2][8] Group 1: Market Context - The domestic beer market has reached a saturation point, with production peaking in 2013 and declining to 35.68 million kiloliters by 2022, indicating a shift to a stock market era [10][12] - In contrast, the carbonated beverage market is projected to grow, potentially exceeding 200 billion yuan by 2025, with a compound annual growth rate of 5% to 8% [12][13] Group 2: Competitive Landscape - Dajiao's revenue surpassed 3.2 billion yuan in 2023, making it a formidable competitor in the soda market [2] - Yanjing Beer’s Beiste soda is priced lower than Dajiao, with a supply price of 33 yuan per box compared to Dajiao's 38 yuan, allowing for greater profit margins for distributors [4][5] Group 3: Strategic Advantages - Yanjing Beer has an extensive distribution network, covering over 500,000 restaurant terminals, which overlaps significantly with soda channels, facilitating easier market entry for Beiste [5][8] - The company aims to achieve 80% coverage of its target terminals within three years, leveraging its existing beer sales infrastructure [5] Group 4: Financial Performance - Yanjing Beer reported a revenue of 14.667 billion yuan in 2024, a 3.2% increase from the previous year, with a net profit of 456 million yuan, marking a 63.74% growth [8][9] - The company’s high-end beer series, Yanjing U8, saw a 31.4% increase in sales volume in 2024, indicating strong performance despite market challenges [5][8] Group 5: Consumer Trends - The trend of "milk tea-ification" in beverages is gaining traction, with various brands introducing innovative flavors to attract younger consumers [14][19] - Yanjing Beer is attempting to reposition itself to appeal to younger demographics, who prioritize brand image and emotional value over just price [13][19]