出品：新浪财经上市公司研究院 作者：郝显 2月25日，珠江啤酒发布 2025 年度业绩快报。报告期内，公司实现营业收入58.78亿元，同比增长 2.56%；归属于上市公司股东的净利润 9.03 亿元，同比增长 11.42%；扣非净利润8.32亿元，同比增长 9.25%。 不过营收与净利润双增长背后，是四季度由盈转亏，以及公司整体收入大幅放缓的事实。对于珠江啤酒 来说，过于依赖华南市场及高端品类，近几年中端产品及区域外市场持续失血，一旦高端产品增长乏 力，公司将陷入失速风险。 从2025年6月高点以来，珠江啤酒股价已经跌去21%，四季度的业绩失速是公司的拐点吗？ 四季度亏损意味着什么？ 2025 年前三季度，珠江啤酒实现营业收入50.73 亿元，归母净利润 9.44 亿元，扣非净利润约9亿元。以 此估算，四季度归母净利润为-4127.31万元，由盈转亏，扣非净利润更是达到-6764.83万元，同比亏损 大幅放大。 一般来说，四季度啤酒行业进入消费淡季，销量和收入通常低于前三季度，不过四季度陷入大额亏损的 情况比较少见。可能与年末渠道促销、返点、市场支持费用集中结算，或是为应对竞争加大投入，以及 资产或存货处理有 ...

Core Insights - The relocation of China Resources Snow Beer headquarters to Shenzhen is viewed as a strategic move amid a significant industry adjustment, marking a shift from "scale expansion" to "value competition" in the Chinese beer market [1][10] Industry Overview - The Chinese beer industry has entered a prolonged period of declining production, with national beer output in November 2025 at 1.596 million kiloliters, a year-on-year decrease of 5.8%, indicating the end of the "volume growth" era and a shift towards "price growth" as a survival strategy for market participants [2][4] Company Performance - China Resources Snow Beer reported a slight revenue increase of 0.8% to 23.942 billion yuan in the first half of 2025, with a significant profit growth of 23% to 5.789 billion yuan and a record high gross margin of 48.9%, driven primarily by high-end product sales, which grew over 10% year-on-year [4] - Other companies in the industry, such as Qingdao Beer and Yanjing Beer, also reported revenue growth, with Qingdao Beer achieving 29.37 billion yuan in revenue, a 1.4% increase, and Yanjing Beer’s mid-year report showing a 9.32% increase in revenue from mid-range products [4] Market Dynamics - The relocation of the headquarters to Shenzhen is part of a broader strategy to optimize resources and align with national strategies, while also reflecting a changing market landscape, with the eastern region contributing over 40% of revenue and showing the highest profit growth [6] - The South China market is becoming increasingly competitive for high-end beer consumption, with major players like Budweiser and Qingdao Beer making significant investments in the region [6] Channel Transformation - The beer industry is experiencing a profound transformation in distribution channels, with traditional retail and dining channels growing steadily, while online platforms for instant retail are rapidly expanding, becoming a new engine for reaching younger consumers [7][9] - Companies are leveraging consumer data to drive product development, with China Resources Snow Beer launching an exclusive product in collaboration with Meituan, and other brands like Qingdao Beer and Budweiser enhancing their online presence and delivery efficiency [9]