智通财经6月30日电，中信证券表示，啤酒行业高端化已进入下半场，需求端更加强调个性化、多元 化，精酿行业在品质需求越来越高的背景下持续扩容，随之衍生而出两种精酿商业模式。其中福鹿家、 鲜啤30公里得益于门店标准化较高正以全国化路径扩张门店，精酿品牌的加盟扩张模式有望持续发展； 啤酒大厂正持续关注精酿行业发展，近几年不断出现优质精酿品牌的收购行为，未来啤酒厂商在精酿行 业的布局值得关注。 中信证券：未来啤酒厂商在精酿行业的布局值得关注 ...

啤酒龙头华润啤酒换了"掌门人"。 6月27日下午，华润啤酒发布公告，该公司董事会主席侯孝海"因有意投入更多时间于个人安排"，决定 辞去该公司董事会主席职务，且不再担任董事会辖下财务委员会主席、执行委员会以及购股权总务委员 会成员职务，自今年6月27日召开的董事会会议结束时起生效。 南都湾财社-酒水新消费指数课题组记者了解到，侯孝海辞任后，华润啤酒董事会主席职位将暂时悬 空，该公司执行董事及总裁赵春武将暂时承担过渡期内董事会主席的工作及责任。同时，华润啤酒正在 物色具备适当专业资格或相关专长的合适人选。 华润啤酒公告披露侯孝海辞职。（截图来源：公司公告） 顺应行业形势布局，推动华润啤酒成"行业老大" 侯孝海的职业生涯大部分时间都是在华润啤酒度过。 根据华润啤酒公司网站显示，2001年侯孝海加入华润啤酒，并先后担任华润雪花销售发展总监及市场总 监、华润雪花贵州分公司总经理及总经理助理兼总部营销中心总经理、华润雪花四川分公司总经理。 2016年，侯孝海被委任为华润雪花总经理，并出任华润啤酒执行董事及首席执行官，正式主导华润啤 酒；2023年4月20日，侯孝海由首席执行官调任为董事会主席，并担任该职务直到辞职。 南都 ...

Group 1 - The leadership of Wang Zhibin at Zhujiang Beer has seen a significant increase in net profit, nearly doubling, but the company's stock price has remained flat and gross margin has fluctuated [1][2] - Zhujiang Beer has missed opportunities for online channel expansion and has not made significant progress in national expansion, leading to a persistent regional limitation [1][2][12] - Wang Zhibin's tenure from 2019 to 2025 coincided with a critical phase of industry high-end transformation, but the execution of strategies for high-end products and market expansion has been less than ideal [5][23] Group 2 - Zhujiang Beer achieved steady revenue growth from 4.244 billion yuan to 5.731 billion yuan from 2019 to 2024, but its market expansion has been relatively slow compared to competitors [5][7] - The company's net profit has generally shown an upward trend, with a peak growth rate of 97.68% in 2018, but it has struggled to maintain high growth rates thereafter [5][7] - In 2024, Zhujiang Beer reported a revenue growth of 6.56% and a significant net profit increase of 29.95%, driven mainly by product structure optimization and price increases rather than substantial sales volume growth [7][23] Group 3 - Zhujiang Beer's production capacity expansion has been conservative, with production only increasing by 4,000 tons in 2024, indicating a near saturation in the South China region [9][12] - The company's revenue from regions outside South China has decreased from 5.04% in 2019 to 4.19% in 2024, highlighting systemic challenges in breaking regional limitations [12][14] - Zhujiang Beer relies heavily on traditional offline channels for revenue, with only 1.23% coming from online channels, contrasting sharply with industry trends towards online sales [16][23] Group 4 - The successor to Wang Zhibin, Huang Wensheng, has a deep understanding of the company's strategy but is also nearing retirement age, raising concerns about management stability [18][20] - The salaries of both Wang Zhibin and Huang Wensheng have been significantly reduced, reflecting a potential misalignment between executive compensation and company performance [21][23] - Zhujiang Beer's stock price has remained stagnant between 5 to 12 yuan from 2021 to 2024, with a market capitalization around 20 billion yuan, lagging behind industry leaders [22][23]

文 | 新消费财研社 中国啤酒市场，迎来存量竞争与结构性调整交织的新阶段。国家统计局数据显示，2024年全国规模以上啤酒企业产量同 比下降0.6%至3521.3万千升，行业正式迈入"量减价增"新周期。 数据来源：国家统 计局/新消费财研社制图 进入2025年一季度，啤酒行业呈现"淡季不淡"的复苏迹象，但行业分化和压力依然存在。海通国际数据显示，今年1季 度啤酒行业收入469亿元，同比增长0.4%。1-2月，中国规模以上啤酒企业累计产量达526.1万千升，同比下降4.9%，啤 酒消费淡季进入库存消化期。 啤酒头部企业TOP5（华润啤酒、青岛啤酒、百威亚太、燕京啤酒、重庆啤酒）总营收同比下滑4%，净利润表现分化加 剧。其中，青岛啤酒以43.45亿元净利润守住微增1.81%的底线，燕京啤酒则以63.74%的净利增速成为黑马，其他三家净 利润均有所下滑。值得注意的是，行业降本增效特征显著，TOP5企业合计裁员超6000人，高管降薪案例频现。 这背后既有成本端大麦价格同比下降10%的红利释放，也反映出渠道库存消化后终端需求的边际改善。在此背景下，啤 酒巨头如何实现"大象转身"？ 数据来源：企业财 销量方面，2024年华 ...

Core Viewpoint - Chongqing Brewery is experiencing growth in its high-end beer products, and the trend of premiumization in the beer industry is expected to continue, driven by innovation and fragmented consumer demands [1][2]. Group 1: Financial Performance - In Q1 2025, Chongqing Brewery achieved beer sales of 883,500 kiloliters, a year-on-year increase of 1.93% [1]. - The company reported operating revenue of 4.355 billion yuan, up 1.46% year-on-year [1]. - Net profit reached 473 million yuan, reflecting a year-on-year growth of 4.59% [1]. - The adjusted net profit was 467 million yuan, with a year-on-year increase of 4.74% [1]. Group 2: Product Innovation and Brand Strategy - Chongqing Brewery has a diverse brand portfolio that includes both local and international brands, with local brands accounting for 70% of national sales [1]. - The company is accelerating product innovation, launching multiple new products and packaging to meet diverse consumer needs [1]. - Innovations are focused on two areas: within beer (concepts, trends, flavors, packaging) and outside beer (beverage product innovations) [1]. Group 3: Market Opportunities - The beer industry still presents opportunities in instant retail channels, and Chongqing Brewery is deepening its collaborations in this area [1]. - Although the company has ventured into beverage products, the primary focus remains on beer, with non-beer products currently in a developmental stage [2].

作 者丨肖夏 编 辑丨巫燕玲 啤酒股的业绩基本落定。 3月3 0日傍晚，青岛啤酒披露2 0 2 4年业绩：实现营收3 2 1 . 3 8亿元，同比下滑5 . 3%，归母净利 润4 3 . 4 5亿元，同比增长1 . 8%，销量7 5 3 . 8万千升，同比下滑5 . 8 6%。 五大啤酒上市公司中，有四家去年销量出现下滑。 2 1世纪经济报道记者整理发现，中国市场主要啤酒公司2 0 2 4年销量变化分别为：百威亚太中 国区下滑11 . 8%、青岛啤酒下滑5 . 8 6%、华润啤酒下滑2 . 5%、重庆啤酒下滑0 . 7 5%、燕京啤酒 增长1 . 6%、珠江啤酒增长2 . 6 2%。 要知道，2 0 2 4年中国规上企业啤酒产量下滑0 . 6%。啤酒是日常快消品，大众消费情绪可见一 斑。 （2 0 2 4年啤酒企业销量变化，2 1记者整理） 过去一年，中国啤酒市场主要玩家之间的份额差距缩小了。 这主要表现在华润、青啤、百威三大 龙头营收、销量同步倒退，而燕京、珠江两大黑马继续保持增长，超出行业水平。 不 仅 是 追 赶 份 额 ， 燕 京 啤 酒 、 珠 江 啤 酒 的 盈 利 也 有 大 幅 提 升 。 珠 ...