Core Viewpoint - The beer industry is recovering in 2025, with Chongqing Beer showing growth in revenue, sales, and net profit in Q1 2024, despite previous industry downturns [1][2] Group 1: Financial Performance - In Q1 2024, Chongqing Beer achieved a beer sales volume of 883,500 kiloliters, a year-on-year increase of 1.93% [2] - The company reported a revenue of 4.355 billion yuan, up 1.46% year-on-year, and a net profit attributable to shareholders of 473 million yuan, an increase of 4.59% [2] - The revenue per hundred liters reached 492 yuan, maintaining a leading position in the industry [1] Group 2: Product and Channel Strategy - Chongqing Beer is focusing on product structure optimization and has launched nearly 10 new products across 6 brands in Q1 2024, with more to come in Q2 [2][7] - The company is shifting towards non-on-premise channels, with approximately 5% of sales transitioning from on-premise to non-on-premise, and canned products are growing at a double-digit rate [1][8] - The company is also innovating with new product lines, including craft beers and non-alcoholic beverages, to meet changing consumer demands [5][6] Group 3: Cost Management - The company has benefited from a decline in raw material costs, with a cost increase of less than 0.5% against a revenue growth of nearly 1.5% in Q1 2024 [3][4] - Chongqing Beer locks in raw material costs for 12 to 18 months in advance, providing predictability in cost management [4] Group 4: Market Expansion - The company plans to focus on 39 core large cities while expanding into over 60 additional cities, enhancing its market share [9] - Chongqing Beer is increasing collaboration with instant retail platforms like Meituan and JD.com to adapt to changing consumer behaviors [9]

Core Viewpoint - 2024 is a challenging year for Chongqing Beer, experiencing its first decline in both revenue and net profit since 2015 due to extreme weather and adverse external conditions [1][2]. Financial Performance - Revenue for 2024 is approximately 14.645 billion yuan, a year-on-year decrease of 1.15% - Net profit attributable to shareholders is about 1.115 billion yuan, down 16.61% compared to the previous year [2]. Market Dynamics - The decline in local brand sales is attributed to pressure on the dining channel, prompting the company to shift focus towards non-on-premise channels [5][11]. - Local brand revenue is nearly 8.9 billion yuan, down over 3%, while international brand revenue is around 5.3 billion yuan, showing a slight increase [12]. Strategic Adjustments - The company plans to enhance its product offerings in non-on-premise channels, including high-end products and canned packaging [5][17]. - In 2025, marketing expenditures will be adjusted to favor more attractive non-on-premise channels [18][20]. Production Capacity and Innovation - The Carlsberg Foshan factory, a global flagship brewery, has an annual production capacity of 500,000 kiloliters and is recognized for its advanced manufacturing and sustainability practices [10][11]. - The company has introduced new products and packaging, particularly for local brands, to meet diverse consumer needs [16]. Inventory Management - The company completed its inventory reduction efforts by the end of last year, positioning itself for a healthier market presence in 2024 [6][16].

Core Viewpoint - The Chinese beer industry is expected to benefit from favorable policies aimed at promoting consumption and stabilizing growth in 2025, despite facing challenges such as intensified competition, cost fluctuations, and slower-than-expected consumer recovery [1] Group 1: Company Performance - In 2024, Chongqing Beer reported a revenue of 14.645 billion yuan, a decrease of 1.15% year-on-year, and a net profit of 1.115 billion yuan, down 16.61% year-on-year [1] - In Q1 2025, Chongqing Beer achieved a revenue of 4.355 billion yuan, an increase of 1.46% year-on-year, and a net profit of 473 million yuan, up 4.59% year-on-year [1][2] Group 2: Product Segmentation - Chongqing Beer categorizes its products based on consumer price: high-end (8 yuan and above), mainstream (4 to 8 yuan), and economy (below 4 yuan), with high-end products generating the highest revenue [2] - In Q1 2025, high-end beer products generated 2.572 billion yuan in revenue, a growth of 1.21%, while mainstream beer products generated 1.52 billion yuan, growing by 1.99% [2] Group 3: Industry Trends - The Chinese beer industry has been in a continuous decline since reaching its peak production in 2013, with a 30.1% decrease in total production by 2024 compared to 2013 [2] - The industry is shifting towards high-end products, with a focus on diversifying offerings beyond traditional mainstream beers to include craft beers, flavored beers, and low-alcohol options [2][3] Group 4: Channel Strategy - The company is focusing on enhancing its high-end product offerings in non-on-trade channels (supermarkets, convenience stores, e-commerce, etc.), which is seen as a significant growth area [3] - Other beer manufacturers are also increasing their efforts in non-on-trade channels, leading to intensified competition in this space [4]

投资要点 重庆啤酒(600132) 报告日期：2025 年 05 月 04 日 Q1 业绩略超预期，吨成本改善亮眼 ——重庆啤酒 25Q1 业绩点评报告 ❑ 事件：公司 25Q1 年实现收入 43.55 亿元，同比+1.46%；实现归母净利润 4.73 亿元，同比+4.59%；实现扣非归母净利润 4.67 亿元，同比+4.74%。25Q1 收入 符合预期，业绩略超预期。 ❑ 25Q1 销量恢复增长，产品结构保持平稳 25Q1 公司啤酒业务实现营业收入 43.55 亿元（同比+1.46%），销量为 88.35 万吨 （同比+1.93%），吨价为 4804 元（同比-0.34%）。 分产品来看，25Q1 高档啤酒收入 26.03 亿元(同比+1.21%)、占比下降 0.23pct 至 61.33%；主流啤酒营收 15.50 亿元(同比+1.99%)、占比提升 0.71pct 至 36.52%； 经济档啤酒营收 0.91 亿元（同比+6.09%）、占比提升 0.09pct 至 2.14%。 我们预计 25Q1 产品结构表现延续 24 年趋势，预计嘉士伯、大理、风花雪月、 乐堡等表现较优，乌苏、重庆略有承压。 ❑ 区 ...