重庆啤酒 20260105 摘要 嘉士伯中国 2025 年积极推新，春节期间推出嘉士伯启顺年蛇年新春包 装，3-6 月推出欧冠利物浦球队夺冠纪念包装罐，二三季度推出乌苏蜜 酿等一升罐装产品，并探索能量饮料和碳酸饮料等啤酒以外的赛道。 公司延续大城市计划，深耕市场份额和优化产品结构，加大非现饮渠道 投入，2025 年非现饮渠道占整体销量比例约为 56%-57%，与往年相 比变化不大。 2025 年前三季度，高档产品销量增长，嘉士伯和风花雪月品牌保持双 位数增长，乌苏和 1,664 罐装产品表现良好，乐堡实现增长，但部分本 地品牌在强势区域出现波动。 公司灌装化率持续提升，从 23 年的 18%-19%提升至 25 年底的 29% 左右，未来将继续提升至行业平均水平 35%-40%。 公司在新疆市场通过优化乌苏品牌结构实现增长，重庆和云南地区受外 部环境影响有所减弱，云南地区风花雪月品牌传统啤酒和低醇啤酒均取 得不错增长，低醇啤酒已扩展至东部沿海地区和电商渠道。 Q&A 请介绍一下 2025 年第四季度及全年的总体情况。 2025 年全年有几个主要趋势。首先，现饮渠道表现疲软，各啤酒公司积极发 展非现饮渠道。重啤 ...

重庆啤酒 20251222 摘要 重庆啤酒积极发展非现饮渠道，如 O2O 和即时零售，并与京东、歪马送 酒等合作推出定制精酿啤酒，加大一升罐装产品投入，并在多品牌下开 发新品类和新包装，以应对现饮渠道的疲软。 乌苏品牌受餐饮渠道影响较大，但公司通过代言人、调整品牌形象、产 品创新（如天山原酿、乌苏白啤、大红袍等）以及拓展非现饮渠道，实 现销量同比转正，并丰富产品矩阵。 重庆啤酒坚持高端化策略，通过持续推出精酿系列、一升罐装高端品类、 原浆啤酒等新品，加强与线上平台及即时零售商合作，以及代言人推广 和线下活动等方式，提升品牌形象和市场竞争力。 2025 年啤酒行业高端化趋势延续，8 元以上价格带表现坚韧，嘉士伯品 牌实现双位数增长。预计 2026 年该价格带将继续保持稳定，但中档价 位啤酒受政策影响，市场表现存在不确定性。 京 A 作为重庆啤酒旗下精酿品牌，通过线下餐吧、线上销售渠道、新包 装和口味创新（如茉莉青提味、季节限定产品等）不断扩展产品矩阵和 品牌影响力，但整体销量仍有待提升。 Q&A 您如何看待 2025 年啤酒行业的整体表现以及对 2026 年的展望？ 2025 年，啤酒行业整体表现较为稳定，但现 ...

从分产品维度来看，目前各品牌的占比情况和增速如何？ 重庆啤酒 20251217 摘要 2025 年第四季度消费平稳，略好于去年同期低点，但对全年影响不大。 嘉士伯、乐堡、风花雪月和乌苏前三季度销量增长，重庆和大理品牌有 所下降。乌苏啤酒通过新品推出和渠道拓展，在疆内外均实现增长。 1986 版绿乌苏替换老版绿乌苏的升级已完成过半。吨价增长受消费环 境影响，消费者倾向于性价比高的产品，公司减少 12 元以上价格段啤 酒，集中于 8-10 元价格段，新产品推广需更多折扣，影响 ASP。 费用投放策略因地制宜，今年略高于去年，明年视市场而定。短期内， 公司希望通过 8-10 元价格带产品稳住并提升产品结构，保持竞争力。 预计明年消费状况与今年相似，啤酒整体销量可能微跌。 公司将拓展非现饮渠道，如新零售、即时零售及零食量贩，推出更多一 升灌装产品，尝试新的品牌策略。截至 2025 年第三季度，集影渠道销 量占比约 44%，非集影渠道约 56%，未来比例可能继续变化。 非直营渠道中，品牌影响力至关重要。全国性现代零售平台扩张带来新 机遇。即时零售渠道一升灌装产品销量最高，推动公司罐化率迅速提升， 从 2019 年的 1 ...

Core Viewpoint - Carlsberg is considering selling part of its Asian business, with Sapporo Brewery as a potential buyer, but the deal may not proceed if key terms are not agreed upon [1] Group 1: Potential Transaction - Sapporo Brewery has established a business partnership with Carlsberg in 2023, focusing on production and sales in Hong Kong, Singapore, and Malaysia [1] - If the transaction occurs, Sapporo could leverage Carlsberg's distribution network in Asia, aligning with its strategy to strengthen its core beer business [1] Group 2: Financial Performance - Carlsberg is facing growth pressure in the Chinese market, with a slight decline of 2% expected in the overall beer market [1] - In Q3, Chongqing Brewery reported revenue of 4.22 billion yuan, a year-on-year increase of 0.41%, but net profit decreased by 12.71% to 376 million yuan [1] - For the first three quarters of 2023, Chongqing Brewery's revenue was 13.06 billion yuan, a slight decrease of 0.03%, and net profit was 1.24 billion yuan, down 6.83% [2] Group 3: Strategic Initiatives - Carlsberg is actively expanding non-current drinking channels, enhancing its premium strategy, and increasing investment in innovative products [3] - Chongqing Brewery has introduced several new products, including "Ushu Craft Red Robe Beer" and "Dali Craft," to boost market share in canned products [3] - Carlsberg's CEO noted an 8% growth in its premium market segment, largely driven by growth in China [3] Group 4: Market Dynamics - Despite a 1.18% increase in revenue from high-end products, mainstream and economy products saw declines of 1.66% and 1.21%, respectively, leading to only a slight overall increase in main business revenue [4] - Chongqing Brewery is accelerating its entry into non-beer categories to meet diverse consumer demands, particularly in dining [4] - Carlsberg is strengthening its brand association with football, having established partnerships with both European and local Chinese football events [4] - Looking ahead to Q4, Carlsberg anticipates a slight decline in the overall Chinese beer market but expects positive sales growth in its own operations [4]

Core Viewpoint - Chongqing Beer reported strong performance in Q3 2023, with sales of 2.6681 million kiloliters, revenue of 13.059 billion yuan, and net profit of 1.241 billion yuan, despite increasing competition in the beer industry [1] Group 1: Financial Performance - In the first three quarters, the company's high-end products accounted for 59.08% of revenue, with high-end product revenue reaching 7.715 billion yuan, a year-on-year increase of 1.18% [3] - The overall profitability improved due to cost-saving measures and a decline in raw material costs, leading to an increase in gross margin [1][2] Group 2: Product Strategy - The company is focusing on optimizing its product structure and expanding its non-traditional beverage channels, which have driven double-digit growth in bottled and canned products [2][3] - New product launches include large-capacity offerings and innovative flavors, such as "Ushu Craft Red Robe Beer" and "Shancheng Longjing Green Tea Craft Beer," aimed at meeting changing consumer demands [2][3] Group 3: Market Competition - The beer industry is experiencing structural adjustments and intensified competition, with new players entering the market, including brands from other beverage sectors [4][5] - Despite the increased competition, the company believes that the entry of new players will invigorate the market and enhance innovation [4][5] - The company plans to continue investing in non-traditional channels and accelerate its O2O expansion to capture growth opportunities in instant retail [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 8.839 billion yuan in H1 2025, a slight decrease of 0.24% year-on-year, with a net profit attributable to shareholders of 865 million yuan, down 4.03% year-on-year [1] - The company is focusing on expanding its non-current drinking channels and strengthening its core market, although the product structure is slightly pressured due to weak performance in the catering channel [6][11] Revenue and Profit Analysis - In H1 2025, the company sold 1.8008 million tons of beer, a year-on-year increase of 0.95%, with an average price of 4,908 yuan per ton, down 1.18% year-on-year [2] - The revenue breakdown shows that high-end beer revenue was 5.265 billion yuan (up 0.04% year-on-year), mainstream beer revenue was 3.145 billion yuan (down 0.92%), and economy beer revenue was 196 million yuan (up 5.39%) [2] Regional Performance - In H1 2025, the company reported revenues of 2.596 billion yuan in the Northwest region (up 1.75% year-on-year), 3.532 billion yuan in the Central region (down 0.7%), and 2.479 billion yuan in the Southern region (down 1.47%) [4] Cost and Profitability - The company's gross margin and net margin for H1 2025 were 49.83% and 19.55%, respectively, with a year-on-year change of +0.62% and -0.76 percentage points [5] - The operating cash flow for H1 2025 was 2.906 billion yuan, an increase of 13.80% year-on-year [5] Future Projections - Revenue growth is projected at 0.6% for 2025, with net profit growth of 7.7% [11] - The estimated earnings per share (EPS) for 2025 is 2.5 yuan, with a price-to-earnings (P/E) ratio of 22.3 [12]

Core Viewpoint - Chongqing Brewery's performance in the first half of 2025 was under pressure due to weak on-premise consumption channels, with revenue declining by 0.24% to 8.839 billion yuan and net profit down by 4.03% to 865 million yuan despite a slight increase in sales volume [2][3]. Group 1: Product Innovation and Market Strategy - The company has focused on launching new products and expanding its presence in the western market, responding to competition from both beer and liquor companies [5][6]. - New product launches include various beer flavors and non-alcoholic beverages, with the energy drink and fruit soda performing well in targeted markets [9]. - The strategy of cross-industry expansion aims to attract younger consumers and adapt to health trends, with a focus on diversifying product offerings [9]. Group 2: Sales Performance and Channel Analysis - In the second quarter, the company experienced a decline in revenue and net profit, with high-end product sales showing almost no growth [10][12]. - The revenue from high-end products (priced above 8 yuan) grew by only 0.04%, while mainstream products (priced between 4-8 yuan) saw a decline of 0.92% [11]. - The company is shifting focus to non-on-premise channels, which are expected to grow as consumer preferences change, with a nearly 29% increase in canning rates for certain products [12][13]. Group 3: Regional Market Challenges - The southern market, a key area for the company, saw a revenue decline of 1.47% to 2.479 billion yuan, highlighting competitive pressures from other major brands [15][17]. - To address these challenges, the company announced a 600 million yuan investment in its subsidiary in Foshan to enhance operational capabilities and market competitiveness [17].

Core Insights - Chongqing Brewery reported a slight decline in revenue and profit for the first half of 2025, with revenue at 8.839 billion yuan, down 0.24% year-on-year, and total profit at 2.228 billion yuan, down 0.1% year-on-year [1] - The company experienced a 13.8% increase in net cash flow from operating activities, amounting to 2.906 billion yuan [1] - The decline in revenue and profit is attributed to upgraded consumer demand and weak performance in traditional on-premise channels [1] Revenue Breakdown - High-end (8 yuan and above) and economy (below 4 yuan) products saw revenue growth, while mainstream products (4 to 8 yuan) experienced a decline [2] - Revenue from high-end products reached 5.265 billion yuan, up 0.04%, and economy products generated 196 million yuan, up 5.39% [2] - Mainstream products generated 3.145 billion yuan, down 0.92% [2] Regional Performance - The Northwest region, as a base market, maintained revenue growth, with revenues of 2.596 billion yuan, while the Central and Southern regions saw declines [2] - Revenue for the Central region was 3.532 billion yuan, down 0.7%, and for the Southern region was 2.479 billion yuan, down 1.47% [2] - Increased sales investment has pressured revenue growth in some regions, particularly in the Southern and Central regions due to intense industry competition [2] Product Innovation - The company launched nearly 30 new products in the first half of the year, including various beer and beverage types [2] - Notable new products include "Carlsberg Smooth 5°," "Wusu Beer Tianshan Original Brew," and "Chongqing Craft Whole Wheat Beer 1L" [2] Sales and Distribution Strategy - The company has established a dedicated team for instant retail, focusing on collaboration with various regions and platforms to manage pricing and strategic partnerships [3] - The management emphasized the importance of meeting consumer convenience through membership stores, discount stores, and instant retail formats [3] - The company aims to provide differentiated products across various platforms to address pricing issues and enhance product innovation capabilities [3]

Core Viewpoint - Despite intense competition in the industry, Chongqing Beer Co., Ltd. is actively embracing change, identifying opportunities, optimizing strategies, and strengthening execution to explore new profit growth spaces in a stagnant market [1][3]. Financial Performance - In the first half of 2025, Chongqing Beer achieved a sales volume of 1.8008 million kiloliters, a year-on-year increase of 0.95%, outperforming the industry average, which saw a total beer production of 19.044 million kiloliters, a decline of 0.3% [1][4]. - The company reported operating revenue of 8.839 billion yuan and a net profit attributable to shareholders of 865 million yuan [1]. Product Strategy - Chongqing Beer launched nearly 30 new products in the first half of 2025, focusing on expanding non-on-trade channels and enhancing the proportion of canned products [3][4]. - The revenue breakdown by product category showed high-end products generating 5.265 billion yuan, mainstream products 3.145 billion yuan (a slight decline of 0.92%), and economy products 195 million yuan (an increase of 5.39%) [4]. Regional Performance - The Northwest region achieved revenue of 2.596 billion yuan, a year-on-year increase of 1.75%, while the Central and Southern regions experienced slight declines due to external competition and consumption environment pressures [4]. Marketing and Brand Development - The company is enhancing marketing innovation by focusing on local culture and consumption scenarios, which has helped maintain competitive advantages [5][6]. - Chongqing Beer is actively engaging in local brand promotions and events, such as beer festivals, to strengthen brand image and market presence [5]. Non-On-Trade Channel Expansion - The management emphasized the growth of non-on-trade channels, with double-digit growth in the canned product rate for several brands in the second quarter [6][8]. - The company plans to continue investing in non-on-trade channels and launching new products, particularly in the high-end segment [6]. Future Outlook - The management expects to continue benefiting from commodity price advantages, with no significant changes anticipated for the next year [8]. - The company is focusing on the development of new beverage products and exploring innovative packaging and flavors to meet diverse consumer demands [7][8].

Core Viewpoint - Despite weak current drinking channels and pressure on premiumization trends, Chongqing Beer sees growth opportunities in non-current drinking channels represented by instant retail and high-quality, cost-effective 1L craft beer products [1][10] Financial Performance - In the first half of 2025, the company's revenue slightly decreased by 0.24% to CNY 8.839 billion, while net profit attributable to shareholders fell by 4.03% to CNY 865 million [1][2] - Sales volume reached 1.8008 million kiloliters, an increase of 0.95% compared to the same period last year, outperforming the industry average which saw a 0.3% decline [1] Product Performance - Revenue from premium products priced at CNY 8 and above increased by 0.04% to CNY 5.265 billion, while mainstream products priced between CNY 4 and 8 saw a decrease of 0.92% to CNY 3.145 billion [5] - Revenue from economy products priced below CNY 4 rose by 5.39% to CNY 196 million [5] Regional Performance - Sales growth was observed across all regions, but increased investments led to revenue pressure in some areas, such as a slight decline of 1.47% in the southern region and 0.7% in the central region [5] Marketing and Branding Strategies - The management highlighted the launch of a new advertising campaign for Carlsberg, integrating it into dining scenarios, and promoting limited edition cans in conjunction with Liverpool's championship win [5] - The company is focusing on experiential marketing strategies, such as pairing specific beers with food, to strengthen its competitive edge [6] Non-Current Drinking Channel Growth - The management noted that while mainstream products in current drinking channels have declined, the canned product rate in non-current drinking channels has seen double-digit growth [6] - New product launches, including 1L canned craft beers, are aimed at meeting consumer demand for high-quality, cost-effective options [7][9] Instant Retail and New Channels - The company is actively engaging in instant retail and has established a dedicated unit to collaborate with various platforms to address pricing consistency and enhance product offerings [9] - The O2O business strategy focuses on improving visibility, store efficiency, and profitability, leveraging partnerships with platforms like Meituan [9][10]