文｜李思商业案例 2025年8月，「青岛啤酒博物馆」在它开张的第22年周年庆时刻达成游客总接待量破1500万人次的成 就。 按照它淡季50元/人、旺季60/人呢、各种持证半价的收费标准，这座由「青岛啤酒」于2003年投资2800 多万建成的博物馆，累计门票收入就已经至少7亿元打底。当然，平均每年小几千万的营收相比青岛啤 酒的主业收入而言，几乎可以忽略不计，却也能作为对这座博物馆影响力的印证。 作为核心展示成立百年的青岛啤酒的老厂房、老设备、中国啤酒工业史的特色博物馆，它是「第四批国 家一级博物馆」，还是「国家工业旅游示范基地」，是「全国博物馆海外影响力百强」，更在近期入选 了「国家发改委2024年度全国消费新场景典型案例」。 基本上，来青岛旅游，已经把文创消费玩出花的青岛啤酒博物馆已经成为了游客的必去网红打卡地之 一。 无论你喝不喝酒。 一个卖啤酒的，能够在啤酒之外的行业找到一块如此鲜活的消费与展现场景，青岛啤酒博物馆无疑是让 酒业同行们羡慕的存在。 尤其是在行业大环境不景气的情况下。 但问题是，青岛啤酒已经在过去很长一段时间里，一直都在博物馆、文创IP、剧本杀、联名品、价比飞 天茅台的超高端啤酒等领域，在一 ...

食品饮料 2025 年 06 月 27 日 青岛啤酒(600600.SH) 百年青啤，行稳致远 推荐（首次） 股价：71.57 元 主要数据 | 行业 | 食品饮料 | | --- | --- | | 公司网址 | www.tsingtao.com.cn | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /45.01% | | 实际控制人 | 青岛市人民政府国有资产监督管理 | | | 委员会 | | 总股本(百万股) | 1,364 | | 流通 A 股(百万股) | 709 | | 流通 B/H 股(百万股) | 655 | | 总市值（亿元） | 818 | | 流通 A 股市值(亿元) | 508 | | 每股净资产(元) | 22.56 | | 资产负债率(%) | 38.5 | | 行情走势图 | | 平安观点： 公 司 报 告 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn | | 2023A | 2024A ...

Core Insights - Qingdao Beer has been recognized as one of the first "Chinese Consumer Brands" by the Ministry of Industry and Information Technology, highlighting its commitment to quality and consumer satisfaction [1] - The brand's unique "digital end-to-end quality management model" has allowed it to create products that exceed consumer expectations, reinforcing its strong market presence [1][6] Product Strategy - Qingdao Beer has developed a diverse product matrix consisting of 9 major series and over 70 products, catering to various consumer preferences and age groups [3] - The company has introduced innovative products such as the A6 and A3 from the upgraded Aogute series, as well as unique offerings like Nikashi White Beer and non-alcoholic White Beer, enhancing its product differentiation [5] Quality Management - The company emphasizes a rigorous quality control process, involving over 1,800 quality inspection projects and meticulous selection of ingredients, ensuring high standards in every bottle [7] - Qingdao Beer has integrated traditional craftsmanship with modern technology, digitizing quality management practices to preserve the expertise of its artisans [9] Consumer Engagement - Qingdao Beer has successfully positioned itself as a brand that resonates with younger consumers by creating products that align with their emotional and experiential values [10] - The brand has engaged in various marketing initiatives, including collaborations with sports events and the creation of themed products, to enhance its connection with consumers [12] Market Positioning - Qingdao Beer is seen as a leader in the Chinese beer industry, continuously innovating and adapting to market changes while maintaining a focus on quality [5][6] - The brand's ability to blend tradition with modern consumer trends has solidified its reputation as both a classic and trendy choice in the beverage market [10]

Core Viewpoint - Qingdao Beer Company demonstrated resilience in its financial performance amidst a slowing consumer recovery and increasing industry competition, achieving a revenue of 32.138 billion yuan in 2024, a year-on-year decline of 5.30%, while net profit grew by 1.81% to 4.345 billion yuan, marking five consecutive years of profit growth [1][2]. Financial Performance - In 2024, Qingdao Beer reported a revenue of 32.138 billion yuan, down 5.30% year-on-year, but net profit increased by 1.81% to 4.345 billion yuan [1][2]. - The company achieved a gross margin increase of 1.57 percentage points to 40.23% and a net margin increase of 1.16 percentage points to 13.98% in 2024 [2]. - Operating cash flow significantly improved, reaching 5.155 billion yuan, a year-on-year increase of 85.58% [2]. Strategic Initiatives - The growth in net profit is attributed to the company's focus on high-end product strategies, with mid-to-high-end product sales reaching 3.154 million kiloliters, accounting for 41.8% of total sales [3]. - The introduction of innovative products like the A series of "Aogute" and "Nikaqi White Beer" has diversified the product line and contributed to profit growth [3]. - The company accelerated its digital transformation, with online product sales increasing by 21% in 2024, marking 12 consecutive years of growth [3]. Market Expansion - Qingdao Beer is strengthening its presence in traditional markets while actively expanding online channels and new retail models to enhance brand loyalty [4]. - Despite a decline in total sales, the main brand's sales reached 4.34 million kiloliters, maintaining a leading market share [4]. - The company is also expanding its international market presence, distributing products in over 120 countries and regions, enhancing brand recognition through international exhibitions and tasting events [4]. Sustainability Efforts - Qingdao Beer has been recognized as the first "Sustainable Lighthouse Factory" in the global food and beverage industry, with 23 factories awarded national green factory status [5]. - The company is integrating industrial internet and IoT technologies to optimize supply chain efficiency and promote energy-saving initiatives, contributing to its ESG performance [5]. - The company aims to leverage its brand, quality, and distribution network to expand market presence and enhance operational and profitability capabilities [5].