Group 1 - The core consumer group for beer is expected to remain stable over the next five years, with a projected annual retail sales volume of around 43 million tons in China from 2025 to 2029 [2] - The beer industry is transitioning from volume growth to structural growth, with significant price increases driven by product upgrades and rising costs since 2018 [1][2] - The high-end beer market in China has substantial growth potential, as evidenced by the low percentage of high-end beer sales compared to other countries [3] Group 2 - The competitive landscape in the beer industry is stabilizing, with the top five companies expected to hold over 90% market share by 2024, focusing on high-end product offerings [4] - The rise of new consumption trends, such as self-indulgent drinking, is creating opportunities for niche categories within the beer market [4] - The current price range of 8-10 yuan for mid-range beers is leading the upgrade trend, while higher-end brands require time to establish themselves [4]