智通财经记者 | 武冰聪 智通财经编辑 | 任雪松 侯孝海勇闯天涯的第下一站选择了正大集团。 1月9日，有消息称华润啤酒前董事长侯孝海任职正大集团中国区COO，负责中国区日常经营管理工 作。 对此消息，侯孝海回复智通财经称，考虑到他自身未满退休年龄，且自身的经历、经验可能对企业有一 些帮助，于是考虑到正大去做一些工作。"正大在中国的发展涉及饲料、养殖、食品加工等各个领域， 都有很好的表现。"侯孝海说。 实际上，侯孝海与正大之间的合作早已展露出苗头。据正大集团旗下公众号"正大之窗"消息，2025年11 月10日第八届中国国际进口博览会期间，侯孝海作为正大集团中国区资深专家顾问参观正大展馆。 正大集团由泰籍华人谢易初于1921年在泰国创立，但这家公司早就在中国市场有很强的存在感。比如， 中国观众自1990年开始通过中央电视台观看的综艺节目《正大综艺》，就是由该集团冠名的。 公开资料显示，正大集团从种子业务起家，目前正大集团已成为横跨农牧食品、批发零售、电信电视、 金融、地产、制药、机械加工等10多个领域。正大集团是改革开放后第一家进入中国大陆的外资企业， 2024年其全球销售额达到1022亿美元。 据21世纪经济 ...

1月9日早间消息，华润啤酒（控股）有限公司前董事会主席侯孝海已正式入职正大集团，任职正大集团中国区首席运营官（COO），负责中国区日 常经营管理工作。 消息传开后，有行业人士向《国际金融报》记者证实，"此事早有风声，大概率属实"。随后，侯孝海本人也向媒体直接确认了上述任职消息。 左宇 摄 后续关联动作持续落地。12月12日，侯孝海与正大集团资深副董事长谢毅等人，接待了凉山州农垦置业集团相关负责人一行，并一同考察正大·兴隆 咖啡文化园；当月月底，其又参加了正大集团中国区"高管真言"系列分享会，不过当时对外身份仍标注为"华润啤酒原董事会主席"。 公开资料显示，正大集团系泰籍华人谢易初于1921年在泰国创办，在泰国亦称卜蜂集团，如今已发展成为以农牧食品、批发零售、电信电视三大事业 为核心，同时涉足金融、地产、制药、机械加工等10多个行业和领域的大型跨国公司。集团业务遍及全球100多个国家和地区，全球员工超46万人，2024 年全球销售额1022亿美元。值得一提的是，身为中国第0001号外资企业，正大集团已进入中国市场四十余年。 事实上，侯孝海入职正大集团并非毫无铺垫，此前已有多重迹象可循。 2025年11月的第八届 ...

1月9日，据21世纪经济报道援引知情人士消息，华润啤酒原董事会主席侯孝海已正式入职正大集团，出任中国区首席运营官（COO），将主要负责正大集 团中国区消费品的市场与营销整合工作，包括正大集团的鸡蛋、猪肉、鸡肉、食品、饲料等业务。 另据每日经济新闻报道，侯孝海本人对此仅表示"谢谢，感谢关注"，而未进一步透露相关细节。 智通财经注意到，在去年11月的上海进博会期间，侯孝海曾以正大集团中国区资深专家顾问身份出席。而在12月中旬正大集团中国区的一场分享活动上，侯 孝海也有出席，并发表演讲。 这一变动距离侯孝海卸任华润啤酒核心职务已过去半年多。 2025年6月，华润啤酒发布公告称，侯孝海因有意投入更多时间于个人安排而决定辞任执行董事及董事会主席，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各自之成员，自6月27日召开之董事会会议结束时起生效。 华润啤酒强调，侯孝海已确认其与董事会之间并无意见分歧。公司董事会及其成员衷心感谢侯孝海于任内对集团的付出和卓越贡献。 公开资料显示，1968年出生的侯孝海毕业于中国人民大学统计学院，早年任职首钢、盖洛普咨询及四川百事可乐，2001年底加入华润啤酒后，从销售 ...

"雪花"飘向深圳。 作者 | 李白玉 编辑 | 趣解商业·酒香频道 自完成"东北大撤退"后，中国最大啤酒巨头再次"南迁"。 日前，据媒体报道，华润啤酒全国总部已从北京正式迁入深圳宝安，高度超过180米的雪花总部大厦同步启用，公司官方网站地址也已完成相应变更。 图源：罐头图库 然而好景不长，2014年后，中国啤酒市场总量见顶，行业步入存量竞争阶段。 图源：微博截图 纵观华润啤酒近年动向，从东北收缩到总部南迁，从高端化探索到跨界破圈，一系列动作展现了一家啤酒巨头的发展变迁。然而，地理上的迁移易，战略 上的升级难；业务上的跨界易，实质上的突破难。 一路向"南"只是开始，真正的考验或许在于能否在向南之后，真正"向上"。 1993年，在时任华润创业总经理宁高宁的带领下，华润通过与沈阳啤酒厂合资成立了沈阳华润雪花啤酒有限公司，正式进入啤酒行业。彼时，手握雄厚资 本的华润在东北市场开启了快速扩张的"收购模式"；据统计，其初期在东北地区收购的啤酒厂就超过14家。 到2011年，华润雪花在辽宁的市场份额高达68%，在沈阳、大连等重点城市更超过70%，成为名副其实的"辽宁王"；同年，公司年销量突破1000万吨，成 为国内首家达成 ...

华润啤酒 20251222 摘要 啤酒行业淡季稳定，竞争格局未见显著变化，中国啤酒企业销售单价略 有下降，但幅度不大。2025 年全年销量增长低单位数，高端品牌喜力 保持约 20%增长，整体市场趋于稳定。 华润啤酒预计 2026 年铝罐提价影响有限，毛利率有望受益于材料成本 压力减小和高端化产品推动而提升，费用控制将持续，对明年持谨慎乐 观态度，量价预计与 2025 年相似。 面对 6~10 元价格区间竞品竞争，华润啤酒将微调策略应对，坚持高端 化路径，加强与代加工、贴牌合作，满足消费者个性化需求，并通过数 据分析精准把握消费变化。 高端化发展仍有空间，关键在于提供高品质、高定位的理由，精准定位 目标客户群并有效推广。大单品战略覆盖面广，引领区域价格定位，展 示产品组合优势。 华南地区特别是广东省是啤酒销量最大的省份，华润啤酒将积极推动华 南区发展，以期获得更大市场份额，总部搬迁深圳旨在优化资源配置， 服务长远发展目标。 Q&A 今年（2025 年）整体餐饮市场的情况如何？华润啤酒在不同区域的业务表现 如何？ 今年（2025 年），整体餐饮市场呈现出稳定状态，虽然部分区域和结构性复 苏迹象初现，但整体数据并未 ...

Core Insights - The Chinese beer market is undergoing significant changes, with local brands showing resilience and international brands facing challenges in maintaining their market share [3][6][15] - The competition has intensified, leading to a shift in consumer preferences and a need for international brands to adapt their strategies to align with local market dynamics [7][29] Industry Overview - The beer industry in China has entered a phase of stock competition, with overall production capacity at about 70% of its peak [6] - The latest data from the National Bureau of Statistics indicates a 1% year-on-year decline in beer production in October, with cumulative production growth slowing to 0% for the first ten months of the year [5] Brand Performance - Domestic brands like Tsingtao, Yanjing, and Zhujiang have shown growth in revenue, profit, and sales, while international brands like Budweiser and Carlsberg are experiencing declines [6][15] - Budweiser's performance in China has been under pressure, with a two-digit decline in revenue, profit, and sales for the first three quarters of the year [15][17] Market Dynamics - The shift in consumer behavior has led to a decline in the on-premise consumption channel, with a move towards new categories and channels [9][34] - The average market price for beer has decreased, prompting Budweiser to focus on its Harbin brand to capture growth opportunities in the 8-10 yuan price range [34][37] Strategic Adjustments - Budweiser is adjusting its strategy by increasing its focus on non-drinking channels and expanding its product offerings to include larger cans and innovative flavors [38][40] - Heineken has successfully leveraged its partnership with China Resources to expand its market presence and product distribution across various channels, including retail and e-commerce [25][32] Consumer Preferences - Chinese consumers are increasingly open to innovative flavors and higher alcohol content, with tea-infused beers gaining popularity [41] - The acceptance of new beer categories is significantly higher in China compared to other markets, indicating a potential for growth in product innovation [3][41]

Core Insights - The Chinese beer industry is experiencing a shift towards domestic brands, with a notable recovery in their performance while international brands face challenges [1][2][3] - The overall beer consumption in China is still on a steady rise, despite a slight decline in production in October [1] - The market dynamics have changed, with domestic brands like Qingdao Beer and Yanjing Beer showing growth, while international brands like Budweiser are struggling [1][10] Industry Overview - The Chinese beer market has entered a phase of stock competition, with the industry's scale at about 70% of its peak [1] - The latest statistics show a 1% year-on-year decline in beer production for October, with cumulative production growth for the first ten months at 0% [1] - The industry is now in its twelfth year of stock competition, indicating a mature market environment [1] Brand Performance - Domestic brands such as Qingdao Beer, Yanjing Beer, and Zhujiang Beer have maintained growth in revenue, profit, and sales in the first three quarters of 2025 [1] - Budweiser has reported a double-digit decline in revenue, profit, and sales in the Chinese market for the first three quarters [1][10] - Heineken has shown significant growth, with sales increases of 30% to 70% for its products in recent years, positioning China as its second-largest market globally [11][14] Market Dynamics - The shift in consumer preferences has led to a decline in the dominance of international brands, particularly in the nightlife channel, which has been underperforming [2][24] - Heineken's strategy has focused on expanding into non-nightlife channels, leveraging partnerships with local distributors to enhance market penetration [20][25] - Budweiser's market share in regions like Fujian has decreased significantly, while the combined share of China Resources and Heineken has increased [12] Marketing Strategies - Both Budweiser and Heineken have engaged in high-profile sponsorships and events to enhance brand visibility, with Budweiser sponsoring the Tomorrowland music festival in Shanghai [4][7] - Heineken has also positioned itself as a key player in major events like the F1 China Grand Prix, resulting in a 14% increase in sales during the event [8] - The marketing strategies of both brands have evolved, with a focus on aligning with local consumer trends and preferences [29][30] Consumer Trends - The Chinese beer market is witnessing a shift towards innovative flavors and products, with a growing acceptance of new beer styles such as tea-infused beers [42] - There is a notable preference for higher alcohol content and unique flavors among Chinese consumers, contrasting with trends in Western markets [41][42] - The industry is encouraged to expand its product offerings to include low-alcohol and non-alcoholic options, although these segments remain niche in China [40][41]

Core Insights - The Chinese beer market is undergoing significant changes, with local brands showing resilience and growth while international brands face challenges [2][3][5] - The industry is shifting from a focus on high-end products to a more diverse range of offerings, including lower-priced options and innovative flavors [31][37][38] Industry Overview - The beer industry in China has entered a phase of stock competition, with production levels at about 70% of their peak [3] - The latest statistics show a 1% year-on-year decline in beer production in October, with cumulative production growth for the first ten months at 0% [3] Brand Performance - Domestic brands like Tsingtao, Yanjing, and Zhujiang have reported growth in revenue, profit, and sales, while international brands like Budweiser and Carlsberg are experiencing declines [3][11] - Budweiser's performance in China has been disappointing, with a projected decline in revenue, profit, and sales for three consecutive years [11][12] Market Dynamics - The shift in consumer preferences has led to a decline in the night-time economy, affecting high-end brands that previously thrived in this channel [5][24] - Heineken has successfully leveraged local partnerships to expand its market presence, achieving significant sales growth in recent years [13][25] Strategic Initiatives - Budweiser is attempting to adapt by focusing on lower-priced products and expanding its presence in non-drinking channels [31][33] - Heineken's strategy includes entering various retail channels and enhancing its marketing efforts to resonate with local consumers [28][29] Consumer Trends - Chinese consumers are increasingly open to innovative beer flavors, with tea-infused beers gaining popularity [37][38] - The market is seeing a shift towards non-alcoholic and low-alcohol products, although these remain niche compared to traditional beer consumption [37][38]

Core Insights - The beer industry in China is undergoing significant changes, with multinational companies needing to adapt to a rapidly evolving market where traditional strategies are no longer effective [1][4][24] - Domestic brands are showing strong recovery, while international brands are experiencing mixed results, highlighting a shift in consumer preferences and market dynamics [3][10][17] Industry Overview - The Chinese beer market has entered a phase of stock competition, with overall production capacity at about 70% of its peak [3] - In October, the production of beer by large-scale enterprises in China saw a year-on-year decline of 1%, with cumulative production growth for the first ten months remaining at 0% [2] Brand Performance - Domestic brands like Tsingtao, Yanjing, and Zhujiang have reported growth in revenue, profit, and sales, while international brands like Budweiser and Carlsberg are facing challenges [3][10] - Budweiser's performance in China has been declining for three consecutive years, with double-digit decreases in revenue, profit, and sales in the first three quarters of 2023 [9][10] Market Dynamics - The high-end beer market, traditionally dominated by Budweiser and Heineken, is facing pressure as the on-premise consumption channels weaken and new product categories emerge [4][25] - Heineken has successfully leveraged its partnership with China Resources to expand its market presence, achieving significant sales growth in recent years [10][20] Consumer Preferences - Chinese consumers are increasingly open to new beer categories and flavors, with a notable rise in interest for innovative products like tea-infused beers [32] - The shift in consumer behavior has led to a greater focus on non-on-premise channels, with 60% of beer sales now coming from retail channels [29] Strategic Adjustments - Budweiser is adjusting its strategy by focusing on its Harbin brand to capture growth opportunities in the 8-10 yuan price range, reflecting a broader trend of price adjustments in the industry [26][25] - Both Budweiser and Heineken are recognizing the need to enhance their presence in non-on-premise channels and adapt to changing consumer preferences [28][29]

华润啤酒 20251125 摘要 华润啤酒 2025 年整体运营稳定，下半年毛利率虽略有下降，但上半年 受益于澳大利亚大麦的使用和三金计划的实施，毛利率改善超 2 个百分 点，费用率有效节省，上半年贡献对全年影响更大。 面对当前经济环境，消费者对性价比高的差异化产品需求增加，推动区 域高端化产品组合发展。公司通过啤酒渠道销售中档白酒，并调整高端 白酒策略以应对行业转型，但白酒业务短期内利润贡献有限。 预计 2026 年，若经济环境无重大变化，量、价及高端化发展将与 2025 年类似。通过数据化、智能化和光伏发电等措施，费用率有望进 一步降低，毛利率预计改善，带动利润率提升，但对白酒行业持谨慎态 度。 公司对资本支出持谨慎态度，预计 2025 年资本支出约 20 亿，未来几 年基本维持此水平，但会进行必要投资，如喜力和智能化工厂。经营性 现金流充裕，计划将分红率从 2024 年的 52%提升至 2025 年的 60% 左右，并稳步提升至 70%以上。 Q&A 面对餐饮和零售渠道中精酿啤酒的渗透，公司采取全渠道覆盖策略，并 与盒马、山姆等新兴渠道合作，为其生产自有品牌啤酒，同时销售自有 品牌，以了解消费者喜好变化 ...