在2024年消费市场整体承压的背景下，重庆大消费板块上市公司凭借产品创新、渠道变革与品牌升级， 交出了一份较为亮眼的高质量发展"答卷"。 A股上市公司挑起了重庆消费市场的大梁，有友食品（603697）、重庆百货（600729）、重庆啤酒 （600132）、涪陵榨菜（002507）、百亚股份（003006）等企业通过差异化战略布局，在业绩复苏与结 构优化中展现出强劲韧性。总体来看，前述5家上市公司2024年合计实现营业收入386.07亿元，实现净 利润36.74亿元，营收与净利润与前一年度基本持平；进入2025年之后，在第一季度中，相关企业合计 净利润实现同比增长。 展望2025年，随着消费场景复苏与产业升级推进，重庆大消费上市公司有望通过"产品+渠道+品牌"三 轮驱动，在高质量发展道路上持续领跑。 提升商品力优化营销体系 2024年，国内经济总体回暖向好，国家出台一系列刺激消费的政策措施，为促进消费创造了良好条件。 面对复杂多变的市场环境，重庆相关上市公司在挑战中抓转型、求突破，不断提升商品力，打造新场 景，推动业态融合，聚焦降本增效，重庆大消费行业上市公司业绩总体保持稳定。 作为重庆老牌零售消费龙头，重庆百 ...

Core Viewpoint - Chongqing Brewery has shown a steady start in Q1 2025 with beer sales of 883,500 kiloliters and revenue of 4.355 billion yuan, despite facing growth pressures in 2024 [1][2] Product Structure Optimization - In Q1 2025, Chongqing Brewery achieved a beer sales increase of 1.93% year-on-year, with revenue growth of 1.46%, and a net profit increase of 4.59% [2] - The company faced overall pressure in 2024, with both revenue and net profit declining, but has shown resilience in Q1 2025, enhancing management confidence [2] - The company has accelerated the launch of new products, introducing over 10 new items across 6 brands in Q1 2025, marking the highest number of new products for the same period [2][3] Channel Dynamics - The sales of high-end beer (priced above 8 yuan) saw a decline in revenue by 2.97% in 2024, primarily due to weak recovery in on-premise consumption [4] - Chongqing Brewery is focusing on expanding non-on-premise channels and increasing the proportion of canned products, which rose to 26% in 2024, up 3.5 percentage points from 2023 [4] - The company aims to increase the canned product sales ratio to 40% to better match market potential, leveraging both cost and sales advantages [4] Beverage Market Expansion - Chongqing Brewery is entering the beverage market, launching new products like orange-flavored soda in 2025, following the introduction of Dali Cang'e soda in 2024 [5][6] - The company is focusing on strong market areas for beverage product promotion, despite the current small revenue contribution from beverages [6] Dual-track Strategy for Domestic and International Brands - As a subsidiary of Carlsberg Group, Chongqing Brewery is optimizing its product mix under the "Jiasu Yangfan" strategy, focusing on strong market profitability and expanding coverage in growth markets [7] - In 2024, domestic brands generated revenue of 8.862 billion yuan, down 3.3%, while international brands saw a slight increase of 0.58% to 5.308 billion yuan [7] - The company maintains healthy inventory levels as of the start of 2025, with expectations for further optimization during the summer peak season [7]

Core Insights - In Q1 2025, the company reported a beer sales volume of 883,500 kiloliters, a year-on-year increase of 1.93% [1] - The company's operating revenue reached 4.355 billion yuan, up 1.46% year-on-year, while net profit attributable to shareholders was 473 million yuan, reflecting a 4.59% increase [1] - The growth rates for revenue and net profit in Q1 are the lowest for the same period in the past five years [1] Product Performance - The company's economy products priced below 4 yuan generated revenue of 91 million yuan, with a growth rate of 6.09% [1] - High-end products priced above 8 yuan and mainstream products priced between 4 to 8 yuan achieved revenues of 2.602 billion yuan and 1.55 billion yuan, respectively, with growth rates of 1.21% and 1.99%, showing little change compared to previous years [1][2] New Product Launches - Since the beginning of 2025, the company has launched six new products, including "Carlsberg Smooth 5°" and "Chongqing Craft All-Malt Beer 1L" [2] - The growth rates for high-end and mainstream products have significantly slowed compared to the previous year's growth rates of 61.56% and 36.38% [2] Revenue by Channel - The company primarily relies on wholesale and agency channels, generating revenue of 4.238 billion yuan, a slight increase of 1.63% year-on-year [2] - Revenue distribution across regions includes 1.178 billion yuan from the Northwest region, 1.835 billion yuan from the Central region, and 1.231 billion yuan from the Southern region, accounting for 27.75%, 43.24%, and 29.01% of total revenue, respectively [2] Shareholder Changes - Significant changes occurred among the top ten shareholders in Q1, with Hong Kong Central Clearing Limited reducing its holdings by 8.4334 million shares, a decrease of 22.74% [3] - "New China Life Insurance Co., Ltd." increased its holdings by 6.1769 million shares, a rise of 106.12% [3] - New entrants among the top shareholders include "Industrial and Commercial Bank of China Co., Ltd." and "CITIC Securities Co., Ltd." [3]

4月29日，重庆啤酒（600132）正式发布2025年一季报，今年前3个月，该上市公司实现营业收入43.55 亿元，同比增长1.46%；实现净利润4.73亿元，同比增长4.59%；扣非净利润为4.67亿元，同比增长 4.74%。 近年来，重庆啤酒还持续加码打造新消费场景，拓展品牌触点，激发消费新体验。本土品牌方面，"重 庆啤酒"持续推广"吃重庆火锅，喝重庆啤酒"的重庆体验，加快全国化布局；"乌苏啤酒"继续强化硬核 品牌定位，在成都开设全国第三家乌苏烧烤门店，进一步夯实"吃烧烤，喝乌苏"的消费联想；"风花雪 月"借助云南旅游（002059）热度，紧跟低醇消费趋势，实现快速增长。 目前，重庆啤酒拥有由本地品牌和国际品牌构成的多元品牌组合，包括乌苏、重庆、山城、西夏、大 理、风花雪月、天目湖（603136）、京A等本地品牌，以及嘉士伯、乐堡、1664、布鲁克林、夏日纷等 国际品牌。 进入2025年，重庆啤酒旗下已有6个品牌推出新品，包括"嘉士伯醇滑5°""乌苏啤酒天山原酿""重庆精酿 全麦啤酒1L""西夏X5星空"升级版、"西夏特酿""天目湖全麦芽"，以及京A的"轻盈马赛克""好事橙 双""桃紫幺幺"等多个限定产品 ...