Core Viewpoint - Chongqing Brewery's performance continues to decline, with a 0.24% decrease in revenue and a 4.03% decrease in net profit in the first half of 2025, indicating ongoing struggles after a year of poor performance [2][3] Financial Performance - In the first half of 2025, Chongqing Brewery achieved revenue of 8.839 billion yuan and net profit of 865 million yuan, both showing a downward trend compared to the previous year [2] - The company experienced a significant drop in revenue and net profit in 2024, with net profit decreasing by 16.61% [3] - Despite the decline in revenue and net profit, sales volume increased by 0.95% to 1.8008 million kiloliters in the first half of 2025 [3] Product Segmentation - Revenue from high-end products accounted for 59.6% of total revenue, while mainstream products contributed 35.6% and economy products only 2.2% [4] - Mainstream product revenue decreased by 0.92% to 3.145 billion yuan in the first half of 2025, marking the only decline among the three product categories [4] - High-end product revenue showed negligible growth of 0.04%, indicating a slowdown in growth for both mainstream and high-end products since 2024 [4][5] Regional Performance - The South region, a key growth area for Chongqing Brewery, saw a revenue decline of 1.47% in the first half of 2025, the most significant drop among the three core sales regions [6] - The South region had previously been a strong performer, with revenue growth exceeding 13% in 2022 and 2023, but is now facing increased competition from brands like Zhujiang and Qingdao [6] Strategic Actions - In response to declining performance, Chongqing Brewery announced a 600 million yuan capital increase for its subsidiary, Carlsberg Chongqing Brewery, to enhance its market competitiveness [7] - The company is also diversifying its product offerings by launching non-beer products such as fruit-flavored soda and energy drinks to adapt to market changes and consumer preferences [8][9]

Core Viewpoint - Chongqing Brewery reported a decline in both revenue and net profit for the first half of 2025, marking the first time in a decade that both metrics have decreased in the interim report [1][2]. Financial Performance - The company achieved a sales volume of 1.8008 million kiloliters, a year-on-year increase of 0.95% [1]. - Revenue for the first half was 8.839 billion yuan, a slight decrease of 0.24% year-on-year [1]. - Net profit attributable to shareholders was 865 million yuan, down 4.03% year-on-year [1]. - In Q2, revenue was 4.484 billion yuan, a decline of 1.84% year-on-year, while net profit was 392 million yuan, down 12.7% year-on-year [1]. Product Segmentation - The company relies heavily on premium and mainstream products, which together account for over 95% of revenue [1]. - Revenue from premium products was 5.265 billion yuan, a marginal increase of 0.04% year-on-year [1]. - Revenue from mainstream products was 3.145 billion yuan, a decline of 0.92% year-on-year [1]. - Revenue from economy products was 196 million yuan, an increase of 5.39% year-on-year [1]. Market Conditions - The consumption market is still in a recovery phase with uncertainties, and competition has intensified due to increased investments from national beer companies [2]. - The southern market, which had seen rapid growth in previous years, experienced a revenue decline of 1.47% in the first half [2]. Strategic Initiatives - Chongqing Brewery announced a 600 million yuan capital increase to accelerate its expansion in the South China market [2]. - The company is focusing on product innovation and has launched new products in both the craft beer segment and non-beer categories, including an energy drink [2]. - The number of distributors increased by 11 to a total of 3,091 by the end of the reporting period [2]. Company Background - Chongqing Brewery is a member of the Carlsberg Group, one of the world's three largest beer companies [2]. - The company was established in 1958 and listed on the Shanghai Stock Exchange in 1997, with Carlsberg becoming the majority shareholder through multiple acquisitions [2]. - Carlsberg Hong Kong and Carlsberg Chongqing are the largest shareholders, holding a combined 60% stake [2]. Industry Position - Chongqing Brewery ranks fifth among publicly listed companies in the Chinese beer industry [3].

新京报讯（记者王子扬）8月14日，啤酒企业重庆啤酒股份有限公司（简称"重庆啤酒"）发布2025 年半 年度报告显示，上半年公司实现营业收入88.39亿元，同比微降0.24%；净利润为8.65亿元，同比下滑 4.03%。上半年啤酒销量达180.08万千升，同比增长0.95%。 编辑 李严 财报显示，重庆啤酒拥有由本地品牌和国际品牌组成的品牌组合，本地品牌有乌苏、重庆、山城、西 夏、大理、风花雪月、天目湖、京A等，国际品牌有嘉士伯、乐堡、1664、布鲁克林、夏日纷等。 校对 柳宝庆 非啤酒品类方面，除了在重庆、新疆推出"天山鲜果庄园"橙味汽水，重庆啤酒发布的首款能量饮料"电 持"，已率先在新疆上市；"保斯达"苏打汽水全新纤体罐系列上市，在延续经典原味的同时引入香草口 味。此外，精酿品牌"京A"实施全面升级，推出四款罐装新品。 按产品档次分类来看，高档产品收入52.65亿元，同比增长0.04%；主流产品收入31.45亿元，同比下滑 0.92%；经济型产品收入1.96亿元，同比增长5.39%。根据重庆啤酒分类，价格8元及以上的产品为高档 产品，4元到8元的产品为主流产品，4元以下的产品为经济型产品。 经销商方面，重庆 ...

一个引人关注的细节，翻遍重庆啤酒2024年年报，未见到"高端化"一词。相较2023与2022年财报中各出 现12次，"高端化"一词在2024年财报中的缺席引人关注。 "高端化"自2016出现于重庆啤酒年报以来，已在此后8年的年报中被连续提及。该战略曾为重庆啤酒和 嘉士伯这对老搭档在多年间带来不俗业绩增长。 在"质价比"主导、消费理性回归的当下，高端化对业绩的拉动力显著减弱，亦与公司略显承压的经营表 现形成呼应。 智通财经编辑 | 任雪松 2024年，公司实现营收约为146.45亿元，相比上年同期下跌1.15%；即使扣除嘉威啤酒诉讼影响，扣非 净利润也出现逾7%同比下滑。2025年一季度虽实现营收、净利润双升，但低单位数的增幅与此前三年 高歌猛进的上升势头不可同日而语。 从重庆啤酒近年一季报情况来看，2025年Q1的营收、净利润增速出现明显放缓，图片：百度股市通 智通财经记者 | 富充 | 产品档次 | 产量(千升) | 同比 (%) | 销量(千升) 同比(%) | | 产销率 (%) | 销售收入 | 同比 (%) | 主要代表品牌 | | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - Chongqing Brewery is experiencing growth in its high-end beer products, and the trend of premiumization in the beer industry is expected to continue, driven by innovation and fragmented consumer demands [1][2]. Group 1: Financial Performance - In Q1 2025, Chongqing Brewery achieved beer sales of 883,500 kiloliters, a year-on-year increase of 1.93% [1]. - The company reported operating revenue of 4.355 billion yuan, up 1.46% year-on-year [1]. - Net profit reached 473 million yuan, reflecting a year-on-year growth of 4.59% [1]. - The adjusted net profit was 467 million yuan, with a year-on-year increase of 4.74% [1]. Group 2: Product Innovation and Brand Strategy - Chongqing Brewery has a diverse brand portfolio that includes both local and international brands, with local brands accounting for 70% of national sales [1]. - The company is accelerating product innovation, launching multiple new products and packaging to meet diverse consumer needs [1]. - Innovations are focused on two areas: within beer (concepts, trends, flavors, packaging) and outside beer (beverage product innovations) [1]. Group 3: Market Opportunities - The beer industry still presents opportunities in instant retail channels, and Chongqing Brewery is deepening its collaborations in this area [1]. - Although the company has ventured into beverage products, the primary focus remains on beer, with non-beer products currently in a developmental stage [2].