Core Viewpoint - Chongqing Brewery reported a decline in both revenue and net profit for the first half of 2025, marking the first time since 2015 that both metrics have decreased in the interim report [1] Financial Performance - The company achieved a revenue of 8.839 billion yuan, a year-on-year decrease of 0.24% [1] - The net profit attributable to the parent company was 865 million yuan, down 4.03% year-on-year [1] - Management expenses increased by 7.43% to 289 million yuan, contributing to the profit decline [1] Product Performance - Revenue from economic products (priced below 4 yuan) grew by 5.39% year-on-year, while revenue from mainstream products (priced between 4 and 8 yuan) fell by 0.92% [1] - The overall decline in main business revenue was attributed to the drop in mainstream product sales [1][2] Market Position - Chongqing Brewery's revenue ranking in the industry has dropped to fifth place, overtaken by Yanjing Beer, which achieved a revenue growth of 3.2% to 14.667 billion yuan [2] - The sales revenue of mainstream products, represented by brands like Chongqing and Wusu, decreased by 1.02% [2] Legal Issues - The company is involved in a legal dispute with Chongqing Jiawei Brewery, resulting in a court ruling that requires Chongqing Brewery to pay 350 million yuan in damages [3] - The company has appealed the ruling, and the case is currently under review in a higher court [4] Strategic Moves - Chongqing Brewery plans to invest 600 million yuan in its subsidiary, Carlsberg Brewery (Foshan), to enhance its capital strength and improve its asset-liability structure [4]

Core Viewpoint - Chongqing Beer reported a decline in both revenue and net profit in the first half of the year, indicating challenges in its high-end product strategy amid weak consumer demand [1][4]. Financial Performance - The company achieved operating revenue of 8.839 billion yuan, a year-on-year decrease of 0.24% [1]. - Net profit attributable to shareholders was 865 million yuan, down 4.03% year-on-year [1]. - Sales volume reached 1.8008 million kiloliters, a year-on-year increase of 0.95%, outperforming the industry average [1]. Product Performance - Revenue from high-end products (priced at 8 yuan/bottle and above) was 5.265 billion yuan, showing almost no growth [2]. - Revenue from mainstream products (priced at 4-8 yuan/bottle) decreased by 0.92% to 3.145 billion yuan [2]. - Economic products (priced below 4 yuan/bottle) saw a growth of 5.39%, generating 196 million yuan [2]. Regional Performance - The Northwest region experienced revenue growth of 1.75%, totaling 2.596 billion yuan, being the only region with an increase [2]. - The Central region's revenue declined by 0.7% to 3.532 billion yuan [2]. - The Southern region's revenue fell by 1.47% to 2.479 billion yuan [2]. Strategic Challenges - The company's high-end strategy is facing significant challenges, with high-end product revenue growth nearly stagnant [4]. - The shift in branding strategy has led to a noticeable decline in sales of the local brand "Shancheng" beer since the acquisition by Carlsberg Group [4].

Group 1: Investment Opportunities in Tourism and CRO Industry - Mid-term focus on companies in the tourism service sector such as China Youth Travel Service, China Duty Free Group, Songcheng Performance, and Jinjiang Hotels, especially those targeting mid-to-high-end tourism consumption and high-growth regions like East and South China [1] - The domestic CRO industry has transitioned from a boom driven by policy and capital to a downturn dominated by oversupply and shrinking demand, indicating a clear mid-to-long-term investment logic due to policy catalysts and concentration among leading firms [3] - For investors with higher risk tolerance, the current period may present a left-side opportunity to invest in quality CRO companies, with a recommendation to closely monitor policy developments and changes in the fundamentals of leading firms [3] Group 2: Trends in Livestock and New Energy Vehicles - Short-term caution against heavily investing in pig farming stocks such as Wens Foodstuffs, Muyuan Foods, and Zhengbang Technology, as profitability remains challenged [3] - The pig industry is currently experiencing a phase of high prices stagnating, rising costs, and cautious restocking, leading to compressed profits across the industry chain, which is unfavorable for the recovery of farming profitability [3] - Data indicates a significant increase in the acceptance of new energy vehicles for long-distance travel, suggesting a structural change in user behavior beyond urban commuting [2] Group 3: Developments in Pharmaceutical Retail - The launch of the first national standard for research-oriented pharmacies marks a significant step in integrating pharmacies into the clinical research system, enhancing the diversity and validity of data samples for traditional Chinese medicine [6][7] - Major chain pharmacies like Yifeng Pharmacy, Dazhenglin, and Lao Baixing are expected to lead the transformation into research-oriented pharmacies, equipped with necessary data collection devices and quality control systems [7] - Traditional Chinese medicine companies such as Tongrentang, Yunnan Baiyao, Yiling Pharmaceutical, and Kangyuan Pharmaceutical may benefit from this new model by expanding real-world data channels and improving the success rate of new drug registrations [6]

Core Viewpoint - The ongoing trademark dispute between Carlsberg's Chongqing Brewery and Chongqing Jiawei Brewery over the "Shancheng Beer" brand has intensified, with recent trademark registrations by Carlsberg indicating a strategic move to solidify its ownership and market position [1][3][5]. Group 1: Trademark Registration and Ownership - Carlsberg's Chongqing Brewery has recently obtained multiple trademark registrations for "Shancheng Beer" between May 6 and May 19, 2025, asserting its complete ownership of the brand [1]. - The trademark registrations include various designs and names associated with "Shancheng Beer," highlighting Carlsberg's commitment to securing its brand identity [4][5]. - Chongqing Jiawei claims that the agreement to use the "Shancheng" trademark was intended to provide them with permanent usage rights, which they argue is essential for their sustainable development [5]. Group 2: Legal Disputes and Market Dynamics - The legal battle between Chongqing Brewery and Chongqing Jiawei has been ongoing, stemming from Jiawei's role as a contract manufacturer for "Shancheng Beer" [1][2]. - Following a legal defeat, Chongqing Brewery emphasized that it has sufficient production capacity and criticized the partnership with Jiawei as detrimental to its interests [1][5]. - Chongqing Jiawei contends that the collaboration has significantly benefited Carlsberg and Chongqing Brewery, enhancing their market position and brand authority in the region [2]. Group 3: Future Implications - The recent trademark registrations by Carlsberg may lead to renewed conflicts with Chongqing Jiawei, as the latter's rights to the "Shancheng" brand are closely tied to the existing sales agreements, which are set to expire in January 2029 [5]. - The ongoing trademark battle and the associated legal disputes could have significant implications for both companies' market strategies and brand positioning in the competitive beer industry [5].

Group 1 - The core point of the news is that Chongqing Beer has successfully registered the "Mountain City Beer" trademark, which is part of its routine management and protection of its trademark assets [2] - The trademark registration was conducted by Carlsberg Chongqing Beer Co., Ltd., a subsidiary of the listed company Chongqing Beer, which has registered a total of 9 "Mountain City Beer" trademarks this year [2] - The trademarks are classified under category 32, which pertains to beer beverages, with application dates set for May 29, 2024, and September 30, 2024, and registration announcement dates for April 14, 2025, and April 28, 2025 [2] Group 2 - The attention surrounding the "Mountain City Beer" trademark is linked to ongoing distribution disputes between Chongqing Beer and its affiliate Chongqing Jiawei Beer Co., Ltd., primarily focused on the distribution agreement rather than trademark ownership [3] - The historical context includes a joint venture established in 1997, where Chongqing Beer became the major shareholder, and subsequent changes in ownership and operational structure leading to the current disputes [3] - The disputes intensified in 2024, with Chongqing Jiawei accusing Carlsberg of monopolizing the "Mountain City" brand and Chongqing Beer countering that Jiawei was attempting to leverage public opinion to gain control over the brand post-2029 [3] Group 3 - As of March 14, 2023, Chongqing Beer lost a first-instance court ruling regarding the distribution dispute, which ordered the company to pay approximately 353 million yuan to Chongqing Jiawei, and Chongqing Beer has since appealed the decision [4]

以下文章来源于深氪新消费 ，作者朱末 深氪新消费 . 深氪新消费成立于2016年，聚焦新经济，关注新消费、新零售等领域的商业进化。 作者：朱末 来源：深氪新消费（ID：xinshangye2016） 围绕山城啤酒的包销纠纷事件，有了新进展。 日前，重庆啤酒（600132.SH）公告了重庆市第五中级人民法院对公司与重庆嘉威啤酒有限公 司（以下简称"重庆嘉威"）合同纠纷案的一审判决结果，法院判决重庆啤酒赔偿重庆嘉威损失 3.5亿元。 针对这个判决，3月14日，重庆啤酒的控股股东嘉士伯发表了一篇5000字长文，直言一审判 决"显失公正"，且详细披露了与重庆嘉威之间合作的来龙去脉，对重庆嘉威此前提出的"雪 藏"山城品牌的说法进行否认。 很快，重庆嘉威针对嘉士伯的多个观点进行反驳。 嘉威表示，虽然嘉士伯、重啤的声明言辞激烈，但与历史、与事实、与双方合作协议严重不 符，并从合作关系定性、"山城"品牌使用期限、"山城"啤酒品牌被边缘化等八个方面针对嘉士 伯中国此前声明的关键点一一做出有力的回击。 回顾两方的声明，"山城"啤酒是诉讼源头。早年间，重庆啤酒通过注入"山城"商标使用权，获 得重庆嘉威33%股份，双方还签订了为期2 ...

Core Viewpoint - The ongoing legal battle between Chongqing Beer and its partner Chongqing Jiawei is not merely a commercial dispute but also a significant issue regarding the survival of a national brand, "Shancheng" beer [2][4]. Group 1: Legal Dispute - The lawsuit between Chongqing Jiawei and Chongqing Beer, stemming from a contract dispute, has been ongoing for over a year and has recently reached a first-instance verdict [7][10]. - Chongqing Jiawei claims that since 2011, Chongqing Beer has breached their 20-year exclusive sales agreement, resulting in losses amounting to 632 million yuan [11][12]. - The court ruled that Chongqing Beer must pay 353 million yuan to Chongqing Jiawei, while Chongqing Beer plans to appeal this decision, citing significant errors in the judgment [13]. Group 2: Historical Context - "Shancheng" beer, a well-known brand with over 60 years of history, has seen its production and sales decline from over 100,000 tons in 2013 to less than 10,000 tons recently, according to Chongqing Jiawei [17][19]. - Chongqing Beer argues that Chongqing Jiawei has benefited excessively from the sales agreement, with profits soaring from 20 million yuan in 2008 to over 2 billion yuan in the past 15 years [21]. Group 3: Market Dynamics - The Chinese beer market is highly competitive, and Chongqing Beer must address historical issues related to "Shancheng" beer while facing fierce competition [5]. - In 2023, "Shancheng" beer's sales exceeded 160,000 tons, marking a 17% increase compared to 2019, despite an overall market decline of 5.6% [22]. - The overall revenue for Chongqing Beer is projected to decline by 1.15% in 2024, with net profit expected to drop by 6.84% [31]. Group 4: Corporate Strategy - Carlsberg, as the parent company of Chongqing Beer, has historically been cautious in the Chinese market but is now focusing all resources on Chongqing Beer as its sole operational platform in China [24][29]. - The company has attempted to revitalize its brand presence through aggressive marketing strategies, including celebrity endorsements and innovative market approaches, but has not achieved sustained high growth [30].