（原标题：华润体系再赋能白酒业务：万象生活来帮忙卖酒了） 21世纪经济报道记者 肖夏 核心高管团队稳定后，华润啤酒为拓展白酒销售提出了新办法。 华润系白酒此前更多是通过传统的经销商渠道获客，华润体系提供的跨界资源支持主要集中在商超板 块，比如金沙酒业、金种子酒的产品，进入了华润万家、Olé以及华润苏果的门店，在陈列、优惠、会 员服务等方面获得支持。 2023年，国台酒与碧桂园服务合作，提出"健康饮酒进家庭"，双方合作推出了多款定制酒。对于酒企而 言多了渠道，对于物管方而言，社区增值服务收入多了一项标准化、高毛利的品类。 为何华润选择今年才提出将物管客户资源赋能给白酒业务？ 白酒专家肖竹青对21世纪经济报道表示，一方面白酒业务收购后初期，产品矩阵、渠道体系、价格体系 尚在梳理中，另一方面此前华润万家、万象生活这类商业零售资产隶属"华润置地"系，股权、考核、预 算都与华润的酒业板块不同，两边缺少共识，但今年以来华润集团通过调配华润啤酒高管入职华润置 地、华润万家担任核心高管，集团内部形成了支持华润酒业的合力。 截至2024年底，华润万象生活在全国覆盖了1385个社区项目、248栋写字楼项目和122座购物中心，全国 ...

Core Viewpoint - China Resources Beer has become the market leader in the Chinese beer industry with a revenue of 23.942 billion yuan in the first half of 2025, surpassing Budweiser APAC, but faces a stark contrast in performance between its beer and liquor businesses, with the latter experiencing a significant decline of over 30% in revenue [2][6][8]. Group 1: Company Performance - In the first half of 2025, China Resources Beer achieved a total revenue of 23.942 billion yuan, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23.04% [6][8]. - The beer segment generated revenue of 23.161 billion yuan, reflecting a growth of 2.6%, with a gross margin increase of 2.5 percentage points to 48.3% [6][8]. - Conversely, the liquor segment reported revenue of 781 million yuan, a decline of 33.7%, with a loss before interest and tax of 152 million yuan, marking the first half-year loss since the consolidation of Jinsha Liquor [6][12]. Group 2: Management Changes - A significant management transition occurred in October 2023, with Jin Hanquan appointed as the new president, following the departure of former chairman Hou Xiaohai [3][4]. - The new leadership, consisting of Chairman Zhao Chunwu and President Jin Hanquan, is expected to navigate the company through its strategic crossroads [4][9]. - Jin Hanquan's background in auditing and supervision suggests a potential shift towards enhanced risk control and cost optimization within the company [9][21]. Group 3: Strategic Challenges - The company is at a strategic crossroads, debating whether to continue investing in the liquor business or refocus on its core beer operations after facing challenges with its "dual empowerment" strategy [2][12]. - The liquor business has not yet become a second growth engine despite significant investments exceeding 10 billion yuan in acquisitions [8][10]. - The "dual empowerment" strategy has not met expectations, with the integration of beer and liquor sales proving to be limited in effectiveness [12][13]. Group 4: Market Competition - The beer industry is experiencing intensified competition, not only from traditional rivals like Tsingtao and Budweiser APAC but also from new entrants, including liquor companies venturing into the beer market [16][18]. - The overall beer production in China has been declining, with a reported production of 35.213 million kiloliters in 2024, down 0.6% year-on-year [19]. - The rise of craft beer is noted as a growing segment, with predictions indicating that craft beer sales will increase from 6.8% in 2020 to 17.2% by 2025 [19][21].

Core Viewpoint - The appointment of Wei Qiang as CFO of China Resources Vanguard reflects the challenges faced by China Resources' dual strategy of "beer + liquor," indicating that the expected synergies have not materialized as anticipated [2] Group 1: Strategic Challenges - China Resources Beer has been a leader in the Chinese beer industry since 2006, holding over 30% market share, but the beer market's growth is plateauing, prompting the company to seek new growth avenues in the higher-margin liquor sector [6][7] - Despite initial successes in liquor investments, including significant acquisitions, the liquor segment has faced severe operational challenges, leading to a 33.7% year-on-year revenue decline in the first half of 2025, marking the first loss for the liquor division [7][8] Group 2: Management Changes - Recent months have seen significant management turnover within China Resources Beer, including the resignation of key executives and the appointment of new leadership, reflecting the strategic difficulties and the company's intent to drive change [9][10] - The frequent changes in leadership, particularly in the liquor segment, have raised concerns about the stability and continuity of strategic execution, complicating the integration of the liquor business [9][10] Group 3: Long-term Strategy - Despite current challenges, the liquor business is viewed as a strategic priority for China Resources, with a commitment to long-term development and a focus on building sustainable competitive advantages [12][14] - The company has outlined a "3+3" strategy for its liquor business, aiming to explore and strengthen its position in the first three years (2023-2025) and establish a unique business model in the subsequent three years (2026-2028) [14]

Core Viewpoint - The leadership of China Resources Beer has been restructured with the appointment of Jin Hanquan as the new president and executive director, following the resignation of Hou Xiaohai, while the company continues to show stable performance in its financial results, surpassing Budweiser APAC in revenue for the first time in the Chinese market [2][4][10]. Leadership Changes - Jin Hanquan has been appointed as the executive director and president of China Resources Beer as of October 10 [2][5]. - Zhao Chunwu has transitioned from president to chairman of the board, following the resignation of Hou Xiaohai on June 27, who left to focus on personal matters [3][6]. - Since the beginning of 2025, the board of directors has seen three changes, excluding independent directors [4][7]. Financial Performance - For the first half of 2025, China Resources Beer reported a revenue of 23.942 billion yuan, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23.04% [4][10]. - The company’s revenue has surpassed Budweiser APAC for the first time, which reported a revenue of approximately 22.45 billion yuan, a decline of 5.6% year-on-year [10]. - The gross profit margin increased by 2 percentage points to 48.9%, attributed to the high-end strategy and cost savings in raw material procurement [10]. Business Strategy - The company aims to continue expanding its high-end product strategy, with a focus on personalized and differentiated products to meet diverse consumer demands [11]. - New retail channels, including e-commerce and instant retail, are being leveraged to adapt to changing consumer preferences [11]. Challenges in Other Segments - The white liquor segment has faced significant challenges, with revenue dropping to 0.781 billion yuan, a decrease of 33.7% year-on-year [12][13]. - China Resources Beer plans to enhance price restructuring and cost control measures in response to market changes, focusing on mid-range and light bottle products to boost sales in the second half of the year [14].

Core Viewpoint - The continuous price cuts by金沙酒业 have not alleviated the downward trend in terminal market prices, with significant declines in sales and revenue reported for华润啤酒's white liquor business [1][3][4] Group 1: Financial Performance -华润啤酒's white liquor business revenue for the first half of the year was 7.81 billion yuan, a decline of over 30% compared to the same period last year [3] - The core product "摘要" contributed nearly 80% of the white liquor business revenue, which saw a year-on-year decrease of 33.7% from 11.78 billion yuan [3][5] - Since the acquisition,金沙酒业's performance has decreased by approximately 60%, with revenue dropping from 57.66 billion yuan pre-acquisition to 21.49 billion yuan post-acquisition [5][6] Group 2: Market Challenges - The white liquor market is facing challenges due to weakened consumer demand and increased competition among brands, leading to a decline in investment expectations [4][6] - Price inversion issues are prevalent, with the core product "摘要" being sold at prices as low as 450 yuan on e-commerce platforms, indicating a significant price drop [7][10] - The management team at金沙酒业 is actively working to address high inventory and price inversion issues, including the establishment of a national price management committee [10][11] Group 3: Strategic Adjustments - To combat the current challenges,金沙酒业 is focusing on expanding product flow and cash flow, as well as targeting group purchases and banquet markets [12][13] - The company plans to implement five major initiatives to enhance market competitiveness, including deepening engagement in group purchase channels and improving customer experiences [12][13] - Industry experts suggest that华润啤酒 may need to restructure its approach to the white liquor market, emphasizing long-term strategies and professional management rather than relying on fast-moving consumer goods marketing [13]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company is experiencing rapid growth in its fundamentals, with a notable increase in revenue and net profit for the first half of 2025. Revenue reached 239.42 billion RMB, a year-on-year increase of 0.83%, while net profit rose by 23.04% to 57.89 billion RMB [6]. - The beer segment is showing strong performance, particularly in high-end products, while the white liquor business is currently under pressure but has potential for recovery [5][6]. - The company is actively adapting to market changes, enhancing brand visibility, and leveraging its resources in the beer sector to support its white liquor business [6]. Summary by Sections Market Performance - The closing price of the stock is 28.58 HKD, with a market capitalization of 92,718.58 million HKD. The stock has seen a one-year high of 36.00 HKD and a low of 21.60 HKD [3]. Financial Performance - For the first half of 2025, the company achieved a gross margin of 48.88%, an increase of 1.97 percentage points year-on-year. The EBITDA, excluding special items, increased by 18.69% to 89.22 billion RMB [6]. - The beer segment generated revenue of 231.61 billion RMB, up 2.64% year-on-year, while the white liquor segment saw a decline of 33.7% to 7.81 billion RMB [6]. Sales and Strategy - The company’s beer sales volume reached 648.7 million tons, a 2.2% increase year-on-year, with high-end products showing significant growth. The average selling price for beer increased by 0.4% to 3,570 RMB per ton [6]. - The company is embracing new consumer trends by developing various specialty beers and has established strategic partnerships with major online platforms to enhance its sales channels [6]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 53.58 billion RMB, 58.6 billion RMB, and 63.84 billion RMB, respectively, with corresponding P/E ratios of 16, 15, and 13 [6][7].

Core Viewpoint - The company reported a revenue of 23.942 billion yuan for H1 2025, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23.0%, exceeding market expectations [3]. Group 1: Beer Business Performance - The company achieved beer sales of 6.487 million kiloliters in H1 2025, a year-on-year increase of 2.2% [4]. - The average selling price of beer increased by 0.4% year-on-year, driven by the ongoing high-end strategy [4]. - Sales of premium and above beer categories saw double-digit growth, with "Heineken" sales increasing over 20%, "Snow" sales up over 70%, and "Red Duke" sales doubling compared to the same period last year [4]. - The company embraced new consumption channels, with online business and instant retail GMV growing nearly 40% and 50% respectively [4]. Group 2: White Wine Business Challenges - The white wine business faced challenges amid industry adjustments, with revenue of 0.781 billion yuan in H1 2025, down 33.7%, and EBITDA of 0.218 billion yuan, down 47.2% [4]. - The major product "Summary" contributed nearly 80% of the white wine business revenue [4][7]. Group 3: Profitability and Cost Management - The company's gross margin improved to 48.9%, up 2.0 percentage points year-on-year, benefiting from the high-end strategy and cost savings in raw material procurement [5]. - The net profit margin for H1 2025 was 24.2%, an increase of 4.4 percentage points year-on-year [5]. - The company closed two breweries, maintaining 60 operational breweries with an annual capacity of approximately 19.2 million kiloliters [5]. Group 4: Future Strategies - The company will continue to focus on its high-end "3+N" brand strategy to drive long-term growth, enhancing brand image and value perception through various marketing activities [6]. - To address the challenges in the white wine sector, the company plans to implement a dual-brand strategy, develop products in the 100-300 yuan price range, and strengthen online channel layouts [7].

Core Viewpoint - The company reported a stable performance in H1 2025, with revenue growth driven by high-end product sales, while the white liquor segment faced challenges due to policy impacts on consumption [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 23.94 billion yuan, a year-on-year increase of 0.8% [1] - EBIT reached 7.69 billion yuan, up 20.8% year-on-year, and net profit attributable to shareholders was 5.79 billion yuan, reflecting a 23.0% increase [1] - The interim dividend was set at 0.464 yuan per share, a 24.4% increase, maintaining a payout ratio of 26% [1] Beer Segment Analysis - Beer sales volume in H1 2025 was 6.487 million kiloliters, an increase of 2.2%, with an average price of 3,570.4 yuan per kiloliter, up 0.44% [1] - High-end products saw sales growth exceeding 10%, while mid-to-low-end products experienced slight increases due to a large base [1] - Specific brands like Heineken and Old Snow reported sales growth of over 20% and 70% respectively, with Red Duke doubling its sales [1][2] Cost and Margin Improvement - The beer business achieved a cost of 1,845.9 yuan per kiloliter, a decrease of 4.2%, leading to a gross margin of 48.3%, up 2.5 percentage points year-on-year [2] - The company implemented a digital system to enhance operational efficiency across procurement, supply chain, and marketing, contributing to cost control [2] White Liquor Segment Challenges - The white liquor segment reported revenue of 0.781 billion yuan, a decline of 34.0%, primarily due to policy disruptions affecting consumption [2] - The EBITDA for the white liquor segment was 0.22 billion yuan, down 47.2%, with EBIT losses of 0.15 billion yuan, a decline of 0.20 billion yuan year-on-year [2] Strategic Outlook - The company is focusing on high-end product development and operational efficiency through the "Three Precision" strategy, aiming to enhance profitability [3] - The company adjusted its profit forecasts for 2025-2027 to 5.87 billion, 6.40 billion, and 6.79 billion yuan respectively, maintaining a target price of 40 HKD, corresponding to a PE ratio of approximately 20X [3]

Core Insights - The company achieved a revenue of 23.942 billion yuan in the first half of 2025, representing a year-on-year growth of 0.8% [1] - EBIT reached 7.691 billion yuan, up 20.8% year-on-year, while net profit attributable to shareholders was 5.789 billion yuan, increasing by 23.0% [1] - The beer business continues to focus on high-end strategies, with a revenue of 23.161 billion yuan, a 2.6% increase year-on-year, and beer sales volume rising by 2.2% to 6.487 million tons [1] Beer Business Performance - The average selling price of beer increased by 0.4% to 3,570 yuan per ton, driven by the growth of high-end products [1] - The sales volume of premium and above beer products grew by 10%, with notable increases in Heineken (20%), Old Snow (70%), and Red Duke (100%) [1] - Gross margin improved by 2.5 percentage points to 48.3% due to product mix optimization and cost advantages [1] White Wine Business Challenges - The white wine business reported a revenue of 0.781 billion yuan, a decline of 33.7% year-on-year, with high-end products contributing nearly 80% of the revenue [1] - EBITDA for the white wine segment fell by 47.1% to 0.218 billion yuan [1] - The company is implementing a dual empowerment strategy for beer and white wine, focusing on price restructuring and enhanced cost control while promoting mid-range and light bottle products [1] Future Outlook - The company maintains a "buy" rating with a target price of 35.0 HKD per share, reflecting a potential upside of 23.8% based on a projected PE of 18.4 times for 2025 [2] - Profit forecasts for 2025-2027 have been slightly adjusted, expecting net profits of 5.646 billion, 5.702 billion, and 6.214 billion yuan respectively [2]

Core Viewpoint - In the first half of 2025, China Resources Beer achieved impressive results despite the challenging environment in the consumption industry, driven by its high-quality and premium development strategy and the dual empowerment business model of "beer + liquor" [1][3][4]. Financial Performance - For the first half of 2025, China Resources Beer reported a total revenue of RMB 23.942 billion, a year-on-year increase of 0.8% [4][5]. - The company's unaudited earnings before interest and taxes (EBIT) reached RMB 7.691 billion, marking a 20.8% increase year-on-year, while the profit attributable to shareholders was RMB 5.789 billion, up 23.0% year-on-year [4][5]. - The company confirmed a revenue of approximately RMB 827 million from investment relocation agreements in the first half of 2025, compared to RMB 4 million in the same period of 2024 [5]. Beer Business Highlights - The beer business exhibited four key characteristics: steady sales growth, continuous product structure optimization, successful new product launches, and rapid development of online business [8]. - In the first half of 2025, the beer sales volume reached approximately 6.487 million kiloliters, representing a 2.2% increase year-on-year, while the beer business revenue was RMB 23.161 billion, up 2.6% year-on-year [8][10]. - The gross margin for the beer business increased by 2.5 percentage points to 48.3%, driven by a 0.4% rise in average selling prices and cost savings in raw material procurement [10]. Liquor Business Strategy - The liquor business reported an unaudited revenue of RMB 781 million in the first half of 2025, with the major product "Abstract" contributing nearly 80% of the revenue [15][17]. - The company is focusing on four empowerment strategies: brand empowerment, channel empowerment, management empowerment, and business empowerment to strengthen its liquor business [17]. - The company is actively reshaping the pricing system for "Abstract" to adapt to market fluctuations while ensuring profitability for retailers and distributors [19]. Future Outlook - China Resources Beer aims to maintain its leading position in the liquor market by continuing to implement the "dual empowerment" strategy and responding proactively to market changes [19].