证券研究报告 食品饮料 | 非白酒 港股|首次覆盖报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 林若尧 SAC：S1350525070002 linruoyao@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 08 月 | 25 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 28.58 | | | 一年内最高/最低（港 | | | | 36.00/21.60 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 92,718.58 | | | 流通市值（百万港元） | | | | | 92,718.58 | | | 资产负债率（%） | | | | | 43.72 | | | 资料来源：聚源数据 | | | | | | | 华润啤酒(00291.HK) 投资评级： 增持（首次） ——啤酒高端化有序推进 ...

Core Insights - The summer ice beverage market is experiencing significant growth, with instant retail becoming the core driver of industry expansion [1][2][6] - Consumer demand for ice beverages is diverse, driven by emotional value, health attributes, and curiosity experiences [1][2][15] Market Performance - In June 2025, instant retail ice beverage sales increased by 41% month-on-month, outperforming all channels by 3.5 times [2][49] - The order volume for "ice cup + beverage" and "ice grape" categories surged by 261% and 367% respectively [2] - Regions like Shaanxi and Sichuan saw over 160% growth in sparkling water and fruit tea, while first-tier cities like Beijing and Shanghai experienced 797% and 353% growth in fruit gift boxes and fruit wine orders [2][59] Consumer Trends - 78% of consumers are willing to pay a premium for products that provide emotional relaxation, with ice cup products seeing a 66% increase in orders [1][2] - Health-conscious consumers are actively seeking to improve their health, with zero-calorie instant tea and beer sales growing by 108% and 144% respectively [1][22] - Curiosity-driven purchases led to a staggering 710% increase in orders for innovative ice products like "ice magic chestnut" and 171% for frozen watermelon [1][15] Instant Retail Dynamics - Instant retail channels are effectively responding to summer's personalized and diverse demands, covering a wide range of consumer preferences [2][66] - The number of stores providing instant supply of ice beverages, such as convenience warehouses and snack shops, has increased by over 140% year-on-year [2][68] Product Innovation - The trend towards low-sugar, low-calorie beverages aligns with consumer health concerns, with 86% of consumers actively trying to improve their health [22][23] - Innovative products that combine local flavors and unique stories are gaining popularity, reflecting a growing consumer interest in niche beverages [39][40] Seasonal Consumption Patterns - The summer season is the peak time for ice beverage consumption, accounting for 31% of annual retail sales [12] - Different time slots show varying preferences, with fruit wine orders increasing by 393% during late-night hours and sports drinks by 171% in the afternoon [2][62]

Core Insights - The beer market is experiencing a transformation driven by the preferences of younger consumers, particularly those born after 1995, who are seeking diverse and innovative flavors [1][2][3] - The shift from traditional beer flavors to a wide variety of options, including fruit-flavored and craft beers, is evident, with fruit and craft beers accounting for approximately 30% of sales among younger consumers [2][3] - The trend towards visually appealing packaging and health-conscious choices is influencing consumer behavior, with a significant increase in demand for low-alcohol and alcohol-free beers [4][5] Market Trends - The beer industry is moving from a single-flavor focus to a "everything can be beer" approach, with companies introducing various types of beers, including fruit, craft, and non-alcoholic options [2][3] - The sales of specialty beers, such as fruit and craft beers, have been growing steadily, with a reported increase of around 30% in certain markets [2] - The Z generation is contributing 65% of the sales in the craft beer market, showing a strong demand for personalized flavors and social experiences [2] Consumer Preferences - Younger consumers are gravitating towards unique flavors, including spicy ingredients and unconventional additives, reflecting a shift in taste preferences [3] - The aesthetic appeal of beer packaging is becoming increasingly important, with 94% of consumers expressing a strong willingness to purchase visually appealing products [4] - Health consciousness is leading to a rise in the popularity of low-alcohol and alcohol-free beers, with searches for these products increasing over four times year-on-year [4][5] Innovation and Collaboration - Beer companies are exploring cross-industry collaborations to expand their market reach, introducing products that blend beer with other beverage categories [6] - The essence of these collaborations is to innovate flavors while enhancing cultural experiences, moving beyond mere product sales [6] - Despite the push for innovation, companies face challenges in maintaining product quality and ensuring that new flavors do not overshadow traditional beer preferences [6]

Group 1 - The overall market consumption in Beijing increased by 1.3% year-on-year from January to May, with a 0.3 percentage point improvement compared to the previous month [1] - Prices of eight categories of goods and services showed a mixed trend, with food, tobacco, and alcohol prices decreasing by 1.4% [1] - The craft beer market in Beijing is experiencing a diversification in consumption scenarios and a polarization in pricing, particularly with the rise of craft beer consumption during the summer [1][2] Group 2 - Craft beer bars have seen a rapid recovery in consumer traffic, with occupancy rates exceeding 80% during peak hours, indicating a strong preference for in-person experiences [2] - The average price of craft beer in certain bars ranges from 50 to 60 yuan for 480ml, with some premium options priced at 98 yuan per cup [2] - The increase in average spending per customer for craft beer is noted to be around 80 to 120 yuan, reflecting a growing willingness to pay for quality [3] Group 3 - The rise of instant retail is uncovering significant potential for home consumption of craft beer, complementing the in-bar experience [3] - Online sales channels are becoming increasingly important for craft beer distribution, shifting from a supplementary role to a more central position in the market [3]

Core Viewpoint - The "Qingdao Beer Exchange" has become a popular attraction, merging the experience of drinking beer with stock trading, creating a unique consumer experience that drives sales and engagement during the beer season [2][4][10]. Group 1: Business Model and Consumer Engagement - The "Qingdao Beer Exchange" allows consumers to buy various types of beer, such as Qingdao Pure Draft and Qingdao White Beer, using a stock-like trading mechanism where prices fluctuate based on real-time demand [2][4]. - The exchange has seen significant foot traffic, with daily visitor numbers exceeding 10,000 during the Dragon Boat Festival, and beer sales reaching 120,000 milliliters in a single day [4][5]. - This innovative model combines elements of financial trading with consumer behavior, creating a social and engaging atmosphere that enhances the overall drinking experience [4][10]. Group 2: Market Trends and Consumer Preferences - The trend of "dopamine consumption" is emerging in the beverage market, with consumers seeking new and exciting experiences, such as the interactive nature of the beer exchange [6][10]. - A report indicates that diverse flavors, including tea and floral-infused beers, are gaining popularity among consumers, reflecting a shift towards more varied taste preferences [6]. - The beer industry is increasingly focused on attracting younger consumers by providing emotionally engaging experiences, which is essential for driving sales in a competitive market [8][10]. Group 3: Future Implications and Innovations - Experts suggest that the "Qingdao Beer Exchange" represents a new marketing model that could lead to a transformation in consumer experiences, moving from traditional consumption to emotionally-driven engagement [10]. - The concept of integrating trading-like experiences into beverage consumption could be replicated in various settings, potentially changing how consumers interact with beer and other alcoholic beverages [10].

Core Insights - The Qingdao Beer Exchange has gained significant popularity during the Dragon Boat Festival, merging local beer culture with modern financial symbols, appealing particularly to Generation Z consumers [2][6] - This innovative concept disrupts traditional commercial space logic, resembling a beer can-shaped vending machine with an LED screen displaying real-time beer prices and trading volumes, creating an engaging consumer experience [2][4] Industry Trends - The Qingdao Beer Exchange features over thirty types of beer, with prices fluctuating by up to 10%, providing a transparent and gamified consumption experience that resonates with younger consumers [4][6] - The integration of financial trading logic into the consumer space reflects a broader trend of experiential economy reshaping traditional retail environments [4][9] Market Performance - During the Dragon Boat Festival, the Qingdao Beer Exchange sold hundreds of barrels of beer, indicating strong consumer interest and engagement [6] - The Taidong Pedestrian Street, where the exchange is located, has seen significant foot traffic, with 2.245 million visitors during the Qingming and May Day holidays, and projected annual traffic of 110 million in 2024 [7] Cultural Significance - The Qingdao Beer Exchange not only serves beer but also embodies the cultural identity of Qingdao, transforming material consumption into a spiritual experience that reflects the city's character [9] - The success of the Qingdao Beer Exchange is a result of multi-dimensional synergy between industrial upgrades, cultural innovation, and urban governance, showcasing the city's evolution in the experience economy era [9]