"雪花"飘向深圳。 作者 | 李白玉 编辑 | 趣解商业·酒香频道 自完成"东北大撤退"后，中国最大啤酒巨头再次"南迁"。 日前，据媒体报道，华润啤酒全国总部已从北京正式迁入深圳宝安，高度超过180米的雪花总部大厦同步启用，公司官方网站地址也已完成相应变更。 图源：罐头图库 然而好景不长，2014年后，中国啤酒市场总量见顶，行业步入存量竞争阶段。 图源：微博截图 纵观华润啤酒近年动向，从东北收缩到总部南迁，从高端化探索到跨界破圈，一系列动作展现了一家啤酒巨头的发展变迁。然而，地理上的迁移易，战略 上的升级难；业务上的跨界易，实质上的突破难。 一路向"南"只是开始，真正的考验或许在于能否在向南之后，真正"向上"。 1993年，在时任华润创业总经理宁高宁的带领下，华润通过与沈阳啤酒厂合资成立了沈阳华润雪花啤酒有限公司，正式进入啤酒行业。彼时，手握雄厚资 本的华润在东北市场开启了快速扩张的"收购模式"；据统计，其初期在东北地区收购的啤酒厂就超过14家。 到2011年，华润雪花在辽宁的市场份额高达68%，在沈阳、大连等重点城市更超过70%，成为名副其实的"辽宁王"；同年，公司年销量突破1000万吨，成 为国内首家达成 ...

Group 1 - China Resources Beer has officially relocated its headquarters from Beijing to the Snowflake Innovation City in Bao'an, Shenzhen, with the new 180-meter headquarters building now in operation [1] - Established in 1993, China Resources Beer is a subsidiary of China Resources (Group) Company, focusing on the production, sales, and distribution of beer products, with a total of 60 breweries across the country and an annual production capacity of approximately 19.2 million kiloliters by June 30, 2025 [3] - The company has developed a high-end brand matrix that includes four domestic brands and four international brands, catering to various market segments [3] Group 2 - The Snowflake Innovation City project, co-developed by China Resources Land and China Resources Snow Beer, spans approximately 1.15 million square meters and integrates headquarters offices, R&D, high-end manufacturing, and technology experiences [5] - The project aims to create an innovative industrial ecosystem focused on information technology and intelligent manufacturing, attracting over 80 well-known companies, including 9 listed companies and 49 national high-tech enterprises [5] - Additionally, the project features the Snow Beer Town, a commercial space of nearly 50,000 square meters that combines retail, dining, and entertainment, with over 120 brands already established, more than 40% of which are city or regional first stores [5]

对本次公布的不合格食品，相关监管部门已开展核查处置。 根据《中华人民共和国食品安全法》有关规定，现将丹东市市场监督管理局合作区分局近期食品安全监督抽检信息予以公布。 本次公示涉及饮料、食用油、油脂及其制品、食用农产品、肉制品、粮食加工品、酒类、糕点等十一大类中的80批次食品，其中合格74批次、不合格6批 次。不合格食品为炒货食品及坚果制品、餐饮食品调味品和肉制品。具体情况详见附件。 | 责任公 | 司 | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 花色挂 | 丹东市 | 辽宁 | 河北永 | 河北省衡 | 面（益 | 粮食 | 市场监 | 祥渌 | 生食品 | 水市冀州 | 丹东边境经济合 | 合 | 2025- | | | | | | | | | | | ...

Core Insights - The beer industry in China is facing significant challenges due to a decline in on-the-go consumption, decreasing contributions from traditional channels, and a reduction in alcohol consumption willingness [1] - The overall production of beer has decreased, with major companies experiencing performance pressures, leading to a noticeable market segmentation [1] Industry Performance - Budweiser APAC reported a total beer sales volume of 4.363 billion liters in the first half of 2025, a year-on-year decline of 6.1%, with revenue at $3.136 billion, down 5.6% [2] - In China, the sales volume decreased by 8.2%, with revenue and revenue per hectoliter dropping by 9.5% and 1.4%, respectively, leading to a market share decline to around 40% [2] - The cumulative production of large-scale beer enterprises in China reached 35.213 million kiloliters in 2024, a decrease of 0.6% from the previous year, only about 70% of the peak level ten years ago [2] Regional Market Dynamics - Local brands like Yanjing Beer and Chongqing Beer have shown strong competitiveness through product innovation and marketing strategies, solidifying their market share [2] - Some brands exhibit significant regional dependency, with one brand generating nearly 70% of its revenue from Shandong, while another brand has over 60% of its revenue from Chongqing, Chengdu, and Sichuan [2][3] Growth Strategies - To achieve further growth, brands need to deepen their regional market strategies, focusing on both consolidating their positions in existing strongholds and exploring new growth points [3] - A brand successfully avoided direct competition with eastern giants by acquiring local brands in Yunnan, focusing on the western market [3] High-End and Differentiation Strategies - High-end product strategies have shown mixed results, with some brands experiencing a decline in revenue despite a high proportion of mid-to-high-end products [4] - Conversely, certain brands have achieved significant growth in high-end product revenue, with one brand's mid-to-high-end product revenue share exceeding 70% and a year-on-year increase of 9.32% [4] Consumer Trends - The demand for cost-effective beer has resurged, with low-priced products gaining traction among consumers, particularly in the context of slowing income growth among migrant workers [6] - Brands are encouraged to adjust their product strategies to focus on value for money, optimizing production processes to lower costs while maintaining quality [6][7] Diversification and Innovation - Some brands are exploring diversification by entering new beverage categories, such as acquiring stakes in yellow wine and launching soft drinks [9] - The Z generation, aged 18-24, is becoming a significant consumer group, with their preferences shifting towards emotional value and experiences rather than traditional drinking culture [9] Channel Transformation - The beer sales channel is undergoing structural changes, with the share of on-the-go channels declining from over 50% to about 40%, while non-on-the-go channels like convenience stores are growing [13] - Brands are encouraged to collaborate with convenience stores and leverage e-commerce to enhance sales, with instant retail platforms showing significant growth potential [14] Operational Efficiency and Sustainability - Improving operational efficiency is crucial for long-term success, focusing on production, supply chain, and decision-making processes [15] - Brands are increasingly adopting sustainable practices, with some reducing their carbon footprint significantly, which is becoming a key factor for consumer preference [15][16] Market Outlook - The beer industry has experienced a downturn over the past two years but shows signs of potential recovery, although uncertainties remain due to high-end market segmentation and channel transformations [16]

Group 1 - The core viewpoint of the article highlights the resilience and growth of the beer business, while the white wine segment is undergoing adjustments due to stricter policies and market conditions [1][2][3] - In H1 2025, the company reported a revenue of 23.942 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23.0% year-on-year [1] - The beer segment generated revenue of 23.161 billion yuan, with a volume of 6.487 million tons, reflecting a year-on-year increase of 2.6% in revenue and 2.2% in volume [1] Group 2 - The white wine segment saw a revenue decline of 33.7% in H1 2025, with major products accounting for nearly 80% of white wine revenue, significantly impacted by stricter policies affecting high-end banquets [2] - The overall sales gross margin increased by 2.0 percentage points to 48.9%, with the beer business gross margin rising by 2.4 percentage points to 48.3% [2] - The company implemented a "three precision" strategy, resulting in a reduction of the sales expense ratio by 2.0 percentage points to 15.6% [2] Group 3 - The company updated its net profit forecasts for 2025-2027 to 6.017 billion, 6.106 billion, and 6.548 billion yuan, respectively, reflecting a positive outlook driven by beer premiumization and cost advantages [3] - The current price-to-earnings ratios for the updated forecasts are 14.0, 13.8, and 12.9 times [3]

Group 1: Market Overview - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index falling by 0.24%, the Hang Seng China Enterprises Index down by 0.43%, and the Hang Seng Tech Index decreasing by 0.77% [2] - The total market turnover dropped to HKD 239.49 billion, with short selling amounting to HKD 36.19 billion, representing 16.74% of the total turnover [2] - Southbound trading saw a net inflow of HKD 7.461 billion, with Tencent Holdings, Meituan, and Xiaomi being the most actively bought stocks [2] Group 2: Company Analysis - China Resources Beer (291.HK) - China Resources Beer reported a total revenue of RMB 23.94 billion for the first half of 2025, a year-on-year increase of 0.8%, and a net profit of RMB 5.76 billion, up 21.6% [7][10] - The beer business revenue reached RMB 23.16 billion, with a volume of 6.487 million kiloliters, reflecting a year-on-year growth of 2.6% and 2.2% respectively [8] - The average selling price of beer increased to RMB 3,570 per kiloliter, a 0.4% rise year-on-year, driven by a shift towards higher-end products [8] - The company adjusted its profit forecasts for 2025, 2026, and 2027 to RMB 5.83 billion, RMB 5.94 billion, and RMB 6.29 billion respectively, maintaining a "Buy" rating and raising the target price from HKD 41.8 to HKD 42.6 [7][10] Group 3: Industry Trends - The Chinese beer market showed resilience with China Resources Beer achieving growth despite a 0.3% decline in overall beer production in the first half of 2025 [8] - The premium and above beer segment saw significant growth, with certain brands like Heineken and Snow Beer reporting over 20% and 70% growth respectively [8] - The white liquor segment faced challenges, with revenue dropping by 33% to RMB 780 million, and EBIT turning negative at RMB -150 million [9]

Company Research - Futu Holdings (FUTU) is rated "Buy" with a target price of $195.00, representing a potential upside of 15.71% from the current price of $168.52[3][14] - Haitong International (1882) is rated "Buy" with a target price of HKD 30.00, maintaining the same EPS estimates for 2025 and 2026[2][12] - China Resources Beer (291) is rated "Buy" with a target price of HKD 35.00, reflecting an 18x PE for 2025, with a projected EPS growth of 8% for 2026[2][28] Financial Performance - Futu Holdings expects total revenue to grow from HKD 10,008 million in 2023 to HKD 19,531 million in 2025, a growth rate of 43.7%[12] - The net profit for Futu Holdings is projected to increase from HKD 4,279 million in 2023 to HKD 9,413 million in 2025, representing a growth of 73.3%[12] - China Resources Beer reported a net profit of HKD 57.9 billion for the first half of 2025, a year-on-year increase of 23%[24] Market Trends - Futu Holdings is leveraging its technology and regulatory licenses to capture the cross-border wealth management market, with a focus on Southeast Asia and Web 3.0 innovations[10][8] - China Resources Beer is focusing on premiumization, with high-end product sales growing over 10%, significantly outperforming the industry[25][27] - Haitong International's overseas sales surged by 34.7% year-on-year, driven by demand in Southeast Asia and a strategic focus on key industry clients[20]

Investment Rating - The report maintains a "Buy" rating for China Resources Beer [1] Core Views - The company's profitability is driven by premiumization, cost advantages, and effective management strategies, with a notable increase in gross profit margin [3][4] - The beer segment shows resilience with significant sales growth in premium products, while the liquor segment is undergoing adjustments due to regulatory impacts [4][10] Financial Summary - Total revenue for 2023 is projected at 38,932 million, with a slight increase to 39,155 million in 2025, and further growth expected in subsequent years [1] - Net profit attributable to shareholders is forecasted to rise from 5,153 million in 2023 to 6,017 million in 2025, reflecting a growth rate of 26.97% [1] - The latest diluted EPS is expected to increase from 1.59 in 2023 to 1.85 in 2025, with a corresponding decrease in P/E ratio from 16.38 to 14.02 [1] Sales Performance - In the first half of 2025, the company achieved a revenue of 239.42 billion, a year-on-year increase of 0.8%, with a net profit of 57.89 billion, up 23.0% [10] - The beer revenue for the same period was 231.61 billion, reflecting a 2.6% increase, with sales volume reaching 648.7 thousand tons, a 2.2% rise [10] - Premium products like Heineken and Snow Beer saw sales growth exceeding 20% and 70% respectively, indicating strong market demand [10]

Core Viewpoint - Budweiser APAC reported a decline in revenue, net profit, and sales volume for the first half of the year, indicating ongoing challenges in the market [1][2][3]. Financial Performance - Budweiser APAC's net profit for the first half of the year was $409 million, a decrease of 24.4% year-on-year [1][2]. - The total sales volume was 4.363 million kiloliters, down 6.1% compared to the previous year [1][2]. - Revenue decreased to $3.136 billion, reflecting a 5.6% decline [2]. - Gross profit was $1.613 billion, with a gross margin of 51.4%, slightly down from 51.5% [2]. Market Challenges - The company's performance in China was significantly impacted by weak channel dynamics and increased competition from local brands [4][5]. - Budweiser APAC's primary market focus has been on high-end products priced at 10 RMB and above, but competition from domestic brands has intensified [4]. - The traditional distribution channels, particularly in dining and nightlife, faced challenges due to slow recovery and regulatory concerns [5]. Competitive Landscape - Heineken, a major competitor, reported a contrasting performance in China, with a 30% increase in sales of high-end products [6][7]. - Heineken's collaboration with China Resources Beer has strengthened its market position, making it a formidable competitor to Budweiser in the high-end segment [7]. Strategic Adjustments - Budweiser APAC is focusing on expanding its non-drinking channels and enhancing its product positioning to adapt to market changes [8][9]. - The company is investing in high-end products and has initiated partnerships with platforms like Meituan and Ele.me for online retail promotions [8][9]. - The management acknowledges the need for a strategic shift to address current challenges and drive long-term growth [9].

Core Insights - Budweiser APAC reported a decline in revenue, net profit, and beer sales for the first half of the year, with net profit at $409 million (approximately 2.941 billion RMB), a year-on-year decrease of 24.4% [2] - The company's beer sales reached 4.363 million kiloliters, down 6.1% year-on-year [2] - Following the earnings report, Budweiser APAC's stock initially rose over 6.9% but closed down 5.82% at 8.26 HKD per share [2] Financial Performance - Budweiser APAC's net profit for the first half of the year was significantly lower than the previous year's figure of $541 million, marking a continued downward trend [2] - The decline in net profit has accelerated, with a drop of 24.4% compared to a smaller decrease of 5.91% in the previous year [2] Market Challenges - The company's performance in China has been adversely affected by regional layout and weak on-the-go consumption channels [3] - Increased competition from domestic brands like China Resources Beer and Tsingtao, as well as international competitors like Carlsberg, has posed significant challenges [4] - Consumer preferences have shifted towards lower-priced products, impacting Budweiser APAC's market share in the high-end segment [4] Channel Dynamics - Traditional distribution channels, particularly in dining and nightlife, have struggled, contributing to the overall decline in performance [4][5] - The company is facing pressure to adapt its channel strategy, with a focus on integrating traditional and emerging distribution methods [5] Competitive Landscape - In contrast to Budweiser APAC, Heineken has reported strong growth in the Chinese market, particularly in high-end products, with a 30% increase in sales [6][7] - Heineken's partnership with China Resources Beer has enhanced its market presence and competitiveness against Budweiser in China [7] Strategic Adjustments - Budweiser APAC is adjusting its product positioning and channel strategies, focusing on high-end brands and expanding into non-on-the-go consumption channels [8] - The company is investing in online retail and partnerships with platforms like Meituan and Ele.me to boost sales [8] - Despite these adjustments, analysts suggest that the brand's influence and the establishment of a non-on-the-go channel will take time [9] Industry Overview - The overall beer industry in China is facing challenges, with a reported 0.3% decline in production among major breweries in the first half of the year [10] - The market is currently in a contraction phase, raising questions about the performance of other leading companies in the sector [10]