山城啤酒"内战"戛然而止。 （作者｜周琦编辑｜张广凯） 1月6日，重庆啤酒一纸公告，给持续五年的纠纷按下暂停键。 公告显示，公司与参股公司重庆嘉威啤酒有限公司（下称"重庆嘉威"）在二审阶段正式签署《调解协议》，诉讼程序以调解结案。 公司公告 这意味着，从2020年首起诉讼算起，拉锯数年的包销合同纠纷终于走出法院，回到生意场。 截至1月7日收盘，重庆啤酒报52.39元/股，市值为253.55亿元。 根据协议，重庆啤酒或其子公司将向嘉威一次性支付1亿元（不含税），用以结清截至2025年12月31日前全部的"量价差结算款"。 款项支付完成后，双方就此前包销协议履行相关事项的所有争议将终结，后续互不索赔、互不追究责任。 更重要的是，双方设定了三年过渡期。 在重庆啤酒12月发布的"拟签订《调解协议》公告"中，双方也就过渡期的合作方式，达成约定。 公司公告 合作的最后三年里，重庆啤酒每年固定向重庆嘉威采购14.26万千升啤酒，平均采购价4000元/千升（不含增值税），按年度结算多退少补。 若嘉威全年销量不足14.26万千升，公司须次年3月31日前补量；补量未足，按缺口阶梯现金补偿（≤11万千升部分2500元/千升，余18 ...

21世纪经济报道肖夏综合报道 年末经销商大会密集召开，来年生肖酒也纷纷亮相。 酒企动态 习酒集团党委书记、董事长汪地强称，过去一年大家都很不容易，但我们克服了很多意想不到的困难， 推进了很多务实管用的工作，取得了很多超过预期的突破，稳住了基本盘。 汪地强表示，2026年习酒将坚定不移做强品牌，继续推进"习酒+知交"双品牌战略，同时为顺应当下发 展形势、积极拥抱市场变化，习酒将开启营销2.0改革，重点推进"营""销"适度分离。 习酒2024年度销售额超过200亿元，据了解2025年受行情影响有所下行，不过开瓶表现、库存消化情况 较好。有习酒经销商透露，会上提到2025年开瓶率同比增长33.66%，社会库存降低了13.55%。 五粮液提出2026年目标：市场份额有效提升 五粮液12月18日召开第29届12.18共识共建共享大会在宜宾举行。21世纪经济报道记者在现场了解到， 五粮液集团（股份）党委书记、董事长曾从钦披露，五粮液2026年目标是推动高质量的市场动销、全力 实现市场份额的有效提升。 这一营销工作方针被归纳为"一核心三强化双目标"：持续提升五粮液品牌价值；强化营销变革、强化应 市策略、强化执行能力；推动高 ...

Core Viewpoint - The Chinese beer industry is undergoing structural adjustments and a transformation in consumer logic, with Chongqing Beer exploring a path that balances local culture and global vision through a dual strategy of local and international brands [2][4]. Product and Channel Transformation - Chongqing Beer has focused on continuous upgrades in product structure and strategic reshaping of channel resources, responding to the slowing growth of the beer industry by innovating in product offerings and channel strategies [2][3]. - The company has launched approximately 30 new products this year, including craft beers, tea beers, and low-alcohol options, while also expanding into non-beer categories like fruit drinks and energy drinks [3]. - The shift towards non-on-premise channels has seen over half of the company's sales coming from these channels, with partnerships established with platforms like Meituan and JD Daojia to enhance distribution [3]. Local and International Brand Synergy - The combination of local and international brands is a key competitive advantage for Chongqing Beer, with local brands accounting for over 70% of total sales, particularly in base markets like Chongqing [4][5]. - Local brands are deeply connected to regional culture, while international brands bring a sense of fashion and vitality, allowing for complementary growth and channel synergy [5][6]. Geographic Expansion and Category Diversification - Chongqing Beer plans to continue its "big city strategy" to enhance its presence in high-potential markets, particularly in South China, where local production has been established to reduce logistics costs [6][7]. - The company aims to upgrade its product structure and accelerate its expansion into non-beer categories, focusing on deeper consumer engagement and continuous iteration of new products [7]. Digitalization and Operational Efficiency - The company emphasizes the role of digital tools in enhancing channel efficiency, aiming for better inventory management and market insights through data optimization [7]. - Continuous iteration is highlighted as a crucial strategy for responding to competition from new beverage brands and the entry of liquor companies into the beer market, with a focus on rich product offerings and efficient channels [7].

Core Insights - The Chinese beer industry is undergoing structural adjustments and a transformation in consumer logic, with companies like Chongqing Beer exploring a dual strategy of local and international brand integration to adapt to these changes [1][4] Group 1: Company Performance - Chongqing Beer reported a sales volume of 2.6681 million kiloliters and revenue of 13.059 billion yuan in the first three quarters of 2025, with an operating profit of 3.233 billion yuan [1] - The company's president emphasized that the stable performance is attributed to continuous optimization in product structure, channel focus, and brand combination [1] Group 2: Product and Channel Innovation - The company is focusing on two main areas for innovation: continuous upgrading of product structure and strategic reshaping of channel resources [2] - Chongqing Beer has launched approximately 30 new products this year, including craft beers, tea beers, and low-alcohol beers, while also expanding into non-beer categories like fruit drinks and energy drinks [2][5] - The company is shifting resources towards non-on-premise channels, with over half of its sales now coming from these channels, and has partnered with various instant retail platforms [2] Group 3: Brand Strategy - Chongqing Beer's competitive advantage lies in its combination of local and international brands, with local brands accounting for over 70% of total sales [3] - The local brand "Wusu Beer" has become a representative national brand, while "Chongqing Beer" has established a strong presence in regional markets [3] Group 4: Future Outlook - The company anticipates that the Chinese beer market will continue to grow, shifting from quantity-driven growth to quality-driven growth [4] - Chongqing Beer plans to enhance its geographical presence, upgrade its brands, and optimize its channels to achieve sustainable and quality growth [4][5] - The company is also focusing on digitalization to improve channel efficiency and market responsiveness [5]

Core Insights - The Chinese beer industry is undergoing structural adjustments and a transformation in consumer logic, with companies like Chongqing Beer exploring a dual strategy of local and international branding to adapt to these changes [1][3] Product and Channel Transformation - Chongqing Beer is focusing on product structure upgrades and strategic channel resource reallocation to address the slowing growth in the beer industry [2] - The company has launched approximately 30 new products this year, including craft beers and non-beer beverages, to capture evolving consumer preferences [2] - Non-on-premise channel sales now account for over half of the company's total sales, with partnerships established with major instant retail platforms [2] Local and International Brand Synergy - The combination of local and international brands is a key competitive advantage for Chongqing Beer, with local brands accounting for over 70% of total sales [3] - The company’s local brands, such as "Wusu Beer" and "Chongqing Beer," dominate the market share in their respective regions, enhancing brand recognition and consumer loyalty [3] Geographic Expansion and Efficiency Improvement - Chongqing Beer plans to continue its "big city strategy" to deepen its market presence in high-potential areas, particularly in South China [4] - The establishment of the Foshan brewery has improved supply chain efficiency and reduced logistics costs, supporting the company's growth in the Greater Bay Area [4] Brand and Category Development - The company aims to upgrade its product structure and expand into non-beer categories to meet diverse consumer demands [5] - Emphasis is placed on continuous iteration and gradual market penetration rather than seeking immediate blockbuster products [5] Digitalization and Operational Efficiency - The company is leveraging digital tools to enhance channel efficiency, optimize inventory management, and improve market responsiveness [5] - Continuous iteration is highlighted as a crucial strategy to navigate competition from new beverage brands and adapt to changing consumer preferences [5]

Summary of the Conference Call for Chongqing Beer Industry Overview - The beer industry is experiencing a slight decline in overall sales for 2025, but specific brands such as Carlsberg, Fenghua Xueyue, Lebao, and Wusu are showing growth [2][6] - The company is focusing on high-end product development, with a significant emphasis on products priced above 4 RMB [2][9] Key Points and Arguments Brand Performance - Carlsberg continues to grow in the South China market [2][6] - Fenghua Xueyue has achieved double-digit growth after nationwide promotion [2][6] - Lebao remains the company's second-largest product, continuing its growth trend [2][6] - Wusu brand is maintaining high-end pricing and positive growth both inside and outside Jiangsu, with an estimated sales volume of 730,000 to 740,000 tons in 2024 and expected growth in 2025 [2][7] Market Dynamics - The company is segmented by geographic latitude, with significant growth in Xinjiang, where market share exceeds 90% [10][11] - The South China region is outperforming the Central region [11] Cost and Margin Outlook - A decrease in costs is expected to significantly contribute to gross margins in 2025, although the rate of decline is anticipated to narrow in 2026 [2][13] - The company typically locks in pricing and volume for the next year by January, with preliminary indications suggesting continued cost reduction in 2026, albeit at a lower rate than in 2025 [13] Product Innovation and New Channels - The company is actively exploring new retail channels and product innovations, launching over 30 new products in 2025, including tea-flavored beer and low-alcohol variants [4][14] - The introduction of one-liter canned products is a key focus for 2026 [4][14] Consumer Trends and Challenges - The decline in the economy segment (priced below 4 RMB) is noted, but it represents a small portion of total sales (approximately 3%) [9] - The overall consumption environment is under pressure, impacting mainstream product categories [3][8] Financial Health and Dividend Policy - The company maintains a 100% dividend policy, with a strong cash flow position supporting this strategy [4][19] - The depreciation from the new Foshan factory, which began operations in August 2024, is expected to increase from 40 million RMB in 2024 to over 90 million RMB in 2025, impacting costs [4][19] Future Outlook - The company remains cautious about 2026, with no clear recovery signs yet, but anticipates potential adjustments based on demand recovery [5][14] - Despite concerns over profit declines, the company is viewed as having a strong defensive position in the A-share market, with expectations for gradual improvement in the dining scene [20] Additional Important Insights - The company is adapting to new retail trends, including instant retail and O2O models, to enhance marketing and brand development [3] - The impact of the recent alcohol regulations on sales has been managed effectively, with strategies in place to stabilize sales [17][18]

Core Insights - Chongqing Brewery Co., Ltd. (referred to as "Chongqing Beer") ranks 38th in the 2025 Chongqing Top 100 Enterprises and 21st in the Top 100 Manufacturing Enterprises, maintaining its position as the leading company in the Chongqing food and beverage industry [1] Group 1: Market Position and Brand Strategy - Chongqing Beer has a strong local presence, with local brand sales accounting for approximately 80% of its market in Chongqing, primarily driven by its well-known brands "Chongqing" and "Mountain City" [3] - The company operates a dual-brand strategy, combining international brands with local brands, which has been a key driver of its sustained growth [3] - The company aims to establish "Chongqing Beer" as a national brand, leveraging its association with local culture and cuisine, particularly through the promotion of "eating Chongqing hotpot and drinking Chongqing beer" [5] Group 2: Product Development and Community Engagement - Chongqing Beer is actively responding to market changes by optimizing its product structure and launching new products, including various craft beers [3] - The company supports local sports and cultural events, enhancing its brand visibility and community engagement through initiatives like music festivals and traditional cultural events [3][5] Group 3: ESG Initiatives and Recognition - Chongqing Beer has made significant progress in its ESG (Environmental, Social, and Governance) initiatives, achieving an "AA" rating from MSCI, the highest in the A-share food and beverage industry [6] - The company has received multiple accolades for its sustainability efforts, including recognition as a "National Green Factory" and "Chongqing Water Efficiency Leader" [6]

Core Insights - Chongqing Brewery Co., Ltd. (referred to as "the company") ranked 38th in the 2025 Chongqing Top 100 Enterprises and 21st in the Top 100 Manufacturing Enterprises, maintaining its position as the leading company in the Chongqing food and beverage industry [1][2] - The company has experienced rapid growth and has become one of China's top five beer companies, operating a production and supply network consisting of 27 breweries and a market sales network covering all provinces and regions in China [1] - The company's brand strategy combines international and local brands, which serves as a "dual engine" driving continuous performance growth, with local brands accounting for approximately 80% of sales in the Chongqing market [1] Market Expansion - The company has successfully launched the "Chongqing Beer" V8 series in markets such as Guizhou and Hunan, and promoted "Chongqing Pure Draft" in Yibin, Sichuan, gaining high recognition from consumers in surrounding markets [2] - By the end of 2023, the company plans to establish "Chongqing Beer" as a national brand, promoting the consumption scenario of "eating Chongqing hot pot and drinking Chongqing beer" [2] ESG Initiatives - As a leading enterprise in the Chongqing food and beverage industry, the company is advancing its "Together Towards and Beyond Zero Goals" ESG (Environmental, Social, and Governance) plan and has made significant progress [2] - The company's Dazhulian Brewery in Chongqing Liangjiang New Area has received several accolades, including "National Green Factory," "Chongqing Water Efficiency Leader," and "Chongqing Water-Saving Enterprise" [2]

Core Viewpoint - The Chinese beer market is experiencing a significant shift, with domestic giants gaining ground against foreign competitors, particularly in the context of the "takeout war" that has revitalized the industry [4][6][30]. Group 1: Market Dynamics - The competitive landscape of the Chinese beer market is changing, with domestic brands outperforming foreign giants in the first half of 2025 [4][6]. - In the first half of 2025, China’s beer market saw a decline in overall production by 0.3%, continuing a trend of stagnation [18]. - Despite the overall market decline, domestic giants like China Resources Beer, Qingdao Beer, and Yanjing Beer achieved over 2% growth in sales [19][20]. Group 2: Performance of Major Players - China Resources Beer surpassed Budweiser APAC to become the market leader, with a revenue of approximately 239.42 billion RMB, a 0.8% increase year-on-year [10][11]. - Budweiser APAC reported a revenue of 31.36 billion USD (approximately 224.5 billion RMB), a 5.6% decline year-on-year, marking the worst performance among the top five [9]. - Yanjing Beer and Chongqing Beer are in a tight race for the fourth position, with Yanjing Beer achieving a net profit growth of 45.45%, surpassing Chongqing Beer [13][14]. Group 3: Impact of Instant Retail - The "takeout war" has provided a new growth driver for the beer industry, with instant retail becoming a significant channel for sales [17][21]. - Qingdao Beer reported a nearly 60% increase in sales through instant retail platforms, significantly outperforming the industry average [26]. - China Resources Beer noted a nearly 40% growth in its online business and a 50% increase in its instant retail business [27]. Group 4: Foreign Brands' Struggles - Foreign brands, particularly Budweiser APAC and Chongqing Beer, are facing challenges, with Budweiser's sales in China declining by 8.2% [10][30]. - The high-end beer market, once dominated by Budweiser, is seeing its advantages eroded by the growth of domestic brands [30][33]. - Both Budweiser APAC and Chongqing Beer are shifting focus to non-immediate channels in response to declining performance in traditional immediate consumption venues [36][37].

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]