重庆啤酒业绩在经历一年的低迷后，复苏势头仍未显现。8月14日，重庆啤酒发布半年报显示，2025年 上半年，其实现营收88.39亿元，同比减少0.24%；净利润为8.65亿元，同比减少4.03%，延续了去年的 疲软态势。 对于此次营收净利润下滑，在8月15日举办的业绩说明会上，重庆啤酒方面回复《华夏时报》记者提出 的问题表示，"2025年上半年公司面临诸多外部挑战，啤酒市场竞争也更加激烈，公司积极拥抱变化、 洞察机会、优化策略、强化执行，保持了生意平稳。" 相比于营收净利润双下滑，今年上半年，重庆啤酒销量则止住下跌趋势，实现销量180.08万千升，同比 增长0.95%。与之相对应的，重庆啤酒吨价继续下滑，根据营收销量计算，2025年上半年，重庆啤酒吨 价为4908元，2023年、2024年则分别为4942元、4923元。 按消费价格划分，重庆啤酒旗下包括消费价格8元及以上的高档、4元至8元的主流以及4元以下的经济产 品。2025年上半年，三者营收占比分别为59.6%、35.6%、2.2%。其中高档产品主要代表品牌是嘉士 伯、乐堡、1664、红乌苏等；主流产品是重庆、乌苏、大理、山城、西夏等，经济产品为山城、西夏 ...

Core Insights - Chongqing Beer has been recognized as the only liquor brand from Chongqing in the first batch of "Chinese Consumer Famous Brands" selected by the Ministry of Industry and Information Technology in April this year [2] - Despite a 30% decline in beer production over the past decade and a mere 32% consumption share among Generation Z, Chongqing Beer managed to achieve a 1.93% increase in sales in Q1 2025, positioning itself among China's top five beer companies [2][5] - The company has a rich history, being one of the first beer manufacturers in New China, and has successfully launched high-end products like Chongqing Pure Draft since 2002 [3] Industry Context - The Chinese beer industry has entered a painful transformation phase, with a 30.1% decline in production from its peak in 2013 and a 5.7% decrease in industry revenue in 2024, making it the only declining category in the food and beverage sector [5] - The industry is now in a "stock game" phase, focusing on brand competition rather than volume expansion, prompting Chongqing Beer to target younger consumers while maintaining its brand heritage [5] Marketing Strategies - Chongqing Beer has engaged in innovative marketing strategies to resonate with younger audiences, such as hosting a symphonic concert that attracted nearly 2.9 million online viewers, blending classical and local music [6] - The company organized a dragon boat race event that incorporated interactive elements and social media engagement to appeal to younger demographics, successfully revitalizing traditional activities [7] - A vertical marathon event at the deepest subway station in the country was branded as "Chongqing Pure Draft Ascend Race," connecting with young people's aspirations and urban experiences [8][9] Brand Representation - The brand's approach to endorsements has evolved, recently featuring Hong Kong star Chen Xiaochun as a spokesperson, aligning with the brand's image of camaraderie and resonating with local culture [9] - The inclusion of diverse brand ambassadors, such as Sichuan singer Jike Junyi, aims to reach various regional preferences and interest groups [9]

Core Viewpoint - Chongqing Beer has been recognized as one of the "Eighth Batch of Chongqing Time-honored Brands," further enhancing its reputation after being named a top Chinese consumer brand [1][2] Company Overview - Chongqing Beer, established in 1958, is one of the earliest local beer brands in China, with a history of 67 years [1] - The brand is known for its refreshing and smooth taste, which complements the spicy flavors of Chongqing hot pot and balances the richness of barbecue and local cuisine [1] Product Innovation - Chongqing Beer has continuously innovated its product offerings, introducing classic products like Chongqing Pure Draft and Chongqing Guobin, as well as new series such as Chongqing Guobin Chunmai, Chongqing Craft White Beer, and Chongqing Craft Black Beer to meet diverse consumer needs [1] Market Position - Chongqing Beer has developed into one of the top five beer companies in China, establishing a nationwide sales network [1] - The company aims to become a nationally influential brand, promoting the authentic experience of "eating Chongqing hot pot and drinking Chongqing beer" while spreading Chongqing's urban culture [1] Brand Value - The recognition as a time-honored brand highlights the historical significance and cultural depth of Chongqing Beer, emphasizing its substantial brand and economic value [2] - The company plans to leverage this recognition to enhance its role in building independent brands, promoting consumer spending, exploring "national trend" culture, and enriching product supply [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has returned to positive growth in Q1 2025 after facing challenges in FY 2024, with a focus on high dividend value [8] - The company plans to distribute a total dividend of 2.40 CNY per share for FY 2024, resulting in a dividend payout ratio of 104% [2] - The company is entering a stable development phase, emphasizing shareholder returns through high dividend payouts [8] Financial Performance Summary - In FY 2024, the company achieved revenue of 14.645 billion CNY, a year-on-year decrease of 1.15%, and a net profit of 1.115 billion CNY, down 16.61% [2] - In Q1 2025, the company reported revenue of 4.355 billion CNY, a year-on-year increase of 1.46%, and a net profit of 473 million CNY, up 4.59% [2] - The company’s gross margin for FY 2024 was 48.57%, which improved to 48.42% in Q1 2025 [5] - The company’s sales volume in FY 2024 was 2.9749 million tons, a decrease of 0.75%, but increased to 883,500 tons in Q1 2025, reflecting a growth of 1.93% [3] Product and Regional Performance - In FY 2024, the company’s revenue from high-end, mainstream, and economy products was 8.592 billion CNY, 5.243 billion CNY, and 335 million CNY respectively, with the economy segment showing a growth of 15.56% [3] - In Q1 2025, revenue from high-end, mainstream, and economy products was 2.603 billion CNY, 1.550 billion CNY, and 910 million CNY respectively, with all segments returning to growth [3] - Revenue from the Northwest, Central, and Southern regions in FY 2024 was 3.884 billion CNY, 5.969 billion CNY, and 4.316 billion CNY respectively, with all regions showing growth in Q1 2025 [4] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 15.065 billion CNY and 15.449 billion CNY respectively, with an additional forecast for 2027 at 15.785 billion CNY [9] - EPS forecasts for 2025 and 2026 have been revised to 2.58 CNY and 2.72 CNY respectively, with a new forecast for 2027 at 2.79 CNY [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved revenue of 4.355 billion yuan in Q1 2025, a year-on-year increase of 1.46%, and a net profit attributable to shareholders of 473 million yuan, up 4.59% year-on-year, slightly exceeding expectations [1] - The company's beer business saw a recovery in sales volume, with a total of 883,500 tons sold in Q1 2025, representing a year-on-year increase of 1.93% [2] - Cost improvements have driven profitability enhancements, with gross margin and net margin increasing by 0.52 and 0.67 percentage points year-on-year to 48.42% and 21.61%, respectively [4] - The company is expected to focus on non-current drinking channels and strengthen core market penetration, with stable product structure and controlled expense ratios [5] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 4.355 billion yuan, with a net profit of 473 million yuan, and a non-recurring net profit of 467 million yuan, all showing positive year-on-year growth [1] - The sales volume for the beer business was 883,500 tons, with an average price per ton of 4,804 yuan, reflecting a slight decrease of 0.34% year-on-year [2] Product and Regional Performance - High-end beer revenue reached 2.603 billion yuan, up 1.21% year-on-year, while mainstream beer revenue was 1.550 billion yuan, up 1.99% year-on-year [2] - The company’s revenue from different regions showed balanced performance, with the Northwest, Central, and Southern regions generating revenues of 1.178 billion, 1.835 billion, and 1.231 billion yuan, respectively [3] Cost and Profitability - The company’s operating cash flow increased by 24.88% year-on-year to 1.350 billion yuan, indicating strong cash flow performance [4] - The cost per ton decreased by 1.45% year-on-year to 2,543 yuan, attributed to lower raw material and packaging costs [4] Future Outlook - Revenue growth is projected at 2.0%, 2.6%, and 2.6% for 2025-2027, with net profit growth expected at 14.4%, 4.4%, and 4.3% for the same period [5] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.6, 2.8, and 2.9 yuan per share, respectively, with a price-to-earnings (P/E) ratio of 21.9, 21.0, and 20.1 [5]

Industry Overview - The beer industry in 2024 is experiencing a significant divergence, with some companies thriving while others struggle, reflecting a structural adjustment within the market [2][3] - The National Bureau of Statistics reported a 0.6% year-on-year decline in beer production and a 5.7% decrease in industry revenue, making beer the only category in the food and beverage sector to see a revenue drop [2] Market Dynamics - The Chinese beer market is characterized by oligopolistic competition, with the top six companies (CR6) holding a market share of 92.6% [3] - Beer production has been declining since its peak in 2013, leading to a contraction in the overall consumption market, which directly impacts the performance of leading companies [3] Financial Performance - Major companies like Budweiser APAC, China Resources Beer, and Tsingtao Brewery reported revenue declines of 8.89%, 0.76%, and 5.3% respectively in 2024 [4][5] - Net profits for Budweiser APAC, China Resources Beer, and Chongqing Beer also fell by 14.8%, 8.03%, and 17.05% respectively, attributed to weak consumer demand and challenges in traditional sales channels [4][5] Growth Segmentation - Yanjing Beer and Zhujiang Beer are exceptions, showing positive growth in both revenue and profit, with Yanjing's revenue increasing by 3.20% and net profit by 54.87% [5] - Yanjing U8 has successfully penetrated the mid-to-high-end market, achieving a 31.40% increase in sales volume [6] Strategic Shifts - Companies are shifting focus towards operational efficiency and market segmentation to find sustainable profit growth in a saturated market [8][9] - Budweiser APAC is reallocating resources from super-premium products to the core price segment of 8-10 yuan, which is performing better in the current consumption environment [7][8] Cost Management - Several companies, including Budweiser APAC and China Resources Beer, have reduced their sales costs by 8.93% and 2.93% respectively, due to lower barley prices and improved cost control measures [9][10] - Qingdao Beer managed to achieve a slight net profit increase despite revenue decline by reducing various operational costs [10][12] Marketing Innovations - Companies are adopting innovative marketing strategies to engage younger consumers, such as emotional and scenario-based marketing [13][14] - Budweiser APAC is focusing on expanding non-drinking channels and targeting new consumption scenarios, while China Resources Beer has seen over 30% growth in online business [15][16]

Core Viewpoint - The company reported a steady performance in Q1 2025, with revenue and net profit showing modest year-on-year growth despite challenges in the high-end beer segment [1][2]. Financial Performance - Q1 2025 revenue reached 4.36 billion yuan, up 1.5% year-on-year, while net profit attributable to shareholders was 470 million yuan, reflecting a 4.6% increase [1]. - The company achieved a sales volume of 884,000 tons in Q1, marking a 1.9% year-on-year growth despite a high base from the previous year [1]. - The gross margin for Q1 2025 was 48.4%, an increase of 0.5 percentage points year-on-year, driven by declining raw material prices [2]. - The net profit margin improved by 0.7 percentage points to 21.6% in Q1 2025 [2]. Product and Market Dynamics - Revenue growth for different beer segments in Q1 2025 was as follows: high-end beer +1.2%, mainstream beer +2%, and economy beer +6.1% [1]. - The company is focusing on the national expansion of its brands and upgrading its product structure, with expectations for recovery in high-end products as consumer spending improves [2]. Cost Management - The cost per ton decreased by 1.4% year-on-year to 2,543 yuan, contributing to improved profitability [2]. - The sales expense ratio was 12.7%, down 0.4 percentage points, indicating effective cost control [2]. Future Outlook - The company forecasts EPS for 2025-2027 to be 2.53 yuan, 2.72 yuan, and 2.90 yuan, respectively, with corresponding dynamic PE ratios of 23x, 21x, and 20x [3]. - The company maintains a "buy" rating based on its growth prospects and recovery potential in the beer market [3].

Summary of Key Points from Conference Call Records Industry Overview Alcohol Industry - The liquor industry is showing a stable recovery with major companies like Moutai setting a 9% revenue growth target, Wuliangye aligning with macro indicators, and Luzhou Laojiao emphasizing steady growth. The supply-side pressure in the industry has significantly eased, and channel feedback is expected to improve [1][3]. - Moutai and Wuliangye have reported double-digit growth, slightly exceeding market expectations, while Luzhou Laojiao's cash flow performance is better than its apparent data [3]. Beer Industry - The beer sector performed well in Q1 2025, with small breweries like Zhujiang and Yanjing showing outstanding results. Qingdao Beer and Chongqing Beer met expectations, and structural improvements are noted despite pressure on ton prices [4][5]. Beverage Industry - The beverage sector continues to trend towards health and functionality, with Dongpeng Beverage showing high growth and new products like health water from Lululemon gaining attention. Nongfu Spring is also highlighted as a company to watch [6]. Dairy Industry - The dairy sector is experiencing supply-side adjustments, with Yili's Q1 report showing positive revenue growth. The improvement in demand is expected to resonate with the raw milk cycle, while Mengniu is noted for its defensive attributes [7]. Snack Industry - The snack sector is exhibiting a new consumption growth trend, with companies like Weilong and Yuyou revising their forecasts upward. Yuyou has entered new channels, and Ganyuan's overseas market prospects for Q2 are promising [8]. Textile and Apparel Industry - The textile and apparel industry is showing a trend of low performance followed by high recovery, particularly in sports apparel. Anta Sports is effectively managing multiple brands, while home textile companies like Luolai and Mercury Home Textile are seen as defensive investments [11][12]. Key Recommendations - **Liquor**: Recommended stocks include Moutai, Luzhou Laojiao, and regional leaders like Fenjiu and Wuliangye [10]. - **Beer**: Focus on Qingdao Beer and its strong dividend yield [5]. - **Dairy**: Yili and Mengniu are highlighted as key players [10]. - **Beverages**: Nongfu Spring and Lululemon are recommended [10]. - **Snacks**: Weilong, Yuyou, and Ganyuan are noted for their growth potential [10]. - **Textiles**: Anta Sports and home textile brands like Luolai are recommended for their defensive qualities [11][12]. Additional Insights - The pig farming sector is currently valued highly, with pig prices remaining elevated, but the breeding sector's outlook is cautious due to limited capacity recovery. Key companies to watch include Muyuan, Shennong Group, and Dekang [2][20]. - The poultry industry, particularly yellow feathered chickens, is facing challenges with prices down from last year, but companies like Lihua and Wens continue to expand [21]. - The retail sector is experiencing rapid growth, especially in the snack segment, with companies like Liangpinpuzi expected to open numerous new stores [33][34]. - The home appliance industry is focusing on tariff adjustments and new consumption trends, with companies like Vanward Electric and TCL Electronics showing strong performance [37][38].

Company Performance - In Q1 2025, the company achieved operating revenue of 4.355 billion yuan, a year-on-year increase of 1.46% [1] - The net profit for the same period was 473 million yuan, reflecting a year-on-year growth of 4.59% [1] - The non-net profit was reported at 467 million yuan, with a year-on-year increase of 4.74% [1] - Beer sales reached 883,500 kiloliters, marking a year-on-year growth of 1.93% [1] Product Innovation and Brand Portfolio - The company accelerated product innovation in 2025, launching multiple new products and packaging to meet diverse consumer demands [1] - A total of six brands introduced new products, including "Carlsberg Smooth 5°" and "Chongqing Craft All-Malt Beer 1L" [1] - The company has a diverse brand portfolio, including local brands like Wusu and international brands like Carlsberg and Brooklyn [1] Revenue Breakdown by Product Tier - Revenue from high-end products (priced at 8 yuan and above) was 2.603 billion yuan, up 1.21% year-on-year [2] - Mainstream products (priced between 4 and 8 yuan) generated 1.55 billion yuan, with a year-on-year increase of 1.99% [2] - Economic products (priced below 4 yuan) achieved revenue of 91 million yuan, reflecting a year-on-year growth of 6.09% [2] Industry Context - The Chinese beer industry has been in a continuous decline since reaching its peak production in 2013, with total production down 30.1% by 2024 compared to 2013 [2] - In 2024, the cumulative beer production of large-scale enterprises in China was 35.213 million kiloliters, a slight decrease of 0.6% year-on-year [3] - Despite the overall industry decline, major beer companies have demonstrated resilience and achieved high-quality development [2] Market Strategy and Consumer Engagement - The company is enhancing new consumption scenarios and expanding brand touchpoints to stimulate new consumer experiences [3] - Local brand "Chongqing Beer" promotes the association of drinking beer with eating Chongqing hot pot, while "Wusu Beer" strengthens its brand positioning with barbecue [3] - "Fenghua Xueyue" capitalizes on tourism trends in Yunnan to achieve rapid growth [3]

Core Viewpoint - Chongqing Brewery Co., Ltd. (referred to as "the company") reported a steady growth in its first quarter of 2025, with increases in beer sales, revenue, and net profit, indicating a positive performance amidst a competitive market [1] Group 1: Financial Performance - In Q1 2025, the company achieved beer sales of 883,500 kiloliters, a year-on-year increase of 1.93% [1] - The company's operating revenue reached 4.355 billion yuan, reflecting a year-on-year growth of 1.46% [1] - The net profit attributable to shareholders was 473 million yuan, up 4.59% year-on-year, while the net profit excluding non-recurring items was 467 million yuan, an increase of 4.74% [1] Group 2: Product Innovation and Brand Expansion - The company accelerated product innovation in 2025, launching multiple new products and packaging to meet diverse consumer demands [2] - Six brands introduced new products, including "Carlsberg Smooth 5°" and "Ushu Beer Tianshan Original Brew," among others [3] - The company is also expanding into non-beer categories, launching new beverages like Tianshan Fresh Fruit Orange Soda [3] Group 3: Marketing Strategies - The company enhanced brand communication and marketing efforts, appointing new brand ambassadors for six of its brands [3] - During the Spring Festival, the company leveraged emotional connections with consumers through creative packaging and marketing campaigns [4] - The company strengthened its presence in sports marketing by partnering with UEFA and sponsoring major events like marathons [4] Group 4: Recognition and Awards - The company was recognized as the only enterprise with two brands, "Chongqing Beer" and "Ushu Beer," included in the first batch of "Chinese Consumer Brands" [5] - Several products received accolades, including the "Qingzhao Award" for new alcoholic beverages [5] - The company also received various marketing awards, highlighting its innovative branding efforts [5] Group 5: ESG Initiatives - The company holds an "AA" MSCI ESG rating, the highest among over 120 food and beverage companies listed in China [6] - The company is advancing its ESG initiatives, focusing on sustainability goals such as zero carbon footprint and zero packaging waste [6][7] - The company became a global signatory of the UN Women's Empowerment Principles, promoting gender equality in its operations [7]