在华润啤酒以123亿元收购金沙酒业55.19%股权两年后，这家曾经增速惊人的酱酒企业不仅没有如愿腾飞，反而陷入增长停滞、价格混乱、经销商溃退的 恶性循环。 "对于华润而言，要么不做，要么做到行业第一。"这是侯孝海担任华润啤酒执行董事及董事会主席时对华润"1+N"战略中，发展其他品类业务的定调。如 今，侯孝海已辞职，而留下的"1+N"中的"N"也已成为了一地鸡毛。 从华润雪花入局的白酒企业来看，除了汾酒，景芝酒业、金种子酒、金沙酒业都并没有因为华润的收购而实现质的飞跃，目前景芝酒业依旧是一家不知名 的小酒企，金种子酒也在继续亏损，金沙酒业更是遇到了2018年崛起以来最严重的困境。 《道德经》有言"治大国若烹小鲜"，这句话最简单的阐释就是"不折腾"，但华润收购金沙酒业后，除了在人事上折腾外，还在产品上进行了"瞎折腾"，甚 至在去年末还抛弃旗下大单品摘要的品牌定位"书读经典，酒饮摘要"，更换为了"争上游，喝摘要"的品牌宣传口号。 这一口号中的"争上游"的表述还被消费者认为"太过功利"，消费者对"争上游"的联想词TOP3为"销售团队""团建酒""老板画饼"，带有明显的支持PUA。这 种主动丢掉品牌文化资产，选择更"L ...

Core Insights - China Resources Beer reported growth in revenue and profit for the first half of the year, with strong performance in its beer business, but a decline in its liquor business due to overall industry pressure [1][7]. Financial Performance - The company's total revenue for the first half of the year was 23.942 billion yuan, a year-on-year increase of 0.8% [2]. - Shareholder profit reached 5.789 billion yuan, reflecting a 23% increase year-on-year [2]. - The gross profit margin improved to 48.9%, up 2 percentage points from the previous year [2]. - Beer business revenue was 23.161 billion yuan, with a 2.6% year-on-year growth, and shareholder profit from beer increased by 17.3% [2]. - Beer product sales volume reached 6.487 million kiloliters, a 2.2% increase year-on-year [2]. - The average selling price of beer rose by 0.4% due to ongoing premiumization efforts [2]. Strategic Initiatives - The company has successfully implemented a premiumization strategy, with significant growth in high-end beer sales [3]. - Sales of premium and above beer products grew by over 10%, with Heineken and Snow beer brands showing strong performance [3]. - The company has developed various specialty beers to meet diverse consumer preferences [2]. Channel Development - Online and instant retail channels have seen rapid growth, with overall GMV increasing by nearly 40% and instant retail by 50% year-on-year [6]. - The company is exploring new business models, including customization and contract manufacturing [6]. Liquor Business Performance - The liquor business revenue fell to 781 million yuan, a decline of 33.7% year-on-year, with significant contributions from major products [7]. - The management anticipates a potential recovery in the liquor market, particularly during peak seasons [7]. - The company plans to introduce products in the 100 yuan price range to align with market demand [7].

01 战略升维-上游基因领航春糖 金沙酒业于去年焕新并发布了全新品牌主张"争上游，喝摘要"，以"地理、文化、精神"三重"上游战略"开启发展新篇章。此次金沙酒业以首席合作 伙伴身份强势登陆春糖，无疑成为此次春糖季上备受瞩目的焦点，也是其提出全新品牌主张后的首次全方位亮相。 春风织锦绣，佳酿启新章。 3 月 20 日，第 112 届全国糖酒商品交易会暨 2025 春糖季在成都盛大启幕。本届糖酒会首度打破传统展会边界， 以"由馆到城、由展到节"的展城融合模式，联动超 6600 家企业、覆盖 32.5 万平方米全域消费场景，成为激发经济内生动力的标杆盛会。 3 月 25-27 日，金沙酒业于世纪城新国际会展中心进行集中展出，开展第一天，展厅现场人流已络绎不绝，现场热闹非凡。"争上游，喝摘要"的全 新品牌主张发布后的摘要第三代牢牢占据展厅 C 位，吸引众人目光，成为绝对的视线焦点。摘要诗酒系列、摘 10 、摘 20 、摘 30 摘要酒系列、华 章珍藏版摘要酒、力争上游酒以及金沙经典 6 、 9 、 12 、 53 度盒装金沙回沙酒、醇柔封坛款金沙回沙酒等系列新品也首次公开集中亮相，共同 讲述着金沙酒业"醇柔酱香"的历史 ...