Group 1 - The peak season for beer production typically occurs from June to September due to increased demand for chilled beer in hot weather [1][3] - High temperatures significantly boost beer consumption, making the second and third quarters traditional sales peaks for the industry [3] - The Chinese beer industry has been undergoing a high-end upgrade since around 2018, shifting focus from market share to profitability, with leading companies enhancing their product offerings [4][5] Group 2 - In 2024, the overall beer consumption is expected to be weak, but the resilience of the industry remains, with leading companies still seeing profit levels increase despite a slowdown in growth rates [4][6] - Sales performance among leading beer brands varies, with some brands like Zhujiang Beer and Yanjing Beer showing positive growth while Qingdao Beer experiences a decline due to conservative marketing strategies [6][7] - The craft beer market in China is expanding rapidly, driven by a younger consumer base that values quality and unique experiences, with the market size expected to reach 11 billion yuan by 2028 [8] Group 3 - The beer industry is expected to recover in 2025, supported by improved consumer spending and favorable policies for the restaurant sector, which will positively impact beer sales [6][7] - The current low inventory levels and the approach of the beer consumption peak season present opportunities for investment in resilient companies with positive sales and pricing trends [9]

证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 啤酒 2024 年报及 2025 年一季报总结：25Q1 恢复性增长，期待旺季量价提速 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：宏观经济不及预期；食品安全问题；中高档啤酒竞争加剧。 2025 年 05 月 06 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 行业走势 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 2024/5/6 2024/9/2 2024/12/30 2025/4/28 食品饮料 沪深300 相关研究 《食品综合 2024 年报及 2025 年一季 报总结：零食继续领跑，餐饮链有望 企稳》 2025-05-05 《2025Q1 基金食品饮料持仓分析：持 仓趋稳，白酒回升》 2025-04-23 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 2024 年阶段性承压，25Q1 恢 ...