This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Cannabis and craft beer producer Tilray Brands has landed a licensing agreement with Carlsberg Group for the production, marketing and selling of the Danish brewing giant's beer portfolio in the U.S. The five-year agreement is set to begin in 2027, with an automatic renewal option for another five years subject to performance criteria, according to a press release Wednesd ...

Summary of Chongqing Brewery Corporate Day Company Overview - **Company**: Chongqing Brewery (600132.SS) - **Industry**: Consumer & Leisure Key Takeaways Recent Updates - The company reported a soft recovery in on-trade channels after a brief uptick in January-February due to Chinese New Year (CNY) celebrations - The channel mix for 1Q remained stable at 45:55 for on-trade/off-trade - Year-to-date (YTD) performance for Carlsberg/Tuborg brands aligns with 1Q results, while 1664/Red Wusu show strong performance in off-trade channels [2][3] Premiumization Strategy - Chongqing Brewery aims to outperform the industry in volume by 2025, focusing on premiumization in off-trade channels - The ratio of canned beer in 1Q grew by 2-3 percentage points year-over-year (yoy) to reach 29-30% - The company plans to accelerate the growth of premium canned products to enhance average selling price (ASP) and gross profit margin (GPM), particularly with continued double-digit percentage (DD%) growth in canned 1664 [2][3][7] Margin Outlook - The company expects cost benefits to persist in 2025 due to locked barley prices, although this will be partially offset by increased depreciation and amortization (D&A) from the Foshan factory - Efforts are being made to maintain a stable selling expense ratio in 2025, with more investments directed towards off-trade channels [2][3] Instant Delivery - Management views instant delivery services as advantageous for market expansion and new product launches - Partnerships with delivery platforms are typically initiated by headquarters and executed by local distributors [2][8] Beyond Beer Vision - The company is expanding into soft drinks, leveraging its beer distribution network and production capabilities - New products include the energy drink "Dianchi" and soda drink "Tianshan Fresh Fruit Village," with a focus on increasing presence in dining channels [2][9] Financial Projections - The 12-month price target is set at Rmb53.6, based on a 19.0x 2026E P/E ratio, reflecting a neutral rating - Revenue projections for 2025 are Rmb15,155.9 million, with EBITDA expected to reach Rmb3,930.1 million [10][13] Risks - Potential risks include slower or faster-than-expected growth of the Wusu brand, fluctuations in ASP, and variations in cost trends [10] Additional Insights - The company is actively exploring new product categories, including tea-flavored beer under the Dali brand - Management believes that the impacts of channel mix shifts and reduced consumption frequency are outweighed by the positive results from product and channel strategies [2][7] This summary encapsulates the key points from the conference call regarding Chongqing Brewery's current performance, strategic initiatives, and future outlook.