重庆啤酒20250627

Summary of the Conference Call for Chongqing Beer Industry Overview - The beer industry in China is experiencing stagnant sales in the first half of 2025, with Carlsberg maintaining stable performance in traditional stronghold regions but pausing expansion into new areas due to weak consumer demand [2][4] - The decline in raw material and packaging costs positively impacts gross margins, but overall production and sales volume remain critical variables to monitor [2][8] Company Performance - The company has no plans for new production capacity expansion in 2025, with a significant reduction in capital expenditures expected. Shareholder returns will primarily come from cash dividends, which have reached a high level [3][31] - The company’s overall performance in 2025 has been affected by external factors, particularly the impact on the restaurant industry, which is a key consumption scenario for beer [4] Brand Performance - The Lebao brand continues to grow and has become the largest brand, while the Wusu brand faces challenges but is actively innovating and upgrading its product structure [2][9][16] - Wusu beer's annual sales are approximately 800,000 tons, with over 60% sold in its home region, but it faces pricing pressure in external markets [2][13][12] - The 1,664 brand has remained stable in Q1 2025 but is expected to face pressure in the second quarter due to the lack of recovery in entertainment channels [15] Sales Channels - The revenue share from on-premise channels has decreased to below 44%, while off-premise channels now account for over 56%. New retail models are causing structural changes in the market [19] - The company is actively exploring new channels such as Yima Delivery and Jiuxiaoer, with positive feedback on new products launched in one-liter cans [19][21] Product Innovations - The company has introduced a one-liter canned craft beer product and is diversifying into non-beer categories, testing products like Dali Fat Child Soda and Tianshan Fresh Fruit Orchard Orange Soda [21][22] - The beverage business is part of a broader strategy initiated by Carlsberg Group, with local teams making independent decisions on product development [23][24] Financial Outlook - The company expects gross margin performance to benefit from procurement cost savings, but overall production and sales volume will be key determinants [8] - Sales expenses are balanced with overall sales and structure, and there are no plans for significant capital expenditures aimed solely at increasing production capacity in 2025 [30] Strategic Direction - The company is open to mergers and acquisitions within the beer industry or related sectors, such as the beverage business, but will not venture into unrelated industries [32]