CHINA RES BEER(00291) 搜狐财经·2025-04-18 06:45Core Viewpoint - The Chinese beer industry is facing multiple challenges in 2024, including consumption segmentation, cost pressures, and localized competition from international brands, leading to a trend of "volume decline and price increase" [2] Industry Overview - The overall revenue of the beer industry in 2024 has decreased by 5.7% year-on-year, making it the only category in the food and beverage sector to experience negative growth [2] - The performance of the six major listed beer companies—Budweiser APAC, China Resources Beer, Tsingtao Brewery, Yanjing Beer, Chongqing Beer, and Zhujiang Beer—has shown further differentiation [2][3] Company Performance - Budweiser APAC reported a revenue of 62.46 billion RMB, down 8.90%, and a net profit of 7.26 billion RMB, down 14.79% [9] - China Resources Beer achieved revenue of 38.635 billion RMB, a slight decline of 0.76%, with net profit down 8.03% to 4.739 billion RMB [9] - Tsingtao Brewery's revenue was 32.138 billion RMB, down 5.30%, but net profit increased by 1.81% to 4.345 billion RMB [9] - Chongqing Beer reported revenue of 14.645 billion RMB, down 1.15%, and net profit of 1.115 billion RMB, down 16.61% [9] - Zhujiang Beer and Yanjing Beer were the exceptions, with Zhujiang Beer achieving revenue growth of 6.56% to 5.731 billion RMB and net profit growth of 29.95% to 810 million RMB [11] - Yanjing Beer also saw revenue growth of 3.20% to 14.667 billion RMB and net profit growth of 63.74% to 1.055 billion RMB [11] Market Trends - The market is experiencing a shift towards high-end products, with Zhujiang Beer and Yanjing Beer benefiting from product structure adjustments and capturing high-end consumption scenarios [3][12] - Analysts suggest that the beer industry must continue to pursue high-end strategies and expand online channels to find new growth opportunities [3][15] - The competition in the high-end market is intensifying, prompting companies to innovate and refine operations to discover new growth points [15] Strategic Adjustments - Companies are adjusting their product structures towards high-end offerings, with Zhujiang Beer reporting that 90% of its revenue comes from mid-to-high-end products [14] - Yanjing Beer has successfully launched its flagship product, Yanjing U8, achieving a sales volume of 696,000 kiloliters, a year-on-year increase of 31.40% [14] - Budweiser APAC, despite being a high-end market leader, has seen a significant decline in sales, down 11.8%, attributed to weak consumer spending [14] - China Resources Beer reported that mid-range and above products accounted for over 50% of its sales for the first time, indicating a commitment to high-end strategies [14]