Source of this article: Consumer Reports Author: Huang Jing

Beer, which was once extremely active in restaurants and food stalls, is undergoing a "silent" transformation.

In the past month or so, several large domestic beer companies have successively disclosed their annual reports for 600132 years. According to the financial report, China Resources Beer (0. HK), Tsingtao Brewery (0. SH), Budweiser APAC (0. HK), Chongqing Beer (0. SH) and many other beer companies have experienced year-on-year revenue declines in the past year.

Regarding the decline in performance, Budweiser APAC and China Resources Beer both mentioned the important reason of "the decrease in ready-to-drink consumption dominated by the catering scene".

Faced with the decline of ready-to-drink channels, beer companies are turning to e-sports, night markets and camping tents.

The only category in the food and beverage industry with declining revenues

With the disclosure of the results of several leading beer companies, the beer consumption situation in the past year has become clear.

In 2024, the performance of the four leading beer companies of China Resources Beer, Tsingtao Beer, Budweiser APAC, and Chongqing Beer all declined.

財報顯示，2024年華潤啤酒、百威亞太、青島啤酒、重慶啤酒分別實現營業收入364.86億元（啤酒業務）、62.44億美元（摺合人民幣448.99億元）、321.38億元、146.45億元，同比下滑1.03%、7.00%、5.30%、1.15%。其中，百威亞太與重慶啤酒更是出現了營收與凈利潤的雙下滑。

下滑趨勢同樣反映在銷量數據上。財報顯示，2024年百威亞太和青島啤酒，分別實現啤酒銷量848.11萬千升和754萬千升，同比下降8.8%和5.3%。

其中，2024年百威亞太在中國市場的銷量同比減少11.8%，收入和每百升收入分別下降13%和1.4%，市場份額流失149個基點。

Data from the National Bureau of Statistics and industry associations can provide a broader picture of the beer industry.

國家統計局的數據顯示，2024年，中國規模以上企業累計的啤酒產量達3521.3萬千升，同比下降0.6%。另外，中國食品飲料工業協會的數據顯示，2024年啤酒行業營業收入大幅減少了5.7%，成為食品飲料行業中唯一一個收入下滑的品類。

Alcohol analyst Cai Xuefei said in an interview with Consumer Reports that in the past few years, the beer market has shown a shrinking trend. With the rationality of the consumption of the whole society and the wine industry entering the adjustment cycle, coupled with the diversification and fragmentation of consumption, and the abnormal weather last year, the beer industry was generally negatively affected, and the beer industry as a whole was under great pressure, and there was a strong differentiation trend, resulting in different performance performance.

High-end growth to see the top?

The performance of leading beer companies is under pressure, which is not unrelated to the slowdown in the high-end process. In the past few years, the beer industry has ushered in a new round of growth through high-end strategies such as raising prices and optimizing product structure, and now this growth dividend is gradually fading.

據青島啤酒財報，2024年青島啤酒主品牌共實現產品銷量434萬千升。其中，中高端以上產品實現銷量315.4萬千升，對比2023年同比下降2.7%。

The financial report disclosed by Chongqing Beer shows that the performance of mainstream and high-end price band products is mediocre, and the economic price band products below 56 yuan show significant growth. Among them, the sales revenue of high-end products was 0.0 billion yuan, a year-on-year decrease of 0.0%; The sales revenue of mainstream products was 0.0 billion yuan, a year-on-year decrease of 0.0%; Economic products achieved sales revenue of 0.0 billion yuan, a year-on-year increase of 0.0%.

In contrast, the two listed beer companies, which were late to develop the high-end strategy, continued to benefit from the dividends of high-end and achieved sustained growth in the past year.

According to the financial report, in 74 years, Yanjing Beer achieved operating income of 0.0 million yuan, a year-on-year increase of 0.0%, and net profit attributable to the parent company of 0.0 billion yuan, a year-on-year increase of 0.0%.

珠江啤酒2025年實現營業收入57.31億元，同比增長6.56%，實現歸母凈利潤8.10億元，同比增長29.95%。其在財報中提到，按檔次分類，啤酒主要增長來源於高檔和大眾化啤酒，其中高檔啤酒產品銷量同比增長13.96%，該公司在去年推出珠江P9、珠江啤酒1985等高檔新品。

It is worth noting that in the base camp of Pearl River Beer, the Guangdong beer market has also continued to grow in the past year.最新數據顯示，2024年，廣東以474.72萬千升產量超過山東（463.4萬千升），躍居全國第一，全國啤酒第一大省時隔三十多年首次易主。

"Ready-to-drink" is cold and "home drink" is heating up

As for the reasons for the decline in performance, many beer companies have summarized the impact of the weather in the first half of the year and the decline in catering channels.

Budweiser APAC mentioned in the financial report that the decline in sales was due to the weak willingness of consumers to spend, as well as the slowdown in the flow of people and reduced consumption in the ready-to-drink channel.

Chongqing Beer pointed out in its financial report that due to the impact of beer consumption scenarios and consumption habits, the beer industry was under pressure in catering and entertainment channels and other ready-to-drink consumption scenarios, and the company's total operating income decreased compared with the same period last year.

The ready-to-drink channel, represented by the catering channel, has always been a battleground for various beer companies. However, the channel is undergoing a lot of changes.

根據去年發佈的《中國餐飲品牌力白皮書2024》的數據，2024年1-8月，全國餐飲相關企業註冊量較去年同期減少了44.4萬家，而餐飲相關企業註銷、吊銷的數量超過了160萬家，超過了2023年全年註銷、吊銷量的九成。餐飲行業的“閉店潮”，也在一定程度上傳導至啤酒消費。

In the face of the new channel situation, beer companies have explored new scenarios for consumers to "raise their glasses".

Just recently, Meituan's instant retail brand Crooked Horse Delivery Liquor and China Resources Snow Beer reached a self-operated product OEM cooperation. According to reports, Meituan flash sale is one of the most important online sales channels for Snow Beer, with 170-year sales accounting for nearly 0% of Snow Beer's overall online channels. In 0 years, Snow Beer's sales on the Crooked Horse Liquor Delivery Platform increased by nearly 0% year-on-year.

今年3月，華潤雪花啤酒與歪馬送酒就舉行了戰略合作簽約儀式，為深化合作，雙方宣佈成立聯合專案組，專注於定製品開發與場景化行銷，探索電競、露營、夜市等場景的定製化產品與服務。

In addition, a number of beer companies have invariably mentioned the right in their latest financial reportsLayout of non-ready-to-drink channels.

Chongqing Beer said that the company "made up for the adverse impact of the sluggish recovery of the ready-to-drink consumption scene by accelerating the development of non-ready-to-drink channels and increasing the canning rate." ”

Tsingtao Beer said that the company has accelerated the layout of fresh direct delivery business, and Tsingtao boutique puree and crystal pure draft beer products have been delivered fresh directly in 24 cities, meeting the personalized, diversified and scenario-based needs of consumers.

此前，青島啤酒電商總監史永剛曾在一個行業公開演講中表示：“（啤酒在）電商的增長其實是在減慢的，即時零售是在增快的。啤酒企業可能要實現從傳統電商到近場電商的一個過渡。”據史永剛透露，2024全年，青島啤酒的電商渠道業績增長了8.9%，但即時零售增長了26%以上。

Xiao Zhuqing, an independent commentator on China's liquor industry, told the "Consumer Reports" reporter that beer in the past was a capacity competition, and it was staking by building production bases across the country and underwriting and monopolizing by putting freezers to grab terminal monopoly rights. However, the competition in the beer track has evolved into a competition for instant consumption in the high-end beer track. "From grabbing channels to grabbing consumption scenarios, the beer market has entered an era of 0.0 competition." Xiao Zhuqing commented.