China's beer industry is increasingly divided: CR Beer accelerates growth, Budweiser continues to slump (Bernstein)
The Bernstein report shows that the growth of China's total beer sales value has slowed down, but there are significant differences within the industry.
The Bernstein report shows that the growth of China's total beer sales value has slowed down, but there are significant differences within the industry. CR Beer's growth accelerated to +6%, Budweiser China continued to fall by -4%, and Tsingtao Beer's decline narrowed to -1%. CR Beer's off-site channel rebounded to +8%, and Guangdong's catering business +46% drove growth. One-sentence conclusion: China's beer market is undergoing structural adjustment. With its strong channel capabilities and brand portfolio, CR Beer has an advantage in industry differentiation and is accelerating to capture market share. Positive/negative: Positive for China Resources Beer (0291.HK), negative for Budweiser Asia Pacific (1876.HK). The market may have observed industry fragmentation, but CR Beer's strong performance in key markets such as Guangdong may have exceeded expectations, providing support for its share price. Catalysts: 1) Terminal data during the summer beer sales season; 2) Financial reports of each company in the second half of the year to verify the changing trend of market share; 3) Sales volume and average price data of high-end products.