啤酒巨头集体业绩反弹_老虎社区_美港股上老虎

啤酒巨头集体业绩反弹

21世纪经济报道03-29

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　21世纪经济报道记者肖夏综合报道　　中国啤酒市场份额集中，头部企业的竞争优势无非两点：要么份额更大，要么更赚钱。　　上周，华润啤酒、青岛啤酒、珠江啤酒陆续披露年报。青岛啤酒、珠江啤酒营收、利润、销量全部正增长。华润啤酒如果排除白酒业务的拖累，其啤酒主业的三项数据也是正增长。　　再算上已经披露年报的重庆啤酒、已经...

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综合报道\n　　中国啤酒市场份额集中，头部企业的竞争优势无非两点：要么份额更大，要么更赚钱。\n　　上周，华润啤酒、青岛啤酒、珠江啤酒陆续披露年报。青岛啤酒、珠江啤酒营收、利润、销量全部正增长。华润啤酒如果排除白酒业务的拖累，其啤酒主业的三项数据也是正增长。\n　　再算上已经披露年报的重庆啤酒、已经...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/relnews/hk/2026-03-29/doc-inhssfps4702716.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0251144936.SGD","symbol_name":"Fidelity Sustainable Asia Equity A-SGD","start_time":0,"source_url":"https://finance.sina.com.cn/stock/relnews/hk/2026-03-29/doc-inhssfps4702716.shtml","article_id":"2623936999","we_media_id":null,"thumbnails":[],"rights":{"source":"sina","url":"https://finance.sina.com.cn/stock/relnews/hk/2026-03-29/doc-inhssfps4702716.shtml","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.art_tit_h1{#titleStyle#}a{#lv2TextColor#}.art_time, .art_cite{#sourceStyle#;} .art_cite{margin-left: 3px;}","selectors":".module-article, article","filters":"header, .voice2, .tags, #norm_qrcode_link_auto, 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综合报道\n　　中国啤酒市场份额集中，头部企业的竞争优势无非两点：要么份额更大，要么更赚钱。\n　　上周，华润啤酒、青岛啤酒、珠江啤酒陆续披露年报。青岛啤酒、珠江啤酒营收、利润、销量全部正增长。华润啤酒如果排除白酒业务的拖累，其啤酒主业的三项数据也是正增长。\n　　再算上已经披露年报的重庆啤酒、已经披露预增预告的燕京啤酒，中国前六大啤酒去年几乎全都实现了核心业绩正增长，仅有百威亚太尚未扭转下行趋势。\n　　（21记者统计）\n　　中国头部啤酒企业为何集体反弹？\n　　在需求承压和天气影响下，头部啤酒企业2024年多数收入、销量都出现下跌，前一年较低的基数为2025年留出了回升空间，而在去年各大啤酒积极拥抱即时零售等新渠道以及茶啤、精酿等高端产品的气息，2025年头部啤酒集体出现了业绩反弹。\n　　如华润啤酒、青岛啤酒、重庆啤酒，去年核心业绩指标集体回升，收复了一部分市场份额。这些份额一部分来自还在回调的百威，也来自更多中小啤酒同行。\n　　作为对比，国家统计局数据显示， 2025年中国啤酒行业规模以上企业啤酒产量3536万千升，同比下降 1.1%，这意味着份额还在继续向头部集中。\n　　但拉长周期来看，无论收入、销量还是利润，头部啤酒尚未回到2023年巅峰期的水平。要断言啤酒复苏，还有待今年表现。\n　　实际上，分走更多市场份额的其实是规模相对更小的燕京啤酒、珠江啤酒。这两家啤酒依靠大单品燕京U8和珠江纯生97实现了结构化升级，不仅近几年收入、销量未受趋势调整影响，净利润更是翻倍式提升。\n　　尤其燕京啤酒已经跻身第四，上升势头还未见顶。前不久燕京啤酒董事长耿超在行业大会上提到，燕京U8已经从年产量10万吨提升至如今的90万吨，仅仅用了五年时间。\n　　中国啤酒市场进入缩量周期以来，啤酒股的核心投资卖点转为产品结构升级带来的利润增长。\n　　这原本是国际啤酒的优势，去年百威亚太吨价超过723美元（超过5000元人民币），依然是市面上最高的；重庆啤酒去年吨价4915元，也与旗下有嘉士伯、1664等国际高端品牌有关。\n　　但随着啤酒存量竞争加剧，如今最能增长的啤酒并不一定是最贵的，也不一定是最便宜的，而是最符合主力消费客群消费水平的。\n　　市场份额一骑绝尘的华润啤酒，其产品相对更集中在大众、经济价位，但去年吨价还稍有下行，这说明并非是越便宜越有竞争优势。\n　　而还在增长的珠江啤酒、燕京啤酒，大单品仅仅是升级到8元价格带，就带来了利润爆发，前者去年吨价跃过了4000元关口，后者吨价大概率同样保持较快增长。\n　　近年啤酒股新的亮点是分红，以此吸引长周期价值投资者。\n　　青岛啤酒上周披露年报时明确2025年度拟分红30亿元，金额为历年最高，分红率连续两年近70%。\n　　重庆啤酒近年都是每年两次分红，近两年利润都是全部分掉了。百威亚太、华润啤酒也类似，去年分红率分别在103%、98%。\n　　而在投资者回报方面，燕京啤酒、珠江啤酒还有很大提升空间。燕京啤酒2024年度分红率刚过50%，珠江啤酒2025年度分红率还不到50%。\n　　不过燕京啤酒去年增加了分红频次，首次在2025年三季度进行了分红。\n　　酒企动态\n　　泸州老窖明确国窖1573价格不跟随竞品\n　　泸州老窖3月27日与机构进行交流，被问及国窖1573的价格策略，董秘李勇表示，国窖1573的品牌定位是公司立足品牌长期价值、基于市场规律作出的战略选择，有三方面逻辑，一是历史经验。从公司发展经验来看，成熟品牌的价格体系不能随竞品短期波动而摇摆，尤其高端品牌需要保持战略坚定才能守护品牌长期生命力。\n　　二是品牌价值与用户需求决定价格。国窖1573产能稀缺，品质优秀，在本轮行业调整中价盘稳定，是符合品牌定位与市场预期的合理表现。\n　　第三是差异化应对并非单纯“守价”，通过提升服务质量、优化消费体验等方式为用户创造更多附加值，以应对市场变化。将继续坚守品牌定位，强化品牌价值输出与用户服务升级，以长期主义视角守护国窖1573的品牌资产。\n　　高度版本国窖1573从去年以来坚持挺价策略，目前终端价高于900元。而同为浓香竞品的第八代五粮液选择补贴渠道抢占市场，终端价多在800元出头。\n　　郎酒明确加快发展39度青花郎\n　　3月28日，由中国食品工业协会主办、郎酒股份承办的“历史经典·中国名酒——庄园酿造高品质酱酒发展研讨会”在四川内江召开。会上郎酒方面透露，将加快发展39度青花郎酒。\n　　21世纪经济报道记者此前关注过，39度青花郎酒曾获1989年第五届全国评酒会“中国名酒”称号，1999年被定为国家酱香型低度白酒标准样酒，是低度酱香领域的标杆产品。\n　　（21记者摄）\n　　美团闪购亮相成都春糖：邀名酒开设即时零售官方旗舰店\n　　3月23日，第114届春糖会期间，美团闪购举行“2026即时零售酒饮生态大会”，面向酒饮行业正式发布即时零售稳增长助力计划。\n　　21世纪经济报道记者了解到，该计划将通过开放即时零售基础设施网络、强化全链路保真体系、投入流量扶持等举措，希望吸引品牌商、零售商、经销商和实体门店以合适高效的方式切入即时零售。\n　　其中，针对名酒，美团闪购支持其入驻开设“即时零售官方旗舰店”，帮助品牌快速接入即时零售基建网络、实现线下门店数字化，可支持“半小时达”；而针对经销商，美团闪购支持其入驻官方的“美团名酒行”，强调严选保真，推动快速动销；针对轻资产运营的零售品牌，美团闪购支持其开设“酒饮闪电仓”切入即时零售，以更快触达消费者。\n　　（美团闪购在成都春糖正式展会入驻，21记者摄）\n　　酒业新品\n　　乌苏啤酒加码饮料品类 推出“卡瓦斯”\n　　在去年推出碳酸饮料、能量饮料后，嘉士伯中国在饮料业务的布局再进一步，近日宣布推出新疆特色饮品——乌苏卡瓦斯，以蜂蜜与麦芽香为主要风味，面向餐饮佐餐、家庭聚会及夜间消费等高频场景。\n　　乌苏啤酒是目前重庆啤酒（嘉士伯中国）旗下最成功的全国化本土品牌，近年顺应啤酒行业和嘉士伯集团的品类拓展趋势，此前已经推出能量饮料“电持”和果汁汽水“天山鲜果庄园”。\n　　燕京啤酒推出燕京A10 官宣胡歌代言\n　　燕京啤酒3月25日推出高端新品燕京A10，价格定位在10-12元，相较于燕京U8有一定提升，产品采用100%全麦酿造，胡歌为代言人。\n　　行业要闻\n　　电商酒水成交集体大涨： 京东超市跨越200亿元 淘系突破400亿 快手突破120亿\n　　成都糖酒会期间，美团、京东、淘系等各大电商纷纷发声披露酒水板块战报。\n　　21世纪经济报道记者从京东方面了解到，京东超市酒类业务过去三年销售额实现200亿元跨越式增长，刚刚过去的京东年货节及春节档增速均超过20%。\n　　与此同时，18-25岁年轻用户、女性用户的增速分别超过35%、15%，在京东上年消费额超过五千元的高消费力用户占比超60%，每用户平均收入（ARPU）提升15%。\n　　淘宝、快手也在糖酒会前夕纷纷披露去年酒水板块GMV。\n　　淘天集团淘宝天猫区域白酒负责人透露，2025年淘系酒类成交规模约400亿元，其中白酒占比超 75%；全年酒类成交UV（独立访客）规模超1亿；88VIP用户量破5500万，年度酒类购买用户达4500万+，白酒消费中88VIP占比超80%。\n　　品牌销售额超过10亿元的有5家，分别为贵州茅台、剑南春、五粮液、泸州老窖、汾酒集团；品牌销售额超过1亿元的共11家，包含习酒、郎酒、珍酒、洋河、国台、古井贡酒、西凤、舍得、牛栏山、今世缘等；品牌官方旗舰店销售额超1亿元共9家。\n　　2025年淘系白酒“近场成交”（如即时零售）规模为8亿元，占线上比重约 2%。2026年1-2月，近场成交规模已接近 4亿，同比增速超250%。\n　　快手酒水行业商业化负责人透露，2025年快手酒水板块GMV突破120亿元，在全网线上销售中占据10%以上份额；月活超7亿，日活4.16亿，日均使用时长超133分钟，18-45岁人群占比超62%；其中男性用户偏多，约有5亿人群聚集在新一线城市，成为酒水消费坚实的“新线”底盘。\n　　中国酒类即时零售规模超过500亿元\n　　3月21日《2025酒类连锁即时零售发展报告》披露，2025年中国即时零售规模达到9714亿元，其中酒类即时零售规模突破500亿元，相较于2020年实现了数倍的几何级跨越。\n　　国家统计局：1-2月烟酒类零售额大增19.1%，餐饮复苏加速\n　　3月16日，国家统计局发布数据显示，1-2月，社会消费品零售总额为86079亿元，同比增长2.8%。其中餐饮零售总额为10264亿元，同比增长4.8%，环比增速明显加快（高于2025年12月的2.2%和2025 年1-2月4.3%的增速）。\n　　其中，1-2月烟酒类零售额为1581亿元，同比增长19.1%。2025 年1-2月增速为5.5%，明显加快。受此影响，当天白酒板块股价集体上涨。\n新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}