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- Buddy_treeBuddy_tree
  ·2021-06-26
  ?
  Soaring 68 billion a year, why is Chongqing Beer drunk?
  2011年12月15日，一位网友在重庆啤酒吧发了一篇《一边吃，一边哭》的帖子：今天回到家，煮了点面吃，一边吃面一边哭，泪水滴落在碗里，没有开灯。彼时，重庆啤酒做了十几年的疫苗梦彻底破碎，股价从历史高
  Soaring 68 billion a year, why is Chongqing Beer drunk?
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- Buddy_treeBuddy_tree
  ·2021-06-21
  ??????
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- Buddy_treeBuddy_tree
  ·2021-06-18
  oooooo
  Sorry, this post has been deleted
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10:52","market":"sh","language":"zh","title":"Soaring 68 billion a year, why is Chongqing Beer drunk?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161096348","media":"市界","summary":"2011年12月15日，一位网友在重庆啤酒吧发了一篇《一边吃，一边哭》的帖子：今天回到家，煮了点面吃，一边吃面一边哭，泪水滴落在碗里，没有开灯。\n彼时，重庆啤酒做了十几年的疫苗梦彻底破碎，股价从历史高","content":"<p>On December 15, 2011, a netizen<a href=\"https://laohu8.com/S/600132\">Chongqing Beer</a>Bar posted a post on \"Eating and crying at the same time\": I came home today, cooked some noodles to eat, and cried while eating noodles, tears dripping in the bowl and not turning on the light.</p><p>At that time, Chongqing Beer's vaccine dream of more than ten years was completely shattered, and its stock price continued to fall from its historic high. This investor finished a realistic novel in less than thirty words.</p><p>Another netizen in the comment area interpreted: This shareholder didn't have a complaint, a curse, a word of grief and anger, or a word of pain, but his sad and numb state, suffering in his soul and body, was vividly portrayed in just one sentence. \"Without turning on the lights\" is the true portrayal of the exhaustion of the extremely shrinking desire for life after the deep spiritual trauma, which can be described as the finishing touch.</p><p>\"Turn off the lights and eat noodles\" has been recorded in the history of A shares. Ten years have passed, and this word has become a common word for shareholders, while Chongqing Beer is no longer the same after the international beer giants took over.</p><p>On June 25th, the closing price of Chongqing Beer reached a record high of 188.10 yuan/share, with a total market value of 91 billion yuan. Since the announcement of major asset restructuring at the end of March 2020, in more than a year, the share price of Chongqing Beer has risen by 324%, and the total market value has risen by more than 68 billion yuan.</p><p>If this netizen has held it so far, he may be sitting at home watching sports games and drinking Maotai.</p><p><b>Retail investors turn off lights and eat noodles, Xu Xiang \"scrapes lottery tickets\"</b></p><p>In the Chinese beer market, Chongqing beer was originally an ordinary existence. For many years, Chongqing Beer has been in a corner, its scale can't keep up with China Resources, Qingdao, Budweiser, Yanjing and other giants, and its reputation is not great.</p><p>However, in the capital market, Chongqing Beer has left many stories.</p><p><img src=\"https://static.tigerbbs.com/8cf85a89f93931ce0e0e8708ecad58f4\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Since its establishment in 1958, Chongqing Beer has been mainly engaged in the manufacturing and sales of beer products, with two local brands: \"Chongqing\" and \"Shancheng\".<b>Interestingly, it is not beer that makes Chongqing beer famous, but vaccines.</b></p><p>In 1997, Chongqing Beer was listed on the Shanghai Stock Exchange, raising 212 million yuan. The following year, Chongqing Beer entered the vaccine industry. This cross-border not only shocked the beer circle, but also made Chongqing Beer known as \"demon stock\".</p><p>Chongqing Beer Group, the parent company of Chongqing Beer, jointly established Chongqing Jiachen Bioengineering Co., Ltd. (referred to as \"Jiachen Bio\") with the Third Military Medical University and Chongqing University. Chongqing Beer first spent 14.352 million yuan to acquire 52% equity of Jiachen Bio from Heavy Beer Group. After that, after several capital increases and equity transfers, by 2001, Chongqing Beer had acquired 93.1% equity of Jiachen Bio.</p><p>Chongqing Beer has high hopes for a project called \"Therapeutic (Synthetic Peptide) Hepatitis B Vaccine\" and wants to create a \"new profit growth point\".</p><p><b>However, this dream lasted thirteen years, and it eventually awoke as a nightmare.</b></p><p>In the first few years, according to the announcement of Chongqing Beer, the vaccine research and development was still progressing very smoothly. By 2005, the application for phase II and III clinical trials of the project was approved. Brokers are also very excited to cheer for Chongqing Beer.</p><p>The loudest shouting was<a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>Wang Xi, an analyst. In August 2009, Wang Xi's research report \"Chongqing Beer: Oranges Are Coming Red\" was released, arguing that the vaccine story is becoming a reality, and giving Chongqing Beer a \"strong recommendation\". After that, research reports such as \"Orange is Red\" and \"Vaccine Prospects are Optimistic\" were launched intensively. For more than two years, there was an average of one per month, and each one was \"strongly recommended\".</p><p>The stock price of Chongqing Beer was like a rocket, but it soon fell from high altitude.</p><p>On the evening of December 7, 2011, Chongqing Beer announced the unblinding data: the response rates of placebo and therapeutic agents are very close. In other words, a vaccine study that has lasted thirteen years can be concluded to have failed.</p><p>Since December 8th, Chongqing Beer has dropped its limit for nine consecutive boards, and its share price has dropped by nearly 75% in 18 trading days. On the sixth day of the limit, a suffering investor created the classic quotation of \"Turn off the lights and eat noodles\".</p><p><img src=\"https://static.tigerbbs.com/59f519f906f8c7d74e60c5befb3dd333\" tg-width=\"886\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p><p>(Screenshot of stock bar)</p><p><b>Just when the market was bearish, Xu Xiang, the \"chief helmsman of Ningbo Daily Limit Death Squad\", smelled the opportunity, two in and two out, and sealed the \"God\" in World War I.</b></p><p>Xu Xiang bargained the bottom for the first time, copied halfway up the mountain, cut his meat and left the market. After that, Chongqing Beer continued to fall, and he made a comeback. Heavy warehousing Chongqing Beer reached 500 million yuan, and its shareholding ratio was close to the placard line. In February 2012, Chongqing Beer ushered in a wave of rebound, and Xu Xiang sold quickly. This \"battle\", Xu Xiang made a lot of profits. This is the work of the gods after Xu Xiang established Zexi Investment.</p><p>Afterwards, Xu Xiang said, \"Chongqing Beer is not a stock, but a lottery ticket. The first time it was scraped out was 'Thank you', and the second time it was scraped out was 'Thank you'. At this time, everyone threw it away as waste paper, but the lottery ticket has not been scraped yet, or some people believe that it has not been scraped yet. What if there is a special prize behind it? This is the logic of rebound.\"</p><p><b>Xu Xiang won the lottery, but Chongqing Beer was delayed at its best age.</b></p><p>The years from the listing of Chongqing Beer to the shattering of the vaccine dream are the craziest period for China's beer industry, and everywhere is full of the taste of capital-mergers and acquisitions, and horse racing. China Resources crossed the border into a beer giant,<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>、<a href=\"https://laohu8.com/S/000729\">Yanjing Beer</a>, and international giants<a href=\"https://laohu8.com/S/BUD\">AB InBev</a>Carlsberg is not idle. Chongqing Beer, however, has spent its mind on the vaccine project.</p><p>By 2012, Chongqing Beer's operating income reached 3.149 billion yuan, still curled up in southwest China. Yanjing Beer has become a giant with a revenue of over 13 billion yuan, and the revenue scale of Tsingtao Beer has reached 25.8 billion yuan, a huge gap.</p><p>It was not until Carlsberg's entry that the vaccine project was transferred for 1 million yuan that Chongqing Beer returned to its main business.</p><p><b>Asset restructuring, revenue exceeds Yanjing</b></p><p>In the period when big fish eat small fish frequently, Chongqing Beer didn't take the initiative. In the end, it was eaten by bigger fish.</p><p><b>Carlsberg completely \"drank\" Chongqing Beer in 2013-through transfer and tender offer, the shareholding ratio of Chongqing Beer rose to 60%, and Chongqing Beer completely entered the \"Carlsberg era\".</b></p><p><img src=\"https://static.tigerbbs.com/936062ff5aaa888a04597d4680f4a6d1\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Carlsberg, the world's third-largest brewer, entered China as early as 1978. However, in the fierce competition of giants' melee, it only won about 5% of the market share, ranking fifth in the industry, ranking among China Resources Snowflake, Tsingtao Brewery,<a href=\"https://laohu8.com/S/0RJI.UK\">AB InBev</a>After Yanjing Beer, the market is more in Yunnan, Tibet, Xinjiang, Gansu, Ningxia, Qinghai and other places.</p><p>When achieving absolute control over Chongqing Beer, Carlsberg promised to inject its domestic beer business, which has potential competition with Chongqing Beer, into listed companies within 4-7 years, so as to solve the problem of horizontal competition.</p><p>After becoming a member of Carlsberg Group, Carlsberg gave the production and sales rights of Lebao, Carlsberg, Triumph 1664 white beer and other brands to Chongqing Beer. But the beer industry has changed. By 2019, Chongqing Beer's revenue will be less than 3.6 billion yuan.</p><p>In the last year of the commitment period, Chongqing Beer finally waited for good news from its controlling shareholder Carlsberg.</p><p><b>In 2020, Carlsberg fulfilled its commitment to resolve horizontal competition, and after more than nine months of advancement, completed a major asset restructuring in mid-December of that year, injecting the high-quality beer assets controlled by Carlsberg in China into Chongqing Brewery.</b>Upon completion of the restructuring, Chongqing Beer became Carlsberg's sole platform for operating beer assets in China.</p><p>With the completion of the reorganization, Chongqing Beer has changed from a regional beer enterprise to a national beer giant, and its core market has further expanded from Chongqing, Sichuan and Hunan to Xinjiang, Ningxia, Yunnan, Guangdong, East China and North China, basically realizing the nationwide layout.</p><p>In terms of brand, it has formed a combination of \"local strong brand + international high-end brand\". International high-end brands include Carlsberg, Lebao, 1664, Greenburg,<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Lin, etc., local strong brands include Chongqing, Shancheng, Wusu, Xixia, Dali, Fenghuaxueyue,<a href=\"https://laohu8.com/S/603136\">Tianmu Lake</a>etc. to meet the consumption needs of consumers in different consumption scenarios and price ranges.</p><p>Based on this, in 2020, Chongqing Beer stepped into the \"Ten Billion Club\".</p><p>In 2020, Chongqing Beer achieved operating income of 10.942 billion yuan and net profit attributable to the parent company of 1.077 billion yuan, which was 3 times and 1.6 times that of 2019, respectively. After restating the 2019 annual report data, in 2020, Chongqing Beer's revenue and net profit increased by 7.14% and 3.26% respectively year-on-year, making it one of the few beer enterprises that achieved positive growth in the same period.</p><p>Because Yanjing Beer lags behind-in 2020, the operating income was 10.928 billion yuan, a year-on-year decrease of 4.71%; The net profit attributable to the parent was 197 million yuan, a year-on-year decrease of 14.32%-Chongqing Beer has become the fourth largest beer market in China.</p><p><img src=\"https://static.tigerbbs.com/b1bc6f9ecbf8c4c115c545d2688767ee\" tg-width=\"1080\" tg-height=\"714\" referrerpolicy=\"no-referrer\"></p><p>In the capital market, Chongqing Beer is equally prosperous. It once made investors \"turn off the lights and eat noodles\", but now investors look at it with admiration.</p><p>From the announcement of major asset restructuring in March 2020, to June 25, 2021, Chongqing Beer's share price rose by 324%, and its total market value rushed to 91 billion yuan. In the same period, Yanjing Brewery increased by only 22%, while Tsingtao Brewery increased by 151%.</p><p><b>However, the valuation of Chongqing Beer is also very high. On June 25th, its rolling P/E was 74 times, which made many investors call \"there is a bubble in beer\". By comparison, Tsingtao Brewery is 56 times.</b></p><p><b>Stock market, intensifying competition</b></p><p>Completing the asset restructuring and entering the \"10 billion club\" does not mean that Chongqing Beer can sit back and relax.</p><p>Chongqing Beer officially entered the \"Carlsberg Era\", that is, in 2013, the total output of China's beer industry, which was making great progress in an extensive way, reached the highest point in history, and since 2014, it has been declining all the way. In 2020, it declined by more than 7%.</p><p>After years of fierce fighting, China's beer market has bid farewell to volume growth, and the situation of vassal separatism has stabilized. The five major beer giants- -<a href=\"https://laohu8.com/S/00291\">China Resources Beer</a>Tsingtao Brewery, Budweiser InBev, Yanjing Brewery and Carlsberg already have their own strong markets. By sales volume, the Big Five already captured about 92% of the market share in 2020.</p><p><img src=\"https://static.tigerbbs.com/a7f67c21605e03249b175430ee11ea22\" tg-width=\"1080\" tg-height=\"747\" referrerpolicy=\"no-referrer\"></p><p><b>Obviously, China's beer industry has begun to compete in the stock market, and the upgrading of product structure has become the trend of industry development.</b></p><p>In the past, under the low-price strategy, lager beer (industrial beer) was the main sales type in China's beer market. Nowadays, consumers pursue high-quality and personalized products, and \"drink good wine and drink less wine\" further drives the beer industry to high-end.</p><p>The product grade of Chongqing beer is divided according to consumer price. The consumer price above 10 yuan is classified as high-grade, 6 yuan to 9 yuan is classified as mainstream, and below 6 yuan is economic. The main representative brands of high-grade are Wusu, Carlsberg and 1664, the main representative brands of mainstream are Lebao, Chongqing and Dali, and the main representative brands of economy are Shancheng and Tianmu Lake.</p><p>In 2020, high-end products achieved revenue of 3.263 billion yuan, accounting for 29.86% of the revenue; The revenue of mainstream products was 5.912 billion yuan, accounting for 54.1% of the revenue; The revenue from economic products was 1.450 billion yuan, accounting for 13.27% of the revenue.</p><p>During the same period, only high-end products achieved a large increase of 26.28%. Even so, Chongqing Beer's product focus is still in the mainstream and below markets.</p><p>In the domestic high-end and ultra-high-end beer market, according to consumption statistics, in 2018, AB InBev was the dominant company, occupying 46.6% of the market share. Followed by Tsingtao Brewery 14.4%, China Resources Snow 11.0%, Carlsberg 4.6% and Heineken 1.7%.</p><p>In April 2019, China Resources Beer completed the acquisition of Heineken China and won a trump card in the process of high-end. Hou Xiaohai, CEO of China Resources Beer, shouted the slogan of \"high-end decisive battle\". Since then, the high-end share of China Resources Beer has further expanded.</p><p>In contrast, Chongqing Beer's original share in the high-end market was minimal, and it was classified as \"others\". In 2020, after the completion of the asset restructuring between Carlsberg and Chongqing Brewery, there was little impact on its share in the high-end market.</p><p>Therefore,<b>Among the giants, Chongqing Beer (Carlsberg) is still at the bottom of the market share.</b></p><p><img src=\"https://static.tigerbbs.com/39731b5e6a5bb15e842439a2e8960194\" tg-width=\"823\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Chongqing Beer said in its annual report that the company continues to promote the high-end product business strategy, vigorously promotes the growth of high-end products from the product structure, and increases the sales volume and sales proportion of high-end products, so as to realize the implementation of high-end products.</p><p>At the performance briefing, Lee Chee Kong (Li Zhigang, Malaysian nationality), president of Chongqing Beer, said that Wusu has become the company's largest brand in terms of sales volume and revenue.</p><p>Wu Su comes from Xinjiang. At the beginning, he accumulated word-of-mouth in ready-to-drink channels such as barbecue restaurants, and then became a \"online celebrity\" through Internet communication. Nowadays, Wusu has become a big single product in Chongqing's high-end beer market.</p><p>In 2021, Chongqing Brewery will add 20 new Wusu \"Big City Plans\" to continue to explore the markets outside Xinjiang.</p><p><b>However, according to the analysis of CICC Research Report, if other leaders increase their channel monopoly, the volume of Wusu may not meet expectations. In addition, high-end competition is intensifying, and niche craft brands are also trying to share a piece of cake through financing.</b></p><p>2021 is a \"big year\" for sports. In this midsummer, the \"one year late\" European Cup and America's Cup are in full swing, and the Tokyo Olympics will also open on July 23rd. Of course, during this period, it is also the fiercest competition between major beer brands.</p><p>Lee Chee Kong's idea is very beautiful: \"Consumers can drink Lebao when singing K, order 1664 in the bar to enjoy French romance, eat barbecue skewers with wusu beer, and drink heavy beer when eating hot pot with friends.\"</p><p>Still, the reality is brutal. In the \"involved\" beer industry, the giants are trying their best to seek new growth. As a result, the competition will only be more intense.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Soaring 68 billion a year, why is Chongqing Beer drunk?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoaring 68 billion a year, why is Chongqing Beer drunk?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1019100707\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">市界 </p>\n<p class=\"h-time smaller\">2021-06-26 10:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On December 15, 2011, a netizen<a href=\"https://laohu8.com/S/600132\">Chongqing Beer</a>Bar posted a post on \"Eating and crying at the same time\": I came home today, cooked some noodles to eat, and cried while eating noodles, tears dripping in the bowl and not turning on the light.</p><p>At that time, Chongqing Beer's vaccine dream of more than ten years was completely shattered, and its stock price continued to fall from its historic high. This investor finished a realistic novel in less than thirty words.</p><p>Another netizen in the comment area interpreted: This shareholder didn't have a complaint, a curse, a word of grief and anger, or a word of pain, but his sad and numb state, suffering in his soul and body, was vividly portrayed in just one sentence. \"Without turning on the lights\" is the true portrayal of the exhaustion of the extremely shrinking desire for life after the deep spiritual trauma, which can be described as the finishing touch.</p><p>\"Turn off the lights and eat noodles\" has been recorded in the history of A shares. Ten years have passed, and this word has become a common word for shareholders, while Chongqing Beer is no longer the same after the international beer giants took over.</p><p>On June 25th, the closing price of Chongqing Beer reached a record high of 188.10 yuan/share, with a total market value of 91 billion yuan. Since the announcement of major asset restructuring at the end of March 2020, in more than a year, the share price of Chongqing Beer has risen by 324%, and the total market value has risen by more than 68 billion yuan.</p><p>If this netizen has held it so far, he may be sitting at home watching sports games and drinking Maotai.</p><p><b>Retail investors turn off lights and eat noodles, Xu Xiang \"scrapes lottery tickets\"</b></p><p>In the Chinese beer market, Chongqing beer was originally an ordinary existence. For many years, Chongqing Beer has been in a corner, its scale can't keep up with China Resources, Qingdao, Budweiser, Yanjing and other giants, and its reputation is not great.</p><p>However, in the capital market, Chongqing Beer has left many stories.</p><p><img src=\"https://static.tigerbbs.com/8cf85a89f93931ce0e0e8708ecad58f4\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Since its establishment in 1958, Chongqing Beer has been mainly engaged in the manufacturing and sales of beer products, with two local brands: \"Chongqing\" and \"Shancheng\".<b>Interestingly, it is not beer that makes Chongqing beer famous, but vaccines.</b></p><p>In 1997, Chongqing Beer was listed on the Shanghai Stock Exchange, raising 212 million yuan. The following year, Chongqing Beer entered the vaccine industry. This cross-border not only shocked the beer circle, but also made Chongqing Beer known as \"demon stock\".</p><p>Chongqing Beer Group, the parent company of Chongqing Beer, jointly established Chongqing Jiachen Bioengineering Co., Ltd. (referred to as \"Jiachen Bio\") with the Third Military Medical University and Chongqing University. Chongqing Beer first spent 14.352 million yuan to acquire 52% equity of Jiachen Bio from Heavy Beer Group. After that, after several capital increases and equity transfers, by 2001, Chongqing Beer had acquired 93.1% equity of Jiachen Bio.</p><p>Chongqing Beer has high hopes for a project called \"Therapeutic (Synthetic Peptide) Hepatitis B Vaccine\" and wants to create a \"new profit growth point\".</p><p><b>However, this dream lasted thirteen years, and it eventually awoke as a nightmare.</b></p><p>In the first few years, according to the announcement of Chongqing Beer, the vaccine research and development was still progressing very smoothly. By 2005, the application for phase II and III clinical trials of the project was approved. Brokers are also very excited to cheer for Chongqing Beer.</p><p>The loudest shouting was<a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>Wang Xi, an analyst. In August 2009, Wang Xi's research report \"Chongqing Beer: Oranges Are Coming Red\" was released, arguing that the vaccine story is becoming a reality, and giving Chongqing Beer a \"strong recommendation\". After that, research reports such as \"Orange is Red\" and \"Vaccine Prospects are Optimistic\" were launched intensively. For more than two years, there was an average of one per month, and each one was \"strongly recommended\".</p><p>The stock price of Chongqing Beer was like a rocket, but it soon fell from high altitude.</p><p>On the evening of December 7, 2011, Chongqing Beer announced the unblinding data: the response rates of placebo and therapeutic agents are very close. In other words, a vaccine study that has lasted thirteen years can be concluded to have failed.</p><p>Since December 8th, Chongqing Beer has dropped its limit for nine consecutive boards, and its share price has dropped by nearly 75% in 18 trading days. On the sixth day of the limit, a suffering investor created the classic quotation of \"Turn off the lights and eat noodles\".</p><p><img src=\"https://static.tigerbbs.com/59f519f906f8c7d74e60c5befb3dd333\" tg-width=\"886\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p><p>(Screenshot of stock bar)</p><p><b>Just when the market was bearish, Xu Xiang, the \"chief helmsman of Ningbo Daily Limit Death Squad\", smelled the opportunity, two in and two out, and sealed the \"God\" in World War I.</b></p><p>Xu Xiang bargained the bottom for the first time, copied halfway up the mountain, cut his meat and left the market. After that, Chongqing Beer continued to fall, and he made a comeback. Heavy warehousing Chongqing Beer reached 500 million yuan, and its shareholding ratio was close to the placard line. In February 2012, Chongqing Beer ushered in a wave of rebound, and Xu Xiang sold quickly. This \"battle\", Xu Xiang made a lot of profits. This is the work of the gods after Xu Xiang established Zexi Investment.</p><p>Afterwards, Xu Xiang said, \"Chongqing Beer is not a stock, but a lottery ticket. The first time it was scraped out was 'Thank you', and the second time it was scraped out was 'Thank you'. At this time, everyone threw it away as waste paper, but the lottery ticket has not been scraped yet, or some people believe that it has not been scraped yet. What if there is a special prize behind it? This is the logic of rebound.\"</p><p><b>Xu Xiang won the lottery, but Chongqing Beer was delayed at its best age.</b></p><p>The years from the listing of Chongqing Beer to the shattering of the vaccine dream are the craziest period for China's beer industry, and everywhere is full of the taste of capital-mergers and acquisitions, and horse racing. China Resources crossed the border into a beer giant,<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>、<a href=\"https://laohu8.com/S/000729\">Yanjing Beer</a>, and international giants<a href=\"https://laohu8.com/S/BUD\">AB InBev</a>Carlsberg is not idle. Chongqing Beer, however, has spent its mind on the vaccine project.</p><p>By 2012, Chongqing Beer's operating income reached 3.149 billion yuan, still curled up in southwest China. Yanjing Beer has become a giant with a revenue of over 13 billion yuan, and the revenue scale of Tsingtao Beer has reached 25.8 billion yuan, a huge gap.</p><p>It was not until Carlsberg's entry that the vaccine project was transferred for 1 million yuan that Chongqing Beer returned to its main business.</p><p><b>Asset restructuring, revenue exceeds Yanjing</b></p><p>In the period when big fish eat small fish frequently, Chongqing Beer didn't take the initiative. In the end, it was eaten by bigger fish.</p><p><b>Carlsberg completely \"drank\" Chongqing Beer in 2013-through transfer and tender offer, the shareholding ratio of Chongqing Beer rose to 60%, and Chongqing Beer completely entered the \"Carlsberg era\".</b></p><p><img src=\"https://static.tigerbbs.com/936062ff5aaa888a04597d4680f4a6d1\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Carlsberg, the world's third-largest brewer, entered China as early as 1978. However, in the fierce competition of giants' melee, it only won about 5% of the market share, ranking fifth in the industry, ranking among China Resources Snowflake, Tsingtao Brewery,<a href=\"https://laohu8.com/S/0RJI.UK\">AB InBev</a>After Yanjing Beer, the market is more in Yunnan, Tibet, Xinjiang, Gansu, Ningxia, Qinghai and other places.</p><p>When achieving absolute control over Chongqing Beer, Carlsberg promised to inject its domestic beer business, which has potential competition with Chongqing Beer, into listed companies within 4-7 years, so as to solve the problem of horizontal competition.</p><p>After becoming a member of Carlsberg Group, Carlsberg gave the production and sales rights of Lebao, Carlsberg, Triumph 1664 white beer and other brands to Chongqing Beer. But the beer industry has changed. By 2019, Chongqing Beer's revenue will be less than 3.6 billion yuan.</p><p>In the last year of the commitment period, Chongqing Beer finally waited for good news from its controlling shareholder Carlsberg.</p><p><b>In 2020, Carlsberg fulfilled its commitment to resolve horizontal competition, and after more than nine months of advancement, completed a major asset restructuring in mid-December of that year, injecting the high-quality beer assets controlled by Carlsberg in China into Chongqing Brewery.</b>Upon completion of the restructuring, Chongqing Beer became Carlsberg's sole platform for operating beer assets in China.</p><p>With the completion of the reorganization, Chongqing Beer has changed from a regional beer enterprise to a national beer giant, and its core market has further expanded from Chongqing, Sichuan and Hunan to Xinjiang, Ningxia, Yunnan, Guangdong, East China and North China, basically realizing the nationwide layout.</p><p>In terms of brand, it has formed a combination of \"local strong brand + international high-end brand\". International high-end brands include Carlsberg, Lebao, 1664, Greenburg,<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Lin, etc., local strong brands include Chongqing, Shancheng, Wusu, Xixia, Dali, Fenghuaxueyue,<a href=\"https://laohu8.com/S/603136\">Tianmu Lake</a>etc. to meet the consumption needs of consumers in different consumption scenarios and price ranges.</p><p>Based on this, in 2020, Chongqing Beer stepped into the \"Ten Billion Club\".</p><p>In 2020, Chongqing Beer achieved operating income of 10.942 billion yuan and net profit attributable to the parent company of 1.077 billion yuan, which was 3 times and 1.6 times that of 2019, respectively. After restating the 2019 annual report data, in 2020, Chongqing Beer's revenue and net profit increased by 7.14% and 3.26% respectively year-on-year, making it one of the few beer enterprises that achieved positive growth in the same period.</p><p>Because Yanjing Beer lags behind-in 2020, the operating income was 10.928 billion yuan, a year-on-year decrease of 4.71%; The net profit attributable to the parent was 197 million yuan, a year-on-year decrease of 14.32%-Chongqing Beer has become the fourth largest beer market in China.</p><p><img src=\"https://static.tigerbbs.com/b1bc6f9ecbf8c4c115c545d2688767ee\" tg-width=\"1080\" tg-height=\"714\" referrerpolicy=\"no-referrer\"></p><p>In the capital market, Chongqing Beer is equally prosperous. It once made investors \"turn off the lights and eat noodles\", but now investors look at it with admiration.</p><p>From the announcement of major asset restructuring in March 2020, to June 25, 2021, Chongqing Beer's share price rose by 324%, and its total market value rushed to 91 billion yuan. In the same period, Yanjing Brewery increased by only 22%, while Tsingtao Brewery increased by 151%.</p><p><b>However, the valuation of Chongqing Beer is also very high. On June 25th, its rolling P/E was 74 times, which made many investors call \"there is a bubble in beer\". By comparison, Tsingtao Brewery is 56 times.</b></p><p><b>Stock market, intensifying competition</b></p><p>Completing the asset restructuring and entering the \"10 billion club\" does not mean that Chongqing Beer can sit back and relax.</p><p>Chongqing Beer officially entered the \"Carlsberg Era\", that is, in 2013, the total output of China's beer industry, which was making great progress in an extensive way, reached the highest point in history, and since 2014, it has been declining all the way. In 2020, it declined by more than 7%.</p><p>After years of fierce fighting, China's beer market has bid farewell to volume growth, and the situation of vassal separatism has stabilized. The five major beer giants- -<a href=\"https://laohu8.com/S/00291\">China Resources Beer</a>Tsingtao Brewery, Budweiser InBev, Yanjing Brewery and Carlsberg already have their own strong markets. By sales volume, the Big Five already captured about 92% of the market share in 2020.</p><p><img src=\"https://static.tigerbbs.com/a7f67c21605e03249b175430ee11ea22\" tg-width=\"1080\" tg-height=\"747\" referrerpolicy=\"no-referrer\"></p><p><b>Obviously, China's beer industry has begun to compete in the stock market, and the upgrading of product structure has become the trend of industry development.</b></p><p>In the past, under the low-price strategy, lager beer (industrial beer) was the main sales type in China's beer market. Nowadays, consumers pursue high-quality and personalized products, and \"drink good wine and drink less wine\" further drives the beer industry to high-end.</p><p>The product grade of Chongqing beer is divided according to consumer price. The consumer price above 10 yuan is classified as high-grade, 6 yuan to 9 yuan is classified as mainstream, and below 6 yuan is economic. The main representative brands of high-grade are Wusu, Carlsberg and 1664, the main representative brands of mainstream are Lebao, Chongqing and Dali, and the main representative brands of economy are Shancheng and Tianmu Lake.</p><p>In 2020, high-end products achieved revenue of 3.263 billion yuan, accounting for 29.86% of the revenue; The revenue of mainstream products was 5.912 billion yuan, accounting for 54.1% of the revenue; The revenue from economic products was 1.450 billion yuan, accounting for 13.27% of the revenue.</p><p>During the same period, only high-end products achieved a large increase of 26.28%. Even so, Chongqing Beer's product focus is still in the mainstream and below markets.</p><p>In the domestic high-end and ultra-high-end beer market, according to consumption statistics, in 2018, AB InBev was the dominant company, occupying 46.6% of the market share. Followed by Tsingtao Brewery 14.4%, China Resources Snow 11.0%, Carlsberg 4.6% and Heineken 1.7%.</p><p>In April 2019, China Resources Beer completed the acquisition of Heineken China and won a trump card in the process of high-end. Hou Xiaohai, CEO of China Resources Beer, shouted the slogan of \"high-end decisive battle\". Since then, the high-end share of China Resources Beer has further expanded.</p><p>In contrast, Chongqing Beer's original share in the high-end market was minimal, and it was classified as \"others\". In 2020, after the completion of the asset restructuring between Carlsberg and Chongqing Brewery, there was little impact on its share in the high-end market.</p><p>Therefore,<b>Among the giants, Chongqing Beer (Carlsberg) is still at the bottom of the market share.</b></p><p><img src=\"https://static.tigerbbs.com/39731b5e6a5bb15e842439a2e8960194\" tg-width=\"823\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Chongqing Beer said in its annual report that the company continues to promote the high-end product business strategy, vigorously promotes the growth of high-end products from the product structure, and increases the sales volume and sales proportion of high-end products, so as to realize the implementation of high-end products.</p><p>At the performance briefing, Lee Chee Kong (Li Zhigang, Malaysian nationality), president of Chongqing Beer, said that Wusu has become the company's largest brand in terms of sales volume and revenue.</p><p>Wu Su comes from Xinjiang. At the beginning, he accumulated word-of-mouth in ready-to-drink channels such as barbecue restaurants, and then became a \"online celebrity\" through Internet communication. Nowadays, Wusu has become a big single product in Chongqing's high-end beer market.</p><p>In 2021, Chongqing Brewery will add 20 new Wusu \"Big City Plans\" to continue to explore the markets outside Xinjiang.</p><p><b>However, according to the analysis of CICC Research Report, if other leaders increase their channel monopoly, the volume of Wusu may not meet expectations. In addition, high-end competition is intensifying, and niche craft brands are also trying to share a piece of cake through financing.</b></p><p>2021 is a \"big year\" for sports. In this midsummer, the \"one year late\" European Cup and America's Cup are in full swing, and the Tokyo Olympics will also open on July 23rd. Of course, during this period, it is also the fiercest competition between major beer brands.</p><p>Lee Chee Kong's idea is very beautiful: \"Consumers can drink Lebao when singing K, order 1664 in the bar to enjoy French romance, eat barbecue skewers with wusu beer, and drink heavy beer when eating hot pot with friends.\"</p><p>Still, the reality is brutal. In the \"involved\" beer industry, the giants are trying their best to seek new growth. As a result, the competition will only be more intense.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8cf85a89f93931ce0e0e8708ecad58f4","relate_stocks":{"600132":"重庆啤酒"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161096348","content_text":"2011年12月15日，一位网友在重庆啤酒吧发了一篇《一边吃，一边哭》的帖子：今天回到家，煮了点面吃，一边吃面一边哭，泪水滴落在碗里，没有开灯。\n彼时，重庆啤酒做了十几年的疫苗梦彻底破碎，股价从历史高点连续跌停。这位股民用不到三十个字，完成了一篇现实主义小说。\n评论区另有网友解读：这位股民没有一句埋怨、一声咒骂、一字悲愤、一语伤痛，但他那悲哀至麻木，灵魂与肉体备受煎熬的状态，却被短短一句话淋漓地刻画出来。“没有开灯”，正是精神深创之后人生欲望极度萎缩的疲惫之态的真实写照，可谓点睛之笔。\n“关灯吃面”载入A股史册。十年过去了，这个词已经变成了股民常用词，而重庆啤酒在国际啤酒巨头入主后，已不可同日而语。\n6月25日，重庆啤酒收盘价188.10元/股创下历史新高，总市值达910亿元。从2020年3月底公告重大资产重组至今，一年多的时间里，重庆啤酒股价涨幅达324%，总市值上涨超680亿元。\n倘若这位网友持有至今，现在可能正坐在家里看着体育比赛，喝着茅台。\n散户关灯吃面，徐翔“刮彩票”\n在中国啤酒市场，重庆啤酒原本是一个平凡的存在。多少年来，重庆啤酒都偏安一隅，规模赶不上华润、青岛、百威、燕京等巨头，名气也不大。\n不过，在资本市场上，重庆啤酒却留下了很多故事。\n\n自1958年建厂以来，重庆啤酒一直主要从事啤酒产品的制造与销售业务，拥有“重庆”和“山城”两大本地品牌。有意思的是，使重庆啤酒名声大噪的并不是啤酒，而是疫苗。\n1997年，重庆啤酒在上交所挂牌上市，募集资金2.12亿元。次年，重庆啤酒就踏入了疫苗行业。这次跨界不仅让啤酒圈震惊，而且成就了重庆啤酒“妖股”之名。\n重庆啤酒母公司重啤集团与第三军医大学、重庆大学共同组建了重庆佳辰生物工程有限公司（简称“佳辰生物”）。重庆啤酒先是斥资1435.20万元，从重啤集团手中受让佳辰生物52%的股权，之后，几经增资和股权转让，到2001年，重庆啤酒已取得佳辰生物93.1%的股权。\n重庆啤酒寄予厚望的是，一个叫“治疗用（合成肽）乙型肝炎疫苗”的项目，并想借此创造一个“新的利润增长点”。\n不过，这场美梦做了十三年，最终却以噩梦惊醒。\n开始几年，从重庆啤酒的公告中看，疫苗研发推进还非常顺利，到2005年时，项目II、III期临床试验申请得到批复。券商也非常兴奋，为重庆啤酒开始加油呐喊。\n呐喊声最大的当属兴业证券的分析师王晞。2009年8月，王晞的研究报告《重庆啤酒：橘子快红了》发布，认为疫苗故事正在变成现实，给予重庆啤酒“强烈推荐”。之后，《橘子红了》《疫苗前景乐观》等研报密集推出，两年多时间，平均每月一份，每份都“强烈推荐”。\n重庆啤酒的股价像坐上了火箭一样，但是，很快就从高空坠落了。\n2011年12月7日晚间，重庆啤酒公告了揭盲数据：安慰剂与治疗药剂应答率十分接近。也就是说，一场历经十三年的疫苗研究，可以断定失败了。\n从12月8日起，重庆啤酒连续九个一字板跌停，股价在18个交易日下跌近75%。在第六个跌停日，一位备受煎熬的股民，创作了“关灯吃面”经典语录。\n\n（股吧截图）\n就在市场看空的时候，“宁波涨停板敢死队总舵主”徐翔却嗅到了机会，两进两出，一战封“神”。\n徐翔第一次抄底，抄在了半山腰，割肉离场。之后，重庆啤酒继续下挫，他又卷土重来，重仓重庆啤酒达5亿元，持股比例接近举牌线。2012年2月，重庆啤酒迎来一波反弹，徐翔快速卖出。这一次“战役”，徐翔获利颇丰。这是徐翔成立泽熙投资后的封神之作。\n事后，徐翔说：“重庆啤酒不是股票，是彩票。第一次刮出来是‘谢谢你’，第二次刮出来还是‘谢谢你’，这时候大家都把它当废纸扔了，但彩票还没刮完，或者说，有人相信它还没刮完，万一后面是一个特等奖呢？这就是反弹的逻辑。”\n徐翔刮中了彩票，可重庆啤酒却被耽误在了最好的年纪。\n从重庆啤酒上市到疫苗梦碎的这些年，是中国啤酒行业最疯狂的时期，到处都充斥着资本的味道——并购整合，跑马圈地。华润跨界变成了啤酒巨头，青岛啤酒、燕京啤酒，以及国际巨头百威英博、嘉士伯都没闲着。而重庆啤酒，却将心思花在了疫苗项目上。\n到2012年，重庆啤酒的营业收入才达到31.49亿元，依然蜷缩在西南地区。而燕京啤酒已经成了营收超130亿的巨头，青岛啤酒的收入规模更是达到了258亿元，差距悬殊。\n直到嘉士伯的入主，疫苗项目被以100万元转让，重庆啤酒才重归主业。\n资产重组，营收超过燕京\n在大鱼吃小鱼频频上演的时期，重庆啤酒没有主动出击，到头来，自己却被更大的鱼给吃了。\n嘉士伯在2013年彻底“饮下”了重庆啤酒——通过受让和要约收购，对重庆啤酒的持股比例上升到了60%，重庆啤酒完全进入到了“嘉士伯时代”。\n\n嘉士伯是全球第三大啤酒商，早在1978年就进入中国。不过，在巨头混战的惨烈竞争中，只拼得了5%左右的市场份额，位列行业第五，身居华润雪花、青岛啤酒、百威英博、燕京啤酒之后，市场更多的是在云南、西藏、新疆、甘肃、宁夏、青海等地。\n实现对重庆啤酒的绝对控股时，嘉士伯承诺在4-7年内将其与重庆啤酒存在潜在竞争的国内啤酒业务注入到上市公司，以解决同业竞争问题。\n在成为嘉士伯集团成员后，嘉士伯将乐堡、嘉士伯、凯旋1664白啤酒等品牌的生产和销售权给了重庆啤酒。但是，啤酒行业已经变了天。到2019年，重庆啤酒营收也还不到36亿元。\n在承诺期的最后一年，重庆啤酒终于等来了控股股东嘉士伯的好消息。\n2020年，嘉士伯履行解决同业竞争承诺，历经9个多月的推进，在当年12月中旬完成了重大资产重组，将嘉士伯在中国控制的优质啤酒资产注入重庆啤酒。重组完成后，重庆啤酒成为嘉士伯在中国运营啤酒资产的唯一平台。\n随着重组的完成，重庆啤酒从一家区域性啤酒企业，变成了全国性的啤酒巨头，核心市场从重庆、四川和湖南，进一步扩展到了新疆、宁夏、云南、广东，以及华东、华北地区，基本实现了全国化布局。\n在品牌上，形成了“本地强势品牌+国际高端品牌”的组合。国际高端品牌有嘉士伯、乐堡、1664、格林堡、布鲁克林等，本地强势品牌有重庆、山城、乌苏、 西夏、大理、风花雪月、天目湖等，满足消费者在不同消费场景和价格区间的消费需求。\n基于此，2020年，重庆啤酒一步跨进了“百亿俱乐部”。\n2020年，重庆啤酒实现营业收入109.42亿元，实现归母净利润10.77亿元，分别为2019年的3倍、1.6倍。对2019年度报表数据进行重述后，2020年，重庆啤酒营收和净利润同比分别增长了7.14%、3.26%，是同期为数不多实现正增长的啤酒企业。\n因为燕京啤酒的掉队——2020年，营业收入为109.28亿元，同比下降4.71%；归母净利润为1.97亿元，同比下降14.32%——重庆啤酒一跃成为中国啤酒市场的老四。\n\n在资本市场，重庆啤酒同样风光。曾经使股民“关灯吃面”，如今令投资者刮目相看。\n从2020年3月公告重大资产重组，到2021年6月25日，重庆啤酒股价涨幅达324%，总市值冲上了910亿元。同期，燕京啤酒涨幅不过22%，青岛啤酒为151%。\n不过，重庆啤酒的估值也很高。6月25日，其滚动市盈率为74倍，让不少投资者直呼“啤酒中有泡沫”。相较之下，青岛啤酒为56倍。\n存量市场，竞争加剧\n完成资产重组、跨进“百亿俱乐部”，并不等于重庆啤酒可以高枕无忧。\n重庆啤酒正式进入“嘉士伯时代”那年，即2013年，粗放式高歌猛进的中国啤酒业，总产量到达了历史最高点，从2014年开始，就一路下滑。2020年，更是下降超过7%。\n经过多年的鏖战，中国啤酒市场已经告别了量的增长，诸侯割据的形势趋于稳定，五大啤酒巨头——华润啤酒、青岛啤酒、百威英博、燕京啤酒、嘉士伯，都已经有了自己的强势市场。按销量统计，2020年，五巨头已经占领了约92%的市场份额。\n\n很显然，中国啤酒行业已开始在存量市场竞争，产品结构升级成了行业发展的趋势。\n以前，在低价策略下，拉格啤酒（工业啤酒）是我国啤酒市场主要的销售类型。如今，消费者追求高品质、个性化的产品，“喝好酒，少喝酒”进一步驱动啤酒行业走向高端化。\n重庆啤酒的产品档次按消费价格进行划分，消费价格10元以上被划分为高档，6元至9元被划分为主流，6元以下为经济。高档主要代表品牌有乌苏、嘉士伯、1664，主流主要代表品牌有乐堡、重庆、大理，经济主要代表品牌有山城、天目湖。\n2020年，高档产品实现收入32.63亿元，营收占比为29.86%；主流产品收入59.12亿元，营收占比为54.1%；经济产品收入14.50亿元，营收占比为13.27%。\n同期，只有高档产品实现了较大的增幅，为26.28%。即使如此，重庆啤酒的产品重心依然在主流及以下市场。\n在国内高端及超高端啤酒市场，按消费量统计，2018年的时候，百威英博一家独大，占领了46.6%的市场份额。身后依次为青岛啤酒14.4%，华润雪花11.0%，嘉士伯4.6%，喜力1.7%。\n2019年4月，华润啤酒完成了对喜力中国的收购，拿到了高端化进程中的一张王牌。华润啤酒CEO侯孝海喊出了“决战高端”的口号。从此，华润啤酒的高端份额进一步扩大。\n相比之下，重庆啤酒原本在高端市场的份额微乎其微，被划归在“其他”里面。2020年，嘉士伯与重庆啤酒资产重组完成后，对其高端市场的份额影响并不大。\n因此，在巨头之中，重庆啤酒（嘉士伯）的市场份额依然处于末尾。\n\n重庆啤酒在年报中表示，公司持续推动产品高端化经营策略，从产品结构上，大力推动高档产品增长，提高高档产品的销量和销售占比，从而实现产品高端化实施。\n在业绩说明会上，重庆啤酒总裁Lee Chee Kong（李志刚，马来西亚国籍）称，无论从销量还是收入上来讲，乌苏已经成为公司第一大品牌。\n乌苏来自新疆，初期在烧烤店等即饮渠道积累了口碑，之后经过互联网传播变成了“网红”。如今，乌苏已经成了重庆啤酒高端市场的大单品。\n2021年，重庆啤酒将新增20个乌苏“大城市计划”，继续深耕新疆以外的市场。\n不过，中金研报分析称，若其他龙头加大渠道垄断力度，乌苏放量可能会不达预期。此外，高端竞争正在加剧，小众的精酿品牌通过融资也在想方设法分一块蛋糕。\n2021年是个体育“大年”。在这个盛夏，“迟到一年”的欧洲杯、美洲杯正在火热进行，东京奥运会也将于7月23日开幕。当然，这期间，也是各大啤酒品牌竞争最激烈的时候。\nLee Chee Kong的设想很美好：“消费者唱K的时候可以喝乐堡，在酒吧里点1664享受的是法式风情的浪漫，吃烧烤撸串的时候配乌苏啤酒，和朋友吃火锅的时候喝重啤。”\n不过，现实还是很残酷的。在“内卷化”的啤酒行业，巨头们都在想尽办法寻求新的增长。因此，竞争只会更加激烈。","news_type":1,"symbols_score_info":{"600132":0.9}},"isVote":1,"tweetType":1,"viewCount":3333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167463523,"gmtCreate":1624282588162,"gmtModify":1703832353286,"author":{"id":"3584574180952528","authorId":"3584574180952528","name":"Buddy_tree","avatar":"https://static.tigerbbs.com/4b2cac557b94430440b886d913a92836","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584574180952528","idStr":"3584574180952528"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[{"img":"https://static.tigerbbs.com/2c38d21c00524d9fd0eda5014b94e821","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167463523","isVote":1,"tweetType":1,"viewCount":3775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":168802327,"gmtCreate":1623969775869,"gmtModify":1703824782991,"author":{"id":"3584574180952528","authorId":"3584574180952528","name":"Buddy_tree","avatar":"https://static.tigerbbs.com/4b2cac557b94430440b886d913a92836","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584574180952528","idStr":"3584574180952528"},"themes":[],"title":"","htmlText":"oooooo","listText":"oooooo","text":"oooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168802327","repostId":"1105666914","repostType":4,"isVote":1,"tweetType":1,"viewCount":3506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}