In the third quarter of 2025, despite facing external market pressures, Chongqing Brewery Co., Ltd. (Chongqing Beer), led by Carlsberg China President Li Zhigang, demonstrated resilient operations. The company achieved revenue of 13.059 billion yuan and an operating profit of 3.233 billion yuan in the first nine months, driven primarily by two key strategies: consistently advancing product premiumization and focusing on non-on-premise sales channels.

On the product front, Chongqing Beer intensively launched over ten new one-liter pack products, such as Wusu Craft Da Hong Pao Beer. Li Zhigang emphasized that this move is not simply about enlarging packaging but centers on localized innovation. By incorporating unique flavors, the company aims to enhance product quality and consumer value, thereby driving premiumization. Meanwhile, its craft brand Jing-A Brewery maintains a steady and measured expansion, prioritizing brand identity and consumer experience.

In terms of market strategy, the company’s current focus is on "deepening" rather than "expanding." Chongqing Beer already covers 99 major cities in China. The current goal is to deepen penetration in existing markets by setting differentiated targets for each category to increase market share—a strategy seen as more efficient than entering new cities. Additionally, instant retail channels have become a significant growth driver, with their convenience deeply aligned with consumer trends. Their penetration rate is expected to continue rising.

Amid an increasingly competitive industry landscape, Li believes new entrants help invigorate the market, while the beer industry itself will continue to consolidate. However, innovation in "beer+" categories is expected to create broader opportunities. Overall, Chongqing Beer is navigating challenges and pursuing steady growth by optimizing its product mix, refining channel operations, and deepening its presence in major cities.

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