After Wusu, how will Chongqing Beer continue to write a new chapter of growth?

In March, Chongqing Brewery officially disclosed its 2025 annual report, achieving an operating revenue of 14.722 billion yuan, a year-on-year increase of 0.53%; net profit of 1.231 billion yuan, a year-on-year increase of 10.43%. Chongqing Brewery’s financial data remains impressive, with steady growth in both revenue and net profit, thanks to its continuous deepening and channel expansion in the national market, especially in regions like Northwest and South China. Its core brand, Wusu Beer, has successfully transitioned from a regional product to a nationwide major brand through its unique taste and “hardcore” brand image, becoming a key growth engine for the company. The asset and brand matrix injected by Carlsberg Group also provides Chongqing Brewery with a rich product portfolio and high-end momentum, helping it secure a position in the fierce market competition.

However, behind the growth, the nature of challenges has changed. The previous stage of rapid expansion relying on a single blockbuster product—“barbaric growth”—is now over. After completing nationwide distribution, Wusu Beer faces issues such as fading freshness, targeted suppression by competitors, and maintaining channel pricing systems. How to sustain Wusu’s long-term brand strength and consumer loyalty, and prevent it from becoming a fleeting internet celebrity product, is a critical test for management. Meanwhile, the overall beer market has entered an era of stock competition, with limited room for volume growth, making product structure upgrades and price increases the main drivers of growth.

High-endization is a consensus in the industry and a path that Chongqing Brewery must follow, but this road is becoming increasingly crowded. International giants like AB InBev, domestic leaders like China Resources Snow Breweries, and Tsingtao Brewery are all heavily investing in the high-end segment. Craft beers and imported beers are also continuously nibbling at niche markets. Although Chongqing Brewery owns international brands such as Carlsberg, 1664, and Löwenbräu, it still faces severe challenges in brand appeal at the ultra-premium level and in refined channel operations. On the cost side, fluctuations in commodity prices continue to erode profit margins, especially in packaging and brewing raw materials.

Deeper challenges lie in integration and synergy. After completing a major asset restructuring with Carlsberg, Chongqing Brewery’s scale has expanded dramatically. How to efficiently integrate its nationwide factories, channels, and brand resources to realize a “1+1>2” synergy effect tests the company’s management wisdom. Differentiating market positioning among various brands, optimizing supply chains, and implementing region-specific strategies are complex systemic tasks. Additionally, consumer demands are becoming more diverse and personalized, raising higher requirements for product innovation, marketing engagement, and development of consumption scenarios. The organization’s agility and innovation speed are also facing new challenges.

Chongqing Brewery’s growth story needs a new chapter. It cannot rely solely on Wusu’s single-point breakthrough but must build a more balanced, risk-resistant multi-brand driving system. While consolidating its mainstream market position, it must also establish a solid fortress in the high-end and ultra-high-end segments; in pursuit of scale benefits, it must also resist cost fluctuations through refined management and control. The quality of its growth will be more important than speed alone.