Against the backdrop of an overall decline in beer production in China, Chongqing Brewery Co., Ltd. (hereinafter referred to as Chongqing Brewery), which operates brands such as Carlsberg, Wusu, Chongqing Beer, Tuborg, 1664, and Jing A in China, has still sold more beer.

This evening, this sole platform for Carlsberg's beer assets in China released its third-quarter report for 2024. The financial report shows that from January to September this year, Chongqing Brewery's operating revenue reached 13.063 billion yuan, a year-on-year increase of 0.26%, with a net profit attributable to the parent company of 1.332 billion yuan, a year-on-year decrease of 0.90%, and sales volume reached 2.657 million kiloliters, a year-on-year increase of 0.20%.

"In the first three quarters of this year, we have still achieved certain growth despite last year's high baseline. Although we face challenges from a sluggish consumption environment in the high-end market, we believe that the trend towards premiumization will continue in the future when viewed over a longer time frame," said Li Zhigang, President of Carlsberg China and Chongqing Brewery, to Foodinc.

"Consumers are not lacking money; they are just hesitant to spend. We hope that consumer confidence will improve, allowing everyone to be bolder in their spending," Li Zhigang stated today.

Li Zhigang observed that consumers are now pursuing lower prices while purchasing high-end beer products. "Therefore, they may consume (high-end beer) more at home, and the consumption scenarios in on-premise channels may decrease in the short term," he said.

"Our high-end canned beer is experiencing very strong growth, with an increase reaching high double digits," Li Zhigang told Xiaoshidai today.

According to Carlsberg's "Accelerate SAIL" strategy proposed in February this year, cooperation with local dining establishments is a crucial part of expanding business in the Chinese market. Foodinc learned that during the reporting period, Chongqing Beer, which aims to become the company's "next national brand," has reached cooperation agreements with 90 hot pot restaurants.

At the end of August this year, Carlsberg's production base in Foshan Sanshui officially commenced operations. The total investment in this base is 2.962 billion yuan. The Carlsberg Group's Asia R&D Center is also located at the Foshan Sanshui production base and will be put into use within the year.