Chongqing Beer Earned Net Profit of 1.231 Billion Yuan in 2025, Spent Nearly 1.3 Billion Yuan on Advertising? Can It Overtake Yanjing Beer?

Telecom Business Network Zhou Ying / Text

Recently, Chongqing Beer announced its performance for 2025, ending the decline trend of last year. Both profits and revenue saw double-digit growth, showing a very impressive performance.

According to the annual report, Chongqing Beer achieved a beer sales volume of 2.9952 million hectoliters in 2025, a year-on-year increase of 0.68%. Operating revenue reached 14.722 billion yuan, a slight increase of 0.53% year-on-year. Net profit attributable to the parent company grew by 10.43% to 1.231 billion yuan, ending the trend of declining revenue and profit in 2024 and restoring growth, maintaining its basic market position.

In terms of products, in 2025, Chongqing Beer’s high-end products, which are the main revenue drivers, generated 8.78 billion yuan, a year-on-year increase of 2.19%. However, mainstream and economy products saw declines. Mainstream products decreased by 1.03% to 5.189 billion yuan, and economy products fell by 1.80% to 329 million yuan.

It is worth noting that in 2024, Yanjing Beer surpassed Chongqing Beer with a revenue of 14.667 billion yuan and a growth rate of 3.2%, dropping to fifth place in the domestic beer industry rankings. It remains to be seen whether Chongqing Beer can reverse this trend this year.

Although Chongqing Beer’s revenue and profit increased in 2025 compared to 2024, they still lag behind the 2023 figures of 14.815 billion yuan in revenue and 1.337 billion yuan in net profit. Moreover, the net profit attributable to the parent company in the first three quarters of 2025 was 1.241 billion yuan, higher than the full-year net profit of 1.231 billion yuan, indicating that the fourth quarter may be a loss.

Additionally, Chongqing Beer’s sales expenses in 2025 amounted to 2.655 billion yuan, a year-on-year increase of 5.66%. Advertising and marketing expenses rose from 1.214 billion yuan in the same period last year to 1.295 billion yuan. However, cash and cash equivalents decreased by 30.38% from 1.081 billion yuan to 753 million yuan. Total liabilities decreased from 8.515 billion yuan to 7.83 billion yuan, and the asset-liability ratio dropped from 77.63% in 2024 to 73.24%, but still exceeds the 70% red line for enterprises.

Kang Zhao, Editor-in-Chief of Telecom Business Network, stated that Chongqing Beer, as a foreign-funded enterprise controlled by Carlsberg Group, one of the world’s top three beer companies, is inherently very profitable. However, as industry growth dividends gradually diminish, whether Chongqing Beer can maintain its market share remains to be tested by the market.

(Edited by: Zhou Ying)