Chongqing Brewery (600132.SS): APAC Consumer & Leisure Corporate Day 2026 Takeaways – Industry-wide pressure from weather/on-trade

Research evidence excerpt

Chongqing Brewery (600132.SS): APAC Consumer & Leisure Corporate Day 2026 Takeaways – Industry-wide pressure from weather/on-trade

Equity Research

29 June 2026 | 5:20PM HKT

Chongqing Brewery (600132.SS): APAC Consumer & Leisure Corporate

Day 2026 Takeaways - Industry-wide pressure from weather/on-trade

Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

Goldman Sachs (Asia) L.L.C.

Christina Liu

+852-2978-6983 | christina.liu@gs.com

Valerie ZhouBottom line: We hosted Chongqing Brewery’s mgmt in our event. Mgmt continued to +852-2978-0820 | valerie.zhou@gs.com

highlight the industry wide volume pressure in 2Q26 with soft catering demand, Goldman Sachs (Asia) L.L.C.

unfavorable weather across regions and limited help from the FIFA World Cup. The

company will continue to invest in new product launches and innovation (e.g. 1L

products and new flavors tailored by regions), along with a premiumization strategy

on emerging channel development (e.g. O2O/instant retail) to enhance volume share

gain/margin profile amid the weak demand backdrop. The company will also focus

more on profitability for the full year of 2026 supported by new products and

channel investment with still some cost tailwind in 2Q26 despite uncertainty into 2H

due to oil price headwind. By brands, mgmt noted greater pressure on the

Chongqing brand in 2Q with overall volume pressure across brands. By channels, the

company saw largely 55%/45% channel mix for in-home/on-premise channels, with

O2O/instant retail contributing c. 5% of volume while the company has higher

market share in O2O (ie. Waima) vs its nationwide market share with its first mover

advantage. The company expects more launches of 1L packs to help the

O2O/in-home channel mix.

The authors would like to thank Lily Qi for her contribution to this report.