China Beer June update: CRBeer accelerates while Bud continues to languish

研报英文原文证据摘录

China Beer June update: CRBeer accelerates while Bud continues to languish

24 July 2026

APAC Food & Beverages

China Beer June update: CRBeer accelerates while Bud continues

to languish

China beer total sell-out value growth moderated to +1% in June 2026 from +2% in May, Euan McLeish

+81 3 5962 9611 as restaurant channel growth slowed to +1% from +3%, while off-trade strengthened to

euan.mcleish@bernsteinsg.com +2% from +1%. Yanjing (not covered) remained the clear outperformer with value growth

+15% YoY, CRBeer improved to +6% (from +3% in May), ahead of Chongqing (not covered)

Hao Wang, CFA at +1%. Tsingtao’s decline narrowed to -1%, but Bud China’s declines continued at -4%.

+852 2123 2627

hao.wang@bernsteinsg.com Our regressions now indicate that Bud China’s decline will narrow to c. -3%, and Tsingtao’s

will widen to c. -3% based on Q2 sell-out performance to date, but the CRBeer r2 remains

Mufei Gao too low to drive meaningful estimates.

+81 3 6777 6995

mufei.gao@bernsteinsg.com

Province-level performance was mixed. Guangdong remained the strongest province

with +9% overall value growth and +11% in restaurants, while Shandong remained the Makoto Morozumi

+81 3 6777 6972 biggest underperformer at -11% and this continued to weigh on Tsingtao. Zhejiang and

makoto.morozumi@bernsteinsg.com Jiangsu remained positive in both channels, while Fujian deteriorated further to -4% from

0% in May. By segment, Premium remained the key growth driver at +3%, while Super

Premium stayed under pressure at -14% and Mainstream+ accelerated slightly. Off-trade

momentum was stronger than restaurant in June, helped by a return to positive growth

across most segments.

CRBeer’s June value growth accelerated to +6%, up from +3% in May and ahead of

Q1’s +4% average.