Pearl River Beer steadily maintains its position in South China, achieving double growth in profits?

In 2025, Zhujiang Beer’s core operating indicators continued to improve, with significant enhancements in profitability.

Produced by | Zhongfang Network

Reviewed by | Li Xiaoyan

Recently, Zhujiang Beer released its 2025 annual report, achieving an operating revenue of 5.88B yuan, a year-on-year increase of 2.56%; net profit attributable to the parent was 904 million yuan, up 11.54% year-on-year. In the context of stock competition within the beer industry, it delivered a solid report card of “dual growth” in revenue and profit. Behind this achievement is the company’s strategic focus on deepening its presence in South China, focusing on high-end products, and innovating channels. Despite short-term quarterly fluctuations and regional concentration challenges, the long-term growth logic remains clear, and its core competitiveness continues to strengthen.

In 2025, Zhujiang Beer’s core business indicators continued to improve, with profitability significantly rising. The company’s annual beer sales reached 1.4624 million tons, a slight increase of 1.58% year-on-year; the tonnage price reached 3,888.58 yuan/ton, up 1.57% year-on-year, achieving “volume and price growth.” Even more impressive is the profit side, where net profit growth (11.54%) far outpaced revenue growth, reflecting the dual effects of product structure optimization and cost control. The gross profit margin for the year increased to 48.33%, up 2.03 percentage points year-on-year; net profit margin reached 15.64%, up 1.14 percentage points, marking a new level of profit quality.

Product structure upgrades are the core engine of profit growth. The company’s “3+N” high-end strategy has shown remarkable results, with high-end products represented by 97 Pure Draft and Snow Castle generating revenue of 4.33B yuan, a substantial increase of 10.98% year-on-year, accounting for 76.2% of total revenue. The gross profit margin of high-end products reached 50.82%, up 2.22 percentage points year-on-year, significantly higher than the 36%-37% level of mid-range and mass-market products, becoming the “ballast” of profits. Against the backdrop of intense competition in high-end industry segments, Zhujiang Beer firmly occupies the core price band above 8 yuan in South China, with the 97 Pure Draft continuing to expand sales volume, consolidating its dominant position in the regional high-end market.

Faced with sluggish growth in traditional channels, Zhujiang Beer actively promotes channel reform, with initial effects of online and offline synergy becoming evident. In 2025, the company’s e-commerce channel revenue surged to 312 million yuan, a year-on-year increase of 342.33%, becoming the fastest-growing emerging channel. Although the base is still small, it demonstrates strong explosive potential, aligning with new consumer trends such as instant retail and live-streaming e-commerce. Supermarket channels also achieved growth simultaneously, forming a “online + offline” non-traditional beverage channel synergy with e-commerce, effectively offsetting short-term declines in traditional general channels and nightclubs.

Deepening channel management and refined operations solidify the fundamental foundation. By the end of 2025, the company’s total number of distributors reached 1,449, a net increase of 76 throughout the year, including a net gain of 33 in Guangdong, continuously strengthening South China’s channel barrier. In the South China market, Zhujiang Beer has built an absolute “base” with nearly 96% of revenue coming from this region. From 2020 to 2024, the compound annual growth rate of revenue in South China was 8.1%, higher than the company’s overall level. Relying on Guangdong’s position as the top beer province in China and the ongoing demographic dividend, there remains huge potential for regional market deepening.

The market’s focus on Q4 performance fluctuations essentially reflects the seasonal nature of the industry, intensified competition, and short-term promotional strategies. As the traditional off-season for consumption, combined with fierce competition in South China, the company increased promotional efforts to consolidate market share, leading to temporary pressure on quarterly revenue and profits. However, this short-term adjustment secured a stable share of the high-end market and resulted in double-digit profit growth for the year, representing a strategic “retreat to advance.”

In the long term, Zhujiang Beer’s core advantages are becoming increasingly clear: first, deep regional barriers, as the “King of South China,” with comprehensive advantages in branding, channels, and supply chain in its home base, with strong risk resistance; second, a healthy product structure with over 70% high-end share, ample room for structural upgrading, aligned with industry development trends; third, a solid financial foundation, with the company maintaining a low debt ratio and abundant cash flow, providing sufficient “ammunition” for capacity upgrades, new product R&D, and expansion outside the region. In 2025, the Meizhou intelligent production line and Zhongshan capacity expansion projects were successively put into operation, further strengthening high-end product supply capacity.

Looking ahead, Zhujiang Beer is moving from “deep cultivation in regions” to a “dual track of deep cultivation + expansion beyond boundaries.” Within the province, it continues to promote product high-endization and channel digitalization, tapping into South China’s market potential; outside the province, it pioneers with e-commerce, craft beer, and specialty products, exploring a light-asset expansion model to gradually break regional boundaries. Meanwhile, the company actively explores new formats such as beer culture and urban commerce, transforming from a single manufacturer into a “beer + culture” integrated service provider.

In 2025, Zhujiang Beer demonstrated strong resilience and growth vitality during industry adjustments by responding steadily and advancing proactively. Short-term quarterly fluctuations are part of growth, driven by dual forces of high-endization and channel innovation, with South China’s solid base supporting the company’s move toward broader development. With the 2026 World Cup and other events expected to boost consumption, Zhujiang Beer is poised to achieve synchronized growth in performance and value through its product, channel, and regional advantages.

Personal opinion, for reference only.