When the refreshing taste of beer meets the lingering sweetness of the Orient, Chinese-style craft beer has carved out its own niche in the beer market with its unique character. China's beer market can be categorized into industrial beer and craft beer, with the craft beer segment facing even broader growth opportunities. According to CIC, measured by retail sales value, the size of China's craft beer market grew from RMB 12.5 billion in 2019 to RMB 63.2 billion in 2024, achieving a compound annual growth rate (CAGR) of 38.4%. It is projected to maintain rapid expansion from 2024 to 2029, with an estimated CAGR of 23.6%, potentially reaching a market size of RMB 182.1 billion by 2029. Of course, the rapid development of Chinese craft beer is also inseparable from the innovative efforts of related craft brewers. Taking Venus Beer as an example, in 2022, the company's launch of "Maojian Craft Beer" became an industry landmark event. Subsequently, major brands intensively launched fusion products incorporating tea, fruit, herbs, and more, formally establishing the segment and driving its rapid growth, which stands in stark contrast to the sluggish broader beer market.
The history of Venus Beer dates back to 1982. With pioneering strategic vision, it was among the first to focus on and define the high-potential segment of "Chinese-style craft beer," becoming a leading player in this space. According to CIC, based on retail sales value for 2024 and the nine months ended September 30, 2025, the company ranked as the eighth-largest enterprise in the Chinese beer industry and the fifth-largest local Chinese beer enterprise. On January 13, Venus Beer officially submitted its listing application to the Hong Kong Stock Exchange, aiming for a main board listing. As the company sprints towards its IPO, we can gain insights into the industry's "opportunities" and "challenges" by examining its prospectus.
Achieving differentiation, the company has posted robust growth in both revenue and net profit. It is well-known that China's total beer consumption peaked in 2013 and has been declining for many years since, entering a stage of competition for market share. In contrast, driven by consumption upgrading trends and Generation Z gradually becoming the main force of beer consumption, the beer market is progressively moving towards a development phase characterized by premiumization, quality focus, diversification, and beverage-like attributes. Craft beer, with its unique flavors, high-quality ingredients, and cultural experiences, has become one of the fastest-growing segments in the alcoholic beverage category, with its market size recording a CAGR of over 30% in recent years. Against this backdrop, Venus Beer, with over forty years of history, astutely chose "Chinese-style craft beer" as its direction for differentiated breakthrough. The company focuses on core elements like tea, regional fruits, and traditional medicinal food ingredients, continuously building a rich, diverse product matrix that blends cultural depth with modern taste profiles. This type of product not only meets the new demands of contemporary consumers for beer flavor and experience but also significantly strengthens the Venus brand's cultural identity and differentiated competitiveness. According to CIC, between 2022 and 2024, the company achieved the fastest growth among the top five craft beer enterprises in China, further solidifying its leadership position in this emerging market of Chinese-style craft beer. As of September 30, 2025, the company's total number of SKUs reached 166, covering various innovative series including Chinese-style craft beer and fruit beverage products. Among these, the number of Chinese-style craft beer SKUs had reached 50, contributing 78.1% of the revenue in the first nine months of 2025.
(Image Source: Venus Beer Prospectus) Naturally, by achieving differentiation through craft beer, Venus Beer has also experienced explosive short-term performance growth. According to the prospectus, for the periods of 2023, 2024, and the first nine months of 2025, the company reported revenues of RMB 356 million, RMB 730 million (a year-on-year increase of 105%), and RMB 1.11 billion (a 191% increase compared to the same period in 2024?), respectively. Its net profits were RMB 12 million, RMB 125 million (a staggering year-on-year increase of 941%), and RMB 305 million (a 144% increase), representing leaps in both revenue and profit. Concurrently, this differentiated advantage has also afforded the company higher gross profit margins. The prospectus discloses that as the proportion of Chinese-style craft beer increased, Venus Beer's gross profit margins for 2023, 2024, and the first nine months of 2025 were 27.3%, 37.8%, and 47%, respectively, while its net profit margins for the same periods were 3.4%, 17.2%, and 27.5%. From the above, it is evident that by focusing on the high-potential segment of "Chinese-style craft beer," Venus Beer has successfully carved out a differentiated path in the beer market, characterized by strong short-term performance momentum and a favorable position in a specific niche.
However, "running on a single leg" introduces significant uncertainties. Although Venus Beer has established a certain scale effect in the Chinese-style craft beer segment, the company still faces several unavoidable development risks. Currently, China's craft beer market remains in a developmental stage with a relatively fragmented competitive landscape. Based on 2024 retail sales value for craft beer, Venus Beer ranked fifth in the Chinese craft beer industry. For the nine months ended September 30, 2025, it was the third-largest craft beer enterprise in China. Even so, Venus Beer faces considerable competitive pressure. Against the backdrop of declining output in traditional industrial beer and the rapid growth of craft beer, some traditional beer giants (such as China Resources Beer, Tsingtao Brewery, Chongqing Brewery) have also begun to布局 the craft beer segment. Simultaneously, cross-border players (such as brands under Mixue Bingcheng) are entering the segment with low-price strategies. Under the influence of factors like brand效应 and low-price tactics, the competitive pressure on Venus Beer cannot be underestimated. Furthermore, heavy reliance on a single category (Chinese-style craft beer) constitutes the most core development risk for Venus Beer. Reportedly, nearly 80% of the company's revenue comes from Chinese-style craft beer, while its traditional beer business is shrinking. This "single-legged" model deeply ties the company's future growth and risk resilience to the fate of this single category. Should the popularity of this category wane or competition intensify, the company would lack a "second growth curve" to cushion against risks, introducing uncertainty regarding the stability and predictability of its long-term growth.
In summary, the opportunities and challenges encountered by Venus Beer are, in essence, reflective of the broader industry's "opportunities" and "challenges." The company has avoided ineffective competition in the traditional存量 market, instead turning to a high-growth, high-value new细分 market, where it has become a definer and leader through product innovation. However, this "putting all eggs in one basket" model, while allowing it to enjoy the segment's红利, also amplifies business volatility risks. Yet, this is also the allure of growth companies. If Venus Beer can successfully maintain its innovation leadership in "Chinese-style craft beer," fend off competition from giants and imitators, address the over-reliance on a single category, and build long-term competitive barriers, its development potential remains considerable.
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