Before 2020, the catering channel accounted for close to 60% of the industry’s sales volume. While the mix has decreased to 52% in 2022, we think it would gradually revert to prepandemic levels.

The company’s EBITDA per hectoliter has also risen from CNY 38 in 2016 to CNY 80 (USD 11.3) in 2023, with a CAGR of 11%, thanks to better product mix and improved operational efficiencies.

Based on hard data, it is clear that businesses that go beyond the status quo and offer customization and personalization can not only pique customer interest but can also create more long-term ...