Yanjing Beer: Industry raw material costs are expected to remain in a downward cycle in 2025.

Yanjing Beer stated in its institutional research that in 2024, the Chinese beer industry will usher in a historic cost dividend cycle, with a structural improvement in the import barley average price falling year-on-year and the cost of bottle corrugated paper fueling down. Overall, in 2025, the industry's raw material costs are still in a downward cycle, and the company will continue to strengthen management to further release cost dividends.