On September 13, San Miguel HK fell 3.37%, Bud APAC fell nearly 3% to a new low, and Tsingtao Brewery fell 0.72%. According to data from the National Bureau of Statistics, China's beer production for January-July 2024, for enterprises above a certain scale, totaled 22.674 million kiloliters, a year-on-year decrease of 1.6%. The slowdown in growth on the enterprise side was also evident last year. In 2024, the slowdown for beer giants became even more evident. In the first half of the year, Chongqing Brewery, Beijing Yanjing Brewery, and Guangzhou Zhujiang Brewery, three domestic giants, all recorded single-digit growth. In addition to Bud APAC's decrease in revenue and net profit, China Res Beer's revenue also experienced its first decline since 2020.