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Chongqing Brewery Co., Ltd.

China · SSE: 600132.SS · Market cap: · P/E: · P/S:

Chongqing Brewery makes and sells beer in China, including brands like Carlsberg, Tuborg, Wusu, and Chongqing.

Chongqing Brewery is a Chinese beer maker. It brews and sells beer to drinkers across China, and its lineup covers several brands at different price points — from the mass-market Chongqing lager to premium imports like Carlsberg and Tuborg, plus the regional favorite Wusu.

The business is really a portfolio of brands under one roof. Carlsberg is the big international name, Tuborg is a younger, trendier import, and Wusu is a strong regional brand with a loyal following in western China. Chongqing itself is the local heritage label. Owning several brands lets the company serve cheap, mid-range, and premium drinkers without cannibalizing one label. The company is part of the Carlsberg Group, which controls it through a majority stake. That relationship matters: it gives Chongqing Brewery access to Carlsberg's global brewing know-how and premium brands while keeping local production and distribution. It also means the company's fortunes are tied to Carlsberg's strategy in China.


Beer in China is a tough, crowded market. Big rivals include Tsingtao Brewery and China Resources Beer, and drinkers are shifting toward premium and craft options as incomes rise. Chongqing Brewery's bet is that a mix of local loyalty and international brands can win share in that upgrade. The risk is that competition on price and premium positioning keeps squeezing margins.

Saved answer · last researched 15 Nov 2026