DALIAN, China -- Brewery earnings are in clear recovery mode in China, the world's biggest beer market. The top player, China Resources Beer (Holdings) and second-ranked Tsingtao Brewery both booked record-high net incomes in the period from January to June.
The stellar results were supported by ongoing cost-cutting that involved closure of plants as well as a brisk recovery in the beer market from April, suggesting the negative impact of COVID-19 on consumption has largely run its course. Medium- to high-end products are selling especially well and becoming the focus of competition.
