Tsingtao has overtaken Budweiser in recent years, while China Resources Beer and Tsingtao have continued expanding across price segments. Foreign brands, meanwhile, have gradually lost momentum. Industry estimates suggest Budweiser and Carlsberg have collectively lost more than 5 percent of market share over the past five years.

　　The shift reflects a deeper transformation of the beer industry. Competition is moving away from a period of rapid market expansion toward a mature, zero-sum battle where large domestic companies increasingly compete directly against global giants.

　　Budweiser APAC, once the symbol of the country's premium beer boom, delivered mixed results in the first half as weakness in its China business continued to weigh on growth.

　　The company reported first-half revenue of $3.17 billion, down 1.4 percent year-on-year, while net profit increased 15.6 percent to $473 million. Global sales volume declined 2.2 percent to 4.26 billion liters.

　　China market remained the biggest challenge. First-half sales volume in China dropped 6 percent, while revenue declined 6.4 percent. In the second quarter, the decline accelerated, with China volume and revenue falling 9.7 percent.

　　Budweiser APAC attributed the weakness to unfavorable weather conditions and continued softness in on-trade channels, including restaurants, nightlife venues and entertainment businesses.

　　The company has attempted to offset pressure by expanding into off-trade and online-to-offline channels. Budweiser said its O2O business achieved double-digit growth in both the second quarter and first half, supported by brand investments and packaging innovation.

　　However, the structural challenge remains significant.